September 28, 2022

JF2946: Why Systems Are the Secret to Scaling ft. Rohun Jauhar

Rohun Jauhar began his career in corporate finance, working for General Electric and Facebook before deciding he wanted to branch out on his own. After considering several paths — including running Domino’s franchises — he found multifamily real estate. 


Today, Rohun is the founding partner of JT Capital, which focuses on 120- to 400-unit apartment complexes that have below-market rents in Florida. He is a GP of 5,000 units as well as an LP in a few multifamily, self-storage, industrial, and short-term rental deals. In this episode, Rohun tells us how he got started in multifamily by underwriting 100 deals in 30 days, his thoughts on rising interest rates, and how systems have helped him to scale his business. 


Rohun Jauhar | Real Estate Background

  • Founding partner of JT Capital, which focuses on 120- to 400-unit apartment complexes that have below-market rents in Florida.
  • Portfolio:
    • GP of 5,000 units
    • LP in a few deals that span multifamily, self-storage, industrial, and short-term rentals.
  • Based in: Austin, TX
  • Say hi to him at:
  • Greatest Lesson: The fundamental lesson that underpins everything we do was something I heard from Bill Ackman, which was that "while everyone else is thinking in years, you can set yourself apart by thinking in decades.” This underpins everything we do from our business to friendships, to health and fitness.



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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, Rohun Jauhar. Rohun is joining us from Austin, Texas. He is the founding partner of JT Capital, which focuses on 120 to 400-unit apartment complexes with below market rents in Florida. Rohun's portfolio consists of being a GP on 5,000 units in an LP in multifamily, self-storage, industrial and short-term rentals. Rohun, thank you for joining us, and how are you today?

Rohun Jauhar: Pleasure to be here. Doing great. How are you?

Ash Patel: Very well, thanks for asking. Rohun, 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?

Rohun Jauhar: Yeah, sure. Happy to. So my brief background is that I was born and raised in Michigan, went to Michigan State, graduated degree in finance. I originally went the corporate route, so I worked at GE, some of their entry-level finance rotational programs, went on to some more of their accelerated leadership development programs that get you on the executive track, held a variety of strategic operational finance type roles... From there, I went to go work at Facebook, so I spent some time there, again, in very similar roles... And then after some time I decided that I'm going to go do my own thing. So I took a variety of paths, but ended up doing real estate, particularly in multifamily... And you know, that's the genesis of what we do today, which is real estate private equity. JT Capital is the firm that we run, and we do multifamily, as you had mentioned, looking for properties that have below market rents, running a value-add business plan and executing our business plan and delivering returns.

Ash Patel: Alright, there's a big journey between "We do real estate" and being a GP on 5,000 units. Take us through that course.

Rohun Jauhar: Yeah, definitely. It kind of started when I was at Facebook. I just wanted to have a path to where I could really do what I want, have full control over my time how I'm spending it, and really just knowing that the best way to achieve a certain level of wealth is own a significant portion of equity.

So I had first looked at a variety of things. I looked at, "Hey, maybe I could run Domino's franchises." I looked at maybe I could become a software engineer, maybe a product manager, but eventually I landed on real estate. What I did is I thought that it would be a good idea to go buy single-family houses in college towns, and I think that college will be around for maybe a decade or so... So you have students that go in these college houses, their parents co-sign; they signed 12-month leases, but they're typically only there for nine months... It sounded like a good investment.

I knew one person that was close to me that was in real estate. I brought the idea to them. They had said "Don't do that." Instead, look at larger multifamily. So I took their advice and started looking at larger multifamily. What I did was I realized, "Okay, I need to get my foot in the door here." I understood the economies of scale and why it would be a better idea to start bigger, so I said "Let me figure out how I can apply my core skill set and go help somebody."

