When I look at markets where, while I could have bought a house for 40 grand, and now it’s 400, why didn’t buy that house is because at the time I had no real idea whether it was gonna go to 80 or to 20. It just is. Paul Morris:                        Yes. I was able to do it anyway but that’s through massive force, more than anything else. Talk about how you got started. The new rules being, “Forget value. Just that noticing is such an important piece. Thank you for the awesome emails I get. They will talk about setbacks, maybe but if they talk about setbacks, it’s about what they did to deal with the setback, and how they moved through it. But you took all the pressure off. I am the Creator. Paul Morris:                        Yes. Rod Khleif:   If you got it… If you don’t love it don’t do it. That’s what I felt like, “Okay, well this is what’s missing.” Ep #259 – Chris Voss – Author of Never Split The Difference – Former FBI Hostage Negotiator. The fun thing about it is, it’s always true. Paul Morris:                        Yeah. Love it.   That’s the second rule. We read each and every one of them, please feel free to leave your email so that we can personally reach out and say thanks! In order to add value, I looked around, and I really saw that sales’ a very interesting thing. It just gets my blood going to think along those… Rod Khleif:   I feel exactly the same way, and you’re talking about cash flow, I wrote a book as well, its subtitle is the New Rules of Real Estate Investing. Rod Khleif:   Cool. So I know that Keller Williams is an awesome real estate franchise. It’s just the awareness. Rod Khleif:   Just relaxed, you got your cup of coffee; you’re checking out the property, you’re finding a phenomenal deal. We are now over a million and a half downloads for this podcast. Paul Morris. Rod Khleif:   Yeah.Yeah. Rod Khleif:   Or not turn. You hang out with a really successful person, just listen. Rod Khleif:   You guys, you really need to pay attention to yourself talk. I guess we touched on it. Like two brothers teasing each other about stuff, to the degree like so… The harder you can do it to the next guy; it’s almost like an intelligence. As an active and consistent investor, he has grown his real estate investment portfolio to more than 700 rental units and 150,000 square feet of retail commercial space. If it’s my top five, does that mean I have to kick off one or two, and what does that look like? Tom Wheelwright CPA, author of Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) discusses the greatest financial benefits to multifamily real estate investing. But if you’ve got affordable housing and you’ve got a decent debt service coverage ratio, you’re gonna be just fine. So if you got 20-30% inside that building, the market tanks the day after you buy it, you could still afford to harvest that out and you’re fine. Paul Morris:                        Sure. You talk about holding on to toxic relationships. If I did all that, and then sold it and took the money, now I’m back to zero again. Rod Khleif:   To invest in income producing assets, whatever they are. Paul Morris:                        Sure. I went to law school. That’s why my listeners like the podcast ‘cause we get great guests like you that can talk about how they actually did it. Rod Khleif:   I remember when I first got my real estate… I got my real estate license when I was 18, by the way. Paul Morris:                        Another discipline is cash flow. And he brings experts in all aspects of real estate investment and management on to the show. You got me excited when you’re describing what you’re doing. Paul Morris:                        For me, comfortable job is a little bit of a misnomer anyway because I’m not comfortable where I have to go in and somebody says, “Here’s what you got to do.” Then I got to get a performance review. Paul Morris:                        Yes. Rod Khleif:   Value doesn’t matter really. Connect with me on Facebook at Rod Khleif. Love that. And I know that people who are mean, and tough are mean and tough with themselves. That may be your model but I don’t take calls from tenants. Love it. I wanna hear your take on toxic relationships. The only way to start mitigating is to be aware. Paul Morris:                        Maybe once you get 70%… Now, you just look at the block and you say, “Okay, well one out of every five is getting totally tricked out.” Now is the time to buy. I know you’re gonna get a ton of value from the fascinating gentlemen that were interviewing today. Awesome. You’re gonna know the crime statistics. You can call that, “Hey, well he’s just a nice guy.”