Real Estate Without Renters | Bob Repass | Revolve Capital


The great Robert Kiyosaki never once mentioned notes in his most popular book, but if you take a look at what he’s been saying all along, it’s the very definition of what note investing is all about. Today’s guest is one of the very first people who are instrumental in the creation of the industry the way it is structured today. Bob Repass of Revolve Capital has been at it for decades, and it shows in his unparalleled expertise in the field. Join the conversation and learn why some of the lessons we learned from 2008 might be what will save us today. Tune in for more!

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Interview With Revolve Capital’s, Bob Repass

Thank you as always for reading. If you like the show, give me a nice rating on there. Subscribe to the show. I’d appreciate that and please if you’re a part of any meetup group, real estate investment club or any investment club, please let people know about the show. That way I can expand it and get you more episodes and bring on great guests like I have for you. We’re going to talk some things about the industry, the big companies, how they do the training, and how the inventory funnels down to individual investors like you and me. There’s a big process involved with that.

There are people in the middle that take these big chunks and notes and they put them down into bite-sized pieces for us and that’s an important part of our process. That’s what enables smaller investors to get involved in these things for $20,000 or $30,000 on a low end and upwards from there. It’s going to be a great conversation with our guests. I’ll introduce you to him in a minute. I’ve got Duane Gibbs here with me. Duane has been traveling with me on training. We did an event together. He has been in more training than mine than anybody has because we traveled together for many years teaching people. It’s always great to have him on. Duane, how are you doing?

Good. How are you?

I’m doing good. Thanks for being on. I want to introduce your guest. I’ve known Bob Repass for many years. Bob’s history in the industry, starts at a very high level with big companies that were instrumental in almost the creation of his industry the way it’s been structured now and that went on to manage funds, which he’s still doing. He started with Revolve Capital Group. Welcome, Bob. How are you doing?

I’m doing good. It’s good to see you. I’m excited about the show like sitting around and chatting about the industry. We can look back at history and look forward to the future. I’m ready to roll.

It’s crazy how it repeats itself in many ways. Sometimes, in a different version, but there are not many people that go back that far. I started back as an individual investor. I was doing a lot of brokering of notes. When you first started, I think you were directly with Bayview.

Bob’s Career Journey

I first started back in 1990 in Metropolitan Mortgage & Securities. It’s funny you talk about history and how things keep going around. When I started working back in 1990, I was running an operation on the East Coast from Metropolitan. Everybody’s out of Spokane Washington. I wanted about the East. I opened up an office in Raleigh, North Carolina. My main transaction manager back in Spokane was Tracy Rue Tracy and I go way back and also Melissa Bowling and Fred Rue ended up working at Metropolitan. it’s that old Met group that still floating around and I still get deals from a lot of folks. I used to work there. We cross paths.

That was our go-to. When Joe and I had a company, we brokered predominantly through Met. Metropolitan is what we’re referring to everybody who’s a company out of Spokane Washington. They’re no longer around since the funder of passed away. It’s been years since Met has been in business. That’s where we met all of those folks that you mentioned as well. What I’m referring to everybody when I first started in the business, I didn’t have the capital to invest notes myself, but I found out that if you could study and learn how to identify a deal and put that deal together in some presentation, whether that’s verbal communication, PowerPoint or a three-ring binder or back in those days whatever it was and present that to companies that are readily able and had the financial capabilities to buy, that’s a good way to make money. Metropolitan was one of those companies that not only bought real estate notes but all kinds of different cashflows on there. Met was the biggest player at that point.

I’ve been fortunate enough, over time I’ve worked with three of the largest institutional investors. We can talk about how that pivoted after ‘08 and ‘09. I moved to Texas in 1997 and went to work for The Associates. At that time The Associates was one of the biggest companies out there. In 2000, Bayview wanted to get the seller-financed discounted space to supplement their scratch, dent subprime, and commercial originations. I opened up operations here at Texas for Bayview and worked for them for twelve years. In 2008, when everything went down, institutional investors tightened up and that’s where the private equity and funds came in. People started creating capital funds that you refer to at the top.

