Charles Chandler 0:00
Really, it just comes down to saying what your intent is and what the end state of something is, and then allowing that subordinate leader which in that case, I was the subordinate leader to then execute as I saw fit. As long as the intent was there, I stayed within that left and right limit boundary. And then I met the end state, which that my commander, my boss laid out for me that that kind of theme is kind of how we communicate internally as well. We like to let people have that creativity and whatnot, to get the mission done and get the job done. But just providing the overall intent and then that allows people to make mistakes in which you can go back and then look at it and refine it and provide feedback and that that that constant loop is kind of what occurred overseas back here in the US training. And again, that has been very transferable over on the business side as well.
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J Darrin Gross 1:17
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 who provide their experience and insight to help you grow your real estate portfolio.
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Today, my guest is Charles Chandler. Charles is the co founder and CEO of My Tennessee Home solution, a real estate solution company composed of veterans dedicated to hard work and service in the civilian world, just as they were during their time in service to their country. Currently transitioning out of the military. Charles looks to help others use their God given gifts and talent to help themselves and others. And in just a minute, we’re going to speak with Charles about building a team and investing in real estate.
But first, a quick reminder, if you like our show, CRE PN Radio, there are a couple of 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 how handsome Our guests are, be sure to check out our YouTube channel, you can find us on YouTube ad commercial real estate pro network. And while you’re there, please subscribe. With that, I want to welcome my guest, Charles Chandler Welcome to CRE PN Radio.
Charles Chandler 3:13
And thank you so much. I’m glad to be here. Looking forward to
J Darrin Gross 3:17
Well, I’m looking forward to our conversation. Before we get started, if you could take just a minute and share with listeners a little about your background.
Charles Chandler 3:27
Yeah, so I’m Charles Chandler, originally from Alabama, went to school up in New York, and then found my way back to the south. End of the military commissioned as an infantry officer in 2017. From less point and then my first duty station was at Fort Campbell, where I was able to reconnect with some of my classmates from school in which we decided to kind of pivot that current glide path of doing a career in the military instead of starting a real estate investing company, my Tennessee home solution. And so that’s kind of kind of where got us where we are today. It was about two years ago is when we really broke ground on everything. And then now from the single family side. We’re transitioning a lot into the multifamily space. So a lot of us are almost out right now. And so we’re just looking forward to reconnecting get everybody back in the Nashville area and keep getting after it.
J Darrin Gross 4:24
Awesome. Well, first and foremost, I want to say thank you for your service. It’s an incredible commitment you guys make and and very much appreciated. And speaking about your military background, you mentioned your you said infantry was was the the division you were in or the Caribbean, right.
Charles Chandler 4:50
Yeah, so we tried it. Myself and my partner Jordan, we commissioned as infantry officers.
J Darrin Gross 4:56
Okay. How has the military training He received help you with your real estate investing career.
Charles Chandler 5:04
A ton, there’s a lot that’s really is transferable. I think that the majority of it just comes to just relationship building, learning how to communicate well with people. And really just being able to have a lot of trust, especially the first and foremost is really kind of going through that break down process of previous background of wherever you grew up, or hometown friends, or anything that kind of might have potentially been a bad influence and going through the different trainings and environments, and everything just kind of really molded you into a person that not only the military wants you to be, but they the military understands that there is a an exit from the military later in life, and they want to want individuals to continue to be contributing to society. And so I think a lot of initial core values that we have, as a company stemmed from a lot of the stuff that we’ve gone through and experienced and having a shared chair background definitely helps. Not only internally, building our team, but then also kind of what we want to project out to others and what others are, sense and feel and like have a sense of gratitude overall about doing what we’re doing right now.
J Darrin Gross 6:13
It so in your in your role in it as an officer in the infantry? Can you describe kind of what what a day are? Or kind of a, you know, your level? And then what your role was, as far as working with others? Was it? Were you kind of the were you receiving orders and then distributing those? Or were you were you the one that came up with ways to accomplish the goal? Or how how What was your role in in in that?
