{"id":9266,"date":"2023-09-21T10:48:34","date_gmt":"2023-09-21T10:48:34","guid":{"rendered":"https:\/\/imsfund.com\/?p=9266"},"modified":"2023-09-21T10:48:34","modified_gmt":"2023-09-21T10:48:34","slug":"from-making-48k-year-to-millionaire-by-his-mid-30s","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/09\/21\/from-making-48k-year-to-millionaire-by-his-mid-30s\/","title":{"rendered":"From Making $48K\/Year to Millionaire By His Mid-30s"},"content":{"rendered":"


\n<\/p>\n

Ryan Tseko<\/strong> became a multifamily<\/a> millionaire by his mid-thirties<\/strong> after giving up his previous career to invest. By the time Ryan was thirty, he already had twenty-one rental units<\/strong>, paid off over six figures in student debt<\/strong>, and used his pilot job to scope out new property markets. Everything was going to plan until a once-in-a-lifetime opportunity presented itself. Ryan left everything and made the jump.<\/p>\n

But how did Ryan end up in his multi-millionaire position? How did he go from house hacking<\/strong><\/a> \u201ccrash pads\u201d<\/strong> for pilots to helping manage one of the largest real estate portfolios in the country<\/strong>? A better question\u2014how did a commercial pilot become Grant Cardone<\/strong><\/a>\u2019s right-hand man<\/strong>? Ryan\u2019s story is unbelievable, but it\u2019s true.<\/p>\n

In today\u2019s episode, Ryan will share why he gave up his high-paid job<\/strong> to bust his butt working for Cardone Capital, why Grant Cardone told him to sell his ENTIRE <\/strong>real estate portfolio<\/strong><\/a>, and the two-minute deal analysis<\/strong> Ryan does that instantly tells him whether a property is worth pursuing<\/strong>. Ryan proves ANYONE can go from nothing to much more than something\u2014and you can, too!<\/p>\n

\n

David:
This is the BiggerPockets Podcast Show 821.<\/p>\n

Ryan:
Day one, when I joined Grant\u2019s team, he used to underwrite a deal. I used to tell him two minutes, it\u2019s actually like 43 seconds, but I\u2019m like, man, if I could underwrite a deal like Grant, then my whole life would change. What I do is I just take the number of units times the rents in place, not like what the broker\u2019s telling me, in place rents, and then I just use the occupancy of 94 or 95% depending on the marketplace. And then I just use rough numbers, like, okay, my expenses typically in between 40 and 45%. And so I just, okay, this is what my NOI is going to be based on here\u2019s the income minus the expenses, here\u2019s my NOI. And so I can solve on these bigger deals, they all traded a cap rate. And so I literally can underwrite a multifamily deal, 300 units within two minutes.<\/p>\n

David:
What\u2019s up, everyone? This is David Greene, your host of the BiggerPockets Real Estate Podcast, the biggest, the best, and the baddest real estate podcast in the world. Every week, we are bringing you stories, how-tos, and answers that you need to make smart real estate decisions now in this current and ever-changing market. I\u2019m joined today by my co-host Roberto Abasolo, who does a great job today, by the way, Rob.<\/p>\n

Rob:
Oh, thank you. I appreciate that. This was a fun one. You and I walked out of this with brand new shiny nicknames. You are the skyscraper of real estate, and I am the fire hydrant of real estate. And so I think people really going to have to stick around to the very end to find out how we got these self-dubbed nicknames.<\/p>\n

David:
That is a great point. Make sure you check those out. This will be something funny. And when you see Rob in person, you\u2019re going to want to call him the fire hydrant. Today\u2019s guest is Ryan Tseko, an airline pilot turned real estate investor who started buying some single family properties, turned that into multifamily, now runs a fund and he\u2019s crushing it. And he gives some great advice for how to do everything I just said, as well as the right way to approach somebody to get into the right situation. I thought this was fantastic. Rob, what did you think about that?<\/p>\n

Rob:
It was really good. It was really good because he put himself out there in a way that showed value to someone else and solved the problem for them. And I think this is probably\u2026 I mean, there are so many lessons to take away from today\u2019s podcast, but the way that he approached it and his willingness to just get in the mud, get a little dirty, figure things out and really jump in the ring, really set him apart to really have one of the most amazing career transformations I think I\u2019ve ever heard of on this podcast. So I\u2019m excited for people to hear his career unfold as we get into it for the next hour.<\/p>\n

David:
Yes, sir. This is a great episode. You\u2019re going to listen all the way through and take some notes. Before we bring in Ryan, today\u2019s quick tip is simple. Show up with solutions and not just problems. Any human being can show up and say, \u201cHey, boss, there\u2019s a problem over here.\u201d That doesn\u2019t help. It\u2019s better to come and say, \u201cHey, here\u2019s a problem and here\u2019s what I\u2019ve already done to try to fix it. What do you think? And what could I do better?\u201d Be the person bringing the solutions in your world, not the problems.<\/p>\n

Rob:
And by the way, and I have another quick tip. Number two, quick tip light. All right, if you ever get intimidated by RE terms, RE means real estate, by the way, real estate terms, you don\u2019t know NOI, cap rate, LOI, go to biggerpockets.com\/glossary. If you\u2019ve ever heard us toss around abbreviations or things that really\u2026 Like terms, a lot of the times that can be found on the glossary and it could explain it for you. We do our best to always stop and rewind and explain anything that might be a little bit too much of an acronym. We get a little carried away with the eight-letter acronyms every so often. So yeah, go to biggerpockets.com\/glossary if you want to brush up. Yeah, I\u2019m excited when he talks about the GQLMIP. I think that\u2019s one of the most standard real estate principles out there, so.<\/p>\n

David:
Let\u2019s bring in Ryan. Ryan Tseko, welcome to the BiggerPockets Podcast. A little background for our listeners. Ryan\u2019s been investing for about 15 years. He started in single family and small multifamily early on in the state of Arizona. Has three million invested making 10 to 12 a month fully passive now, and we will find out why that is later. Ryan has a love of flying and leveraged that passion into a new career. The biggest hurdle he overcame was the do-it-yourself mindset, and we are excited to hear all about this. Ryan, welcome to the show.<\/p>\n

Ryan:
Thank you so much for having me, Dave and Rob, always great to be here.<\/p>\n

David:
Thank you for that. It sounds like a lot of your foundation is built on being a pilot, which is important. Because I\u2019ve learned the older I get, how much the foundation of myself is built on looking at the world through the prism of a basketball player. It was like my first passion I ever had. So when I form a business, I build a team, I take an approach, I always see it analogous to playing basketball. I\u2019m guessing that you\u2019re probably going to have something similar to being a pilot. Is that the case?<\/p>\n

Ryan:
For sure. And look, I actually didn\u2019t even know I was going to be a pilot when I was growing up. My uncle, it was something that he always wanted to do. I was 17 years old, he was a builder. I wanted to buy my first house and he looked at me, he said, \u201cSon, you don\u2019t have any money.\u201d And so we were flying one day and I looked at him and I\u2019m like, \u201cI could actually get paid to fly airplanes?\u201d And when he said yes, I was hooked. So it was actually kind a roundabout way for me getting back into real estate. But 1,000%, I mean, aviation and flying like basketball, there\u2019s just a lot of discipline, there\u2019s a lot of training, there\u2019s a lot of checklists. And so that\u2019s helped me tremendously transfer the skillset that I\u2019ve learned in my 20s into buying real estate and managing real estate, so 100%.<\/p>\n

David:
Oh yeah, I imagine that\u2019s very much like your pre-flight checklist, buying properties and knowing what needs to be done when they\u2019re bought. You have to have great vision, know and trust your instruments, rely on the information that other people gave you, and trust that you\u2019re getting good info. People are your priority. You value safety of others. You trust your team to get you on and off the ground and support you on this journey. In your opinion, what makes a great pilot?<\/p>\n

Ryan:
So I think what makes a really good pilot is somebody who has the ability to learn, but also stay curious. When I was getting into becoming a pilot, there\u2019s two different types of pilot. There\u2019s bold pilots and there\u2019s old pilots, but there\u2019s no such thing as a bold old pilot. And so these are the different sayings that we have in the aviation business because we could all be bold, but at a certain point in time, you have to rely on, okay, what is the safe approach for the flight? And I really think that it\u2019s a constant training event. As a pilot, it\u2019s over and over and over, and so what makes a tremendous pilot is somebody who flies a lot. Same in the real estate game. Who\u2019s the most proficient in real estate is somebody who\u2019s doing deal over deal over deal. I just keep it simple.<\/p>\n

David:
Ryan, you mentioned that your uncle introduced you to your love of flying as well as your love of real estate. It sounds like that\u2019s a very influential person in your life. Can you tell me about your relationship with that person and how real estate sort of entered into the conversation?<\/p>\n

