April 29, 2023

JF3159: From Furloughed to GP in 18 Months ft. K. Trevor Thompson



K. Trevor Thompson is VP of Investor Engagement at Massive Capital, which helps passive investors build wealth by acquiring ownership of income-producing real estate properties across multiple markets. In this episode, he discusses his transition from a 40-plus year career in corporate America to real estate investing and how his powerful networking skills helped him get there.


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K. Trevor Thompson | Real Estate Background

  • VP of Investor Engagement at Massive Capital
  • Portfolio:
    • LP of 20 syndications
    • GP of three syndications
  • Based in: Austin, TX
  • Say hi to him at: 
  • Best Ever Book: The 10X Rule by Grant Cardone
  • Greatest Lesson: Don't wait to buy real estate; buy real estate and wait.


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Deal Maker Live


Ash Patel: Hello, Best Ever listeners. Welcome to the best real estate investing advice ever show. I'm Ash Patel, and I'm with today's guest, K. Trevor Thompson. Trevor is joining us from Austin, Texas. He is the Vice President of Investor Engagement at Massive Capital. Trevor's portfolio consists of being an LP on 20 syndications, seven of which have gone full cycle, and a GP on three syndications. Trevor, thank you so much for joining us, and how are you today?

Trevor K. Thompson: I'm so excited to be here. It's great to connect with you.

Ash Patel: Yeah, likewise. We've interacted a lot on social media, but great to be in front of a screen with you. So Trevor, before we get started, can you give the Best Ever listeners a little bit more about your background and what you're focused on now?

Trevor K. Thompson: So of course, the landscaping guy showed up right here. Hopefully you don't hear them in the background.

Ash Patel: It'll be fine.

Trevor K. Thompson: Okay, awesome. So I started out as a passive investor. For a long time, I was like everyone else; single-family was the only direction, terrified of toilets, tenants and trash... And then once I figured out about this syndication, my mind was blown, because I understood buying a business, building a business improving a business, and then reselling the business. And once I understood it, I was hooked. And of course, I read the "Best apartment syndication book ever." I think it was my second book I read, and as I was getting into it, it was just like, "Wow...!" It totally blew my mind and opened it up to a whole new world.

Ash Patel: Trevor, you spent many years in corporate America. What was it that made you become an LP investor in real estate syndications?

Trevor K. Thompson: I was always interested in real estate investing. And like I said, again, I was afraid of the toilets, tenants and trash. I even read Robert Kiyosaki's book and went, "Wow, this is powerful", but I was still very nervous. And it wasn't until the point where I figured out that with syndication, as a passive investor, you're giving your money to an experienced operator, who is implementing the plan. And it didn't dawn on me. I don't know why, maybe thick head. And then once I got through and I understood that, and I understood what they were doing... Because in my corporate America job, we took over franchise locations. My last was with [unintelligible 00:03:34.02] and we took them over, we added some management practices, we added some processes, systems... And then in our world, it was EBITDA, earnings before depreciation interest and taxes, which is identical to NOI... And then we increased the value of the business, and just this light bulb came on... And as I said, in a very short period of time, I'd invested in a total of 20. And then basically, sometimes -- one deal that literally closed at three o'clock, and by 10 o'clock, I'd already moved to the next deal, just to keep my money working. And it's been powerful for me. I wish I had learned it a lot earlier.

Ash Patel: In your corporate world, were you're not dealing with real estate acquisitions?

Trevor K. Thompson: I was not. Someone else in our company was buying the locations. I was doing some of the vetting of the locations, but I was very much on the operations side. So either opening an existing business, helping a franchise open an existing business, or on four occasions we actually bought the franchise business out and then went in there and made improvements, more systemization that we were learning.

Ash Patel: Got it. And then the transition from being an LP to a GP - you had invested in 20 different syndications as an LP, and you had some nice exits, I'm assuming. Seven that went full cycle.

Trevor K. Thompson: Yeah.

Ash Patel: What was it that finally made you think, "Okay, I need to get on the other side of this and become a GP"?

