March 28, 2023

Combining Education Principles & Effective Teaming For Investing Success - Brett Bowman

In the conversation with today’s guest, Brett Bowman, you’ll learn why education is the bedrock of how Brett is able to add value to others and his selection criteria for deciding where he is going to invest. Brett shares his insights into how to be happy in your job role and investing role, while simultaneously being present for the most important things in life.
Billy Keels
CEO and Founder FGCP

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Going Long Podcast Episode 302: Combining Education Principles & Effective Teaming For Investing Success

( To see the Video Version of today’s conversation just CLICK HERE. )

In the conversation with today’s guest, Brett Bowman, you’ll learn the following:

  • [00:39 - 03:11] Show introduction with comments from Billy.
  • [03:11 - 06:16] Guest introduction and first questions.
  • [06:16 - 13:00] The backstory and decisions made that led Brett to this point in his journey.
  • [13:00 - 15:17] Why education is the bedrock of how Brett is able to add value to others. 
  • [15:17 - 21:28] How Brett came up with his selection criteria for deciding where he was going to invest, and how he was able to feel comfortable and confident to invest long distance and out of State rather than just in his local market locations.
  • [21:28 - 25:38] Brett shares his insights into how to be happy in your job roles and investing roles and simultaneously be present for the most important things in life.

Here’s what Brett shared with us during today’s conversation: 

  • Where in the world Brett is currently based: Boise, Idaho.
  • The most positive thing to happen in the past 24 hours: Having the opportunity to just be present with his family and focus on what is most important in life!
  • Favourite city in Europe: Brussels, Belgium.
  • A mistake that Brett would like you to learn from so that you don’t have to pay full price: Never underestimate your capital expenses!
  • Book Recommendation: The Lifestyle Investor, by Justin Donald -  

Be sure to reach out and connect with Brett Bowman by using the info below:  

To see the Video Version of today’s conversation just CLICK HERE.

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Episode Transcript

Billy Keels  00:00

Today's conversation is sponsored by first generation Capital Partners. If you're an accredited investor, and you want to know about how we're helping other accredited investors keep more of their income, go to, forward slash going long.


We focus on the most important aspects. And so I can join a couple of critical meetings once per week. I know everything that's going on, I can give feedback, I can, you know, jump in, where only I'm the one that can solve a problem. And it just has helped me personally prioritise where I'm helping, but it's helped the whole business focus on what's important.


You're listening to the going long podcast with Billy keels, the number one podcast for long distance real asset investing.

Billy Keels  00:40

Welcome to the go along podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident investing beyond your backyard. And yes, so I'm your host, Billy keels, and we've got another amazing, amazing, amazing episode for you today another amazing conversation, I should probably say, for those of you who continue to share across social media, thank you so much. Thank you for tagging us. Thank you for doing that on LinkedIn on Instagram, we really appreciate it. For those of you who are looking for previous episodes, go to first forward slash podcast first forward slash podcast, you can find every single episode, transcripts, videos, audios everything that you would ever want to find. So for those of you who are really enjoying your day job, and at the same time, you know that there's something else out there for you that you want to get involved in, it's real assets, it's creating a lifestyle for you outside of your corporate role, because you like that, and you want to be an even better employee. Today's conversation, like it reminded me of when I was in the corporate world, it's gonna really bring you a lot of value. Today, we have a very special guest, a guy from from Suncrest capital guy named Brett Bowman. And we're gonna get to that conversation just after this. Are you a busy high paid professional, someone who's made $200,000, the previous two years, and also expected to earn $200,000 This year, or maybe as a couple you file jointly, and you've earned $300,000, the previous two years, and also expected to earn $300,000 together this year, or maybe yourself or as a couple, you have a million dollars in net worth not including your home. Well, if you meet any of those criteria, then the IRS considers you to be someone who is an accredited investor. And so that probably means you're a top producing software sales executive, or maybe you're a highly paid consultant, maybe you're a lawyer, maybe you're a doctor or a business owner, you may even work for professional sports franchise, but one way or the other, you've done a lot of really hard work to get to where you are, you've done 100% of the work. And nowadays, you're continuing to get crushed by taxes. And that means you're only bringing home 50% of the reward. If you're tired of doing this over and over and you're looking for a solution to start to keep more of your money, you can go to first gen forward slash invest so that you can start to keep more of your money, which means that you can start to have the freedom to choose what you want to do when you want to do it with whom you want to do it. So once again, go to first gen forward slash invest, to see how we can start to help you today. Once again, that's first gen forward slash invest. So if you want to understand how combining education principles and effective teaming can accelerate your long distance investing success thing, guess what? Today's a conversation that you're probably going to want to well know you're actually really going to want to listen to until the very last word you know why? Because today's guest not only started his professional career in the financial services industries, he also decided, well, you know what, he wanted to make a move and he got over into application software. That's something that's pretty close to my heart. I think you all know that. He also then began some personal ventures, but he's going to tell us a lot more about that. And while serving others, he continues to be involved in the IT industry. And so with that it gives me great pleasure to welcome to today's conversation, the managing partner of some Chris capital, Mr. Brett Bowman, Brett, welcome to show man.