Ryan:
Yeah. So when I was about 10 years old, my parents split. I moved from Southern California to Scottsdale. And my uncle, he was actually a builder in Scottsdale, Arizona. When I was a young man, he brought me on the job sites because for me, I was just trying to, okay, what\u2019s next? So I wanted a car, and so he started teaching me about real estate. He was a builder. He always wanted to be a commercial airline pilot, but one day he took off, he was flying and he actually scared himself because he couldn\u2019t find the airport, and so he literally gave up on his dream of becoming a commercial airline pilot.
And so when I was 17 years old, I didn\u2019t have any money and we were flying and I asked him, I said, \u201cHey, look, can I actually get paid to do this?\u201d And he said, \u201cYeah.\u201d And so really that\u2019s when aviation was introduced into my life from a young man and I really just started grinding. I started flying every single day. I put the real estate on hold, but I always knew that I wanted to come back to it. So that\u2019s really how it was introduced to me from a young age and I had to wait because I didn\u2019t have any money.<\/p>\n

Rob:
That\u2019s awesome. So that\u2019s how you ended up in aviation. But what was life like in the early days of your career?<\/p>\n

Ryan:
In aviation or in the real estate?<\/p>\n

Rob:
In aviation.<\/p>\n

Ryan:
So I mean, look, in aviation, when you first get started out, you\u2019re traveling a lot. You\u2019re not making a lot of money. My first year as a commercial airline pilot, I think I made $48,000 a year because they had to put so much time and energy and effort into training me. And so I went and got a loan student loan for 140 grand. My first year I made 48 grand. I was a first officer on a $40 million jet, and I was traveling all over the US, Canada, and Mexico. And as I built seniority, life started to become better for me and I started getting more days off. And so you fast track that to 25 years old. This is actually where 2008, 2009, 2010 happened, and it was really great timing for me because I started making money in the airline.
There was great deals in real estate in Arizona, and so that\u2019s actually when I bought my first what I call a crash pad, which is really cool because in aviation it\u2019s kind of like the house hacking. But in aviation, we call it a crash pad where you rent your rooms out to these other pilots. And so I bought my first home and I was able to rent out three of the rooms, collect net profit of 400 bucks. And so that was really my start in real estate. It was a single family home in Phoenix, Arizona, and I was making 400 bucks. I was living in the master bedroom, and that\u2019s when I realized I needed to do something bigger.<\/p>\n

David:
So why didn\u2019t you scale and just buy a whole bunch of properties and make them all crash pads?<\/p>\n

Ryan:
Because it\u2019s management intensive. The reason I didn\u2019t do that is because you had to manage it. Literally, I went home one night and it\u2019s a common area, you share everything, and I could have scaled it with many homes and it would\u2019ve been a great business, but it\u2019s really management intensive. There\u2019s a lot of people coming in and out of the homes, and it\u2019s just really, really heavy on the time. What I started looking at is, okay, how do I buy these apartments? So my next deal was a fourplex because I didn\u2019t want to live with the renters, I didn\u2019t want to live with the people. And so that\u2019s where my breakthrough happened, where I was like, okay, I could do these single family, but how do I scale?<\/p>\n

Rob:
So how did you have the vision or the foresight to even save and invest in your first property? Do you remember how much you had saved up to even get into this crash pad, house hacking situation?<\/p>\n

Ryan:
Yeah, so I bought that as my primary, so I needed 3.5% down, I think I put down 10 grand. I\u2019m very frugal when it comes to money, and so even when I was making 50, 60, 70 grand, I was able to save 10 grand a year. What had happened was on my next deal, I saved up 25 grand because I actually had a car that I had bought and flipped in order to get the 25 grand to put down on the fourplex. And so I\u2019ve always been creative, I\u2019ve always saved my money to invest it, but I just knew that I had to keep buying deals because I wanted the cash flow. I wanted to buy a deal and actually make some passive income.<\/p>\n

Rob:
I always thought commercial airline pilots were pretty high salaried starting right at the top, but it sounds like no matter what, you sort of have this base salary and incrementally over the years, just like any job, it kind of grows. Is there a side to that where it is super juicy, a really lucrative salary that you were sort of looking forward to? And that was kind of what was going to fuel your real estate in the future? Or did you not really have aspirations to go all in in the real estate space early on?<\/p>\n

Ryan:
Early on, I literally thought that I\u2019d buy a single family home and buy another one and buy another one, and then have some multifamily. I didn\u2019t really think of it as I\u2019d be a huge multifamily apartment owner or operator. I didn\u2019t have the belief, I didn\u2019t have the vision at that point in time. And I think any of us, we want to start off with our first deal and we want to kind of get our feet wet. I literally, when I bought my first deal, I didn\u2019t even know what they were talking about when they asked me, \u201cHey, do you want to buy down a point? Do you want conventional? Do you want FHA?\u201d I had no idea what any of that meant because I was never taught that in school. So for me, it was like, okay, once I found out I could do the first deal, it excited me because I was making 400 bucks.
My second deal, I was making $600, but it was a fourplex, and I actually bought that. It was a foreclosure, and I redid everything. And the biggest mistake that I did was I thought I had to do it myself. So I had no idea I\u2019d end up with 21 units at the age of 30. I just knew that once I bought my first deal and I said, \u201cIf you could do one, you could do two. If you could do two, I could do four. If I could do five, I could do 10.\u201d And so I literally just started reading a bunch of books. I mean, I really like to just figure things out. I\u2019m very curious. And so once I had my first deal, I was like, okay, what\u2019s next?<\/p>\n

Rob:
That\u2019s pretty cool. Yeah, so 21 by the age of 30 is really quite the accomplishment. You said you wanted to get into this and you\u2019re like, \u201cI\u2019m just going to buy a single family house, single family house, single family house.\u201d A lot of people have different reasons for getting into real estate, but what was yours? Did you have a why or a motivation that\u2026 Because it\u2019s very, I don\u2019t want to say rare, but it\u2019s not like a lot of people go into real estate like, oh yeah, I\u2019m going to buy one and on and on. Usually there\u2019s some kind of turning point or some kind of fuel that\u2019s firing them up. What was that reason for you?<\/p>\n

Ryan:
So when I would go to work at the airline, what I started to realize is that when I was having these conversations about real estate with my family and with coworkers, a lot of them were saying, \u201cOh, be careful. Real estate\u2019s risky.\u201d And my turning point for me was I was going to work every single day and I was trading my time for money. And at the time I was getting paid a 100 bucks or 120 per hour, and I was like, how long can I do this for? How long can I travel for the airlines? And so I really had that turning point because I read Rich Dad, Poor Dad, Robert Kiyosaki, like, how long are you going to trade your time for money?
And that was awakening for me, and that\u2019s really what got me on that path to real estate is like, okay, if I can make money here, put it to work in real estate, and then get the cash flow to pay off my student loans. I mean, you guys have to realize I was in debt, 140 grand. I was in debt, 140 grand, and people are like, \u201cPay it off as soon as you can. Pay it off as soon as you can.\u201d And so what I did is I bought a fourplex with the 25 grand and the extra cashflow that I was getting from the fourplex, I would just pay down an extra $400 on my student loans every month.
And literally by the age of 30 years old, I had $140,000 paid off. I still had the principal, Rob and Dave, I still had the principal working for me and my student loans were paid off. So for me, it was really just that shift at 24 and 25. Although my uncle was very helpful in my early age, he didn\u2019t understand cashflow. He didn\u2019t understand having the assets because remember, he was a builder. He would build to sell for a profit. When I started getting my head right and my mental right, I was like, man, I want to buy it, I want to hold it, I want to cashflow it, and I want to get the benefits that real estate actually provides.<\/p>\n

Rob:
Do you remember, just out of curiosity, because student loan payments, they aren\u2019t very friendly. What was the student loan payment like on $140,000?<\/p>\n

Ryan:
It was like 600 bucks for 30 years.<\/p>\n

Rob:
What? That\u2019s nothing.<\/p>\n

Ryan:
But I mean, it was back in 2002 where interest rates were lower and you paid 600 or 700 bucks per month. And over 30 years, that\u2019s a long time, right?<\/p>\n

Rob:
It\u2019s over 30 years. Got it. Okay, that makes a lot more sense because I was paying a thousand bucks, but it was amortized over 10 or 10 years or something like that. Okay, so 600 bucks, I mean, not super bad, but obviously if you could replace that with income, that was sort of the goal. You\u2019re like, let\u2019s chop that out and then let\u2019s start figuring out how to use real estate to fuel the overall wealth of your life, right?<\/p>\n

Ryan:
Well, yeah, and everybody was telling me I had 25 grand. They\u2019re like, \u201cNo, you should pay off your student loan.\u201d And I was like, \u201cNo, no, hang on, hang on. Let me go buy a four unit.\u201d The rents were like 500 bucks so I was literally collecting two grand from four units. The mortgage and everything was like $1,200, and after expenses and everything, I had like 600 bucks. So I would literally take the 600 bucks, double it, and I would just start chipping it down so that way when the student loan was paid off, I still had this four unit or I still had that principle working for me.<\/p>\n

