On this episode of THE CRUDE TRUTH; Kristy Kerns joins me again and we visit with Power House couple, Paul and Letitia Monelongo. They share there journey together and tell us how being adventures and having BIG HAIRY AUDACOUS GOALS will set you apart and help you acheive those goals. This is an episode you donāt want to miss. Thank you to Paul and Letitia for being on THE CRUDE TRUTH w/ Kristy and I.
https://www.montelongocapital.com/
Highlights of the Podcast
03:06 ā The family of the Club Summit
04:42 ā Paul and Letitia Montelongoās background and story
08:27 ā Paulās history of real estate
09:35 ā Roles in the business
11:51 ā Go getter mentality
13:53 ā The Adventures Investment Summit
17:06 ā Heavy duty Real Estate Education
17:53 āĀ Paulās background in construction and real estate
19:35 ā The historical track record
20:51 ā Attracting new investors
24:09 ā Big Hairy Audacious Goals
25:55 ā Build Your Life Calendar
32:49 ā Talks about attraction
33:31 ā The steward of our investment
35:22 ā Real Estate for 2024
Please reach out to Paul MontelongoĀ onĀ Linkedin
Please reach out to Letitia Reyna-MontelongoĀ onĀ Linkedin
Check outĀ StatusJet HERE
THE CRUDE TRUTH Ep. 67 with Paul & Letitia Montelongo Commercial Real Estate Experts and Investors
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Rey TreviƱoĀ [00:00:00] Rolling out of bed. Got your bag on your mind? Commercial real estate. Where are we headed in 2024? Weāre going to talk about that and much more with commercial real estate experts on this episode of The Crude Truth.
Rey TreviƱoĀ [00:01:28] Well, hello as always, and thank you for tuning in for another episode of The Crude Truth. As we continue to roll into 2024, thereās just so many things that are unanswered as we continue to invest, whether itās in oil and gas, real estate and technology. And today weāre going to talk more and focus on the real estate side and networking. Today, I also do have, brought back my co-host Kristy Kerns, current Kristy. How are you?
Kristy KernsĀ [00:01:55] Good. How are you?
Rey TreviƱoĀ [00:01:56] Doing Real. Well. Iām so excited today. Especially for the guests that we have on. I mean, these two individuals are literally, like, creating a trail and just the net worth and the network that theyāre continue to grow. You know, our guest today, for those out there that I can already see but are listening, our guest today are Paul and Letitia montelongo. Guys, how are you all.
[00:02:18] Awesome.
Letitia MontelongoĀ [00:02:19] Super great. Weāre super happy to be here too.
Rey TreviƱoĀ [00:02:22] Oh, man, I promise the Walmart gift card is in the mail.
PaulĀ [00:02:25] Okay,.
Rey TreviƱoĀ [00:02:26] In the mail.
PaulĀ [00:02:26] All right.
Rey TreviƱoĀ [00:02:27] And, Because thatās what it took to get you guys here.
PaulĀ [00:02:30] So weāre already taking the tour?
Rey TreviƱoĀ [00:02:32] Yes. Yeah, the tour is done. Itās all done, you know? Guys, thank you all so much for coming in. I know yāall happy to be in North Texas. Yeah. And, when I heard your words, like, guys, yāall got to come on the show and, to kind of, give a little background and opportunity. Opportunity to me, Letitia, at the, family office summit, I think I said that. Right. Itās that correct. And, Fort Lauderdale here a couple months back, and thatās a big group of, high net worth individuals that are always looking for different types of investments. Is that a best way to put that?
Letitia MontelongoĀ [00:03:03] Yeah, it is. And we love thatās the first time that I had actually been to the family office Club Summit. Okay. It was amazing. I got pretty much everything I wanted out of it. Kind of dove in the water the first time I heard about it. For a couple of years. Richard Wilson, who actually we found out about Richard because he was a speaker at our summit. He invited us to it, so I was I was happy to go. And, you know, itās really interesting when you talk to high net worth individuals in a grand scheme like that. There were a thousand people at the conference. Right? So it was immense to begin with. But then when you really sit down and listen to all the issues that people that have millions of millions of dollars their lives, they have just as many issues as we do too. So the topics were really interesting.
Rey TreviƱoĀ [00:03:45] I enjoyed the topics and the fact that thereās so many people that had the same issues, and you could sit there and bounce ideas off of people. That and you didnāt sound. Like. Pretty well. No, I didnāt, you know, I was like, well, man, I got this issue or this. And you know, you know, taxes on this, this amount here. Yāall see how Iām even uncomfortable talking about millions right now on my own podcast. So to be in that room, I own it. Yeah. Well. But to be in that room, it was very, very confident. You know, I was like, hey, you know, because everybody had the same kind of problems and everybody knew you werenāt trying to, you know, be a be a mean person or try to open up. Everybodyās like, hey, what are you doing for this? You know, that is one thing that Iāve read lately is like, hey, people at the top, they collaborate. Theyāre not trying to compete down at the. Itās like, letās collaborate and letās do things. And so Paul, you know, I weāve had a great laugh and a great times to just open it out. Can we, can we talk about you guys for a minute? Sure. Thatās obviously you all are from San Antonio Paul and Iām going to leave it there.
PaulĀ [00:04:42] San Antonio, Texas, thatās where we live. And, Leticia and I have been married now four and a half years. And weāll tell you that story in a minute. Okay. But, we she she has two daughters. I have two sons. And between us, we have seven grandchildren. Oh, wow. Yeah, I know what youāre thinking. Yeah. Okay, good. So. Yeah.