Charles Chandler 6:48
Yeah, that’s a great question. So why had a pretty interesting experience overall, I was very blessed to just be able to went overseas, served in Syria, actually, I actually took my platoon it was a roughly 30 individuals during the first month of that, that tour, and there was a lot of autonomy from our my one above my boss, which the military does a good job of, and is really trying to get better out, which is mission command, which really just comes down to saying what your intent is and what the end state of something is, and then allowing that subordinate leader, which in that case, was the subordinate leader to then execute as I saw fit. As long as the intent was there, I stayed within that left and right limit boundary. And then I met the end state, which that my commander, my boss laid out for me that that kind of theme is kind of how we communicate internally as well. We like to let people have that creativity and whatnot, to get the mission done and get the job done. But there’s providing the overall intent, and then that allows people to make mistakes in which you can go back and then look at it and refine it and provide feedback and that that that constant loop is kind of what occurred overseas back here in the US training. And again, that has been very transferable over on the business side as well.
J Darrin Gross 8:18
So let’s talk about that on the business side with real estate. You said there at least I read that you’re the sea COO, correct? Yes. All right. And then who? Who were the people on your team? How big is your team? And what are the different roles and and how do you guys work between our housework done between the the different roles and different people?
Charles Chandler 8:45
Yeah, so we have, there’s seven of us right now, myself, at the CEO role, just kind of going the day to day providing check ins are really just making sure operations and processes are going smoothly, and able to put out fires as needed and doing a lot of networking and whatnot with different vendors and investors that we work with. We have our CO CEO, Jordan, business partner, he does a lot of our growth really streamlines a lot of our push over to commercial multifamily as well. And then there’s Briard, who’s our chief investment officer, he kind of heads our dispositions as well and investor relations overall. And then we have an acquisition side as a two man team. And then our project manager who really oversees a lot of our flip projects, as well as property management and whatnot. And then we do have a creative director which is essentially our our in house real estate agent, who also helps kind of make the designs with everything and then list the properties for us and whatnot. So a lot a few of us definitely wear multiple hats. We got every role that we need. Uh, definitely has someone assigned to it, sometimes you’ll see the same name in two different positions. But for the most part, we need to know our lane pretty well. And the communication is pretty streamlined, which helps again, just having a smaller leaner team able to be able to do that a little bit more efficiently.
J Darrin Gross 10:19
In and are all of the members ex military or current politics six
Charles Chandler 10:26
out of the seven are the in house agents actually my wife and so keep having that in house has been a huge asset overall. And it’s really appreciate working weather and everything she’s able to put up with, but she’s just the spouse of one of the military ones.
J Darrin Gross 10:47
So having that kind of language and experience I would think could be very helpful if not just critical to your guy’s success as far as your your your level of communication and expectation and, and that define the kind of almost like a shorthand for your, your ability to communicate and get things done.
Charles Chandler 11:10
Yeah, definitely. We, the good thing about being in the position we are now is that we’ve seen a lot of good and bad styles of leadership, good and bad styles of communication, being at different places as well. Having a breadth of exposure has definitely helped. And so now, I think, again, being a leaner, smaller team, but then also having a collective shared experience being in the military, we’re able to really adjust and refine to things that fit our style, and fit kind of the market shifting as it is right now. and whatnot, and being able to be flexible and pliable enough to pretty easily make adjustments as needed, and especially given feedback to each other, which is huge. Everyone’s got pretty decent, thick skin, we’re able to communicate effectively. Talk through any issues, very good. And our cadence of accountability is what we kind of call it. And so that has definitely been a huge, huge standard that we’ve experienced so far.
J Darrin Gross 12:18
So can you describe some of the challenges or, or issues you face transitioning from military into full time real estate?
Charles Chandler 12:31
Yeah, definitely what we go through right now, kind of being somewhat virtual, in a sense, with some of us, we do have our office in East Nashville, which kind of serves that that as that hub right for everyone, but a couple of us are still in those final months right now. And so being virtual at times and rely, you can’t have a long distance relationship work if you’re only texting. So we have to get on the phone, we have to get on Zoom, we have to get FaceTime or whatever. And really use different forms of communication effectively. And so it inherently there at times, there’ll be issues with that, either in delay of communication or misinterpretation of of text messages, or emails or urgency of different things. And so I think those are common to a lot of teams. But I think that we’re able to really make it make an effort and appoint one to do our do evals with each other or what we call kind of alignment huddles with each other every month, and just making sure that we’re staying on the same page and a big thing too, we do quarterly retreats every quarter that way, it just everyone’s together, able to talk, go to dinner, have a have a good kind of unplugged time, all those kind of various central team building aspects, really kind of mitigate any possible issues that we might have just when we go through at a quarter’s length of time being virtual, in a sense.
