Preview Mode Links will not work in preview mode

Achieve Wealth Through Value Add Real Estate Investing Podcast

May 26, 2020

James: Hey audience and listeners this is James Kandasamy from Achieve Wealth Through Value-Add Real Estate Investing Podcast. Today, I have an awesome guest, his name is Ronnie Philip. Ronny is from Dallas he's part of Kingly Acquisitions, owns almost 572 right now assets under management and focusing a lot in Atlanta and Texas, right? Texas market in San Antonio, say hey, Ronnie, welcome to the show.

Ronny: James, it's an honor to be on your podcast. So, thanks so much for having me.

James: Thanks for coming in. I always like to bring people who are able to add value to the audience, and, you know, I know you personally and I think we've met like 3 or 4 years ago or so, maybe 2 years ago, I can't remember. But, you know, we know pretty-- for the past few years and, you know, just impressed with all the mindset and the progress that you have made, you know, being in, you know, mid 20's, right? So, and you're doing big things, so, why not you tell our audience about yourself? Whatever I missed out there and you know something about yourself, before we get into the more detailed topics.

Ronny: Okay, great. So, I guess you can start out from the very beginning of my real estate career. I start in 2015, I dropped out of college, I was supposed to go to pharmacy school, I was like, three classes away from applying, but after working in a major retail pharmacy, I realized that wasn't the end game. So, I dropped out of college end of 2013, got my real estate license, and became a real estate agent. And then from there, I started helping people buy and sell homes and, you know, and that was fun. And then I realized--

James: Hey, hold on. You have to get started again, I lost you just now. Yeah. 1- 2- 3.

Ronny: So, yeah, to give you a little bit of background about myself. I started off in real estate in 2015. So, I dropped out of college when I was 21 years old, end of 2015. My background is medical, actually. So, I've done a lot of things in the medical field from home health to work at hospitals and then pharmacy, and I was applying for pharmacy school end of 2015. And then, I realized the job market back then was really tough. So, people weren't able to get jobs full-time in the pharmacy. so, by the time I would graduate, which would have been this year, 2020, I just didn't feel like that outlook would have been great. And I was right; a lot of my friends who are in a pharmacy, unfortunately, aren't able to obtain jobs. So, I think one gift God's given me is foresight. So, I was able to see that.

So, that's when I got into residential real estate as an agent. So, I started off as an agent, helping people buy and sell homes, and then went into flipping houses, you know, with investors, and just kind of went from there. So, helped my dad with flipping houses so, pretty much from finding the deal to, you know, rehab everything from start to finish. And that was pretty good, and then I realized those two businesses weren't scalable. So, end of 2016, I realized I need to find a different way to create wealth because you can build up a residential real estate team as an agent for like a major brokerage and then sell it for a good equity multiple, I realized that because a few of my friends did that. And I wanted to build something I can build up and sell, right? And something that's backed by real true hard assets, and I saw in the single-family space, that wasn't scalable as well. So, I decided, June 2017, I formed Kingly Acquisitions, and I was like, "Okay, I'm going to end it 2017, I'm going to finish out my residential stuff and then only focus on multifamily." and, you know, moving forward.

And that's when I met you, I met you at a conference, you know, and we became friends and, you know, the whole story from there, you know. I remember literally a month after a conference, you posted in a Facebook group, "Hey, there's an opportunity to learn or by due diligence." and stuff, right? So, I drove down to San Antonio and then helped you on one of your acquisitions from lease auditing to unit walks and I learned quite a lot and it's crazy. Like, I think probably less than a year and a half later, I closed on my first deal-- first deal in Texas, that'll be my third deal, 208 units in San Antonio. So, I think the power of visualization is real. So, that's kind of my background.

James: Absolutely. You have gone a lot. So, I want to go back to the beginning. So, you know, to make sure that I don't miss out some of the details that you have given. Is this your first podcast?

Ronny: Multifamily, I think so. I don't think I've done any other interviews. I've interviewed a lot of people--


James: Now you're being interviewed by me. 

Ronny: Yeah.