Letitia MontelongoĀ [00:05:03] Can you write him off on your taxes? I know that they. I think
PaulĀ [00:05:07] where they, who gets the money when we die? I donāt know what you think in. All right. But but. Yeah. No, weāve been married four and a half years. So, I was born and raised in San Antonio, but I lived away from San Antonio about a dozen years. I live in Las Vegas and Salt Lake and North Carolina, various places. But, doing real estate? Yes, doing real estate. And then I moved back to, Austin 2018. I was. Doing a podcast. She was doing a TV show. Her TV show was about cryptocurrency. I had heard you could buy a real estate with cryptocurrency.
Rey TreviƱoĀ [00:05:42] Yes.
PaulĀ [00:05:43] She looked real pretty on Facebook. Okay. So I reached out and I said, can I interview you on my podcast? Okay. And, you know, she said nothing. For six. For six months. For six months. Nothing. I let it go. About six months later. So, you know, I need to look that up, make sure my dates are right. But Iām pretty sure six months later, I messaged her again. Iām going to be in San Antonio. Can I come interview? She says yes. We hit it off in ten months. Later, we were married. Wow. The best part, I think, is that she had been, she had been single for 13 years. I had been single for 13 years. I donāt think either of us had any any idea of any plans to get remarried. And then we met each other and then, you know, the rest is history, as they say.
Rey TreviƱoĀ [00:06:27] I would say, yeah, thatās thatās history. Especially at ten months, no plans. And then boom, youāre right. After ten months.
PaulĀ [00:06:32] Right? Right.
Letitia MontelongoĀ [00:06:33] But he didnāt know what he was dealing with. Tell us about our fourth date.
PaulĀ [00:06:38] So this is this is where I knew. This is how I am. This is where everything came clear, by the way. What Iām about to tell you has served us tremendously in our professional career.
Rey TreviƱoĀ [00:06:48] Okay.
PaulĀ [00:06:49] So we have a few dates on fourth date. She turned to me and she says, so, Paul, what are your plans with me?Ā Yeah. Like what it where we call that pretrial pre pre closed question.
Rey TreviƱoĀ [00:07:01] Yeah. Yeah.
PaulĀ [00:07:02] Trial crowd closed and I said so I looked there straight in the eyes and I said my intentions are to date you to see if youāre the person I want to marry. And Iāll know very soon. Right. So what do you like?
Letitia MontelongoĀ [00:07:13] You take number five.
Rey TreviƱoĀ [00:07:14] Okay
PaulĀ [00:07:16] I got. So I got date number five. And, you know, very soon thereafter, we started talking about marriage and went off to Hawaii and got married. No, I did, yeah, very. Yeah. Just the two of us on a beach sunset in the back and a and a Polynesian and Polynesia Polynesian minister.
Kristy KernsĀ [00:07:32] Really?
Letitia MontelongoĀ [00:07:32] We do that. The minister made him sing to me.
PaulĀ [00:07:36] Yes, well, I sang the vows to her.
Kristy KernsĀ [00:07:39] Did you really? Yeah.
PaulĀ [00:07:40] Yeah. Yeah, yeah.
Speaker 6Ā [00:07:41] Did you really? Well, he played really good. I did. It was so cute.
PaulĀ [00:07:44] I did, itās on recording somewhere.
Rey TreviƱoĀ [00:07:46] Oh my gosh.
PaulĀ [00:07:47] Yeah. So. And then we came back, and then we had a big, big thing with all of our family and friends. And our big should go. Yeah, yeah, but I mean, itās been a ride. And then right after that, there was, there was this thing that happened, I donāt know, there was a toilet paper shortage or something.
Rey TreviƱoĀ [00:08:00] I heard about that bowling pin shortage.
PaulĀ [00:08:03] So we were like, we were there together. Newlyweds trying to understand each other in the first place and then trying to understand, you know, this thing that was happening to the world. And so I.
Letitia MontelongoĀ [00:08:13] Just go to my room and go, like, I donāt even really know this. Guy. Iām like, drafting no function for me. Like.
Kristy KernsĀ [00:08:20] How did that play out?
Letitia MontelongoĀ [00:08:22] I was okay after a while.
PaulĀ [00:08:24] Yeah. But but the other thing was, you know, I have I have a long history of real estate. Yeah. My first real estate deal when I was 17. So Iāve been doing a lot of real estate. Iād sold out of a property to move back to Texas. I was kind of chilling out, and she, you know, we met, and then she says, listen, you have this skill set and you have these things that you know how to do. Letās go. Letās go get some real estate. And then I over the next 24 months, well, 18 months after that, that happened in 2020. About 18 months later, weāre like $80 million worth of assets, under management. Right. And so, you know, we just we created a plan and we went after it. And have you need to ask. Iām just saying this, okay. You need to ask how it is. How how are we with working with each other?
Rey TreviƱoĀ [00:09:13] Well, I was gonna know you. You teed me up a minute.
Kristy KernsĀ [00:09:17] Getting ready to say how was that good.
PaulĀ [00:09:18] Thats your question?
Rey TreviƱoĀ [00:09:20] Yeah, that was great, Kristy.
Kristy KernsĀ [00:09:23] That was it. Working together.
PaulĀ [00:09:25] Great question.
Kristy KernsĀ [00:09:26] Answered.
Letitia MontelongoĀ [00:09:28] Itās good.
PaulĀ [00:09:29] Itās good.
Kristy KernsĀ [00:09:30] Do you find that you empower each other a lot better?
