1 00:00:02,590 --> 00:00:03,180 Mike: Hey everybody. 2 00:00:03,180 --> 00:00:06,930 Welcome back to another episode of the Richard Geek Podcast. 3 00:00:06,930 --> 00:00:09,190 Today we have Casey Gregersen. 4 00:00:09,210 --> 00:00:11,730 He's the founder, CEO of Bighorn Capital Fund. 5 00:00:12,150 --> 00:00:16,170 He's a real estate investment expert based in Laramie, Wyoming. 6 00:00:16,650 --> 00:00:20,810 And we'll get into some details on, why he's picking Wyoming. 7 00:00:20,810 --> 00:00:21,950 It's very interesting. 8 00:00:22,100 --> 00:00:26,500 He's got a decade of experience at Shell Oil Company and a successful 9 00:00:26,500 --> 00:00:28,030 transition entrepreneurship. 10 00:00:28,060 --> 00:00:33,160 He's managed multiple business ventures, including seven Pure Barre franchises. 11 00:00:33,610 --> 00:00:36,670 Now he's leveraging his industry knowledge to help professionals 12 00:00:36,670 --> 00:00:40,810 achieve financial freedom through strategic real estate investments. 13 00:00:41,150 --> 00:00:42,220 Casey, how are you doing Bud? 14 00:00:42,970 --> 00:00:43,510 Casey: Doing great. 15 00:00:43,510 --> 00:00:43,900 Doing great. 16 00:00:43,900 --> 00:00:44,890 Excited to be on the show. 17 00:00:45,280 --> 00:00:46,030 Mike: Absolutely. 18 00:00:46,030 --> 00:00:50,625 So I always start every episode, give us a little bit about, who you are and 19 00:00:50,625 --> 00:00:55,620 what was that transition moment that you decided, what real estate is it? 20 00:00:57,105 --> 00:00:57,915 Casey: Yeah, you bet. 21 00:00:58,135 --> 00:01:01,655 My path was probably a lot different than most other people coming 22 00:01:01,655 --> 00:01:03,065 from oil and gas background. 23 00:01:03,095 --> 00:01:06,535 Growing up, I didn't picture myself being a petroleum engineer. 24 00:01:06,735 --> 00:01:09,855 I was always a math guy, got into engineering and I was a big 25 00:01:09,855 --> 00:01:12,525 opportunity I had in grad school to be a petroleum engineer. 26 00:01:12,700 --> 00:01:15,350 Which led me to work for Shell, actually down in Houston. 27 00:01:15,460 --> 00:01:18,220 The nice thing I had though is when I went to work for Shell, 28 00:01:18,400 --> 00:01:19,360 I was an engineer, right? 29 00:01:19,360 --> 00:01:21,730 So after six months in the office or so, they put us out in the 30 00:01:21,730 --> 00:01:23,170 field, like on a drilling rig. 31 00:01:23,170 --> 00:01:26,500 I was out there like drilling and fracking and doing all that on site. 32 00:01:26,770 --> 00:01:29,290 But the cool thing I had was I would work for two weeks on 33 00:01:29,290 --> 00:01:30,640 the rig, right on the site. 34 00:01:30,790 --> 00:01:32,800 And then after that I go travel home for two weeks. 35 00:01:32,830 --> 00:01:33,850 And on those two weeks off. 36 00:01:34,155 --> 00:01:37,965 I didn't have to pick up a my work phone or open the laptop or do anything 37 00:01:38,025 --> 00:01:39,465 when it came to working for Shell. 38 00:01:39,765 --> 00:01:42,645 So during that time, that's when I started investing in real estate. 39 00:01:42,855 --> 00:01:45,735 I'd actually bought my first rental property when I was going to school 40 00:01:45,795 --> 00:01:46,965 at the University of Wyoming. 41 00:01:47,175 --> 00:01:48,345 I grew up in Wyoming, right? 42 00:01:48,345 --> 00:01:50,145 Bought my first rental property there in college. 43 00:01:50,145 --> 00:01:52,555 And then during those two weeks I got that bug right. 44 00:01:52,555 --> 00:01:56,605 I started listening to BiggerPockets Rich Dad Poor Dad, and listened to podcast. 45 00:01:56,655 --> 00:01:59,325 I was consuming it by day, working in the field. 46 00:01:59,505 --> 00:02:02,325 And then on my off days I was actually going applying it, right? 47 00:02:02,325 --> 00:02:05,625 I was fine rental properties, I was doing fix and flips and it 48 00:02:05,625 --> 00:02:09,375 was really like guess like kind of perfect storm to really get started. 