Roland Gib Stewart 0:00
What happened was, of course $10,000 Even in those days wouldn’t buy you a 14 unit complex. So I picked up the phone and I called a number of friends. And all five of them loaned me money. They loaned me from anywhere from $3,500 to $5,000. My college roommate said that $7,500 to own a percentage of the building and we bought it bought the complex. Now the big the big hit came about 15 days later when they said you’re going to be late with your first payment that’s gonna hurt I don’t know where I’m gonna find that money. Buy a home mortgage for myself to the hilt.
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J Darrin Gross 1:07
Welcome to Commercial Real Estate Pro Networks, CRE PN Radio. Thanks for joining us. My name is J Darrin Gross. This is the podcast focused on commercial real estate investment and risk management strategies. Weekly we have conversations with commercial real estate investors and professionals provide their experience and insight to help you grow your real estate portfolio.
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Today, my guest is Roland Gib Stewart. Roland is an investor and a recently published author. He and his ex wife started with to $285 and have built that to $30 million in real estate and is still going and in just a minute we’re going to speak with Roland Gib Steward about how you can build wealth through real estate. But first a few reminders. A quick reminder, if you like our show, CRE PN Radio, there are a couple things you can do to help us out. You can like, share and subscribe. And as always, we encourage you to leave a comment, we’d love to hear from our listeners. Also, if you want to see our handsomer guest arm, be sure to check out our YouTube channel. You can find us on youtube bad commercial real estate pro network. And while you’re there, please subscribe. With that I want to welcome my guest, Roland Gib Stewart, welcome to CRE PN Radio.
Roland Gib Stewart 2:56
Thanks for having me there.
J Darrin Gross 2:58
Well, I’m looking forward to our conversation today. I’ve known you for a number of years. And I’m excited for the listeners to get a chance to know you as well. But before we get started, if you could take just a minute and share with the listeners a little bit about your background?
Roland Gib Stewart 3:16
Well, my background is pretty varied and you’re in reality but I lived in. I grew up in most of the major cities on the West Coast. My father was a medical supply salesman, who was also Army Reservist. And as born in Seattle, most of my growing up was in Portland, Oregon. Then I went to Los Altos, California for a year, and then graduated Santa Monica High School and went to Willamette University ran track. I also played a little basketball, but that was ruined by some so I got ended up in informer infirmary, then army, United States Army officers candidate school, my orders to Vietnam were canceled 24 hours before I got on the plane, which I was very thankful for. Got out of the army toured Europe for three months and then tried to find a job, which was actually very harrowing experience.
J Darrin Gross 4:27
Well, let’s talk about how you got started in real estate. And what you know what, what was the first first thing you did? Or how did you decide that real estate was a good thing to invest in?
Roland Gib Stewart 4:44
Well, we, we had built up to $10,000. And we started to decide we needed to do something. And so we got an account with Merrill Lynch and had a very good stock broker that grew That’s it probably 12 or 12, five. And then he went to manage one of the, I think it was a Berkeley, one of the U Cal Berkeley investment funds. Very nice promotion for him, but he heard us, we got a new guy on the block. And he drove our account to exactly $0.00. So the next time we built $10,000, was kind of by accident. I actually had a reasonable job by then. And Bonnie, my ex wife got a very good job. She was a tire batteries and salesperson for Chevron USA. And by the end of the year, we did a draft tax return about November, we said, oh my goodness, we’re gonna owe the government $10,000. So she turned to me and she said, What can we do about that? And so we buy real estate. And so we went out and looked at all sorts of things. We started with single family, and then we moved to duplexes and triplexes, and we finally ended up buying a 14 Plex in Southeast Portland.
J Darrin Gross 6:20
Wow. So did you did you actually buy single family properties prior to that? Or did you just look at them?
Roland Gib Stewart 6:28
We just looked at him.
J Darrin Gross 6:29
Okay. Okay. And how long between the the November
Roland Gib Stewart 6:32
We tried to mitigate our risk Darrin.
