WhyWeWork BrianVee
WhyWeWork BrianVee

Episode 55 · 1 year ago

#55 Paul Moore - Founder & Managing Partner at Wellings Capital - BrianVee Whywework

ABOUT THIS EPISODE

Paul Moore is the founder and managing partner at Wellings Capital. Today he introduces us to his work while showing us what type a character he knows is valuable in the workplace.

Contact Info

Paul’s Profile
linkedin.com/in/paul-moore-3255924

Websites
wellingscapital.com (Company Website)
biggerpockets.com/blog/contributors/paulmoore (Blog)
facebook.com/wellingscapital (Facebook)

About

"Wellings Capital manage recession-resistant commercial real estate funds. We work with accredited investors and provide diversification across self-storage and mobile home park assets.

Our Core Values
Conservative Approach
Integrity
Quality Investor Experience
Giving Back

WHO ARE THESE OPERATORS?
Operators with stellar track records and distribution history. Track records and experience are everything. We are happy to share detailed track records of our approved operators and our due diligence on them with you.

Managers with decades of experience in recession-resistant asset classes who know precisely what to do at this point in the market cycle.

Syndicators who share our risk-averse approach, have a proven acquisition strategy, and a seasoned asset and property management team.

Operators who are often unknown to the general investing public since they have typically self-funded or raised capital from a close group of family and friends." (LinkedIn,2020)

...welcome to why we work with your host Brian V. As he speaks to people like you from all over the world as we together dive deeper into our motivations, struggles, joys, seemingly missteps, hopes, warnings and advice, which will be an encouragement to us all to get up, get going on, keep on working. Working is tough, but working is good. Now here is your host to why we work way. Brian V. I'm Brian V, and this is why we work today. I have the great pleasure speaking with Paul more. Paul Moore is the founder and managing partner at Wellings Capital, where they manage recession resistant commercial and real estate funds. That is way over my head, but I hope he can boil it down toe where I can understand it, how they manage storage units, mobile homes put these assets in people's portfolios so that can earn on their investment. But I also want to know how people get into these markets. But more importantly, I want to know what he values in character in work, his own character, the work of his colleagues and what it takes to be successful in this industry. Join me today with my conversation with Paul More. I'm Brian V. And this is why we work today. I have the great pleasure speaking with Paul More. Good morning. Finds her. Hey, Good morning. Brian is great to be here. Thank you very much for joining us. Would you do me a favor? I did a brief introduction to you a moment ago. But just tell us where you are, what you're doing in your work at this present moment, and then I'll bring us back. Yeah, I'm in Central Virginia. We moved here. We sold our company about 23 years ago. We moved to the Blue Ridge Mountains to start a nonprofit organization reaching out to international students studying in the US And when that didn't work out so well, I began flipping houses and I got me over 20 years, 21 years to where I am now. We run Wellings Capital and we invest. My company allows small to mid sized investors to put money together in a large fund. And then we invest as a large investor in commercial real estate projects. You were a busy man. I looked through your your resume on LinkedIn and you get exhausted, E Well, I didn't get got encouraged. I mean, looking at the path and this is just like a superficial view of what you've done. But just on linked in the path that you took to take you where you are today, it is admirable. You did some like you went from, you know, and you can touch on some of the things you've done in a moment here, but just the path you've took, it almost seemed like you planned it. But I'm sure you will say otherwise. Oh, my goodness. I absolutely did not planet. And although I'm grateful for every failure, mistake's pain, joy and success along the way, I'm grateful for the impact they had on my life. If I had to start over again at age 21 I would have definitely done some things very, very differently. Mr. Moore, Speaking of 21 could you let us know what your very first job waas, even if it was a lemonade stand or diving for golf balls or yeah, I mean, I'm searching back through my memory, remembering some non paid things, so I have to sort those out. Yeah, I mean, just selling, you know, raffle tickets, door to door. I'm trying toe sort through those. Um, I think my dad and I failed to mention to the grocery store owner that I was only 15 and I was starting football practice on August 4th. Um, and so I got a job in a grocery store at age either 14 or 15 and I was only there, like, for the summer on. Then I left unexpectedly to go to play football and go back to school. And so I still feel a little bit bad about that. Because the guy was you, New York, and I was gonna work all year. You know that? That kind of happens there. Some people have different plans. What got you out of the door? You mentioned your father and and you hadn't mentioned that you had football. What got you out of the door to get that job at 14. I just You...