49 00:02:10,215 --> 00:02:10,545 Mike: Yeah. 50 00:02:10,545 --> 00:02:12,885 You know, it's like everyone, if you could raise your hand and you're in 51 00:02:12,885 --> 00:02:16,455 real estate, who read Rich Dad Poor Dad. 52 00:02:16,485 --> 00:02:20,905 I was so lucky enough a couple months ago to go to a party and Kiyosaki 53 00:02:20,905 --> 00:02:24,025 was there, so I got to bend his ear. 54 00:02:24,075 --> 00:02:26,905 Because he was kind of like the grand mentor for all of us. 55 00:02:27,655 --> 00:02:30,625 What is your why as far as with the real estate? 56 00:02:30,675 --> 00:02:34,185 A lot of people say, well, time freedom, all these different things. 57 00:02:34,215 --> 00:02:37,095 You probably had a good salary with the oil rigs and things like that. 58 00:02:37,095 --> 00:02:38,325 Now you're doing the real estate. 59 00:02:38,965 --> 00:02:39,715 What's the why? 60 00:02:39,815 --> 00:02:42,305 Tell us a little bit about what was going on inside your head? 61 00:02:43,190 --> 00:02:46,905 Casey: Yeah, it's a combination of things and I'll try to keep it concise for you. 62 00:02:47,155 --> 00:02:50,245 It started out working in the field, being away from my family. 63 00:02:50,245 --> 00:02:53,695 And if you guys, if anybody watching this has seen the new series 64 00:02:53,695 --> 00:02:56,695 Landman, incredible depiction of what it was like working. 65 00:02:56,695 --> 00:02:59,575 I was in West Texas working out there away from my family in 66 00:02:59,575 --> 00:03:00,445 a dangerous sort of setting. 67 00:03:00,445 --> 00:03:03,385 It wasn't that dangerous working for Shell, a big company it was much more 68 00:03:03,385 --> 00:03:05,215 safe, but it was being away, right? 69 00:03:05,215 --> 00:03:07,255 And I was asking myself this question, right? 70 00:03:07,255 --> 00:03:07,675 It was like. 71 00:03:08,020 --> 00:03:11,290 But what if I didn't have to choose work over family? 72 00:03:11,320 --> 00:03:12,335 What if I could make this living? 73 00:03:13,075 --> 00:03:15,265 Not have to be away from my family for two weeks. 74 00:03:15,655 --> 00:03:19,015 So I was able to manage that for quite a few years, while my kids were young. 75 00:03:19,225 --> 00:03:22,335 But what really hit me, and it's a longer story, so I'll give you 76 00:03:22,335 --> 00:03:26,905 the cliff notes, but I came back to Houston and was working a day job. 77 00:03:26,905 --> 00:03:28,195 So I gotta see my kids every night. 78 00:03:28,225 --> 00:03:29,065 And at this point I had. 79 00:03:29,335 --> 00:03:32,605 I had three of 'em and I'll never forget it actually. 80 00:03:32,635 --> 00:03:35,575 Not many people know this, but when COVID hit a couple months after 81 00:03:35,575 --> 00:03:37,195 that is when oil went negative. 82 00:03:37,195 --> 00:03:38,965 It was a crazy time in the markets. 83 00:03:39,145 --> 00:03:40,705 But here's where it really clicks, right? 84 00:03:40,925 --> 00:03:44,205 My new job is to go out to the Gulf of Mexico on a platform, right? 85 00:03:44,205 --> 00:03:45,855 And I had to go leave for like indefinitely. 86 00:03:45,855 --> 00:03:50,385 I actually had to go sit in a hotel room for a week and sit in there in quarantine 87 00:03:50,385 --> 00:03:54,315 before I could even get on the helicopter to fly out to the platform, right? 88 00:03:54,315 --> 00:03:56,865 So I'm going there for a week, waiting three weeks, three to four 89 00:03:56,865 --> 00:04:00,525 weeks on a platform before I see my kids again and my wife, right? 90 00:04:00,525 --> 00:04:01,965 He was seven years old at the time. 91 00:04:01,965 --> 00:04:02,685 He was my oldest. 92 00:04:03,041 --> 00:04:04,451 And I'll never forget it. 93 00:04:04,451 --> 00:04:07,241 I'm driving out to the hotel in Houma, Louisiana, so if anybody's ever been 94 00:04:07,241 --> 00:04:08,291 out there, they know where I'm talking. 95 00:04:08,561 --> 00:04:11,111 And my wife calls and I'm about halfway through the drive and she's 96 00:04:11,111 --> 00:04:12,131 like, "Casey, just checking in. 97 00:04:12,131 --> 00:04:15,991 But I dunno if you saw this, but when you left your son, he chased after you. 98 00:04:16,041 --> 00:04:18,781 I had to chase him like two blocks down the street and trying to tell 99 00:04:18,781 --> 00:04:20,071 him like, Hey, dad's gotta go. 100 00:04:20,071 --> 00:04:20,791 He's leaving." 101 00:04:21,486 --> 00:04:22,506 I'll never forget that moment. 