So what I did is I underwrote 100 deals in 30 days, just going to broker websites, downloading OMs, financials, things like that. I packaged up all my work, presented it to the person that gave me the advice, and I said, "Hey, look, I'm sure you spend a lot of time doing underwriting. I can do it, because I know how to do financial modeling, and I've picked this up over the past month. And surely, there's a lot that I can learn within it, but here's what I can do and kind of how long it takes me." And he was like, "This is great. Absolutely. Let's do it."

So I did an apprenticeship for him for about a year. Through that I met a couple of my partners, we started doing JV deals together, and then we brought it under one umbrella. But just throughout that it's just been core blocking and tackling, doing one deal after another.

Ash Patel: I love that systematic approach. What was your first deal that you did?

Rohun Jauhar: The first deal was one that I was a partner on, again, with my mentor. It was 300 units in Florida. We raised about - I think it was roughly $17 million. That one was a very similar strategy to what we do today, which is find a property - that one was built in the 1980s - renovate a portion of the units, things like granite countertop, tiled backsplash, LVP flooring, so on and so forth; raise rents throughout the whole period, and either refinance or sell. And we had sold that one, and that generated double digit IRR, which is aligned typically with what you would love to see in that type of asset class.

Ash Patel: Do you do full renovations, or do you leave a number of units on renovated for the next person?

Rohun Jauhar: Each deal is different. I would say it's probably maybe 70/30, 70% we're renovating a portion of the units, 30% we're doing everything. It really just depends on what the strategy is on that deal. I think there's something to be said for kind of leaving, "meat on the bone" for the next person to come and say, "Okay, I've seen these guys prove out this business model, in this case study. Now we can do the next thing." Alternatively, the other way to kind of sell these things is, "Hey, we've done everything. Now you can bring it up to the next level." Or it's just a different type of buyer, who's like, "Okay, the business plan has been realized. I just want this for steady cash flow and tax advantages."

Ash Patel: Yeah, I absolutely love the 100 deals in 30 days. And when you break it down, it's three deals a day. So anybody can do that, and it shows your assertiveness, it shows your enthusiasm and your initiative... So what a great way to impress others. $17 million raise on that property... Were you involved in part of that raise, or all of it?

Rohun Jauhar: No, a very small amount. Mostly what I was doing was things like underwriting, help with due diligence as we got into it, asset management, things like that. I invested some of my own money; I had a friend that invested 100k or so. One of my strengths was that just coming from Silicon Valley and working at these companies, I had a network of people who said, "Look, I would love to invest with you." So I knew I had a significant amount of capital that I could bring to the table. However, they said, "I know that you've been successful in one thing, but I don't know what you been successful in as an entrepreneur, or in this new type of industry. So I would rather see you partner with people, or I would rather see you have some type of success in this before I invested with you." Then all it really took was a couple of deals before I was able to convince those people "I've gotten enough experience here. We have aligned incentives", things like that.

Ash Patel: Your criteria is 120 to 400 units in Florida. That seems like a very specific niche. Why is that?

Rohun Jauhar: For us, I've always just found being laser-focused on one thing is the way to do it. If I want exposure to different asset classes, I would rather be an LP in those other asset classes, and finding the very best operators and investing with them. I think having a very niched focus allows you to take advantage of compounding over time, because you just learn so much... Rather than being broadly scattered across a variety of asset classes; it's kind of tough to go very deep.

For us, we found that the 120 is the minimum level that it takes for the numbers to make sense for us, both from an absolute value dollar standpoint, as well as just the economies of scale and unit economics you get on the p&l on the property. And then 400 is just kind of, again, the maximum amount that we feel that we can compete strongly in today's market.

Ash Patel: Rohun, you're also an LP investor in several different properties. Do you still invest in other people's deals?

Rohun Jauhar: Yeah, I LP in a variety of real estate asset classes, various funds, whether it's venture, crypto, so on and so forth. And then I do a little bit of angel investing just direct into startups.

Ash Patel: In terms of other real estate classes, where have you seen the highest returns?

