Real Estate Partnerships: Lessons That Cost Me Over $1 Million

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0:00 Hello and welcome to Multif Family
0:01 Strategy. Today we're going to be
0:02 talking about partnerships. Now, usually
0:04 I don't share all of my lessons from the
0:06 Thursday call from Multif Family
0:07 Strategy mentorship. However, today I'm
0:10 going to be sharing it for YouTube
0:11 because I have to refilm it. I forgot to
0:12 hit the record button. I figured, hey,
0:15 since I'm already just making a custom
0:16 video without any interactions, we might
0:18 as well get some of the content out
0:19 here. Every Thursday, we do a structured
0:21 lesson. Monday a Q&A, Tuesday's deal
0:24 deep dive. I'll talk to you guys about
0:25 partnerships though here on YouTube. And
0:27 I'll upload this to the course here
0:28 later today. So, partnerships, there are
0:31 two primary types of partnerships. Now,
0:32 if you are new to the channel, I have
0:34 bought hundreds of rental properties, a
0:37 little bit over 400 today in 27 total
0:40 partnerships. Almost all of them have
0:42 gone fantastically. A few of them have
0:44 gone terribly. Like debt, equity has
0:48 variables. We hate variables. I don't
0:50 want a ton of people in my universe.
0:52 However, if you want to expand beyond
0:54 your current self and your abilities,
0:56 you're going to have to bring on people.
0:57 The business that I have today, the
0:59 vision I have for my portfolio is bigger
1:01 than myself. Therefore, I need people.
1:04 How do we manage them? What types of
1:05 partnerships are there? We're going to
1:06 share that in today's episode. So, what
1:09 are we covering? Strategic partnerships,
1:11 capital partnerships, what are the
1:13 difference? How are we managing the
1:14 rules? I'm going to show you some
1:15 practical examples of actual
1:17 partnerships. And yes, I'm going to go
1:18 into details with my past partner, Cody
1:21 Davis, on what it looks like, which, by
1:22 the way, was an expensive but very
1:25 profitable partnership. I'm going to be
1:26 honest about all of it. Talk about Caleb
1:28 Palmer. I'm going to talk about a couple
1:30 specific deals and how the partnerships
1:32 went couple sideways. First of all,
1:34 let's talk strategic partners. These are
1:35 the main people who are in your
1:37 universe. They're in for the long haul.
1:38 Your goal is not to buy them out at a
1:40 later date. These are the people on your
1:43 ship. So, imagine an actual boat. These
1:45 are the crew members that you are
1:46 putting on your ship. They have specific
1:48 roles. You guys are in it together. you
1:51 are on the high seas braving the storms
1:53 and the good and the bad together.
1:57 There's also partnerships where people
1:59 will sail next to your ship towards a
2:00 target destination and eventually part
2:03 ways and go opposite directions. But I
2:05 love this analogy because when you are
2:06 in business and you are all in the same
2:08 boat until you have reached your
2:10 objective, you want to be going the same
2:11 direction. If you squabble while on the
2:13 water, you are dead in the water, which
2:15 is not where you want your partnership
2:16 to be. So, be very careful with who you
2:18 have on the boat. On the left here is a
2:20 broker that I have worked with on five
2:23 transactions. Four of them seller
2:25 financed and I own one of them with him.
2:28 He is a partner. He is a broker. He is a
2:30 dealfinder. He is a unbelievably hard
2:33 worker. And I've become very, very good
2:35 friends with him in my business. Every
2:37 time I fly to Washington, I go to him
2:38 and his wife's house. We're very, very,
2:40 very close with him as a friend, as a
2:43 business partner. He is a strategic
2:45 partner who has been a huge piece of my
2:48 business. To the right you see Todd
2:49 Robinson who is one of my primary
2:51 lawyers. This is the best syndication
2:54 lawyer I've ever met in my life. I work
2:56 with him on some of my largest deals and
2:58 he is an equity partner and helps me
3:00 structure some of the deals optimally.
3:02 He helps with so much to the portfolio.
3:05 A huge privilege to have him on the
3:07 team. But these are the people who are
3:09 long-term strategic partners. They need
3:11 to add unique value in places ideally
3:13 that you are the weakest. They're going
3:15 to come in and add their strengths. I am
3:18 not a detailed person. These two are
3:20 details people. Eric's knocking out the
3:22 brokerage paperwork. Todd's knocking out
3:24 all of the legal paperwork, figuring out
3:26 the structure, making sure my math is
3:28 good, getting a team like this. These
3:31 are the types of people you want on your
3:32 boat. This is the broker and the lawyer.
