Financial Sovereignty.
I love that phrase, and Schuyler Cadwalader goes deep on precisely what that means for him and his wife.
Together, they've been able to confidently leverage their skillsets and networks (doctor and architect) and help medical professionals take charge of their financial future.
Lastly, we delve into the power of mindset and overcoming fear.
Don't miss this enlightening conversation that has the potential to change your financial future!
G. Schuyler’s Profile
linkedin.com/in/gscadwalader
Website:
https://upwealthcapital.com/
Live free. Get Educated. Master Your Money.
Subscribe to our Podcast here!
https://investingstuffyoushouldknow.buzzsprout.com
Youtube Videos now up as well! Subscribe here:
https://www.youtube.com/channel/UC1kV60Yxx4ntgLqAwOCR1Pg
Financial Sovereignty.
I love that phrase, and Schuyler Cadwalader goes deep on precisely what that means for him and his wife.
Together, they've been able to confidently leverage their skillsets and networks (doctor and architect) and help medical professionals take charge of their financial future.
Lastly, we delve into the power of mindset and overcoming fear.
Don't miss this enlightening conversation that has the potential to change your financial future!
G. Schuyler’s Profile
linkedin.com/in/gscadwalader
Website:
https://upwealthcapital.com/
Live free. Get Educated. Master Your Money.
Subscribe to our Podcast here!
https://investingstuffyoushouldknow.buzzsprout.com
Youtube Videos now up as well! Subscribe here:
https://www.youtube.com/channel/UC1kV60Yxx4ntgLqAwOCR1Pg
Hey everyone here at the Investing Stuff You Should Know podcast, we are delighted to have Skyler Cad Walleter with us today. He's from the West Coast, he's an architect, but he's also a multifamily. I'm kind of a maestro of all kinds of different things cool things going on there. So, skyler, thanks for being with us and about this share some very compelling things with the audience and myself, and I'm actually eager to learn and know more.
Schuyler Cadwalader :Awesome. Thanks for having me, johnny, excited to be here.
Johnny Nelson:So good man, so good. So you and I were doing a little pre-chat there. I think you're on the West Coast and then you have a background in architecture And the thing that's related and very relevant to the audience at least a lot of the audience listen to this show is, of course, the multifamily background. A lot of that is in the, the existing product, but oftentimes people don't think about the fact that, like some architect, some an engineer, an architect, and this, that and the other plan and drew and developed these things. You know whether it was from the 70s, the 80s, the 90s, just like, oh, this existing thing just is. There's been a lot more interest, as we both know, in the development side. But talk to us about this background, as you have in working with developers and the kind of training and kind of your own personal story too.
Schuyler Cadwalader :Sure, yeah. So architect by training with the University of Pennsylvania, came out of there, did some hospital work for a while. Didn't like that, for all the reasons you might imagine was the most exciting thing in the world.
Johnny Nelson:Like seriously, i'm not sure, i don't know, is it just like kind of very like kind of mundane, very detailed, very?
Schuyler Cadwalader :you know, for some people it's the most interesting thing in the world. It just was, you know, i mean there's we stuck it in the nitty gritty of like lab rooms and operating rooms. There's a lot going on in there And a lot of us like oh wow, this is not feeling very Frank Lloyd, righty.
Johnny Nelson:So not a lot of room for interpretation of new novel design of artistic rendering of operating rights.
Schuyler Cadwalader :And don't get me wrong, it's super important work And there are these amazing creative things being done, but it's just of a very specific variety, right?
Johnny Nelson:Fair enough. Fair enough, sir.
Schuyler Cadwalader :Oh, i always wanted, always wanted to be in housing and heard of this company called Katera that I wound up working for for a long time, which was basically trying to disrupt and speed up the multifamily development process. And it was kind of an interesting company. Softbank founded lots of money, lots of really fast growth, bond of not working at the end. but I was there for about five years and helped get a lot of projects going there. It was pretty exciting. We were moving very fast using panelized wall systems. I was even on some properties that projects that use CLT, which is cross laminated timber, which is like a new structural material.