Rob:
Yeah, okay. All right. That\u2019s cool. So was there any benefit to being a pilot and getting into the real estate world and as a pilot just flying around into new markets, discovering markets? Yeah, certainly you must\u2019ve been more privy to markets than the typical investor that never actually may get to visit a market before they invest there.<\/p>\n

Ryan:
So I was based at Chicago O\u2019Hare, LaGuardia, DC. My last base was actually Denver, and so I was able to go and see these cities and I was always shopping real estate on my overnights. And then also I was getting 13, 14, 15 days off because typically in the aviation space, you get four days on, four days off, four days on, four days off. And so it actually gave me time when I got back home to Scottsdale, I can go and look at real estate. When I bought my first deal, I\u2019d have four or five days to actually renovate the units. And so for sure, I always think the biggest mistake for people is when they\u2019re so\u2026
When you grow up somewhere, you have to go and see other cities, you have to go and see other spots because you see the growth, you see the trends, you see different things that maybe you\u2019re not seeing in your city. You see the path to progress. So I\u2019ve always been a student and I\u2019ve always loved real estate, so I used to take advantage of like, okay, the airline\u2019s paying for my hotel, the airline\u2019s paying for me to overnight, the airline\u2019s paying me to eat. So when I was done doing all my job and all my duties, I would go and shop and drive blocks and shop real estate all over the US.<\/p>\n

Rob:
That\u2019s cool. So the thing that is always going to be like\u2026 I\u2019d love your insight on how you can do this because you\u2019re probably going to be a big help to a lot of the audience today, which is a lot of people get really nervous about investing long distance, and they\u2019re like, \u201cMan, what happens if I get called in the middle of the night,\u201d and this and that. You were on an airplane, and it\u2019s not like you could just take a phone call on an airplane because they make you put it in airplane mode, but mostly because you don\u2019t have reception. So if you don\u2019t have reception and you can\u2019t physically answer a phone call, how can you even run a real estate business that way?<\/p>\n

Ryan:
Well, it\u2019s difficult and honestly, when I bought my fourplex, I was managing it myself. I\u2019d have my girlfriend help me. When we\u2019re all getting started out, you literally have to get creative. So my girlfriend would help me if I was traveling. But typically if they left a voicemail, I\u2019d get back with them within four or five\u2026 My typical flights were between two and four hours so that wasn\u2019t a huge issue. But yeah, no, it\u2019s a big deal when you buy deals in other cities and states, you want to make sure you have boots on the ground because you have to have somebody who\u2019s managing it very close.
And that\u2019s actually one of my biggest fears. That\u2019s why when I started investing in real estate, I started investing in my backyard because I was actually terrified. I was so scared to go to San Antonio in Austin because Texas was a really big market back in 2012, 2013. There was a lot of that growth between Austin and San Antonio, but I was always so terrified because I didn\u2019t have any boots on the ground. I didn\u2019t know any management companies, I didn\u2019t know anybody who managed real estate. And the smaller the deal is, the harder it is to find a management company to actually manage it.<\/p>\n

Rob:
Were you pretty good at that point? You said that you\u2019re working with your girlfriend and she\u2019s picking up the slack for you a little bit. Were you pretty good at turning off the real estate button while you were flying or did it take a while for you to\u2026 Because for me, when I go into the movie theaters, this is my big thing when I\u2019m going into a movie theater, I\u2019m like, I\u2019m not going to get to enjoy this movie because I\u2019m definitely going to get a text message or a phone call in the middle of this movie. And of course, it always does happen. Did that ever happen? Did you ever go through that when you were up in the air or were you able to shut that off pretty easily?<\/p>\n

Ryan:
You can\u2019t shut it off. I\u2019m the same as you. I\u2019m always looking at my phone. I was actually, I used to not go on vacations because I was like, well, what if the toilet gets backed up? What if they call me? What if they do this? What if I\u2019m international and they can\u2019t get ahold of me? I was the typical scared young investor in real estate and I wanted to do it and manage it all myself.<\/p>\n

Rob:
So we haven\u2019t covered who you actually started working for as a pilot yet. How did you go from commercial to private as a pilot?<\/p>\n

Ryan:
So this is a crazy story. When I had 21 units, I was 30 years old and I said, \u201cOkay, what\u2019s next?\u201d And I knew that I always, by this time, I knew that I wanted to own and operate and control multifamily units. I just didn\u2019t have anybody where I was from that was doing what Grant was doing. So at 30 years old, I said, \u201cWhat\u2019s next?\u201d And on YouTube, and actually BiggerPockets, I found Grant Cardone, and on BiggerPockets Podcasts, this is just crazy, he\u2019s like, \u201cLook, I\u2019ve got 3,000 units I\u2019m looking to grow. I\u2019m looking to scale. If there\u2019s anybody out there who\u2019s listening who wants to come and join my team, call me.\u201d And I picked up the phone and I called him, and I literally didn\u2019t even get an interview with Grant, I got an interview with his team.
And they\u2019re like, \u201cWell, we don\u2019t really have a job in the real estate yet,\u201d because they knew I was a pilot. They\u2019re like, \u201cWe don\u2019t even have an airplane yet. It\u2019s coming in two weeks, but we got a sales job,\u201d like a sales world job. And I said, \u201cPerfect, I\u2019ll take it.\u201d And so literally two weeks later, I packed all my stuff in Scottsdale in Arizona, and I moved out to Miami and I started working for Grant Cardone. And I knew the way he was talking about real estate when I heard him on BiggerPockets, when I heard him on YouTube, I just knew that he wanted to grow and scale his portfolio. And I was like, man, instead of me doing this by myself, how cool would that be to do it with somebody who has already has a huge headstart from where I was? And so that\u2019s what I did.<\/p>\n

Rob:
Yeah, that\u2019s crazy. So how long ago was that?<\/p>\n

Ryan:
That was nine years ago.<\/p>\n

Rob:
So Grant Cardone, was he established at this point? Now, obviously he\u2019s got a huge name, huge platform, huge portfolio. What did it look like back then? Was he super established? Because it seems like you just took a giant risk to go work for him. What did you see in kind of where he was at that moment?<\/p>\n

Ryan:
Yeah, so I saw the opportunity in the real estate market, but I saw Grant was very passionate and he understood real estate. He had about 3,000 units at the time, so we kind of operated kind of a single family, like a family office. So he would buy the deal, invest it in himself. So he would buy a deal, he would take his money, he would invest the money, and he would hold it for long-term. We didn\u2019t have the Cardone Capital and the crowdfunding, and the 12,000 units. We had none of that. It was literally Grant Cardone was a business and a consultant, and he had real estate on the side, and that\u2019s it.<\/p>\n

Rob:
Man, that\u2019s nuts. Did you become a private pilot for him or did you join his sales team?<\/p>\n

Ryan:
So I joined his sales team, and so two weeks later, he bought a Gulfstream G200. And Elena, I met Elena day one. I was like, \u201cLook, I love flying airplanes.\u201d I had almost 10,000 hours at that time. I was literally flying every single day building up my time. And so I had almost 10,000 hours. I said, \u201cI love flying. I love real estate, and I love helping people.\u201d And she\u2019s like, \u201cDoes Grant know this?\u201d I says, \u201cNo.\u201d And she\u2019s like, \u201cWell, we\u2019re buying an airplane.\u201d
And so Grant was looking to hire these other pilots. And he called me in his office one day and he\u2019s like, \u201cLook, if I hire you to be my pilot, will you also work with me in my companies and in my businesses on the downtime?\u201d And I said, \u201cWhere do I sign?\u201d And so I literally signed a three-year contract with Grant to be his pilot, but then also work with them in whatever business, whether it\u2019s the sales, whether it\u2019s the real estate, whatever it was. I just knew that he was the right guy.<\/p>\n

Rob:
Cool. Wow. What a crazy story, man. Well, first of all, I think the craziest thing is that you were like, yeah, you said to call him. So I picked up the phone and I called him. I feel like a different time.<\/p>\n

Ryan:
Rob, I was terrified. I was on the line because it\u2019s Grant Cardone, right? I was like, when you call anybody, if I wanted to go work for David and I\u2019m 30 years old, it\u2019s like, man, David\u2019s this and you\u2019re this. You\u2019re like, you don\u2019t know what you\u2019re calling. So I was calling Grant\u2019s office and I was like, \u201cI want to come work for Grant.\u201d And it was a little bit nerve-wracking because I was taking a huge risk because I was giving up my career, I was giving up the airlines, I was giving up the 401Ks. I was giving up the 18 days off. I had built an awesome career for myself, but I just knew there was something bigger.<\/p>\n