James: So, Ronny used to have a, and maybe he still has it, is a TV show, right? I can't remember what's the name of it. 

Ronny: Yeah. I have 2. 

James: Yeah.

Ronny: Yeah, the Ronny Philip Show and then the Commercial Cash Flow Show. 

James: Yeah, he does a really good job interviewing people but now he's getting interviewed so, it's my turn right now. So, I think one thing that I want to make sure that the audience and listeners understand when Ronny says that I posted in the Facebook group, I basically posted for help or due diligence for one of our property in San Antonio and that group was like 20,000 people, right? And, well, while that group, 20,000 people, it's actually a multifamily Facebook group where all the 20,000 people want to invest in multifamily, everybody want to do it, but there's only one person who said, "Okay, I'm going to come down tomorrow." Not because he's in San Antonio, he's in Dallas, and I'm sure there's thousands of people out of that 20,000 from Dallas and California, even from San Antonio. But, you know, the burning desire to really learn, you know, it's only being shown by the people who are really serious. And as I said, there's 20,000 people in that group, everybody want to be multifamily investor but when someone tell them that, "Hey, there's a free training here, come down now, I'm going to give you guys a free training." That's what exactly I mentioned in my post. I said, "I need help with some due diligence, you guys come, you can learn, this is real hands on." But I started seeing everybody giving reason, "Oh, I got something tomorrow, I got something today and I wish I'm in San Antonio." Well, I mean, to be really successful in life you have to take action, right? And you have to make the move and that's why Ronny, you know, now you know he's owning like almost 573 units because he took the action, right? 

So, if any of you listening who thinks that you want to be a multifamily investor, who'd love to be able to, really ask yourself whether you really want to be. Because people who really want to be, would take action and would, you know, take the first step, right? Especially when I was giving a free training, it's an on-site training, no gurus out there teach on site due diligence, right? Everybody take them to a bus, a bus to go and show you the outside, "This is what we buy." They show you the number on Excel, they do two-day conference and they sell all kinds of courses. But I was saying, "Hey, come and I'll show you the real stuff."And people didn't want to do it. So, I'm just saying that, you know, when someone say they really want to do something, most of the time, they really do not want to do it. I mean, they just don't have the burning desire.

But people who have burning desire, I mean, the people that you have seen out there who has been very successful, they have taken the action, they really have a burning desire. So, that doesn't mean you can't change your, you know, your wants to a burning desire, you can, just make sure you go deep into yourself and ask whether you really want to do it. So, I just want to give a credit to you because I remember very clearly when I posted my request in that group that had like almost 20, 000 now, I think that group is like 31,000 people. Out of 20,000, maybe 5 people responded giving reasons and one person said, "I'm coming tomorrow."And it was you, right? And I'm sure you really learned a lot on that day, right? When you come, right?

Ronny: Oh, it was absolutely a great learning experience, and that helped me, not only in the tangible skill sets of, you know, the property walk, what to look for exteriors, you know, interior walks, lease auditing, all those different things helped me get to really understanding when I go and do my own deal, what to look for. And it's just crazy, like, you know, a little over a year later, I closed on my own property in San Antonio, which is, it just blows my mind, I own in San Antonio now, you know?

James: Yeah, absolutely. I mean, yeah, you have to take action, right? I mean, you know, once you take action, you should be able to get somewhere rather than just talking. So, there's no point of doing that. So, coming back to your-- you had a good foresight that if we graduate this year, 2020, it's going to be a bad year for any jobs right now, because we have like almost, what? 30 million people right now unemployed. I think we have 30 million people but, it's a lot of people unemployed and it's just not the best market for any jobs right now. And what is the biggest issue that you saw in single families, and you said not scalable, not able to sell, is that is that the biggest one? And how many single families did you work on before saying that multifamily is the way to go? And how did you get that moment that multifamily is the way?

