#73: Is Triple Net Real Estate the Safest Cash Flow Strategy Right Now?

AIME Episode 73 Transcript

Sarah Florer (00:05.418)
Hello everyone, welcome to Alt Investing Made Easy. Thanks for joining us today. Today we have an interview with Ben Cogut of Rooster Equity. He's the founder and he's here to talk about what Rooster Equity does and also some other things that are relevant topics in the funds world. Thanks for being here, Ben.

Ben Kogut - RoosterEquity.com (00:23.244)
Yeah, thanks, Sarah. Honor to be here with you and Roland.

Roland Wiederaenders (00:26.519)
Yeah, thanks so much, Ben. It's great. We've been trying to get this on the schedule for a while. And you had a trip out to the Best Ever Conference. Maybe we'll talk about that. But give a shout out to Roy. Roy's our friend, Roy Mullen, introduced us. And I think he's recuperating or getting ready for a kidney donation surgery. So we wish him all the best in that. Prayers for Roy and his speedy recovery.

grateful, know, I know that, you know, like attracts like and just that spirit of generosity and openheartedness. I've always got that sense from you, Ben, as well. So it's great to have you on, but Ben, tell us a little bit about Rooster Equity and your investment focus.

Ben Kogut - RoosterEquity.com (01:14.412)
Yeah, I founded Rooster Equity about two and a half years ago and our focus is investing in deep value, triple net commercial real estate projects around the United States. We have been...

Well, let's see a little little background on me real quick. So I started as a broker Selling triple net properties that I took some money and I invested and as a passive investor in someone else's syndication back in 2017 I was looking for some passive income and But that person that I invested with ended up recruiting me to become his head of capital raising So I raised capital raised about a hundred and ten million dollars

From around 200 investors. We bought around 350 million dollars at the triple net commercial real estate from 2017 until 2022 and so I really learned what it is to Syndicate so the formula Every single deal we would you know go out we'd put together marketing materials, you know vet the deal and then we would have every single deal would have its own PPM and and all the individual documents that go with those

particular deals. And then it came time for me to do what I've always wanted to do, which is to start my own company. And so I started Rooster Equity at Rooster, by the way. So my last name is Kogut. Kogut is a Polish word that actually means rooster. So there's the, there's the connection there. And, you know, I just, I didn't want to call it Kogut capital and

Sarah Florer (02:45.498)
Okay, so that's a connection.

Roland Wiederaenders (02:46.157)
That's cool.

Ben Kogut - RoosterEquity.com (02:53.87)
You know, I didn't see anybody else in this space using the rooster metaphor. And so, you know, we have a little bit of fun with it and you know, we're, you know, it's, it's, it's a serious business, but also life is fun. And so we like to attract investors who understand that, um, you know, you gotta have that balance. And so, um, go.

Sarah Florer (03:08.768)
Mm.

Roland Wiederaenders (03:11.863)
Well, the rooster is the wake up call, right? So wake up and invest in rooster equity.

Ben Kogut - RoosterEquity.com (03:19.328)
and don't put all your eggs in one basket. mean, the, you know, it's related, you know, you get it. Cockadoodledoo, all the good stuff. And so when I, so my background was I learned that,

Sarah Florer (03:21.856)
Roosters don't have eggs.

Roland Wiederaenders (03:28.843)
male chicken.

Sarah Florer (03:32.608)
You

Ben Kogut - RoosterEquity.com (03:39.586)
you know, every single deal we could syndicate on our own. And then I was, as I started my company, I did a lot of research and I was trying to figure out how can I do this, but do it scalable? Because there's, there's a quite a bit of expense on the front end when you're trying to put together syndication. And if the deal isn't big enough, it's hard to justify.

doing that type of expense. Now, I'll say I have learned in my experiences, it takes just as much work to do a $10 million deal as a $1 million deal. that's okay. But anyways, so what I discovered, and we could talk about this to the extent that I can, I ended up going with this company called Avester. And Avester had a novel approach to raising capital. And what they call it is it's called a customizable fund. And so,

I'm not a lawyer. I don't pretend to be one. I'll leave that to the professionals. But my understanding, and I'll try to explain this, is that I have a sunk cost upfront. We spent a lot of money. We put together a PPM that I would describe as the most umbrella PPM that you can imagine. And then each deal has an individual deal disclosure. So the deal disclosure is very specific to the deal.

