How to Value Your Time and Know When to Delegate with Charlie Wessel, Ep 68

Today's guest is Charlie Wessel, He is a dedicated family man and highly accomplished entrepreneur. He has successfully established and managed multiple companies in the Charleston, 

SC area. With a deep passion for the Multifamily and broader Commercial Real Estate sector, Charlie founded Cordell Capital which has over 1k units valued at over $108M under management. 

In this episode, Charlie shares his transformative journey from contracting success to thriving in multifamily real estate. Discover the power of strong networks, trust, and relationship-building in this captivating podcast. 

Learn the secrets to multifamily prosperity through personal connections, diversification, education, and efficient scaling. Unleash your time freedom by valuing your hours, delegating wisely, and making strategic hires. Don't miss this essential guide to multifamily real estate success. Stay tuned!

Episode Topics

[01:30]  Meet our guest, Charlie Wessel
[02:27 ] Mastering Multifamily: A Contractor's Journey to Wealth
[08:10]  The Path to Multifamily Real Estate Wealth
[12:23]   The Art of Multifamily Partnerships
[17:02]   From Multifamily to Short-Term Rentals: An Investor's Evolution
[22:11]   The Power of Education and Growth in Real Estate
[26:29]  Unlock Time Freedom and Business Growth
[29:54]  What is one red flag every investor should look out for?
[31:08]   What is a myth about the real estate business?
[36:30]   Connecting to Charlie

Notable Quotes

• "I'm one of those guys that when I start something, I'm, I'm going all in. And I'm going to figure it out and we're going to do it to the best of our ability." -Charlie Wessel1
• "Your network and knowledge can be your greatest assets in multifamily real estate." - Tim Little
• "In this business, relationships forged at conferences and masterminds are your ticket to success." - Charlie Wessel
• "We've walked their properties, met their families, and even been to their weddings. These are more than business partners; they're lifelong friends." - Charlie Wessel
• "It's about character as much as it is about business processes and performance." - Tim Little
• "Focusing on the value of your own time and figuring out what those $10-an-hour, $100-an-hour, $1,000-an-hour tasks are is key. You're wasting your time and money doing low-value tasks that could be hired out."  - Tim Little
• "I've mastered the art of delegation. I have a four-day workweek and quality family time. It's all about hiring the right people and quickly letting go of the wrong ones."  - Charlie Wessel

Connect with Charlie Wessel

• LinkedIn: Charlie Wessel
• Website: cordellcapital.com
• Email: info@cordellcapital.com
• Work Telephone: 843-200-9552

👉 Connect with Tim

• Linkedin: Tim Little
• Instagram: @tim_at_zana
• Email: tim@zanainvestments.com
• Visit www.ZANAinvestments.com for more info on Tim and how you can passively invest in multifamily real estate
• Get your Passive Investor's Cheat Sheet FREE

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Transcript

Charlie Wessel: 0:00

After owning so many, several businesses for so many years. Oh, I have mastered the art of delegation. I really have, man and it's been a huge work in progress. One of the greatest books you can ever read is who not how just a great book. And I mean that, one is a good book. And number two is who not how for me, man cause I have a four day work week. I work Monday through Thursday. I play golf with the boys on Friday, and then I don't play golf on Saturday or Sunday. I'm dad and husband on Saturday and Sunday my time now, I'm not old. I'm 46. I'm in my prime, man but it's I don't want to spend it stuck in my office all the time.

Tim Little: 1:20

Hello, everyone, and welcome to the journey to multifamily millions. I'm your host, founder and CEO of ZANA Investments, Tim Little. And on today's show, we have with us Charlie Wessel. Charlie is a dedicated family man and highly accomplished entrepreneur. He has successfully established and managed multiple companies in the Charleston, South Carolina area. With a deep passion for the multifamily and broader commercial real estate sector, Charlie founded Cordell Capital, which has over 1000 units valued at over 108 million under management. Charlie, welcome to the show.

Charlie Wessel: 1:56

Thanks so much for having me, Tim. I gotta go ahead and apologize. I got a little cold going on. So if I cough during the middle of it, please excuse me.