J Darrin Gross 6:34
Yeah, no, I appreciate that. I get 14. Yeah, well, with a $10,000 bill to the government, that’ll make a lot of I mean that, that’ll get your attention. Yeah, make you want to see what else you can do there. So I get it. So. So from like, November, when, when you were doing this kind of pre tax planning kind of thing to when you actually bought the 14 units? How, how much time are we talking,
Roland Gib Stewart 7:03
I’m pretty sure we got it finished by the end of the year, because I don’t remember, write the check.
J Darrin Gross 7:08
That’s awesome. So you were able to accomplish it.
Roland Gib Stewart 7:11
But what happened was, of course, $10,000, even in those days, wouldn’t buy you a 14 unit complex. So I picked up the phone. And I called a number of friends. And all five of them loaned me money. They loaned me from anywhere from $3,500 to $5,000. My college roommate said that $7,500 to own a percentage of the building. And we bought it bought the complex. Now the big. The big hit came about 15 days later, when they said you’re gonna be late with your first payment. That’s gonna hurt. I don’t know where I’m gonna find that money by the high mortgage for myself to the hilt. So I took the city bus over to their office. And I said, I said, I can’t I can’t pay this. Now what is there anything we can do it? And they said, oh, we’ll just put it on the end of the contract. So so another person loaned me $2,400. So I was really a debt.
J Darrin Gross 8:24
That’s, that’s funny, the kind of the lessons you learn. So, your, your beginning sound very similar to mine. And I’m sure many others that I’ve talked with and others that are maybe listening. And that just absolutely just stretching as far as you can to to get the deal done.
Roland Gib Stewart 8:46
To do something, right.
J Darrin Gross 8:47
Yeah, to get to get into real estate. And so once you got in, how long did it take for, you know, there to be cashflow or to recognize that there was an upside and that you’d made a good decision. And it wasn’t, you know, he wasn’t going to continue to be you know, stretched from from limb to limb.
Roland Gib Stewart 9:12
So we were probably full for 24 months. So things look pretty reasonable. Then I had my first move out. And that was a breakout, I had to take a garden rake and rake it out because there was so much litter on the floor, and then I could vacuum it. So that was an experience that I said, Okay, if I can handle this, I guess I’m probably going to be able to handle this thing. And and then our second move out was a move out in the middle of the night. And Bonnie was in a law class for her Master’s. And I ran back downtown and I said, okay, the Prophet said you can ask any question, and he won’t charge if it’s in class, ask him what I can do about this. And he said well She came back out. And she said, he said you could help her move out. Well, that was a rude awakening. So no, right. So my first two move outs. And then then the, the ad recession, of course, hit us badly. And I spent a number of weekend days out on the street waving, waving balloons and or holding on to balloons and waving to people trying to get a move in. I posted notices all over Southeast Portland, and we survived.
J Darrin Gross 10:36
So you had the 14 Plex? How long did you end up keeping that?
Roland Gib Stewart 10:43
Oh, 22 years? Maybe?
J Darrin Gross 10:45
Okay. So quite a lot. That’s a
Roland Gib Stewart 10:47
Plus or minus? Well, we let it pay itself off.
J Darrin Gross 10:49
Sure. And then did you acquire additional properties? Or how did you
Roland Gib Stewart 10:56
Partway through that. Partway through that maybe eight years, maybe 12, somewhere in there. A friend of mine who was in real estate called and said, my business partner needs to sell. And all he wants to do is cover his costs to get out of a duplex. So we bought a duplex out in Oregon City. And so now we have two properties. And then short while later, something came up. Oh, I know, I had to move to Pendleton. I, I became the state labor economist for Northeastern Oregon. And so we were kind of, I didn’t want to own long term out there, I bought a house for us. And so there wasn’t much going on there. And then I went back to the director’s office, the Human Services was a budget analyst and Salem, and then I was free again. And when things came up, people wanted to sell I was a, I was a good target of people wanted to sell I was we we kept accumulating money, which was kind of mostly the way we were brought up. Bonnie was brought up on a farm, he never knew when the crop was gonna come in. So they were always living on a budget, and I was real malleable. She taught me how to save really early on, I still do.
