Build Wealth Through Trust, Discipline, and Courage with Salvatore Buscemi

[0:00] Welcome back to the REI Agent. My guest today is Sal Buscemi, CEO and co-founding partner of Brahim Partners, a family office group based in Miami. Sal came out of Goldman Sachs and went on to co-found two institutional distress real estate credit platforms before building Brahim Partners, which focuses on industrial real estate and provide private credit for high net worth and family office clients. He is also a published author and a frequent speaker on commercial real estate private credit markets and institutional investing strategy. He brings perspective on capital allocation and deal structuring that most real estate conversations never get close to. Sal, welcome to the REI Agent podcast.

[0:41] Matthias, it’s a pleasure and a privilege. Thank you for having me live from Miami. Yeah, that’s awesome. Sorry, I apparently can’t speak today at all. Normally it’s a little bit choppy, but that was a rough intro on my end, but I’m so glad that you are here. Tell us a little bit about how you got started in real estate and why you came from Goldman Sachs. What got you into the real estate world? You know, I wrote about that in my third book, which we’ll talk about a little later. But I went to school in New York City from New York. And during my internship, I was pre-med. And during that pre-med internship between junior year and senior year, I was doing research for a surgeon. And the surgeon was championing me. And, you know, when you’re young, you sort of see what he has, but you don’t understand. He had a beautiful wife and Aston Martin lived in, you know, Gloria Vanderbilt’s building on the Upper East Side and right across from the hospital. And he liked me a lot. And he was championing me for law school. I mean, sorry, for medical school. However, what happened was, was doing research, I was actually holding a femur in the cadaver room in the basement

[1:40] of Beth Israel North, which is now turned into condos, passed down on the floor and had to be resuscitated with smelling salts. And at that point, I went into my senior year because I wanted to get everything done in four years. I went into my senior year taking 24 credits one semester, 22 the other semester while still rowing and finishing it. But when I graduated, I had, you know, the doctor called me to congratulate me and wanted to talk about next steps. And quite frankly, I never took those next steps because I was just ashamed because I didn’t think that I really quite frankly had the stomach for this. And it’s fine. I know millions of doctors who can deal with that. However, because I gave him everything I could, as far as the work ethic and getting in the research and, you know, with the exception of falling down after, you know, holding a femur, you know, he basically said, Sal, that’s fine.

[2:35] I totally appreciate you. By the way, my brother just made partner at Goldman Sachs. I’ve been talking to him a lot about you. He wants to meet you. And then the rest is just history at that point. Wow. Really, you know, strong. It’s really a strong lesson on reputation and good networking. And at the time I was a college student, I wasn’t networking. But later in life, the network really comes through. And that’s where we are today as relates to managing, you know, a multifamily office where we’ve invested in things such as not just real estate, but also, you know, we did 10 rounds into SpaceX. We’re doing, I think, six into Stripe soon and other companies that you never heard of that are very, very, they’re very prominent in their own case because of how we source these deals and the people we work with. I know this is a real estate podcast, but I do want to make sure that people understand that the skills in real estate, especially as it relates to raising capital or transferable to other private investment type of stuff like venture capital, things that are not publicly traded. So we’ve had a great run. We’re going back into real estate. We just completed

[3:37] a class A industrial, 150,000 square foot class A industrial flex facility just outside of Dallas with one of the largest families in real estate. And our family’s like that because there’s safety in numbers. And also there’s a lot of experience here too. And, you know, we only work with the best people and, you know, we can get into what that means, but really it’s a great culture of what we put together. And, you know, there’s a lot of similarities, I think, with your investors and your realtors can really learn about the, you know, the business, maybe the capital raising side. Again, we’re not a broker. We don’t, I don’t have anything to sell you, you know, except maybe, you know, a book or, you know, whatever, but it’s, you know, it’s important, I think, to sort of parlay those lessons because I was preparing for this and I just wanted to see what are the, what’s the most impactful things or how can I make Matthias’s podcast the most impactful? So that’s my story. We’ve been doing this for a while now and it’s a lot of fun. Yeah, I guess, I guess as it relates to agents, you know, they, they would have the