Tim Little: 2:04

No, I understand. And both I and the listeners appreciate you a power and through here, you could easily just called it off. So you're a trooper. So I gave everyone a high level overview of your background, but on this show, we really like to get into the details of how you got started on your journey. So please take us back to the beginning and tell us how you got to where you are today. Yeah, for

Charlie Wessel: 2:27

sure. I was a general contractor, owned a general contracting firm for just over 10 years. I sold that company in 2016 and we had some rental houses at the time. And I knew that I wanted to grow wealth through real estate, but rental houses are were a gigantic pain in the butt. So I knew I didn't want to do it that way. And I had a good friend of mine who was a commercial broker downtown. Actually. I had a lot of good friends that were commercial brokers. That's the kind of work that we did in construction was a commercial office up it, so I worked with a lot of brokers. And I went down and talked to one of them. He had a huge building sitting right on the Ashley River, this huge, nice office building had patios on like the fifth floor overlooking the river. And it was just such a sweet office building. And I think it was listed for 20 something million. I went down there and I was like, Thomas, how can I buy that building? I want to buy that building like that bill, it looks like something like off of Boston legal or something. You know what I mean? It's just like the sweetest building you ever seen and he told me, he was like, man, buildings like that are bought by guys like you every day. He's you just round up some of your buddies. You guys pull your money together or you can get money from investors and go buy the building. And then that's when you call my company and we manage it for you. He said, but you don't want to buy that building. It's been tied up in litigation for two years. He's not enough parking. He's just, clipping off all the things that were wrong with that building and two floors of it had been vacant for like over a year. So anyways, he, and he said, man, I tell you the truth, the safest bet out there, and this was in like 2017. He's the safest bet out there with the best returns is going to be multifamilies. He said, and I don't even, I don't even sell multi family. All he sold was like industrial and office. He said, but go find a good deal, man. Bring it to us. We might invest with you. I just went home and just rabbit holed it. I really did. I dug in, I was up till, excuse me, till, 3 o'clock in the morning, going through, I think it was, at the time, it was Michael Blanc's stuff. I took his whole course, like that night. Something that usually would take somebody, a week to go through doing it a couple hours a day. I did the whole thing that night went ahead and signed up for his next seminar that night. It was in Washington, D. C. bought plane tickets. I had the whole thing all done that night before I went to bed. And I was just gonna, I was gonna go all in. And I did. I, I'm one of those guys that when I start something, I'm, I'm going all in. And I'm going to figure it out and we're going to do it to the best of our ability. And that has caused some failures in the past as well in business. I've just learned from them. So anyways, I go to, I go to the event, I'm still studying stuff the whole time, in between then and there. And I go to the event and somebody is they're like, Hey, you guys want to partner with us on this deal? I said, I've met, I'm brand new to this thing. And. So I was like, I'm a member of the country club here, I've been here for over 20 years. I know a lot of people. I was like, I bet I can raise some money for this deal. And come home. And I was like, I'm putting a big list together. I was like, man, I could at least raise, 500, 000 million bucks for this deal. Yeah. I had one investor come in on that deal and he brought a hundred thousand dollars and it's cause I go to church with him and he's worth like 20 million bucks. So a hundred grand to him. I, it was almost like a mercy here, Chuck, take this, go away. And but that investor was like thrilled to death with his returns on this thing. So he's come back again and again. But anyways Yeah. And that's where it all started. I actually, after that one deal, I started chasing deals. My, on my own actually with another two people that were out of Charlotte, we partnered together and we were going to do deals ourselves. And so for about a year and a half, man, we chase deals all up and down the East coast. Mainly Southeast, but we made it to the best and final on a few, we got awarded one that fell apart quickly and due diligence. Because they had polybuline pipes instead of PVC pipes. And they had PVC stub outs from those pipes coming out of the ground. And me being a general contractor working in Charleston, South Carolina, those pipes are all over the place downtown and those have to be replaced. They're collapsing like crazy. They're a hundred years old. Not really, they can be from 19, probably the 1930s to 19, mid 1960s, and they're just going to fail roots grow through them and everything. It was going to be like a 300, 000 repair, and that just took our whole budget and threw it all in the trash. So after about spending about eight grand on due diligence on that, I was like, you know what? I've already raised some money a little bit from one guy on one deal. And I have a lot of buddies in this industry already from going to so many networking events and stuff that are doing deals. I said, I'm just going to bring money to people's deals. And I'd rather just deal with investors anyway. I like playing golf. I like going out, why do I need to go run around a bunch of apartment complexes? I can just go hang out with investors and raise capital. So anyway, that's how we started.