J Darrin Gross 14:04
No, it’s good to have some sort of regular interface in or in person. Opportunity to me like that. Was there any thought given or was it just more a matter of everybody had kind of mutual interests and you know, wanted to do real estate as to who joined your group or was there? Can you describe how you how you came together as far as the the were the roles that needed to be fulfilled? Or was it just more of a conversation of mutual interest? Or how did it how did you guys identify each other and come together for real estate investing?
Charles Chandler 14:47
Yeah, that our guidebook is able to see on the screen I’m just pulling up the book who not how. excellent book by Dan Sullivan, Jordan and I act So when we when I had mentioned earlier about reconnecting with classmate, he was kind of a lone wolf, kind of solopreneur, if you will, doing real estate on the side while still in the military. And we got, we struck up a conversation, and it really interested me about what he was doing the, you know, the general revenue he was bringing in and clearly had an out from the military that would provide more time and flexibility and just peace of mind overall. And so, he and I definitely had a very strong shared vision of that, of what we wanted in life. And so my persistent questioning and communication and him kind of developed into us doing a single deal together in which we partnered on, which I do strongly recommend, if you have partners to definitely just do a deal together, to really see and flesh things out. And, and so he, the value I brought was really just the work ethic and the deal itself, like working to find it find a good margin deal and whatnot. And so with that turned into was Breyer, also joining our team, as someone again, very, very smart, super, not only witty, but just very able to communicate with people and understand immediately what it is that they want, and then be able to frame conversations around how we can get them what it is that they’re looking for. And that’s and he’s a perfect fit on the investor relation and our disposition side. So the three of us, my wife, had been an agent before and decided to actually stop her grad school for being to become a teacher. And she actually came to to do this full time, she saw the kind of the team that we were building and whatnot. And so she decided, well, I love I love real estate, I love designing things. And so that was a great fit to kind of initially work on those flips that we were doing, and rehabs. And then that was kind of the core team there for a while as for. And again, we went through a series of personality test, the disc, Clifton Strengths, Kobe a, there’s a lot of great resources out there. And so we went through it all we better understand how do we each communicate in on the poster behind now even we even have all of our disc profiles kind of outlined under the name. So you just kind of know who, what to expect from WHO and Jordan is a dynamo. So if you don’t know what a Dynamo is, but he, he gets it, he gets results he achieves. And so that, and it’s just been great to really understand deeper levels through that. And so, Max really came the need for, you know, kind of growing, more lead flow, looking to generate continuous revenue. And so I had, who is now our sales director, Spencer approached me and I knew him from school as well. And so I guess just having that internal network of just knowing, knowing people having references, in whatnot, I just, he’s the perfect fit to talk to somebody on the phone, he makes everyone feel extremely warm, secure, competent. He could talk all 24 hours a day, and not even think about blinking an eye. And so he, he was he’s an overall great fit. And then from there, we lead into on our project management side with Nick, who again, one of the most loyal, hardest working very just results oriented as well. And then our final most recent hire that we just had assistance or was Jay who, again, within the personal network, referral based and then going through a series of in our hiring process, again, we really rely on the who not how
kind of sentiment there and I already have the the person that we’re looking for kind of built out. And then we take them through a series of different style interviews to different scenario based situations and whatnot, to really see, you know, do you even believe in the core of that our core values and mission statement? Are you a good culture fit? How are you on like, when cold call on the phone just to see how they were? How they respond, reply, and then a lot of different situation based questions just to better understand outside of any kind of cookie cutter, interview questions. And so I really think going deep on the understanding personalities has led us to again, where we have a strong lean team that does have a couple multiple hats but but we communicate really well we get along really well. We found a lot of really good team retreats that has just continued to push us into some strong momentum especially in in this year despite any, you know, fears of housing crashing or anything like that. We just we’re full steam ahead and we’re getting after and we’re loving it,
J Darrin Gross 20:00
Now’s Great. Appreciate you kind of walking us through your your different team members there. Now just to be clear, that sounds like did you guys start off flipping single families? Was that the starting?