Ronny: Yeah. So, I guess on both sides, coming from the agent side, and on the investment side, not sure the number of transactions, well over 20, I would say. I think, just realizing on the agent side, when you build up a real estate sales team, and you become an agent, and you're having like 30, 40 people working for you, and the revenues like, on a 1.5 million, right? As far as commission, you can't really sell that. You can't sell that team for any money. Like, I know, one friend, he was the top agent in a major market, right? Some multiple case studies, you know, Phoenix, North Carolina, and then Alaska, and they sold their businesses between 80 to 120,000, something that they built for six years. Yeah, and I was shocked. And then maybe that, you know, 2-year referral fee and stuff. And then when I realized, I went all in, I joined a Mastermind, dropped like 12-grand on a Mastermind. I was like, 22, it's not like I had just a ton of money lying around, but I invested myself to accelerate growth. And I've always done that in expansion mode, especially in our 20's. Like, it's really important to be in expansion mode.

So, I realized on that side that, that's not scalable. And then when I started flipping, you know, doing, you know, few projects a year, I'd say probably 3 or 4, but those 3 or 4 projects like, was doing everything, right? Managing the general contractor, you know, sometimes doing sub-contracting, trying to get the project together, sourcing materials, finding deals, being on wholesalers list, I literally used to get 100 emails a day, and I got sick of it. I got sick of it. And I realized like, could I have scaled up business? Yeah, but did I want to know? No. Right? Because I think it was after going to that conference and meeting you, I came to the realization that, "Hey, this is actually something that's scalable, if you can work hard." And it takes the same amount of effort to do a big deal, as it is to do a small deal. 

So, that's from a book called What it Takes: Pursuit to Excellence by Stephen Schwarzman, he's the co-founder of Blackstone. So, I realized it wasn't scalable when it came to that. So, I just thought, like, whenever you build a business, like can you build it up to sell it? And if you can't, why are you in the business? You know, it's like, let's just say something happens to me and, or whatever, right? Would I be able to pass this down to my family? On the single family sited and on the residential agent side, it's really hard to. So, that's why.

James: So, I mean you are 26 years old, right? I mean, you, probably when you started you were 24 year old, I mean, you are looking at-- I mean, so yeah, okay, so you said, "Forget about single family, I want to look at multifamily." Did you have your age as a limitation? Say, "I'm a young guy, you know, all these guys are-- How am I going to buy this multi-million dollar deals?" Did you have that on yourself and how did you overcome that?

Ronny: I never really looked at my age as a disadvantage, to be honest. I feel like I have an advantage because like, ask anyone, right? If you could change-- if you could go back to 26 like, how much money would you pay to go back to 26?

James: I would pay a lot. 

Ronny: Exactly, right? But that's nothing no one can do, right? They can't go back in time, right? So, I think as far as age goes, that-- well, I felt like that was an advantage.

James: Got it. Yeah, it's a very impressive. I mean, I'm sure a lot of listeners out there who are listening to you, a lot of them are agents as well, some selling single family and I never understand why a lot of agents like to do transactions. I mean, same thing with brokers and multifamily, but a lot of them just like to do transaction. I mean, not say I don't understand, I can understand some people like to do transaction, they want to take less risks, because once you come to the investment side of it, you're taking a huge risk. So, your mindset, your characters, your tolerance to risk is different, right? So, I can understand why is that, but I mean, with the knowledge that any agents have, they can make a lot more money coming into the investment world, right? Is there any advice that you want to give to any real estate agent on why they should move on to the investment world and not just to do, buy as an agent or to sell as agent? Even though that seems to be very lucrative. 

Ronny: Yeah, I think you know, it all depends on your preference, right? So, I think being an agent definitely has its advantages, but one thing I learned is like if you stop being an agent, then what happens? You know what I mean? Like, where's the money you're making going, right? Are you-- if you're investing in properties whether single family or investing passively in apartments or, you know, being a general partner on a large apartment complex, like what we're doing, you just have to really see what it is.

So, advice for agents, just say, I'm going to give advice to someone around my age, getting-- let's just say they just got out of college, right? And they want to do what I'm doing, the path I would recommend them taking, is let's just say, they, you know, they're 22 right now, and they just got a finance degree, right? What I would do is, I'd go work at a large brokerage, right? Marcus and Millichap, CBRE, Cushman, JLL, any of these ones, right? Be an analyst, learn that side, then get into investment sales, right? And why? What is the skill sets in multifamily, right? Net worth, liquidity, track record, raising equity, sourcing deals, asset management, property management, the list goes on, right?