Rohun Jauhar: Probably self-storage and industrial. It really does depend on the operator. In some of those asset classes I'm looking at people that might be pursuing these asset classes in a differentiated lens. That's one piece of it. Or they have some type of unique advantage that maybe not everybody else in that market has. But these real estate asset classes have been on fire the past decade, and then even more so the past few years... But yeah, self storage and industrial have had the best from a risk profile perspective. I've felt like depending on the market and exactly what vintage, industrial and probably multifamily has been the safest.

Ash Patel: So playing devil's advocate, why not dip your toes as a GP in self-storage or industrial?

Rohun Jauhar: Yeah, I just don't know enough. Like I mentioned, I've liked to be laser-focused and niched on what we do, because I want to be known as the best operators in let's say class B+ and A- value-added core plus deals in Florida and Austin, Texas. Austin, it's very tough to make the pricing work. We don't do a lot of deals here anymore. But in Florida, let's say. Me and my partners, we want to be that team. Self-storage is interesting, but again, I go look and I see what other people are doing in self storage, and I say, "I can't compete with these folks." They've been spending time, they know exactly what's happening, and for us, I've felt that it's best for us to just stay very laser-focused.

Ash Patel: What kind of debt do you typically put on these properties?

Rohun Jauhar: It depends. So historically, we've done agency financing through Fannie or Freddie. More so over the past 18 to 24 months I'd say it's been private; that's just been more competitive than agency. We've found ways to mitigate risk in certain instances. When you're going private, it can be a little bit more risky, and so we do things like purchase interest rate caps that are more conservative than what may be required by a lender; we'll set aside mortgage reserves, either contractually required with the lender, or just by ourselves, anywhere from six to 24 months. But it depends on the type of debt. We've been doing private; I could see us switching back to agency, just given where the market is at right now.

Ash Patel: How long can you lock in a rate for?

Rohun Jauhar: It depends, each deal is different. We've done some that are [unintelligible 00:11:50.03] 35 years; for some of the private stuff, it might be three years, with two one-year extensions. Average might be five, seven, ten years.

Ash Patel: And your thoughts on rising rates?

Rohun Jauhar: Yeah, it's interesting. There's so much that's out of our control. Right before we got on this call today, Chairman Powell announced another 75 basis point increase; the way that I think about it is a few different ways as a mental model. So one is that right now there's a lot of dislocation in the market. I think what buyers want and what sellers want - there's probably been no more separation over the past handful of years. Sellers still believe that they should be getting cap rates that were happening in early 2022, late 2021. Buyers are looking at underwriting these deals and saying, "Hey, my carrying costs just went up 200 basis points. There's no way I can do that." So you're seeing a lot less offers on deals.

Having said that, the rent growth is still there. So some people are able to still go negatively leveraged into these deals, because they say, "Okay, I'll bank on the rent growth, because it's been pretty significant over the past couple years." That works, until it doesn't. And when it doesn't, then you could be in a lot of trouble. So the way that we think about it is that we underwrite deals every day, we just have to focus on deals where hopefully we can find ones where the bid/ask spread is very low, and we have a unique advantage of being able to go after it. So that's how we think about it.

If you look at the interest rate futures market today, people are forecasting we get to three and a half by the end of the year, and then the Fed starts lowering it next year. But we're not interest rate forecasters; we'd probably be bond traders then. So we just try to underwrite deals and buy ones we can.

Ash Patel: When you underwrite them, is your exit cap higher than your entrance?

Rohun Jauhar: Yeah, definitely. Each deal will be different in terms of the amount of basis points spread that we have per year. So on average, it might be around 50 basis points exit. That's been historically, but going forward, we might need to re-underwrite those and make it a much higher spread.

Ash Patel: And your time at Facebook - what hacks do you have for real estate people in terms of marketing their businesses for themselves?