David:
I want to ask you when you made the call, because here\u2019s why I\u2019m asking if I\u2019m being transparent, this gets spoken about a lot. We just spoke with [inaudible 00:25:01] and he\u2019s like, \u201cYou got to try. You got to reach out.\u201d And so this gets spoken about often from influencers, and what that translates into is me getting 40 DMs a day from 23-year-old guys that are like, \u201cI\u2019ll do this. I\u2019ll run your social media. I\u2019ll build a course for you. I\u2019ll automate something and make money off of you.\u201d And meanwhile, this kid has 300 followers and he\u2019s telling me he\u2019s going to grow my brand.
And it\u2019s exhausting having people reach out and say, \u201cI want to work for you.\u201d And you\u2019re like, \u201cWhat can you do?\u201d And they\u2019re like, \u201cYeah, I don\u2019t know. Just tell me what you want me to do.\u201d We get in this stalemate, right? So I\u2019m sure if you spoke to Grant, you came in with a plan, you proposed something, and you thought about it. Can you share with our audience the effort you put in before you made the call? So we don\u2019t give the impression simply making the call leads to life-changing things, and you end up on the BiggerPockets Podcast and you have this huge story.<\/p>\n

Ryan:
Well, look, I think that I started building my resume and I started building my skillset because to your point, you have to have a skillset that adds massive value to the team. Otherwise, you just don\u2019t add massive value. If I call up Grant, said, \u201cHey, I want to run your social media, I want to do this,\u201d I don\u2019t have any experience doing it. What I did is I said, \u201cHey, look,\u201d I wanted to be super easy by the way, but I said, \u201cLook, I\u2019ve got a career in aviation. If you\u2019re going to buy an airplane, I will run the entire flight department for you and I\u2019ll do it for free.\u201d The one thing that people don\u2019t realize, I would\u2019ve done this for free because when you get really close to somebody like Grant, like David, like Rob like me now, it\u2019s so valuable because you just learn a whole new skillset.
And so my pitch was three things. I know how to fly airplanes, and Grant actually made a crack at me one day. He\u2019s like, \u201cDo you really know how to fly?\u201d I\u2019m like, \u201cLook, in four weeks I can get type rate on your airplane and I\u2019ll be the lead captain and I will be there every single day. I haven\u2019t called in sick in 10 years at my current airline, and I also have 21 units in real estate that I know they\u2019re kind of junk, but I want to grow and scale, but give me the shot at flying first and then I\u2019ll work into the real estate piece.\u201d And so really, I think that that was the big value add piece because number one, I was willing to come and make phone calls. I was terrible at it, by the way. I was making sales calls, but I was willing to do it.
And that showed Grant really like I\u2019m willing to do any\u2026 Honestly, guys, I\u2019ll sweep the floors. I\u2019ll make the phone calls. I could be at the top, I could be at the middle, I could be at the bottom. I\u2019m willing to do what other people are not willing to do. And he saw that from day one. And also it helped that I met Elena on day two, because Elena has been a huge part of my success, meaning that when I got in here, she\u2019s like, \u201cHey, Ryan likes real estate. Hey, Ryan can fly airplanes. Hey, Ryan\u2026\u201d Because that\u2019s really what led into me transitioning from being the pilot into real estate.<\/p>\n

David:
A few things that we should highlight from that. One, you didn\u2019t come with vagueness or ambiguity. You said, \u201cI can help you in this way and here is why you can trust me.\u201d When we get someone that reaches out and they\u2019re like, \u201cJust tell me something that doesn\u2019t work.\u201d You showed clear value. Two, you said, \u201cI\u2019ll do it for free.\u201d Oftentimes when people reach out, they\u2019re hoping that they get paid in some way or it\u2019s some kind of a partnership and you don\u2019t know who they are, so you\u2019re not comfortable with that. So you took the smart road and said, \u201cLet me just build trust with the person. I\u2019ll work for free.\u201d And three, you offered to work in a capacity where you said making phone calls in a system he already had established. Grant did not have to take you and say, \u201cFollow me around, kid, and I\u2019ll teach you the ropes on the first day.\u201d
He could plug you into a team he already had and they could evaluate your character, your skills. They could see what you were good at. That would be the equivalent of someone saying, \u201cHey, David, I want to come be a real estate agent on your team.\u201d I could say yes to that. I could stick them with another agent and they could tell me how they\u2019re doing, versus I have to be the way to evaluate, which means I\u2019m probably going to say no until I know the person better. So that, right there, is incredibly valuable.<\/p>\n

Rob:
That\u2019s great. I think you nailed down pain point, and you\u2019re like a pain point is if you\u2019re buying a plane, someone\u2019s got to fly the plane, right? 1,000% of the time when I work with someone that reaches out, it\u2019s because they\u2019ve heard me say something on the podcast, they\u2019ve heard me say something on my YouTube channel, on Instagram. That\u2019s like, \u201cOh, I\u2019m really struggling with this. I cannot figure this thing out.\u201d Or does anyone have a recommendation when someone\u2019s like, \u201cOh, hey, I\u2019ve got the solution to that very specific problem you have.\u201d Boom, door open immediately, right? It\u2019s 100% what you said, David. I think you framed that up pretty correctly. Find the value, solve the pain.<\/p>\n

Ryan:
And Rob, I didn\u2019t negotiate too, when he said, \u201cHere\u2019s the deal,\u201d I just said, \u201cHey, where do you want to sign?\u201d He\u2019s like, \u201cI want to do a three-year deal with you.\u201d I was like, \u201cI\u2019ll do a 10,\u201d because I just knew. I hope that if people could take one thing away, if you can get around the movers and shakers, if you can get around the people who are actually doing [inaudible 00:29:43], that\u2019s my advice to all the young guys out there. It\u2019s like to my 21-year-old self, if you could add value to a team, if you can get around a team who\u2019s already doing what you want, that is the fast track.<\/p>\n

David:
Yeah, just take note there. It\u2019s not about reaching out to someone with a terrible pitch or saying, \u201cI just want to work with you.\u201d You have to be clear about what you\u2019re looking for if you want to get a clear response back from the person. But it can work out really well when they do it the way that we\u2019re describing here. Now, we understand there was a pivotal moment when you went from flying high to being grounded. Can you share what happened in Alabama?<\/p>\n

Ryan:
Yeah. So Elena was a huge part of my career in bringing me into what I call the circle. I literally, in Christmas, it was eight years ago, we landed the airplane in Fairhope, Alabama, which is a super cool runway. It\u2019s like really, really small. We landed the G200 there. It\u2019s kind of a private airstrip. And I went to the hotel and this is over Christmas, and Elena calls me, she\u2019s like, \u201cHey, look, you guys are our crew.\u201d Because the one thing about Grant and Elena is that they actually, the people who work with them and work for them, they\u2019re really like an extended family. And so she\u2019s like, \u201cHey, do you want to come over for Christmas dinner?\u201d It\u2019s at her parents\u2019 house.
And I\u2019m like, I looked at the other pilot, and Rob and David, I you not, he said, I\u2019m like, \u201cHey, they just invited us to come over for dinner.\u201d And the other pilot\u2019s like, \u201cNo, I\u2019ll pass. I\u2019m going to go down the street and eat at this pub or whatever.\u201d And I\u2019m like, \u201cReally? You don\u2019t want to go in and have dinner with the boss?\u201d And so I went over to the house and I noticed when I got there, Grant was a little bit aggravated. And I started asking him questions. I was like, \u201cWell, what\u2019s going on?\u201d And he\u2019s like, \u201cWell, I have a property that\u2019s 10 minutes north of here. And when I went there, the pool was dirty, the blinds were down, it was closed. There was nobody there.\u201d And he\u2019s like, \u201cI pulled up a report and I had 40 units. I have 40 units that are not leased.\u201d
And I was like, \u201cWow.\u201d I was like, \u201cThat\u2019s BS, number one.\u201d But I was like, \u201cTwo, how can I help you?\u201d And he\u2019s like, \u201cWell, what do you mean?\u201d I\u2019m like, \u201cWell, how do I help you? I want to lease those units.\u201d And he\u2019s like, \u201cYou would do that?\u201d And I was like, \u201cYeah.\u201d I was like, \u201cHeck, yeah. Tell me more about it.\u201d And so he started going on and telling me about the property and everything else. And I looked at him, I said, \u201cWell, what if I parked the airplane in Miami when we landed in three days, and I came back up here and I rented those 40 units for you? Would that be of service? Would that help you?\u201d And he\u2019s like, \u201cWow.\u201d He\u2019s like, \u201cYou would do that.\u201d And I said, \u201cAbsolutely. I\u2019m going to get a plane ticket right now and I\u2019m going to come up here.\u201d
And guys, you got to keep in mind, I\u2019ve never ran a 344 unit complex before. I have 21 units, and I took a huge risk and I was like, you know what? I\u2019m willing to do it because I knew I could lease. I knew I could call. I knew if I just got in this building, I can lease 40 units in 40 days. So I told him, \u201cI\u2019ll lease 40 units in 40 days. Will you give me a shot?\u201d And he\u2019s like, \u201cCome up here, let\u2019s do it.\u201d Yes, that\u2019s the transition. That was my transition where Grant actually gave me a shot working in the real estate and I was up there the next week.<\/p>\n