102 00:04:22,506 --> 00:04:25,806 It was like one of the hardest moments, like having to hear that and then having 103 00:04:25,806 --> 00:04:29,376 three or four more weeks of work just about to start, like I was just going. 104 00:04:29,926 --> 00:04:32,876 So that was one of the pivotal moments of "Alright, I was already hustling 105 00:04:32,876 --> 00:04:35,336 and going hard in real estate," but I'm like, "I'm going to supercharge 106 00:04:35,336 --> 00:04:38,276 this because again, I don't want to have to make that decision anymore." 107 00:04:38,666 --> 00:04:39,026 Mike: Yeah. 108 00:04:39,156 --> 00:04:40,686 It's definitely family. 109 00:04:40,686 --> 00:04:41,916 It's definitely security. 110 00:04:42,546 --> 00:04:45,516 A little bit before we get start getting into the details 111 00:04:45,516 --> 00:04:46,806 of Wyoming and what you do. 112 00:04:46,926 --> 00:04:54,186 How did an engineer's mind help you in looking at real estate and with the math 113 00:04:54,186 --> 00:04:59,586 and engineering and the ability to look at an asset and say, "You know what? This 114 00:04:59,586 --> 00:05:01,806 works mathematically, or this doesn't." 115 00:05:03,621 --> 00:05:04,341 Casey: Absolutely. 116 00:05:04,421 --> 00:05:07,361 I didn't realize it at the time how much synergy, but as I've gotten older 117 00:05:07,361 --> 00:05:10,001 and done this for more and more years, I realized, "Oh, wow, there's these 118 00:05:10,001 --> 00:05:13,481 little skills that I picked up." Whether it was being an engineer and just 119 00:05:13,481 --> 00:05:15,161 being, always being math minded, right? 120 00:05:15,161 --> 00:05:16,356 And just doing underwriting. 121 00:05:16,406 --> 00:05:19,376 Not many people, I realize it's a skill I take for granted, but just being able to 122 00:05:19,466 --> 00:05:23,006 pull, open a spreadsheet and underwrite a deal quickly and be like, "Hey, can 123 00:05:23,006 --> 00:05:26,856 I analyze this? This makes sense." That's probably the biggest asset but 124 00:05:26,856 --> 00:05:31,408 other ones that I learned was, even we working for Shell in a big company, like 125 00:05:31,408 --> 00:05:33,268 we were very process oriented, right? 126 00:05:33,268 --> 00:05:36,148 And everything had an SOP, we were drilling wells in the West 127 00:05:36,148 --> 00:05:37,888 Texas or middle of Gulf of Mexico. 128 00:05:38,098 --> 00:05:40,768 And it was all about repeating it and starting to streamline it. 129 00:05:41,038 --> 00:05:42,958 So learning those processes and then. 130 00:05:43,113 --> 00:05:45,723 What I did is I simply like the first thing I automated 131 00:05:45,723 --> 00:05:47,133 was property management, right? 132 00:05:47,133 --> 00:05:50,664 I was doing property management from Houston and I was doing it 133 00:05:50,664 --> 00:05:53,544 on properties up in Wyoming and a little bit in like Dallas-Fort Worth. 134 00:05:53,664 --> 00:05:55,794 Like I wasn't touching any of my properties and I was doing it all. 135 00:05:55,974 --> 00:05:58,104 So one of the first things I did, and this was another thing I did during 136 00:05:58,104 --> 00:06:02,004 COVID, when everybody was locked down, I'm like, "Alright here's an opportunity to 137 00:06:02,094 --> 00:06:06,874 develop this system." Basically, I wrote out all my SOPs in like Microsoft Word. 138 00:06:06,874 --> 00:06:10,582 I recorded myself doing it, and I built a system or virtual assistants could 139 00:06:10,582 --> 00:06:13,822 do everything that I was doing and be able to do, managed property from afar. 140 00:06:13,872 --> 00:06:16,662 I had that experience of building out SOPs and standardizing, and then every 141 00:06:16,662 --> 00:06:20,232 time you do it, you go back and do an after action review and you go have 142 00:06:20,232 --> 00:06:23,202 this feedback loop, or you go implement what you learned and do it again. 143 00:06:23,202 --> 00:06:23,892 Mike: Absolutely. 144 00:06:23,892 --> 00:06:26,952 So let's get into what you're doing. 