The Secrets of Successful Syndication: Guiding Investors to Financial Freedom

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In this episode, we were honored to have Jim Pfeifer, one of the founders of Left Field Investors and the esteemed host of the Passive Investing from Left Field podcast, join us. A seasoned professional in the realm of finance, Jim’s journey from a conventional financial advisor to an innovative thought leader in passive investing is an inspiring chronicle of change and enlightenment.

With a solid background in traditional financial advising, Jim once presided over the typical spectrum of wealth management, diligently shepherding the fiscal well-being of his clients through the peaks and valleys of the market.

It was Jim’s transformative shift toward passive investing that truly distinguished his career, marking the emergence of a reformed financial advisor with a dynamic, more expansive vision of wealth accumulation. Recognizing the limitations within the industry, Jim fervently adopted a new financial creed, advocating for the untapped potential that passive investment strategies entail.

His expertise has become a powerful magnet, attracting those eager to learn how to navigate the passive investment landscape effectively and secure their financial futures outside the bounds of traditional investment dogma.

In This Episode

1. His background and shift to real estate investing

2. Navigating current investment challenges

3. The importance of building investor community and networking

4. His personal investment Strategies and goal-setting

Jump to Links and Resources

How’s it going everyone, welcome to another episode on wealth strategy secrets. In this episode, we had the pleasure of sitting down with Jim Pfeifer, one of the founders of Left Field Investors, and the esteemed host of passive investing from Left Field Podcast, a seasoned professional in the realm of finance. 

Jim’s journey from a conventional financial adviser to an innovative thought leader in passive investing is an inspiring journey of change and enlightenment. It was Jim’s transformative shift towards passive investing that truly distinguished his career, marking the emergence of a reformed financial adviser with a dynamic, more expansive vision of wealth accumulation, recognizing the limitations within the financial industry. Jim fervently adopted a new Financial Creed, advocating for the untapped potential that passive investment strategies entail. Jim, welcome to the show.

Thanks for having me, I appreciate it.

You bet. It’s great to have you on today. And I know the audience is going to enjoy our conversation today. And one thing that I always find fascinating, and I think it’s going to be helpful for the audience out there is your background of actually being a financial advisor, and now probably a reformed financial advisor, Who has a broader perspective and a different view of the world. 

And so I always find that pretty fascinating. So why don’t we start there, Jim, and tell us a little bit about your background, how you got into passive investing, what you guys are doing with Left Field today, and how it all started for you?

Sure. So I worked in finance for quite a while and then I was a teacher at a school in downtown Columbus, Ohio, teaching finance and accounting. So those are kind of my first careers, about 20 years of both of those. And then as you said, I became a financial advisor. And at the time I was pretty confident. I knew everything there was to know about personal finance, stock markets, mutual funds, 401ks. I was all in, I understood that. 

I also knew that there was this crazy life insurance thing and that was not, not for me. So I was pretty much dialed in and I thought I knew what I was doing. And when I became a financial advisor, they kind of started all over and worked on educating me about money. And as I was learning, I learned, Oh, wait a second, this life insurance thing, has some pretty cool applications. At the same time as I was going through this training, we’d become an accidental landlord because we built a new house. It was 2008. We couldn’t sell our old one. So we rented it out.

And so as they were teaching me about finance, I had this asset here that was providing cash flow. And I started to recognize that, I think this traditional Wall Street stuff of stock market mutual fund, that feels more like speculation to me, because you have an asset and you hold it, you buy it and you hold it, and you hope at some point you can sell it to somebody else for more money, That’s the stock market. That’s speculation in my mind.

Where real estate, I was finding out, that you buy an asset, it has a current benefit in the form of cash flow, and then it grows, it also has great tax benefits, and then it grows and probably there’s appreciation on the back end, and I thought, that’s investing. So it’s funny though, the more I learned from the financial advising company that I was working for, the more I thought, I needed to get more into real estate. 

And so it took me about seven years to go through this journey and realize it as I was buying more and more real estate on the side. And then I looked at everything and I thought, I pride myself on investing in the same things that I put my clients in. And I’m not doing that anymore. I’m putting all my money into real estate and whole cash, whole life, high-value cash or cash value insurance, whole life insurance. Sorry, I’m stumbling over my words, but I’m putting all my money into those things.