3:34 Of course, I have many more strategic
3:35 partners such as Cody Davis and Caleb
3:37 Pommel, uh Corey Whittenbar. All people
3:39 who fill individual roles very, very,
3:42 very well. Then you have capital
3:44 partners. Here's one of them right here.
3:46 You may have seen the podcast me and
3:48 him. Uh, but these are people who come
3:50 in not to add a strategic role, not to
3:52 be a long-term partner, but they are
3:54 people who have money who want to
3:56 participate in your deal. Now, in a
3:58 joint venture, I want to point out,
3:59 everyone needs to be active to some
4:01 level. So, you can't have a totally
4:03 passive joint venture. You can on a
4:05 syndicated structure have actual li uh
4:08 limited partners and you can have
4:09 general partners. So, you can come in as
4:11 an actual passive investor. Either way,
4:13 these are the people whose boats sailed
4:15 next to yours for a while. They are
4:17 going with you to the same destination,
4:19 but they're not necessarily on your
4:20 ship. They're not part of your crew.
4:22 They're someone who you are working
4:24 with. They bring money. You bring
4:26 expertise, your deal, their capital,
4:29 gifts to the end outcome. You need to
4:31 understand what type of partnership it
4:33 is. And if it's a capital partner, it
4:34 especially needs to have a defined
4:36 ending point. We are working together to
4:40 get to this destination. at that
4:42 destination. We can either choose a new
4:44 destination and go together or we can go
4:46 different directions towards our own
4:48 individual goals. They're designed to be
4:50 short-term. If you try to make every
4:53 partnership a major strategic
4:54 partnership, you will end up with too
4:56 many partners pulling in too many
4:57 directions. Everyone's trying to captain
4:59 the ship and you end up with a boat that
5:01 goes nowhere. Understand what you are
5:03 recruiting and why. If I am filling a
5:05 hole in my crew, I need a strategic
5:08 partner. I want to have more deal
5:10 finders. If I need more deal volume, if
5:12 I want a lawyer on my team, someone who
5:14 can help really counsel and have skin in
5:16 the game, I'm going to be looking for
5:17 the right lawyer. Hence, Todd Robinson.
5:20 If I'm looking for the right brokers, I
5:22 want to see people who can work like an
5:24 owner, who want equity and deals. If I
5:26 want that on my team, which I did, you
5:28 find the best broker you can possibly
5:30 find and you add them to the team. Build
5:33 your team with strategic partners. Be
5:35 very picky with them. With capital
5:36 partners, protect yourself. Give
5:38 yourself buyout options. to find end
5:40 points for each of these. So, let's talk
5:43 a few practical deals.
5:45 Cody Davis, I have bought 38 plex, a
5:48 12plex, a 10plex, another 10plex, three
5:50 duplexes, two triplexes, the Robin Hood
5:53 Village Resort, and a few other deals. A
5:56 mobile home park, RV park, a single
5:58 family house next to the Robin, I can go
6:00 on and on and on. I bought hundreds of
6:01 rentals with Cody Davis. We started all
6:04 of Multif Family Strategy and this
6:06 YouTube channel together. If you go back
6:07 in time on this YouTube channel, the
6:09 original videos are Cody and I sitting
6:11 in a basement talking about how one day
6:13 we're going to buy real estate together.
6:14 We documented from before we bought the
6:17 darn buildings together. This
6:19 partnership, the bulk of it lasted 2
6:21 years. I still own a few buildings with
6:23 Cody today.
6:25 This one was a very expensive
6:27 partnership and we learned a lot and it
6:29 was expensive for Cody and I. We've
6:31 shared this very publicly. No one's
6:33 throwing each other under the bus at
6:35 all. I want to highlight this was a
6:38 successful partnership. Picture here on
6:40 the left is Cody and I at the Robin Hood
6:43 Village Resort in what used to be the
6:44 old restaurant hosting an event. In the
6:47 course of my working with Cody, I made
6:48 the first $2.2 million. This is in cash
6:52 I was able to take out of the portfolio
6:54 personally. Now, we also have some other
6:56 business together. So, I actually did
6:57 make more than this in the partnership,
6:58 but just in real estate, 2.2 million in
7:01 profit. It did cost to buy him out of
7:04 one of my companies and to adjust our
7:07 pieces in my liquidity. It cost $1.15
7:09 million. Now, I had a bunch of other
7:11 assets in this. So, this is not just a
7:13 straight one for one. Don't look at this
7:14 as like, wow, he made two and lost one.