145 00:06:26,952 --> 00:06:31,342 You're out in Wyoming for the rest of the United States, it's like, "Okay, is 146 00:06:31,342 --> 00:06:35,132 there a capital of Wyoming? What's in Wyoming? People live in Wyoming?" You 147 00:06:35,132 --> 00:06:39,092 know, that's just one of those kind of forgotten states, and that's probably 148 00:06:39,092 --> 00:06:44,272 good for real estate and picking up multifamily and single family houses. 149 00:06:44,272 --> 00:06:48,322 So tell us a little bit about why Wyoming and not Houston. 150 00:06:49,297 --> 00:06:52,467 Casey: Yeah, you hit it on the head, Mike, you, that's literally my exact 151 00:06:52,467 --> 00:06:54,897 story and why it works so well. 152 00:06:54,947 --> 00:06:55,907 Let's get started in Wyoming. 153 00:06:55,907 --> 00:06:59,117 Because one of the first things was like wholesalers, right? 154 00:06:59,117 --> 00:07:02,027 Not many people maybe know this in the real estate industry, but you can 155 00:07:02,027 --> 00:07:04,757 relate this to any industry, like a really easy way to get started in real 156 00:07:04,757 --> 00:07:06,257 estate is just go find deals, right? 157 00:07:06,257 --> 00:07:08,777 Just do marketing, find the deals, and then go find the end buyer. 158 00:07:09,157 --> 00:07:10,507 I was doing that in Dallas-Fort Worth. 159 00:07:10,812 --> 00:07:12,522 And I had owned a couple properties in Wyoming. 160 00:07:12,522 --> 00:07:14,772 This was like 2017, right? 161 00:07:14,772 --> 00:07:16,872 And I'm like, "Man, I wish I had a wholesaler in Wyoming I 162 00:07:16,872 --> 00:07:19,822 could buy deals from, rather than having to try to buy off the MLS." 163 00:07:19,872 --> 00:07:21,012 But I saw there as an opportunity. 164 00:07:21,012 --> 00:07:23,382 I'm like, " Why don't I just go do that myself? 165 00:07:23,382 --> 00:07:24,402 Because there's no competition. 166 00:07:24,402 --> 00:07:27,907 Why don't I go do it?" So we started doing marketing postcards, direct mail, 167 00:07:28,007 --> 00:07:29,987 radio ads, Facebook ads, you name it. 168 00:07:30,197 --> 00:07:36,447 And what I found was my cost per lead was so much cheaper in Wyoming versus Texas. 169 00:07:36,447 --> 00:07:40,217 And as I started to become part of other masterminds and see what other people 170 00:07:40,217 --> 00:07:42,857 that were doing this on a high level across the country, when I compared 171 00:07:42,857 --> 00:07:46,787 my cost per lead compared to what they were paying, it was considerably less. 172 00:07:47,177 --> 00:07:48,797 And even when I was negotiating, right? 173 00:07:48,797 --> 00:07:52,517 When I'm like having the conversation with a seller that wants to sell their 174 00:07:52,517 --> 00:07:56,087 house off market, like all my buddies here in Houston, they're looking at it. 175 00:07:56,177 --> 00:07:59,657 They're bidding against 5 to 10, maybe 20 other people that do 176 00:07:59,657 --> 00:08:00,647 the exact same thing as them. 177 00:08:01,127 --> 00:08:03,707 Versus in Wyoming, I'm the only one having the conversation. 178 00:08:03,957 --> 00:08:06,447 And the other kind of superpower or like niche I like about 179 00:08:06,447 --> 00:08:07,887 it is I grew up there, right? 180 00:08:07,887 --> 00:08:08,847 I know how it ticks. 181 00:08:08,947 --> 00:08:10,507 It's kind of funny, but it makes sense. 182 00:08:10,717 --> 00:08:13,567 Like Wyoming's like 20 years behind the rest of the country, right? 183 00:08:13,567 --> 00:08:14,017 Literally. 184 00:08:14,017 --> 00:08:17,257 And just the way they operate and their technology and if you've been up 185 00:08:17,257 --> 00:08:18,547 there, you know what I'm talking about. 186 00:08:18,547 --> 00:08:20,557 And if anybody listened to this, they have, and that, but 187 00:08:20,557 --> 00:08:21,397 that's why they love it, right? 188 00:08:21,397 --> 00:08:22,567 That's why people wanna live there. 189 00:08:22,747 --> 00:08:25,987 But I like, it's my little unfair advantage because I get it. 190 00:08:25,987 --> 00:08:29,077 I can speak to that, I can cater to that, but at the same time, I can 191 00:08:29,077 --> 00:08:33,337 come in and apply like technology and marketing and different innovative things 192 00:08:33,337 --> 00:08:36,337 that I'm learning here in Houston and across the country and apply to Wyoming. 