Trevor K. Thompson: I definitely started looking at it just because I thought my skill set was certainly apropos to being able to do it. I'd done very similar things in - not necessarily real estate, but at the end of the day, the real estate is the asset. But it's really the business that makes the money, right? It's taking that asset and running it better, and making it more efficient. And then I was looking over, thinking, "Okay, I'm going to do this, I'm going to do this, I'm going to do this", and then COVID came along and my employer made the decision for me. So I get it, they went from survival, from business development, and actually eliminated about two thirds of the company, and certainly the whole development side of it. And so that was what pushed me over the edge and said, "Okay, I'm not going to go work for some 20-year-old kid with an MBA", because that's all that us old guys get to do anymore. "I'm gonna go ahead and do this full steam ahead." And that's when I jumped in.

Ash Patel: And you had been working on a plan B for quite some time. You had educated yourself, you've seen the deals from the LP side... What was your next step? You get laid off... Was there a bit of panic there? "What am I going to do next?"

Trevor K. Thompson: To be honest, it was almost like relief, because I wanted to make the transition. And I'd actually almost resigned a couple of times, and then decided -- it's really hard to give up a good, steady paycheck, healthcare, some benefits, and other things... And I've actually volunteered on a project that I was a passive investor, to be the asset manager; it was pre-COVID, and then when I got furloughed during COVID, I actually went from helping out to being the full-time asset manager. And I just learned a ton. So again, it was a deep value-add project in the middle of COVID, so it was a rough time... But I just learned so much.

Ash Patel: Trevor, what was your first actionable step that you took to become a GP?

Trevor K. Thompson: It was all about education. So as I mentioned, I read the "Best apartment syndication book ever", I started interacting with people, I started looking for people to join their team, and finding a role... So again, a lot of people are investing in Texas, where I am... So I was doing a lot of broker tours for people that weren't local, I did a lot of training on asset management, I actually paid for a couple of courses... And then I literally was doing two Zoom meetings a night, any webinar I could go to, and just immersing myself in it, and then going to conferences like Best Ever and other conferences, and just getting educated as much as possible.

Ash Patel: What was your first GP deal that you've done?

Trevor K. Thompson: My first GP deal was 65 doors, townhomes in Columbia, South Carolina. And again, I did that with some partners that I've connected with, networked... And I was actually doing a lot of broker tours for them in Texas. And we just hadn't won a deal, but then they won a deal there, and invited me to join the team. So that was my very first one.

Ash Patel: Did you change your mic? If you click on the little arrow next to the mic... Trevor, this 65-unit deal in South Carolina - how did you find that?

Trevor K. Thompson: I joined against someone else's team who had found it. So as I mentioned before, they've been working on getting deals, and I'd been trying to get with them in Texas, and we just couldn't close on a deal... And they said, "Well, we have a deal now. Here, would you be interested in joining our team and raising money for it, and help a little bit on some of the asset management side as you need to?" So that's how I got on that particular team.

Ash Patel: From the time that you got laid off to the time that you joined this team... How long was that?

Trevor K. Thompson: That took me 18 months, because it was a tough time, right? Because everything was so competitive, and it was really hot... And I just didn't feel skilled enough to risk either buying very distressed deals, or high-value deals... So it took quite a while.

Ash Patel: Trevor, what was your role with this property?

Trevor K. Thompson: It was raising money, and then I helped with some of the asset management. I've done it all remotely; so I do audits of leases, checking out what is our web presence... They basically give all of the partners projects, and I've been working on those.

Ash Patel: Is this the first time you raise capital?

Trevor K. Thompson: It is.

Ash Patel: Were you prepping behind the scenes, knowing one day that you are going to raise capital?

Trevor K. Thompson: Definitely. I wasn't as ready as I should be. I certainly learned the lesson that I needed a little more -- I was doing a lot of networking, but I wasn't connecting the dots, and to say, "Hey, would you be interested in investing in the deal?" So it took a lot to make that switch. But everyone who did, it was people that I'd established a really good relationship with, and establish the -- you know, they call it the "know, like and trust." And they didn't know the other sponsors, but they knew me, so they invested in the deal.