Schuyler Cadwalader :That was all very exciting And, yeah, i learned a lot And there was a ton of really smart people there. I worked one on one with some developers and basically figured out eventually that I was like I think I'm on the wrong side of the table here And I'd like to get on the equity side, which is not very common for architects to get on that side of the table, unless maybe you run your own business or something. But I never really was interested in starting an architecture firm, so that's kind of why I got into multifamily investing.
Johnny Nelson:Yeah, no, that's a. I love the the thread there. Let's poke or let's drill down into the Katera space a little bit more here. We don't talk a lot about it on this show here. We actually have another podcast called House Now 3D and that's more focused on the kind of modular and newer construction techniques. But since we're here and we're talking about this, let's talk a little more about Katera. They tell us when they were founded. I know that we're not going to focus entirely on this, but just because it's an interesting topic. Tell us when they were founded, if you know, and kind of what was the core like thesis and motivation there? So it was, was it affordable housing? Was it like, you know, not just single family but modular multifamily, kind of? give us the background there.
Schuyler Cadwalader :Yeah, you know, the founding is a little hard for me to say exactly, because I think they were around longer than I think, but they were like kind of under the radar Sure, so call it 2015-ish, maybe 16. Sounds about right, yeah, yeah somewhere in that area.
Schuyler Cadwalader :But I know that there was a small team that worked out for a pretty long time before they kind of became, you know, public. And I found out, i found a job listing and all that And yeah, so Katera was a really great idea, which was basically the story I heard, was that the what? the founder of Katera met a developer friend for dinner and it was like in you know, a downtown city and there were two new projects being built across from each other And the tech guy was saying hey, you must be getting a great deal on the windows on that project because you're you're building this one over here too. And the developer guy was like it doesn't really in this case, it doesn't work that way. There aren't really that many cross efficiencies between properties. They're each their own little island. Tech guy said well, that's interesting and I think I can probably help with that, because that's what we do is create efficiencies. This is where the whole disrupting idea came from, with classic family construction.
Johnny Nelson:Classics, silicon Valley. Break that and move fast. Break things, disrupt, disrupt, disrupt.
Schuyler Cadwalader :Exactly Just looking for inefficiencies that maybe they could sweep up. That's apparently how it was founded. Yeah, when I got there, they were pushing a couple of product types already. One was your classic garden style apartment building. Another one was what we called a podium style, which was like a ground floor or two of concrete with four or five stories of wood frame construction on top of that more urban infill type stuff. But there were a few other ones, but those are the two that I mainly was involved with. There were a lot more initiatives than that too, and a software perspective, an HVAC perspective, and there was a lot going on. In hindsight, a little too much going on, i would say.
Johnny Nelson:The story. I'm not sure if we shared it with folks, but Katera went back up. They went out of business.
Schuyler Cadwalader :Yes, Yeah, i think COVID had something to do with that. That was really just like the last pain point. Don't get me wrong. Things were not going in the right direction before that, but I think that was just like once we were all working home, job sites got shut down for a little too long and it was just like time to wrap it up.
Johnny Nelson:Yeah, so we see that people are and have tried and of course, there have been failures, repeated failure. if done right and learnings occur, you can improve on the process and I think there's some really interesting things going on in the space just offside from Katera. So thank you for sharing that insight there too, because that brief stint you had there at that company. Talk to us before we step into that bridge, of course, between your corporate life and then, of course, the multifamily investing Skyler. talk to us about what kind of considerations and you've worked with other, i'm sure probably other projects as well, working with developers and multifamily What, just aside from the how it's built, what are some design considerations when, whether it's existing building or a new project, what are some of the things that architects look at, that think about, they consider, they tell the clients, the tell developer. walk us through that process.
Schuyler Cadwalader :Yeah, you know, the developer brings a lot to the table in terms of the basics of what they want in terms of unit mix and type and things like that, and so to a large extent it's like a puzzle game. Multifamily is like a puzzle where you're trying to fit all the pieces within. There's basically one of the first things we do is we get basically the site drawn out and we basically build an envelope of what we know we can fill up, you know, from setbacks on all sides of the site to the maximum height, and you kind of fill that out. And then we sort of go through. we take what the developer has in mind from like a unit count and square footage perspective and all that, and we just start running through different building massing studies and shapes. And oftentimes what's interesting about multifamily but can be a little bit frustrating about multifamily is you oftentimes it makes sense to design the units first, because then you just stack them right.