193 00:08:37,477 --> 00:08:41,577 Mike: Discuss with our listeners a little bit about what it is you're doing, if it's 194 00:08:41,577 --> 00:08:47,457 multifamily, what are the type of things that you're doing inside of Wyoming? 195 00:08:48,257 --> 00:08:48,707 Casey: You bet. 196 00:08:48,707 --> 00:08:52,307 Initially like a lot of people started doing single family, small multifamily. 197 00:08:52,737 --> 00:08:57,477 We've really found a big opportunity is in the multifamily space in Wyoming. 198 00:08:57,477 --> 00:09:00,027 So we're still doing like my marketing, we still do a ton of the single 199 00:09:00,027 --> 00:09:03,317 family and small multifamily stuff and we will fix them up and flip them. 200 00:09:03,617 --> 00:09:08,157 Because one big thing I haven't mentioned got to yet is the contractors, right? 201 00:09:08,157 --> 00:09:11,667 I think one of the biggest drivers, other than just simple supply and 202 00:09:11,667 --> 00:09:14,577 demand, there's not enough houses, which again is related to contractors. 203 00:09:14,857 --> 00:09:18,107 There's not enough supply of housing in Wyoming, and that's 204 00:09:18,107 --> 00:09:20,627 what's really continued to have the market be very stable. 205 00:09:20,657 --> 00:09:23,647 For example, you could say that is Las Vegas, Boise, California. 206 00:09:23,957 --> 00:09:27,677 Like prices, some of those have had a big swing when interest rates went up. 207 00:09:27,677 --> 00:09:30,257 So prices drop, we just stabilized, right? 208 00:09:30,257 --> 00:09:35,067 It stayed flat because granted, it wasn't appreciating at 10 to 20% a year. 209 00:09:35,197 --> 00:09:36,697 But we were still getting appreciation. 210 00:09:36,719 --> 00:09:37,769 And it was stable, right? 211 00:09:37,769 --> 00:09:40,439 Because again, of that constant need for housing. 212 00:09:40,659 --> 00:09:42,789 I think one of the biggest things that's just stable, right? 213 00:09:43,029 --> 00:09:45,704 And that's allowed us to do single and multifamily and then the last 214 00:09:45,704 --> 00:09:48,249 piece is the multifamily space, right? 215 00:09:48,309 --> 00:09:51,389 Again, like Wyoming being 20 years behind the country, I can't tell you 216 00:09:51,389 --> 00:09:55,649 how many big multifamily assets we bought where they're still paying cash. 217 00:09:55,719 --> 00:09:57,549 All the leases are paper leases, right? 218 00:09:57,649 --> 00:09:59,389 There's no technology being applied. 219 00:09:59,659 --> 00:10:03,399 I mean, I love doing value add in general, and I know I'm going, like you could 220 00:10:03,399 --> 00:10:06,159 see we do a lot of different things, but I'm just finding an opportunity to wear. 221 00:10:06,534 --> 00:10:10,494 If we just go in and operate it like more professionally and implement, 222 00:10:10,494 --> 00:10:14,304 even, not even talking ai, but just start to put in processes and systems. 223 00:10:14,604 --> 00:10:17,454 It's helping us bring value to the multifamily assets. 224 00:10:17,724 --> 00:10:19,704 And as we all know, when it comes to buying multifamily, 225 00:10:19,704 --> 00:10:20,964 it's all about value add. 226 00:10:21,024 --> 00:10:24,294 And we're able to do that with forced appreciation and improvements, but we can 227 00:10:24,294 --> 00:10:26,484 also do it by just improving operations. 228 00:10:26,534 --> 00:10:30,129 Mike: Now are you seeing that there's in Wyoming it might be 229 00:10:31,104 --> 00:10:33,054 some of our assets that we have in the Midwest. 230 00:10:33,104 --> 00:10:37,184 The difference is Arizona, Houston, you get a lot of appreciation 231 00:10:38,054 --> 00:10:42,724 because there's a lot of the growth and maybe a little less cash flow. 232 00:10:42,724 --> 00:10:47,264 But I noticed that like our Midwest and mountain type state assets. 233 00:10:48,044 --> 00:10:51,974 There's a lot of cash flow, but the appreciation is very small things 234 00:10:51,974 --> 00:10:57,104 don't increase their value as quickly as the hot states or the hot cities. 235 00:10:57,104 --> 00:10:58,424 Is that what you're seeing in Wyoming? 236 00:10:59,309 --> 00:10:59,729 Casey: Yeah. 237 00:10:59,789 --> 00:11:01,859 Wyoming historically has been like that, right? 