[4:40] opportunity to invest passively in, in, in certain deals. They could, they could certainly get to, you know, a syndication for various real estate or whatever. And there’s certainly tax advantages of getting into syndications in real estate if there’s, you know, accelerated depreciation and being a real estate professional designation really makes that very worthwhile. And so I think it’s something that I’ve, I’ve kind of attributed it to being like a, you know, a realtor 401k, if you will, like instead of having to wait until retirement to receive the benefits of all you saved, all you’ve worked for, you can, you know, start building up your passive income. And, you know, with these types of deals, they are a lot more passive if you’re a limited partner because you have to do research, you have to, you know, invest wisely, you have to trust the partners, all that kind of thing. But once you’ve invested, like you want to stay up on it, but you’re not, you know, answering calls about, you know, plumbing issues or, or anything like that. So I guess, I guess the long story short is, can you, if somebody is

[5:50] not familiar with this space, with this world, can you give us a high level, you know, a syndication or investing with, you know, a fund or private capital for, for idiots, if you will? Yeah. Yeah. I have three rules before I get into anything. And before we get into that, there’s a lot of headlines right now where a lot of new syndicators, especially in multifamily, have been blowing up because they’re a little smarter than they thought they were. And they thought that they didn’t need to know bond math. And one recently, I just read on X, on the Twitters, you know, some Dallas firm lost 400 million in the conspicuous consumption was there. When I was at Goldman Sachs, there was no such thing as conspicuous consumption, right? Everybody wore nice clothes, but it wasn’t like we had glasses with gold on the side that said Gucci and, you know, like, it’s, you know, more, more conspicuous today because of social media than it was there. I mean, we all wore Timex watches. So, you know, when I start looking at people, you know, and because I’ve been, this is my third cycle right now going into it. I know what looks

[6:53] bad and I, and I know what looks good. So I have three rules before we get into anything. And this will clear probably 90% of your deal flow because everybody’s going to be coming to you. Most of them are going to fit, uh, they’re not going to fit the three rules. And if you violate the three rules, just know you’re taking an unnecessary risk. Is that okay? So the first rule that we, that we talk about is number one, no first time operators. I want these people to have been through two down cycles. This one hasn’t started yet. Um, it depends on who you talk to. I want not just 2008, but going back to the late nineties. Okay. I want to, I want to see that they’ve laid in a pool of their own sweat before. That’s important to me to see that because the people who are still in the business, who’ve been through, you know, the late nineties, you know, the basis point increase in the, you know, 2024 when everybody was getting smoked out. And now you’re starting to see the headlines on that. I want people who have had that experience, the reputation and the network to fix problems quickly. That’s number one. Same thing as if you needed open heart surgery, right?

[7:52] Matthias, like you’re going to hire a guy who just came out of medical school in Grenada, who gave you a free toaster or the guy who’s done it 5,000 times. And you have to look at your wealth the same way as that. I think a lot of people get into wishful thinking. Number two, audited financials, your track record. So good. Where’s the audit? I want to see that. And number three, and this is where a lot of people get messed up because this is where a lot of ledger domain happens. Sponsorship contribution, or how much is the co-investment that the operator is putting into this deal? 5% is cute, but really they’re just rolling their fees into the deal to say that. 10% is thoughtful. Anything more shows conviction. The deals we do, the operator is putting in at least 21 of the deals with a family. We did, they put in 40% of the equity. We put in 60. We’re very happy with that.