Charles Chandler 20:15
Yes. So that’s what was essentially like the cash generator, if you will, doing some wholesaling whenever we had too many projects at once needed, just again to maintain the consistency of cash flow, rehab and flipping houses. And then from that we knew the intent from the start was definitely to get into multifamily. But we needed a bit of a track record some credibility, a strong team, build out some processes and whatnot, and then overall, just have cash flow and have a strong balance sheet. And so we from that, myself, Jordan Brier are able to almost kind of remove ourselves from the day to day, single family operations we have we have a great pulse on it, we understand where we need to fit in to help and assist, but we are moreso, spearheading what, our multifamily efforts. And so in February 25 of this year, we closed on our first indication. And so now we’re looking to essentially repeat the process. Now that we are essentially just writing out our entire kind of way court process on the multifamily side. So that’s what what the product that you’re seeing now is the differentiating single family and then multifamily entities, but still a lot of the same faces.
J Darrin Gross 21:44
Got it? And do you still continue to do the single family flips for like cash flow? Are you are you 100% To the multifamily side?
Charles Chandler 21:54
Yeah, we are actually doing five flip projects right now. And it’s a huge reason for that, too, is because it does have a very positive impacts on the local community, the Middle Tennessee and national grid in Nashville area, we’re able to help a lot of people out that our big thing is just trying to have this make a difference. That’s one of our core values, that’s a big thing that we just want to be able to do, if it’s donating to local charities each quarter, to help an other veteran as homeowners out helping people relocate. And we stay within that affordable housing price point as well. Because we know what the demand what the need is there’s plenty of institutional buyers in the area which is which you know, they serve their purposes for you know, for who they answer to, but we try to keep the what who we’re selling to families, people move into the influx of individuals, especially the Middle Tennessee is is just growing rapidly the the influx of businesses come into Middle Tennessee against growing rapidly. And so the demand is gonna stay there, that supplies still is very simple, very still very low. And in general inventory days on market is still generally single digit across Middle Tennessee kind of vary slightly county to county, but that will definitely may be essentially our bread and butter. And then we’ll we will continue to gain units and assets under management on the multifamily side. Which the big benefit for that is essentially to our retirement plan.
J Darrin Gross 23:32
Ya know, amen to that. Tell me a little bit about your first syndication.
Charles Chandler 23:39
What a story. Yeah, we, the way we were able to get that was it is in Tennessee as well, which was nice. Only about isn’t Chattanooga, so just a couple hours drive away. And with a lot of authority in the South that it that was a huge, huge benefit. And it’s it was being run very poorly. The the the individual that was managing an individual that owned were in a partnership that went south very quickly. And so they were essentially a motivated seller that there were multiple buyers for it and their financing kept falling through. Because one side was being ran essentially as a as a short term rental, Airbnb, and while the other the other side was weekly rentals, and they were very dilapidated, very poor condition. But honestly surprised many of them lived in that state of of housing. And so we were fortunate to have some very good relations with the broker, which is another one of our key acquisition kind of frameworks on the on the multifamily side of just again, building those relationships and understanding people trying to bring value and so that’s what happened with the broker and she just let us know that if we were able to get financing in line and You know that we’ll definitely be able to close. And so we came in as a backup offer, were able to get financing lined up. And really the way this was able to work was that we came up with a creative business plan that showed that we were able to stabilize a 32 unit asset that was essentially needed in a complete full gut remodel. And so we were able to do raise 1.3 million within primarily the West Point, network, again, going back to the military roots and, and all that trust and everything in the values that that we grew up in, which inherently when this deal can, and we pitch it to potential investors that it was the automatic just yet. Let’s see what you’ve done in the single family side, we know who you are your background, like trust you. So we were able to get that deal closed down. And so right now we’re finishing up the majority of the of the rehab. And again, it’s 32 units, we essentially turned it into a boutique hotel that we’re running with an average daily rate of about $110 a night, the pro forma for it, we were thinking maybe 90 A night and we underwrote it at a 6% rate. But we were able to lock in at 3.95. And so it was overall was it’s it’s becoming a great asset for us. And so a lot more due diligence is probably the biggest learning point. This is where we’re in right now.