Tim Little: 8:10

All right. Yeah. And there's so much to take away there. Obviously your journey is similar to, a lot of folks in this business, but it sounds like there was some compressed timelines there. And I think there's probably a couple of reasons for that. One, the fact that you are a general contractor for a long time, I think that gave you a distinct advantage, right? You understood buildings, the due diligence process probably came a little more naturally to you than someone who's never stepped foot in an apartment or, done an inspection other than their primary residence. And you know that, and I think the other big piece of it is the network, right? You said yourself, you already had this network of brokers that you had worked with in some capacity. And even though they were in these other assets, what they were able to provide you was education, which is huge, right? Because. You were looking at going office and maybe you would have been fine with that, but sounded like he steered you towards multifamily, which wound up being a blessing. Yes, it really

Charlie Wessel: 9:15

did. It really did. We yeah, he saved me a bunch of time and effort in digging into all kinds of stuff. He pointed me in the direction. I went straight home and it was on go

Tim Little: 9:25

from there. Yeah. And then the other piece is, you started doing some of the things that most of us do, which is, oh, we discover it. Then we jumped down the rabbit hole buy a course online, go through the course. Then we started going to the conferences and I think. At the conferences, especially, when you're starting out is where the magic really happens because that's where you meet people that you have the opportunity to partner with. And whereas if you don't go to those events, those in person events, it's really hard to get enough of a relationship established with any other syndicators, whatever you want to call them, GPs to where they say, Hey, you want to partner with us? But if you're there, you're shaking hands, drinking coffee together, then that happens much faster. And that's how I believe most people get their first deals, right? Someone comes up to him just like they did with you and said, Hey, want to partner with us? And you try to think very quickly what kind of value you could possibly add to them. Because maybe it's your first conference and you're like sure. And then, like you did you make some assumptions about maybe how much money you can raise and maybe those assumptions are dashed by reality, but, real quick, and that is not an uncommon occurrence. So this is not a you thing. Maybe, your superpower is underwriting, maybe you have extensive relationships with brokers, whatever the case may be. I think the point is. One people need to get out of just the studying the nose and books phase and actually get out and start shaking hands because otherwise they'll never get to that next step. But they need to do that with intention thinking about, Hey, what are they going to add if they do get asked to partner on a deal with someone else?

Charlie Wessel: 11:12

Yeah. Every deal that I've done is with people I've either met at a conference or through a mastermind. every single deal. Yeah, absolutely. I didn't have, just like all of us, we didn't have buddies that were doing, some people might, but, I didn't have buddies that were doing

Tim Little: 11:29

this. Yeah, same here. And so it was a brand new world for me, but I met my first partners the same way you did. It was a bunch of us who were relatively new, I think at a Rod Khalif event, and, they had all done the Michael Blythe thing too. It's all like one big circle, right? There's only so many, things. And then they were like, Hey, yeah, we want to do a deal. You want to do a deal? I'm like, sure. But at the same time, like part of me was like, Oh, I want to do my own deal. I want to find my own deal. That way I get a bigger slice of the pie. And I think that's another place. Where people screw themselves over is they're still in the single family mindset of where they can do a lot of it themselves and they want to get, the biggest chunk of equity. And so they're like, I'll find the deal. And then I'll worry about finding partners. A small slice of a big deal is still better than, no slice of the deal you never find.

Charlie Wessel: 12:23

Absolutely. No, that's that's our whole business model right now. We have a couple of things that we make sure, we, we try to get the guys that we bring capital to now, I've known them for years. Like we, we, we get deals come across our desk every day from one mastermind we're in has over 300 people. Now we have another mastermind that is a lot more money that has 25 people. But, we get deals every day, but. I've got to be able to check off a list, morally and physically for my investors to bring capital into somebody's deal, the guys that we bring capital to, I've been to their weddings. I've, and these are all guys that I met in masterminds and at events, but, I've been to their weddings, I've met their children, I've met their wives, I've met their staff, we've walked their, properties. Rob from Lone Star Capital. I've had a 45 minute conversation with his father on the phone just about Rob growing up, it was just, we have a big list that we have to check off before we bring capital to people, but these are all people that we know real well that we've met through just doing this business. And I've met lifelong friends that I'll have from doing this business.