Hey, belly. Thanks for having me. Good to be here.

Billy Keels  04:06

Yeah, man, I'm really, really looking forward to you sharing your experience. Like there's so many different things we were talking about before, like that we have in common and I'm going to hopefully bring all of that stuff out during the conversation. But most importantly, let's jump into it. Because you know, I'm going to ask you at least five questions to in the beginning, three at the end, and I want to help right from the very beginning. Let them go along family understand who you are, but more importantly, where is it that you call home in the US?


Sure. Boise, Idaho. Boise,

Billy Keels  04:35

Idaho. Wow, this is kind of a cool place. I think year round pretty much right?


Yeah. Yeah. Anybody not familiar with the United States. I like to point out just just east of California. It's actually fairly warm in the summers. Much more mild than many other parts but it's great area.

Billy Keels  04:49

All right. Fantastic. Really appreciate that. And I love and we love here to go along podcast positive stuff. So help us understand what is the most positive thing that's happened to or for you? In the last 24 hours.


So over the last few months, I've really been focusing on like being present and focusing on things I can control and not worrying about things that are outside of my control. You know, I think a lot of us they get busy with work and side things and trying to do real estate. It's easiest stress. And so what I would say is over the last few days, and especially last 24 hours, I've just been able to be present with my family and focus and you know, be able to create some some really good memories. So even just this morning before jumping on the call, had some nice breakfast and playing with the kids. So I think that's been like a big, big win for me and my family over last summer month,

Billy Keels  05:36

fantastic minutes, absolutely one of those things, being able to be present, physically mentally present, as well. And being able to control the things that are within your control, doing that, and then the things that are not trying to let them go as much as you can really appreciate that. So here's the thing, right? Like the entire going long family knows this about me, I'm a recovering perfectionist. That means I try to do things that are sometimes a little bit impossible to do. Like trying to tell your entire backstory in like half a second, I tried to do it like super, super fast today. Not possible. So what I'd love for you to do is Bret take the time that you need, and that you want to share your backstory with the going long family. And also along the way, if I could just ask you a favour if you could also share, like, what are some of the major decisions that you've made to get to this point in your journey? And then we'll see where you and I take the conversation from there? Sure,