Letitia MontelongoĀ [00:09:32] And you know, I feel like we had to figure out our roles in the business. Right. And now itās great. At first it was a little because, you know, I had been independent for a long time, and I kind of had my own little businesses for those 14 years that I was by myself because I, I worked in corporate America. Okay. And then in 2008, I left, I was a senior vice president of a fortune 500 company. I traveled Monday through Friday. I was on the go. I was a conferences. I was doing my thing. And then when it happened, I got I was part of the reduction. Right. So I said, Iām never going to be laid off and fired again. Iām going to start my own little business. So I had multiple businesses. So then we got married. It was just like, you know, Paul is used to be an entire engine. So is Leticia. So, you know, it was a little bumpy at first, but I feel I feel like now weāre great. I do, you know, you being a coach, I, I run will not run, but I am the chair of a women in multifamily group in San Antonio. So I do a lot of women events. And one question I always get from the women is like, how is it when you work with your husband? How do you when youāre really a D, right? Iām a D in the desk. How do you actually tame that feminine energy? Right. So so that has been very you know, at first I didnāt want to, but now I feel like is I lean into my feminine energy. We work together so much better. Yeah. Right. And he wants to take me on more dates. So I love it. Itās worked out good for me.
Kristy KernsĀ [00:10:57] I wish that so many more people could understand the feminine energy and women understanding that itās okay to be youāre okay to be masculine 9 to 5, but you had to turn that off and.
Letitia MontelongoĀ [00:11:07] Made a huge Difference..
Kristy KernsĀ [00:11:08] Ā Yes.
PaulĀ [00:11:10] yeah, we just had to figure out.
Letitia MontelongoĀ [00:11:13] Do you want to say anything about
PaulĀ [00:11:14] Ā jump on your podcast?
Rey TreviƱoĀ [00:11:16] No, no, I got nothing.
PaulĀ [00:11:19] So we just had to figure it out. And you know, we did. Right. So
Rey TreviƱoĀ [00:11:24] Well. You talk about having to figure it out. And then again, you know, obviously I guess there were some fights over how many ply in the toilet paper was in 2020 just to get together. But yeah, again, you know, Kristy, you really asked it right. And you teed it up. Itās like because of that question that she asked you on the fourth day, you know, how has that been and what was it that yāall can work 9 to 5 together, you know, how is it, you know.
PaulĀ [00:11:49] So that question to me, yeah was a reflection of like a go getter mentality. Okay. And so I knew that I knew myself well enough to know that if I was going to marry someone again, I need that go getter mode mentality with me. And aside from the interior and exterior beauty right there, like this characteristic really meant something to me. Yeah. Yeah. And so the other thing was to, you know, I got to hang out with her daughters, and her daughters were high quality people. So Iām like, okay, that the apple does it for fall for the tree. So that made sense to me. But in terms of business, itās that that attitude, that mentality that has really moved us forward. Itās like, okay, whatās next? Here we go. What are we doing here now? How do we get this close and how do we get this set. And that that, you know, go getter mentality is really I think itās critical in business. Right. Yeah. So itās been a real. Itās been a real inspiration.
Rey TreviƱoĀ [00:12:43] Well, in the go getter mentality, first of all, I can I can completely understand having somebody with you by your side that has that type of an attitude. Thatās what you want. And sometimes you donāt know it when youāre, well, when you donāt have it. And then once youāve seen it in certain forms and aspects, itās like, oh, thatās, thatās why theyāre, theyāre here and, and theyāre doing things together. And so I think thatās really, really cool. And then I want to talk about that, you guys, you mentioned that youāre at a summit and you talk about that go getter mentality that you two being together. Letās talk about yāall summit and which Iāll do there.
Letitia MontelongoĀ [00:13:19] Yeah. Yeah. So one of the things when Paul and I got married, we really were very conscious. Weāre like, okay, weāre not in our 20s anymore, right? And we were in pretty good shape for our ages. Right. So when we got married, I was 37. Yes. Okay. And Paul is 61. Okay. So we wanted to like, make sure that we whatever we did, we went ahead. Adventure and fun. Right. We we didnāt want to be put in this little box that youāre like baby boomers. You want to go out and have fun, do a good job. So weāve kind of taken that adventurous attitude that we have and we we put it in our business. So our summit is actually called the Adventures Investment Summit. So we donāt just have people sitting around in a conference room. We had it in Scottsdale was the first one. We rented these two beautiful mansions. I think just the lodging alone cost us $65,000 for four days off. Right? Then they were like, high end private chefs came in. We had yoga instructors fly in. We had hand yoga every morning out on the grass. Then we had these amazing speakers come in. Richard Wilson, the one who owns the family office. He was one of our speakers. So we had high end speakers come in. And then during the day weād have great sessions. The chefs made us fabulous food. We did fun events like we all got on jeeps one day and went out in the desert, for our jeep ride. So we want to make sure that as weāre working, that weāre pouring as much fun and excitement and adventure in it as we can. And then weāve identified with people that we seem to be attracted to us that want that same, that same adventure.
PaulĀ [00:14:46] Right? And thatās the way we live, right? Like, we weāre highly active people. And itās not just business, but itās a lot of fun. In fact, when we first got together, weāre like, no, weāre talking about our our values. Yeah, right. So, Aaron, I made a list. You made a list in the top characteristic or a value that we shared was adventure. So itās like weāre going to live an adventure. Adventurous life. Now, that doesnāt always mean like, bungee jumping, you know, like, this is an adventure. Yeah, yeah. So itās a perception. Yeah. But everything that we do, we see it as an adventure. And weāre always looking to to, you know, to have a day of excitement and, and squeeze everything out of the day. Yeah. Thatās true.