So, I think it's building skill sets one by one by one, because whenever you're young, most likely, unless you sold a tech company, you'd have a big balance sheet with liquidity, right? Well, you have other aspects in that, you know, list of skill sets as a general partner on what to do, right? So, I'd start off as an analyst, then go into investment sales, and why is that? You build the skill of underwriting, right? And keep in mind, a broker's underwriting and principal's underwriting are almost always different, right? So, do that, then getting into the brokerage side and you start building relationships with owners and you want to become known, right? So, become known in the commercial real estate space. You can be the broker, right? 

Everyone, there's a lot of younger guys in the field that I really admire, just because their work ethic, right? So, they become owners and then what I'd do to transition to the GP side is, I'll start investing passively into sponsors I want to partner with, right? For example, James, say I'm a broker, right? I'd started passively investing in your deals, right? Whether it's, I'm selling you a deal or whether it's another one, right? And I would invest in markets I want to know about, San Antonio, Atlanta, Dallas, Houston, Phoenix, you just name it, right? Whatever market you want to be in. And I feel like that is a good transition to becoming a principal. Another alternative would be trying to go work for a sponsor, like James or like myself, or like any of these groups out there. One thing I've learned is not-- right? Whenever it comes to that aspect so, that would kind of be my advice on people wanting to get into the business. Understanding, being a being a broker, it can be lucrative, being a general partner can be lucrative and being a passive investor can be lucrative. Study all three and decide which one you want to do, but there's a certain path that comes to all of them.

James: Yeah, I mean, right now, even I have multifamily brokers and sponsors as well investing passively with me as well, right? So, they asked for reasons why they invest, but it's a good way to learn how other people operate, right? Sometimes you think you know everything, right? But you're absolutely right. I mean, you can go and work as an analyst and you can go into the investment sales and learn how the business is done, or get to know how the true business, right? I mean, sometimes our circle of friends or circle of influence is so small, we think this is how it's being done but, I can tell you this, like three, four levels above any level, right? That you need to be able to explore and able to grasp what are the complexity, right? And you can really learn a lot from that levels, right? So, I mean, you have done a lot of investor relationship building and you've looked at a lot of deals and you know, bought some of it, and at the same time, what do you look for in a deal when you look for a deal?
Ronny: As far as a deal wise, so I'll give you our markets, Texas and Georgia primarily. I like Tennessee and Florida as well, but I think primary focus is definitely Texas and Georgia. Primarily, we focus on B and C class value, add. So, true value adds where there is actually room for growth as far as rents go, as far as management goes, I have one common denominator on all the deals I'm in as there has been management deficiencies, right. So, there's always ways to improve that, and the guys I partnered with have brought property management in house. So, that definitely helps a lot, as far as you know, making things run more efficiently. So, the markets I'm currently in are, Atlanta, Georgia, specifically submarkets Stone Mountain, and then it's like, East Point area, but Atlanta proper, just four miles west of the airport, and then San Antonio on the northeast side. So, we're looking for pretty much every value add, right so I think it has to have diverse employers, job growth definitely has to be there. So, those are some of the things I look for.
James: Got it. And I also understand that you are able to build a lot of connection with investors, right, to raise money from them and invest in this kind of deals. And I think you have tried out many different methods in connecting with investors who are looking for this kind of opportunities, right. So, can you talk about some of the methods that you think, very efficient or most successful? And what do the investors look for when they want to invest, like 50 hundred thousand or 200,000 with you?
Ronny: Yeah, I think, really, first and foremost is caring about investors as people is really important. That's definitely important, as you're raising money this is a mindset is actually instilled in me. 

James: Okay.