Rohun Jauhar: Yeah, that's a good question. I don't know if these are specifically from Facebook... The one thing that I've found is that writing online can be one of the best ways to put your thoughts out there for the world and allow yourself to get inbound. I don't do any outbound to any investors. On Twitter, there's the real estate Twitter community. It's a pretty significant amount of people now, and I've been able to cultivate a great community there. And I just put a lot of my thoughts out there. I write a blog... And through all of those sources, I have people that will ask me, "Hey, I'd love to invest with you. I'd love to learn more about GT Capital", those kinds of things.

Most of our investors and referrals comes through our previous investors and referrals. These are people that are [unintelligible 00:14:59.16] who started investing with us in the very beginning, we delivered returns to them, and it grew through word of mouth. But then it's like last year, or a couple years since I've found this real estate Twitter community, I would say maybe like 10% or so investment dollars comes from people that I've met on this platform. And I've met a lot of people in real life from Twitter, which is great.

So I don't know if it's specifically from Facebook., but I think writing online is great; it allows you to get scale, put your thoughts out there in a very organized way. You really have to think through exactly what you're saying, make sense when you're writing it... Because when you're writing, that's when you begin to clarify your thinking; you can't just have a random sentence. You need [unintelligible 00:15:39.07] you need to make sure that these things make sense. And people will always dig into it, especially on Twitter, if you say something wrong.

Ash Patel: Yeah, you will get some feedback on Twitter, for sure. You mentioned college will be around for 10 more years. What are your thoughts on that?

Rohun Jauhar: I have one controversial statement whenever people talk about college or universities, which is I think college is likely one of the largest Ponzi schemes in the United States; the amount of student debt is staggering. The fact that basically anyone can take a loan to go to college, for any type of degree, is pretty mind-blowing when you step back and think about it. Any of these things that are not subsidized by the government, or being directly given by the government, no one's underwriting these loans for some arts degree at some liberal arts college, right? And I'm sure there's people that have gone on to be successful, but generally speaking, those degrees are very worthless in the real world.

So I think there's been certain dislocations that have happened, things like Lambda School, which was a startup which was training people how to be software engineers. So they were taking people that had a job at McDonald's, training them how to be software engineers, getting them jobs with some of the largest tech companies in the US, and increasing their annual salary from 20k, up to 120k.

So I think there's certain types of things that are happening and will continue to happen as we get innovation around education and venture capital dollars go into that. But I think it's just not sustainable where we're at. I think likely top universities will continue to stay around; there's just legacy, and it's very hard to break that. But I would imagine over the next 10 years we'll probably see likely the most number of colleges go out of business relative to what we've seen in the past.

Break: [00:17:28.01] to [00:19:26.10]

Ash Patel: I was nervous when I was applying for my very first car loan. But I had 100K in student debt that there was no question if you're going to get approved for that. interesting take. You're very systematic in everything that you do. How have systems helped you scale your business?

Rohun Jauhar: Yes, systems are the underlying foundation of our entire business... So the way that I think about typically any business as long as it's not like a early-stage startup is that you want to be able to create an SOP for every type of process that you have in your business, particularly for these things that are repeatable or can be automated or delegated.

So the way that we think about our business and the way that we thought about it from day one has been every process that we run or every task that we do either needs to be automated or delegated. And just every day, core blocking and tackling, we've either automated or delegated a task, through automation, certain types of software you can use... For example, we use Zapier a lot in our day to day work. Outside of that what we've done is hired either executive assistants or virtual assistants that we've created SOPs for virtually every task in our business where a lot of the back office is either automated or delegated in that way. What that allows us to do is 1) build a very sustainable holding company or operating office... If you look at Berkshire, for example, they have only five people that are truly running things, which is Warren, Charlie, Ted, Ajit Jain, and then Greg Abel. So those five guys. Outside of that, they just have a bunch of administrative assistants, and we've kind of taken inspiration from that, done the same thing... That allows us to work on higher-value tasks, it allows us to have a lot of time to sit down and think, and read things, and it allows us time to just be able to enjoy life, spend time with our families, those kinds of things.