You know, there's a lot of legalities around, I don't have explain this to you guys, but what I learned is, you know, there's, want to be really extra careful about when I raise capital because I wanted to be able to scale my business by partnering with other.

you know, either we syndicate our own deals or we also, I know a lot of people that have a great deal, they just don't have the network or the skill set or the time to go raise capital. So I have a lot of people calling me and say, hey Ben, I got this great deal. Can you bring some equity into this project and we'll partner up and do this deal.

Ben Kogut - RoosterEquity.com (05:32.942)
And so that, so one of my favorite things is raising capital. I like teaching people about triple net commercial real estate. think there's, um, you know, this is a alt investing podcast. think that personally I'm very biased, but I think that triple net is the best bang for the buck type of investments. And we could talk about what I've seen out there, but I think that, you know, with the Avestor platform, it allows me to, bring people into my, uh,

Into my projects it has you know an online platform and again I'm not trying to sell a Vester but I just wanted to kind of talk to you about what I'm seeing and It's uh, it's it's been good. It's not necessarily great. There's definitely some some areas for improvement the user interface I think needs some some improvements But it's allowed me to have like a central location online for investors to sign all their documents to have you transparency into the deal and be able

Roland Wiederaenders (06:09.942)
Sure.

Ben Kogut - RoosterEquity.com (06:32.836)
to wire their funds and be able to sign online and have an online portal to see at any given time, like how is their deal been performing and it's a great place for me to communicate. So it's really kind of taken back when I was at my.

Sarah Florer (06:34.741)
Hmm.

Ben Kogut - RoosterEquity.com (06:47.948)
former company, all these individual components were very cumbersome, like sending out documents and tracking to make sure that all the soft commits and the money coming in. So I wanted something where we could have it all in one place. And so that's been kind of what's what I've been able to do to scale it up. And I could share with you about the deals we're doing, but I'll kind of pause there.

Roland Wiederaenders (07:12.63)
Yeah, and I wanted to note, you we were talking just before we got started recording this about Avester and it's interesting because I've got another client, sir, I'm gonna, if you don't mind if I just jump in here, I'm talking a lot, you know, between us, but, you know, this other client came to me and said, I want to use Avester, they've got a customizable fund. And the one way that it was, or the way that it was represented is that,

Sarah Florer (07:23.654)
Yeah, please. No worries.

Roland Wiederaenders (07:40.299)
You can go out to the investors and like in a fund of funds, can say, well, it's a fund of funds concept, but you have an opportunity to invest in this specific asset through the fund. And that's okay. But it sounded to me like there was a possibility where those weren't adequately siloed underneath the fund. So that if I invest in asset A and then the fund also invests at some point in the future in asset B,

and I don't want to be exposed to asset B, there's no way of protecting me from liabilities from asset B potentially bleeding over into asset A. And that was my entire question to them is, you know, wonderful idea having this blanket umbrella disclosure, but in a fund of funds concept, you're investing in a portfolio that the fund of funds is investing in and you can't really say,

why I only want exposure to that one position. You're going to get exposure to all the positions unless it's set up where each entity and each investment under the umbrella is set up as its own separate fund or series. You could do this as a series as well. And then you allow the investors to either invest at the fund level and achieve the diversification that the overall portfolio has.

or you allow them to invest in the individual assets. But the individual assets, if you have them held under an LLC or a series of an LLC, those would be the issuers of the securities and you would have a different form D for each of the underlying assets. But the way that it was described to me, Avester said that you didn't do that because it added complexity.

And I don't want to go into their business model too much, but it's a good conversation for us to have about fund of funds generally, because we're in an investor education role here. And people understand that fund of funds is a concept and Avester is, they're doing something in marketplace. would just say, and I know too that they have a specific securities attorney that's working with them. So make sure you have a conversation with them and ask them the questions that.