...know, I my mom on dad, my dad gave me a great work ethic. My mom was a stay at home Mom. She was great, but she gave me this a new um I honor her God rest her soul, but She gave me a very unhealthy view of productivity, A very unhealthy view that you're Onley valued. If you're working really, really hard, you've got to keep producing, keep producing and eso I think that driven us. You know, I think I was sitting around one summer, and even though I was working out at the gym three times a week of as every dutiful football future football star would do, um, I was also wanting to do more. Did you? You mentioned your dad. So was that good balance between your mom and your dad trying to check the produce with, you know, maybe even enjoy enjoying some life? Or do they complement each other on DSO Sing the same? I never thought of that before. That's why you're a great interviewer, Brian, because I never would have thought of that question. I'm gonna have to take him. Ponder that lighter. My dad gave me character, ethics, kindness, love for people. My mom was zany and fun, and I have a lot of that as well. I like playing pranks and and doing capers for people and stuff like that. But she she actually gave me this productivity. Uh, obsession, I'll say. And so if I came home from school with a report card and I don't remember that this exact thing happened, but this kind of thing for sure happened she'd be like, Oh, good, good, good A what? What is this B plus? Let's be Plus what? And so I got it in my head. Look, if I don't if I don't produce really, really well, then I'm not valuable. And that obsession has cost me. It's really it's helped me be really successful. But it's also helped me be really unhealthy as a father, as a CEO on, and I don't put that on. I don't think I put that on my employees, but I definitely have it on myself and that you probably don't put it on your employees because you can recognize it's part of you and where you got it from, or at least where it stemmed from here. I mentioned to you, I'm in Korea, and that's a big factor here. Culturally, you must be the best if there is a B three down from the A like that's what the focus is on. Not on the three A's that came prior on and it's crushing. Its crushing to the soul is crushing. Teoh, you know your livelihood to think. Hey, look what I got. I did this. Look how well I did. Well, you're not the best. Yeah, that's where it will hurt. How How seriously did you take your football? Because if you're saying your dad helped you with character, team, team, sports and and working together with other people would also be an asset for you in your later careers. Yeah, I I wanna honor my dad here, even though he's been gone for 31 years. But, um, he he had a very important job at a factory in town. And yet I didn't even recognize at the time the significance of this. Imagine this. I got out of school at three and we started football practice at 3. 30. He never missed in 12 years of me playing football, not only did he not miss a game or a scrimmage, he didn't even miss a practice to my memory. He might have got therefore 4 15 but the practice went from 3 30 till, let's say 5 30. He never missed a practice, and neither did my mom, and yet he was raised with a father who was entirely uninterested in his sports. In fact, he went to the state playoff game one or two years in his high school basketball, and his father came to one game ever. And that was because his coworkers shamed him and took him to the game. Well, yes, that that is very good of your dad. I mean, it's it's heartwarming and heartbreaking and encourage. It kind of set you up, though you and your family is like, Well, this is what your dad did, you know, pass on the baton. It's funny because, you know, even though I have been really supportive of my kids, I don't think there's no way I would be...