yeah. So I have always been really fascinated by finance. Yeah, the quick story that I like to share is that in middle or middle school, I had a history teacher of all teachers that had us, you know, picking stock out of a newspaper, and we we kind of charted it for a few weeks, I actually lost a tonne of money in this exercise. But I was fascinated by the fact that you can just buy a couple of things sit there, watch it, and it changes. And then he actually explained time value of money by drawing on the white on the sheet rock like actually on the wall. And so you know, 1213 years old learning about this, I was just fascinated. So I ended up studying finance did corporate finance, like you said, Before I started in financial services industry, I've now been in tech for almost 10 years, doing a lot of that, you know, now I'm doing application software as well as portfolio in corporate finance, in that realm. And just fascinating. So, you know, like many people listen to the podcasts, I found Rich Dad, Poor Dad feels like decades. And so I pivoted, and instead of just doing stock market and investing that way, started in real estate, I started with the, you know, typical single family rentals was certainly that Burr strategy. And but what is that by rehab? Rent, refinance, repeat those, right, I think I had an extra hour in there. But point is I was starting to do that I was building up to a duplex and then a four Plex. And, you know, in my work environment, I think a lot of us have these larger companies, we use social channels like Slack, so we use Slack. And there's a lot of really cool groups that you can find. So in my workplace, we have a Slack channel about real estate. And there's several 1000 people on this thing. So I just really started diving in that. And I actually found out about syndications and learning about how to be a limited partner, or passive investor in real estate, while still getting all of the same depreciation benefits of being a active partner. And so I started partnering with a bunch of groups that were doing syndications. And I was just like I mentioned before passive investor, but I got fascinated by that, too. And with my current finance background, I started reaching out to some of the sponsors I was working with, and asked, Hey, can you teach me how to do this? And, you know, turns out a lot of them aren't comfortable with underwriting. So I started learning how to underwrite, which, frankly, isn't that different from what you're doing with corporate finance anyway, because we're always having to look for internal rates of return on projects we're doing. So I started doing that for free for a few sponsors, and they ended up becoming my mentors, which really kind of fast tracks my learning for how to do syndications, how to work with investors how to work with the SEC filings, all of those fun things. And then a few years ago, my my business partner Ryan and I were kind of introduced by a third person and almost felt like a blind date introduced meeting each other. And he was already investing and they had a mobile home park, just a small one him and his wife bought. And so he and I bought a second one together. And then we found an amazing portfolio of four mobile home parks. It was kind of within two hours of the first two, we bought those as a syndication and since then we've just continued to do more and more syndication. I can tell you a little bit later but we've we've essentially drawn a circle around our syndication are all of our properties within a few hour radius. So we can just scale so we're now at 23 properties that we own and operate. And we're able to do that because we've built a really great team. And I still have my day job. So it's worked out pretty well. So far.

Billy Keels  10:11

That sounds pretty familiar to me, by the way, because I was doing something very similar. Although I was doing across the ocean and I was enjoying my day job, I was high performing in my day job and still have the ability and flexibility to be able to, to create, you know, my path to freedom, and everybody has a different path to freedom, I really want to pick up on something that you said, before we even get into the real estate stuff, because this is, it's really, really interesting. So you said that you were you were learning underwriting, because it really wasn't that much different than what you were doing in your corporate role, because you were always looking for the IRR in terms of where to make investments. And you said something that was really interesting to me, or at least I think I heard you say it this way. You said that you decided that you were going to do it for free for the mentors, and they have they eventually became mentors and business partners. Did I understand that correctly? Yep, you did. Awesome. So what I want to go on long family to really understand and take away from what Brett just said there was two things, one, that he was passionate about something he was leveraging a skill that he already had from his corporate role to be able to use in a space that was providing the next path for him, whatever that path may be. He also said he was doing it for free. I would tend to think that what he was paying for was with his time, which was his most valuable asset. In the fact that Brett, you are willing to do that for someone else. Guess what, that's a major value add. Everyone has an opportunity to learn from what Brett just said here because he had an interest and he was willing to give first before he was asking for something else. And he was paying with his most valuable asset, which is his time. And I'm going to bet that because of the what that value and the quality of what you were providing, that eventually led those mentors to say, what did they say after the what you were providing to them? For a quote unquote, free.