Before you jump into there, Duane, when did you get involved then in those earlier days? Did you know Met or you came in a little later?

I started in the training industry back in 1990 up to almost 29 years. in the bit. Knowing about Met, it was all on never in that space where I knew Bob until many years ago. We randomized that space a little bit. We all come together.

To paint a picture for readers, that’s back when we got to 2008 because that completely changed our industry. Before we crossed over that bridge, in that period of time, our industry was truly a niche. 2008 took out of that niche and made it into its own asset class that’s recognized nationally by investors. Before that was truly a niche, a lot of the notes that we were buying back then everybody was seller finance notes. They were generated during the Carter Administration years when interest rates at Banks were 18%. Everybody is going nuts at 7% and everything. It’s short-term memories. People have been in and around this industry for a while. It’s 18% back in the Carter Administration.

Remember when we were waiting in gas lines, even numbers and odd numbers to get gas in all those days. In a position where to sell people’s homes, they had to offer financing because people were not willing to sign a 15 or 30-year mortgage at 18%. The homeowners would say, “You don’t have to. I’ll finance it for you at 9%.: The niche grew out of that where we said, “Some people rather have a lump sum. They just couldn’t do it. They had to take a note back.”

The methodology became, “Some of those folks, certainly a good majority, I would think of those folks would rather have cash now and how can we give them that alternative?” The answer is, “We buy the note from them.” It became, “Mathematically, how do we do that? We can’t pay him full face value for the note. We have to buy it at a discount.” The industry noticed a discount mortgage industry at the time and the paper business. It’s evolved a little bit through that but bringing you up to current times. I’ll hand it back over to you Bob. When 2008 happened everything changed. Technology was changing. More importantly, legislation was changing and the way these notes were handled completely changed. Pick us up there when the market switches.

In 2008, I was working at Bayview. We were buying over $100 million of seller-finance discount mortgages a year. Mostly from Brokers like you talked about, people finding notes and helping somebody turn that into cash. When I had to make the call saying that we were no longer going to be buying notes, there were a lot of people hurt on the other end to call because they were relying on institutional investors like Bayview for their takeout money for sure. That was a crunch time for a lot.

At Bayview, we shifted and became more of a loan servicing company because, to your point about regulations, that’s when lost mitigation came in as far as the government stepping in with the Hamp mods and various programs to help borrowers. We completely shifted from an acquisition standpoint at Bayview at that point in time, to loan servicing not only for our portfolio, but for others and maybe to this day continue to run the servicing and they’re back obviously in the acquisition spot in the market, but that was a big change not only for us but also for the individual brokers and sellers out there looking to, “How am I going to get cash for my note if the institutions aren’t buying?”

That’s what shifted to the private investor scenario that we have a lot nowadays. Some people are selling them to individuals and some are selling them to Capital funds which are made up of private investors pulling all the money together into a fund. I liked how you mentioned earlier, “Then it became an asset class.” Everybody knows about distressed debt discounted mortgages. It is an asset class and you can invest in it individually or through various funds.

It goes out to people in a lot of my presentations, there’s Robert Kiyosaki. I tell people, “Whether you subscribe or agree with him on what he talks about wealth and all that stuff, put that aside, but when you have somebody who is recognized and best sellers and everything else where his first initial books never mentioned notes and all the sudden that changed and he lists stock market, real estate notes and then intellectual property, he goes, ‘That’s the way to do it,’” and his definition of wealth, he talks about to have true financial freedom, you need to be in a business or an investor that’s making cashflow on a passive basis preferably monthly. That’s pretty much a definition of what we do.