Letitia MontelongoĀ [00:15:26] No matter what it is like. The first time we went on a ski trip, we went with our families, right? Yeah. We went up to, Wolf Creek, which was we love to go skiing there. And so we were there for a week, and we were supposed to go home Saturday and Friday night it snowed like 18in, and all the kids were getting in their cars, go home. And I told him, I said, hey, look, I only to ski one more day and, you know, weāll just drive all the way home. Itās okay if you drive one now. And what are you thinking about? Yeah, letās do it. So we get up that morning, we get to the ski resort. Well. Is weāre checking in. Theyāre like, hey, youāre going to be in the races today. And weāre like, sure, why not? You know, so they sit this up. So we get to this hill thatās about downhill skiing, right? You know, we I ski a couple times a year, but I am not a downhill skier. But we have our little numbers on and and as we get to the top, Paul looks me he goes to notice anything about this line. And I said, no, he goes everybody has helmets on and they have matching jackets. So I think itās all the ski teams from around here and theyāre all like 25.
PaulĀ [00:16:20] We did the race.
Letitia MontelongoĀ [00:16:21] Not first in this age group. I think Iāve been like for. It was so crazy. And then now Iām thinking about Iām like, oh my God. Because it was like that kind of downhill skiing. Right. With the. Flags. Oh its crazyBut he was so much fun.
Kristy KernsĀ [00:16:35] Did you guys get helmets eventually or. No.
PaulĀ [00:16:37] Yeah,Oh do we helmets I guess. Yeah. Not that.
Kristy KernsĀ [00:16:39] I know, but I set up.
PaulĀ [00:16:42] Oh eventually. No no no
Letitia MontelongoĀ [00:16:43] we didnāt. But it was so fun.
Kristy KernsĀ [00:16:45] Oh my gosh.
PaulĀ [00:16:46] Yeah yeah. But anyway so our summit.
PaulĀ [00:16:50] So so we want to attract people that are like us you know. And so you know not everybodyās for us and weāre not for everybody. Yeah. So so these are people with an adventurous spirit and adventurous soul. And we mixed like a heavy duty real estate education. And with it like growing really high quality education. And so and these are all people that if they werenāt before theyāre doing deals now, most of them were doing deals before. So these are these are people that are in the business and want to be in the business at a next, higher level. And so yeah, thatās it was awesome.
Rey TreviƱoĀ [00:17:26] Well, letās letās talk about Charles real estate background. Him not necessarily diving into the portfolio. You know thatās thatās for the circle. And you know weāre not there. but you mentioned it. They go, hey man. In 18 months we had a we had a portfolio of $80 million. Right. You know, what is it that you guys are looking for? You know, letās talk about what we can, you know, talk about on that and how yāall been able to build that up and why people want to go to the summit. That should have more.
PaulĀ [00:17:50] Ā Yeah. So I have a background, a very, very strong background in construction and real estate, like from when I was a boy. Okay. So when we decided to start buying multi-year, when I started buying multi-unit properties back in the early 20 tens, I was looking for whatās called in the business value add. In other words, is it need some fix up? Yeah, we need some fix up. We can increase the appreciation and then we sell it all. So thatās the kind of product that we, we buy now. We buy A, C and B products. For the most part we have some Aās, but we buy season Bās. Need a little bit of a little bit of TLC. We we apply that. We increase the value, increase and increase the sales price and then sell it for ourselves and for our investors. Okay, okay. And so, thatās thatās what we pursue. Thatās kind of what weāre known for. And we become real good at it. And so weāre going to do more of that. In addition, weāre also doing new development because remember my background heavy duty construction. So weāre doing a brand new storage facility. Weāre doing a brand new 450 unit class A product here in Denton area. Yes. And so the storage is in San Antonio is a brand new from the ground up products. You know, we get to decide what kind of product to put on the ground that matches the market. And weāre excited about those.
Rey TreviƱoĀ [00:19:12] Well, you know, when it comes to multifamily, you know, what type of an annual, whatās what yāall go for an annual like, hey, you know, you get your investor group, you get your team together, and itās like, weāre going to build these. Itās going to take X amount of time. But if you took all that time from day one, the investment from day one, what type of an average return on you guys going to be looking at on something?
PaulĀ [00:19:33] Well, the the historical track record right now is about a 33 month turnaround, okay. With about A2X return bearing. Okay. Itās a little bit over two x. So thatās been the history weāre in interesting times right now. Oh yeah. Will that history maintain itself. You know I actually think that the the turnaround period will be a little bit closer to 60 months, you know, until until the economy adjust. The returns will still be the same, but the business plan is just a tad bit longer. But we do take our properties out to market at year three. Okay. Sure. When we test the market, we see if the market will reply with favorably so that we can sell it. But thatās thatās the overview.
Rey TreviƱoĀ [00:20:16] While we know Kristy, Paul, Leti here really got there, I always like, hey look, hereās where weāre at. But this is 2024 and this is what. So I mean you guys are kind of just talking theĀ Crude truth individuals. You know and just being honest with individuals. It sounds like like we donāt know.
PaulĀ [00:20:33] Well yes.Yeah. So weāre weāre very fortunate that we have a group of investors, that travel with us from deal to deal and that word spreads and because of what we do, like on a networking basis. Weāre always attracting new investors. They see the track record. So itās itās a self-perpetuating machine. And, you know, we like it. And because itās working well and because we have the infrastructure to handle it. Weāre expanding, which was our dream in the, in the, in the beginning was to really have a really cool portfolio, a legacy portfolio.
Rey TreviƱoĀ [00:21:10] Yes.
PaulĀ [00:21:10] You know, for ourselves and our family.