Schuyler Cadwalader :It's almost like Lego to a certain extent, right, and it's like you don't really want to design a form and then shoehorn units into it.
Schuyler Cadwalader :You could do a little bit of that at the ends and at the bends and the corners and things like that. But to a certain extent, once you know your unit mix, it's sort of like okay, let's make ones that work together, that stack in an efficient manner, and then run through some like big ideas on like how this building is actually going to lay out And, of course, the name of the game when you're working with developers most developers is just absolutely maxing out the floor area ratio, just getting as many square feet built on the site as you possibly can, because each one of those has a dollar value, right. So the more you do, the better, and yeah, and then you just do your market study. You got to know how usually these days with any ground up development, you're going pretty much luxury, so going all in on the countertops and nice appliances and flooring. No one's really building class B minus ground up anymore. You kind of just jump right to top of markets.
Schuyler Cadwalader :So you just help guide them through all of that as well.
Johnny Nelson:I said, well, that's. I love that insight about, like you just shared, about the starting with the unit and like, basically like just the modular box, and then you go inside the box and you design like the look out and then it's standardized, that's something huge. And then you have the mechanical former mechanical engineer and investor, the sound, the other, that's huge And basically have these components and you have like the one bed, the studio, the two bed, whatever that mix is, and then you just design that out And obviously the doors can change. I'm sure you have multiple iterations where the main entrance is. But then, of course, then you start stacking that up and you build out like how many of these units can we just build out and fill up this, this pre-existing, this, already existing setbacks and zoning restrictions and all those kinds of things. So that's just that gives the audience I think I did myself some major kind of refresher course or clarity on how this, how that works. So that's amazing.
Johnny Nelson:I love what you said about at the beginning when you're giving your intro, skyler, about the being on the wrong side of the table And many and this happened with real estate agents, this happened with engineers, this happened with even like guys that are doing like the site work, like ground, not all developers or the subcontractors, but they see that too sometimes. What is? why is that? why doesn't that happen more often? I feel like it's less of that than more of like there's all these professionals, all these trades, all these different professions that work with you, know these development. They see, they can, maybe they can say maybe that's the question they can't see the kind of value that's created. Why aren't they demanding, insisting, afferring something to be on that side of the table that you talked about? Walk us through that, and why is there not more of that?
Schuyler Cadwalader :Yeah, i think it's hard. I think, on the, for the first of all, i think most people don't even really know how development works, how the financing works, how the equity is split between parties, how many you know. I think there is sort of like a a soft cap about how many parties you really want involved to begin with, just from an administrative and probably a SEC compliance perspective. There might be at a certain point where it starts getting a little weird. And I think a lot of the times it's sort of like You know you have to choose how you get paid. Do you want to get your money in cash today Or do you want your equity and hopefully cash later?
Schuyler Cadwalader :And the reality is most people coming out of college they need their cash today And they designed their lives in such a way because they're young and they haven't really figured just the game out yet. That you know the game was just to get a job. Right. That's the only game when any of us know about it first, and then later into getting a job, you know you get that first money, you get the nice apartment, you get a little bit more money, you have a kid, you know, and you wind up in a place where you kind of always have to take the money. You know what?
Johnny Nelson:I mean, it's very hard to just kind of just kind of compounds the cycle, the initial commitment. You're kind of like locked into the game, even though after a while you realize, or potentially you can realize, there's multiple levels of the game. The people that are playing at a higher level like they figured out how to somehow bridge that and it's difficult to crush through that next level right.