Robert Kiyosaki says that to have true financial freedom, you need to be an investor who's making cash flow on a passive basis. That's pretty what we do in the not business. Click To Tweet

You got into then the private equity because that’s where the money went because the bigger buyers are there’s a lot fewer than there was a big change in the industry. The industry inventory grew at that same time because of the financial crash. It mostly grew in the form of non-performing loans. We’re seeing more performing loans, probably 7/30 at least at my level. We’ll talk about what you see, but back then it was a lot more on the non-performing side because of the banking crash, the financial crash and the Dodd-Frank Act came in here. That’s what elevated it but at that point in time, the bigger players were out of the picture. That was the surgeons of the private equity firms. A lot of people that we’ve trained are doing those types of funds. A lot of people that you Bob have worked with are doing those funds.

From a management standpoint, give us a little insight on how that works and how you look at notes because I tell people all the time when you have these bigger companies or mid-range companies that have $20 million or $50 million, they don’t look at and the luxury as I put it to look at every individual note that they buy. They have to buy on averages and weighted means and things like that. That’s why it’s not surprising sometimes when we look at some notes that some of those private equity firms are selling they go, “You’re missing this. That’s not quite there. Don’t expect them to be perfect,” but that’s our job as an individual investor. Give me your thoughts on that whole area.

You wouldn’t believe or you probably can understand how sophisticated some of this financial modeling is when you’re going and you can be looking at hundreds or even thousands of assets and you’re running them through your model and you’re trying to figure out how you’re going to price. You price per se loan level, but to your point, you don’t know each individual loan. You are doing it based on a bucket here and you look at it that way.

That gives people as a loan flow from Fannie or some larger private equity some slip through the cracks and fit better for investors like us and then some will even slip through our cracks and fit better for the individual investor. Whether that’s the size alone or whether it’s the location of the loan or the delinquent status alone, something fits for different people.

That’s where on my end of this with the educational side, it’s important to tell people, “You can’t just say, ‘This comes from a big successful fund. It doesn’t mean that that particular note a lot of all the ones that they do is perfect.’” We have to find out the imperfections in these notes and then we have to adjust our risk, which usually adjusts the price or things like that to make it work on the individual level on. Some people get into this business and their goal is to get to that level as a fund and I often caution people to say, “Be careful what you wish for sometimes,” because I think where people fail sometimes is when they try to do a private equity fund with not enough money.

Real Estate Without Renters | Bob Repass | Revolve Capital

Revolve Capital: Where people fail sometimes is they try to do a private equity fund with not enough money.


It’s not as sexy as that sounds when you go around saying you’re a fund manager. There is a certain tipping point where if you don’t have a certain amount of capital in order to make it work, it’s not worth going through the setup . It’s not cheap to set up a fund to start with. If you’re going to do a PPM and raise money, you’re going to be thinking $20,000 or $30,000 to get a structure put together, it’s not cheap.

There are a lot of moving pieces. You’re going to own hundreds of assets and as a fund manager, you don’t know what’s going on with each one of those. At Revolve Capital we look at institutional papers, but we also look at solid finance papers. We put it into three buckets. We look at assets that we want to buy and hold and we’ll work out through resolution. We’ll look at ones that we want to buy and hold and work out through foreclosure and then we’ll look at ones that we want to buy and then retrade.

We try to do that on the new diligence level like identify based on where they are in the foreclosure process or where they are in the performing loan status as far as how much seasoning and equity they have, which bucket we’re going to put in. We’ll take a performing little keeper for 6 or 12 months and then sell so we get cashflow for a while. We’re looking at all those different angles. We’ll buy small violence stuff, but we got two loans that are over $1 million on property. We don’t play in that space a lot, but if it’s part of a pool, our average deal is $250,000 to $225,000 range UPV.

If people want more information about Revolve Capital, is RevCap group still or you change your website? What’s the website?

The website is

What do investors get there at RevCap? They can invest in a fund or individual notes? How are things working over there?

Note Investing At Revolve Capital

The answer to that is yes and yes. If you go to the website, there is information on becoming a passive investor in our fund. It’s got a video and PPM to get all the details on that, and then you can either go on to or you can email and get signed up with us in order to receive the offering we put out periodically. We did one and we’ll be doing another one at the end of March. You can email the Trade Desk and get on the list. You’ll fill out a short questionnaire and then you’ll be receiving offerings as they come out.