And I’m putting my clients in life insurance, but I’m also putting them in the stock market and things that I’m not doing. And at that point, I realized I couldn’t be a financial advisor anymore. And I think people sometimes give financial advisors a bad rep because they’re not doing real estate. Well, there are reasons for that, they’re not licensed for it. So they can’t advise you on it. And they also don’t get paid, they have to feed their families too, but they don’t get paid for putting you in real estate deals. So it’s hard to find a financial advisor who’s going to help you with all that.

I transitioned and I went into active real estate investing full time and I was terrible at it. I wasn’t a good asset manager. None of the properties cashflowed like I thought they would, but I loved real estate and I realized all the advantages it had over what I was doing before. You know, taxes are the largest eroder of wealth. I didn’t have to pay taxes as a real estate investor,  And you get the cash flow, multiple streams of income, and all that stuff. But I wasn’t doing it.

And then I found syndication investing, where I can effectively hire an asset manager and they’re going to manage the property for me. So then all I have to do is figure out who are the good asset managers and analyze the deals. And once I figured out I could do this passively, that’s where it kind of took off. And I was like, I made a bunch of money on active real estate, but not because I did anything great. It’s because the market was phenomenal,  And it continued to rescue me, but they never cash flowed.

And so now I wanted cash flow, I wanted multiple streams of income, and that’s where I got into syndication. But the problem was, I didn’t know what I was doing. The first time I invested in syndications, I went to the real estate guys, and had a seminar, what is it? Secrets of Successful Syndication. And I thought I was going to go there and be a syndicator. And I went there and within about five minutes, I realized, no, I wanna be one of these things they’re calling passives, one of these limited partner investors. That’s what I wanted to do.

And so I assumed, I’m at a seminar, all these operators here, they must be awesome because otherwise they wouldn’t be here. So I  started walking up to them and saying, hey, I’m interested, here’s the money, here’s the money. Terrible way to vet operators, but I didn’t know what I was doing at the time. But that got me into passive investing. And it also made me realize, I don’t know what I’m doing. I gotta find some people to help me. And that’s where I started what was going to be.

12-person dinner club in Columbus, Ohio where I live. And we were going to meet once a month and talk about passive investing together and learn together. And our first meeting was supposed to be March 18th, 2020. And in Columbus, Ohio, where I live, that’s the week the world shut down and we couldn’t meet. So we went online. And that’s where effectively Left Field Investors was born. I spent the first year doing these online meetings and trying to keep the community small because I thought of it as my own personal mastermind.

But by the end of 2020, we had about 50 members. And I realized there was a real thirst for this kind of information. Because let’s face it, if you walk out your front door and talk to your neighbors and say, let’s talk about finance, they’re talking about their 401k, their IRA, the interest rate on their mortgage. And then you stand up and say, I’m investing in this real estate through a syndication. And you look around and they’re gone because they think you’re nuts and they don’t know what you’re talking about. So you need a community. Then we started building out the community. 

Now, left field investors, we have about 2000 members. It’s the purpose of our community is to educate, provide a network, and provide some deal flow to LP investors who are interested in building financial freedom through investing in real estate syndications. So that’s kind of the story. 

This left field of investors evolved and it’s because I don’t think you can be successful as a limited partner passive investor unless you have a community, a network. It doesn’t have to be left-field investors. I’m biased. I think that’s the greatest group out there, but there are others. And so, I think people need to find a community that fits their culture of the community fits their personality. And that’s what we’ve tried to create at left field investors. So that’s kind of my story.

I don’t think you can be successful as a limited partner or passive investor unless you have a community or network. Find a culture of community that fits your personality.

Excellent. I  appreciate that, Jim. And why don’t we go back a little bit to the beginning of your story and, let’s talk a little bit about framing the problem of what is wrong with traditional financial planning? 

Because you and I have had some discussions on this before. And I think people,  struggle with this one. It partly comes from limiting beliefs that we had because we were taught by our parents, by our peers, and by the companies that we work for. You can only, you can invest in the 401k plan. And by the way, we’re giving matching funds. So that’s free money. It must be a great thing. 

But in my journey, many things that are myths, are taught to you as, hey, this is the path forward. These are the strategies that you should put in place. But as I started to unpack them and looked at them objectively with an analytical mind, I found that certain things didn’t make sense, Like deferring your taxes and stuff. So tell me a little bit about, your seven-year journey and what you uncovered that was missing in the traditional planning space.

