Asset Classes In High Demand and Low Competition with David Hardcastle
“Working with different types of people, when you're running a business or just in day-to-day life, it's all about interpersonal communication with the various folks you have to work with and teams.”
David has more than thirty years of entrepreneurial, small business, and real estate investing and management experience. Starting with initial concepts, strategic planning, implementing business systems, and daily operating procedures, he has experience in every facet of small business. He has been investing and developing real estate starting in 1994 with the first purchase of a bank REO which was subsequently rehabbed and turned into a rental. Since then, he has rehabbed properties, built houses from the ground up, sub-divided land, designed multi-unit residential projects, rehabbed and rented commercial space, fixed and rented numerous residential properties, fixed and sold residential and commercial properties, done seller financing, and purchased nonperforming notes.
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Brett:
I’m excited about our next guest. He's out of Central California, and he leads a part of the team at Voyager Pacific capital, wherein he and his team took over the full-time manager of day-to-day operations in July of that year with the task of building on the foundation laid by previous management. He has been focused on very strong and operations systems and technology, and he's iplanet proprietary software he designed to track and communicate asset details internally streamlining the management process, a 1000s of smaller assets by increasing operational efficiencies, and prior to his role with voyage Pacific, he started investing in developing real estate in 1994, with his first purchase of a bank REO, which was substantially rehabbed and turned into a rental since then he has rehab properties build houses from the ground up. Divided land design, multi-unit, residential properties, and so much more. Please welcome the show with me, David Hardcastle. David, how are you doing?
David:
I'm doing good. Brett, nice to be with you today.
Brett:
Our listeners getting to know you for the first time, would you give them a little bit more about your story and your current focus?
David:
Like you mentioned, I've been investing in real estate since the mid-90s, and then through last year, I was mainly doing it for personal investing, but ended up buying some properties from Voyager Pacific last year, which is the private equity real estate fund that I now the CEO of, and during that transaction, got to know the the the CEO at the time, and also the founder, and we started talking and one of the things that he was interested in was possible if I was interested in either buying all the assets in the fund, or buying out his general partnership in the fund and running it, and so the timing was really good. I had the time to do it, I was looking for some new challenges, I saw a lot of opportunity with Voyager Pacific with the assets that he had accumulated so far, and with the operational efficiencies and software that you mentioned, applied to the fund knew that we could continue to grow it and also maximize the return on investment and with the fund. That's kind of where we're at after a little over a year into it.
Brett:
By the way, can learn more about David Hardcastle at VoyagerPacific.com. I think we've all been given certain gifts in this life, and I want you to go back maybe to your high school or college days, and some people call the strengths some people call them superpowers, and I think these gifts have been given to us to be a blessing and help to others. I'm curious, what are those one or two gifts that are strengths that you believe you were given? And how does it help you help and bless people today?
David:
If you go back to high school, or even before that, I've always been involved in team sports, and I always say business as a team sport, because not everybody can do everything. Like a football team. When I was growing up, I was the quarterback of the football team, and it was up to me to communicate the play, survey the field, see what the defense was doing, and then get my guys in the right spot and execute that play, and that's a lot what the business is like as a CEO, it's your job to look forward to kind of see what's going on in the marketplace, with your businesses and various things and execute the strategies that make sense at the time. Really playing team sports also, in addition to that, just working with different types of people, when you're running a business or just in day-to-day life, it's all about interpersonal communication with the various folks you have to work with and teams. There's no better way to learn that than then dealing with team sports because you got everything you got ups, downs, highs, lows, touchdowns, interceptions, you name it you got it in team sports, and it just really translates well to life.
Brett:
I couldn't agree with you more. A proponent of team sports and had the privilege of playing college basketball and playing football and basketball growing up and so it's like nothing else, that can train is what I found. A big proponent of that will very cool. Let's dive right into the topic at hand which is diversified in real estate investing and talk about ways to grow your wealth, and to do it in a way that can lower your risk. David, what's the number one secret with Voyager Pacific Capital and what you're doing there to help individuals create and preserve our wealth and diversify?
David:
Well with our opportunity fund to that's really designed as a very conservative real estate fund, and the way it works is we have 1000s of smaller assets in this fund. The risk is really spread out over lots of smaller dollar value assets in various geographical locations. I really like it because, you have an issue with one house in Cleveland, for instance, maybe it burns down or something that really doesn't affect the overall fund itself, and it doesn't affect the profitability in any major significant way. Whereas opposed to some investments that you can do where say it's a 300 unit apartment complex, and say, that neighborhood goes bad, or the apartment complex burns down, then you really got some issues, because all your eggs are basically in one basket with the Opportunity Fund II, we've got it spread out both geographically as well as across different smaller assets. As I mentioned, single-family rentals, we also have vacant land, which we sell on contracts throughout 28 states, and then we also invest in tax liens, and you got three distinctly different asset classes within one fund.
Brett:
Got it? Multiple asset classes within one fund different geographic locations, and even different product types. That's the first secret, and what's like the second secret to growing your wealth with it within or just the next step of someone who's interested in growing their wealth with this type of strategy?
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