Roland Wiederaenders (10:03.532)
that I just asked and actually summarized this to them in an email. I haven't heard back from them yet. I'm sure that they're real busy. But anyway, that's great, Ben. I mean, you you said you're focusing your efforts on what you are best at and enjoy the most is capital raising. And that's such an important role in this industry. People going out there and like you said, education, telling people what the opportunities are. So I'll shut up.

Ben Kogut - RoosterEquity.com (10:34.614)
Yeah, well, yeah, go ahead, Sarah.

Sarah Florer (10:35.823)
Go ahead. No, I have a question, but why don't you respond to Roland? I have something I wanted to ask.

Ben Kogut - RoosterEquity.com (10:41.454)
Yeah, I just, I know that they have, was told over 500 people that are now on their platform.

I don't know the exact answer about how they legally organized it, but I do know that I've dealt with numerous large law firms who have advised me throughout this journey. And it does seem pretty clear to me that when somebody invests in deal A, that they are not exposed to deal B. it really allows us to, honestly,

like 90 % of the investors, like it just looks and feels like a syndication. They're signing documents, 10 % of them will dig in deeper and I'll answer their questions. But it's been helpful for us to be able to scale using this type of tool.

Sarah Florer (11:41.024)
That's cool. So my question was, know, we hear a lot from people talking about raising capital and something we sometimes are able to even assist with. But would you be willing to sort of describe what that means? I mean, it may seem obvious, but raising capital, I mean, for some people, it's literally just calling their fraternity buddies, honestly. And for other people, it's a lot more than that or a lot different than that, or they have, you know. So would you have any like top tips about

you know, what mindset you need for raising capital, what you need to be prepared for.

Ben Kogut - RoosterEquity.com (12:16.879)
Yes, love that question. So the mindset is abundance and generosity and it's a it's a full contact sport. It's

Sarah Florer (12:23.904)
Mm.

Ben Kogut - RoosterEquity.com (12:28.495)
it's really, it is at the, at the end of the day, it's relationships, it's education, it's going on podcasts, it's going, you know, taking people out to dinner. I started now creating social media content cause I didn't see a lot of people talking about raising capital in the triple net space. Now multifamily and, and, you know, storage is a whole different story, but you know, I'm a triple net guy. It's my, what I've been doing for 20 years. And so.

Sarah Florer (12:43.2)
Hmm.

Sarah Florer (12:48.263)
Mm-hmm.

Ben Kogut - RoosterEquity.com (12:59.009)
It's all the above. We do a newsletter. We have a CRM where we're constantly sharing updates. And then, you know, lot of referrals, asking for referrals, asking for testimonials, you know, and just ultimately just, you know, trying to do a good job and make our investors rich.

Sarah Florer (13:08.309)
Mm-hmm.

Sarah Florer (13:17.344)
Success in the returns is always a good sign.

Ben Kogut - RoosterEquity.com (13:23.307)
Yeah, exactly. Yeah. we lean it, we lean in on that and then we just keep a, you know, generosity, just try to be patient. And, know, some people need more hand holding than others. And, you know, and I believe that there is an abundant amount of opportunities out there for people. So, but our niche is we just stay disciplined. We just do triple net. So to talk a little bit more about that, if you might. So we, like,

Sarah Florer (13:48.149)
Mm-hmm.

Yeah, for sure.

Ben Kogut - RoosterEquity.com (13:53.223)
buying deals that are cash flowing on day one.

because it has sometimes single tenants, sometimes multi-tenant, but we have the cash flow. we buy it at a price that's good enough, we like to be able to pay our investors an eight-pref monthly, and we like to do that right away. So in order to hit that, we have to buy it at a cap rate that makes sense. We also put very low conservative amount of leverage on property. So every component of our deal is designed to be conservative.

So long-term leases are usually 10, 15, sometimes 20-year leases. And triple net is great because

you know, reduces another risk. We don't have to worry necessarily about, you know, like insurance and taxes that, you know, we see that those are obviously always going up. And so it's just as a, as a landlord, as an investor, it's, it's not that it's not important, but it's not really,

an issue because it's not our responsibility. So as long as we invest in deals that have strong tenants, the way we define strong tenants is we look at the unit economics of the business. So how many widgets does this business need to sell in order to break even? Can they pay the rent? Because at the end of the day, that's what we're going to use to pay our debt service and pay our investors.