238 00:11:01,864 --> 00:11:01,884 Yeah. 239 00:11:01,889 --> 00:11:04,619 And if you, again, go back and we talk about this all the time. 240 00:11:04,619 --> 00:11:09,059 If you go back and look at like the year over year home values in 2008, 2009. 241 00:11:09,269 --> 00:11:10,589 It was everywhere else in the country. 242 00:11:10,589 --> 00:11:12,029 It was like rough, right? 243 00:11:12,179 --> 00:11:14,549 It was a flat line in Wyoming, it was just steady. 244 00:11:14,649 --> 00:11:15,339 Call it a blip. 245 00:11:15,529 --> 00:11:17,299 But ever since then, it's been slow and steady. 246 00:11:17,299 --> 00:11:20,999 And historically Wyoming's always been, it's not like Utah surrounding it. 247 00:11:20,999 --> 00:11:21,509 It's not like. 248 00:11:21,569 --> 00:11:25,559 Denver, I mean, at least not yet to where it didn't see these crazy appreciations. 249 00:11:25,559 --> 00:11:27,989 It's been three to 5% year over year. 250 00:11:28,169 --> 00:11:30,739 I mean, during the COVID years and interest rates dropping, you 251 00:11:30,739 --> 00:11:32,689 saw like the five, 10% jumps. 252 00:11:32,899 --> 00:11:34,789 But yeah, it's typically been a slow and steady one. 253 00:11:35,089 --> 00:11:38,524 And I think what you're heading at, Mike is the cash flow, right? 254 00:11:38,554 --> 00:11:40,234 Because prices haven't surged. 255 00:11:40,234 --> 00:11:41,734 It's been a good cash flow market. 256 00:11:41,954 --> 00:11:45,314 And again, the reason I love it is Wyoming's, so you've 257 00:11:45,314 --> 00:11:46,484 got Colorado, that's blown up. 258 00:11:46,544 --> 00:11:48,884 You got Utah, salt Lake City, that's blown up now. 259 00:11:48,884 --> 00:11:50,534 Montana's even seeing a big surge. 260 00:11:50,714 --> 00:11:50,804 Oh yeah. 261 00:11:50,804 --> 00:11:53,144 It's got all the same geography, right? 262 00:11:53,144 --> 00:11:54,794 All the same demand, just less people. 263 00:11:54,804 --> 00:11:59,154 From a cash flow perspective, you can still buy multifamily, 264 00:11:59,154 --> 00:12:00,654 even small, single family assets. 265 00:12:00,654 --> 00:12:03,024 And they could still cash flow kinda like in the Midwest, but I just 266 00:12:03,024 --> 00:12:05,544 think there's a lot of upside just based on what's happening around it. 267 00:12:06,354 --> 00:12:06,684 Mike: Yeah. 268 00:12:06,714 --> 00:12:07,344 Very cool. 269 00:12:07,684 --> 00:12:11,604 So let's get into your company, what you're doing, what you're offering. 270 00:12:12,244 --> 00:12:16,784 You've now gotten to the point where in order to grow, let's get some investors. 271 00:12:16,784 --> 00:12:17,924 Are you doing syndications? 272 00:12:17,924 --> 00:12:19,064 Are you doing funds? 273 00:12:19,154 --> 00:12:20,774 And what does that entail? 274 00:12:23,394 --> 00:12:23,904 Casey: You bet. 275 00:12:24,174 --> 00:12:28,404 So back to the sort of supply and demand and what we're seeing in Wyoming, again, 276 00:12:28,404 --> 00:12:31,644 it can be a blessing and a curse, but actually I think it's a double blessing. 277 00:12:31,644 --> 00:12:34,014 So the blessing again, is low competition. 278 00:12:34,014 --> 00:12:37,104 We're able find a lot of deals and we get it at a lower cost. 279 00:12:37,434 --> 00:12:39,354 But typically you would say the curse would be, all 280 00:12:39,354 --> 00:12:40,914 right, well now it's harder to 281 00:12:41,449 --> 00:12:43,579 go flip and sell this to another cash buyer. 282 00:12:43,579 --> 00:12:46,849 Like it is definitely difficult Wyoming to be a wholesaler because there's 283 00:12:46,849 --> 00:12:48,799 not as many cash buyers and investors. 284 00:12:49,099 --> 00:12:51,769 But the way we've actually created an advantage to that 285 00:12:51,769 --> 00:12:53,629 is we've become our own buyer. 286 00:12:53,729 --> 00:12:55,349 And that's what I've done for years and years. 287 00:12:55,559 --> 00:12:58,829 But to really scale now, because now I've got a full marketing company, I've 288 00:12:58,829 --> 00:13:02,159 got four different construction crews that do our work and we manage all 289 00:13:02,159 --> 00:13:03,479 of our property management in-house. 