Rob:
Okay, so a couple of things. You\u2019ve kind of mentioned you were working with Elena was pivotal in this relationship with you and Grant. Who is that, for reference?<\/p>\n

Ryan:
So Elena Cardone is Grant\u2019s wife.<\/p>\n

Rob:
Got it. Okay, cool, cool, cool. And so you\u2019re flying for them. I guess you\u2019re doing phone sales a little bit at the beginning of it. And then he\u2019s like, \u201cI got to lease all these units.\u201d And you\u2019re like, \u201cI\u2019m going to do it.\u201d He\u2019s like, \u201cWow, you would do this for me?\u201d And like, great, and you go and you do it. How did you actually lease 40 units and how long?<\/p>\n

Ryan:
So the task and the goal was 40 units in 40 days over New Year\u2019s and over Christmas holiday.<\/p>\n

Rob:
Okay, all right. So how the heck did you do that?<\/p>\n

Ryan:
So here\u2019s the cool thing. So I went up there the next week and he\u2019s like, \u201cLook, I want you to get an air mattress and I want you to live on site.\u201d<\/p>\n

Rob:
The high life right there.<\/p>\n

Ryan:
Yeah. \u201cAnd I want you to stay in a one bedroom apartment.\u201d And I\u2019m like, \u201cOkay.\u201d I was just willing to do whatever it took. And so I flew up there, got an air mattress, got a one bedroom, put the air mattress up. And I was literally the first day that I walked into the leasing office, I realized really quick that there was nobody leasing, there was no leadership. The manager was posting on Facebook, there was three likes. I\u2019m like, well, clearly that\u2019s not a lead gen. And so I called Grant, I said, \u201cWhat would Grant do?\u201d And he says, \u201cThis is what I would do, Ryan.\u201d He\u2019s like, \u201cI\u2019d go back in the last 90 days, pull out the list and print it off of all the people who came in and didn\u2019t rent.\u201d And I\u2019m like, \u201cPerfect. Done.\u201d
He\u2019s like, \u201cI\u2019d call them, I\u2019d paint a picture, and I\u2019d get them back in there and I\u2019d lease them a unit.\u201d And he\u2019s like, \u201cI\u2019d just start with that.\u201d And so without doing anything else, I pulled the list. I started calling people, cold calling them, right? \u201cHey, you came to this apartment complex 30 days ago, 45 days ago. Have you found a place yet?\u201d \u201cNope, I haven\u2019t.\u201d \u201cPerfect. I found the perfect unit for you. We actually have a discount, we have a special right now. Come back in tomorrow. I\u2019ve already picked out your unit.\u201d And so I started getting all these people coming in. I literally started getting all these people coming in. I said, \u201cWhat else would you do, Grant?\u201d
He\u2019s like, \u201cWell, I\u2019d go put your phone number on the front side of the building, on the street I\u2019d go and put your cell number.\u201d I\u2019m like, \u201cPerfect. I\u2019ll go get a sign made.\u201d And so I went and got a sign made, got some new balloons, got new flowers, started cold calling people on the 90-day list, and I started going knocking on doors of all the businesses in the five-mile radius. And within 15 days I had 15 leases, each lease every single day. And by the 15th day, he called me back, he says, \u201cRyan, get your back here. You are now part of the real estate team.\u201d<\/p>\n

Rob:
Man, dude, rock and roll. I honestly am really impressed because I feel like I would be already pessimistic about that advice of call everyone who has come in the last 45 days and see if they are interested. I would\u2019ve assumed everyone found a place and that wasn\u2019t the case.<\/p>\n

Ryan:
That\u2019s what we call follow up.<\/p>\n

David:
As a side note, that is the number one biggest area where people need improvement in almost every business. I call it lead bleed in the real estate books. I wrote the top producer series, so much of the time it\u2019s lead bleeds what\u2019s hurting you. You write an offer on a house, they say no, you forget to go back and check a couple weeks later. You just assume someone else bought it. The thing\u2019s still sit in there. The sellers are singing a different tune, right? Maybe someone else tried to put it in escrow and they accepted.
And then it fell out of escrow and they\u2019re heartbroken. And if you show up at that exact time, they\u2019ll take an offer for 75 grand less, but you\u2019re looking for the next deal that you can just write the offer on and try to get. We frequently give advice, you got to write a lot of offers, but we never remind people go back and write offers on houses that you were already rejected for. It\u2019s that same principle, and yeah, he\u2019s smart. He knows that.<\/p>\n

Rob:
That\u2019s crazy. That\u2019s good. All right, so you get the 15 done, 15 days. What about the other 25 units? Was Grant no longer worried about that because you sort of figured out those systems for the rest of the team or what?<\/p>\n

Ryan:
Yeah, so what happened was I identified who the real leadership was coming from in the community, which was the assistant manager. And so what happened was we promoted the assistant into the management role, and then also on the maintenance standpoint. Because that\u2019s also a big thing in multifamily and apartments is you have to turn the units and make them ready because everybody, when you show an apartment, just like when you show a house, David, you know this better than anybody, you want to show the end result. You want to show the finished product. So I think 20 days, I was there for about 15 to 20 days, and that was plenty of time to identify who the players were, give them enough momentum and energy.
Because look, when a guy like myself or you or David go into somewhere, that\u2019s great energy and you could really start building that momentum. So we got that place leased. It was like 95% within 30 days, and then the proper team members were in there. So now I could start going and focusing on, because at the time I think you had 3,000 units to 300, so you had about 10 deals. I was able to go and start working on other deals because that\u2019s really where I started cutting my teeth in this business, is I wanted to make sure that Grant\u2019s portfolio was running 10X. And so he started putting me on all these other deals saying, \u201cHey, you get in touch with this management company. You get in touch with this property manager. You go and just make sure that you\u2019re going through all these deals.\u201d And so I leased 15 units, I came back here, there was a team of two, it was called Grant Cardone and Ryan Tseko. That\u2019s what we built off of. It\u2019s crazy.<\/p>\n

Rob:
What you\u2019ve just showed is not only were you willing to roll up your sleeves, get your hands dirty, but you actually succeeded. That\u2019s the thing is anyone might be willing to go out there and try it, but you actually did it. Were you already a natural leader? Was this something that you were good at? Are you particularly a charismatic salesperson or was it sort of like a fake it until you make it type of thing?<\/p>\n

Ryan:
I think I\u2019ve always had the ability to learn. I think back what David asked me earlier is how did the leadership and the pilot skills transfer into what you\u2019re doing now? I was a captain for nine years of a 70-passenger jet, $40 million airplane. Leadership is highly trained in the airlines. And I think that from a piloting standpoint is I\u2019m very systematic, I am very logical, and I am a people person. I think people are the most important part of the business. I know a lot of people are like, \u201cOh, it\u2019s this, and it\u2019s this, it\u2019s this.\u201d It\u2019s the people. If a deal\u2019s doing bad, it\u2019s the people. If a deal\u2019s doing good, it\u2019s the people. Because you could have a great deal and crappy people, the deal\u2019s not going to do great. You could have a okay deal and have great people, the deal\u2019s actually going to do really well.
So I think that the people are super important and I think that for me, I\u2019ve had a lot of great mentors where I\u2019m just willing to do stuff that people aren\u2019t. And I also had a great mentor, Grant. Grant had the ability, I was calling him every day. This is what built my relationship with Grant is I was calling him, \u201cWhat would you do? What would you do? What would you do?\u201d And also to one of David\u2019s points too, Grant was not in the mood, Grant\u2019s not going to teach me anything. Grant\u2019s going to put me in the positions to learn. That\u2019s what people are making the mistakes. They\u2019re calling people saying\u2026<\/p>\n

David:
Just adjusting the expectations on that, Ryan. Grant can\u2019t teach you anything. Even if he could, it\u2019d be like drinking from a fire hose. You don\u2019t have the capacity to sponge up what Grant would be able to teach you. I\u2019ll give you an analogy. When you\u2019re learning from a black belt and you\u2019re first learning the martial art, they probably don\u2019t remember what you need to learn because they were five years old when they learned that. It doesn\u2019t make sense. They were not a grown person trying to understand these concepts. They were a kid whose brain soaked it up quickly. But we all think I want to be trained by the best person ever. That\u2019s not the right coach for you. You want a person a step, maybe two steps ahead.
Grant has an ecosystem that he can put you in with people that are somewhat vetted, that have a standard that he upholds, that have a system that he had a hand in creating that puts you in a position to succeed. So that black belt built a school, he picked out instructors. Those people can teach you the martial art you\u2019re trying to learn so much better. I love your saying that because there\u2019s this idea where our ego says, \u201cI want to learn from Grant Cardone. I want the best.\u201d
And now you\u2019re useless to him because you can\u2019t keep up with the level of stuff he does. However, if you get plugged into his world, you learn something there. You prove yourself valuable. You become one of those captains at some point that he\u2019s put in place. You\u2019re training the new people. Now, as you gain the experience of living there, you do get to a level that you can start to rub elbows with Grant and what he needs is helpful. Would you like to add anything into just that story of how you climb the ranks?<\/p>\n