Schuyler Cadwalader :It's really hard, because I think the lifestyle creep is the thing that will really get you right. Like if, for example, if you have student loans, like right out of the gate, like you just need to be paid as much cash as you can and you don't really have the leeway to play around, play games and saying, oh you know, i'll give you a big discount, but I want an equity stake in this. And oftentimes you know, it's one thing if maybe you're a firm that has all the engineering in-house right And maybe they as a company can arrange something like that. But it's kind of hard, just as like just the architect or just the plumbing engineer or something. Again, like, how much do you want to split all this out? You know, because it might not be a huge amount of money that any one of these groups is getting paid. So it's just tough. And again, you have to understand underwriting. You have to be able to look under the hood and be an investor too, right, like That's huge Because it's not intuitive.
Johnny Nelson:It's not necessarily intuitive at all. you know until you like, take that ownership.
Schuyler Cadwalader :Yeah, i mean, the people paying you to do this development project could be making a huge mistake. It might not work out for them and their investors, even though you, as a mechanical engineer, did a great job on your side of things. But that's just a whole different world from the investing world, right?
Johnny Nelson:For sure, for sure. That, i think, is an amazing segue. I was gonna take another place, but I think that's a good segue into this idea that you have of sovereignty. Let's talk about that. A lot of people chat on I've said it many times myself about financial freedom. Maybe it's gotten overused, maybe it didn't quite have the right ring. Maybe in some circumstances it's the right message to send to. Maybe some of this truly haven't even thought about financial freedom. But you have a kind of a twist on that or a more sophisticated idea, and that's the kind of financial sovereignty or just sovereignty. Walk me through the underlying philosophy there, if you would, skyler.
Schuyler Cadwalader :Yeah, i think financial freedom sounds great, but it's sort of like a first step to me. It's sort of like there's always the Venblant. It's like, okay, you don't have to go to work, but like what do you? is it just margaritas? from here on out, like what's next? And so-.
Johnny Nelson:Is that a fulfilling life? just drinking on a beach Like that's kind of kind of vacuous.
Schuyler Cadwalader :I think it gets really bad really fast actually. You get to like day 10, it's like this is not going well. So yeah, and I think sovereignty is such a more powerful term. Well, like, when I think of freedom, it's sort of like, okay, you are no longer captured or enslaved, you have, you know, choices. But sovereignty actually comes from the word rule. It means like self-rule, it means you actually have more agency, i think, than just freedom alone, cause I don't think freedom is very meaningful in and of itself And so For us, the big thing is sovereignty, and getting to a place where we have it is a form of freedom. But we also want to keep growing. We want to actually get better at life in just about every way, whether that's being physically fit or having meaningful relationships, spending more time with family, all of that stuff. Hopefully scaling our own little business so that we have something to pass on to our family, and to grow into ourselves, so that we're not just drinking margaritas all day and patting ourselves on the back for buying some apartment buildings.
Johnny Nelson:For sure, yeah, so let's further that. So sovereignty is self-rule. So what does that mean to you? How do you put that into practice here? How does that tie in? People have been yelling the word financial freedom and to get that, you want to go from 9 to 5 and get financially free and then invest in apartments or real estate. But then tie it in for us, thread that tapestry into how that ties into sovereignty and just from your perspective and the way you approach it.
Schuyler Cadwalader :Yeah, i think it just to a certain extent it comes to just adding meaning back into the freedom. What is the freedom? Oh, okay, what are you going to do with it? Because when you talk to someone who has a job or a tough life in some way, you say I have financial freedom. They're kind of like good for you. You don't seem like you're helping the world very much, but knock yourself out. But I think getting to a point where you've got to use that freedom for something And it's kind of tough We're still on our way there, but I do love the idea of getting to a place where you can just dedicate a lot of your time to generous causes and doing really meaningful stuff for other people And in some ways that's the best reason to become free in some sense of the word And get going.
Johnny Nelson:Yeah, let's get specifics here. So we've cast many times in this podcast the vision of getting financially free, but let's give us some tangibles here. So what are some things that you see that are really meaningful to people? Like you said, you share with someone like, oh, i'm financially free, and if they're on the path then it's exciting. Yeah, you're too ahead of them. like, oh, yeah, i want to be there too. Like, let me learn. But then, like, maybe somebody like just got a nine to five job that heard about this. They're like, oh, cool You're. you know, you're wealth, independently wealthy, or something. What does resonate? What are the things that you're actually doing or your team is doing and the things that you've found people resonate with? I'm sure you've shared something like oh, that's now that's meeting. That's a comment. It's more, that's more common across. whether you have a nine to five, i'm retired, i'm young, old, i'm financially free or whatever. What are some things there that you've you've seen that really are impactful?