That’s a great question. I don’t even know where to start, because there is so much. And I think, depending on who your financial advisor is, that makes a big difference too. And I don’t blame financial advisors because they get the training they get, and they’re working for a firm, and that firm incentivizes them to sell the products of the firm. That doesn’t mean that those products are bad. It doesn’t mean that the financial advisor doesn’t have your best interests in mind. But what they don’t know is what they don’t know. 

They don’t understand there’s a whole other world out there that they could be putting their clients into. But again, they don’t get paid for that. They’re not licensed for that. So kind of what I realized several things, like one thing you mentioned a bunch of places where you learned about finance. Another one is advertising. All the advertisements you see for banks and financial institutions are also pushing us into these products. All of these products have different flaws, either fees or they’re highly taxed.  

The government wants you in these products because they wanna collect taxes. Why do they put a program in that allows you to defer your taxes? Well, because they want you to have, they’re in business with you,  They own 30% of your business effectively and they can change the rules anytime and decide they own 40 or 50 by changing the tax rate.

And they’re also asking you, okay, we’re going to let you defer so don’t pay taxes now, but pay us later. Well, what’s later? Later, there’s a ton more money in that account, and probably tax rates are higher. So they’re in business with you and they’re taking big chunks out of your money. And I think it’s hard for people to realize that’s what’s happening. 

And I don’t subscribe to that, there’s a nefarious person in the government or financial advisors trying to cram you into all this terrible stuff, but think about it. Think about the wealthy people that you know or that you’ve heard of.

And then tell me how many of those people built their wealth through a 401k or working a W2 and investing in the stock market. I would guess none of them. I would guess all of them either made their wealth by owning a business or owning part of major parts of businesses or real estate. That’s how you build wealth. 

And the reason that’s how you build wealth is because to make those people wealthy because as we talked about, the biggest eroder of your wealth is taxes. So if you’re reducing your taxes, you’re automatically getting a huge head start. 

So those are some of the things that I learned and a lot of it was learned because I was trying to think about, okay, how am I going to get my clients to earn more money or earn more money through the investment process,  And then on the side, I’m thinking, oh, here I’m doing all this real estate. And here I am making money and not paying taxes. 

And so those things were colliding the whole time for me. And eventually, I got to where I was thinking, okay, the key to this is buying real estate, being in businesses, owning businesses. And then you supplement it with infinite banking. That’s the one thing I took out of Wall Street. And I thought, okay, that is the turbocharger to my investments because it allows me to recycle money, get velocity, and all of that. 

So you combine those and that’s what I learned and put me on this path, where now I pay very little tax and I have multiple income streams. So if I lose one, okay, fine. The other 30, and 40 are going to take care of me. And so that’s kind of the journey that I went on in those seven years as an advisor.

Great points there, Jim. And the other one I’ll add is, if you look at it right from the onset, they’re advising around this outdated model of 60-40 split between equities and bonds. And then that should make up your entire portfolio. And then they break that down into diversification from there into growth, high growth, different types of diversification from there. 

But I think that model is so lacking because, to your earlier point, equities are more of a speculative type of nature. After all, we wake up every day, and even though there’s a solid management team in place, economic fundamentals might be strong. You have something that impacts us from Asia the night before and then you’re down 4%.

I mean, it seems so unpredictable to me. And I was very frustrated with that. So it hit a nerve for me from the tech bubble back in 2000, it was where it started for me. But no one ever painted the picture to look at it holistically like a family office does and say, hey, there’s so many different components to your wealth, but to your point, let’s add some other asset classes such as real estate, and alternative assets. 

It’s funny that they even call them alternative assets in the first place because, how is real estate alternative? It’s probably one of the oldest asset classes that’s been around for centuries. Any points on basically portfolio thesis?

Sometimes when we’re talking, it feels like I’m talking to myself because we’re so aligned on some of these things. And, if you look at the stock market, like you said, let’s say Apple stock, they’re having the greatest year they’ve ever had and they’re selling phones like crazy. And then something happens in the economy and the stock market tanks. Apple’s tanking, too. They might not tank as much, but you’re losing money investing in Apple.

Now let’s use the same scenario and say you’ve, you’ve picked this multifamily, property in whatever Dallas,  And you’ve, you’ve selected that and you’ve picked your operator and they’re a great operator and you’ve analyzed the deal and everything’s going great. And then something happens in, Florida, to the real estate market. That’s not going to crush your property, even if something happens in Houston, probably nothing’s happened to your property.