Ryan:
Well, just to hit on that point too, Grant was never the type where he was, \u201cSit down and let me teach you how to do a deal or how to do multifamily.\u201d I\u2019ll just add this. When I got heavy in the properties, I got on these calls and I was learning from all the property managers and the regional managers and the really, really smart people in the real estate. When it comes to lending, Grant put me around a bunch of bankers and a bunch of brokers. And so I had to learn the lingo. So everything, David, that you were mentioning, like in real estate, there\u2019s different buckets, right? You got to find a deal and you have to get with the brokers who are selling the deals. Grant put me into the cage and I learned the lingo and I learned the relationships.
You\u2019re so right, you can\u2019t build these relationships by yourself. You have to get around people who already have the relationships. And then you actually, by association, you become very powerful because you now have the relationships because you get spooled up quicker. Same thing with debt, same thing with property management company, same thing with all of this stuff in real estate. So I just think that for me, I understood that I wasn\u2019t going to go back to Grant and say, \u201cHey, Grant, what can you teach me?\u201d I would always go back to Grant David and say, \u201cWhat\u2019s next? What do you want me to help you? Can I take off your plate? What\u2019s next?\u201d And he loved that.
I\u2019m always a guy who likes and wants more responsibility. I just kept going back because my bandwidth is there. I have bandwidth, right? We\u2019re at 12,000 units, we have office, we have multifamily. I\u2019m like, what\u2019s next? I think a lot of us get bogged down and like, oh, well, this is a problem. Well, this is a problem. Leaders have solutions. Non-leaders have problems. And for me, I always wanted to come back to Grant with a solution.<\/p>\n

Rob:
Well, we\u2019ve kind of highlighted a lot of the skills that you said transferred over, but one thing that we haven\u2019t really mentioned is that you are now the EVP of Cardone Capital nowadays. And so we\u2019ve heard from your early days and what it was like, but what is your role nowadays in the business? Because obviously things have really exploded since your time at the beginning of this.<\/p>\n

Ryan:
Well, now I run Cardone Capital with Grant. So I run Cardone Capital, and Grant is a phenomenal partner in what has happened. I mean, a lot changed in nine years. I think if people look back at what we\u2019ve done, and this goes back to crowdfunding as well, because now Cardone Capital, we\u2019re a crowdfunding platform where we go and find deals. We have our own platform, so we don\u2019t use a lot of these third parties. And we\u2019ve been really successful just going straight to investors who are looking to invest in multifamily real estate. And we\u2019ve really built out a done for you platform where we got great, beautiful, awesome deals and we offer them to retail investors.
We\u2019ve raised one point, almost $2 billion in capital, and our portfolio is $4.3 billion. And look, a lot of our deals are great assets, great locations. And so my day-to-day has changed a lot as we continue to grow the portfolio. But I\u2019m always still very curious and I\u2019m always still learning. And now the team\u2019s different, the deals are different. They\u2019re bigger deals, but it\u2019s really the same thing. And I always go back to this, the people that we have on our team are phenomenal. The thing that I\u2019ll tell people, if you\u2019re just getting started in real estate, you don\u2019t have to have a big team. You have to have really, really good third parties, meaning third party attorneys, third party property managers, third party bankers. You just have to have good people around you.<\/p>\n

Rob:
So it sounds like you\u2019re buying a lot of multifamily. Can you tell us, I mean, obviously your experience as a pilot, how does the pilot\u2019s checklist apply to buying large multifamily as you sort of go down this route?<\/p>\n

Ryan:
Well, the due diligence checklist on multifamily is a lot bigger than my checklist as a pilot.<\/p>\n

Rob:
Yeah, I believe that.<\/p>\n

Ryan:
And the checklist goes for the debt, it goes for the deal, it goes for the investors, but it\u2019s all transferable. And this is what I always say too, it doesn\u2019t matter if you\u2019re in a corporate job or if you\u2019re a pilot, because really being a pilot is really a corporate job. Everybody who has a skillset of either being a leader or managing a team, you can become a great real estate professional by transferring those skills. So yeah, look, I look at a lot of deals, and I look at a lot of markets. And so again, all of this stuff that I was telling you about earlier is I\u2019ve been to a lot of markets. I\u2019ve looked at a lot of deals. I\u2019ve looked at a lot of deals with Grant. I\u2019ve learned from the best.
I was literally with Grant, and this is what maybe if people didn\u2019t pick up on this. I\u2019ve literally been with Grant for nine years, but for the first six years, David and Rob, I was with him every day. I was with him every day because I was flying. When we were not flying, we were looking at deals. When we were not looking at deals, we were flying. When we weren\u2019t flying, we were looking at deals. Everywhere we would land, we\u2019d look at deals. And when we were overnighting somewhere, typically I would stay with him.<\/p>\n

David:
By osmosis, you\u2019re observing the framework that Grant sees the world through, the problems he\u2019s anticipating before they come, and there\u2019s a lot you\u2019re learning in your subconscious. I didn\u2019t think that was a problem. Or he sees opportunity where someone else wouldn\u2019t, or he sees an order to take this deal down. It\u2019s different than the last one in that here\u2019s where the challenge is going to be, not there. Which now gives you the empowered ability to go out there, say, \u201cLet me fix that,\u201d which makes you even more crucial to him. And that\u2019s the secret. If you want someone to become a partner with you, whether it\u2019s romantic, whether it\u2019s business, whether it\u2019s friendship, whether it\u2019s anything, make yourself such a crucial part of their life that they can\u2019t live without you. I mean, that\u2019s really how you take leverage in a relationship.<\/p>\n

Ryan:
Yep. It really is, David. And then also you layer that with the rules that are changing because before 2014 and 2015, you actually couldn\u2019t do general solicitation, which is the way you raise money. And so as we\u2019re building this foundation in the real estate, 2015 and 2016 happened. And now the SEC, they started allowing us to go and do general solicitation. And so all of the business owners, all of his friends, all of his power base were reaching out and saying, \u201cHey, I see you guys are doing deals. I want to invest with you.\u201d
Like Cardone Capital actually started because we did one deal that was $20 million. The debt was 14, the equity was six, we raised $6 million in seven days. And Grant looked at me and said, \u201cHey, can we do this again?\u201d The next deal was 40 million. So all of these things, you can\u2019t just look at Grant and Ryan and Cardone Capital, like, \u201cOh, these guys are overnight successes.\u201d We literally built this thing in gradients, and I highly encourage people that are listening, you can do it, too.<\/p>\n

David:
But you brought a skillset to the opportunity. That\u2019s just why I really want to plant my flag here. You didn\u2019t bring nothing and say, \u201cTurn me into a superstar,\u201d and then get frustrated when it didn\u2019t happen. You had already done some things in life, and you brought those to the opportunity, and the opportunity to help you flourish.<\/p>\n

Ryan:
And I was investing in the deals too, David. So I was at lunch one day with Grant in Chicago, and I started showing him my 21 units. And he looked at them, he\u2019s like, \u201cMan, these are junk.\u201d And I was kind of offended at first. I was like, \u201cWell, what do you mean?\u201d I was like, \u201cThis is a A-plex. This is a single family home.\u201d I was like, \u201cThis is good to me.\u201d And he\u2019s like, \u201cRyan,\u201d he\u2019s like, \u201clook at what I\u2019m buying.\u201d And I\u2019m like, \u201cWell, what would you recommend?\u201d And he\u2019s like, \u201cI would sell them all.\u201d And I was like, \u201cYou would sell them all?\u201d I went home the next day and I sold them all. I called Eddie, the real estate agent. I called David, I was like, \u201cSell them all.\u201d And within 30 days\u2026
I mean, Scottsdale was a great market. Within 30 days I ended up with 500 grand. I couldn\u2019t 10-31 because Grant had already bought the deal. He buys the deal and you could roll your money in. So I paid the tax of 100 grand, but I literally took 400 grand, David. And this is really what you said, \u201cI\u2019m putting my flag in.\u201d I took my 400 grand, I invested it with Grant in 826 units in Nashville, Tennessee. And I said, \u201cI am committed to doing this. Not only am I going to time, energy, and effort, here\u2019s my money.\u201d And within three-and-a-half years, that 400 grand turned into 1.1. And Grant, I tell this all the time, grant actually made me a millionaire. And I\u2019m the first millionaire from my family and I\u2019m really proud to say that. And it\u2019s been life-changing working for somebody. It\u2019s been life-changing, working for Grant.<\/p>\n