Schuyler Cadwalader :You know, i think education and kind of like my helping people with mindset is really something I'm passionate about. I love meeting people in person and I love, i really really like, because I think this is going to sound kind of cliche and a lot of people would probably find a reason to get mad about it, but I think a lot of people, a lot of people in poverty, have a poverty mindset and that's just, you're just doomed. Until you fix that, there's absolutely zero chance. Right, you are going to make it with like a victim hood. What was me? maybe if we vote for this person, maybe if we show up at this event or do, and it's just like man, first of all, no one is coming to save you, ever. No one is listening, no one really cares. Anyone who says they are is selling you something or they need something from you. But, like, generally speaking, it's up to you And I think a lot of people just never get that message in life right, they never have someone in a loving way, in an encouraging way, say you know, it's really up to you and I'm here to help.
Schuyler Cadwalader :I can show you what I've learned and I'm learning myself, you know. So I don't want to paint myself as some wise top of the mountain guru by any stretch of the imagination, but I do think you know, having some of those basic financial lessons, just like understanding that you know things like the hedonic treadmill, that just buying more stuff is not going to ever get you there. It's the. It'll never make you happy, it'll never make you rich. And you know, and I, it's funny because you see people who aren't particularly wealthy spending their money in the craziest ways, right Like you don't see.
Schuyler Cadwalader :Bill Gates in a Gucci belt. You know what I mean. It's just like and I see that you know in my own life too with you know, friends of the family who are very successful, like a lot of them you wouldn't even know, but you you know, give them an opportunity to invest in. It's like, oh wow, they have a lot of money to invest in. These people have done very well for themselves.
Johnny Nelson:Yeah, i think it's interesting inverse relationship of that quiet, quiet wealth, you know, and there's a lot of, a lot of been said on that, but oftentimes the wealth, yeah, go ahead, or if it does get a little bit on the loud side, it's because they are like overshot, so far that it's not a big deal.
Schuyler Cadwalader :You know they're not reaching to buy that luxury car or that nice house, yeah.
Johnny Nelson:And again, on the practical there I know you're trying not to and it's not. Whatever it's genuine, skyler is obviously, is what you actually do here. Give us an actual thing that you found on the sharing with folks or maybe providing some resources, on the shifting in the poverty mindset. I'm actually, i'm truly interested in helping those people and being a resource there myself Not that I'm again, i also don't put myself as some type of wise you know, have made, has made it type of dude. But also we do meet people that are like, hey, like I think you're, you're capable of so much more. Share some things, some practical things there that people could do. Or there are organizations you're part of or things you've done yourself.
Schuyler Cadwalader :Yeah, you know, i'm still figuring this out myself And this is kind of like where I'd like to get to to some extent, like I get little opportunities here and there, particularly at like real estate meetups and something. You might just get someone surprisingly kind of young there and someone who doesn't really have any idea, but they're just like I'm here, i'm here to learn, and they're starry guide And you know they haven't, they haven't been kicked in the teeth yet, but that's, that's okay. You got to get that. You got to get a few of those out of the way. And occasionally, you know someone just off of like LinkedIn calls me and I'll jump on a call with them And it's like a 21 year old kid you know what I mean Who like dropped out of college but really wants to know what I'm up to and like what my strategy is And like I'll talk. I'll talk to you all day.
Johnny Nelson:You know what I mean. So making yourself available, so like there's not necessarily a methodology or formal process right now, but oh, i'm going to the. You know the power, you know the poverty mindset, you know get out of whatever group. You know it's like just Hey, if I'm available for this type of thing and I'm passionate and I'm, you know, maybe it'll grow into something larger, bigger or wherever, or maybe it doesn't, you know. Either way, you're still out there.