I mean, honestly, it was valuable I, I say it wasn't paid. But really, you know, years later, I'm still receiving dividends from it. As I say dividends, I don't mean money dividends, I mean, I can call any one of them up and run a big deal, pass them get feedback on it, they're introducing me to other people that can help me put deals together, it's really challenging when you're getting started to buy a property or do a full syndication all by yourself. So we frequently need other partners to do it. And you know, having mentors like that, that know what I can do, and trust me, can introduce me to other people and really helped me take down things I wouldn't otherwise I would otherwise not be able to take down that's worth way more than anything they could have actually physically paid me

Billy Keels  12:47

absolutely love that. And if you didn't hear that the first time rewind this, like 35 or 45 seconds. So you can actually hear what Brett just said again, and take note and take action on what he just said. So I appreciate that. So one of the things and we're talking, we're talking about some of the things around education, I even started in the beginning, right by being able to combine your education principles, talk to us about why education is such a bedrock for how you are continuing to add values to how you are continuing to add value to others.


So for me, personally, my undergraduates in finance, and then I did have a business degree as well. And what what's really happening with that is not only is that give me kind of that foundation of financial experience and knowledge and helps me kind of, there's so many different things that we have to do and in the property management space in the capital raising space. That just really that helps me with my my foundational knowledge. But also, you know, a lot of times through education, and this doesn't need to be formal education can be reading or it can be, you know, on the job training kind of things, but you're learning you learn to problem solve, which is huge. So I think we, you know, we tend to frequently hit problems that would be really easy for us to just give up or say, Okay, well, I'm not gonna deal with that. And I, for me, anyway, I, I've learned to just push through it and just think there's always more than one way to do this. And we've just got to really think and not go right to the first solution. We think of let's like, operate together brainstorm, problem solve, I think really the problem solving is, is the piece that I've taken away the most on how education can kind of relate into the real world and, and making sure that we're choosing the right solution.

Billy Keels  14:35

Absolutely. So that's, you didn't say the solution. You said the right solution, which I think is you know, it's the right solution based on the context and the information that you have, which comes from the educational foundation that you that you have or have access to, right. It's one of the things that you talked about in the beginning. Sometimes when you're getting started, or depending on where you are in your journey. It may be difficult to take down certain types of operator communities, if you have the strong educational base, or you have maybe lead by paying with your experience to gain access to someone else that can help you to get that all of that starts with the with the bass line or foundational education, which I think is absolutely fantastic. So you've talked a little bit about how you and your business partner are having a very clearly defined area of where you want to continue to invest. I happen to know that. Well, I think you happen to live in one state and you're have assets that are in another state. That's probably why the one of the reasons you're here on the going long. Yeah, Castle, Billy keels is to talk about that kind of stuff. Right? So help us understand from Idaho. And I believe it's Kansas. So if it's correct, and let me know I've not done it. But that's not right next door, but at least know where you are. And so help us understand how did you come up with that selection criteria? And then how are what are some of the different systems that you have in place that are allowing you to continue to feel confident to keep with this strategy moving forward?