Tim Little: 13:44

Yeah, and I think that's an important point. Why don't you talk a little bit more about what that list looks like that checklist that you use when you're vetting folks that you're going to partner

Charlie Wessel: 13:55

with? Yeah one thing you know, we my first one is that we have to know you for over a year. Because usually I can meet up with somebody several times throughout a year, now after saying that most of the guys that we bring capital to now I've known for well over two or three years. We visit their offices, we meet their people, we meet their, their families. We, we've had dinner, we've had drinks, we've gone out together. Yeah, I got to make sure this is going to be a good marriage here. Cause we're in, we're in cahoots with these people for quite a while. These deals are anywhere from three to seven years and we got to make sure that we're getting what we want. Especially report wise, I got to make sure that we're taking care of our investors. So we need really good reports and not just, I tell you this, the PNL and the quarterlies, that's nice. I have a couple of investors that go through it. Most of them could give a crap. They want to see what's going on with the property. We want pictures of the property. We want like a narrative. That's, to me, that's the property manager's job is once a month. Walk through this thing, take pictures because we're not traveling all over the country every, even every year, really. We'll, we travel to these properties before we're in the middle of us raising capital for them after we've underwritten them as well. But they've got to, they've got to give us good narratives every month and I want examples of that or examples of deals that they've done, what's the projected and what's the actuals. I have to have a deal that is not good. They better send me a deal that's not, that did not go the way they thought it was going to go. Now it could have corrected itself and I want to see how, I want to know how it corrected itself, how they corrected it. But I want to see and hear the story on the oh crap moments where it was like. Oh, crap. Okay. How do we fix this? How's this going to get worked out? One thing one of my mentors always says is bad news doesn't age well. If something's not going right and I hear about it and I'm like, okay when did this start? And it had better had started a week or less ago. So we, we want, we like to communicate to our investors. If something's not going right, I'll hop on the phone with investors. Now we don't have a lot that's not going right. Tell you the truth. It's, it's been a freaking winter wonderland and real estate investing for the past, almost 10 years. It's been pretty good times. Yeah. And so I guess, no, I

Tim Little: 16:49

was just going to say, the way you're talking besides their, the processes and how they do things and the way they track stuff, sounds like it's just as much about character as it is on how they actually run their business. It

Charlie Wessel: 17:02

really is there. I played golf with a guy who is close to where his net worth is close to a billion dollars Like personal net worth just crazy But anyways, and he was an investment banker out in California and I shot after we got done playing God I was like, hey I'd like to send you over one of our One of our you know deal scripts to see what you think about it and this that and the other and I said to it I mean, it's like a 25 page deal that we're putting out. And he was like, you have two pages on you and on your team. And each one of you has a three or four sentence paragraph. He said, I don't care about the deal. I care about who I'm investing with. He said, I bet on the jockey every single time the horse is important. But I want to know the jockey more than the horse. He said, horses are all the same. He said, I want to know the jockey. So he was like, if you took that entire presentation and made a third of it about you and what you've done, the past deals that you've done, how they're going and what you've done to correct things, what you've done to, help manage it, he said, that's what I want to see. I want to see your character. I want to see your work ethic. What you guys are putting into it. And I took a lot away from that. I really did. That was, he's made his money on investing in what we do for the past 30 years. Nice.

Tim Little: 18:30

And are, just to clarify for the listeners, are you still syndicating? Or are you doing strictly like fund to funds?

Charlie Wessel: 18:39

No, we will do both. We're doing a fund right now for short term rentals Yeah, we just launched it, a few weeks ago and it's going good But yeah, this is my first fund of funds. It's the same, it's the same concept It's just a lawyer drafting different Documents really, it's different on the legal end on my end. Not much has changed

Tim Little: 19:38

Yeah, and I think that's a good segue into a question about diversification because you talked about short term rentals we've already talked about multifamily. What are the different asset types that you're in? and how do you go about you know getting into those new? Types. What is the education process or research that, that goes into that?