...able to go to every single practice. And we're talking, you know, four or five days a week for 12 years. Bryant. Of course, I know it was only August through November 1st, but that's still three minutes commitment. Yeah, I mean, I'm sure he could have made more money and got more ahead at work if he hadn't left work at 3 50 every day on a 9 to 5 job. How did he do that, E. I mean, but more father should take note of that. However there even like just to flex your schedules a little bit, show up, even if it's once a week or something, but a lot of missing it. And it would be encouraging to hear stories like that and know that, you know, you can make some sacrifices, Aziz. Well, along the way, as you're starting to develop into middle and high school, is your career something in your mind starting to take shape with some of the experiences you had or maybe even further jobs? Um, so I I got to A soon as I turned 18 I was eager toe work at the factory that he was the hr manager at. It's a factory of, you know, 2 53 100 people. And I was eager, but you'll see why in a second it was 1983 I was able to make 11 $10.50 an hour way back then and as a high school as a senior in high school. So, um, yeah, I did that for two years. And then I worked, uh, two years Azan engineering intern and made about the same amount of money. Is that in really exciting oilfield jobs? So I got to work on an offshore oil platform drug that had drilled oil and was producing oil in the Gulf of Mexico south of Louisiana. So that was really fun. That's a good experience. Was your dad going back a bit? Was your dad fair with you as an employee? Then? Was he or was he a little harder on you? Oh, he was never hard on me at all. He treated everybody wonderfully. He was the HR director for the entire factory. And so he would have been He and the president of the company would have been the focal points for all the unions. Rage and the Union Waas angry. And they were always angry. They were always walking around complaining and trying to figure out how toe get around the rules and complain. But they would say to me, and I mean way more than one person in the factory said, We don't like this company. They're terrible. They have treated us bad. But your dad is a wonderful man, and he's the one bright spot in that big that white. That white stuff shirt office up there. He's the one bright spot. And if he ever says anything, we know he'll keep his word and we respect him. And that's one of the reasons we like working here. Still, you had some shoes to fill. My dad never put that on me for one minute. My mom Did she remember things? She even said about that. But my dad never did. He was very, very kind. Well, even. Yeah, I guess not Even shoes to fill its just something Thio aspire to write. It just It just gives you something some tangible thing of something you've experienced that you could be like this and someone close like your father. Yeah. So as you looked into college, I know that you got your bachelor and you went in to get your MBA. How did How are you starting to think more seriously or more focused on your career? Brian, if I told you the process that I didn't go through to pick a college and to pick my grad school, you would not believe it. You might not even air this podcast. You sure you want to hear this? I Dio. So I just figured Okay, so I'm going to go toe Ohio State and be a football star. Well, every year of high school, I was about 6 ft two in like, seventh grade, £230 and then every year I stopped growing right then in seventh or eighth grade, and every year people caught up to me, you know? So like by my senior year, I was just, ah, slightly big kid on a football field and every year relative to the other players, I got worse. And so by my senior year, there was no football scholarship waiting for me at all, none at all. And so I started thinking about smaller colleges I could go to to play football. And so I just looked for the one that had the best financial aid package. I actually wanted to be a parapsychologist. Now, for those of you who don't know what that is, that is...

...somebody who studies supernatural phenomena. That would be UFOs, ghosts, ghost busting, the paranormal haunted houses. That's not what I thought it was. S O. Yeah. No, not to psychologists. And so I actually went to my I actually went to my football coach. I was just telling him about this. I remember where I was standing in the library in my school. That wasn't my senior year, to my credit, but it was my coach was my junior. Yeah, exactly. It was my junior year and he said, So what do you think you want to do with your life? And I said, Oh, I'm gonna be a parapsychologist And he said So like studying paranormal stuff. And I said, Yeah, he said, Mm. Paul, where you going to get a degree like that? Have you looked into that? And I said, Nah, I said, I'm sure there's lots of schools that have that degree And he said, Well, have you found one on I said, Well, I'm sure Duke University, because Duke University was mentioned in some ghost documentary or something, so I actually called, literally called I don't know how I got there, number even, But I called the psychology department at Duke University, and I said, Can I talk to your parapsychology department? And they said, What E said, Well, you got a degree in parapsychology, right? And they said no and they hung up. They thought I was kidding. And so I realized quite quickly that I had to get another degree. And so literally one day somebody said, Hey, you like outdoors, right? You ought to get a degree in geology study rocks. Maybe he really thought I had rocks in my head and he was kidding. So I told everybody I was getting a geology degree. And again, without looking into what it entailed and what those people did, I just decided to do it. And then I kid you not. It was June my senior year. You know how kids now get set up for college like a year before I'm talking about two or three months before I went off to college two months before I was at a pool heaven, and I told somebody I was going to study rocks and they said, Well, if you're gonna be a geology major, you might as well take a few extra classes and become a petroleum engineer. They can actually get paid better, and they drill for oil, and I literally decided on the spot at the pool, great to become a petroleum engineer. And so I told something that I told The guy said, Where do I get a degree like that? And he said Well, and he told me one school of the 25 schools in America, he knew of one and I just decided, Right then I was going to school it and this was June and my dear father the next week. It could have been the next day, for all I know took off work and he drove me to that college. We drove to that college. We tracked down the football coach because that was what was most important and we tracked him down to make sure he would let me play on this football team. Of course, he said yes, because it was a walk on school. Eso. I went to marry at a college and got a petroleum engineering degree and didn't even think about the fact that I should never have been an engineer. I should have been in sales and marketing or something like that, but I didn't think of that till I was, like, 30 until the next day. That's my sad story. You want to not hear this interview? No, no, it wasn't sad. It made my head hurt makes me laugh to Makes my head hurt, too. Mine's a happy hurt. You had to pay for it. Yeah, that's right. That's great, though. On then you found out maybe an MBA was would be good for you. Well, I mean, by my senior year, Um, they said they said if oil prices, oil prices could drop all the way down to $15 a barrel and they're still be jobs in petroleum engineering and oil proceeded to drop to $12 a barrel. And so, my senior, my freshman year, there were seven graduates of petroleum engineering on the outbound class, and they had an average of seven job offers. Each my senior year, there were 89 graduates and there were seven job offers total. So I decided that maybe I should do something different. So thankfully, I had the common sense to get an MBA to keep going. Yeah, I put some time on the clock. Yeah. And if I told you how I chose the school for the MBA, you would even beam or upset. Oh,...