If there are bad economic conditions in Dallas, maybe it hurts your property, maybe a little bit, maybe a lot, but also it might not. So each property stands on its own. And yes, there are market forces for sure, but they’re not as quick. It’s not happening today or tomorrow, and they’re not as severe. So I don’t understand it. You don’t have to ride that roller coaster. Like now today, people still ask me, well, hey, what do you think about the stock market? Can you believe what happened?

And I’m in finance every day and I have to say, oh, what happened? Because I’m not paying attention to it. Now I will say that I’m not, if we had had this conversation three years ago, I would have said, I have nothing in the market and I never will again. But since then I’ve realized there is a place for the stock market for me,  Maybe not for everybody, but for me. And it’s for some extra liquidity, Yes, I put money in my whole life insurance and I have a lot of liquidity there.

But I also like to have a little bit in the market where it has a chance of maybe getting an okay return, but it’s also money that I can pull out and push back in whenever I want. So I think there is some use to it, but you have to have to dial it down and look at your strategy, and your overall portfolio construction. So that’s kind of how I look at it. And then also you mentioned family offices and I think they have a critical role, because if you’re part of a family office or you’re engaged with family office type people, they are in both worlds, they have the market, and stock market stuff, but they also have access to private equity. They have access to real estate deals. 

And that’s a different type of financial advisor. They’re compensated differently and they can get you into some of this other stuff. So that’s where I don’t want people to think, oh, financial advisors don’t ever use them. You have to find the right one for you that is going to also expose you to alternatives. 

And again, you said, I’m sorry, I’m on a roll here, but the alternatives, that drives me crazy. Alternatives, how is it alternative? It is, it’s the place where you live. It’s the place you go to work. It’s the place that you go to the mall, Anywhere you go is real estate. How is that alternative? That drives me nuts.

For sure. And it’s a tangible asset too. I mean, you can touch it, you can feel it, you can see it. And if I’m going to make it, let’s face it, all investments come with some degree of risk. But if you can walk up to a building, you can look at the business model, you can analyze the team, and you’re investing in a business, but it’s a very stable business and there’s tons of data to be able to support it.

So I think you can make a much more educated decision. And then, back to the thesis standpoint, a lot of people are still stuck with this, I wanna become a millionaire overnight or get rich quick type of thing. They’re looking for that silver bullet, but this is much more of a steady approach, and having a disciplined strategy over time. 

And once you start to see decade after decade and reducing your taxes, driving that forced appreciation into assets,  Repeating the cycle, and leveraging your whole life insurance. It creates this massive snowball effect, for your overall wealth and drives that velocity that you’re looking for.

Absolutely. It is the snowball effect. When I was a financial advisor, I would talk about trying to convince people to get whole life insurance, Google it and then try to convince them to buy whole life insurance. It’s ridiculous. But once you learn about it, it makes total sense. But it’s not a get-rich-quick scheme and real estate and syndications and LP investing are also not a get-rich-quick scheme. They build wealth slowly strategies. 

And so that’s why I think the one thing I took more than one thing, but the main thing I took out of my financial advising career as whole life insurance, that’s good,  But you pair it with real estate and it’s great. And so I think both of those are, the snowball effect. You have it with both of them. 

And then after you’re in it for five or 10 years, you’re like, holy cow, how did I build this wealth? And it didn’t, it wasn’t complicated. You got to find the right assets the right strategies and the right financial products. And, you put a little fuel in it and all of a sudden you have a big bonfire.

Jim. And I also think that there’s this whole component around investor DNA and understanding yourself and what suits you. I am not a data-driven weeds person, that’s not who I am. I’m much more of a people person. So, now it makes total sense why I would not wanna be in trading.

But I can see how people are making great money trading and they’re doing it all day long. And they’re like it works for them.  But for me, I like a real estate asset or an alternative asset where you can evaluate the team. You can understand the business model. You can see how they’re going to implement it. You can study the market. You can look at the data, that supports that. 

So I think, investors owe it to themselves to understand more about themselves and their unique investor DNA, and then try to align your assets with that. And that way, you’re going to be much more successful as an investor.

I completely agree with that because when I first got into passive investing, I didn’t have a strategy other than Let’s Throw Money Places, which is not a strategy. But then I realized I sold a bunch of active real estate, so I need a tax mitigation strategy. And so my first few investments were that. And then I realized, but I also quit my job and I’m a full-time passive investor. So I can’t I have to invest for cash flow.