Ronny: I didn't know any better, right? So, they were just like, Ronny raising money is the easy part. Right? So, I just said, okay, raising money is easy and that's what I'm known for, that's one of my strongest skill sets. In a general partnership is raising the equity, right. First, you got to really make sure you understand what your investor wants, right. So, I think it's having like a really thorough process. Let's just say, hey James, I need you at a conference, for example, right. What I'll do is I'll get you a card, I'll follow up with you, you know, then within the next day or the next week or so, right. And then set up a time for a call, schedule a call, and then I just start asking him specific questions. Hey, what's your dummy Lobo by yourself, what's your background? Did you invest in single family? Have you invested in multifamily before every cash flow investor? Is that really important to you? Or are you a value-add investor or are you a hybrid? And our minimum is usually between 50 to 100. And, we do probably a deal a quarter, want to see what markets you invest in, what your capacity is, right.

As far as it goes, we had different types, right. And then, understanding if they're a sophisticated understanding, if they're an accredited investor or not, and then I label it in my database and go from there. And then I'd be sure and stay in touch with them and just kind of go from there, but it's building a true relationship. When it comes to investors like a one thing I always like to say, is my friends become my investors and my investors become my friends. So, it's all about building the right relationships with people and understanding what their goals are. Like, for example, let's just say my dad, he's in his 50s, and he's retired, right. And his primary thing is cashflow, right. So, that's a different type of investor, if I have a deep value add deal, right. You want the cash flow, right.  Well, let's just say, a younger guy like myself, I like value add deals, I don't really need that much cash flow, because I can take more risk right now, right. So, you have to understand what type of investor you have, and then label accordingly in your database and stay in touch with them. They're not just investors they're people. So, that's what understanding what their long-term goals are, and how can they grow together, like how can you help them grow in their investment experience? How can you make it the best experience possible? What are some things we can do?

Like when I do videos, updates, I keep in touch with my investors. Every time we do a monthly update, say, hey, did you have any questions? Right. So, I think it's really caring about the investors as people is the most important thing. And really getting detail when you're having an investor call, to really understand the school into detail, ask the hard questions. And that you can, for example, let's just say you're doing a 506-c offering and can only do a credit investor on my CRM, I can just click a credit investor, and it pulls up the list of people. And I take detailed notes of every call, right. A lot of people I've seen who have struggles in raising equity, don't take the time to really understand who their investor is, and then also understand, hey, which markets do they invest in? Some of my investors, Texas only, right. Some are like, hey, as long as it's the same type of criteria and then you have to understand, ask them what their expectations are. Cash returns, IRR, equity multiple, hold time, right. Ask them that first and then say, hey, this is what our acquisition criteria is, and then see if it matches.
James: Yeah, it's very interesting. Listen, let me break it down a bit more, because I think it's very important for people who are looking at raising money from others to understand and also for passive investor, when you want to look for sponsors who are really asking all this question, because it shows that they care about you. I mean, so what you're saying is ask them about themselves at the same time, ask about the investment goals, whether it's cash flow, whether it's equity multiple or they're trying to multiply their equity for value investors, I get to just keep on going into details of what is the understanding, I think that people know that you really care about them. You're trying to just understand, what's their objective in investing with you or investing within real estate, that's a very valuable method that you have just let us know.
Ronny: So, I mean, I just think it's really important for people do that upfront. Because as you get, let's just say go to conference, you get 20 business cards, right? You can just keep those stacked for a while there's like a certain amount of time, or it just becomes awkward to follow up after like two or three months or whatever, right. So, I think following up immediately after we have talked to them is really important. And then getting a time to set things up and making sure you have everything tracked. So, that way you can just really understand what their goals are, hey, I'll be ready to invest in Q4, I'll have a default few, full deals that sell at the end of the year, I'm ready to Invest now, right. Because some people want to invest with you, but they can't because they're not like that. So, that's another thing to understand is your investors timeline.
James: Correct. I think just keeping that relationship is just as important, right. People appreciate you and they know that you're serious and they just have that trust with you, right. I mean, at the end of the day, we are trying to have a win-win situation where they are trying to find an opportunity, and as a sponsor you are trying to raise the money for your investment deal. So--
Ronny: And also, another point I'd like to add, it's, I'm not raising money from investors, I'm providing them an opportunity to invest. Right, because I think it's a different mindset. Whenever you feel like you're raising money, which you essentially are, right. You don't want to come off as desperate you can say, because there's actually only a few limited spots on the deals, like our deals fill up relatively fast, right. Even like the San Antonio deal, I mean, that was the fastest race that I have ever done. Like it was just, I mean, every deal is so different, right.