Schuyler Cadwalader :Yeah, so right now it's really trying to just, you know, pay it forward as much as I can. I'd like to find a way to formalize that more, but I haven't really fully achieved like the levels of success that I'm hoping to get to. You know, i'm still not my, i haven't reached my, my Brandon Turner phase. You know what I mean, where I can start these amazing groups and charities and all that. Yeah, I still have a little ways to go, but that's. that's some of the stuff that really motivates me in general.
Johnny Nelson:Yeah And that and that, and following that North Star, you know, getting out the compass and saying where that is or whatever the guidance you want to look at. those things people resonate with and they sense that that's real, that's you know, it's a real commonality there And it kind of touches back to the beginning and what you're saying there. Some people saying financial freedom or even maybe even the word sovereign, do you like what the hell? Even that won't resonate with. people like, like you said, good for you, knock yourself out. But then when you say like, hey, this is something like this is truly like helping, you know, more people come out of poverty. increasing wealth, encourage people to be more creative and be creators, then people like, hey, i don't care where you're working at a gas station or your CEO, like, hey, i resonate with that idea, right.
Schuyler Cadwalader :Yeah, yeah. And I would love to get to a point where we formalize that in our business model, where X percent of what we do goes to this or like this is a group that we are working with in perpetuity. In some sense We're not really there yet, because we're still just like scaling into a proper business and we don't really have any business, you know, making any long-term commitments yet, but that's a place I would love to get to.
Johnny Nelson:Awesome, and so that's a good stepping stone into talking about your business. So that's up with capital. And then you focus in within that on, of course we're talking, so there's ones like the passion inside, so there's like financial freedom and the corporate life And then, of course, helping those around you And then there's actually, well, what's sustaining this And of course we have to have a wise, sustainable, smart business model, and that's, you know, often people will start about fund or a syndication company, or you know, your case is up with, called up with capital, and you seem to cater towards healthcare professionals. So talk to us about some of that engagement like how have you reached them? why healthcare professionals?
Johnny Nelson:And then, of course, even people are like, oh, healthcare, it must be a doctor, probably wealthy, like many doctors commit suicide. Many doctors, you know, leave the leave, the leave the profession. It's a very, very stressful, hard hours and a very demanding job, and not that everyone, not that everyone. Every healthcare person is a is a doctor, but you know those kinds of people have very demanding jobs And I'll talk to us about some of the things you've seen, the needs there And just why that, why that has been kind of taken, taken root as the core of the business model for upwealth.
Schuyler Cadwalader :Yeah, so my wife is a doctor.
Johnny Nelson:And amazing.
Schuyler Cadwalader :And in 2020, we were pregnant with our first child right when the pandemic hit Seattle. She works in critical care neurointensivist, so people with traumatic and potentially life ending brain injuries It's a bad day if you're having, if she's your doctor, and it was just really one of those moments where we were just like man, because, you have to remember, back in early 2020, we had no idea what this thing was really capable of, this virus, and so you know, she had to go to work every day and basically has met up 12 hour shifts, seven days a week, seven on, seven off, and it was a grind and really scary because we didn't know what potentially could happen to our child either. Right, that was still totally unknown And, um, you know, basically, from that point on, everything worked out okay, but the health industry is in a really weird place right now where they've lost many hospital systems have lost an absolute ton of money and are just grinding up a lot of their employees to make up for losses from the pandemic, exactly what we're saying there.
Johnny Nelson:I mean like so yeah, like just in general, like it's difficult to be a healthy professional. And then we have like COVID, which I didn't talk about, but like COVID, like that was so, so demanding, like with the whole all society was like, okay, it's all on healthcare professionals right now, like okay, take care of this, all show up, just keep doing what you're doing. times two times, three times four. It's just astonishing that. you know, everyone didn't quit.
Schuyler Cadwalader :Yeah, exactly, and it's really tough. I mean, if you look at, like, the satisfaction rate of a lot of healthcare professionals right now I think I read something it was a little bit earlier this year, but it's actually lower now than it was during the pandemic, which is crazy to think about, right, so it's actually gotten kind of worse in many cases. Again, every hospital system is a little different. So you know I don't want to paint with too broad of a brush here, but you know the whole doctor thing. we'll talk about physicians specifically, but it's all healthcare professionals.