David:
I\u2019ll bet you what Grant saw when he looked at that was the return on equity was very poor, where you were probably looking at the return on in your initial investment. They had appreciated to the point that the cash was not keeping up with how much equity you had. So he saw the inefficiency of your capital, you put it into a new deal with a value add component and stronger cashflow. And so you turn that equity into something that would give you a higher return.<\/p>\n

Ryan:
And I didn\u2019t have to work in the day-to-day, too. It\u2019s like I went from 21 units being the manager. Because we all start there, right? And I actually encourage people start, do it, get a fourplex, get an eightplex, get 12 plus, get 32 units. Do it because the worst thing in the world is not doing anything. And then now you have no assets. All you have is liabilities.<\/p>\n

David:
And sometimes it takes time. Today\u2019s market, you\u2019re not going to go out there and crush it. Add six figures to your net worth buying a fixer upper that nobody wanted that you found on Zillow. You may have to wait a significant period of time to build that equity up to go do what you did, but still, it\u2019s better than not doing it right. It doesn\u2019t make sense to cry about how easy the market used to be. So you\u2019re not going to invest, well, this is what the market offers today. So how do you build a strategy around that?<\/p>\n

Ryan:
Yeah, because as you buy these assets, they will over time, I truly believe, and this is my strategy, is 5, 7, 10 years even longer, you buy the best real estate, you buy great real estate that you want to hold for a long time. You don\u2019t just buy the real estate that\u2019s on a discount because my first deal was on a discount. I made the least amount of money on it because of the location, because of the market. The third deal that I bought, I actually paid the most, but I made 100 grand within 12 months because of the location. It was so good. So it\u2019s interesting, as I did my first deal, second deal, third deal, fourth deal, I started learning. I started picking up on these different pieces where I was like, man, I want to go and invest in that market because the appreciation and the cashflow is better. I don\u2019t want to just go here because it\u2019s a discount.<\/p>\n

David:
I\u2019m working on a book like that right now.<\/p>\n

Ryan:
Let me and Rob be the co-author on that book, okay?<\/p>\n

Rob:
That\u2019s right. I\u2019ll write the foreword.<\/p>\n

David:
Rob did write a foreword once and it was rejected. Nobody wanted it.<\/p>\n

Rob:
It will be a four-word foreword.<\/p>\n

David:
A four-word foreword. Ryan, you\u2019ve mentioned that you\u2019ve seen a lot of deals, you\u2019ve underwritten a lot of them, and I understand you now have a two-minute process to underwrite a deal. Can you tell us what that\u2019s like?<\/p>\n

Ryan:
Yeah. I mean, so look, day one, when I joined Grant\u2019s team, he used to underwrite a deal. I used to tell him two minutes, it\u2019s actually like 43 seconds. But I\u2019m like, man, if I could underwrite a deal like Grant, then my whole life would change. And so literally what I do, and as you get spooled up, you start learning these markets. And in multifamily, what I do is I just take the number of units times the rents in place, not like what the broker\u2019s telling me, in place rents, and then I just use the occupancy of 94 or 95% depending on the marketplace. And then I just use rough numbers like, okay, my expenses typically in Florida on the East Coast are between 40 and 45%. On the West coast are 30, and so I just, okay, this is what my NOI is going to be based on here\u2019s the income minus the expenses, here\u2019s my NOI.
And so I can solve for on these bigger deals, they all traded a cap rate. And so I literally can underwrite a multifamily deal 300 units within two minutes. And it gives me so much power because now I\u2019m communicating to the broker that I\u2019ve got number one, speed. Number two, I know if it\u2019s a good deal or a bad deal, so I don\u2019t waste a bunch of time on bad deals. But I\u2019ve learned that from Grant and I highly encourage people, if you\u2019re listening, learn how to underwrite really quick. Identify bad deals, move them away from you as fast as possible so that way you could focus on really good deals.<\/p>\n

David:
I got to give you some props, man. I\u2019ve been asking every single multifamily operator that I know for something like that for years, and none of them will, because if they leave their spreadsheet, they get separation anxiety, they can\u2019t handle it. We have that with single family houses. It\u2019s called the 1% rule. Basically you throw out everything that isn\u2019t\u2026 It doesn\u2019t have to be exactly that, it has to be close to it. And then as interest rates are low, you can get further away from a full 1%, but as they go up, you got to get closer. And then I also learned that the higher price the asset is, the less dependent it is on the 1% rule. So a 50,000 house better rent for $500 a door, but a $900,000 house doesn\u2019t have to bring in $9,000 a month just to cash a positive.
We\u2019re not saying it\u2019s a good investment, but that\u2019s because I\u2019ve seen enough of them that those patterns jump out. And you\u2019re basically saying I\u2019ve seen enough of these houses that I know expenses are X over here and Y over here. And it all goes in the algorithm of your brain and you could spit out an NOI that lets you say, \u201cAll right, if we\u2019re trading at a six cap based on this NOI, hey, this is the ballpark we\u2019re going to be in. Can we play ball?\u201d And if they go, \u201cNo, no, no, it needs to be something.\u201d All right, we\u2019re done. We\u2019re moving on. Not running it through a three-hour process of putting it into a spreadsheet.<\/p>\n

Ryan:
You\u2019re so spot on, David. And also the 1% rule, I still use it in today\u2019s market. I looked at a deal today, it was 140 units. It was like 240 grand and rents it was like 1,900 bucks. And so I\u2019m always looking at that 1% rule because I always know that if I could meet the 1% rule, I\u2019m going to buy every deal. If a unit\u2019s 100 grand and I can get a thousand bucks, I\u2019m buying it, put it under contract, write an NOI, let\u2019s move on. I\u2019ll figure out the expenses, all that stuff later. And also, the bigger the deal gets, the less you have to be to the 1% rule.<\/p>\n

David:
Same thing as you have a little bit more slack when it gets bigger.<\/p>\n

Ryan:
Because you get economies at scale.<\/p>\n

Rob:
Can you just define the 1% rule for anyone at home that doesn\u2019t know exactly what that is?<\/p>\n

Ryan:
Yeah. So if I buy a house for 100 grand, I need to get a thousand bucks per month in rent.<\/p>\n

Rob:
Gross, not profit.<\/p>\n

Ryan:
Gross.<\/p>\n

Rob:
Awesome.<\/p>\n

David:
Well, it\u2019s encouraging to hear that that applies at the unit level of the apartment complex. So for clarity\u2019s sake, we\u2019re not saying if you buy it for 100 million, it doesn\u2019t mean it has to bring in a million every single month. What we\u2019re saying is the door count here, if it\u2019s bought for $100,000 a door, if each average rent of these units is a thousand bucks, it\u2019s worth putting through your analysis. I\u2019m looking into deeper, that\u2019s where you\u2019re saying write the letter of intent, get that thing under contract. Let the guys then start to\u2026 The beam counters, kind of identify all the exact measurements, make sure that it\u2019s a property you want. But if it doesn\u2019t, you\u2019re throwing that thing out right away. That right there is very, very useful.<\/p>\n

Rob:
If it is 100 million, I\u2019m just trying to understand why the 1% rule wouldn\u2019t be proportional. Wouldn\u2019t it still be if it\u2019s a $100 million building, you would want it to bring in a $1 million gross?<\/p>\n

David:
I feel like in multifamily there\u2019s more expenses to take into account than there are with single family, and there\u2019s more income sources, right? So with multifamily, you can have income coming in from laundry, from parking, from storage. It\u2019s not just the rent versus with residential real estate, your only income sources.<\/p>\n

Rob:
That\u2019s true, though. That makes sense.<\/p>\n

David:
When we\u2019re spit balling how something feels to us, it makes sense in our head, but if you have to articulate how you got there, you almost got to pull apart the algorithm of your own brain to be like, \u201cWhy did I think that was a bad idea?\u201d And hopefully there\u2019s actually logic behind what you said. But a lot of what you\u2019re doing, Ryan, when you\u2019ve looked at so many deals is it will stand out like, oh, that just feels like that\u2019s probably good. You don\u2019t know why, you couldn\u2019t explain it, but when you dive in deeper, you\u2019ll be like, \u201cOh, that\u2019s why. There\u2019s inefficiency here.\u201d They could bump rents much more than what they realize, or insurance is much higher than what they thought, so they\u2019re not going to get this much money. Sometimes you don\u2019t know exactly why it feels right, but you know that it does.<\/p>\n