...you got to keep going. Mhm. While in summary, I was going to go to University of Texas because they also have petroleum engineering. Master's what? What was the thinking there? I don't know. And then I decided to go to Vanderbilt because it was on Lee. Three states away, like in Tennessee, Ohio, Tennessee. And then I made the drive and I was accepted and all set up to go to Vanderbilt. I even had housing. And then I made the drive and I realized what a long drive it was and how long it would be to get home to see my girlfriend in Ohio and literally made that drive. Drove home, got all depressed, and I heard from I don't even wanna tell you who I heard from somebody who went to Ohio State that they had even a better scholarship deal. Now this is again June and school started in September, and I literally called Ohio State. I don't think I even visited the campus even though it was an hour and a half away, and I called him and said, I want to come there so I could be an hour and a half from my girlfriend sick and my my friend who went there said, Well, Vanderbilt was 49th ranking in Ohio and Ohio State was 24th. You moved way up and I said, Ranking. What does that mean? I literally remember that. Oh, that's great. I mean, but it's That's how it works, too. I went Thio did my I went to my university because my friend was going That was it there, Ugo. That's a good one. But I could go there. Get it? Stop! All right, let's go. That's a great reason we did our first semester. We were nicknamed dumb and Dumber. Yeah, e won't tell you that. G p a but it's pretty bad, Mr Moy, that what you're doing now to bring you up, you mentioned what you're doing. What? What is some difficulties and challenges and what you do in your daily work? So, um, we carefully vet. There are commercial real estate investing has always been the place of the rich and famous, and, um, it has not been a place for the person with 50 or 100,000 US dollars to invest. But now it iss I mean used to be, you know, you need five or $10 million to get in a good place to invest, but now somebody with 50,000 can invest. So it's exploded in popularity, which means the number of newbies, the new, uh, new coming operators as also exploded. We didn't want to be one of those newbies, so we decided we would just raise money and find the very best operators who had decades of experience to invest with Because of that, we, um, are were super choosy about which operators were gonna invest with. And we're super picky. And that has been a challenge finding those great operators. So I know that you're dealing with what I saw on linked in any way is storage units, mobile homes. So the idea what I you know, I'm pretty simple, and what you do is way over my head. But I would like to understand it. And I'm thinking from buying someone buying their first home. And I know you have experience with flipping houses. So what is the progression that maybe you're not, You know, someone who's making 50 to 100 to $200,000 a year normally takes getting into this industry? Yeah, So I have some shows on bigger pockets, which is the largest real estate investor forum. So I talked Thio. I don't want to exaggerate and say thousands, but for sure, hundreds of real estate investors a year and the common progression is they've got a W two job. It's typically an I T or a doctor or dental or lawyer or something high paid, and they're not necessarily board. But they saw a house flipping show, and they decided I could do that. So they start buying houses on the side with their spouse often or a friend, and they start either flipping the houses. And they're often disappointed in how little profit they really make compared to what they expected from the TV show. Or they start building a portfolio of rental homes, and then at some point, they realize it's much harder and much more frustrating than they ever thought. But if they're really on top of this, they realized the tax benefits are pretty amazing. And I mean people, you know,...