For clarification, if somebody wants to invest in Revolve Capital’s fund, they would have to be accredited. If they’re just buying an individual note or a small couple of notes from RevCap that you guys are selling, then you don’t have to be accredited or anything.

We asked for a little bit of background information as far as an experience, you may have no business, what area you’re looking to invest in, and if you want to perform or reperforming. It’s an investor profile. You want to buy formulas. All I do is send you tapes of nonperforming loans. That’s a very good strategy from one of us. Sometimes we send out a mixed bag, but sometimes, “Sorry, who do we have looking for performing loans?” We’ll send out some performing that way.

My audience is mostly individual investors, and I always tell them all of the above, “Don’t single yourself out on performing and nonperforming because at some point in time, people switch from one side to the other. In my mind, it all comes down to valuation models and the ratios that we look at, ‘Is it a good deal or not? Whether it’s performing or non-performing usually has to do with price and time frame?’”

As far as I know, people say, “I don’t want to invest in performing loans.” As much due diligence, analysis or modeling you may do some people still die, get divorced and lose their jobs, and that performing loan you thought you had all of a sudden now becomes non-performing and if you’re not familiar with what to do with a non-performing loan, you got two choices, take a big loss or sell it.

Real Estate Without Renters | Bob Repass | Revolve Capital

Revolve Capital: People still die, get divorced, or lose their job, and that performing loan you thought you had all of a sudden now becomes non-performing. If you’re not familiar with what to do with a non-performing loan, you really have two choices: take a big loss or sell it.


Try to minimize your loss. It’s going to be loss. I agree because that’s why I teach people the business and not, “You want to focus on that.” You got to know both for that reason because in nonperforming notes the goal most of the time is to get a reperforming. If you’re selling a property and creating paper, create a good-quality note. Don’t create a crap note and get a crap price for wanting to create a good quality note so if you do decide to resell it, you’re not taking a big hit.

That’s one thing I was saying. Sometimes we buy and take through foreclosure. If we take back REO, depending on where it is and what its value is, instead of always listening to it with the realtor and selling it or selling it to a wholesale investor, we’ll look at seller financing that to a deserving homeowner because then you create a performing note and you’re right back there and then down the road I can sell their performing note. You have to know that whole cycle as far as buying a loan, working it out if it turns non-performing and what to do with it when it becomes REO.

Let me slow down the motion picture a little bit here and say, “I’m an investor. I’m reading this. I’m going to go to I want to look at the notes that you have for sale. I’m going to register. I’m going to fill out a small profile. Do I have to pay to get that list?”

No, once you sign up with us, you’re on the distribution list to receive our offerings.

I’ll wait for an email. I don’t have to log into the site, keep checking back and saying, “Our notes are unavailable yet.” Do you do more of a push-out to everybody?

We’re doing a push-out. We’re also doing continuous updates like, “There’ll be a portfolio coming out on March 22nd or whatever.” It gives people a couple of weeks’ heads up that something’s coming down and keep the communication. We don’t bombard people with a bunch of emails but we try to at least say, “This is what’s going on this month at Revolve Capital. This is happening. We’re going to go to the Ironman conferences at the beginning of March. We’re going to send out a loan offering in the 3rd week of March.” We tea up the month for everybody. If you want to get those, go to, sign up and you’ll get on the distribution list.

I wonder if it will be a good idea if you had a good quality educated group of investors if we might be able to look at assets early before anybody. What do you think, Duane?

That would be helpful.


It’s a good idea if we could work.

A Shift In The Market

Bob, I have a question for you. Where do you see the market going? What’s the 50,000-foot view of moving forward? Where do you see it going? What did it look like a few months ago, the big shift that you’re seeing?

We looked at the past now. Thanks, Duane.

Coming out of COVID, everybody was thinking there’d be a big tsunami of MPLs, but there was so much government help keeping all that going that we didn’t see much flow of MPLs. There were many re-performing loans, coming out of the forbearance plans or modifications or people that were able to get reinstated through the housing assistance funds out there. There wasn’t a whole lot of that going on. To your point earlier, originally seller financing back in the day, which I wasn’t driving during the Carter Administration, was a little bit early for me to be in a gas line, but it was because rates were so high.