So I think one of the things you need to figure out is, and I’ve never been a real good guy, like, Hey, I have these goals and following a plan. I’m kind of scattered a little bit in that way. But then I realized, Hey, I need to focus on cash-flowing investments because that’s where I am. I don’t have a W2 income. And so I think trying to figure out your strategy and then putting goals in place. 

The first time I did the goals, I always had goals when I had a W-2, but those were always like fake goals that you give your boss because they’ve got to file a report or something. But I put it down, it was one piece of paper. I wrote it down. I didn’t even type it up. And I wrote I want to get in 10 deals this year in these three asset classes. At least two of the deals have to be with these two sponsors and the basics. And then when I got to the end of the year, I looked at that thing and I’d crushed it. I accomplished more than that. 

I think that that little roadmap kind of put me on the way. I’m not good at the mindset and the goal setting. But so now I do every year, I do one piece of paper. It says, here’s what I’m going to try to do. And it kind of gives you some direction, which is very important when you’re here because once you get into this passive investing, you get so many deals thrown at you. And there’s the fear of missing out. Oh, Everyone jumped into this deal and it was fully subscribed in one day.

Well, you gotta step back and make sure that you’re investing in this deal because it fits your goals and strategies, not that you saw 20 IRR and 30 of your buddies are jumping in. That’s not a good enough reason.

So what are some of your top deal vetting criteria, Jim?

Well, so I think I step back and the first thing I do is find the right partners, Mostly I vet the operator. And then when I get to the deal, I’m good with the operator. I trust them. I know I can trust them. I’ve evaluated them. They’ve been recommended to me by somebody in my community who has already invested with them. So I feel good about the operator. 

Then when I look at the deal, it depends on the asset class, but I wanna make sure that all of the financials or the pro forma make sense, So I look for things like rent growth. Is it realistic, Depending on where we are in the cycle, a 2% rent increase or a 10% rent increase, you gotta look at that stuff. And then I look for holes in it. 

For if they’re saying there’s a 5% rent increase and it happens year one, I’m like, hold on a second unless this is self-storage where they can push a button and increase all the rents immediately or hotels or something like that. If this is multifamily, to get a 5% rent increase the first year, you’re going to have to raise rents 10, or 12% because they all come up at different times, So those are some of the things I look for. 

I also look for vacancies and all of the vacancy components and try to analyze, does that makes sense again for the asset. Is it value-added? Is it not? Are they trying to push rent? So I think the main thing that I found is we have a couple of tools at Leftfield Investors, deal analyzers, that we can put the financials in and they kind of tell us, here are some questions to ask because these specific parameters might not meet the metrics that we think they should and that generates questions. 

And so I think what happens, I’ve noticed, is different people in our community use this tool and we all come out with our own, main talking points, I guess, for a deal are things that we look for. And for me, another one of those is taxes. I wanna see that the taxes on the pro forma are greater than the taxes looking back at the T12 or whatever those other, looking back in the past because it’s likely that when you buy a property, you bought it for more than it was before and the county commissioner, the auditor is going to increase the tax on it. So I wanna make sure that’s accounted for. 

So I look for little things, but I don’t underwrite the deal from scratch, I found a trusted asset manager who is going to do that. They’re better at that than I am. What I do is I  kind of spot-check the deal and make sure it makes sense for me, but mostly I concentrate on the partnership with the operator.

Sure, and for that, let’s look at the market. Today it’s 2024 and there’s been some challenges with deals that have been underwritten three years ago. And we’ve had some of the fastest, most unprecedented increases in interest rates by the Fed in the past year, which has put a lot of assets in distress, regardless of how good the operators were. So have you had any plans to mitigate that? Have you guys updated any of your vetting criteria and thoughts around that?

It’s super complicated, Because, I think that if an operator like me didn’t know that interest rates were going to rise faster, farther, and faster than they ever have before,  5% in a year it’s never happened before. So I can’t expect that an operator knew that was going to happen. 

So I understand if someone had floating rate debt and they got caught because I knew they had floating rate debt and I still invested in that deal. So some of that is on me. But what I, the problem I have with operators is when it’s something else but they blame it on interest rates or they blame it on the pandemic, No, you didn’t follow your operational plan. 

We have this one operator who’s very popular in our community and they were flipping apartments. And we all knew that it was, they had to have adable rate debt to make this business plan work. And we recognize that and know that. And so when the interest rates rose, some of their deals didn’t pan out, they didn’t work. 