Yeah, I can talk for hours about systems that we do, but so I'll try to streamline it a little bit for you. So the reason I chose Kansas, specifically Kansas City, which interestingly, Kansas City city is in Kansas, and Missouri, it actually spans both, it's two different cities that connect. So we, the reason I got into that, as I was as a limited partner, the sponsors I was working with, were largely investing in Kansas City already. So I did a tonne of due diligence on the market, I visited the market, and actually had investments in the market as a limited partner. So I was very comfortable with the area, I'd actually started building a network of people there as well. And then almost serendipitously, Ryan's first mobile home park was also in the Kansas City Market, I didn't even know Ryan at the time, right. And so the fact that he was already there, I was already there, he actually had found a park within a mile of his other park that was also there, our first two assets just ended up being in Kansas City. And then we built a strong team around those two, those first two assets. And then sort of, like I mentioned before, do a three hour radius around that, that that kind of Kansas City hub. And that was kind of our Buy Box of, we're only gonna buy things within this radius. Because, you know, like you mentioned before, for me to get from Boise to Kansas City, it's at least two flights to get there, I'm not driving there, you know, I've pretty much have to factor in almost a whole day just to fly there. Plus back. So it's not a really easy thing for me to get there. So having people on the ground that I trust, that are really hard workers, is huge. And so we look at deals all over the Midwest, but you know, like Minnesota, for example, is one we're really interested expanding to, but that's out of our three hours, it's almost seven hour drive. And so the lift to buy something in Minnesota is so much higher than it is for us to buy something in Des Moines, or Springfield or Kansas City, that the deal has to be much better to make the mechanics work there. And so we it's been, you know, we've looked at dozens and dozens of deals, even just last quarter that are outside of that radius, and we ended up passing on most of them just because of that lifted higher. So from a system perspective, the first thing is team. So we have, you know, starting with Ryan and me, Ryan, I have very well defined roles. And you know, it's taken us years to develop our definitions of our roles. We've tried multiple times. And I think we're, we're fine there where it's very clear of like what each of us does. And then we have a really solid team, we have a handful of full time w two employees. And then we have kind of this next layer of 1099 contractors that are a mix between full time and part time people that work work with us. And many of them, you know, the kind of model and I don't know how much I've mentioned this here so far, but we do mobile home parks. And the model of mobile home parks is you have somebody on site that's more of a greeter slash manager and they're the ones that are kind of like making sure everything's operating well, and then we centralise everything else. So we do the collections we do any of the advertising, we do home sales, all those kinds of things happen with us centrally. So we have this kind of broad decentralised team, a team of these managers that then report up to, ultimately to my business partner that does all the operations, but he has supervisors underneath him. So those are all kinds of People Operations, if I was gonna say will point to one system that has changed the way we do everything. It's gonna there's this book called you probably heard of it traction by Gino Wickman. It's incredible. I'm not gonna use this as my book recommendation, but I do say I'm cheating maybe here a little bit. If you haven't heard traction, and you're trying to streamline your life, check out traction, I actually use traction in my corporate job as well. I've started with my team. And it just has gotten to the point where we focus on the most important aspects and so I can join a couple of critical meetings once per week. I know everything that's going on, I can give feedback. I can, you know, jump in where only I'm the one that can solve a problem. And it just has helped me personally prioritise where I'm helping but it's up The whole business focus on what's important, when you have 23 properties, it's really easy to find 23 problems with every single one of them. And we can't do that. So we've got to focus on what are the top five that we can focus on now. And that's changed everything.

Billy Keels  20:15

So that's absolutely fantastic. And what I, what I love about a number of different things that you said is, you know, everyone's selection criteria is different, right? You do think about, I have to take two planes, or it's going to take me a full day, or maybe for someone else, it's the fact that you have to be in the car more than six hours, or maybe for someone else is the fact that my kids are going to be blah, blah, blah, it doesn't matter. What's important is that you have a criteria very clearly like what Brett said. So even if you so if you do go outside of the radius, then the lift or the potential gain has to be that much higher, number one, which I think is fantastic. So it just gives more insight to the go along Family so you can understand that. And then also to as you start to look at your team, and understanding who are the different members of the team? What are the priorities that you've set as an organisation? And then how are you attacking those priorities versus trying to go after every single thing, lots of golden nuggets there. So hopefully, everybody in the going long family was like taking copious notes over that stuff. Trusting that you're enjoying today's conversation. And you know, if you're tired of getting crushed by taxes, and you're looking for greater freedom, to be able to choose what you want to do when you want to do it, make sure that you go to first Ford slash going long, and see how we can help you today. Let's get back to the conversation. Listen, before we get into going long, final three, because we're going to have to get into Golang final three, like you and I have one thing in common. Like I remember my last couple years in corporate life, I was performing at a really, really high level at the same time I was kind of doing the stuff on the side, there are a lot of people that are afraid to do what you're doing. Right, right, which means that you're performing in your corporate world because you'd like it, like I really liked my corporate role a lot. And at the same time, I have this desire to also be able to build my own life outside of that. And so performing well, in my day role allowed me the opportunity to also focus my extra time because it was my time to do other stuff. There's some people that are afraid to do that. Like they're just afraid to do that. And then heaven forbid that they'd even get behind a microphone and start sharing, like how they're being successful in both of them. Or even combining like, one of the things that I'm doing in my day job has also helped me build my own life. Can you talk to maybe to that person that is having a little bit of trepidation. They feel like everybody's going to just do your job and just your job. And they're not allowing themselves to really focus on kind of one of the things that you said in the very beginning, on the things that are important to themselves. What do you say to that person?