What are you talking about?

They’re seller financing at 8% or 10%. It was a deal, then we reached out to 2% to 3%. If you’re seller financing and you’re doing 8% to 10% and all of the sudden, “I’m not paying 8% to 10%. I can go to the bank and get 2% to 3%.” The flip side of that is it is hard to get a loan at the bank because credit got tighter. It’s harder to qualify at 7% than it wasn’t to and forth seller finances coming back as well. We’re seeing a lot of that, but two products I wanted to talk to you guys about that. I’ll mention the MPL market. Fannie and Freddie are starting to sell some loans. As a matter of fact, we’re going to participate in the community impact pool bidding process that they’re getting ready to put out.

It’s February 8th. They announced that. Is that the one you’re talking about?

That is. Chad has been working on that and getting that lined up but two products that we see quite a bit that’s interesting are both performing and nonperforming bridge loans. These are short-term bridge loans. Some of them are lent to fix and flippers, somebody who’s rehabbing the property and some have pretty good coupon rates. If they pay good, you get a great cashflow, and if they’re not performing, you get it. It’s almost like an REO business. You have to know how to rehab a property and finish it because not every property that it falls on is 100% completely can’t sell it. We’re seeing a lot of that.

The other product that is relatively new in my opinion is reverse mortgages which people refer to as he comes. That’s a home equity conversion mortgage when someone is 55 or older. Cash is out there equally in their house and live off of it until they die. Every loan is created at fault because as far as I know, everybody dies sooner or later. Now the holders of the reverse mortgage, if they have a loan where the borrower’s deceased and the property is vacant, can sell that asset. They’ll file an insurance claim with HUD because all the loans were insured by HUD.

They aren’t able to get an insurance claim. They’ll look to move that. We’re seeing a ton of Peckham loans on the market. That is an REO play, but you’re buying it as an MPL. You have to work it through the foreclosure and then you may have to wait for the probate or some air to come up and follow some interest. You had to build that into your model to carry the cost of the timeline of how long it’ll take to get to foreclosure. It’s interesting we’ve bought some but we’re we’re dipping our Towing because imagine my Dad recently passed away. He was 90 years old and I know what his house looked like. He’d lived there for 50 years. For the past few years, he was by himself after my mom passed away. If you go into that house, you know what you’re going to find. You imagine what product you’re getting, you join a relationship, you’re going to have shag carpet all over and not the avocado appliances.

You have to be careful when you get your REO back with what you may or may not end up with because it is going to be probably a low-maintenance type property. There is a play there if you can buy it at the right price, but we are seeing a lot of bridge loans and a lot of loans in addition to the appeals are starting to flow. We’re close to what people anticipated but we see a city stream each month coming across.

I’m glad you brought those up because HECM is a new thing in the industry. I started seeing some, and I was like, “How would that player?” I started doing research and I even put together a training on that to let people know there is a play there because it’s a weird way of looking at it. It’s not the way we normally look at a note, but then all of a sudden, they disappear. I wasn’t seeing as many as before. It’s good to know that those are out in the marketplace again. It’s a little fluctuation I’m guessing or at least at the level that I see and then the short-term bridge loans. That’s interesting. I think it should attract a lot of people who are rehabbers.

You’ve got skills in the real estate. You know how to value real estate as it is, what the after-repair value is, what’s your cost and time and money and then take this other skill set here of learning to buy the note first rather than waiting for a foreclosure and trying to buy it then in the property would probably be worse deteriorate depending upon how much work they’ve done or if kids are breaking in there and vacant home. Learn how to buy the non-performing note with the purpose being to end up with real estate. There’s nobody living there. This is a house under renovation. You had a real estate investor who took out a loan, they started renovating the property and then they figured out, “Why am I doing this? It’s going to cost me more. I’m not going to be able to sell it on the marketplace to somebody. I’m in over my head. I’m out.”