And I didn’t blame them for that. I blame myself because I probably shouldn’t have invested in those deals. But they were apartment flippers, so I recognized it. But other deals that they got into in 2019 and 20, well before that they should have been value-added themselves out of trouble from interest rates.

Those deals also didn’t pan out and they tried to blame interest rates on that. And my thought is, no, wait a second. That’s an operational problem. You did not achieve the business plan. And so for that, I judge them harshly for the interest rate deals. Okay. I don’t judge those because that was, the black swan-type event that people talk about. So I’m not sure if I’m answering your question, but the way I look at it is we look much harder at debt now than we used to. And we reevaluate those things. 

But when you’re looking at a deal that didn’t pan out the pro forma, I think you need to look at why and what part of that is an operational issue and what part of that is an issue with the economy or a black swan or something else that happened. Now, I’m much better prepared for pandemics and interest rate spikes and thinking about these other events that don’t happen very often because we’ve gone through them two in a row.  

So now I am thinking about those, but to me, it’s more important to make sure that the operators are achieving their business plan and not blaming a failure on something that didn’t cause the failure when the failure is their own.

What do you think the opportunities lie for 2024?

Well, that’s a great question. And I think that you have to be careful and not be like, okay, all these deals are going to come up. And because we’ve had all these tough times these deals are going to be great. Some are and some aren’t. I think you need to focus and figure out, where you want to be and make sure that you’re looking at what is happening.

So if there are distress deals out there, that doesn’t mean they’re good deals. You still need to do the underwriting and make sure, Hey, this, this makes sense to me. I think we’re going to see those, especially in multifamily. And part of this is, if interest rates decrease, like people are forecasting, I’m not sure that’s going to happen, but let’s say they do, or at least stop going up. That’s going to release a lot of pressure on some of these multifamily deals and when you make the most money historically is when interest rates are high and decreasing, because you can get in some of these deals that are underwritten, assuming high interest rates, and then all of a sudden interest rates lower, those are some of the deals that are going to crush it. But you’ve got to make sure that the deal pencils with current or worse conditions and not assume things are getting better. 

I also think there are a lot of people piling money into debt right now, and I think that is a pretty good place to be for the short term. For the longer term, I’m going to look for deals that may be rescue deals or distress deals that have good fundamentals. The only thing that may have gone wrong on those is the interest rate. And that’s why the person selling it at distressed and whoever’s buying that, makes sure they have the right debt in place and the right business plan in place. And I think some of those deals are going to crush it over the next, three to five years.

Would agree with that. Jim, if you could give one piece of advice to our listeners about how they could accelerate their wealth trajectories, what would it be?

That’s easy. My answer to this question is always community. Join a community of like-minded individuals. I don’t mean like-minded like, Hey, we’re all robots marching into the same drum. I mean, like-minded, like people that want to build wealth for their family, create financial cre freedom, whatever that means to them so that they can do what they want to do, spend their time, how they want to spend it. 

And that is the only place I found to get that kind of stuff from a community. And as I said earlier, it doesn’t have to be my community. I’m completely biased, but any community that will help you get to where you’re going. It’s the investing is a team sport. You can’t do it on your own, I don’t believe, or not very effectively. If you wanna build your wealth, find other people who are doing the same thing, learn from their mistakes, and move forward.

Excellent, appreciate that. Jim, if people would like to reach out to you and learn more about what you’re doing at Left Field, what’s the best place?

You can go to the leftfieldinvestors.com or you can send me an email, at [email protected], We are always open to chatting with people who are interested in our community.

Awesome. And I know you have an event coming up as well if you want to mention that.

Thank you. So the Best Ever Conference, I don’t know if you’ve been to that, but it’s in Salt Lake City, Utah, from April 9 through the 12th. And we went there for the first time last year. And it is a great place to meet a ton of people. It’s kind of all of the this syndication world seems to go there. And this year, we’re super excited because Best Ever Conference has invited left-field investors on April 9 to do a one-day event.

Which is a limited partner-only education. The whole day is going to be great speakers talking about how to become a better LP investor. We’re going to have people like Jay Scott, Marcio Raul, Jeremy Roll, Tom Wheel, They’re all going to be educating our LP partners and, that’s all it is. It’s about education and networking of course as well.

Awesome. Appreciate it, Jim. Fabulous insights today, and I know everyone is going to enjoy it. So thanks for coming on the show.

Thanks for having me, it was a pleasure, Dave.

You bet.

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