So, it's just understanding that and then not putting pressure on investors, like say, hey, let us know, like we even had a deal we had under contract during COVID, right and a very large scale, very large equity raises. And, I was raising money for that one, everything was going well and stuff and then the whole shutdown happened, right. And then people started messaging me and saying, hey, I want to invest in the deal, but I'm not sure what my business is going to look like in the next few months or whatever. I said, no problem, whenever you're ready, just this, let me know. So, you shouldn't be pressuring whenever it comes to talking with investors, but you also have to have a sense of urgency as well. So, it's a healthy balance.
James: Got it. Yeah, it's a skill by itself. Clearly, it's just a gift by itself right on how you communicate with investors and people love that you are being open and direct and honest about it. It's just how the raising of money. Communication works with investors, right. So, I mean, you have been into a lot of due diligence of properties, right. So, is there any due diligence that you thought was like, I didn't think about that that's very interesting aspect of the deal, or something that you learn during due diligence that you want to share with our audience?
Ronny: As far as due diligence goes, I think it's really important to have the right team. For the guys, I've partnered with for the past three deals, it's the same core group, right. And I think all of us have complementary skill sets in getting things done. Even having them having property manager in house, like when we're doing due diligence on a deal, we had under contract earlier this year, it helped a lot. Everything was in house, we have the lead, the blogs and stuff. So, I think it's really making sure you have the right team, as far as deal specific on one of the deals is like stab blocks. So, realizing how expensive--
James: I haven't found, and I know about it. I mean, just for the audience, that blog is actually a circuit breaker, electric circuit breaker which can cause fire to be easily triggered, right? And the insurance market is expensive and sometimes the lenders can give problem when you have a blog. But when it's a very subtle way, you have to really know when you're doing due diligence to look for these kinds of things. So, go ahead. You were saying about this. 

Ronny: Yeah. So, I have like an experienced team. Yeah. So, I just thought that was a surprising, because I've done due diligence on many of your deals, many of my own, many for other sponsors, and there's always something new when it comes to that, but I think having the right team, like having a construction team on site, all the different trades, do everything in one day. Ideally, it was like a 200-unit deal. Usually it will take like a day, if it's like more than that, it will probably take like, two days, right. 

James: So, then step breakers was found by the sponsors, or was it found by the Inspector? Because it's very tricky to find that.

Ronny: Yeah. Oh, yeah. 

James: Was he like, he didn't know when before buying the deal? Only when you walk it through the--?
Ronny: I must be--

James: Right. 

Ronny: I'm not sure on that. Yeah. I think so. 

James: It must be, they didn't tell you. 

Ronny: Yeah.

James: They didn't tell you.
Ronny: Yeah. So, we found that and then that's being addressed. Yeah. So, I think that's important. And so, it's also, I just used auditing.
James: Before you go to list auditing, I mean I just want to make sure that I communicate this to brokers that are listening. Please let any major things that you already know, for anybody who was coming and visiting, you want to let them know, because you do not want them to get caught after the day add money.

Ronny: All right. 

James: I've seen brokers who hide things from me. And, I don't really appreciate it because it's like you're trying to trap us into a day add money and now you cannot get out, right. I mean, if you find out about the step lock breakers later on, I mean, I have walked properties on my own. I meet this single guy who is a broker and I told him, hey, this property as a step lock and I do not know whether they know or not, but I'm surprised they didn't. I mean, this is an experienced broker this is not like newbie, right. So, I would really appreciate any brokers, stamp log, any asbestos, right, on the drywall. Please let the buyers know, so that we can get the transaction closed smoothly rather than having a surprise.