A lot of those investors will walk away because they’re doing things through an LLC, maybe not even a personal guarantee, but it could be but at some point, “I can’t do it.” The money lenders, you would think, “Why don’t they foreclose and take the property back?” That’s the business that they’re in. They want to lend money. If they’re going to take a hit, they’d rather take the hit in the form of a discount on the note, get that capital reinvested versus having that capital out of the investment arena in the foreclosure realm of things, which depending upon what state I mean in that ranges anywhere from 90 days to 4 years, you got to know the back roads of that. I think there’s a good play for even more real estate investors to start to learn that notes are part of real estate. If you’re borrowing money, lending money or creating notes, that is real estate. you better learn that skill set because it is different than regular real estate.

A lot of these lenders made multiple loans to the same LLC. All of a sudden, they had ten projects going on and it got in over their head. They couldn’t sell the property. They couldn’t borrow any more money. The lenders quit paying. They got to sell that note. Being in LLC and on property that is not occupied in some areas, it does shorten the Foreclosure timeline. You don’t have an eviction. You’re going to have to worry about there’s nobody there. Hopefully, you secured it there’s no squatter in there. Other than that, it does squeeze a timeline some. We like those loans. We probably like them more than we like to have because we have a better understanding of what you’re getting.


Even though they say on the heck of their vacant secure, a lot of times when you’re bidding them and even when you buy them, you cannot get inside the property. Sometimes you can’t for some reason. They have a lockbox and the seller can get you in there, but I would say 80% or more you can’t even get in there. It is buying MPL where you don’t know what the condition of the property is.

Sometimes errors come with, which is fine because they don’t want to pay off the loan. That’s fine.

Sometimes the grandkids want to live for free.

That’s what I was getting that. You do have that aspect to deal with versus a vacant home that they’ve at least renovated. They put some money into it.

Those are two relatively new asset classes that we’re seeing in the space to go along with the typical seller finance and against institutional performing, reforming and non-performing. We try to cast a wide net. I’ve been in this business a long time and I’ve dabbled in each one of these. I’m bringing a unique perspective to revolve as far as experience and different areas that allow us to to go after whatever opportunity we’ve seen in the market at any given time.

Great opportunities for individual investors. That’s where Duane was going. Inventories are there. You have companies like Revolve that they’re in the business of buying the notes maybe at a discount for purpose or resell, maybe buying the notes that are not performing, getting reform again, enhancing the value of the note and reselling them. Those companies do want to work with you, everybody. They want you to come and buy notes actively from them. They’re like, “Here’s our inventory. We’ll provide you the mutation.” What system are you guys working on when you provide the inventory, is it through a spreadsheet and you provide documents or you do open bids?

One of my goals throughout 2024 is to add technology to make it more streamlined for everybody. It is an offering tape in an Excel spreadsheet, takes bids for a certain period of time and then the winning bid, received the clarifies via Dropbox, goes through there and has a fifteen-day due diligence time. We provide them with our BPO, our title reports, all the collateral and pay history. If it is enough to follow the service or comments, we don’t do that on the spreadsheet. We want to do it to the investment and we’ll have a backup. We’ll make sure we do that. We’re going to try to add some technology peace to where nowadays it’s easy to get a link that has all files in it. We’re sending proprietary information to somebody and they’ve signed an NDA or whatever, but still, we’re not going to blast information to everybody who says, “I want to see your loans.”

My only advice to everybody is we want to work with all of you. We want to sell you loans whether they’re REO, nonperforming, re-performing or performing but don’t bid on a loan to be practical and be on the loan and be on the other money to buy. I take every offer that is subject to your due diligence because if the numbers don’t make sense you want to buy it but something you do diligence, you’re going to write the check.

If you do that I can tell you that I’ve been dealing with the same people now that I dealt with when I was in Metropolitan. I still have people sending me deals for over 30 years. I’m a firm believer in building a relationship. It’s much more important than any individual transaction. If you want one piece of advice for your folks, Kevin has developed relationships for everybody because that’s what it’s all about because if somebody says, “I’m going to do with John over there.” That’s not a very good reputation.