Ryan:
Yeah, exactly right. And to your point, David, the income in the rent is one thing, but then you also have utility reimbursements, you\u2019ve got other income, and those are really big numbers on multifamily. That\u2019s why it doesn\u2019t have to meet and match the 1% rule on the door count. But what I was going with that too, David, is also knowing the numbers quick, it allows you to be the captain. It allows you to be the guy. Now, in these bigger deals where you have confidence where you could actually start using crew resource management, which is team resource management, which is actually the broker, \u201cHey, what numbers did you come up with? Hey, what are you showing for the going in yield? Hey, what are you showing debt guide.\u201d
I think people overcomplicate multifamily. And really what I want to instill is saying, \u201cHey, look, know the numbers really quick so that way you can communicate with the brokers with confidence. That way you can communicate with the debt with confidence.\u201d Because the bigger the deal you get, the more partners you have. And this is actually a safeguard in these bigger deals because the debt\u2019s going to thoroughly look at the deal. My competition right now is these big institutions, whether it\u2019s Blackstone or Starwood, you can go down the whole list. These guys are very, very professional and everything has to check a box. So the sooner you guys can get to these bigger deals, the less risk or the less chance of missing something actually occurs, which is crazy to think about.<\/p>\n

Rob:
Man, that is kind of nuts. At what point, just out of curiosity, at what point will you be a big institution? I mean you guys are growing at such a fast pace.<\/p>\n

Ryan:
Well, look, we slowed down our buying over the last eight, 10 months because of the shift. We think that there\u2019s going to be a huge opportunity in the next 12 to 24 months, especially as debt and maturities and where interest rates are to buy assets at a great basis. What I mean by that is if you can buy a deal for 225 a unit and it costs 300 with inflation, everything else to build, we think that long-term over 10 years, those are great buys. But look, we\u2019re competing with them now. It really is just a function of how do you grow and scale the correct way? We\u2019re not in a hurry, but we know we\u2019ll get there. So we\u2019re just really patient. We are very conservative.
I know a lot of people look at Grant Cardinal Capital, Instagram is one thing, but when he goes and invest in money, Grant has a lot of money invested in these deals. He literally takes his money and invests in these deals. For me personally, all my net worth is invested in these deals so we know what will come. It\u2019s just a matter of time. And the cool thing about it\u2019s we\u2019re doing it with retail investors, we\u2019re doing it with partners. Like when I say retail investors, this is just everyday folks. This is just like me and my family and David and Rob and there\u2019s no middleman. So it may take a little bit longer, but when we do get there, it\u2019s going to be together, which is super awesome for us.<\/p>\n

Rob:
It\u2019s amazing, man. What a journey. What a journey. I\u2019m excited. I want to connect with you after the podcast for sure, but we got one more segment for you if you\u2019re willing to indulge us. We call it flight, fight, or fright. And we have three questions for you that we want you to answer that\u2019s each one of those words. Is that cool?<\/p>\n

Ryan:
What is it? It\u2019s fight, flight, or fright?<\/p>\n

Rob:
Close. It\u2019s flight, fight, or fright. Okay, we\u2019re going to send you some rapid fire questions here, all right? So first one, fright. What are the fears you had to overcome to get where you are?<\/p>\n

Ryan:
I had to overcome the fear of failure. When I first started working with Grant on that 15 units are the 40 units in 40 days, I was actually terrified because I was like, what if I fail? I won\u2019t have the opportunity, but I did it anyway.<\/p>\n

David:
All right. Flight. When do you know to walk away from a deal, a job, or an opportunity?<\/p>\n

Ryan:
When the numbers don\u2019t make sense and there\u2019s no more growth.<\/p>\n

Rob:
Okay, last one, fight. What were the hardest lessons you had to learn in real estate?<\/p>\n

Ryan:
The hardest lesson I had to learn was not doing it myself. So the hardest lesson that I had to learn was in my mind, my dad always taught me that I want to control 100% of everything. The hardest thing for me to undo was that partnerships are really, really good, and they actually accelerate what you could achieve if you partner with the right people.<\/p>\n

Rob:
Awesome. I like that, David. That\u2019s kind of a mental or a mindset deal deep dive almost. It\u2019s like the mindset version of it.<\/p>\n

David:
And Ryan, you gave awesome answers. It\u2019s almost like you\u2019ve been training for this.<\/p>\n

Ryan:
Nobody even prepped me for that. That was kind of like random.<\/p>\n

David:
Well, thanks, Ryan. This has been an excellent show. We covered how to get started with the advice that you have. It doesn\u2019t have to be perfect. So your uncle gave you some advice for how to get you going in real estate. You built a portfolio that eventually Grant Cardone told you was crap, but it doesn\u2019t matter because that crap got you to a point where you could even be called crap and you could put it into something better. We talked about the right way to reach out to somebody and we gave a framework for everybody that\u2019s trying to get an opportunity. I hate the spaghetti against the wall method. Just send a bunch of DMs and hope that something sticks.
Actually come with something feasible that you\u2019re proposing, and be humble, like you said, just \u201cI\u2019ll work for free. Let me prove my way.\u201d But if you get in the right environment, that will get you to the top. You\u2019re now running Cardone Capital. If that\u2019s not a great example for everyone to follow, I don\u2019t know what is. We talked about underwriting deals quickly, right? Not getting too caught up in the mess. That does not mean that you\u2019re going to buy a property based off of a 43-second underwriting system, but it does mean that you\u2019re going to get your foot in the door and that you can move with the power players. Those brokers are trying to figure out who\u2019s legit and who\u2019s kicking tires. And you kind of put yourself as a front runner in that situation and then take some time to analyze the deals.
And we talked about buying properties, thinking about the future, not just right now. What do you expect rents to do in that area? What do you expect jobs to do in that area? Is there going to be more supply coming in or is supply somewhat constricted? When we had Grant on the show the first time, he actually talked about how he likes to buy in liberal areas because they are less likely to issue new building permits, and it\u2019s a way of eliminating competition. It\u2019s a different way of thinking that your typical investor that just runs it through a calculator and says yay or nay. Is it taking into consideration? Rob, anything you want to add there?<\/p>\n

Rob:
No, no. You covered every single thing. And just going back to your thing about people reaching out at everything. You mentioned getting your foot in the door. There was this old adage back in the day or this old kind of urban legend of this guy that really wanted to work at a very prestigious ad agency. And so what he did is he sent a shoe to the creative director with a note that said, I just wanted to get my foot in the door. So I just wanted to know would that work on you, David? Do you think that would be a way to get through your DMs if everyone just sent you a shoe?<\/p>\n

David:
No, that\u2019s the opposite of what I was just saying, people, come with a plan. Don\u2019t try to be cute. \u201cI\u2019m so clever. I sent David a shoe.\u201d And I get the shoe and I\u2019m like, \u201cWell, now what do I do with you?\u201d It always sounds good when you hear the story and it just turns into a Cinderella tale. But no, that isn\u2019t. Unless inside the shoe you have a business plan and you tell me what your skills are and say, \u201cGive me a shot. I\u2019ll do this thing for you,\u201d and then you can see how it looks. All right. Well, thank you, Ryan. Man, this has been fantastic. I really enjoyed getting to know you and thank you for sharing things. Where can people find out more about you?<\/p>\n

Ryan:
Very easy. Social media, Ryan Tesko. YouTube, Instagram, cardonecapital.com. I mean, I\u2019m very out there. I\u2019m very open. I typically give people my cell number, but I\u2019ll leave it via social media and also the website.<\/p>\n

David:
And Tseko is spelled T-S-E-K-O. So that\u2019s RYAN T-S-E-K-O. Go give Ryan a follow. Rob, how about you? Where can people follow you?<\/p>\n

Rob:
Oh, you can find me over on Instagram or Threads or YouTube at Robuilt, R-O-B-U-I-L-T. I teach people how to do real estate, Airbnb, short-term rentals, investing, life, liberty, the pursuit of happiness, and everything in between. What about you, David?<\/p>\n

David:
Find me at DavidGreene24 all over social media including Threads and Instagram and everything else. Or at DavidGreene24 on YouTube. My website\u2019s davidgreene24.com so thank you for saying that. My social media used to be pretty boring, I will admit, but it\u2019s been stepped up quite a bit, so.<\/p>\n

Rob:
It\u2019s fired now, my friend. You have done it.<\/p>\n

David:
Absolute fired. If my social media had a glow up, it would be Ryan going from a pilot to Grant Cardone\u2019s pilot, and now running Cardone Capital. So just like you don\u2019t want to miss out Ryan\u2019s story, you don\u2019t want to miss out on my social media. How was that, Ryan?<\/p>\n

Rob:
So basically David\u2019s social media is the Ryan Tseko of social media.<\/p>\n

David:
That\u2019s what I\u2019m saying. Yes, thank you for clarifying that. This is David Greene for Rob, the Fire Hydrant, Abasolo, signing off.<\/p>\n

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Ryan Tseko became a multifamily millionaire by his mid-thirties after giving up his previous career to invest. By the time Ryan was thirty, he already had twenty-one rental units, paid off over six figures in student debt, and used his pilot job to scope out new property markets. Everything was going to plan until a […]<\/p>\n","protected":false},"author":5,"featured_media":9267,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/09\/REP_821_WEB.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=9266"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9266\/revisions"}],"predecessor-version":[{"id":9268,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9266\/revisions\/9268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/9267"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=9266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=9266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=9266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}