Yeah, so first of all, I totally agree with you, I, you know, I do I love my job I love what I do, I get I have amazing people I work with have a lot of fun. I there's a lot of people I work with that are trying to do the syndication space that seem or just the, you know, commercial real estate space, that seem to be running from their jobs. And there's almost this implicit, like, understanding that everybody hates their jobs. And so that's why they're doing this. And I don't I love my job I and you know, I, I would do both forever. You know, it's been great. So what I would say is, is for people that are a little bit intimidated by it, sort of a limited partner, I think it's a great way to go. And frankly, I think for a lot of people, that's the place to be, you know, if you're a very high income, earning doctor, for example, it probably doesn't make sense for you to go be an active partner on one of these deals, because you are you've worked your whole life to get to where you're at, you're earning money, hopefully really enjoy your career, you're making a massive impact on people's lives. And you can so kind of, you know, participate in these, these opportunities as a limited partner. But what I would say is step up and be a little bit more active. There's a tonne of things you can do as a limited part, there's lots of questions you can ask, you know, sponsors will give you any information you asked for, you know, financials, project management, all those kinds of things. And, you know, you asked before about, we were talking before about taking your current talents and levelling him up. I can't tell you enough about being a sponsor how many times we've we've benefited ourselves from people like me, that started off as limited partners kind of jumped in and were more active. So somebody with project management experience, for example, that's massive, every property needs project management. So that's a really easy way to start off as a limited partner, get a little bit more active, help out, you know, have that conversation early, because there's some structural things you've got to do with the syndication to allow someone to be active. But you know, project management, there's finance stuff, there's even customer service, there's lots of things. If you've got background, and pretty much anything we can find ways for you to help. So that's really low risk ways for somebody to step up and kind of get some of this exposure, I would say

Billy Keels  24:50

absolutely appreciate you addressing that. And bringing it with real world experience. And yeah, I mean, it's one of those things. I liked my job. I knew I wasn't going to do it. forever. And, you know, I was I was much better employee because I was going into the job every day because I wanted to not because I needed to. And at the same time when I had the additional opportunity outside, you know, I was using the same skills, which were sales and sales leadership, which goes to your point, which there are so many different ways that you can add value to others, as long as you are willing to do what Brett did, which is lead with your most important asset, what skill set do you have? And how much time would you be willing to invest in learning and improving? Because once you start doing that the you know, there's really no end to anything. So here's the thing, bread. We've been chatting for a bit, man, we gotta get to the go along final three. But the thing is, you're our special guest today. And I never asked anybody ever, ever, ever going on final three unless you tell me that you're ready. So are you ready?


I'm ready. Let's do it.

Billy Keels  25:52

You're born ready? All right, here we go. Let's do it. Let's do it. You're ready. Ready? We started with you over in Idaho. I'm gonna bring things back this side of the pond. Even though I'm from Columbus, Ohio, Europe's been home for the last 22 years, I would love for you to share with me in the going long family, what is your favourite European city that you've either visited or still on your bucket list to visit?