Schuyler Cadwalader :It's one of those things because you know they usually have a nice car and they usually have a pretty good salary. and we've all watched House and you know George Clooney on ER or whatever that show was. There's this romanticized idea, that. but like with any profession, the reality is just not as romantic as the what we all see from the outside, right, yes, and especially because you know we talked about lifestyle creep earlier, doctors are very susceptible to that because they're very like, you know, they're the A plus student kid in high school and they follow the road and they finally become an attending and they think, okay, now I'm allowed to buy a few nice things for myself and inadvertently kind of walk into a form of you know, anti financial freedom, right Where it's like that person Anti financial freedom.
Schuyler Cadwalader :Yeah, that personal sovereignty is not going to be there. If anything, it goes the other way. They started working overtime to you know, because they've got expensive car payments. The house is like a little too nice to kids. We got a son of the private school because we got bought this house in the city and it gets like really bad really fast.
Schuyler Cadwalader :And so, listen, i have as much gratitude for medical professionals as anyone, having had front row seats to that whole pandemic and everything and seeing how they're being treated now afterwards and what's kind of happening.
Schuyler Cadwalader :You know there's been a lot of people getting fired, a lot more people being asked to do more. You know what I mean, and I kind of liked the idea that we can provide not an off ramp but just like a parallel strategy where it's like. You know, i think if every medical professional could work 80% of what they're doing now, or 75%, they would absolutely fall in love with their job again, not to say that they're all out of love with the job. A lot of them absolutely love their job, but a lot of them are just a little too overworked And so helping them build some like actual wealth and financial freedom a little bit of, and doctors are well positioned to do that right. They do make enough money that if they're smart and they deploy capital well, they can get pretty far, pretty fast actually. And so that's kind of who we speak to, just because of our firsthand kind of perspective of that whole world, and it's been really great.
Johnny Nelson:Awesome And well that's. You covered a lot of ground, give a lot of deep insight there And, of course, a very personal story, like you said, obviously, whether to know your wife is a doctor and you know work many, many, many hours doing COVID and beyond. So that's amazing. Why is it that? So, i was just going to make, not why is it about make a comment.
Johnny Nelson:The ability when I left my job I was granted, given, allowed myself to have it was very freeing when I started having supplemental income in addition to my engineering work And I didn't even realize I had this fear.
Johnny Nelson:It was deep down and it wasn't like some like, wasn't like fear of like falling off you know a tent, you know a tent story building, but like just as fear about oh, i don't want to, like you know, go too far off the rails or, you know, be too disruptive, be a good employee and I don't lose my job.
Johnny Nelson:And then it says I had this parallel, this parallel, like you said, you know, parallel income. Then it kind of I got the fear lesson and I feel I could be more authentic, more genuine and or just myself like Hey, even like it wasn't so much that I was concerned about being a bad employee. It was like if my job was to go away or something happened with the company, i could walk away from this and I would be fine. And that is very freeing in itself And I think that allows us to be more true to ourselves. And just you know, just if you can remove these levels of fear, these levels of restraint, these levels of concern in the back of the mind subconscious, i think that allows us, as human beings, to flourish.
Schuyler Cadwalader :I totally agree, and this might be to circle it back to like a more meaningful way to look at the term sovereignty. You know what I mean, because kind of what you're talking about with the W2 full time job is you have a 100% one to one dependency. That's something else.
Johnny Nelson:Right, like you are people don't think doctors are hourly workers. They're hourly workers folks. Yeah, hourly workers, You got to literally hourly workers. You put an hour, you get paid X amount.
Schuyler Cadwalader :That's how it's a one to one deal, you know, and you know, like, like I said, like my wife, she, when she's working, like she's on maternity leave now, which is great, but it's a 12 hour shift seven days a week in a row And, like you know, those shifts are brutal. I mean there's, you know, again, it's a critical care situation where the worst things could that could be. It's emotionally draining, It's, I mean, luckily she's an amazing doctor and is very stable and great at all this. But, like I don't know, I think a lot of people who might be, you know, jealous of doctors is, like you try it, you try talking to grieving families 12 hours a day, seven days a week. You know, into your fifties, you know, see how that goes stuff.