Sarah Florer (15:01.642)
Mm-hmm.

Sarah Florer (15:12.373)
Mm-hmm.

Sarah Florer (15:24.894)
Right. that's, I mean, we've talked to a few other people about the triple net situation, but I think actually just recently we know another guy up in DFW who's focused on triple net, who started off in multifamily and shifted over. Remember Joseph? And what I understand is that, I mean, what I find interesting about it is if you're just a regular person driving around your city and you see these different shopping centers,

Roland Wiederaenders (15:40.063)
Yeah, yeah, for sure.

Sarah Florer (15:50.24)
You may not automatically think, that's an anchored tenant. Those are tertiary tenants or whatever it is that you use to classify things. But I imagine for you, when you drive around, that's kind of all you see.

Ben Kogut - RoosterEquity.com (16:01.571)
It's so true. Yeah, I love looking around and seeing like what what's the tenant mix with the ingress the egress? how do they how do they lay this site out on this piece of property? Yeah, I love it.

Sarah Florer (16:09.267)
Yeah.

Sarah Florer (16:14.086)
Yeah, you must go crazy if you come to Austin because I don't think any of that was thought out necessarily sometimes. There are anchor tenants, but the ingress and egress.

Ben Kogut - RoosterEquity.com (16:20.537)
There's some interesting properties. Yeah, exactly. Yeah, that's what we do. We live, eat and breathe, triple net commercial real estate and we're growing our portfolio and we're...

are on our happy investor base and it's been a lot of fun. And now to be honest, we have seen an opportunity to go bigger. And so now actually I might turn the tables a little on y'all. So we're actually thinking about starting another fund that...

Sarah Florer (16:35.584)
Mm-hmm.

Sarah Florer (16:42.88)
Mm.

Roland Wiederaenders (16:49.197)
Okay.

Ben Kogut - RoosterEquity.com (16:51.021)
would allow us to raise bigger tranches of capital. Like we were pretty deep in a conversation with a private equity group who wants exposure to triple net. And they're talking about seeding a new fund, not an A-Vester fund, just so that, know, well, I'd be curious what y'all would suggest, but we want to start with like a $30 million tranche and then grow it to maybe a hundred, a hundred plus for our first fund. And so I don't know. I'd be curious what, how would you guys structure something?

Sarah Florer (16:55.594)
Mm-hmm.

Sarah Florer (17:11.348)
Mm-hmm.

Sarah Florer (17:15.091)
Mm-hmm.

Ben Kogut - RoosterEquity.com (17:20.985)
like that.

Roland Wiederaenders (17:22.477)
Well, sure, know that Sarah, if you don't mind, I'll jump in and you know, it's really the same thing what we were talking about before. If it's a fund that will have many assets in it, then you know, if the fund is implementing a uniform or consistent investment strategy for sure, you you've got a really clear thesis.

Sarah Florer (17:22.836)
Go ahead.

Roland Wiederaenders (17:46.734)
on which you'll be basing your investments and so something really clear that you can tell your investors and so that the risk, you know, I want to have a diversified exposure to triple net spaces that have been vetted by these guys that are incredibly well experienced, understanding that I'm going to be investing in a portfolio and, you know, this idea of the fund owning multiple assets, we do have this potential for B, know, asset B.

bleeding into the liabilities of asset B, bleeding into the assets of the other fund. And this is, you know, let's just put it down, you know, the concrete example is the slip and fall at the retail center and they sue, they say, well, you know, the property owner, the tenants, whoever, they'll sue everyone. They'll say, you provided inadequate drainage and this was a problem that persisted. And so, you know, this is left a

You know, he's a high income earner, brain dead. And, you know, he's a young, he was a young 30 year old hedge fund manager and had a lifetime earning potential of a billion dollars. And you're liable for that because of that, you know, and so then it's not maybe not adequately covered by insurance or whatever. And so we have to sell off other assets in the portfolio to cover that loss. But that's a risk, you know, when you invest in a multi asset fund, that's a risk that the investor should understand.

you know, the trade-off there is that they're getting the diversification. Or if you wanted to, you could allow for investors to invest alongside the fund in the assets themselves. And so then it's just setting that up and setting, talking about, you talked about the total dollar amount that you wanted to raise and if you wanted to keep that 8 % preff and then understanding how you'll be splitting profits.