Well, you and I were talking about Barcelona where you live, which is amazing. But I'm gonna have to go to Brussels. And part of the reason I'm gonna go to Brussels is my my wife and I are major foodies. And holy cow. There's some, you know, there's amazing food anywhere you go in Europe. But you know, especially if you've got a sweet tooth, it's hard to beat Brussels, I'd say

Billy Keels  26:29

Brussels it is Brussels it is there we go, everybody. And I would agree with you. So here we go. Question number two has a lot to do with what I've seen from really, really successful people. And I very, very fortunate, much like yourself in the corporate world, outside of the corporate world, you've invested time and with successful people, and I consider you to be someone who's very successful as well, because you're impacting lives positively. Now across the globe. And so one of the things that I've probably noticed, and I'm sure you've noticed the same thing, too, is, you know, Brett, anytime that's really successful, people put their mind to something and they put a plan, like literally every single time that they put a plan together and they go out and they execute that plan. They do something different than most people's that they get it right every single time, which allows them to get through a lot more. Are you laughing? Every year? You say he's like kind of laughing here? Of course, they don't get it right. Every time I just like that a little bit of fun, but you're like, like laughing at my joke. Of course, like, that's just a joke. I just wanted to see if you're listening. And you're obviously listening, everybody check him out on the video version, because he started like laughing in my face, which is, of course no. But listen, here's the thing, really successful people, not only do they not get things right every single time, they usually get things a lot, they get a lot of things wrong more frequently than they get them right. Because they're trying stuff more frequently. But the thing is, is every single time like the first part was a joke. But this is not every single time that they make a relevant mistake. something amazing happens. First of all, they stop, they learn from the mistake, and then they go out and they put different strategies, tactics and actions in place to be able to vote minimise the probability of that exact same thing happening again. So I don't want you to think about the mistake or the learning opportunity, or however you want to call it, whatever you were looking to happen didn't happen, I really want you to focus on the lesson that you learned. What's the one lesson that you want to share with the going long family today?


Sure, yeah, this is no one that was I could talk about all day, but one in particular that we've learned from his underestimating capital expenses. So a lot of what we have bought in the past has been value add properties, where you know, you're coming in, and the plan is to fix it up so that you can add more residents add more homes, in our case with mobile homes, or, you know, increased rents, whatever it is, right. And so just one specific example, we were planning to come in and convert a park from septic well, and old electric infrastructure, we were gonna switch it all over the city, upgrade the infrastructure, all those fun things, right. So just taking the water project alone, we had received a bid from a couple of projects, a couple of contractors in the area. So we came in we, you know, gross it up 10%, because we thought, well, there's, you know, just in case, we want to have this with this buffer, right? Well, what we didn't understand that the time is that many of those utilities, they actually charge massive connection fees. So we were looking at, let's say, $100,000 to do the waterpark project, but then the city was going to charge us another $30,000. And then oh, by the way, if this thing called COVID happened, and all of the supply demand stuff shifted. And so it's actually 20% More, and you know, lots of things, right? We ended up in that particular situation getting fortunate and this is a learning tool we worked with. We had a civil engineer on our team that helped us do what they refer to as value engineering, where the restructure that designed to make it more affordable, but still completely, you know, make it work, right. So we were able to do that negotiate with the city and so we were able to make it work somewhat within budget. But that was a learning experience to me that not only do you need multiple bids. But you also need to be asking a lot of questions because there's things especially when you get into the space. And I've learned this from project management, the corporate world, and even, you're going to, you're not going to know what questions to ask, you're not going to know there's things you just don't know. So you've got lots of questions, talk to lots of people, talk to the municipalities. Talk to people that are working in the public works department, for example, and try to understand all of those things. Before you're at all as part of your due diligence so that you understand upfront what your what's possibly what you're possibly getting into,

Billy Keels  30:32

definitely don't know what you don't know. And so it's great to surround yourself with others that know have more knowledge. And always expect the unexpected, especially when you're estimating expenses. Because there's always something that can, can show up. So I appreciate appreciate you sharing that you've already shared one book with those but I'd love for you to share and what is your book recommendation just to kind of wrap things up with the Golang final three here and and then we'll kind of got a couple of last words to say but what's the one book you want to recommend to the girl and family today?