7:18 There was more benefit to partnering
7:20 with Cody, a lot more benefit than just
7:22 the million dollars of upside
7:24 represented here. But I do want to point
7:25 out, it was very expensive to break up
7:28 this partnership. We had no defined
7:30 ending. We came in with a goal for 100
7:32 units. We hit it. We adjusted some
7:34 pieces. What we found is as my wife left
7:36 her job and joined our company. Both
7:38 Ozgoods spent most the time on the
7:40 management company and Cody was spending
7:42 more time in acquisition. Acquisition
7:44 had been a skill that I had acquired. We
7:46 started out where Cody was the
7:47 acquisition king. Both of us had the
7:50 same skill. How do we adjust? Cody
7:53 wanted one of his original buildings
7:54 back that I had bought into. He had a
7:56 bad partnership. I got rid of that
7:58 partner.
7:59 I traded in the building. He traded me
8:01 the property management company. Now the
8:03 workload and the equities were back in
8:04 balance. We went on mission number two.
8:07 What we found with the resort which was
8:09 part of phase two. It was not a good fit
8:12 for the two of us. My business
8:14 background, my employee background, my
8:16 college background made me a better fit
8:18 to run a hospitality project.
8:20 Hospitality is not multif family. Multif
8:22 family is real estate. Resort is a
8:25 business that involves some real estate.
8:28 One is very clearly though a business
8:30 with employees and operations and
8:32 marketing and the other one is running a
8:34 rental portfolio. They are actually
8:36 different. For us to separate out and to
8:38 divide our pieces as he moved to
8:40 Tennessee, got engaged as we went
8:42 different directions. The actual
8:44 monetary cost for me was relatively
8:46 high. I ended up being the more liquid
8:48 of the two partners, which makes sense
8:51 cuz that's where I started. as I took my
8:53 liquidity and sold some pieces and moved
8:55 my pieces around and scaled my business
8:57 to end that partnership in an equitable
8:59 position for everyone. I do want to
9:01 point out that Cody and I are great
9:02 friends and ended in a grief place. It
9:05 involved really the first time I ever
9:07 had a liquid million dollars of cash. I
9:09 had to move the pieces around to get
9:10 Cody a million dollars to buy him out of
9:13 some of the buildings. That is a lot of
9:17 money, especially if you started with
9:19 next to no money in real estate in a
9:21 five-year period. The core of the
9:23 partnership lasted about two years. The
9:25 friendship hopefully will last a
9:26 lifetime. Profit $1 million. Good
9:29 partnership. Expensive partnership. The
9:32 lessons learned here cost me a million
9:34 dollars of liquidity. Well worth it
9:36 though. Cody's awesome. Caleb, there was
9:39 a picture here, I promise. But just
9:41 imagine a beautiful 76 that we just
9:43 purchased. uh that I apparently
9:45 accidentally deleted before making this
9:47 video. Phil and I have bought a 25plex,
9:50 a 26 plex, a 44plex, and a 76 plex.
9:53 We're under contract as of the filming
9:54 of this video for 144 unit and a 51
9:57 unit. I have bought a lot of real estate
9:59 with Caleb. Caleb I'm part with for two
10:01 years. Caleb needed a little bit of help
10:04 on one project that cost me personally
10:06 $30,000 that probably could have been
10:09 structured differently. It was it was a
10:11 cost of Caleb being newer to real
10:13 estate. Together, we have already made
10:16 $2.4 million together and growing very
10:20 rapidly. Caleb is phenomenal. This guy
10:23 is amazingly hardworking. In fact, uh
10:26 he's the only other person I've ever
10:27 worked with who is comfortable putting
10:28 in day in and day out 18our days. If
10:31 that's what we need done, we'll just cut
10:32 the sleep schedule down. We'll take the
10:34 uh meal time down to, you know, 30
10:37 minutes a day. just cram the calories in
10:39 and just grind. I don't do that often.
10:42 It's definitely not healthy. He's the
10:44 only one I know when we have to do it.