...in the news. Right now we've We've just had a story that came out three weeks ago about the fact that the president of the United States pays virtually no taxes. And of course, every real estate investor chuckled and said, Well, Of course, he pays virtually no taxes because he's a commercial real estate investor and that's how it ISS. But that's another story anyway, So these people scratch their heads and they they go, you know, I'm managing. I talked to a guy last night from Baton Rouge, Louisiana. He said he had 42 individual houses under management, and he realized, I really 42 is very high for the typical person doing this on the side. They usually have 3 to 5 before they're ready to quit or kill somebody. Anyway, they they decide to trade all that in and they want to go commercial. And they also want to be passive because they realize I'm making 200,000 year and I t. Why am I trying working so hard to make 30,000 year passively and pulling my hair out on the side gig? And so they want to invest passively and they want to invest in commercial, which would be moving up to say, ah, 100 unit apartment building. They'd rather be one of 50 investors in 100 unit apartment than the Onley, owner of five rental homes that are driving them crazy. I was in in real estate or in property management for a few years just a couple of years ago. And I remember being presented in this class that we're taking the opportunity in these lower income sort of commercial residential buildings. And what I could only think being simple is Monopoly. So is the value on these, like, you know, the lower income Oriental Place, Baltic Isa, Baltic Avenue That that, rather than going to boardwalk, is that where you're looking at finding the biggest investment, especially just thinking what little I know of storage and mobile homes? Self storage is for all kinds of people, the average in the average age. Well, I shouldn't say the average. I think that would be a mistake. The largest group, I should say of self storage renters are between 50 and 65 from and again, that's that varies widely. There's there's college students and their senior citizens and everything in between but mobile home parts, our recession. Okay, so those air recession resistant because the cost is so low. E. I mean, if I'm downsizing in a recession from a 4000 square foot home to ah 1000 square foot apartment. I can keep that self storage unit for only maybe $100 a month. Well, that's a drop in the bucket compared to my mortgage or my rent of thousands a month. And so I probably tend to keep that self storage unit mobile home parks. The mobile home is the bottom rung on the housing ladder. It's the cheapest form of housing except living in your parents or friends. Basement that ISS. And so if you can't afford a mobile home rent, you're probably gonna be living under a bridge or back at your parents. And so it tends to do really well in down economies. But it tends to also do well in good economies. Um, and so there's there's a real affordable housing crisis in the US, and so the mobile home companies cannot build mobile homes fast enough. Um, and we're, you know, on a teetering, wondering if we're gonna be in a recession. Well, people are moving into mobile home parks, and there's virtually no vacancies in wherever there is a mobile home. Now there's lots of vacant lots on. That's because it's pretty hard to fill a vacant lot in a mobile home park, a really good operator, conduce that all day long a really mediocre or poor or one offs mom and pop operator has a very hard time filling vacancies. So at any rate, all that is to say, mobile home parks are a great recession resistant investment. That's not recession proof, but it it does well in recessions at least, Mr Moore back to you as a worker and managing thes funds. What is it, people that you would like, that people could understand Maura about you and the work that you do and trying to help them with their investments or to help them in their life? We've been really agonizing over some operators. We have only chosen so between. Our goal was to find five or 10 good operators to spread the money around. And in the last 7 17 of the last 18 months, we have only had one...