J Darrin Gross 12:30
No, that’s, that’s a good, good habit to have. And also, you know, it’s a good a good opportunity when somebody has to sell or wants to sell, as opposed to the people that really don’t want to sell I think a lot of times what you see in the marketplace is somebody that wants a price, but they don’t really want to sell kind of thing. And if you’re trying to underwrite a deal. It’s it’s important that you know, what, what the numbers are, what numbers you can offer, and what makes sense, as opposed to, you know, somebody that doesn’t, and not offer more than what you can offer. Right kind of thing to make it work. So, so you started off, you got the 14, you’ve added some additional properties. At what point did you venture into other asset classes? Because I I’ve, I’ve known you for a number of years now and I know that multifamily is not something that you’re right. I don’t believe you’re currently in Are you still in any multifamily?
Roland Gib Stewart 13:32
No. Mostly family? No. I think we may have one. I think we’re down to one single family. Rental.
J Darrin Gross 13:43
Okay. So so what was it that what what was the the impetus for the, the the reason you exited that and, and for the most part, I got out of that and gotten to more of the what I know you do a lot of the the medical office and also some office slash retail, but what was it?
Roland Gib Stewart 14:09
Luck, luck and luck.
J Darrin Gross 14:09
Luck, luck and luck. Okay.
Roland Gib Stewart 14:13
So, I was we we were worth a million dollars that when I was 48. So I decided I wanted to retire at 50. So I retired at 50. And then a dentist friend of mine asked said, You’ve been in real estate a long time, can you help me find a place where I can expand my dental practice? So I did that for almost a year and we never found anything. In those days, dentists offices let out a lot of not very good smells. And so most landlords wouldn’t let to him or wouldn’t rent them out. So after about a year of that, the dentist was driving home and saw a vacant lot next to a Fred Meyer. And we Bonnie and I did a 1031 exchange and bought that. And then we went out interviewing developers. And after interviewing the third one, we were on the way back to his office to drop him off. And he turned to me, he says, I want you to develop this. And I said, Who me? Like, like, I have any idea what that would be like. And he went through and he said, you’ve negotiated contracts for 10 years, you’ve done this, you’ve done that, you can do this. So we decided we would go ahead and try that. And and if I failed, we had the guy identified. In those days. I think it was all guys, all three of them. Were guys, we identified the one we would go call and say, Hey, can you bail us out of the struggle. And it ended up being a homerun. So it’s like, somebody told me once, if you hit a homerun on your first one, you hit hit button singles and doubles and triples for the rest of your life, and you’ll be in great shape. So we were very fortunate.
J Darrin Gross 16:18
So you, I didn’t realize that you’d actually developed that, that that when there by the Fred Myers. So developing, I mean, what was the what was your experience there? I mean, that’s, that’s a different, you know, different exercise than just buying and operating what was tell me a little bit about the development experience.
Roland Gib Stewart 16:39
I was, I was totally lucky. So we went out interviewing architects, we found David Welsh. We walked into his office, it was like a third or fourth office we walked into, and the guy had real modest furniture and did edit. And we said, this guy thinks the way we want him to think right. And so we hired him. And he did a phenomenal job on that building. So that was the first thing I had to learn. And then the next one was okay, now how do you get a contractor, so we had three or four contractors bid. And one of them happened to be the husband of a woman that I was on a church committee for. And he, she told him, she said, You better, you better give, Gib a good price. And he gave us what I thought was a really good price. So we hired him, and the building went up. And we already had the dentist, ready to take two thirds of a second floor and we went from there.
J Darrin Gross 17:51
That’s great. So you’ve got a foothold on the medical office building, asset class. And like I said, I know that you have several other properties. And how quickly after that first one, did you look to expand?
Roland Gib Stewart 18:10
Oh, maybe six months? The contractor, not the contractor that did the building, the contractor that did the dentist tenant improvements. Called me, we went out to lunch. He said, We should build more of these. And that’s what got me back in. I would have been retired the second time I probably would have quit. Who knows?
