A lot of times, it’s like kicking the can down the road. That’s the hard part about these passive deals. If you were faced with this same situation now, what would you do differently? On paper, that sounds great, a 9% pref and a 50/50 split on the backend. In hindsight, there were a lot of things I should have done. I bought on to that area, the local submarket. I understood the whole buying of single-family homes. It’s a pretty substantial buy-in but I didn’t know them. They give you a 9% pref and 50/50 at the backend. I said, “What do you keep investing on stuff?” They connected me with an operator who had this deal where you go on title to a property with them. What do these guys know? They’re just custodians. I asked the Self-Directed IRA custodian, which was mistake number one. I was looking for something to do with that money other than keeping it in some mutual fund account. You can’t get Fannie Mae or Freddie Mac loans. You realize how it’s not that great, all that Self-Directed IRA and Solo 401(k) stuff. I had some money in my Self-Directed Roth IRA. At that point, I had five or six single-family homes by myself. That was when I was first getting started in the LP stuff. What happened there? What can we learn from that experience? Back when you were a money partner in deals, there were a couple of things noted as failed LP syndications and failed syndications. I noticed some of your experience back when you were in the LP waters, now you’re general partnering. Lane is the guy to talk to about this stuff because he’s the host of the Simple Passive Cashflow podcast. We’re going to talk about some important details around passive investing and some of his experience in passive investing back when he was a passive investor. He controls two mobile home parks and over 1,600 units in the Midwest and through the Southeast US. Lane started out as a professional engineer with a Master’s degree in Civil Engineering. He lays down some insights about partnerships, operators, and more. Host of the Simple Passive Cash Flow podcast, Lane Kawaoka gives great wisdom as he shares some of the failures he's had along the way of being a real estate investor by night and a professional engineer by day since 2009. Lane has experienced passively investing in multifamily syndications, mobile home parks, private money lending, and turnkey rentals. When it comes to investing, nothing beats the wisdom of those who have walked through the fire and experienced failures along their journey. The age-old advice of learning from the people who have the experience remains true to this day.
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