And then also the important thing for a fund is, you know, thinking about the term, what's your horizon? Are you going to operate this indefinitely or will there be a specific time horizon associated with it? Will there be an investment period, a commitment period? just thinking through all those questions, another important question would be, do you have the right to...

Roland Wiederaenders (20:10.209)
to sell assets and reinvest the proceeds, or if you sell assets, are you gonna just automatically start sending cash back to the investors? And there's probably no right or wrong answer to all these questions, but they are questions that you would have to answer in a way that's consistent with your business, how you wanna do business.

Ben Kogut - RoosterEquity.com (20:33.045)
Yeah, lot, a lot to unpack there. Yeah. There's a lot of, yeah. So how do I, you know, how do I get started? You know, checking those boxes, would you say?

Sarah Florer (20:35.131)
Hahaha.

Roland Wiederaenders (20:41.985)
Well, and Sarah, I'm sorry, I'm talking a lot, but we'll send you a summary of terms document from a fund PPM and you can kind of just go through in each summary box. You you've seen these before in PPMs, know, and you can just go through and say liquidity. Okay, well, let's say you have to be in the fund at least two years and then you can make a redemption request. We have a right to.

Sarah Florer (20:45.054)
No, no, it's fine. It's good.

Roland Wiederaenders (21:09.099)
suspend Redemption's in the event that we don't have adequate cash at that time to fund the Redemption. We're not going to be required to sell assets to fund Redemption requests, but we do try to provide liquidity or no liquidity. It's just like the normal investment that you're investing in the asset and you're in for the life of the deal. we have a 10-year or a

Maybe like a seven year time horizon on this, maybe a right to extend for one year periods after that and the manager's sole discretion after that, we have to go to investors and get their consent to extend the term.

Sarah Florer (21:46.696)
And just to add in there for private equity, I think they are used to being locked in for longer. It's a little bit different when you have more, not retail investors, but more individual investors who might want more access to cash. For private equity companies, you could talk to them about what it is, their investment mandate themselves, in terms of how long they can be locked in, and that can give you freedom. And of course, if you have a lock-in period, it doesn't mean that if things go well, you can't.

pay money back, mean you have a discretionary choice on that, but you probably want to get as long as you can out of a private equity fund. I mean, when you go from the point of view of having so much capital that you want to push it down into seeding funds, then you have longer time horizons that you can contend with also.

Ben Kogut - RoosterEquity.com (22:36.163)
Yes, agree. Yeah, the mentality for that fund would certainly be a longer term. Yeah, hold, that kind of thing.

Sarah Florer (22:40.04)
Yeah. Well, their team doesn't want to go through the whole ordeal every two or three years, like, because the minute you have a right, when you work in private equity fund, the minute you have a right to exercise your redemption, it has to become a discussion about whether you should or shouldn't. So it kind of it's a funny balance really for the team. It's nice when things are locked up and on a longer term cadence than sort of annual or every two years.

Ben Kogut - RoosterEquity.com (23:05.494)
Yeah, no, our investors would in that deal would understand that this is a five to seven, maybe 10 year type of mentality. So we wouldn't want to deal with people that need their money out every couple of years.

Sarah Florer (23:10.184)
Yeah. Yeah.

Sarah Florer (23:16.564)
Yeah.

Roland Wiederaenders (23:18.753)
Well, you know, the only other thing I was thinking about, Ben, maybe you could tell us about your experience at the Best Ever Conference. That's for sure a thing. People know about that. And you attended recently, and we were talking a little about that. So just any reflections on that.

Sarah Florer (23:29.192)
Mmm.

Ben Kogut - RoosterEquity.com (23:34.607)
Yeah, was fantastic. I had an opportunity to join what they call the pitch slam, which is a pitch competition in front of an audience of hundreds of investors. And so I was selected out of 72 applicants. I think there was 10 of us or something. And so I got to get up there and pitch a deal that I'm getting ready to launch. And so can I share that deal here?

Sarah Florer (23:52.991)
Mm.