Real Estate Without Renters | Bob Repass | Revolve Capital

Revolve Capital: Building a relationship is much more important than any individual transaction.


Sage advice. I mean real estate which we’re a part of the note business, it’s a relationship business. That’s what it is. It’s a people business. You’re coming down to Orlando for a conference.

The note business is a relationship business. Click To Tweet

They scheduled a conference in Orlando during spring break time because nobody will be there at all. I truly got a great deal of the hotel I am in. It will be on March 7 and 8, 2024. It’s the Ironman nonperforming conference. They have panels and a lot of networking. They have one on the East Coast and West Coast. It gives us to meet a lot of counterparties face-to-face, service providers, and attorneys that we deal with. It’s like speed dating. You set up meetings all day long and you meet with everybody. You sit in on a few panels. We probably run a dozen meetings a day.

It’s set up well for that. That’s a nice hotel. You want to go to a quiet corner. If you want to have lunch, there are a ton of places to go.

I’m looking forward to it and hopefully, I’ll see you there and we can sit down and chat for a while.

Is Revolve doing any other events or anything online?

As a matter of fact, we’re the least sponsor for the DME Conference that Nathan Turner puts on in Nashville. It’s May 31st and June 1st. We’re sponsoring the ax throwing competition. The night before the conference, he had one last year’s contest. It will be the second annual tax context. We’re sponsoring the event. We’re looking forward to that. That’s a good event, especially for individual investors that are looking to either get more knowledge in the note space or to meet service providers of all kinds.

From individual investors, that’s probably a better event if you’re picking between one of the others. It’s a little higher level than DME. Duane, you’re talking with Nathan.

He is going to be on the show.

Nathan is a good guy. I love his story. I won’t take the thunder away but having somebody in an opus, it’s based out of Canada, but invest in notes in America as a great story. I’ve known him for a long time and Revolve is going to support him and his DME conference.

Do you have anything that we didn’t cover?

My last question is Kevin has a lot of savvy investors that are reading his show as tip of the day on YouTube channel, somebody that’s starting out. We get a lot of the newbies. What would you recommend first thing off your head that you would think and be able to say to somebody that’s new starting out in the business, what some advice you can give them?

Keep the relationship the top priority. Be honest and trustworthy. I find a lot of people that are new that are going to make some fee income by brokering, but they act to their counterparty like they’re ones with the checkbook. A lot of times, if the deal falls apart you lose your credibility there. Be straight up with folks and hopefully, everybody who’s reading wants to be in it for the long-term. This isn’t a get-rich-quick business. Obviously, if it was I wouldn’t be in it for 30 years. I’ve been rich or retired by now. It’s a great business. It has done a lot for my family. I met a lot of great people across the country. I love it. Duane, my piece of advice to you is the next time I’m talking to you. You probably have a Yankee Jersey behind us, the Orioles.

That’s a legend behind me. That’s old Cal Ripken the Ironman. I made sure I put that one up and took down the actual I was going to put up with Cowboys to make you happy. I wanted you to see that number eight the whole time.

Bob, it’s good to see you and all more than likely almost for sure see you in Orlando at the I Am In conference and look forward to talking to you there. Thanks for being on. I appreciate it. I’m looking forward to seeing some stuff from Revolve and some inventory. I’m going to start sending some people your way.

Send us an email at Trade Desk Revolve Capital and we’ll take care of you. It’s good seeing you. I’ll be on there again one day,

Thank you, everybody, for reading. If you like the show, please subscribe. Go to the YouTube channel if you want to see the video version, and subscribe there as well. I do a lot of tips. I do a tip of the day almost every day. Probably a good four days a week while I’m out walking and have thoughts. I do a lot of one-on-one sessions with people. A lot of things when you look at the number of individual deals that I’m looking at are the different stories and things that you can see that’s what I share on the tip of the day, please check that out as well. I look forward to another episode for you all real soon.


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