...new operator join our investment pool. And it's not to say we didn't try. We searched far and wide throughout America, looking for the next operators toe ad, and we're again. We're hoping to get to 5 to 10 and we just added to Mawr after many, many months of talking to them and interviewing them and eso after adding these two mawr. Now we have three operators and our current main fund. We have other funds that are smaller, but our main challenges finding those operators because we don't want to be apologizing and losing sleep for the next 9.5 years of our 10 year fund because we made a one mistake's with an operator. In fact, my business partner and I who often disagree on things, and that's what makes our partnership so healthy. We often disagree on things, and we we were disagreeing late into the into the evening last night about the certain aspect of the next operator that we might bring on. I know you're pressed for time, and I have several questions, but eso if if I seem a little boggled, is because I'm trying to go through them while at the same time getting the best out of you. How do you stay productive in your work? Just the things that you do and knowing some of the path that have taken you where you are and being busy, especially staying up late and hashing it out with your co workers. How do you stay productive and staying up with the trends and doing all that you do? How do I stay productive? That's been one of the biggest challenges for me. And it just occurred to me as you asked that that my obsession with productivity has actually caused me to be unproductive. And I never thought of that sentence before. I spent a three day retreat last weekend, a lot of the focus of the retreat. Not all of it was on productivity. And I My obsession with productivity has actually caused me to be far less productive, and I could explain if you like, Um, my dad taught me this work ethic. My mom and dad both did, but my dad taught me this work ethic, and part of it was character based. And he said, If you ever give your word ever and even if you imply and people expect you to do something, you make sure, son, you do it. And I lived in a factory. I mean, for two summer jobs where people were saying your dad always kept his word, and that's why we love him. So I got in my head. Always keep your word, even if it's implied. I also had a mom who said, You don't produce, then you don't have value And she never said that. Of course, it just was implied in the way we interacted. Bond. So, um, I So I took it upon myself to answer every voicemail, every email. I mean, I literally, as I'm sitting here, if I let myself, my mind could drift, wondering what emails came in since I quit working last night at 10 o'clock, what emails came in between 10 PM and almost 9 a.m. That I need to rush to answer. That's not true. That's a lie. People are not sitting by their computer wondering why Paul hasn't answered them yet, even though it's only been a night. But I think it's true. I think I've got to get back to them or I'm going to disappoint them. I can't disappoint them because my dad and mom always said, Don't disappoint anybody. And so, by this obsession with keeping my promise to these strangers I've never met replying to their emails. Therefore, I have not done what I needed to do, and that's be really productive by writing an article. I need to write an article for the blogged I worked for today and have it out by five PM Well, I haven't got it done because I've been answering emails, and that was a little revelation just now and again. You are a great interview because you caused me to think of things by being obsessed with productivity. I'm not productive thinking of my audience and thinking of you know, this revelation you're having of how they could be better equipped in their work. So just a tip for people getting in tow work, thinking of yourself, working at the grocery when...

...you're 14 or working in their father's factory or doing some other jobs or changing careers. As you see that you know not all jobs, a recession proof. So do you have a tip for people who are getting into work wherever they are in their life? Yeah, my tip would just be Go spend $15 and by Gary Kellers and J. Pappa Zahn's book called The One Thing. The One Thing teaches people to be really focused, and if you choose well at a young age, let's say you're 21 right now, and you choose what you'll actually do for the rest of your life. Be obsessively focused on that one thing. There's a Chinese proverb that says he who chases two rabbits catches neither and the worst times of my life. I can remember this really clearly the worst times of my work life have been. When I tried toe, I was on a good path. I was growing, I was making money. I got a little bored and I decided to Instead of being willing to tolerate the monotony of success, I chose chasing shiny objects. Instead of tolerating the monotony of success which famous people like Warren Buffett and Bill Gates and all these people, they stayed obsessively focused even when it got monotonous. Warren Buffett's life has been incredibly monotonous on, yet he's been incredibly successful because he stayed on that path. Something about him was willing toe work. You know, Thio. Anybody who knows Buffett knows what he does every day. It's incredibly monotonous, and yet he's done that I chased shiny objects. The year was 1997 we were getting ready to sell our company, and I could cry on air right now if I let myself, we had seven months to build our company as far as we could, and I got diverted. I never shared this with my business partner. To this day, I got diverted by a multi level marketing scheme on the side and chase that every all my passion and desire were to build that. So when we sold our company October than we that I'd have something else to do rather than build the company that would have We could have made an extra million dollars in that six months, and instead I chased a shiny object. I never made one thin dime from Don't do that. People stay focused on what you're really good at, and then let those site let those shiny objects go in. What you say You're answering a lot of my questions and this is a new question. I'm trying. Toe workout is Do you define your role or how do you define your role? Is it in your work or who you are when you work? Mhm e think you're talking about that with people who, you know become these things. But I mean, mentioning your father a few times that seems to be a driving force to It's definitely who I am because I'm thinking back even to the conflict I had the friendly conflict I had with my business partner last night. Yeah. Um, yeah. So no, it's I don't know. I'd have to think about that some more. That's another great question. I've never thought off. Um, and I'd have to think about it. But, like yesterday, I had to skip a lunch meeting with an investor who drove 2.5 hours to meet me an hour. An hour into his drive. I had to call him and tell him that somebody had been in our house two days before, who just got co vid diagnosis. And as a such I said ethically and morally, I think it would be right. I just found this out that I miss that I not have lunch with you, but you're already set up to have lunch with my business partner. Anyway, I wanted to call to personally tell you how sorry I waas, and at that moment I was really tempted to say, I just found out and those words did come out of my mouth I just found out. But then the ding ding ding ding went in the back of my head and said, That's not true. You found out 2.5 hours ago and you could have called him before he left home. And so I recalibrate, Of course. These thoughts, you know, you can think. What...