Ash Patel: I think that's an important deep-dive, where we think as early investors or young syndicators, we think that just networking, putting yourself out there is enough to raise capital. But it's really not. What was it specifically when you said "I wasn't connecting the dots"?

Trevor K. Thompson: I would connect with a lot of people, but then I wouldn't talk to them about their desire to invest, and the value of investing in real estate, and I wasn't sharing my story. My story was just like their story, only I never thought to share it. I was afraid too to invest. And these are the things, and then I really started amping up my social media presence, and my other presence, and saying -- I'd been pushing the "Don't wait to buy real estate, buy real estate and wait", and I switched my whole message. I didn't start till my 50s. And I tell everybody, and a lot of the people I'm talking to are much younger than me... I'm like, "Don't wait." My biggest mistake was I waited, and I just continued working.

Ash Patel: What are some of the asks that you have? So you've built a rapport with a number of people... How did you come back and have a tangible ask?

Trevor K. Thompson: First of all, it was very important "I'm investing in this deal, because I believe that everyone should invest in the deals that they're raising for. And I would like to provide the opportunity for you to join me. I know these partners, I've been working with them for about a year. I know, like and trust them, and you know, like, and trust me, so why don't you join me and follow me?" And I'll be honest, I think that was the secret sauce that got me over the edge. And of course, my experience, because by then, I'd probably done 14 deals. So I've already invested in several deals already, so I could tell my story.

Ash Patel: So right now we are in April of 2023. Huge Wall Street Journal headline about a couple thousand units in [unintelligible 00:11:37.00] $230 million in loans that went back to the lender. They got foreclosed on. What are your thoughts on the market, and what are your thoughts on investor sentiment right now?

Trevor K. Thompson: Definitely, people need to be worried and cautious. Warren Buffett says nobody knows you're swimming naked till the tide goes out. And the tide has gone out, and clearly, that group was swimming naked. I don't like to focus too much on negative things, but I wanted to learn some lessons. Their leverage was crazy, they had a lot of complications with the project, they didn't have boots on the ground... Some of the things that I've always said to people that are so important - making sure that you understand what is the debt, who is the group, do they have boots in the ground, what about the properties...? And those properties were distressed, and they were unable to make them undistressed after owning them for a while. So it's definitely a big lesson, for sure. Things have changed a lot. I think the last five years anybody could make money, to a certain degree. And now, quality operators are still going to make money. You just have to be a little more careful.

Ash Patel: Trevor, going forward, are you looking at only fixed-rate debt, or are you okay with variable rate bridge loans with rate caps?

Trevor K. Thompson: Right now, all of the deals that we've done, we've assumed fixed debt. And then there's a couple of deals now -- we just did another deal, and it's actually a bridge loan, but it's a land acquisition for entitlement. So it's a completely different scenario. And it's at a high interest rate, but the numbers work. The numbers can still work at 7%, 8%; you've just got to make sure that they work. And it's very different debt. It's full recourse, it is meant to buy the land, get it entitled, and then refinance into a construction loan. So it's a little bit different, but definitely on multifamily I'm looking for fixed debt with some time left on it, five to seven years of fixed debt. I think that's really important.

Ash Patel: Let's go back to the 65 units in South Carolina... What was the purchase price?

Trevor K. Thompson: That one was about five and a half million dollars, and they did get fixed that from the seller, of all things, for three years interest-only. So again, the three years at the fix debt; again, when we bought it, it was before things started to go really crazy. But I still believe that it will be coming out in another two years, and the world will be back around the five and a half percent interest. So it wasn't like the two, threes... So the deal was based on that, and they underwrote it as if they would have to assume at a six and a half percent new debt. So again, realistic expectations going in.

Ash Patel: What was the raise on that 5.5 million?

Trevor K. Thompson: It was a $3 million raise.