J Darrin Gross 18:35
Yeah, yeah. So tell me a little bit about the the financing for these. I know that you you and Bonnie were were big savers. And you You did a lot to you know, make sure you had some ability to invest. But as far as the these other properties, what was the dentist? Was he a partner in that that first building Are
Roland Gib Stewart 18:58
We stuck until the end until the when we stopped? Okay, so five guys. The contractor that talked me into doing more David Welsh, the architect Sita who’s now totally retired because I called him on an investment last week and he said, I’m old enough I’m not investing in anything anymore. Now, whether that’s true or that he didn’t want to give me $25,000. Okay, so our contractor, architect, dentist, my army roommate, when I was after we graduated from Officers Candidate School, we went to Kentucky, both of us, and so we decided to room together. It was a CPA out of Florida. And me so there were five of us. We all put in $2,500 in a pot And we started.
J Darrin Gross 20:05
That was it.
Roland Gib Stewart 20:06
That was it.
J Darrin Gross 20:08
And so is far as going forward? I know, development is fairly, well, I guess it all depends on how the bank sees the opportunity. How much did your experience and your success in the the initial property give you credit? Or did it weigh in your success with with lenders and others?
Roland Gib Stewart 20:36
Well, I found a number of banks to be open to the idea that, if the architect drew the plans, he should get credit for that. Not that he would charge us for it, but he get credit for it. And the contractor couldn’t build the building. And the contractor wanted half of his fee in cash, but the other half, because he actually put the building together, got credit for that. So that’s that, I was the developer. And I didn’t want any money at all. So I got credit for that. And then each of the tenants that came in, most of them chose to do their own tenant improvements. So in those days, we were getting 10 or $12, a square foot per tenant, what if you came off the street and you were a regular tenant? The market was saying, you wanted 10 to $15 per square foot. So the bank would write in another line item that says this $15 per square foot was, was provided by the tenants. And then we had our down payment we put the building.
J Darrin Gross 21:47
Now that’s great. So and that’s, that’s basically the way it was put together than the the the each one of the investors were participants at a level of, of effort, which was then recognized by the banks in the in the early going. So is that correct? That’s great. And did you as far as the formal structure of the group, were you? Did you just five partners, each equal partners in an entity like an LLC? Or was there different levels of, of participation?
Roland Gib Stewart 22:33
A lot of research went into how much the architect should be worth, how much the contractor should be worth, how much the developers shouldn’t be worth, etc. And we put those numbers into an LLC, and each of us got that amount of share. It’s an LLC, and it changed over time. By the time it was over. There were only two of us left.
J Darrin Gross 22:56
Gotcha, gotcha. So, in in from the first property to today, how many years have we are we talking about? Me second. I think I probably started the first one and 1998 or nine? So 25 years, I guess. Okay. And, and your strategy, have you sold any of the buildings? Or has it been? Have they all been long term hold?
Roland Gib Stewart 23:39
Long term hold? Okay. And that’s, you know, varies by building who all’s in because not all the tenants came in. And we were really fortunate because we were out of money after the first building. Is $12,500 doesn’t go that far. Okay, so. So we met a group of accountants, they had their own LLC. And I and we were fortunate enough that they decided we had a good plan, and they come with us, and they brought a chunk of money. And that allowed us to build the second building. same premise it I didn’t get paid the architect and the contractor go 50%. By then Barney was doing the books because my army partner came out, looked at the property and he said, This is too big. Somebody’s gonna get greedy and you’re gonna be in Alaska. So that’s the way that went. So we were down to four. Barney should have probably been allowed to take over the barrels share when he bailed out. We never thought that far ahead.
J Darrin Gross 25:00
Sure. So in the so that when the accountants came in, were they again, they were partners in, or members of the LLC, at the percentage based on their participation.
Roland Gib Stewart 25:15
Their participation was based on their needs mound of money, and we gave them for building 234, and five, we just spread the money out among those, and they became LLC members based on those.
J Darrin Gross 25:35
Got it. But there was never, I guess what I was curious to understand, because so much of what I hear when I talk with others is syndication or, you know, JV, or it’s rarely do I hear people talking about just kind of, you know, participating in a long term investment at a level that represents, you know, what the worth, you bring kind of thing or the, the amount of cash you’re bringing. In, you know, as far as the LLC goes, were there any, is there anyone? That’s the general partner? Or is it everybody just, it’s all the members are based on the percentage of that was determined based on the value
Roland Gib Stewart 26:19
Voting, percentage voting.