...is it? 40 quadrillion thoughts? A second, literally. You're brain could do that. And so all that happened in less than a second, I'm sure. Am I said? Well, when I say just found out, I actually could have called you this morning. I found out at 9 a.m. And now it was 11 I think. And I said I really should have called you then, but I didn't even think anything about it. I thought, Well, I'm not I don't have any symptoms. I was gonna meet you, and then I thought better of it. So nervous I went ahead and explained the truth. And so I think like my dad and I think my mom to I wanted to be I want tohave character overlooking good. I mean, hey, I got a podcast called How to Lose Money. After all, I'm willing toe look bad on air, Mr Mort E. Wish I had more time with you. I know you have another day. I'm good. I'm good for 10 minutes. You're good. Well, in in saying who you are is what defines your your life. What is a character trait that you're working on that you're trying Thio? Just I mean, you're talking about honesty. You talked about integrity. What is something that it might be lacking? That just is something that's been a challenge for a number of years that you're you're hoping to fine tune a little bit. Well, this wouldn't be what maybe you would expect. But based on what I said earlier, I need to learn to say no because saying yes to everybody all the time means saying no to my family and saying no to my friends and saying no to big things. I've told myself and my family that I need and want to do. And it means it can be very, very devastating because I see my work. Although I really want Thio to serve these hundreds of investors, I also see it as a means to raise money to fight human trafficking and do big things in the world and not work as an end in itself. And as a result, I'm not doing some of those things because I'm saying yes to every historically toe every random request. Well, that leads to my next question of how are you making work life choices or keeping them in check? How are you separating your work? Are you still working on it right? Like I'm really working on it. My business partner has actually been very hard on May, and like so he will almost every not quite every day. But he'll almost every day literally. I've given him my access to my emails and, of course, my calendar. And he'll say, What's this? What's this noon meeting? Oh, I'm just helping a guy out. It's nothing. He's like, Yeah, but that's another half a Now, er, you couldn't work on your article that you said you had to be done at 5 p.m. Today, but yet at 5 p.m. Last week, you said you hadn't even started it. You're doing it again, and it's really frustrating. And Brian, what's even more frustrating is that I'm 56 my business partners. 27. Less than half my age. And so yet? Yeah, I was. And this is where I'm gonna pat myself on the back a little. I actually have given him access to my email account so he can see what I'm doing. Who? I'm replying Thio. And he'll say, Couldn't Emerson have done this? Your assistant? Yeah. So, Yeah, that's what I'm doing. Toe work on this. Mhm. You mentioned education and how you kind of fell into the things that you've done. How How much do you value education or in the planning of it for the listeners? Because there seems to be a push that it's not necessary. But I take the idea that formal education is beneficial. But there's also hands on experience and things that you know, You and I are learning all along the way. I'm I'm I'm on the fence on this, Um, my son's a better example than may. So my son, after years of struggling not that many years, but it felt like it to him because he was doing landscaping and meaning what he considered menial work. It was menial for him because he wasn't cut out for that exact job, I guess. But he was doing this really hard work. He was miserable, and he, for time's sake, I won't get into what it was. But he found a certain type of real estate investing he wanted to do. He went and first, um, mentor Dunder somebody for a number of years after mentoring under them, that person convinced him that he should go go to college in that, and instead of doing a four year, $200,000 college, he said,...