290 00:13:03,809 --> 00:13:04,954 But to continue to feed all that. 291 00:13:05,114 --> 00:13:08,504 Like now it's all about raising capital for our fund. 292 00:13:08,694 --> 00:13:12,149 And to kind of go a little bit back to my story and I remember telling 293 00:13:12,149 --> 00:13:16,109 you guys about how I had to make the decision, do I choose business or family? 294 00:13:16,109 --> 00:13:18,689 I can't, I gotta go to the rig, I gotta make my salary. 295 00:13:18,989 --> 00:13:20,399 I gotta be away from my family. 296 00:13:20,579 --> 00:13:22,279 Well, again, I pushed right? 297 00:13:22,279 --> 00:13:23,209 And I didn't give up. 298 00:13:23,449 --> 00:13:26,539 That supercharged me to like, "Hey, I'm gonna go hustle and I'm gonna figure 299 00:13:26,539 --> 00:13:29,989 this out." So I could eventually have that freedom and make that choice, right? 300 00:13:30,289 --> 00:13:32,924 And now the, where this all kind of blends together is. 301 00:13:33,754 --> 00:13:36,934 I found that by building out these three companies, again, finding the deals, 302 00:13:36,934 --> 00:13:39,034 fixing it up and property management. 303 00:13:39,034 --> 00:13:43,594 I found that I love processes and I love building stuff, but really I 304 00:13:43,594 --> 00:13:46,824 love being able to help other people do the same thing because I know how 305 00:13:46,824 --> 00:13:50,054 that felt for me and I've just had so many conversations with other like 306 00:13:50,054 --> 00:13:53,474 passive investors, and maybe they don't have the time or the resources. 307 00:13:53,504 --> 00:13:55,004 It's mainly usually a time thing, right? 308 00:13:55,054 --> 00:13:59,174 They're still in their W-2 job and maybe whether they want to leave that W-2 or 309 00:13:59,174 --> 00:14:02,774 not, they have a time constraint and they also just don't understand all the 310 00:14:02,774 --> 00:14:04,034 ins and outs of real estate like I do. 311 00:14:04,034 --> 00:14:08,194 So what I found is my bigger passion, and it's actually a goal of mine I set a 312 00:14:08,194 --> 00:14:12,304 year ago, was to help a hundred families achieve their passive income goal. 313 00:14:12,554 --> 00:14:15,666 And to do that, they can invest in things like my fund, right? 314 00:14:15,666 --> 00:14:17,736 There's a lot of people that are just like, Hey, I want to, I wanna 315 00:14:17,736 --> 00:14:18,876 get in on a deal up in Wyoming. 316 00:14:18,876 --> 00:14:22,246 Maybe they just wanna come up and visit it in the summertime or winter, or 317 00:14:22,426 --> 00:14:23,836 they will like it because of cash flow. 318 00:14:23,836 --> 00:14:28,306 But by helping these a hundred people, naturally, they love partnering in 319 00:14:28,306 --> 00:14:30,896 our fund which is a great opportunity. 320 00:14:31,106 --> 00:14:34,006 But at the end of the day, like I've had really good mentors that have helped 321 00:14:34,006 --> 00:14:35,656 me and helped me to get to where I am. 322 00:14:35,656 --> 00:14:37,786 And I found that was one of the biggest thing that helped propel 323 00:14:37,786 --> 00:14:40,306 me was surrounding myself with people who thought similarly. 324 00:14:40,386 --> 00:14:41,886 It's been really important to me to give back. 325 00:14:41,886 --> 00:14:43,656 So I'm really excited to help other people. 326 00:14:43,816 --> 00:14:45,856 I'll summarize it with this I want other people to be able to 327 00:14:45,856 --> 00:14:49,386 make the same choice I made when it comes to family or business. 328 00:14:49,436 --> 00:14:52,196 And whichever one, just at least to be able to make the choice. 329 00:14:52,526 --> 00:14:53,786 Mike: And how is the fund set up? 330 00:14:53,886 --> 00:14:55,806 Accredited investors only? 331 00:14:56,496 --> 00:14:56,886 Casey: Yes. 332 00:14:56,896 --> 00:14:59,566 I have our accredited fund, which is Big Horn Capital Fund. 333 00:14:59,696 --> 00:15:00,926 We have limited partners. 334 00:15:00,956 --> 00:15:02,546 This is for accredited investors. 335 00:15:02,666 --> 00:15:05,456 So we have a couple different options and I'll just quickly highlight it. 336 00:15:05,456 --> 00:15:05,516 Yeah. 337 00:15:05,726 --> 00:15:08,576 I created this customizable fund to give people multiple options. 