J Darrin Gross 26:21
Roland Gib Stewart 26:23
I’ve told people, anytime anyone wants to bail out, I’m more than happy to buy them out. If the LLC doesn’t. But every time it’s happened, everybody else in the LLC is distributed among the members. Right? So it’s easy, and it’s really easy to form an LLC, as you probably know. And that’s the only thing I was smart enough to do. I mean, when we, when we formed the LLC for the first building. A guy who’s become a friend and has been retired five years, he told me yesterday, drew up the papers for the LLC. And so this is my template, we go forward.
J Darrin Gross 27:12
Ya know, it’s nice to have a template as opposed to having to constantly redo or any, it seems to me a lot of the the simplicity of your structure, it could be part of the secret. Whereas I think a lot of a lot of investors that I speak with, the goal is to get in and then get out. And the attraction is, you know, more of the, if you can get in, you can increase the value, and then you can get out fast, you know, obviously, your, your, your, you know, your return looks significantly greater as a quick hit. But then you have challenges, you know, if you’re, if you’re able to do a 1031 exchange, or if you’re just gonna give most of that back to the government kind of thing. And were you with a long term strategy and the fact that all of your present like the majority of your investors have stayed in the whole time. And had some sort of a, a, you know, a long term commitment to the, to the the plan was there, you mentioned that, you know, occasionally there have been people that have wanted out, and the LLC is has bought their, their shares. Was there any, when you were putting this together, and you were getting everybody together? Was there any talk about what the long term goal was? Or was there ever anybody that was not in the same frame of mind?
Roland Gib Stewart 28:44
Well, I think of the first five people, okay, architect, contractor, dentist, my army roommate, me, I think everybody thought that that was going to be long term. Pretty sure. That positive I don’t know that we ever discussed it. We just put $12,500 in a pot and started on our way. I bought a I bought 12 and a half percent in a film company last week, okay. And I think it’s going to reach not full value. Okay. But I think I’m gonna get maybe a 200 300% return in a, like a three year time period. And I expect by five years, I’ll be 500%. And then I think it’ll probably keep on growing. I mean, the kid that’s running is 32 years old. He has 11 years experience in the film industry, and has developed books. I mean, this thing’s out of sight. So for me, it’s a long term Right, I’m going to be dead, then my kids.
J Darrin Gross 30:05
Right. But the the opportunity, I mean, you, you’re not one that’s always looking to get out, you’re looking to get in and grow something for the ongoing revenue stream. Correct. And I think that see, that’s, I think one of the things that I’ve always appreciated in our conversations over the years is, that’s my mindset has always been to get in. And it’s the long haul, it’s not always been about getting in and getting out, which I find so so many investors, they want to get into real estate, because they’ve heard about all the, the, you know, the big wins that people have had, but don’t always recognize the time that usually is associated with, with most real estate investors who stay you know, there’s a, there’s a big opportunity to win over time. You know, and there’s a lot of the value add, where there was people who were either tired or didn’t keep up with the market. And you know, to bring that up to market, you can, you can do that kind of thing. But, but really long term. You know, that’s always been my mindset. But let me ask you a question about debt with long term investment. When I first started to invest, what I first saw was that if I had a tenant in my rental, and they stayed long enough, whether it was them or them and others, that eventually that the note that I had against that property would be down to zero. And that would be I looked at as like another 401k. And that was the limit of my understanding of real estate. How do you see the use of debt? With with the portfolio, you have partners? Is it. I’m just curious, how do you how do you view the use of debt for or ongoing?
Roland Gib Stewart 31:58
Well, I think I’m coming to that reality right now. Because I basically wiped out all my checking accounts to pay my tax bill this year. That’s the first time I’ve been that low in a long time. So. So I have a feeling next year is going to be tough. So I probably will start accumulating debt. But again, ideally, I have 20 years left, I mean, I am, I have such a good life. It’s unbelievable. And I want to take every day out of it that I can, and if my health continues to be reasonable. And I get to still exercise as much as I like to in a day. And I can still make investments like I did last week. I’m excited every day I wake up. And it might mean that I have to start accumulating debt. If that’s the price, I’m here. And as long as I can stretch it out, make the payments, I’m in good shape.