I'll give you a hint. You could do Justus Well in this career with a two year degree from this certain community college, Uh, that is only going to cost It turned out $13,000 for two years of school, 13,000 total. I think it turned out to be 11 in fact. And so he got that degree and he had already been mentoring in this exact field for a couple years, and it was a perfect combination. And so I think that would be, though not for everybody. I mean, I t people and medical doctors and dentists. They need lots and lots more school than that, But some people don't need school at all. I agree in thinking more of the the listeners who may be discouraged and not knowing. Maybe like your son who were in a job, that they shouldn't be in or they just didn't find their niche Yet. What type of encouragement do you give them in finding their job and finding their work? You know, there's two schools of thought on this and both, uh, they're completely contrary. So I'll give you both. One is the Jewish school of thought, and I heard a Jewish rabbi very powerful e make this point. He said, Don't find what makes you come alive. That's odd. Go out and find what the world needs. Fill that spot, make a lot of E. I mean, do a lot of good for them. You'll make a lot of money, but you'll find out that that makes you come alive, huh? Really? I haven't heard that yet. My episodes? Yeah, I'm looking for his name. Dr. Rabbi. Excuse me. Rabbi Daniel Lapin. I'm looking at his book on my shelf. Thou shall prosper. Okay. Rabbi Daniel Lapine says that and then the other school of thought which people like I believe it was John Eldridge in Wild at Heart, the great book Wild at Heart said, Fine, don't Don't go figuring out what the world needs, but find out what makes you come alive. The world really needs men and women who are alive, and that made total sense to May. Well, but what about that girl I know who decided in high school, foolishly, that she should spend hundreds goes $100,000 in debt to get a French degree because it made her feel good to speak French. She has 100,000, almost 100,000 in debt now. She now works for $10 an hour. Last I checked and she doesn't have any way of paying off this debt. And she's kicking herself 12 years later, going What did an 18 year old know about what made me come alive? That's powerful, my friends, and that is something to consider. Brian, I know we're out of time. If you would like to pause this recording and jump back on tonight when you wake up tomorrow morning, I would love to do it. I I would like to even get in touch with you again. Some other time. If you would just either one tell where people can find you and ask my answer. My final question of why do you work? Well, I got to jump on this other call in a minute, but wellings capital dot com is where they can get a hold of me. It's w e l l i n g s c a p i t a l wellings capital dot com We've got a wonderful gift there for listeners. And you can actually, if you have any interest in learning why the wealthiest people in the world investing commercial real estate, you can find out there because we have a five part free e course on investing in commercial real estate. Wellings Capital Calm eyes, that location. Um so I work for a lot of reasons, but one of the reasons is this. If you look at the stats of about human trafficking, which I had not heard until fairly recently, about four or five years ago, I found out that if you took the record profits, the record profits of Apple, GM, Nike and Starbucks add those record profits together. Double that number. That's the estimated revenues generated by human trafficking throughout the world. And it's not just in the Philippines. It's not just in a country far away. It's actually happening in your town in my town. And they just bust at a whole lot of people in my home state of my former home state of Ohio for doing this just this week. And so if I like...

...to believe if I was alive in the 18 hundreds, I would have been Annapolis Genest, abolitionist Fighting slave against slavery on I'd like to believe that if I was a new adult in the 19 sixties in America, I would have been fighting four civil rights. Well, this is a civil right. It is slavery, and it's been ripped away from thousands of people who are all over the world, and as a result, it's been, um, their life has been literally ripped away, and I'd like to fight human trafficking. And so one of my goals is to let the world know that human trafficking as a great evil and my desire would be to use my work as a platform for that, but also use the funds I generated work to fight human trafficking and rescue its victims. And I would recommend that you and your listeners on this podcast do the same. Paul Moore, founder, managing partner at Wellings Capital. Thank you, kind sir. Thank you. I just told my listen, my, my, my my friend here that I'd be late for the call here, but I'm really, really glad to be on your show today. I'd love to come back and talk Mauritz been great, Brian. You've got me thinking a lot. Great show. Thank you so much. Thank you, Mr. Moore. Thank you for listening to this episode of why we work with Brian V. E. Be sure to subscribe, Follow and share with others. So they to be encouraged in their work. E I hope that you have yourself a productive be a joyful day in your work.

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