Ash Patel: Was this a value-add deal?

Trevor K. Thompson: It was a value-add deal, yes.

Ash Patel: I'm assuming you raised extra for rehab...

Trevor K. Thompson: That's correct. Yes. So that's why, again, it was a five and a half million dollar raise, a $3 million raise... I think it was 60% loan to value. And then we had to raise all of the CapEx on top of that.

Ash Patel: Were you the sole capital raiser?

Trevor K. Thompson: No, I was part of a team.

Ash Patel: Okay. Going forward, are you raising for multiple teams? Or are you sticking to one?

Trevor K. Thompson: Right now I'm just sticking to one. I joined this year Massive Capital. So I did do another deal last year as well, on my own, and I'm actually the asset manager for that one. And again, same scenario - we got a fixed debt loan, it has seven years left on it... It does make for an initial bigger raise, because you have to raise the delta between 60% loan to value, so you have to raise the difference on the loan, you have to raise the CapEx, and you have to underwrite the deal knowing that you're already past the interest-only period, because they'd already gone past the interest-only period.

Ash Patel: The $3 million raise - is there a pref and an IRR that's anticipated?

Trevor K. Thompson: That particular deal had a 17% IRR. It had a 7% pref as well.

Ash Patel: What's the hold period?

Trevor K. Thompson: The goal was five years.

Ash Patel: You've invested a lot as an LP. Do you still invest as an LP in other people's deals?

Trevor K. Thompson: I do. I try to invest in every deal that I raise for, and I still invest as an LP. I have about six investments through my retirement fund, and you can invest in your own deals, so I use those to invest in other deals... And I like to be a little bit diversified. I don't think anyone should ever put all their eggs in one basket. So I'm diversified in that I have some land deals, I have a retail deal... Not necessarily the best thing; we closed March 15th, 2020; they still paid 5% cash on cash all along, but retail is going to come back, for sure. I have a medical center... And I actually did that one during COVID. And it's a very different deal; it's a pref-only, no upside... But again, very good use of my retirement money.

And I always tell people that when you're looking at deals, don't always go for the homeruns. That's a triple net lease, with a double guarantee. So the doctors' practice signs the loan, and he personally signs the lease. So it's like the best of all worlds of safety; better than even regular triple net lease. So to me, that's a single. I hit them all day long. And then there's a couple of land acquisition deals. Those are a little riskier, but bigger reward. And I tried to balance out, and I'm also balanced out mostly in Texas, but I do have deals in North and South Carolina and Arizona... Again, to try to be a little geographically split around.

Break: [00:17:20.14]

Ash Patel: Trevor, the medical deal, you said it's a 10% pref.

Trevor K. Thompson: Yes.

Ash Patel: Can that be construed as just a 10% debt deal?

Trevor K. Thompson: It really is. Yes.

Ash Patel: Okay. Good. How long is the hold period on that?

Trevor K. Thompson: That one is a five-year hold period as well. And again, there's no upside. Every quarter, they send me a check on the money.

Ash Patel: Did you raise for that as well?

Trevor K. Thompson: I did not. It was a friend of mine that was raising, and it was a space I wanted to get into.

Ash Patel: Let's talk about the retail deal. You said it's not going well. What's going on with that?

Trevor K. Thompson: Well, it closed March 15th, 2020, so all but the liquor store got closed. A restaurant went bankrupt, which was an anchor tenant; they actually managed to pivot really well. We're just waiting to bear the receipts. So what they did was all of the businesses that ended up getting shut down, they actually renegotiated their leases and made them triple net, which is, again, in retail you want to own triple net, right? That's where the tenants take the risk, not the investors... And they managed to find a new restaurant tenant that's doing quite well. And oddly enough, the liquor store did so well it moved out when its lease came up. And that one, we're just basically waiting for that last lease to fill, and then they'll put it on the market. And even at a higher interest rate, it will still have appreciated quite a bit in value. A lot of people weren't looking at retail, certainly all through COVID... But now it's coming back; all of the tenants are doing very well. Those things sell better at 100% occupied, all on Triple Net, because that's what I'm going to call low risk. So there are a lot of people looking for. That same thing is my medical - it's guaranteed leases, tenants are responsible for anything that goes crazy... So you're okay to make less than normal returns.