10:46 He can lock in and get it done. He is
10:49 incredible. I will put him on my team on
10:51 any project imaginable as long as
10:54 details are not required. Both of us are
10:56 very bad at detail work. We're more big
10:57 picture people. If it involves sales,
11:00 organizing a business plan, if it
11:02 involves making a thousand calls in one
11:03 day to get something done, he will get
11:05 it done. Absolutely incredible.
11:08 partnership. Look at that return. I
11:10 invested in that at the time.
11:11 19year-old, he's 22 today. 21. No, 22. I
11:15 got that right. He has never had a job,
11:18 never went to college. He just came in,
11:21 started buying real estate, and he lives
11:23 in the penthouse of one of the nicest
11:25 towers in downtown Dallas. Not the
11:28 lifestyle I would choose. I am not a big
11:29 uh city person, but he loves it. He has
11:33 a amazing fiance, soon to be wife. He
11:37 did the entire thing without any work
11:39 experience whatsoever. Return on
11:41 investment in heavily investing in that
11:43 young guy. Uh I personally made over $2
11:46 million on a total capital investment of
11:48 30K. Worth noting I've spent more time
11:51 invested into Caleb than anyone else in
11:53 my entire life. When he moved to Texas,
11:56 I flew to San Diego to drive with him to
11:59 Texas. I attended his baptism. I will be
12:02 at his wedding. Very time expensive.
12:04 highest return imaginable, 30k into $2.4
12:07 million and rapidly scaling. Great
12:10 partnership. That's as good as it gets.
12:12 Let's talk about the ugly. There's a
12:14 Seattle deal that I did with a partner.
12:16 Again, these slides, I put them together
12:18 relatively quickly. It's not $35,000
12:21 million. I edited a previous slide. It's
12:24 35.
12:26 Let me try again. 57K and 45K. Uh,
12:30 ignore the the million here. Seattle
12:32 deal. This was a great deal. Bought this
12:34 deal. blowdown. It was $50,000 down for
12:36 a $1.1 million transaction. We sold this
12:39 at a significant profit and we didn't
12:42 need to sell it except that the partner
12:44 went absolutely crazy. He actually got a
12:47 lawyer and asked me to pay him
12:49 personally pay him for every month the
12:52 part the property was vacant while there
12:54 was bed bugs in the unit. There's a unit
12:57 that had bed bugs and fleas. I came in,
13:00 renovated the unit myself, did the work,
13:04 saving the LLC a ton of money, and he
13:06 said, "Hey, for every month, because
13:07 you're the property manager, you owe me
13:10 money for all of our vacancy, never
13:12 contributed to the accounts, never
13:14 attended any of our meetings, did not do
13:17 anything he agreed to." And his logic
13:19 was because he didn't help, anything
13:23 that didn't make even more money was my
13:25 fault. Now, I tripled his money. And
13:27 then we got 45,000 legal bills fighting
13:30 over the money that I tripled from him
13:31 cuz he thinks that I should have 5xed
13:33 his money in 2 years. He did no work. He
13:36 violated our operating agreements. Worst
13:38 legal battle ever. Even worse, he is the
13:41 only person I ever invested with who was
13:43 a friend, a dear friend before we
13:46 started this project. This was not a
13:50 business partner. This was a friend who
13:51 I went into business with. So what I
13:53 learned here, I barely made any money on
13:56 this deal. I spent most of it in legal
13:57 fees defending the LLC and him from
14:01 derailing everything and costing
14:02 everyone money. Total waste of my time.
14:06 This deal should have made about
14:08 $700,000. Instead, it only made $350
14:10 after everything was all split out. I
14:12 barely made anything and I put in 100%
14:15 of the work. The lesson here, don't
14:18 partner with friends or family. There is
14:21 no lack of people who want to make money
14:22 in real estate. and my dear friend
14:24 Caleb, Cody, Eric, all those people that
14:28 I just listed here in all the previous
14:29 slides, they are great friends. I spend
14:32 a ton of time with them and we are
14:34 friends who started in business
14:35 together. Do not introduce a
14:39 relationship you're not willing to
14:40 change. Don't introduce it to money.