One of my favourite books recently it's called the lifestyle investor. That's the lifestyle investor. It's by Justin Donald the finance, Amazon audible. It's pretty amazing. If you like Rich Dad, Poor Dad, this book is similar to that, but a little bit more real world updated application of how to how to actually like put it into place, which I thought was fascinating.

Billy Keels  31:22

All right, perfect lifestyle investor. So we'll include that cool, nice a link here in the in the show notes. Wow. And I can't believe this, like we're going from the very beginning of the conversation and you're talking about the things to being focused in realising control the things that you can control, right and having breakfast with family and being able to really be in the moment and be present. And then from there, we're talking about your your finance background, and from being able to go there to pick it up Rich Dad, Poor Dad, you pick up Rich Dad, Poor Dad, and then you get into, you realise that, hey, listen, I've got this skill set that I'm using in my day job. I can also even get more into this real asset world by investing or giving away for free, my best asset, providing value to others. As you're doing that you're building relationships, you're getting answers to your questions, and you start realising, hey, listen, this is a great way for us to go out and start to well, when you meet a business partner who happens to randomly be in the same kind of physical location that you were, you guys realise that you have things in common, you start to also have complementary skills, you pick your lanes, and you continue to go out and very clear criteria around the specific type of assets that you prefer to based on your criteria. And not only are you doing that for yourselves, and you talked about the the growth of the portfolio, but you're also doing it and helping others. So like everybody just wants to know. And they just like Billy, just shut up, please. And just ask him the question. So here's the thing, Brett, with all the awesome stuff that you are doing some Chris capital, help us understand, what's the best way for the going long family to find out more about you and what you're doing? And then how we can get in touch?


Yeah, for sure. So our website is Suncrest. Cap. So that's short for Suncrest. Capital. We have a lot of information on there, we actually just did a short production with PBS, you can watch that and learn quite a bit about us. It's on the site, the same domain, my email address is Brett so Bre TT at Suncrest You can reach out to me that way. You can book time with us on our website, although some things so I would start with our website, I think it's easiest way.

Billy Keels  33:20

All right, cool. So Suncrest So go check them out. Brett even left his email address if you want to contact him directly. And listen, Brett, I would just like to say on behalf of the entire going long family really want to thank you for deciding to invest your time with me with us today. And thank you very much, really appreciate it. Of course. Thanks so much. Really. All right. Thanks. Awesome. And listen, give me like 10 seconds, just want to wrap a couple things up. And then I'll get you out of here. So going long family. Listen, Brett like he gave you so much actionable items today. I'm sure you're like still writing down copious notes. But stop, stop for just a second, share this episode with somebody else today. And then the two of you can talk about the things that Brett shared with you, or even if you want to share it with three or four other people. And you all can talk about these concepts and guess what Brett's even given you his email address so you can reach out to him directly to bring him into the conversation. While you're doing that going from theory to action. I'm going to be here preparing the very next conversation so until then, gotta make it a great day and thank you very much trust did you enjoy today's conversation and once again, today's conversation was sponsored by first generation Capital Partners. If you're an accredited investor want to find out more about how we're helping accredited investors to gain their personal freedom even faster. Go to forward slash going long.

Billy Keels
Founder & CEO of FGCP
Billy is on a mission to share a roadmap and opportunities with other extremely busy, high-paid professionals on how to find financial freedom through investments. Listen in to learn how!
Guest speaker
Brett Bowman
Commercial Real Estate Investor
Brett is Suncrest Capital's Chief Investment Officer. His conservative approach to underwriting helps minimize risks while maximizing investor returns. He has been investing for over 12 years, acquiring $50M+ in assets, spanning single family rentals, multi-family, industrial, and mobile home communities. He has a background in high-tech where he managed multi-million dollar budgets in hybrid corporate finance & large-scale program management roles. He holds a degree in Finance from the University of Utah and an MBA from Duke University.

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