… I’m not giving away my charitable side at all. Well thank you for that. This field is for validation purposes and should be left unchanged. Alright your next one is avoiding risk… I just think you…   Paul Morris:                        And we’ll get you some more traffic, for sure. No, you don’t. The amount of time you have to have coffee with random people, it just seems too great.” But if I wanted to pick your brain on it, and it was in your area, I’d say, “Hey Rod, I’m gonna be in your hometown, here. Rod Khleif:   What that means to Rod is I have people that handle the management for me but they’re on my staff. Douglas Bibby, President of the National Multifamily Housing Council tells us the multi-family industry needs 300,000-400,000 units delivered to the US market each year to meet demand. I haven’t taken a call from a tenant since I was 18, almost 40 years. Paul Morris:                        That was interesting. Paul Morris:                        It’s like this whole disaster.   My goal is to help you crush it in your lives and in this exciting business and build your own lifetime cash flow. It really is. “There’s a view that the product has proven itself in the marketplace, and there’s so many additional product features and business lines that they want to get into.”. Rod Khleif:   It’s a little painful for me because I have lost money.   Rod Khleif:   [chuckles] That’s very kind of you. Rod Khleif:   Love it. Paul Morris:                        Yeah. I transition a lot of my thinking actually… I was doing a lot of yoga. Juniper Square, a startup maker of software for commercial real estate investing, raised $75 million in a series C funding round led by venture capital firm Redpoint Management LLC. Rod Khleif:   I wanna hammer that point home as well, ‘cause guys, if you just noticed like he just described, awareness is the first step. They’ve been friends for so long, and I’m the youngest of five. We know that, and that doesn’t, in my mind, give you an excuse to hurt people. Have a confidential tip for our reporters? Rod Khleif:   The whole barometer is cash flow. Right. Paul Morris:                        And looked at me and says, “Oh, you’re serious. So let’s talk about that. Rod Khleif:   Yeah. Rod Khleif:   Awesome. Rod Khleif:   Okay. The first two are your backyard. I’m just saying do you think it’s useful?” And then he’s like, “Huh.” Then they went on a long car ride or hike or whatever. Paul Morris:                        What embodies that is, the script that I use, if there’s somebody I really wanna… I say, “Rod, I really looked at your podcast. But I’ve gotten so much pleasure out of these conversations and the gratitude I get from those of you when you take action that I finally decided to go ahead and do it. Rod Khleif:   I couldn’t agree more. It actually helps, it really does. Cardone’s average ROI has exceeded 200% on 22, Chris Voss – Author of Never Split The Difference – Former FBI Hostage Negotiator. As an active and consistent investor, he has grown his real estate investment portfolio to more than 700 rental units and 150,000 square feet of retail commercial space.   “We do believe in the future you’ll be able to do that.”. Yeah. Paul Morris:                        Even in your own backyard.   I was just saying, one of the things I do on the multi-family side is, on any particular deal, I’ll spend the bulk of the time in the acquisition, and then, what I call, sort of the repositioning. I could explain it in so many different ways. I just wanna hammer that home. Are you okay?” And I’m like, “Of course, I’m okay. If the goal is still there, you’re still motivated. Rod Khleif:   Can I stop you there for one second ‘cause I really wanna hammer that home. When I was working in a law firm, you could pay me $7,000 an hour. Then I found myself in a major… Sort of the gold standard, major New York law firm where I was an associate, and it’s paper pushing. Now lastly, I just have a favor, if you’re getting value from this podcast I’d be very grateful if you, literally, took two minutes; that’s all it takes. Yeah. After I’m done with that, I put it on the shelf. I’m like, “How do I get the Rolex back.” I’ve got it across my office here, I’ve got a full-time property managers, been with me a long time, had a management company forever. But they’re not coming at you from a negative place, they’re bringing their own bag of fears and that’s what’s driving it and their love of you. Paul Morris:            Even if it’s not the, “Oh well, somebody will hear this, and I’ll come up with some great deal, or the unintended consequences which are always good. Maybe. Thank you. Rod Khleif:   Okay. Rod Khleif:   Welcome to another edition of How to Build Lifetime CashFlow Through Real Estate Investing. That means, well I look at that and I go, “Well I’m a beginner, that’s easy to do.” But if you’ve been doing it for 20 years everyday and you’re an expert, come to the class with a beginner’s mind, and what that allows this further growth. Now lots of people make lots of money buying in other places other than where they know.   Rod Khleif:   Wow. Rod Khleif:   Awesome. I mean they really, means the world to me. But the point of the matter is, he pulled me up. Paul Morris:                        Yes. Reviews on iTunes are extremely helpful and  appreciated! Welcome. How to manage your close friends that are not at a higher level. I’m just blown away that we’ve literally been number one in the real estate section, the business section, in the education sections of iTunes for almost a year.