[8:39] That makes me happy and go to bed at night knowing that very few things short of a nuclear disaster is going to really affect the development or the management of that. We just finished a deal in Dallas, Texas. It’s being developed right now. It’s Flex Industrial in Melissa, which is a fast-growing suburb outside of Dallas with one of the leading real estate family offices in the country, who is a good friend of mine for about 10 years. We’re just very happy with it because the team is working well together. They’ve been able to compress expenses on the development. They’ve been able to get favorable terms on their bank, on their development loans. It was very easy for us to get into the deal, not necessarily because you have to have access, which is a whole other thing. If you don’t have a reputation of writing checks or knowing what you’re doing, you’re not going to be seeing the best stuff.

[9:29] Yeah. Those are really good tips. Certainly something if you’re not familiar with the space and you’re not following the news about some of these, there’s definitely some blood on the streets, if you will. The apartment sector has seen some of maybe the biggest headlines, if you will. I think there’s been a lot of problems there, a lot of unforeseen things. Certainly, people not expecting the interest rates to go up is one of the things that people were hurt. They were holding bridge debt, so they weren’t expecting interest rates to go as high as they did. Then their numbers didn’t work anymore. I’ve heard of other things like the insurance costs went up and they wouldn’t factor that in. When you’re working with cap rates, any kind of thing that affects the NOI is going to affect the value of the property, not only the cash flow as well. A lot of people have been hurt. I can understand why you’d want to see that experience and have people that are smart to- I wanted to put a hot take. Yeah.

[10:31] Yeah, go ahead. No. I mean, there’s a hot take here that it might rub some people the wrong way. In commercial real estate, the lowest barrier to entry is multifamily. The government gives you loans, they subsidize it, and everybody rushes in. It’s the lowest barrier to entry, but that’s not where all the smart people are all the time. We’re starting to see that right now with the bridge debt. There’s nothing in the constitution, Old Testament, New Testament that says that interest rates have to stay low forever. I think a lot of people thought they were a little smarter than they were first-time operators, and they rushed it. Yeah. Yeah. So yeah, it tells- sell us on industrial as a asset class to be looking into. You know, I like it because you’re dealing with credit tenants or higher tenants that- tenants that are much more professional and tenants that are in need. So I would say, would you rather own 10 single-family homes with 10 tenants, or would you rather have a piece of industrial facility where Milwaukee Tool is a tenant and carrier air? Because after the next apocalypse, people are going to need tools and air conditioning, right? And those are companies that

[11:47] have been around for a long time. And if you buy right and you’re working with the right people, and you’re, you know, the development’s done at the right basis, or you’re buying it at the right basis, then it pays for itself very, very quickly. We like it because it’s just the last bastions of where you can get a very high IRR, if you know what you’re doing, without having to take on much incremental risk. These things right now are just leasing out by themselves without even, without even like having a CO, which we really like. And it’s because there’s so much of a need for this. We like it because it’s, it’s, to me, it’s, you know, it lasted during the pandemic. If anything’s going to last during anything, it was the pandemic where we came out clean. And we really liked that. If you look at people, unfortunately, who went head first into, into office or doing something during the pandemic or after the pandemic, there’s horror stories of people losing their homes and their lives as a result of this. And, you know, now is when the real, when, now is when the bones really start cracking,

[12:46] right? I mean, people had a lot of pressure now, but now is when the bones are cracking. I like it because you don’t have tenants poorer than you are. And I think with residential and, and, and, you know, multifamily, we stay away from that. We don’t invest in residential and multifamily because we don’t want tenants who are poorer than we are paying rent. And there are other risks with that too, is that, you know, legal advice is free for the poor, right? It’s free for the poor and the, and the stupid. So if you have a classy tenant who’s having a hard time and his brother-in-law is a lawyer, you know, he’s going to try to cause some trouble and heartache for you. I’ve seen it happen many, many times. It just seems so that, you know, the, the, the rights and remedies are skewed more towards the detentants, especially in blue states than they ever have been before. And it’s sort of forcing, I hate to say this, but like a socialistic asset class.