Charlie Wessel: 20:01

It's quite a bit, man. Cause I've just been preaching multifamily for years since 2018 really. So it's been me getting into the getting into we bought a hotel in Tahoe which is probably the only asset. That I would buy in California, I'd stay away from the multifamily there, but Excuse me, yeah, we bought a hotel in Tahoe now, we're doing the short term rentals Once again, it's all about the jockeys. I've known these jockeys for a long time I've known the deal sponsors for a long time the guy in Tahoe Yeah, this is his third deal in Tahoe and he sold two other hotels that he had in Florida just to go all in on Tahoe. The guy's underwriting is super conservative. He actually created the entire spreadsheet for Michael Blanc when he was in college and which is what I'd say probably 80 percent of syndicators out there use. Either that model or a retrofitted version of Michael Long's model. Yeah. I've known him for a long time. The guys that put together it's TechVestor who we're bringing capital to who's doing the short term rentals, they gave us so much content on short term rentals and, the air DNA, diving into air DNA. That's a website that just gives you so much information on Airbnb fees. And actually the creator and founder of air DNA sits on our advisory board for the short term rental fund. Yeah, we just go where the big guns are, man. These guys, they're strong. They know what they're doing and we back them when we know that they know what they're doing.

Tim Little: 21:48

Yeah. And that really speaks to, like you said the trust that you have in the operators and knowing that they know what they're doing and getting to know them. What about the, investor education piece, right? Like you said, if you're preaching multifamily and then all of a sudden, you're like, Hey, I got this short term rental fund. And everyone's Charlie, what are you talking about? You do multifamily. I don't understand.

Charlie Wessel: 22:11

Yeah. Yeah. It's it really hasn't been that bad because we send out a lot of emails. We try to prep all of our investors for whatever we're doing. What, it's the same thing for multifamily really, where we're going into a different market or something. So it's the same thing as multifamily where we're going into different markets. We really have to educate our investors on the different markets. We bought a A fairly big apartment complex in Des Moines, Iowa. And you want to talk about a tough sell to a bunch of good old boy investors down here in Charleston, South Carolina on the golf course, Lord have mercy. I said, Hey guys, we've got a great deal going on in Des Moines, Iowa. They looked at me like I had two heads. They're like, is that even in this country? Where's Des Moines, Iowa? Is it in the middle of a cornfield? I was like, dude, Des Moines is like a major city in Iowa. It's like exploding. And we had our fourth year projection on that deal by our Fifth month. We were, we're killing it in that deal, but teaching our investors about that area, that new market, that demographic, what's happening there. It's the same thing as, switching asset classes. It's just teaching. It's all education. Everything in this industry boils down to two things, relationships and education.

Tim Little: 23:38

Yeah, no, and that's certainly a theme that's coming across, but I can attest that you are absolutely right. That switching just a, an area is just as dramatic from an investor perspective. When we're used to dealing in either, Texas, Florida, Georgia, right? My, my investors understand that. And then, we partnered on a deal in Rapid City, South Dakota, and we had to explain okay, South Dakota, for those of you who have no idea where that is or why it matters. Look, here's Mount Rushmore, that thing with the faces of the president. That's where this is Oh, okay. I get it. Like you just have to tell them and then you can go into the, the fundamentals, Hey, population growth, super high, income levels all those things the demographics but first they need to have a basic idea of. Where it is in the U S cause I'm not going to lie. Like I've never been to South Dakota before. I'd like to see Mount Rushmore one day, but haven't been there yet. So I was like, Oh, so it's the rapid city. Okay. Got it. Sounds good. So that same level of education is required for, most people who are used to doing that investing, just like you said in the Southeast or

Charlie Wessel: 24:50

something like that. Yeah. That was my first flight to Des Moines, Iowa. I can tell you.

Tim Little: 24:55

All right. So you have a pretty large portfolio. How have you been able to scale to where you are today? Have you had to make any hires associated with that? And if so what did that look like?

Charlie Wessel: 25:08

Yeah, 100%. We have two VAs that work for us right now. One is Mafi. She's been with me for three and a half years now. She's amazing. She does more than I do. I can tell you that right now. She's amazing. She frees me up to let me go do this and. Talk to investors and stuff like that. She does everything from sorts my email so I don't have to sit there and go through everything to, she's, she booked my call with you. She puts together emails out to our investors. When we get in all the information from for new deals, she puts all that together in a nice pretty package, it says Cordell capital all over it. And, so I still go through and, I check everything and edit everything just cause that's part of me being an entrepreneur is I gotta have my thumb on everything, man. But anyway, anyways, it's, that and all the systems and processes that me and her built and put together, we, that allowed us to bring in this other VA. And just stepped right into whatever we needed her to do, and she's just doing it. Yeah, we got a lot of different systems, ma'am. We pay a lot of money every year for email systems, portals, lots of them.