J Darrin Gross 33:03
Right. And as far as like your real estate it have you had goals to pay off the debt, or have you have you you know, refinanced and done cash distributions?
Roland Gib Stewart 33:17
We’ve done cash distributions, but we have, yes, and almost all of our real estate will have second to last one paid off in three years, and the last one will be paid off in six.
J Darrin Gross 33:30
Roland Gib Stewart 33:31
Then everything we have, in all the states is all free and clear.
J Darrin Gross 33:37
That’s, that’s impressive, and I appreciate you sharing that because that’s, that’s something that, again, I think that especially in the low interest rate environment we just came from, there’s a mindset of, of younger investors, newer investors just get leveraged up to you know, leverage as much as you can, you know, and in the short term, I think, if you if your plan is to get in and out, it makes you can make sense of that. But for somebody it’s really looking to hold something for the duration for forever. It clearly the strategy with debt is a different strategy. And, and, you know, you may not get the interest rate off, but you also don’t have the debt payment. So, you know, I appreciate you sharing that because that’s that’s not something that’s that’s something that’s been the that I’ve had, you know, other guests comment on because I think a lot a lot of them are don’t have such a long term hold view of of the situation,
Roland Gib Stewart 34:47
and I just might not be smart enough to do the right thing. I mean, well, the comfortable with that, you know, I do the best I can, as creative as I can be and The I take the risk that I find to be reasonable to me, right? The other day, I met a young man who just seem to be potential potential potential, right? And I asked him where he was going. And he told me and I said, Well, wait, why aren’t you going there? He’s because nobody has any money, which you and I know, is false. I mean, that’s just false. If somebody wants to do something, I can teach them how to get to $50,000 within a couple of days, right? So they got want to do it. Almost anybody can do it. So I said, Okay, you got $100,000 My money? Let’s go do something. So we went out, and we reviewed four different companies decided to buy one of them. And he’s driven the company from 400,000 to $3.2 million over four years. So I mean, it was a lucky, lucky bet. I mean, he could have gone bankrupt, right. But I could have been stuck with another $300,000 worth of debt, because we bought the company for 400,000.
J Darrin Gross 36:09
Wow. Well, but But again, I think the you know, you are, I don’t say you’re unique, but I think you are rare, in that, I think most people, and I say most, most people listening to this, this podcast, are entrepreneurial, or looking to invest or looking for some way to increase their lot in life so that they have more assets, more time, more more cash flow, then they’re financially free. And that’s really the goal of, of, you know, I think most everybody listening here, but by and large in the masses, that’s not, you know, that’s not the case, there’s, there’s always a way to look, look to spend more than, you know, or everything you make and more. And, you know, not understanding that you need to do something beyond, you know, your your eight hour or your 40 hours a week job, where you’re working for for someone else. And so I appreciate you kind of kind of sharing it.
Roland Gib Stewart 37:13
Well, I explained to somebody the other day, I said, hold it, if you really want to do this, and you have $500,000 worth of debt available on your credit card, get the 500 that or the $55,000. Actually, it’s 500. You take the 500, and you do it, and then you make it grow. And it’s up to you to make it grow. And then you pay off that damn credit card, because that’s drowning, you realize that 16 or 18%? And you should be having that money for yourself, pay it off, decide?
J Darrin Gross 37:51
Yeah, no, that’s, that’s, you know, the, the availability of debt is endless. There’s always, always somebody out there looking to lend you money, and recognizing the the cost of that money. And, and, but also, you know, like you just mentioned the opportunity, you know, if you have something you really want, and you believe that you can go forward and improve your situation, whether it be real estate or business opportunity, and you know, that you know, that you can do this. I think that’s more power to you. I mean, because that’s a great. I know, the more I’ve talked with people on on this podcast, and the more I’ve gotten to understand the real estate have also come to understand the opportunity for people that own their own business. And, you know, real estate, real estate is a business, it’s not just a, a rental property. I mean, when you when you’re, you know, especially when you’re buying commercial properties. And, but But there really is an opportunity to grow and improve your, your, your end result for your own personal finances. So I appreciate you sharing that.