Rey TreviƱoĀ [00:21:13] That, you know, I like how you just. I mean, Kristy, please, youāre better at this kind of stuff. But like when you said this was the dream and the idea, then you kind of eluded to the Latitia over here saying, you know, this was her you helping you out to really expand what your idea was.
PaulĀ [00:21:29] Yeah, I, I okay, so if Iām honest. Yeah. Which I hate to say because that means I lied somewhere, but I didnāt. But frankly speaking, I would credit her with with giving me, you know, the nudge always nudging me. Right. And so itās difficult sometimes for me and for men, I think, to go say, okay, I, I this is troubling me. This is bothering me. Iām having a problem. Community. Thatās a man thing. And Iām going to blame it on men. Okay. So but but when I can get through that, when I can work through that. Obviously, her advice is very, very helpful and usually on point. And so, you know, I, I just have to give over to that if I, if I really, if I want to achieve my dreams, which is going to achieve our dreams, Iāve got to give over.
Kristy KernsĀ [00:22:16] Something to submit to her and let her give advice or whatever.
PaulĀ [00:22:19] Because obviously sheās smart.
Kristy KernsĀ [00:22:21] Well, and going back to when you guys met, you mentioned, obviously she what the question, were you always a go getter or do you know that she kind of put more fuel in your behind, I guess, to push you forward even more?
PaulĀ [00:22:38] Well, yes. Okay. I was I was always a real go getter. But Iād moved to Austin after selling business and, selling business. And, you know, I was relaxing. I spent a lot of time at Zilker Park with my dog.
Rey TreviƱoĀ [00:22:53] ACL.
PaulĀ [00:22:55] Thatās who I lived pretty close there. Oh, and so, and then, you know, I, I think I really had an awakening when I, when during the, during the pandemic. Right. I think I really had an awakening. Itās like, okay, if Iāve got a certain amount of time remaining in my life, I really need to maximize it. Weād already decided we were going to have an adventurous life. Yeah. So this was going to be a component of that adventure. And so, I didnāt want to leave the planet unfulfilled. I didnāt want to leave the planet without maximizing everything that Iāve got in me. So thatās my governing belief 24 over seven. Itās like, squeeze it out every day. And so yeah, that that applies to business and it applies to everything else.
Rey TreviƱoĀ [00:23:41] That you guys are just yāall are awesome. And I want to I want to continue on that. In my little teaser I talked about a beachhead. Letās talk about that real quick, because I think having that go getter attitude, having you to as a team, thatās something. So I wanted to Iāll talk about that.
PaulĀ [00:23:59] Oh, are you going to put that on me. Are you? Letās put it on, Kristy.
Kristy KernsĀ [00:24:03] Oh, my God, Iām not part of the team. You guys.
Letitia MontelongoĀ [00:24:05] Common Christy.
PaulĀ [00:24:07] So that acronym is for big Hairy Audacious Goals.
Rey TreviƱoĀ [00:24:12] Yes.
PaulĀ [00:24:13] And before the before we went on air, we were talking about big, big hairy audacious goals. And if you donāt have that, I should. you that we have to define a word. But weāre going to assume theyāre children, right? So.
Letitia MontelongoĀ [00:24:30] An entrepreneur is a.
PaulĀ [00:24:31] Little entrepreneurial, which, by the way, we take our granddaughters on site with us on property tour. What do you. Seven years old.
Rey TreviƱoĀ [00:24:38] Oh, yeah. Iāve got a two year old. I take them out to the world.
PaulĀ [00:24:40] Oh, yeah. We should.
Rey TreviƱoĀ [00:24:41] Yeah, you ought to let them know.
PaulĀ [00:24:42] And they may never go into real estate, but theyāre learning work ethic. Yes. Right. So thatās part of the big hairy goal.
Kristy KernsĀ [00:24:51] Waiting for you to slip out.
PaulĀ [00:24:54] Is is to. Leave that legacy.
Rey TreviƱoĀ [00:24:55] Yeah.
PaulĀ [00:24:55] Right. And so, you know, we have certain number of, of assets under management that we want and we have a certain time frame that we want to do it in. And so for most people, they might think that this is totally undoable. And it may be, I donāt know, but, weāre not going to weāre not going to not try.
Letitia MontelongoĀ [00:25:16] But weāre going to do it. Oh, no.
Kristy KernsĀ [00:25:17] Yeah, yeah. So, you know, but yeah, that was a little.
PaulĀ [00:25:21] Do you like, what are your intentions here, Paul? Yeah.
Letitia MontelongoĀ [00:25:23] You know,.
Kristy KernsĀ [00:25:24] Thereās no. But.
Letitia MontelongoĀ [00:25:25] The last couple of years weāve joined a bunch of mastermind, which is really elevated our thinking and really made us think bigger, grow faster. And I think thatās really helped. But, last year we went to, you know, the Jesse Edwards. Yes. So we went to to a retreat at his place in Atlanta. And itās like an obstacle course place, and you have to sleep in tents the first night, and you have to do ice plunges, and then you have to hold your breath for five minutes. And so it was really interesting. The one thing that I loved about it, heās got this thing thatās called Build Your Life calendar. And we just got our doing in the mail. So weāve been working on that. And so what he teaches you is like, you only have so long to live. Right. So if you do three things a day that you love. So write down the ten things that you love to do and pick out three of them and do it. Whether itās like, I like to talk to my children, I like to do yoga, I like to and just every day figure out how to do those three things. And then once a month. You do something for every six weeks. You do like a long weekend of something you like to do, and then once a year you do something that will you will remember that year by. I mean the hardest, coolest thing that you want to do. And so like us are some it was like a cool thing to us last year. So like for 2023, our big thing is like we had an investment summit and it was super successful and we loved it. Right. And so weāre going to do this every year so that the end of your life, you can say, you know what, I went on 40 freaking badass vacations, right? I did, I went, so I went to here, I went to there, I did all these things every day. I enjoyed my life. And itās just such a great way to really kind of plan your life. So thatās kind of how we started incorporating our goals.