Johnny Nelson:Yeah, absolutely, and that's that's a very, that's a powerful way of saying that and thinking about that for just people to consider those things. So, man, this has been an excellent conversation. Thank you for taking us through all these different things. And let's talk about forward looking here for for up with capital where you want to take it, where you think you can go, and the kind of things in and partnerships that you're looking for.
Schuyler Cadwalader :Yeah, so we're a young company. Right now we own most of our real estate ourselves, but we've done one sort of co-sponsorship with another group and that what's gone really well And we're looking to do more of that, but we're not in like a huge rush. It's been pretty tough out there lately, as you probably know, with the higher interest rates and the bid ask on properties right now it just seems really out of whack, and so we're still growing our personal portfolio right now as well, but also looking for the next larger opportunities and to kind of build out our business even further. But we're investors first. We're more investor side than entrepreneurial side And like if the deals aren't there we're not gonna do them, just to do them. So we're very patient.
Schuyler Cadwalader :Capital is how we like to think of ourselves And it can be very frustrating because right now I've got a couple of people kind of pinging me saying they wanna get going here on the next investment and it's really tough. But I think in the long run, 10 years from now, i'll be very glad that we stayed very diligent and patient And I think right now is a very good time in the market to remain patient. So that's what we're doing now, but always looking to grow, always looking to keep learning from everything we're doing.
Schuyler Cadwalader :And yeah just always looking for more people to partner with.
Johnny Nelson:Awesome man. I could ask what size and class of asset do you like? And then, of course, some people may get the impression like, oh, it's all new stuff, but perhaps not, cause we just talked about that's what you do professionally. But now actually investors, and what markets do you prefer? What markets do you find attractive?
Schuyler Cadwalader :Yeah, so we really like the Carolinas, Carolinas yeah.
Schuyler Cadwalader :Texas and Florida are always very appealing too. I'm starting to get more interested in Tennessee, but that's kind of a new thing Just cause Texas and Florida have been going kind of crazy with the insurance cost property taxes. In Texas I've just been hearing some real horrors lately about getting reassessed, crazy valuations, So kind of still expanding our footprint or, I guess, becoming more targeted. The property that we invested in is in Myrtle Beach, South Carolina, And so that was like a class A building.
Schuyler Cadwalader :Actually We own some class C ourselves, although I'm starting to think that class B plus is probably where we want to be And it sort of depends if we're partnering with a really experienced group. We like going a little bit on the bigger side. If and when we take down a deal ourselves, I think at first we actually I personally actually like that sort of 80 to 100 door range where you're kind of above the range of the typical like bigger pockets, new investor and a little bit under the range of the institutional folks. But the properties are big enough that there's still some meat on the bone and hopefully you can still get property management stuff.
Johnny Nelson:Yeah, the property can pay for itself with on-site property management, third-party management, which is super, super critical or important if you don't want to hate your life, So just saying Yeah exactly, i do a little property management myself right now and I'm like, yeah, i don't know more of this.
Schuyler Cadwalader :This is as much of that as I want to do.
Johnny Nelson:Lots of that in my future life is where I want to go here. So amazing. Yes, exactly, amazing, tyler. So how do folks reach out and or get in contact with you? And also, maybe you have a social media presence or do you just kind of like just a word of mouth so far, Yeah, if you search for me on LinkedIn, i'm easy to find there.
Schuyler Cadwalader :Luckily, my name spelling S-C-H-U-Y-L-E-R. last name kid Waller. that's very easy to find. There aren't too many of me, thankfully. You can also go to upwealthcapitalcom. That's our website and you can reach out to us really easily there. We've got a really cool free e-book for medical professionals And, yeah, those are probably the two best ways. I could keep going, but that's a good start.
Johnny Nelson:That's amazing, man. That's amazing. Well, thank you, too, for being an amazing guest And we thank my. Turning to my audience, my listeners, thank you for listening to another episode of the Investing Stuff You Should Know podcast. We thank you for listening, for supporting us. Of course, we always appreciate likes, reviews, comments, all the good stuff. So we'll see you out there Until next time, thank you.