Tim Little: 26:29

Yeah. And I think that's something, maybe some entrepreneurs have a hard time doing right at first is. Letting go. Especially when it's something like email or maybe even talking to investors and I understand that. But I think it comes down to, focusing on the value of your own time and, figuring out what those 10 an hour, 100 an hour, 1, 000 an hour tasks are, and realizing that you're wasting your own time and money by doing those 10 an hour tasks when that's something that could be hired out. And that you have to look at that big picture return on investment, not the Oh, I got to hire someone, short term view.

Charlie Wessel: 27:12

100%. The most important things in my life. I've been married for 23 years. My wife, I have twin 10 year old girls. And a 14 year old son, and I spent a lot of time with him. And like today, my son's coming home at right from school. Me and him are going to the batting cages as soon as he gets home from school. Three, three 30, we'll be at the batting cages. My daughters, they do gymnastics. They do cheerleading. They we live on a golf course. My mommy's started a very golf course. We play golf. So we have a lot of fun. It's really, after owning so many, several businesses for so many years. Oh, I have. Mastered the art of delegation. I really have, man. And it's been a huge work in progress. One of the greatest books you can ever read is who not how just a great book. And I mean that, one is a good book. And number two is who not how for me, man. Cause I have a four day work week. I work Monday through Thursday. I play golf with the boys on Friday, and then I don't play golf on Saturday or Sunday. I'm dad and husband on Saturday and Sunday. My time now, I'm not old. I'm 46. I'm in my prime, man. But it's I don't want to spend it stuck in my office all the time. Yeah. So I make sure that I hire really good people. And if they're not really good, then I fire them really quick. And it's just been, it's been a game changer, really. So for the past Four years. I've had a four day work week and it works pretty well.

Tim Little: 28:50

Yeah. And that's some really valuable insight. So I hope people are paying attention because I think it's one of those places where people have the most difficulty, like moving to the next phase of time freedom. Maybe they're making a good amount of money but they're still stuck in their business and not, on their business. Just like you're talking about and delegating tasks out that they shouldn't be doing so that they can, one gain a bigger perspective on their business and make it grow even faster, which, may be counterintuitive to some people. When you have good people doing things that are better at those tasks than you are, then it makes a lot of sense and you can scale much more quickly and you get the benefit of that time freedom that you're talking about. Yeah. So I, again, I hope people are taking notes on that one. We do need to transition to the turbo round now though. So I'm going to ask you three questions that I ask every guest that I have. And I just asked for quick, honest answers. You ready? Yeah, man, let's go. All right. Question one, what is one red flag every investor should look out for?

Charlie Wessel: 29:58

You really got to, you really got to do your due diligence on the guys that you're doing deals with. There's a lot of really good guys in this industry. There really is. I'm telling, the majority of the guys in this industry are out for their investor's best interest. But they also may not know what they don't know. A lot of guys that are new, they just don't know what they don't know. Make sure that you're, the guys you're investing with or, make sure they're being coached by somebody, make sure they're masterminds. These are things that they need to, people coming into this business need to spend money on and they'll get, I'm telling you, it just gets you light years ahead when you do that. And it's the Ray Kroc theory. The McDonald's thing, just do everything. And other people have already failed, take their lead, let them show you what not to do and what to do. So just, do your due diligence on, on who you're investing with, make sure that they're, cause they probably do have your best interest in at heart, but Hey, there was a lot of short term loans out there as well. We didn't get involved in them.

Tim Little: 31:04

Absolutely. No, that makes a lot of sense. All right. Question number two. What is a myth about this business that you would like to set straight?

Charlie Wessel: 31:13

Oh yeah. The overnight success. Yeah, man. Those guys that, man, we've been doing this for three years and we got, 400 million under assets under management. Yeah, they did it for three years under this name. Because they did it for four or five years under this name. And, it just finally, they partnered up with some other people and figured it all out. There's no overnight success in this business, but my whole thing is that I'm just going to keep clipping along I'm not going to stop. So I'm going to keep going and it's just going to continue to roll together. It took me three years to do two deals, and now we've got, a good bit of deals under our hat and, over a hundred million in assets and it's. It's not too bad. Life's pretty