Ash Patel: I love that mindset, automate and delegate. What is the hardest lesson you've learned in real estate?

Rohun Jauhar: Probably two. One is always read all of your documents. I think there's so many contracts and documents that happen in real estate, from the very first stage when you're putting out an LOI, all throughout the acquisitions process, and to even after that - you need to read all those docs and truly understand everything that's happening. And then the second one is just that you will never change a location; you can change the quality of an asset, you can renovate it, you can make it as nice as you want, but that broader location you cannot change. So if you go into an asset, and you're looking for an area that you believe that it's going to have a path of progress, and you're going to have this great business plan, and as the area gets better your asset will only get better - that may not materialize, and you have to understand that risk and what is the probabilistic nature of that risk. Those are probably the two hardest lessons I've learned, and ones that I'll probably never forget.

Ash Patel: Yeah, I think we've all learned the "read everything that you sign." Even the standard ones that you've signed a million times, there's been nuances in standard contracts that have burned me... So yeah, great advice. Rohun, what's the hardest lesson you've learned about people?

Rohun Jauhar: I think people generally want to produce great work, and do the right thing... So the biggest lesson for me - and it's probably been developed most over the past 18 months, but it's just been empathy. And it likely coincided with the birth of our first child. So I think previous to being a parent, I was probably not as empathetic as I could be. I grew up in these companies where you had to work a lot of hours, you had to be grinding all the time, and that was just ingrained in me, of "This is how everybody should be operating." And as I've gotten older, worked with a lot of different types of people, I've realized that's not how everybody operates, and what you need to do and what I need to do is flex my leadership style to be able to get the most out of specific people based on what they're motivated on.

Generally, everybody wants to do good work. You have to find what is the motivating factor for those people to be able to get the best work out of them. Not everyone is going to be working 16 hour days, nor should they be, because most people are not incentivized to. You have a significant portion of equity in your business, but they don't, so how can you expect them to? So that's just the financial motivation... But yeah, for me, I think it's just mostly been learning empathy for people and that people generally want to produce really great work, but you have to figure out how to get the best work out of them.

Ash Patel: That was a hard lesson for me as well. Not everybody is as motivated as you; or like you said, incentivized. So yeah, great advice. How do you guys find deals today? You're in a very competitive market.

Rohun Jauhar: Yeah, very competitive. It's nothing crazy. It's just through broker relationships. You build those up over time, find deals... When you're doing your deals, don't nitpick on things, do what you say you will, so on and so forth. Quite frankly, we just had to be a lot more patient.

Last year we looked at 1,000 deals, and we did two deals. One deal was 129 units for 29 million bucks in Orlando. And then we did our second deal last year, which was 336 units for $84.7 million dollars. And that's two out of 1,000 [00:24:49.01] and he's underwriting a bunch of deals every single day, and we do, too. So that's kind of it; one of those was true off market deal. The other one was on market. We just had to get creative with the terms that we were offering. But yeah, just primarily through broker relationships.

Ash Patel: What was the creative solution?

Rohun Jauhar: What we did on that one was we negotiated a 45-day closing period, versus everybody else was coming in at 60. These guys had some -- it was towards the end of the year, and these guys would have preferred that we could have gotten it done earlier, and so we were able to do that. But that's just a testament to working with our property management partner. We use Bell Partners, which is a company that's been around for 45 years, they manage 70,000 units, they cover our entire portfolio... So they were able to get things done really fast. Working with our loan broker through JLL. She is phenomenal. She was able to organize a bunch of third parties on site for us, and we were able to get things done very quickly; our due diligence - we walked every unit, but we were able to get things done in a very quick time fashion. And so those are the kinds of things you have to do, where -- it's tough to compete on price these days.

Ash Patel: What advice would you give somebody that's in your neighborhood, competing in your market, that's just starting out?

Rohun Jauhar: Good question...

Ash Patel: How does David battle Goliath?