Rey TreviƱoĀ [00:27:05] Wow. Thatās really cool. I want to do that.
Letitia MontelongoĀ [00:27:08] Yeah. Just answer. Download it.
Rey TreviƱoĀ [00:27:10] Yeah.
PaulĀ [00:27:11] Shout out to Jesse. Itās for
Letitia MontelongoĀ [00:27:12] Nephew. I mean, heās heās so awesome. Anyway.
PaulĀ [00:27:15] Know itās a life of intention.
Kristy KernsĀ [00:27:16] Do you think that he helped because you talked about mastermind obviously doing the cold plunges and changing your, you know, can I do this instead of the word I canāt? It was more I can.
Letitia MontelongoĀ [00:27:25] Honestly than cold. Yeah I have always so I like sports and Iām very athletic right. So Iāve always wanted to do those, warrior runs, but I never have done them. And, and I play womenās and volleyball for years and all of my volleyball team, we could do them, but I always can do because I was so scared. Because they always have that. The ready ice truck to dump an ice into a lake that youād have to swim through. And I was just like, I could never do that part. But then we went to this event 2.5 minutes. I was in that cold ice water. It was so cold. But it was great. Yeah.
Rey TreviƱoĀ [00:27:54] Donāt ask me. How long were you in
PaulĀ [00:27:56] Two. Yeah. Together. Two. I think itās two afterwards. Yeah. Itās good. Have.
Letitia MontelongoĀ [00:27:59] Yeah. And there were like six couples at a time doing it. So there was like 80 of 80 couples that went to this event with us. Right. Oh wow. Yeah. It was so amazing.
PaulĀ [00:28:07] It and and I know about all the great health benefits for ice baths and inflammation and all that, but man, itās tough.
Rey TreviƱoĀ [00:28:16] Iām not a fan. Itās cold. And I think itās cool that you had your partner there with you in the in it at the same time because, you know, you get somebody that that youāre with and like, if you like do a ride that youāve never done or anything like that. And you guys, hey, letās do this together. And then all of a sudden youāre spinning around like, okay, weāre doing this ride together is like, you know, never done that kind of rider before the ice plunge. Just look and hold on each otherās and thatās it.
PaulĀ [00:28:40] Adventure.
Rey TreviƱoĀ [00:28:41] Yeah, yeah.
Letitia MontelongoĀ [00:28:43] So since then, weāve done. Have you heard of that program? 75 part?
Rey TreviƱoĀ [00:28:47] No.
Letitia MontelongoĀ [00:28:47] So we just finished two of them. So itās for 75 days. We did it and we ended the day before someone started. Okay. So for 75 days you workout twice a day, 45 minutes each.
Rey TreviƱoĀ [00:28:57] Okay.
Letitia MontelongoĀ [00:28:58] One has to be outside.
Rey TreviƱoĀ [00:28:59] Okay.
Letitia MontelongoĀ [00:29:00] You drink a gallon of water a day, a day, okay, a gallon of water. You read ten pages of a book, nonfiction figure, you know, alcohol, and you follow some type of diet and you do it for 75 days.
Kristy KernsĀ [00:29:12] Iāve been doing that. I donāt know, itās called take a picture, okay.
Letitia MontelongoĀ [00:29:15] And take a progress picture. Right. So we did that for 75. And if you stay for summer.
PaulĀ [00:29:19] If you skip any of those steps, if you miss a step you have to start over. So itās an exercise in discipline.
Rey TreviƱoĀ [00:29:26] Oh I want to try that.
PaulĀ [00:29:27] And planning. Oh wow. The health benefits are great. Yeah but itās more of a discipline mindset thing.
Letitia MontelongoĀ [00:29:34] Yeah. Makes you plan your day like you have to know the day before. Like, if I have this, call it this. I donāt work out at the.
PaulĀ [00:29:40] 75.
Kristy KernsĀ [00:29:41] Okay? Iāve been doing that. That was my thing since January 1st two days. So two days. No alcohol, obviously no TV, just reading.
PaulĀ [00:29:50] You could watch TV.
Kristy KernsĀ [00:29:51] But I guess one.
PaulĀ [00:29:52] And thatās your Thing.
Kristy KernsĀ [00:29:53] Ā Yeah, that was my thing. Yeah.
PaulĀ [00:29:54] This is nonfiction book. Yeah.
Letitia MontelongoĀ [00:29:56] So we just finished the second one last week.
PaulĀ [00:30:00] Yeah, ten days ago. So yeah.
Kristy KernsĀ [00:30:01] Ā Are you going to do it again?
Letitia MontelongoĀ [00:30:03] I am, heās doing it again already. Okay. I have some stuff coming up next week I canāt. I canāt
Kristy KernsĀ [00:30:08] Ā you know I had to start over.
PaulĀ [00:30:10] But you know but but okay so just so my belief and I think our belief like is how you do one thing is how you do everything.
Rey TreviƱoĀ [00:30:17] Yes.