Tim Little: 32:04

good. Yeah, and I think that's a super important point too for those people who are, listening to gurus, going to conferences or something, and having someone, pitch them a, 30, 000 course saying that they will be financially free within a year. Okay, calm down. It just doesn't make sense on the face of it, considering how long these deals are, first of all. When you're all hyped up it's hard to get past that. So people, like you said, need to look at the long game and understand that, yeah, these deals are, anywhere, like you said, for three to seven year time horizons, and, we is, operators, syndicators. That's when we get the biggest chunk, is when we've proven value for our investors, when we sell exit. At the end of the deal and get our chunk of the equity from it. It's not a time in between. It's, maybe a little taste at the beginning, if we got an acquisition fee and then the big chunk at the end. So exactly like you said, you have to be building that pipeline and continue to do deals because one day down the line, all those seeds that you planted, in the form of deals will start to come to fruition. And that's when you really start to see the returns.

Charlie Wessel: 33:17

Yeah, those deals start selling and you're like, woo, let's go. We've had several of them

Tim Little: 33:22

already. Nice. All right. Last question. What does success look like to you?

Charlie Wessel: 33:29

Being the best husband and dad I can be really and truly, and that's in my personal life. I helped coach the baseball team and it's, I sit there for my daughter's two hour gymnastics practices. It's. Just being there for them, doing things with them, man. I heard somebody say, it's not quality. It's quantity because you may be doing something you think is super cool with your kids. They, and then when they grow up, do they remember it? They remember what they want to remember. So they might remember the little things when you went out and pick fricking blueberries with them. I don't want to pick blueberries. But it's just something that, going to spend time with your kids, just sitting there like me, I remember most about my dad is that him being there at my football practices at high school and he worked, he ran a big company that took a lot of his time away from his family. But yeah, he would still make sure that, twice a week he was sitting there at four o'clock watching me practice football. I remember looking up at the stands being like. That's awesome. He's supposed to be at work right now. That's incredible. Or he can be playing golf. He's an amazing golfer, but yeah, he can be playing golf, but he's sitting here watching me practice football. So it's quantity time over quality time. And yeah, that, and I also want to help out as many people as I can grow their wealth. I really do. I see what this business can do for people and we were whipping the pants off of financial advisors out there and it seriously angers me. And I go hunting with a bunch of financial advisors once a year out in Arkansas. I love them to death. They're all Ed Jones guys. I, they're great dudes. And, we don't have to bring it up much, but as soon as one of them starts talking about their returns, they're getting their guys. Man, I shut them down pretty quick. It's fun. It's fun. Yeah,

Tim Little: 35:30

and I can't agree with you more on the, quality, quantity, time. It's all a matter of perspective, right? We may think that, that vacation at Disney or whatever is going to be that memory that's seared into their mind for the rest of their lives when really it's, when you hold their hand, walking them to school or something every day. Yeah.

Charlie Wessel: 35:50

Yeah. I went to Disney World. I hardly even remember. Yeah, but I remember throwing baseball with my dad up in the big field just past our house. Yeah, I remember that like it was yesterday.

Tim Little: 36:02

Yeah. No that's huge. I, yeah, I have two daughters too, five and eight, so it's a fun time. Life is good brother. We'll see how fun it is when, I have two teenage daughters at the same time, but you'll be in the

Charlie Wessel: 36:15

same boat. Just live in the now, man. Live in the now.

Tim Little: 36:19

All right. Hey, Charlie, this has been a lot of fun. I really appreciate the insights that you brought here. Please tell our listeners how they can get ahold of you. And if you have anything else that you'd like to share with them.

Charlie Wessel: 36:31

Yeah. Yeah. We have a site, invest cordell.com. Invest cordell.com. That Cordell has two Ls. Also you can go to our website cordellcapital.com. Invest cordell.com. That gives you our. Our ebook that we have out there and that'll put you on our list. So that way you can, just follow us and what we're doing and the deals that we're doing and the updates that we do, we don't flood too many inboxes just unless we have a deal and then look out, we're coming. So anyways, but yeah, no, I'd love to, line up a chat with anybody that wants to.

Tim Little: 37:05

All right. Hey, we'll definitely have that information in the show notes, Charlie. I appreciate you coming on, especially with the cold you're battling through right now. And I look forward to continuing to see you do big things on your journey to multifamily millions.

Charlie Wessel: 37:20

Absolutely. Thank you so much, Tim. I appreciate it. All right. Thank you.