[13:33] Yeah. That’s interesting. Can you, can you help somebody who doesn’t know what IRR understand what that is? Yeah. IRR is a return you get, but under the judgment of time. So if you received, let’s just say an IRR of, let’s just say you had a great return. You got a, you got a, a 10 X, okay. On a deal, but it took you 20 years to get there. You have a very low IRR. Okay. If you got a 10 X on a deal, but it took you three years to get there, you have a very high IRR because it’s the return as a function under the judgment of time. Yeah. No, that’s awesome. I think that, that makes sense. Yeah. Okay. Yeah. Yeah. Totally. And, and to people listening to that, this is a way that these are often sold. Like this is like the projected IRR, uh, in this deal, that one of the factors that you can look at to see, to gauge whether you’re interested in it or not.

[14:30] Um, and you know, if you’re, if you’re investing your money into the, into the stock market, for example, in comparison, you want to see how your money would do, um, in comparison, um, in this kind of asset class. Um, so yeah. Um, yeah, no, that’s, that’s really fascinating. I, I, I like that idea about the, you know, I’ve never heard it described that way about the tenant, um, you know, being wealthier than you are, which I guess is probably pretty unique to, um, certain types of asset classes, most of which, uh, we’re, we’re not talking about when you’re looking at mobile home parks, when you’re looking at, um, uh, what else have I talked to you? Parking garages, uh, apartments. Well, that’s that we like parking. Yeah. Yeah. Yeah. Yeah. That’s fine. Um, you know, every, there’s a huge rush for data centers right now. That’s not really our forte. Um, people who are getting into that without any experience, I think they’re going to lose their, their shirts. It’s, it’s a very specialized, very expensive game to be playing. And if you’re not investing alongside people who’ve done this many times, you’re going to lose a lot. Yeah. Remember when you’re investing

[15:37] these deals, you’re, you’re married. I mean, you know, a partnership is a marriage. Um, and a lot of things can happen. It doesn’t mean that you’re sharing a bed. It just means that, you know, you are stuck with someone for the longterm. And I think, you know, we can talk about different types of capital, but I think, you know, when people are going into this, you’ve got to look at it and say, do I really trust this guy with my money or not? Yeah. Cause I mean, not only, um, the, the fear would be, you know, you invest in, in a deal and you’re not getting any kind of dividends. They’re not paying it back. Um, but on top of that, uh, you know, you could have to, they could ask you to, to bring more money to the deal, right. To have a capital call is another, uh, to, to keep it going.

[16:21] Right. Well, I mean, that’s with first time operators, right? Like, you know, first time operators, they don’t know what they’re doing. They’re finally able to get the loan. They’re trying to make ends meet, um, as quickly as possible on the loan and getting, you know, most of them are mostly value added or rehab type of apartment complexes. Um, but what they, you know, they don’t factor in certain expenses or overcapitalize the deal the way they should. And that’s where they run into a lot of problems and then they have to do a capital call. And that’s, that’s very, I mean, it’s common, but you know, it’s not a phone call you want to make to your investors saying, look, I need another a hundred thousand dollars from you, or otherwise you’re going to be crammed down or maybe diluted. Yeah. Yeah, totally. Um, if, if somebody is, uh, looking to kind of, or considering getting into this space and investing in this, what are some of the steps they should take? Um, if they’re looking to get invest in funds or, or, you know, syndications in general, what are some of the steps they should do to prepare themselves, make sure that they

[17:21] qualify that kind of stuff? I think what, what you want to do is when you’re getting into these things, you should, um, you should really network and you should really network and you should find the people. If you want to invest, you should network with people who have done this for a while. And, um, one of the things I could, you know, if people here are natural salespeople, if they’re on the REI Asian podcast, right? So what I would do is I would switch into, and if you really want to get into this and really learn this business, uh, I would offer to raise money for the, for, for a deal, um, on behalf of, you know, an operator helping them raise money for it, not making any promises, but that’ll tell you exactly. That’ll be an MBA in real estate that you will, um, you know, that you’ll be, because the second rule of real estate really is what I’m trying to get to is, is always be raising capital.