Roland Wiederaenders (23:53.387)
Wow, that's great.

Roland Wiederaenders (24:01.258)
sure. Yeah. I guess the only caveat would be just 506C, you know, but I think you know about that.

Sarah Florer (24:01.908)
Fisher.

Ben Kogut - RoosterEquity.com (24:07.991)
Yeah, 506C, yeah, I won't get into returns right here, well, I can, I guess, but we are under contract to purchase four childcare properties in Texas. And what's unique about this is I'm partnering with a private equity group. It's run by a friend that I've done for over 20 years.

Sarah Florer (24:21.343)
Hmm.

Roland Wiederaenders (24:21.615)
cool.

Ben Kogut - RoosterEquity.com (24:32.587)
And the private equity group has been acquiring childcare properties. They bought about 18 of them so far, mom and pop type of childcare deals. And so they go in there, they don't change the brand and they imp they get in there. They actually change almost nothing on day one, but they end up implementing systems to be able to improve the, you know, the cashflow on these properties. And so when they have an opportunity to buy the real estate with

the business, that's where we come in. So they're under contract to buy the real estate in the business, but they're going to partner with me. I'm going to raise the capital. We're going to end up buying the real estate. Their private equity group is going to sign a brand new 20 year absolute triple net lease. Once we acquire the real estate and, at a, at a nice discount on market at a, at a below market rent, I've vetted the deal.

Sarah Florer (25:28.287)
Mm-hmm.

Ben Kogut - RoosterEquity.com (25:32.293)
that these properties are already cash flowing and have a, you know, one of the main metrics that we like to look for with this particular niche is a 2X EBITDA to rent ratio. So in other words, their cash flow is two times what the rent is. So even if their business was to be cut in half, God forbid, they could still pay the rent.

Sarah Florer (25:35.263)
Hmm.

Ben Kogut - RoosterEquity.com (25:57.449)
And even if it dropped below that, there's a corporate guarantee that is, you know, by a corporation that, has a very strong balance sheet with zero corporate debt. It's very conservatively underwritten. And so it allows us, so we're buying at a price where we can, afford to pay our investors a preferred return starting on the first month and, know, going forward. that's, those are the type of little niche, niche types of deals off market relationship bays.

Sarah Florer (25:57.907)
Hmm.

Sarah Florer (26:12.916)
Hmm.

Sarah Florer (26:18.762)
Bye.

Ben Kogut - RoosterEquity.com (26:27.349)
we can get in and create value by drafting a lease that we'd be very happy to own for a long period of time. We're only going to own it probably for two or three years, put a conservative amount of debt, and there's a nice spread between the cap rate where we're purchasing it and where we see numerous comps where these type of deals like to trade in the market. So there'll be cash flow during the hold, and then there'll be a nice pop when we exit.

Sarah Florer (26:50.452)
Hmm.

Ben Kogut - RoosterEquity.com (26:57.7)
God willing.

Sarah Florer (26:58.484)
Yeah, cool. Yeah.

Roland Wiederaenders (26:59.85)
That sounds great, Ben. And terrific that you had that opportunity to share that investment with the group there. just from my experience, mean, we talked about it. And we had Joe Farrellas on as a guest previously. So we could put that link in the...

Sarah Florer (27:18.505)
Yeah, yeah.

Roland Wiederaenders (27:21.198)
in the show notes and so people, if they want to know more about the Best Ever Conference, it's for sure a thing and it's a nationwide thing. It's been going on, I mean, at least since 2018. But gosh, that was eight years ago already, kind of hard to imagine.

Sarah Florer (27:36.362)
Yeah.

Ben Kogut - RoosterEquity.com (27:36.717)
Yeah, I think it was the ninth or 10th annual conference they've had. And so I've seen a lot of people. So I was invited because

They really, it used to be more of a multifamily conference, but I think a lot of people are opening their eyes to the benefits of triple net. And so a lot of my investors have, you know, shifted away from multifamily and they, their eyes open up and they say, well, you could pay us a preferred return right after, you know, the month after we close. And it's a better coupon that, you know, they're getting in other deals. I'm like, yes, that's what we can do. And this is how we do it.