J Darrin Gross 26:33
I’m curiously I hear a lot about, you know, the the hotel motel space becoming kind of an opportunity. Was this. Was your intent always to operate it as more of like a hotel? Or was it to be like a long term rental?
Charles Chandler 26:53
Yeah, so we did some analysis with on the short term rental side, and we the individual that is running the private property management for It specializes in short term rental. And he’s local to the area as well as a great track record. And then we did air DNA had a lot of great statistics as well. And Chattanooga actually came in at number three in the US for top short term rental vacation destinations. And because we were able to see the financials on 15 of those 32 units that were that were being run as a short term rental, we saw that that is where the potential was, was to actually operate it as such. And so we did get it rezone, which was again, another huge value add. So now when we do go to exit this property, had already be rezoned, it’s been rebranded in and out to be completely renovated with a lot of amenities as well that kind of make it more of a desirable location rather than a honestly kind of a dump.
J Darrin Gross 27:57
Sure, no, I just say I’ve talked to the few different investors here lately. And I think that that’s kind of a space that’s people are looking towards, based on another guy I talked with, it’s it’s really hard to build a hotel that’s less than 100 units anymore based on just the cost. So there’s a lot of like legacy properties and places that you know, there’s not likely to see a lot of investment that can be bought and renovated and rebranded and operated profitably based on on love the short term rental marketing platforms and, and all that. So that’s great. That’s, that’s awesome. Are you looking in that space for additional properties? Or are you? Or is it more of the like the traditional long term multifamily?
Charles Chandler 28:53
Yeah, we, I agree with you, we definitely see a void there to where we can step in into the boutique motel hotel space, and really kind of make that our niche thing that we’re able to become eventually at a mastery level at and so where people aren’t is where we want to be. That’s obviously that’s very common. And so that moving forward, yes, that’s a model that now that we are stabilizing and seeing the the fruits of our labor start to come out. Yes, that’s definitely a kind of a way forward not to say that we wouldn’t do a value add for a b minus or a C, property of a long term rental. Absolutely. But we do know that this this current model definitely has a lot more meat on the bone.
J Darrin Gross 29:42
And with that, again, you know, compared to like a traditional long term rental, the operations are kind of they’re more intense or they’re just more day to day with the turnovers kind of thing, which is kind of the business model anytime challenges with with the operations of the business. Within that the hotel model are is that any, any any issues there that you had to overcome? Or they presented themselves?
Charles Chandler 30:15
Yeah, so we kind of talking back again about the individual. That’s now the operator for it really strong and great strategy that I would recommend for those getting into this space, as well as not only was he more so local to the area in new types of finishes, and whatnot, but we only put up one to two units at a time and let those go for about a week to two weeks. And that really allowed for those on ground to get into that routine, that rhythm. And then but guest even in their reviews or comments are really trying to get some initial surveys of what do you live, what do you think was missing, and then get it slowly open up units prior and not just letting Mogh come online at once, because I guess the initial thought is, oh, we got to get them up operational as fast as possible to drive revenue as fast as possible, but then you risk losing revenue, because you’re having to make multiple changes across the mall, instead of just very piecemeal, slowly bringing them online and then making the adjustments. As as people are booking and using them so that we haven’t seen those issues yet, because we’ve been able to keep them internal and not have to experience with a gas or, or unfortunately, or potentially get a bad review or whatnot. So we kept it internal.
J Darrin Gross 31:41
That’s, that’s a good management strategy there to kind of be able to react. Yeah, you know, more more quickly to any kind of needs and incorrect rather than have some big tidal wave of complaint or, you know, negative ratings or whatever they would tank the experience or so with, with your kind of go forward, look on things looking for additional property similar to this, what is your strategy for finding the next investment opportunity.