[18:10] The first one is what Matthias location, location, location, right? But the second one that nobody knows about and the one that always keeps going is always be raising capital. That’s the second rule of real estate. Yeah. Yeah. Other people, other people’s money, right? That’s how the world works. That’s why America is a great nation, right? Yeah. Which, yeah, it’s, it’s, uh, I’m the, to describe the win-win nature of it. I think it’s harder to understand if you’re not really familiar with the, um, the commercial space as well, but it really does work because, uh, typically the, the investor is able to be pretty passive in the deal and they typically have, you know, funds to, to invest and they’re looking for that. And, you know, agents listening to this, you know, they could also, again, get the tax benefits of it. Um, so there’s some, some huge advantages for it. Um, and, and then obviously the, uh, people that are putting the deal together will get, um, you mentioned earlier, they have like a fee that they, they charge to put the deal together.

[19:12] Um, and then typically once the deal is executed, they, they have some sort of benefit as well. Like they might have ownership in the, in the deal still, or a higher percentage or a return on the capital or something. Can you explain that a little bit more too? I think when you, when you’re raising, so as an operator, um, you know, there are fees that you make, um, and those are acquisition fees. Those are, um, you know, there’s, there’s a lot of fees and sometimes that rubs the LPs or the investors the wrong way. So we’re very simple on the fees and we make sure that everything is simple on it, but there’s, if you are going to be going out there, uh, I would say raise capital for someone else first, look over their shoulder, do not become an owner operator thinking you’re going to make a lot of fees because what’s going to happen is, is that you’re going to, you’re going to, you’re going to get into trouble. Um, like a lot of these people are doing right now. They don’t, they got in, they didn’t use the debt service they needed to, they couldn’t raise capital. Raising capital is as simple as networking. Like I just, I don’t pitch

[20:14] people, but you know, I think a lot of people, I think since the pandemic, Matthias has become very transactional, right? Um, especially in Miami, everybody’s a Bitcoin guy. Everybody’s sending you, you know, PDFs, your I message that you don’t want to see, you know, we call them deck picks. I’m like, dude, I’m not, you know, I’m not doing a freaking, I’m not funding a develop, a luxury development at the Dominican Republic, like America. I mean, all the money’s coming to America. And I really start to develop that narrative too, that you’re actually, you’re not constantly selling, but you’re building relationships because in the world that I live in right now, finance is all about trust and those relationships you have to continue to build. And just like anything else. I mean, so when I moved to Miami, I put together a WhatsApp group called the 305 intelligentsia and all the families and everybody that I know who’s in Miami to Palm beach are all invited on a Friday to meet for happy hour at a bar in Brickell. It works out very, very well, but that’s the kind of community that you build. And if you can build a community of people like that, then you’ll have the wind at your

[21:15] back and be able and be almost limitless. But I would not go in trying to the word. Everybody’s worst strength in this business is raising capital. And if you, and I mean, it’s the worst strength. And if you can build on that studying persuasion, studying influence and sales, you’re going to go a lot further because remember today, you know, we’re being replaced by bots and everything’s going at gentick. People want that, you know, that organic, um, carbon based relationship or a community today. We’re in the middle of a loneliness, loneliness pandemic. And, you know, people are not going to give you their money until they give you your time, their time first. So it’s not like, you know, somebody is going to, I know somebody is going to send me an email, but like, Hey, you know, you want to invest in this. I don’t know you, I don’t know anything about you. I don’t, you know, the deal is not something I would get into. Even if I did know something about it, it’s just not good.

[22:08] And if I don’t know the person and he’s going to shoot back and say, Oh, well, can you give me a referral of someone who, you know, might be interested in investing? I’m like, no, because then I’m the asshole by default. If anything goes wrong. Right. And there’s all Sal, you know, he came from Goldman. He has all these funds and everything. Yeah. I’m the guy who’s going to get into trouble. Right. So, you know, people don’t really think about that from a relationship standpoint, people today are much more guarded to the reputations than ever before, because we live in a, you know, world of social media today. Yeah. There’s a lot of noise out there. And I think that, you know, that authenticity is something that is a lesson that people should definitely learn for their, their sales business as well.