Sarah Florer (27:52.756)
Hmm.

Sarah Florer (28:09.301)
Mm.

Roland Wiederaenders (28:10.241)
All these people, know, pivoting from multifamily to triple net, but you've been in triple net all along. So maybe like to go with you and somebody that has that kind of experience. So that's really cool.

Ben Kogut - RoosterEquity.com (28:17.356)
Amen.

Sarah Florer (28:19.377)
Hahaha.

Ben Kogut - RoosterEquity.com (28:23.777)
Yeah, no, it's been fun. Go ahead.

Sarah Florer (28:24.042)
So just to wrap up, you kind of, I think, already shared some of the things about your mindset, but just personally, like what is it, I think some of it comes through also, but what is it, if you had like a personal motto or what keeps you going when you do all this work, it can be pretty hectic when you deal with commercial real estate. So would you have anything to offer the audience about what keeps you going?

Ben Kogut - RoosterEquity.com (28:49.295)
You know, I've become more spiritual as I've gotten older. I'm 43 now and I think that, you everything happens for a reason. I think that generosity and gratitude are really what is...

the, you know, and believing in a higher power. And so I think that, you know, that just like in the short period we have right there, think being able to, to, to take care of that, you know, money is energy. So taking care of people's energy and the best way that we know how and being a, you know, a fiduciary and, just, you know, you know, lot of some people are getting nervous. Some people are really excited and just kind of keeping a mentality of indifference. Like it's not.

It's not my choice whether or not somebody invests in a deal, but it is my opportunity to educate and share with them these opportunities and let them make their own decisions.

Sarah Florer (29:41.084)
Mmm. Hmm. I love that. That's great.

Roland Wiederaenders (29:46.042)
Yeah, I mean, it's just something that we've talked about here that, and I really appreciate you bringing in the spiritual component to it. There's this philosophy that we've talked about, the five capitals, and spiritual capital is a thing, and that actually is probably the most determinative. To the extent that you have that in your life, the whole focus is...

passing along the blessings that you've achieved financially to your offspring, to future generations, and wanting the wealth to be a blessing rather than a curse. And again, the greatest predictor of that is to what degree can you establish relationships and having that spiritual capital specifically.

gives us such great motivation to enter into these relationships of true care, care for one another, seeking to serve one another. I'm personally, I know Sarah is too, inspired by that kind of mentality and you said it, abundance, you know, that's what that leads to.

Ben Kogut - RoosterEquity.com (30:57.237)
Amen. Amen. Yeah, we're a vessel of this energy and I like to think of it as like my it's it's my mission to leave a positive lasting impact in the community and in the world. And my my vessel is through investing in Triple Neck Commerce Real Estate.

Sarah Florer (30:58.26)
Ha ha ha.

Sarah Florer (31:12.106)
Yeah, that's really cool. I know. That I leave things a little better than they were. Well, thanks so much for your time today, Ben. I think it's about time to wind up. Okay, so we really appreciate your time today. And if you have other deals you want to get on and talk about, we'd be happy to do that. We love hearing about deals and sometimes you can't say the message enough.

Roland Wiederaenders (31:14.063)
For sure. Well, that's

Ben Kogut - RoosterEquity.com (31:18.605)
Amen.

Roland Wiederaenders (31:25.337)
Yeah.

Ben Kogut - RoosterEquity.com (31:25.785)
Sounds good.

Sarah Florer (31:41.01)
Right? You know what I mean? So even if we hear from more people with triple net, think it'll finally the word will get across.

Roland Wiederaenders (31:48.407)
And I'll email you that summary of terms too. we'll practice in law here a little bit on the internet. YouTube. YouTube attorney.

Ben Kogut - RoosterEquity.com (31:52.943)
Great.

Sarah Florer (31:55.52)
Yeah, that's only for Ben, okay? Yeah, great. So thanks everyone for joining us today. We hope you liked this episode. If you did, please like and subscribe to our channel.

Ben Kogut - RoosterEquity.com (31:58.383)
Love it. Thanks.

Sounds good. Thanks, y'all. I'm so grateful. Thank you so much.

Roland Wiederaenders (32:14.287)
And remember everyone, take aim with your alternative investing strategies.