Ash Patel: How many units are in this strip mall?

Trevor K. Thompson: 12 units. So a restaurant occupies about a quarter of the space, and then the rest are all small retails, like [unintelligible 00:21:11.20] there's a jujitsu place... It's a nice mixture of tenants, and it's in a really good area. And it's also a little bit of an older center, so its rents are significantly less than some of the larger, nicer retail centers. So it's got a real nice niche, and really good news this year - they're actually improving some walking trails throughout the neighborhood, and there's going to be one... They confiscated some property, but it's good news for the property that in theory there's a walking path going to be put at the front of the property.

Ash Patel: All roads lead to this strip mall, hopefully...

Trevor K. Thompson: Yeah. [laughs]

Ash Patel: Did you vet these operators the same way you would have a multifamily operator?

Trevor K. Thompson: Yes, definitely. This was their third retail deal. I'd skipped investing in the first two; talked to people that I knew that invested in them, and then made a decision. Because again, it was my first time doing retail; although retail, to be honest, was a space I understood very well, because with my experience [unintelligible 00:22:09.05] we did a lot of land leases and a lot of retail centers, and I had a lot of friends that were in that space, so I knew a lot about it... But it was one I had not invested in yet. And to be honest, it was my first love. I'd looked at it a lot, but it's just not as easy to do as multifamily. It's all recourse debt, there's a lot of different things that are completely different than multifamily. And it takes a little bit of specialization to be in that space.

Ash Patel: Agreed. And to your point, CBRE released a metric that retail vacancy is the lowest it's ever been since they started recording that metric in 2005.

Trevor K. Thompson: Yes.

Ash Patel: So yes, retail I think is very healthy. I'm primarily a retail investor. The trajectory of your real estate career seems like a stepping stone. Is the next step for you to take down your own deals, and be the sole operator, GP, capital raiser?

Trevor K. Thompson: It was, but joining Massive Capital, I've decided that they're going to have some volume. So originally, my vision board said "Three properties in three states that I would live in. And I would be the lead sponsor for them." That was on my vision board. And my concept was that I would live in [unintelligible 00:23:27.09] So it's not C-class value-add, but it's not necessarily A-class luxury. Three states so I was spread out... But I've changed it a little bit now joining Massive Capital, that our goal is to do 10 deals this year. So I'll get a smaller piece of 10 deals, and that will build my scale a lot quicker. It doesn't mean that I won't still try to do something else, but definitely I changed this year.

Ash Patel: What are you doing differently to network now that you've got a number of deals under your belt, versus prior to all this?

Trevor K. Thompson: It's not even I'm doing anything different. It's just all those connections are paying off. I've spent a lot of time and energy getting to know people. And people are reaching out to me, versus me reaching out to them. That's been what I'm gonna call the biggest transition, because I've spent a lot of energy being on social media, doing podcasts, getting myself out there... So I think the biggest trajectory is now people are reaching out to me. And again, with massive capital, we're opportunistic, so we partner with a lot of people on deals. So somebody would get a deal, but they'll need a balance sheet, or they'll need capital raisers to take the deal down. And assuming we know them and we like them and we've vetted them... Three of the deals I'm working on the first part of this year are all with partners that we've spent about a year getting to know, and like, and trust, and we're doing deals with them, and it's giving us what I'm going to call more power, able to move quicker.

Ash Patel: What is your personal strategy on social media? You're out there a lot... What's your philosophy? What's your strategy?