PaulĀ [00:30:18] So you know I chose this to actually she said you want to do it. And I said yeah, sure. And then the next day we woke up, she goes, okay, weāre doing it. So Iām like, well, I said, yeah, sure, I guess so. So we started that day and we did it. But it, it to me, it seemed to be a reflection of everything else that weāre doing. Like, can we be disciplined? Can we take care of ourself? Can we follow a plan? Can we commit to a thing? You know, so itās just a itās just a reflection of everything going on is the way that I chose to see it. Yeah. And and you know, there were moments where itās like, man, you know, do you want to quit? And itās like, no. So I had more.
Letitia MontelongoĀ [00:31:00] Moments in that because my afternoon workouts always got pushed back. Right. My mother lives with us. Sheās 85 and I take care of her. And, you know, sheās all that.
PaulĀ [00:31:10] And there have been there have been several times where the last workout ended at 1158.
Letitia MontelongoĀ [00:31:13] Yeah, I would be walking through our neighborhood at night like an Olympic date coming and going, oh my God.
PaulĀ [00:31:18] Yeah. But what, you know, itās like you make a commitment to something that you and then you. Do it? Yes. Right. And so how many times is someone, make a commitment and then find an excuse or reason, not fulfill that commitment? Oh, yeah. Right. So is that, you know. And where else is that reflected in your life?
PaulĀ [00:31:38] Absolutely. Absolutely.
Letitia MontelongoĀ [00:31:40] So yesterday he was walking when it was.
PaulĀ [00:31:43] 15 degrees or something. Silly.
Rey TreviƱoĀ [00:31:45] Good for you.
PaulĀ [00:31:46] Yeah. Oh. Thatās cool. Yeah.
Kristy KernsĀ [00:31:48] It was held on elevation, right?
PaulĀ [00:31:51] Yeah, yeah. There you go.Ā Good job. Yeah.
Kristy KernsĀ [00:31:57] I always like the best for everything.
PaulĀ [00:31:59] But it doesnāt have to be 70, 75 hard. You know, itās itās your relationships. Itās your work ethic. Itās your health and fitness. You know? Like what? How you do one thing is how you do everything. Yeah. True. Yeah. So. But thatās become a real important mantra to us. And if I look back on my life, Iām like, yeah, how I was doing things at that time, that was a reflection of how I was doing things at that time. You know, so itās always a matter of improvement. Consistently improving. So you get to a point and you just raise the level for yourself all the time.
PaulĀ [00:32:32] Wow.
Kristy KernsĀ [00:32:33] Thatās huge. Yeah, thatās what they say. You know, if you want to be successful, what are you willing to do to put in those things? To be successful at anything that is. Are you willing to work at your relationship? Are you willing to anything? So if youāre not willing to commit and do those things, then youāll fail at everything.
PaulĀ [00:32:46] And then we find the side benefit, which is really the the best benefit is now there are people that are attracted to that. Yeah. Like so you know, the people that that we are attracted to and that are attracted to us, we share those kinds of values. Yeah. And so now weāre, you know, you run in with that kind of crowd.
Kristy KernsĀ [00:33:04] Yeah. Your vibe on your tribe, thatās what I the attraction, all that stuff. I love it.
PaulĀ [00:33:09] And so those are those are all. I didnāt know we were going to go there, but Iām glad we did.
Rey TreviƱoĀ [00:33:16] Iām leaning in. Yeah.
PaulĀ [00:33:20] Oh, my. And hopefully. Okay, letās letās talk about a selfish part of it. Hopefully somebody will see that in us and go, you know, those are the kind of people that want we want to be the steward of our investment. Yeah. So thereās a business application, right? Then somebody will see us and go thus. Thatās the kind of couple I want to hang out with.
Rey TreviƱoĀ [00:33:40] Yes. Yeah.
PaulĀ [00:33:41] You know, Iām going to learn from them.
Kristy KernsĀ [00:33:42] Love it.
PaulĀ [00:33:43] And we donāt think of ourselves as like, couple example or anything like that. But but we do find that we attract those kinds of people in our lives.
Rey TreviƱoĀ [00:33:51] That is cool. I mean, like, I mean, you the way youāre talking, you all three are talking about this attraction. Now Iām thinking itās like. Being in the oil and gas industry. You know, weāre so isolated and weāre born in a way that way is like, you know, you keep everything to yourself. Youāre quiet, you know, whatever youāre doing. However, I do feel like some things in 2023 have changed that. And, itās itās really cool to just kind of listen to you guys talk about your summit, talk about how you all only continue to bring more and more positive people and people that are like minded into what yāall are doing, and that is translating into success in life business. And I mean lack of better words for love, which I think is really, really awesome. And I mean, yāall, yāall came in here. I wanted to talk real estate. Talk about something. Iām coming out here taking notes.
PaulĀ [00:34:41] Thatās nice. Yeah. Itās, itās itās a great life. And, I think in the world right now, we need positive news. Yes, we need positive people. We need positive ideas. We need to not pay attention to the B.S. in the mainstream media. Yes. And we need to build our own lives.
Kristy KernsĀ [00:35:03] And a lot of examples of relationships.
PaulĀ [00:35:05] And the lives of people in our world.
Kristy KernsĀ [00:35:08] For sure.
PaulĀ [00:35:08] And and thatās how the world is going to come together, and thatās how the world is going to improve. And somebodyās got to do it. Yeah, somebodyās got to do it.
Rey TreviƱoĀ [00:35:18] Well, Iāll tell you what. As we, as we slowly kind of wrap this up, you know, letās talk real estate real quick for 2024. And you kind of said, hey, weāre not 100% sure, but you know three things before I ask you the question, three things always say to invest in this energy technology in order to estate all through. Youāre not going away. You know, technologyās changing every day. Energy can be oil and gas, obviously renewables, all of it. And real estate. Real estate is not going away. And as Iām sure yāall have said many of times, thereās only so much of it. So, you know, on the real estate side, you know, where do you see things going? Are you excited for 2024 as far as the real estate market goes?