14:43 Money in your relationship will change
14:44 it sometimes for the better, sometimes
14:45 for the worse. But if you're not willing
14:47 to risk it, don't bring it in. I lost a
14:49 friendship and I still don't understand
14:51 why. I took a little bit of his money
14:53 and made it into a boatload of Andy
14:56 hated it for me and now we can't talk
14:58 legally. I have a restraining order
15:00 against him and I cannot get anywhere
15:02 near me and my family. Crazy. Even the
15:05 judge in our arbitration said he's crazy
15:09 and he's also willing to just burn money
15:12 to make sure that he causes as much
15:13 damage as possible. Crazy things. Crazy
15:16 things.
15:17 afraid of Washington.
15:20 I did a deal here, multiple deals,
15:21 seller financed. I partnered with
15:23 someone who I really liked. This was a
15:25 lender. This I did correctly. This was
15:27 someone who was looking for some tax
15:28 benefits. They wanted to do a project.
15:29 They had some money. They had real
15:31 estate experience. And we had 2 years of
15:34 awesome partnership, multiple buildings
15:36 purchased. There's a couple there. These
15:38 are them before we did the renovation.
15:40 Uh 12plex, 5plex. Uh I eventually bought
15:42 a 9plex in this policy. Profit was
15:44 hundreds of thousands of dollars.
15:46 partway in
15:48 his spouse, this is years, his spouse,
15:51 who I really didn't know very well,
15:54 started showing up to the meetings. Now,
15:56 they had given me explicit instructions.
15:58 Hey, my wife is not involved in this.
16:00 She doesn't really understand a lot of
16:01 this. Please do not send her invites to
16:04 the company meetings, which isn't that
16:07 weird as I don't know his wife. He's the
16:08 one in real estate. I'm like, "Okay,
16:10 this is comfortable. I, you know,
16:11 someone who I know and we've worked
16:12 together for years. We had the meetings
16:14 and we ran the LLC and it made money and
16:16 it was all cash flowing.
16:18 They bought out my other partner who
16:20 happened to be Cody Davis. Once they got
16:23 66% ownership, so they got majority
16:24 ownership, his wife suddenly had a
16:27 million questions about how the LLC's
16:29 were run and why we weren't putting in
16:31 stone countertops and making these
16:33 places like HD TV. In fact, her logic
16:37 was, "Well, my father used to renovate
16:39 houses, so I'm a pro at this." For
16:41 context, my father used to be a
16:42 professional diver. I can't scuba dive.
16:44 Uh, your parents renovating a house has
16:47 nothing to do with your ability to
16:49 renovate and operate a multif family
16:52 building. That is just a fact.
16:54 Well, when they got majority interest,
16:57 they voted me out of the LLC uh as
16:59 managing member and started comingling
17:01 our accounts and started approving
17:03 contracts for work that should not be
17:05 done on buildings with no return. and
17:08 they move tenants from our grossest
17:11 units into our newly renovated units
17:13 where the tenants proceeded to destroy
17:15 the unit as they had the previous unit.
17:19 They unraveled 2 years of work and tons
17:22 of cash flow in a grand total of 3
17:24 weeks, breaking, as I counted four,
17:27 possibly more laws, completely
17:29 jeopardized the LLC, and causing me to
17:32 once again have to hire a lawyer, which
17:34 is my least favorite thing in the world
17:35 to do. How did we salvage this? I told
17:40 them, hey, uh, I'm going to go ahead, as
17:42 is my right. I'm going to force us to
17:44 sell this thing at a loss to end this
17:47 partnership because you can't force me
17:48 to be a partner with you. I cited where
17:49 they had broken laws, but at the end of
17:52 the day, my main thing was I'm not in
17:54 this partnership. You cannot force me to
17:56 contribute capital are not in DOA.