Trevor K. Thompson: At the very end of 2020 -- I always try to refocus my life, and I sat and I listened to a video from Grant Cardone about omnipresence. And he said, "If people don't know who you are, it's your fault." In today's world, with social media, - and in theory, it's all free - if you're not putting yourself out there to get known, it's your fault. So I went on a mission; I actually set a goal to be on 52 podcasts. I hit 38 in the year, which is still pretty impressive... And that was part of being on other people's stages, not doing my own podcast. I'd go to a lot of meetups and I've been presenting about vetting deals, being a passive investor... I've just kept putting myself out there.

Every once in a while I smile, so I posted a new Facebook profile. It was actually the free photo I got at the Best Ever Conference... And one guy said, "If there was ever a cover for the next multifamily magazine, that's it. You're the guy." And I thought that's such a compliment, the fact that somebody says you're the guy, if there was ever going to be a cover photo for -- those kinds of things are rewarding. And when you go to a conference like that and people recognize you and know you... I remember the first time I went to a conference right after COVID, it was a Jake & Gino conference, and I was on the elevator, checking in, and some guy goes "We're friends on Facebook. Can I take a selfie?" And I thought, "Okay, it's starting to get traction." And then of course, it was monetizing it, it was being more than just someone who's everywhere.

I spend a lot of energy learning. I do about 100 Audible books a year, and about a third of those are real-estate based. And sometimes I listened to them over and over again, just to remind myself what I'm forgetting... So setting myself up as -- I don't want to say an expert necessarily, because that sounds egotistical, but somebody who's spent a lot of energy, educating himself, and then loves to educate others. I love it. I love telling people to not do the mistakes I did, to learn what I learned.

Ash Patel: And it's worked. You've only been doing this a couple years on social media; really, you quit your job, you left your job in March of 2020... So it's only been a couple years and everybody knows you're synonymous with multifamily. So good for you.

Trevor K. Thompson: Thank you. I appreciate that.

Ash Patel: It's worked. Today, we have investor sentiment that's all over the board. We hear about bank collapses, we don't know what the Fed is doing... Inflation indicators are all over the board... Are you seeing more resistance now from investors?

Trevor K. Thompson: Definitely. There's definitely more resistance. And the only message I can say is when you look at any real estate or business tycoons, they all talk about Robert Kiyosaki, Warren Buffett; these times of crisis are the times actually that people that take action make money... And so it's a tough message to tell, but if you look at who's been the most successful in real estate, it's the people that have taken action during a time of crisis. Now, clearly, you have to be careful. We've seen some things happen where people weren't careful... But it's definitely tough. And it's hard to talk people off the ledge. And it's even worse - you used to keep your money in the bank, and you're only losing 2%, 3%. Well, now you're losing 7%, 8%. You're going backwards. So you've got to get your money working for you.

Ash Patel: Trevor, out of all the deals that you've been an LP on, is there an example of one that went south and lessons learned from it?

Trevor K. Thompson: Yes, I actually just had it happen to me. So sadly, it was a property that had a fire, and they did not have enough insurance. Basically, they had enough of a fire that the city condemned -- it was a smaller 48 unit, the whole property, and they just couldn't rearrange the debt. They couldn't do anything. They got upside down, and the first time ever in my life, a total loss of all investor capital. And I just never would have thought, ever. I made sure all of my other deals had good insurance. I mean, literally, something I just assumed that banks made sure you had enough insurance. So I was shocked that that happened.

Ash Patel: Interesting. I've invested with Joe on a deal where there was a fire, and they actually ended up making money on that, rebuilding everything.

Trevor K. Thompson: Yeah. And I've got several friends that have done the same, where it's been almost a good situation. In fact, luckily, nobody was hurt in all those cases... But I'm still trying to learn more how it happened so I protect myself; I made sure all the ones that I'm a partner on, that we have full replacement, full business interruption... But that was the first time that's happened to me. But then again, I've still got some deals, and I got an email yesterday, it was a land acquisition deal, that they've actually changed the exit strategy, and we're going to go from a projected 21% IRR to a 38%. "Are you willing to accept the change in direction?" and I quite easily happily voted "Yes. Thank you." So there's still money being made; the world is still moving forward. And again, you need to bide your time.