Charles Chandler 32:17
Yet, the biggest thing that we know that we can do, and that we can leverage, it’s definitely our ability to make a build and make relationships talking with current owners of properties that potentially look somewhat rundown, but we are staying in that more mid sized unit number two, where there’s somewhat less competition. And then still staying on LoopNet as well and trying to see what what we’re seeing that’s going in and out of contract kind of how this one was. And then using this as like that platform essentially of, of credibility in that and that is what’s going to help stay in that boutique motel hotel space, as you know, accomplish one year looking at, you know, replicate similar business plan in this location. Definitely trying to stay in locations that are clearly seeing the year over year growth increase and things like that. So our underwriting is something that’s evolving right now just based on what we’re seeing with this current asset, but broker relations, that is what we see as kind of number one. And then number two being the value add potential, if something needs to get rezone, or if there’s a property that’s just being clearly mismanaged or managed improperly, which easy to see based on reviews and look at and stuff like that. So the information is definitely there. Just takes it’s just the hours now to kind of come through that
J Darrin Gross 33:48
Panning for gold. So on the the motel kind of space asset financing, were you able to or did use a local bank or what what was your financing? Would it look like?
Charles Chandler 34:07
Yeah, initially, we were trying to kind of go at it ourselves before we’re using a broker. The kind of the big roadblock that we were hitting, I think was our terminology. We are essentially saying short term rental complex, which kind of put some fear in some lenders and so just changing the word into boutique hotel, soften the blow. And so we did get, we use Capstar. Great lender. When we initially sent in or were started about to receive term sheets we were saying in our pro forma one lesson learned was that yes, we underwrote at potentially getting a 6% interest rate. And so a couple term sheets we got they just put it up. They’re gonna give us a 5.5 say now that They’re kind of playing our hand a bit, but what they get with Capstar locked in at 3.95, it’s on a five year ARM 25 year amortized. So, initially it was 20. So we’re able to kind of go back and forth. In talking go into the 25. Six, which honestly was a great learning point about, you know, we, we want your business we want to work together, this is just where we need to be at, in maintaining the kind of the negotiation essentially all throughout, not really just accepting first term sheet that we saw. So having some having some patients there, which, again, it kind of these themes of what we kind of experienced and go through the military, that’s a tactical patients is what we call it. And, you know, waiting until we really kind of see what it is that we’re looking for. And that’s going to be favorable, not only for us, but more so far for our investors. And so that, knowing that we had a big value add or rehab product coming up, we definitely needed as much margin and security on the financing as possible.
J Darrin Gross 36:07
That’s awesome. So the the current property, is it running full tilt? No, are you on fully operational,
Charles Chandler 36:15
half of it is. So you got 15 of those 32 units that are up running right now. Because it is it is technically on two parcels. We were able to rezone it and get everything rebranded into when we do go to exit it’ll it’ll sell as one. And so one side essentially is good to go while the other is going through the full guy total total makeover, total rehab on it a lot of issues with the septic and everything and said really just putting on new systems in, again, huge rehab project. But we have a great contracting team that their office is just a mile up the road, thankfully. So that was they have to see it every day essentially going to work. So halfway there.
J Darrin Gross 37:06
And as far as the capital for the capital improvements, was that part of your raise? Or were you able to include that in financing? Are you doing it out of cash flow? How are you? How are you paying for the improvements?
Charles Chandler 37:21
Yeah, so that was initially all through the initial raise with limited partners who was for the downpayment, and then also for the capital, the capex. What we came across, though, is that because we’re able to raise the daily rate based on the finishes that we have in those first 15 And then we also installed some really nice high end amenities outside Zeebo grills, like more of a park aesthetic, and a sense, that’s also kind of helping connect the two properties. So we actually needed to do a capital infusion. And we went back to our lender, because we, we had the property essentially at a 60 to 65% loan to value and so that we had a ton of margin and we weren’t necessarily over leveraged. And so we that’s what we just recently, were able to get additional financing from them. To help finish out the remaining 17 units that the overall for that was way more than what we initially thought, especially the septic, essentially just installing the whole brand new system for it. And then completely redoing all the wiring plumbing. Again, you don’t you never know exactly how bad it is, until you pull everything back. And it it, it probably couldn’t have been as worse as what you can imagine just a step up from a tear down really, the bones are good, but that’s about it. There’s, I’d also say the reason for that is there’s even more potential to actually build on the land to create additional units which is something that once we see it at a full stabilization, we’ll kind of talk through that and also talk with in with mentors and whatnot, but it’s on a decent amount of acreage and so there’s there’s built up additional buildable land, which just overall increases that the value for it and see if when we exit if a new buyer has that interest and whatnot.