[22:46] Like I think if you’re, if you’re thinking you can, you know, automate everything and have like, you know, tech spots go out or, you know, have like, you know, fancy AI voice cloning of your voice, you know, answering services that are pretending to be you, not just like, you know, kind of, it’s going to, people smell that and it turns them off immediately. And there’s so much noise out there that like, like you said, I think there’s a real craving, a real need for real connection with people. And like, and like you, you, you built up that, that capital, that emotional capital, that, that relationship capital, if you will, with that doctor, that surgeon, you know, in college. And if you hadn’t provided him so much value, you know, there wouldn’t have been that connection to Goldman to begin with. Right. The same, same kind of thing, right? I mean, it’s, you’ve got to genuinely invest in the relationship to, to raise capital, to, to win the business, you know, for, for sales, all that stuff.

[23:50] I see it worse with like the, you know, the syndicators and multifamily who are in their thirties and they’re just, they were like hustle bros, right? They were just hustle, hustle, hustle. You know, they all look smart and everything, but you know, the people they were getting money from, I don’t know who gave them money, you know, but you know, there’s this common belief that if you don’t come from a, you know, an investment bank or, you know, buy side private equity firm that, well, nobody knows where their money goes in a real estate deal. They just think it’s in the building. Right. But it’s, that’s not how it happens. Right. It’s, you know, in a partnership that controls, you know, the asset itself. So people think, well, it’s real estate, what can go wrong? Well, a lot of people are finding out and they’re finding out the hard way that rising interest rates will separate the men and women from the boys and the girls very, very quickly as we’re seeing today.

[24:36] Yeah. And I know that there’s also the, the danger in this space of people that, that are just trying to keep the lights on by charging those fees that we talked about to put the deal together. So they might go after a deal. That’s not going to really perform that well. It’s not that great of a deal, but they, they need to keep the lights on. They need to get the, Yes. Yeah. Yes, yes, yes, yes. That happens all the time. I see it. I see it too. You know, during the pandemic, people were buying multifamily and you know, there’s something in our business that’s called a cap rate Delta. So if you’re buying a fixer upper and you fix it, you want to be able to sell it with the cap rate, the cap rate normalizes the return amongst all asset classes. So let’s just say like, if you’re, you know, if you bought it up to say three cap and you’re selling it at a five cap, that’s good. But if you bought it at a three cap and now all of a sudden you’re selling it at a, you know, the highest you can get is 3.25 cap. You know, you’re threading the needle with 25 basis points there. And a lot of people did that and they wound up sandbagging their investors because they

[25:40] needed to make fees. They need to keep the lights on. They need to pay the daycare or whatever it was. And, and, and it’s not really a good way of doing it. And I can tell you, you know, with, with real, I can tell you really, you know, I have a resource I’ll give away free for everyone. And I’ll, I’ll tell you that at the end, but, but it’s something that’s going to be very, very it’s going to be very interesting because it’s basically for free. It’s a watered down training that I received at Goldman Sachs investment banking over seven modules that you can get certified and learn about this stuff. You know what cap rate is fine, but do not raise capital until you go through this. It’s free.

[26:20] It’s called acpar.org, www.acpare.org. I just got to get the site fixed up for free. So it’s free for all you guys that are coming in there so that you’re not paying, uh, you know, the $97 a month, but at least you’ll be able to be certified and you can post that on your, um, you can post that on Facebook, LinkedIn, uh, WhatsApp as well. And we have special certifications or stabilized real estate mastery. And we go through the four food groups, right? It’s multifamily. It’s, uh, you know, it is retail, it is office and industrial, and we go through all of them. So now you’re not just relied on one sub asset class, which everybody rushes into, right? You know, real estate, multifamily, you’re going into other asset classes and you’ll be able to enjoy conversations with prospective investors and people who you’re building relationships with much cleaner because you’ll be seen as an authority source rather than someone who’s a juvenile pitching things all the time, leading with a spreadsheet that nobody’s going to remember. Sure. That’s great.