18:00 Uh but yeah, they secretly held a
18:01 meeting as majority stakeholders and
18:04 voted me out of my own LLC management,
18:07 locked me out of accounts. It's the
18:09 worst thing that could happen. How we
18:11 solved it is I said, "Look, you guys are
18:13 looking at total loss of capital and
18:15 we're going to go ahead and uh lose the
18:16 building if you guys keep doing this." I
18:19 did find two people who were willing to
18:20 buy them out. Those two partners came in
18:23 and not only bought them out, put in
18:25 extra money into the account to finish
18:27 the renovations the right way and buy a
18:30 third seller finance building. Today,
18:33 even with the third seller finance
18:34 building not completely finished, it
18:37 cash flows beautifully. It is one of the
18:38 best dollar-dollar transactions we ever
18:40 did. And I cherrypicked my partners and
18:42 got to know their wives to where
18:44 everyone involved understands the deal,
18:47 is on board with the deal, the deal is
18:48 fully capitalized, and it is moving
18:50 forward at the right pace. We also put a
18:52 clause. The other two partners can still
18:54 get rid of me if I suck at managing, but
18:56 as managing member, no one can buy the
18:58 other person's share and vote me out. It
19:01 has to be a unanimous vote. They have to
19:03 cite certain reasons. There's more of a
19:05 process to remove the managing member. I
19:07 am not a tyrant. I don't want to take
19:09 over the whole portfolio. And if I do a
19:11 bad job, they should be able to get rid
19:13 of me. But we made it so that we cannot
19:16 have a repeatable last thing. I have the
19:17 most experience. I have done projects
19:20 like this. I have the contractor
19:21 contacts up there. My wife and I have
19:24 the ability to make us money and have
19:26 the ability in our operating agreement
19:28 to make sure that none of the other
19:30 partners get in the way of everyone else
19:32 making money, which is what happened on
19:33 the first iteration. New partnership is
19:35 a 10 out of 10 uh profit, total profits
19:38 to be determined as we're still
19:39 renovating one of the buildings
19:40 completely. Total gut job. It's awesome.
19:42 I'm so excited about the project. But it
19:45 will be hundreds and hundreds and
19:46 hundreds of thousands of dollars of
19:47 return. probably about a three to 400x
19:50 return on the money invested. That's
19:52 what I have for you on partnerships.
19:53 Those are actual stories. I do want to
19:54 point out for me personally, I've had a
19:57 ton of partnerships. I mean, I've had a
20:00 ton of partnerships. Almost 30
20:02 partnerships. They almost all have gone
20:05 fantastically. And to date, none of them
20:07 have ever lost money, which is epic.
20:10 There's a certain point in investing
20:11 usually where something goes wrong
20:13 enough where you lose money eventually
20:15 on some investment. Of the last 27
20:18 deals, none of them have lost money.
20:20 Partnerships, even though some of them
20:21 have been close, like the derailed
20:24 Seattle one, uh, they have all ended
20:26 profitably. Partnerships can be awesome.
20:28 Partnerships allowed me to the
20:30 successful ones have allowed me to buy
20:32 hundreds and hundreds, over 400 units.
20:34 By the end of this year, it should be a
20:36 little bit over 600 rental units in a
20:39 relatively short period of time. I have
20:41 made liquid millions of dollars. It
20:43 allowed me to move from Seattle to Texas
20:45 in a big beautiful house, raise my
20:47 family where I want to. There's been a
20:48 lot of things that have been allowed
20:50 specifically because I allowed partners
20:52 into the universe. The core lesson that
20:54 I want to impart to you here,
20:56 partnerships are variables. People are
20:59 variables. There's a hundred other
21:02 stories I could share with you on the
21:03 good and the bad of partnerships, but
21:05 you need to understand the goals of the
21:07 partnership and realize that
21:08 partnerships are not a marriage. You
21:09 should have a defined goal, a specific
21:11 target, and when you hit that target,
21:13 re-evaluate. And before you hit that
21:14 target, don't retrade and don't
21:17 squabble. Just get to the darn goal.
21:19 Everyone pull as hard as they can.
21:21 There's no such thing as a equally
21:23 perfectly balanced partnership anywhere
21:25 in your life. Just be a good partner. Do
21:28 a good job of running everything you
21:30 can. Control you can control. Influence
21:32 what you can influence. really spend the
21:34 time getting to know the people that you
21:35 partner with because if you can partner
21:38 with the right people, you will move
21:39 forward a thousand times faster.
21:42 I hope my over a million dollars of uh
21:46 of paid experience here has uh shared
21:49 some insights that will positively
21:51 affect your business. Either a
21:53 partnership you don't get into or a
21:54 partner that you find who fills the gaps
21:56 in your business in a way that you
21:58 didn't imagine was possible. As always,
22:00 like and subscribe to the channel. I
22:01 appreciate you. I can share so much more
22:03 if you actually like and share the darn
22:05 video. So, do me a favor. Take this
22:07 video, share it with one friend who you
22:10 want to partner with or who is looking
22:11 to partner and expand their portfolio. I
22:13 appreciate you. I'll see you on the next
22:15 episode.