Letitia MontelongoĀ [00:35:54] Yes, we are, we are. We have so much on the horizon, so many deals. Weāre looking what the new build is going to take a little bit of our time, but weāre excited about it because it is the only, class A five star and it. Oh, so itās going to be super upscale, beautiful finishes. And weāre close. We weāve already got the entitlements down. We were out there today. They started doing, the civil engineering. Theyāre drilling the holes. Okay, you know, checking the soil. So. Yeah. So thatās already started today. We got to see them and meet those folks this morning. So that was good. Our store just was to have a shovel in the ground by March. Oh, San Antonio. Yeah. So that was a youāre working with architects on that. So thatās been really good. And weāre probably going to buy 4 or 5 more multifamily this year. Now or so. And weāre going to have a lot of fun.
PaulĀ [00:36:41] Absolutely.
Rey TreviƱoĀ [00:36:42] Weāre going to have another summit in 2024, right?
PaulĀ [00:36:45] Absolutely. Two more, two more.
PaulĀ [00:36:47] Ā one for the spring.
Letitia MontelongoĀ [00:36:48] Yet first weekend of May. So if anybodyās interested reach out to us. We can give you details on that okay. we probably going to cap it at 40 again, but, you know, itās going to be the last one and just make it even more cool this time. So even though it looked great on the from everybody else, there was some things in the background weāre going to work on and make that better for us.
Rey TreviƱoĀ [00:37:09] Detail?
Letitia MontelongoĀ [00:37:09] Yeah. Detail.
PaulĀ [00:37:10] The details that better experience for for the people that attend. Okay. But on the on the real estate front, itās itās a matter I think itās a matter of mindset. There is opportunity everywhere. Yeah, thereās opportunity everywhere. How can you create that opportunity? Thatās your job. Yeah. Make the opportunity happen. And I think 2024 and 2025, for that matter, are going to be exciting times for people that are Heather, have their stuff together and have their business organized to buy real estate. Weāre weāre just, like, so excited about the opportunities that we have and that, that we see coming out. And with the summit in the, in the private and, and the mastermind retreat that we do, itās like, will attract the right people. Theyāll come in with us, theyāll have a great time, will connect, theyāll network, weāll do fireside chats. Weāll have one in the spring. We have one in the in the fall. And, these are these are high end events for high end people. Yeah. So.
Letitia MontelongoĀ [00:38:05] Well. And we and we like it because we he said build your own economy basically. Right. So one of the things that we love about the summit is that our children work with us on that. My daughter is an event planner, so she does all the event planning. Her son is a high end chef. He worked in San Francisco at Michael Minaās restaurant. He does all the work on that side. So weāve really been able to incorporate our family, which would be the most important thing. Thatās.
PaulĀ [00:38:28] Yes, thatās part of the big goal.
Kristy KernsĀ [00:38:31] Yes, exactly. The big portfolio.
Letitia MontelongoĀ [00:38:33] The big.
PaulĀ [00:38:35] Hairy.
Letitia MontelongoĀ [00:38:35] Audacious family.
Letitia MontelongoĀ [00:38:42] I got the big. Home. audacious goal
PaulĀ [00:38:48] Youāre stuck on the audacious part. Thatās not what she wants to hear.
Letitia MontelongoĀ [00:38:54] You said it. Yeah.
Rey TreviƱoĀ [00:38:57] How can people get in contact with you guys?
PaulĀ [00:38:59] Yeah. Great. So to get in contact with us for our real estate in our social media. Montelongo capital.com. Weāve got a number of ways to get Ahold of us there and to see what weāre doing in the world. We encourage people to follow us on social media because they get to see they get to peer into our lives. Weāre unfiltered that way. And and they get to see our adventures, and hopefully somebody will get inspired somewhere along the way to go out and live a life of their venture on their own, if they havenāt already.
Rey TreviƱoĀ [00:39:27] So on the unfiltered side, then people, youāll actually hear somebody say, big hairy ass goal that does that.
PaulĀ [00:39:34] Did you hear that?
Kristy KernsĀ [00:39:35] Yeah, I did.
PaulĀ [00:39:36] That was for you, Kristy.
PaulĀ [00:39:38] Yeah, that was the running joke before the show, right? But yeah, we and the other thing is to we, we invite, people to contact us and talk to us about their, you know, their, their financial and real estate goals and what they want to achieve for their family. And we can see if we can help if we can help. Great. And other than that, if we can establish some kind of relationship or friendship, thatās great as well.
Rey TreviƱoĀ [00:40:04] Awesome. Yeah. Well, guys, I cannot thank yāall enough. I donāt.
PaulĀ [00:40:09] Itās been so much fun.
Rey TreviƱoĀ [00:40:10] This has been a blast. Iām looking forward to the, pre, or the post posted in the afterwards. I tell you that much, Kristy. Thank you, as always, for coming back on that. You know, again, with your skills and the life coaching, you know, you ask way better questions that I did on, on this whole front. And thank you for sharing about the real estate as well.
PaulĀ [00:40:29] Youāre welcome. Thank you for the invitation.
Letitia MontelongoĀ [00:40:30] So great meeting you.
Kristy KernsĀ [00:40:31] Yeah. Me too. Iām. Iām excited to get excited to follow you.
Rey TreviƱoĀ [00:40:36] That to all my guests, to all everybody out there. I want to thank you, as always, for tuning in to another episode. Please be sure to like, subscribe and follow us and weāll see you again on another episode of The Crude Truth.
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