So, we don't feel like we got caught by the brokers and of course brokers can say they didn't know right, but if they didn't know, I mean I've questioned their experience level, right. The credibility and the same with sellers, I mean the buyers also want to have a long-term relationship with the brokers. So, we really appreciate brokers letting the buyers or sponsors know all the issues with the property, so that when we buy, we have going on smooth sailing. Especially now with pre-COVID, we are having post COVID right now, we are in a buyers’ market. So, day one adds money, is so last year. So, yeah, you want to make sure you've done everything so that the transaction goes smoothly. So, it's back to you. 

Ronny: Yeah, I think transparency is key. I was just going to add on like lease auditing, having the right property management team, like the guys have Code GP, they have a person with like 20 plus years of experience. So, time is something that they have, right. So, I think that's as far as experience goes. So, having the right team is really important, and then focus on what you're strong at. And then, what you're not so good at or still learning, have other people on the team be able to take care of that. So--
James: Got it. Is there any proud moment in your life until now? I mean, I know you're just like 26, but at least you have like three, four years of multifamily experience right, or real estate experience. Is there any proud moment in your life that you think that, I cannot forget that until the end?
Ronnie: Yeah. Closing my first deal. That was probably something I'll remember forever. That was a deal, it was 212 units in Atlanta Georgia and grazes between my first deal and my second deal. I think it's probably less than three weeks between my first closing and my second closing, because we were both under call, that was kind of interesting. So, and then signing my first Fannie Mae loan on my first deal, that was pretty cool. So, having that experience, so I think doing the first deal is always the hardest. And then doing the second one, it gets a little bit easier. A second one's like a bridge loan, right. And then every deal is so different. But I think it's about being consistent, doing transactions and doing quality deals, like all our deals, certain the values have gone up because we bought it at a right price. So, that was probably what I'm most proud of, and then you just continue to grow. I just don't think it's normal, like March 2019, I did buy 172 units, three transactions, I thought that was pretty good. But knowing that, it doesn't stop there. I want to continue growing and partnering with quality people like yourself or the guys I've partnered with is really important. So, that was probably what I've been most proud of.
James: So, where do you see yourself, five years and 10 years from now?
Ronny: So, a five-year goal, I do more like buy time and 30 goals. So, we'll just do that. So, top 30, I'm 26 now, I want to be top 50 and MHC owners. So, billion in assets under management by the time I am 30. As far as a 10 year goal, I want my multifamily business to always be the foundation, but I really want to grow into the private equity space and you know, raising a fund and buying deals, like I would love to raise like a billion dollar fund, an equity fund and provide joint venture equity to other sponsors and different things like that. But there's levels to everything and obviously doing new development construction. And then being able to give, I think that's really important like, especially for people either not wanting to go to college or transitioning out of it, what is that step, like?

Maybe I can create some sort of internship program, and I am thinking like group and kingly acquisitions and help people get into multifamily especially when they're young, and then being able to give back, right. I think that's really important. Building an orphanage in India, like that's one of my goals. And, yeah, I think giving back is really important because we can make all this money and we can do all these things, and have all this units, but having a direct impact on your residents, on your partners, on just people in general is really important to me.
James: Got it. Awesome. All right. So, Ronny, why don't you tell our audience and listeners how to get in touch with you?
Ronny: Yeah. So, the best way to reach out to me, just any social media, you can just search Ronny Philip, on Instagram, on LinkedIn, connect with me on LinkedIn, that's probably the best way, and we’ll go from there. And if you all have any questions, don't hesitate to reach out to me. I'm a pretty open and transparent guy. And you can also find me on YouTube, Ronny Phil is my YouTube channel. So, I'll start doing a lot of different blogs day to day as a young apartment investor. So, those are the best ways to reach me. And I'm sure you have my contact info in the show notes.
James: Yeah, I mean, I'll really make sure we put that in. So, thanks for coming in. And, I'm sure you added tons of value for a lot of people who are trying to get started or have already started in this multifamily investing. Thank you.
Ronny: Thanks, so much for having me on the show. I appreciate it.
James: Absolutely.