Roland Gib Stewart 39:06
I don’t know if it’s true or not Darrin, but to me, there’s a shortage of really motivated people. I don’t know if that’s true, but I surely I keep looking for people to invest in right. And my goal at the beginning of the year was my New Year’s resolution was to start associating with younger people. And so far, I started to be successful in that. I think that’s important to get, get get there and talk to them and learn from them.
J Darrin Gross 39:44
Ya know, definitely. That’s what’s coming in as opposed to what’s already been probably a good good strategy if you’re looking for the future and investing in the future. I believe in Yeah, well, good, cuz we need, we need to, we need to have something positive look forward to. So that’s good. Hey, Roland, if we could like to shift gears here for a second, my day, you know, I’m an insurance broker. And I work with my clients to assess risk and determine what to do with the risk. And there’s three strategies we typically consider, we first look to see if there’s a way we can avoid the risk. And if that’s not an option, we look to see if there’s a way we can minimize the risk. And if we can’t avoid nor minimize the risk, then we look to see what could transfer the risk. And that’s what an insurance policy is. And as such, I like to ask all my guests, if they can look at their own situation, could be clients, tenants, investors, political. However, however, you would like to identify what you consider to be the biggest risk. And for clarification, again, while I’m an insurance broker, I’m not necessarily looking for an insurance related answer. And so if you’re willing, I’d like to ask you, Roland Gib Stewart, what is the biggest risk?
Roland Gib Stewart 41:19
I think right now, the biggest risk is the availability of money. Okay, so we got a lot of money available today, right? So in July, when we, the country hits its debt limit, what’s going to happen? Are we going to all collapse? Is this whole thing going to just the glass is going to break? And we’re going to all be wondering, Can Can, can I really get the money out of my credit card? I want to eat this week. I’m having fun. How do I continue this? So my biggest concern right now is that somebody’s gonna push us over the edge, which I think will damage the entire world’s economy, and our country will never be covered. And I don’t want that for my kids or my grandkids.
J Darrin Gross 42:13
Yeah, no, that’s, that’s a kind of a depressing thought to think about. But there’s a lot of a lot of pressure. And I think the thing that always gets me going kind of frustrated is that how many people have the ability to push it beyond for their own benefit? While I’m not necessarily concerned about the consequences kind of thing, which that’s kind of a personal perception sometimes. But I get it. Roland, we didn’t yet mention you mentioned you’re an author. But tell us a little bit about the book you’ve written.
Roland Gib Stewart 42:57
I brought it over, Learn, Apply and Grow Rich.
J Darrin Gross 43:04
Okay. That’s a that’s a good 123 there like that.
Roland Gib Stewart 43:11
I’ve never considered myself really smart. But when I first got into real estate, I had one heck of a lot to learn. Shortly after I got I got to be pretty friendly with the chief lieutenant for the contractor that sold us the building. And a few months down the road, he says, you just need to know that your two worst nightmares, as long as you stay in this business are going to be keys. And the second one is parking. Yay. Two of my things that haunt me are keys and barking Luckily, I’ve pushed that off on someone else. But let me tell you, those are those are the two things you got to worry about.
J Darrin Gross 43:55
That’s That’s funny. The keys and parking definitely, definitely something to be concerned about. Roland where can the listeners go if they’d like to learn more or connect with you?
Roland Gib Stewart 44:10
My email address is firstname.lastname@example.org And it’s just all spelled out. Continueforward@live.com.
J Darrin Gross 44:23
Got it. Roland Gib Stewart. I can’t say thanks enough for taking the time to talk today. I’ve enjoyed it. I always enjoy when I talk with you learned a lot and I look forward to doing it again soon.
Roland Gib Stewart 44:37
Thank you, Darrin. Appreciate it. Take care. All right.
J Darrin Gross 44:40
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