Ash Patel: Trevor, you started to answer my next question... How does an LP vet the amount of insurance that GP has? And that's not a question that's typically asked.

Trevor K. Thompson: It's not a question that's asked, and I'm not even positive I know what to ask yet. Just to give you another example, I asked on one deal I'm on "Did you buy cap rate insurance?" And they said yes. But I didn't ask "Do you have enough reserves to pay to the full top of the cap rate?" Because at the time I invested in it, that world didn't exist. And it turns out the answer's no, and they needed a cash call to cover the difference. So we're all learning different questions to ask. So cash reserves is becoming more and more critical with what's happening, especially with bridge debt.

Ash Patel: How did the conversation go with the cash call?

Trevor K. Thompson: I was very frustrated. I pushed hard, and I asked for a one on one meeting with the whole team... And awkward enough, one of them is one of my best friends, but I'm just like "Business is business, and I've got some serious questions I want to ask." And I'll be honest, on one of them I actually said, "I don't think you've done enough of a cash call." Which is strange, right? I want to give you more money. Because I think if you have to do a second cash call, you'll get less participation, and you could jeopardize the project. And I still believed in all the projects, I still believe they have a future, they've just got to get over this bump in the road... And sometimes you need a little bit of cash to get up over the bump.

Ash Patel: Is it a deal where LPs feel their backs against the wall, throwing good money after bad, and they really don't have much of a choice?

Trevor K. Thompson: I think that's definitely a big portion of it. My thing is I want to stay to the end of the story, because I think the end of the story is good news. But again, I knew all the players, I knew all the facts... They actually changed management companies, and the management company they picked - she's actually a partner with a deal that I'm a GP on in San Antonio, and she's my management company. So again, I had insider information that gave me a lot more comfort, that this is somebody that I've done a business deal with, and they're my property manager and partner. So that added a big level of confidence for me.

Ash Patel: Trevor, what is your best real estate investing advice ever?

Trevor K. Thompson: Don't wait to buy real estate, buy real estate and wait. Real estate is not a [unintelligible 00:32:23.16]. Real estate is building net worth over time, and letting your money and your investments compound. And I also believe very heavily -- a lot of people want to quit their job and get active and "Live off my passive income." No. Reinvest your passive income. Keep growing it until you've got so much passive income you don't know what to do with it. Then quit your job. It's a big difference.

Ash Patel: Trevor, are you ready for the Best Ever lightning round?

Trevor K. Thompson: Yeah, definitely.

Ash Patel: Alright, Trevor, what's the Best Ever book you've recently read, out of all of those Audible books you've gone through?

Trevor K. Thompson: I would still say Grant Cardone's 10x. And you've got to do it in Audible, and you have to follow it. I know a second book is "Be obsessed or be average", because it's kind of like the follow-up continuation of that book.

Ash Patel: Trevor, what's the Best Ever way you like to give back?

Trevor K. Thompson: I think it's educating, being available. I love talking to people. I connect with anybody. Every podcast, somebody says "I heard your podcast. Can I connect with you? I'm new." And I hope I never lose the desire to give back to people

that are new.

Ash Patel: Trevor, how can the Best Ever listeners reach out to you?

Trevor K. Thompson: LinkedIn is the best. You've got to remember the K. K Trevor Thompson. LinkedIn is the best. Facebook, I'm a little filling up on it, but that's definitely the best way.

Ash Patel: Trevor, thank you for your time today, sharing your story; you got laid off March of 2020, right in the midst of COVID, you pivoted, became a GP on deals, and you followed your plan... And I'm glad you're out there educating a lot of LPs on things to look for, and really just making smarter LPS out there. So thank you for sharing that with us today.

Trevor K. Thompson: Oh, it's absolutely my pleasure. You guys do an awesome job educating people.

Ash Patel: Thank you again. Best Ever listeners, thank you for joining us. If you enjoyed this episode, please leave us a five star review, share this podcast with someone you think can benefit from it. Also follow, subscribe, and have a Best Ever day.

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