J Darrin Gross 39:19
Not sounds exciting, it’s always nice to have options and and for for growth and and plus I mean just the you mentioned the financing, how you underwrote it for higher interest rates and what you were able to get your your revenue is exceeding what your projections were. So I mean, those are those are two good, two good numbers and, and I’m sure they’re, they’re going to help you be successful for quite a while. That’s good. Hey, Charles, if we could, I’d like to shift gears here for a second. By day, 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 a three strategies that we typically look to, to see if we can solve the risk. The first is we look to see if we can avoid the risk. And when we cannot avoid it, we look to see if there’s way we can minimize the risk. And when avoiding or minimizing is an option, we look to see if there’s a way we can transfer the risk. And that’s what an insurance policy is. It’s a risk transfer vehicle. And as such, I like to ask my guests if they can look at their own situation, could be their clients, investors, tenants, market interest rates, political however, however you choose to frame the question, what is the biggest risk? And, again, for clarification, while I am an insurance agent? I’m not necessarily looking for an insurance related answer. And so if you’re willing, I’d like to ask you, Charles Chandler, what is the biggest risk?
Charles Chandler 40:59
As a as an officer risk mitigation, risk management is a daily thing that gets communicated because we have risk at certain levels that we can mitigate and whatnot. So definitely appreciate that question. Because it again, it just ties into multiple things that I’m involved in. And so for us, and our team, really the biggest risks that we that we’ve experienced on and I can say this probably for both single family and multifamily has been not contacting the correct people and more so meaning on the multifamily side, getting into Build playing architects code, permitting, all kinds of different departments that we didn’t even know existed at all, and then on the single family side, somewhat the same as far as zonings. What, what can or can’t be done to certain houses, and again, that just being more So internally, kind of putting blinders on thinking of us individually, we have to solve this and figure this out and not. And that might be inherent as well, kind of a as a weakness on the military side, and more type a strong willed, will I’ll get this done kind of thing, and not realizing that there are so many outside resources that are that are postured to really take down a lot of those potential obstacles that you’re going to face. And so that on the multifamily side, that’s been a continuous learning experience, especially right now with who it is that we need to talk with. And so biggest risk was kind of tied to not only taking a ton of massive action, which is great, but almost too quickly, and not realizing who is it that we need to talk to, who’s out there who’s available, who’s a resource, or at least pausing just to even think of that question. And so that is the biggest risk for us, because that could potentially lead to where you’re at a point of potentially no return, or there’s going to take even more cost to potentially fix or mitigate something that that has happened. So thankfully, we’ve we’re not at that we’re not there and reach that that point. But we definitely saw that as a big learning lesson in internal conversations as far as risk.
J Darrin Gross 43:27
No, those are points and I’ve learned multiple times is assume nothing. And make sure I’m clear understanding of whatever it is that somebody’s telling me because otherwise, you know, I’ve gotten myself to thinking one thing, only to find out that I was the one that didn’t understand. So. Good. Good. Good point there. Hey, Charles, where can listeners go? If they’d like to learn more connect with you?
Charles Chandler 43:53
Yeah, definitely. LinkedIn would be a great spot and Charles Chandler, and you see the mind Tennessee home solution, Banner there. Another great spot would just be on our website www.myTennesseeHome Solution.com You’d see myself my contact information there. And then I’m pretty active on Instagram. My nickname is tray. So I just go with underscore tray Chandler underscore so fairly easy again to find me on that. But yeah, we were looking to do another deal soon. We’d love to talk with people just seeing how we can provide value and especially anyone that’s coming to the Middle Tennessee area, looking for any potential deals we have.
J Darrin Gross 44:37
Awesome. Charles, I can’t say thanks enough for taking the time to talk today. I’ve enjoyed it. Learned a lot, and I look forward to doing it again soon.
Charles Chandler 44:47
Absolutely. Thank you so much. I really appreciate your time. All right.
J Darrin Gross 44:51
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