[27:20] Thank you for that. Um, I’m curious what, uh, golden nuggets you have for our listeners today. Um, I, you know, I, one of the golden nuggets I have for real estate is something I said already, and that is the second rule of real estate, always be raising capital, not necessarily putting it into the bank, but building the reputational capital that you needed so that if you see something, Hey, I’m good friends with Matthias. I’ve been talking to him for two months. He understands it. I’m going to show him a deal. That’s number one. And number two, build authentic relationships with people because what you’re asking for is the highest form of sales going back to Solomon, which is asking someone to part with their wealth to invest in something. And I don’t think a lot of people understand that nobody’s going to, and this is the second tidbit. And I said before, no one’s going to write a check or buy anything from you, maybe a book if they haven’t spent any time with you first. Um, and that requires you doing a lot of things. If you’re really aggressive, if you really want to do this, I, you know, I would host meetups, um, doing all sorts of things.

[28:21] You know, I have informal meetups with my family offices at bars in Palm Beach and in Miami, which is fine because I always want to stay in their face. Attention is the new oil today. You got to get on top of it and interactivity is the new currency. Nice. Well said. Um, what about a favorite book? One that you think that’s fundamental that everybody should read or, or just when you’re currently enjoying? I mean, besides mine, there’s one that I think is probably the best business book when it comes to not just business, but also, um, marketing. Um, and that is David Ogilvy on advertising. It was written in 1984, but he gives an, a scathing MBA in that book as it relates to how he works with people, you know, how to, you know, an organization is built, um, and the rules for working with clients that really transfers into anything, you know, investors or buyers or, or anything like that.

[29:17] Okay. Um, I like it. It’s a great book. Uh, I highly recommend it. It, you know, there, there’s a lot of books that people are out there. I mean, I, I get bored if I read a book and I don’t get anything out of it in the first, like, you know, two chapters, I’m just, you know, throwing it away or returning it to Amazon. Right. But I think if you really want to get inside, like what the super wealthy are doing, um, I wrote my third book that chronicles a little more in depth and detail with a little more intimacy. Um, you know, my journey throughout working at Goldman Sachs and then also, um, doing what I do right now. And that’s great because it gives people an entrance into my community. Does that make sense?

[29:54] So people, and it’s called investing legacy, how the 0.001% invest. And this is a culmination of, um, and it’s on audible. I actually narrated it myself too. It’s the only book of the three that I wrote, um, that I narrated myself. I’ll give you a free copy, Matthias. If you send me an email with your, uh, with your, um, you know, an autographed copy with your mailing address, but, um, it’s going to give you an inside look. I have partners, uh, quoted in there. I have, uh, partners at Goldman Sachs that I worked for quoted in there. I sit on the board of a company with a Rockefeller. He’s quoted in there and it talks about what the wealthy are really investing into today. And what it just a little bit of a punchline it towards the end, there’s five different investor avatars that I talked about.

[30:35] And you have to remember, not everybody’s going to be into crypto and not everybody’s going to be in a real estate, right? The guy that’s so crypto heavy, he’s evangelical, like a vegan or a crossfitter. He’s not going to invest in your deal. He’s not going to invest in any real estate deal, but the guy who’s older, you know, sort of looks like a college football coach wearing, you know, pleated khakis and, you know, Columbia shoes. He’s going to be your investor for real estate, but he’s not going to be going into crypto or any, you know, wildfire or anything like that. So, um, it’s, it’s going to be very interesting to see, you know, how that, how people, um, refer to that. But it’s, you know, if you’re looking to partner with people who are wealthier than you are, this is a good book to have. And it really talks in Chronicles because family office to me is a hundred million plus in investable assets. Okay. Anyone who’s got like $5 million, it’s not, it’s not a family. It’s just a rich guy, right? I mean, sort of rich. You really want to retire in this country today, you gotta have at least 10 million, but you know, that’s kind of a controversial