338 00:15:08,821 --> 00:15:12,721 But we also have equity ones and that's the one I'm actually working on right now. 339 00:15:12,721 --> 00:15:15,331 And we're raising for really, actually currently we're have an 340 00:15:15,331 --> 00:15:19,111 ongoing raise and that one's a more equity role where people can come in. 341 00:15:19,111 --> 00:15:21,781 It's a longer term one where we're gonna hold for five years. 342 00:15:22,001 --> 00:15:25,081 But they get the equity upside and the probably the biggest thing is 343 00:15:25,106 --> 00:15:27,596 because he talked to a lot of investors is the depreciation, right? 344 00:15:27,596 --> 00:15:30,986 Because we're buying and holding real estate, we get the depreciation 345 00:15:31,176 --> 00:15:32,076 and they get the upside. 346 00:15:32,126 --> 00:15:34,736 Again, I've just found investors are, it depends, right? 347 00:15:34,736 --> 00:15:38,066 Some people, they wanna be in and out and be flexible and have a fixed return. 348 00:15:38,096 --> 00:15:39,446 because that's the easiest to understand. 349 00:15:39,686 --> 00:15:41,096 But other investors are like, you know what? 350 00:15:41,456 --> 00:15:44,216 I don't want you to give me all my money back in six months on a flip, Casey. 351 00:15:44,216 --> 00:15:46,796 I want you to keep that money working and they want the depreciation. 352 00:15:47,696 --> 00:15:48,326 Mike: Absolutely. 353 00:15:48,726 --> 00:15:52,236 Casey, how can people find out more information about the fund? 354 00:15:53,196 --> 00:15:54,036 Casey: Yeah, absolutely. 355 00:15:54,036 --> 00:15:58,596 So you could go to bighorncapitalfund.com is one easy way, but also I 356 00:15:58,596 --> 00:16:01,116 just encourage people, I wanna help people out any way I can. 357 00:16:01,266 --> 00:16:05,016 Just go to my website or find me on YouTube, Instagram, whatever you guys use. 358 00:16:05,136 --> 00:16:08,166 It's just caseygregersen.com or Casey Gregersen on YouTube. 359 00:16:08,266 --> 00:16:09,826 As long as you guys spell my name, you'll find me 360 00:16:10,966 --> 00:16:13,191 Mike: And the ladies gnetlemen, it's C-A-S-E-Y. 361 00:16:13,981 --> 00:16:17,431 Greg, G-R-E-G-E-R-S-E-N. 362 00:16:17,911 --> 00:16:20,281 Casey, thank you so much for coming on, The Richer Geek. 363 00:16:20,281 --> 00:16:24,831 Is there anything before we leave that perhaps I haven't asked you something 364 00:16:24,831 --> 00:16:27,171 that you'd like to inform our guests? 365 00:16:27,968 --> 00:16:31,268 Casey: One last thing Mike, I'd like to share is working with oil and gas 366 00:16:31,358 --> 00:16:35,138 professionals over the year, like I've just found that a lot of those guys, 367 00:16:35,138 --> 00:16:36,938 they didn't have the time, right? 368 00:16:36,938 --> 00:16:40,418 And they didn't have the experience to invest in real estate, and it's 369 00:16:40,418 --> 00:16:43,328 just been really fun to help those guys because it's the perfect 370 00:16:43,328 --> 00:16:44,588 combination for me and them, right? 371 00:16:44,588 --> 00:16:45,398 They don't have the time. 372 00:16:45,548 --> 00:16:48,818 But at the same time, for me to scale in Wyoming, as I mentioned, 373 00:16:48,878 --> 00:16:50,328 like it becomes a capital game now. 374 00:16:50,328 --> 00:16:53,288 'because we can find the deal, we can fix it up and we can rent it out. 375 00:16:53,593 --> 00:16:56,533 I just love being able to partner with people to where I can grow, they can grow, 376 00:16:56,713 --> 00:16:58,033 and it's just a really cool relationship. 377 00:16:58,033 --> 00:17:01,713 So again, I just really encourage people if I give you my time, like I'm giving 378 00:17:01,713 --> 00:17:04,653 you my time 'cause I want to partner with you guys and I wanna make it a win-win. 379 00:17:05,163 --> 00:17:05,973 Mike: Absolutely. 380 00:17:06,303 --> 00:17:09,333 Casey, thank you so much for coming on The Richer Geek Podcast. 381 00:17:09,333 --> 00:17:11,733 Hope you have a wonderful night and good luck with the fund. 382 00:17:11,973 --> 00:17:12,513 Take care. 383 00:17:13,413 --> 00:17:13,683 Casey: Perfect. 384 00:17:13,683 --> 00:17:14,133 Thanks Mike.