Rohun Jauhar: Yeah, exactly... I would say you can't, to be quite frank...

Ash Patel: [laughs]

Rohun Jauhar: And I don't mean that to be demotivating... But if you're starting out, generally speaking, you're not going to be buying 120 to a 400-unit apartment complex. But what you can be doing is buying things that are much smaller, because that's not going to necessarily be in direct competition with what we're buying, but it's going to be in direct competition with what we're leasing for. So it's tough for me to kind of give advice on what we're trying to do, but if you usually start just doing something and protecting the downside, underwriting a bunch of deals, eventually you're going to find one. Be very specific with your criteria, talk to brokers, be professional, have great communication... When you're passing on a deal, say exactly why you're passing on this deal. Keep in touch with people, talk to owners of properties, those kinds of things.

If you're just starting out, those are the fundamental things that you need to be doing, which is just setting up a system where "Okay, every day I'm underwriting these deals, every day I'm calling this many brokers, every day I'm talking to this many owners", and eventually you're gonna start doing deals. After some time, you'll be doing the 100 to 400-unit, and then when you're competing with me, you'll just pretty much be doing the same thing, but figuring out, "Okay, how can I look at these properties from a differentiated lens?" But in the very beginning, I think those are the fundamental things to do.

Ash Patel: I don't buy that "You can compete with me argument." So let's say somebody finds a great deal, and if they can't compete with you, they present the deal to you. What would a typical finder's fee be?

Rohun Jauhar: We pay anywhere up until the low to mid six figures for a deal. So it's a really good point you brought up, which is a lot of people are not sure how they can get started and do these bigger deals... What you just said is what every real estate investor on Earth regardless of size wants, right? You could bring a huge deal to [unintelligible 00:27:58.02] and he'd probably pay you a seven to eight-figure finder's fee. So I think that is a great way to get in, which is similar to [unintelligible 00:28:04.14] A higher value task would be someone going to find deals and bringing it to people like me or others, and you get a finder's fee for doing those kinds of things... Because if you find great deals, those generate 10s of millions of dollars of value for investors.

Ash Patel: Yeah. So Best Ever listeners, Rohun spent 30 days underwriting 100 deals; you can go out there and start calling on owners of these apartment complexes that fit operator's niches like Rohun's. And if you can find a killer deal, you can have an incredible payday. But listen, it took these guys a year to find two deals. It could take you two years to find one deal if you're just out there pounding the pavement... But at the end of the day, if you put the time in - yeah, you can get rewarded very nicely for doing so.

Awesome. Rohun, what is your best real estate investing advice ever?

Rohun Jauhar: I'd kind of break it up... So one for LPs is read your PPMs. Those are very detailed documents; they have everything in there. So I don't know how many people read PPMs. Even for myself, I know investing as an LP in certain things I don't read the full PPM, but that's one piece of it.

The other one is having a systematic checklist for due diligence. I've found that some LPs just get on calls with GPs and will kind of just have a good conversation, like "Okay, I like this person. This is great", but there's no systematic, like "Okay, this is a checklist that I'm going to run through with you on this call, and I'm going to document these answers. This is my checklist that I use for every GP, and that I update as I get smarter." So I think those are two things that I would suggest for LPs. It's not really 100% passive; you've got to do the work to find the right GPs. Once you find the right GPs - okay, then it can probably be pretty passive. But you've got to put in the work first.

And then for GPs I think it's, again, two things which is 1) always figure out how to protect the downside. Every proforma is going to show up and to the right. There's never been a proforma in the history of the world that has not been up and to the right. And that's fine. But you'v got to figure out "How do I protect the downside on this deal if things go south?" and model out those risk scenarios. And then 2) just never be a forced seller; you'll likely never lose money in real estate if you're never a forced seller, and you're able to be patient.

Ash Patel: A lot of good points here. One, if the GPs don't stress test their own deals with the rising rates, or whatever it is, I don't know that that's the right GP. Everybody models up and to the right. But are they actually stress-testing their deals as well? If rents don't rise to their anticipated rate, then what? Great point.