[31:31] number. I think, you know, there’s a lot of people who have a lot of money. They don’t know what they’re doing. And the more that you’re able to provide the leadership to these guys by just putting together a newsletter and incorporating it into your newsletter, the things you’ve learned, or, you know, maybe outside of the box, we’re talking about, you know, office, or we’re talking about industrial. It’s a great way to build commonality with your investors. And then at that point, if you do have people who are interesting and responding, build a spreadsheet. Okay. That spreadsheet, you know, is your CRM. You know, you can use Google sheets, name, email, phone number, and find out what they like to invest into. Have they invested in anything before you want to find the guys that have invested in the stuff before, not the people that you have to train.

[32:12] Yeah. Well, I’ll do a quick plug to my CRM because it is very relationship focused. Okay. And go to the reiagent.com to find it. You can get a free 30 day trial on that and a special introductory price going from there. But yeah, we, we base things off the Ford principles. So everybody, buddy in this CRM, you can, you can, you know, jot down their, their family, the kids ages, that kind of stuff. And then there’s, there’s going to be a message. Yes. That’s what you want. Yes. I have everybody’s, I get a, I get a message. I do it old school on my iPhone. It’s like, Hey, today’s Nathan Lowe’s birthday. I’m like, Oh, happy birthday. But it’s intimate. And he remembers me. Right. So, you know, that’s, that’s important.

[32:52] A hundred percent. And so this is, that’s exactly how we built this is to, to, you know, not like to have AI and have the technology help you be more authentically genuine with people, not like take you away from that relationship. And so like the tool, like the iPhone reminding you to text somebody that it’s their birthday is an example of how you can, you know, use technology to be a better friend, to be a better, you know, build that relationship capital up. And that’s exactly what this CRM is about. So where else can people find you? So the books are on Amazon. Where can they, do you have a website? Do you social media? Yeah, they can go to, they can go to SalvatoreBuscemi.com. They can get autographed copies of the books there. They can join a newsletter too, as well. You can follow me on LinkedIn as well. I’m big on LinkedIn, Salvatore Buscemi. There’s a black and white headshot of me there in that, in that photograph.

[33:45] And yeah, if you, you know, you are the name of our, the name of our family office is Brahmin Partners. So it’s B-R-A-H-M-I-N partners.com. You can join, you know, and you know, you can, you know, we’d love to hear from you, especially, you know, as it relates to the books. So yeah, we’ve got a lot of stuff, but if you want to, if you really want to get like a jumpstart and you, you know, you’ve got a few times, you’ve got some time over the weekend, go to ACPAR.org. So it stands for the Association of Capital Placement Agents for Real Estate.org. We’ve got to change the website to make sure it’s free for you guys. So just, you know, give us some patience there, but I’ll make sure that that is taken care of very promptly.

[34:27] Awesome. Well, I appreciate it, Sal. Definitely go check that out. If you all enjoyed this show, definitely follow, go, go on LinkedIn and make sure you follow it and buy books, et cetera. Follow our podcast for more shows like this. Go to reiagent.com to get, read the blogs for each episode. If you, if you choose to read that way or sign up for our newsletter so that you can get a digest of the week’s episodes every week. But again, Sal, thank you so much for being on the show. Matthias, thank you so much for the privilege. I really appreciate it. I love talking to you. I’ll be on anytime. If you need anything, just reach out. Awesome. Appreciate that. Thank you, sir. Thanks for listening to the REI agent. If you enjoyed this episode, hit subscribe to catch new shows every week, visit reiagent.com for more content until next time, keep building the life you want. All content in the show is not investment advice or mental health therapy. It is intended for entertainment purposes only.

[35:25] You’re welcome. You’re welcome.