I'm going to push back on the LP documents. I brought my very first LP investment seven years ago; I brought it to my attorney, very thick, and he's like, "What are you going to do with this?" "Read it. Tell me if this is a good deal or not." He's like, "Listen, these things are written so that the GPs can basically do whatever they want, other than being malicious, or intentionally deceiving you." So is it really worth reading those LP docs?

Rohun Jauhar: Yeah, it's a good point. I think about it this way... When you read the LP docs, you get a sense of how does this person operate. Even in your [00:31:19.00] GPs can have a lot of leeway to be able to do things. That's okay, but I just want to understand that that risk is there and I'm comfortable with that risk.

Number two, what I was kind of referring to about how they operate - when you see how a PPM is written... I mean, I've seen PPM that have a bunch of spelling errors in there, things aren't reconciling, just like the structure of it doesn't really make sense... It kind of leads me to believe like, "Who is this person using? And should I be trusting their judgment?" So I think that's the second point, is just like, "How is this person operating, and how this thing is written, and how its structured."

But yeah, it's a good point; you can't really push back on a lot of things, because you're one LP out of many, unless you're a huge anchor investor... But it's good to understand what is in there and what is the level of risk that I'm taking on, and how is this person operating.

Ash Patel: And also to your point, if they're upfront about fees, or if they bury them, right? I love the documents where all the fees are clearly listed out. The ones where they bury them, that's a problem.

Rohun Jauhar: Exactly. Just seeing how these things are written can give you a lot of insight.

Ash Patel: Rohun, are you ready for the best ever lightning round?

Rohun Jauhar: Let's do it.

Ash Patel: Alright, Rohun, what's the best ever book you recently read?

Rohun Jauhar: I read two books within the past month that are really good. One is called "Americana, a 400-year history of capitalism", or something like that... That one's by Bhu Srinivasan. Really good book, just about different technological innovations throughout the history of America, from the printing press, to the telegraph, so on and so forth. And then the second one is - I got into golf last year, and I fell in love with it... It's called "The Four Foundations of Golf", which my friend John Sherman wrote, and that has been extremely helpful for me.

Ash Patel: Rohun, what's the best ever way you like to give back?

Rohun Jauhar: We have a framework for giving back, me and my wife. One is to our local community, two is to our hometowns, and then three is just probably across the US and internationally. I think likely the two biggest impactful ways that we give back is one to this organization called [unintelligible 00:33:25.23] They actually kind of started as a start-up, they went through Y Combinator, which is one of the best accelerators in Silicon Valley... They were the early stage investors in Dropbox, Airbnb, and those kinds of things. But [unintelligible 00:33:36.13] it allows you to fund as little as $5 to people's medical procedures across the world that are living in poverty. So you can literally just go to [unintelligible 00:33:45.23] donate $5, donate $100, donate $200, $1,000, whatever, and pay for people's procedures.

And the second one that we do, which I think is the most impactful, is here in Austin we will take kids that are living in poverty and their families can't afford back to school shopping supplies, and we'll take them back to school shopping, buy things like school supplies, clothes, and those kinds of things.

Ash Patel: Rohun, how can the best ever listeners reach out to you?

Rohun Jauhar: Probably going to our website,, and just connecting with us through there. And then I'm most active on Twitter and LinkedIn. My handle is just Rohun Jauhar.

Ash Patel: Rohun, thank you again for your time today. Man, we covered a lot - starting out in Michigan, going into corporate finance... I'm glad you did not start a Domino's franchise and you found real estate, you scaled it... Thank you for all of the advice today.

Rohun Jauhar: Thank you so much for having me.

Ash Patel: Best Ever listeners, thank you so much for joining us. If you enjoyed this episode, please leave us a five star review. Share the podcast with someone you think can benefit from it. Also, follow, subscribe and have a best ever day!

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