Hitting the Bullseye with Syndications with Joel Block
38 minutes · 2018
Scott: I’m extremely excited to have a very special guest. He’s new to the show, but we’ve known each other for a couple of years dating back to an original crowdfunding university. We’re honored to have Joel Block join us from Bullseye Capital. Joel is a seasoned real estate investor with over 25 years of experience in the industry of buying and investing in distressed assets. He is an expert on crowd funding, syndications and doing some big project. Thanks for joining us. For those that don’t know who you are, tell us who you are, what your specialty is and what you focus on over Bullseye Capital.
Joel: I’ve been in the venture capital in the hedge fund business. I’ve been in the money business for my whole career. I’ve been buying companies. I started the CPA business as a youngster and then went into venture capital. I fell into Price Waterhouse when I was a youngster. I was assigned with an army of other guys to do the tax returns for 500 partnerships that were buying real estate or some assets. I hated doing the tax work, but I loved reading the partnership agreements. I thought, “This is exactly the business that I want to be in. This is perfect for me.” I quit the firm and started a little real estate syndication firm. We tied up our first deal and cold-call a bunch of doctors.
We broke every rule there was, we did everything you’re not supposed to do. We were just kids. We didn’t know any better. We’ve got our first deal up and running and then we bought a shopping center. We bought this and we did a total of about eight deals, which worked out well. By about 1990 when the market started to change, I fell out of that and fell into a venture capital transaction. Once you learn how to raise money, raising money for real estate, raising money for venture, if you want to buy a yacht, you want to build a bridge, you want to buy a hotel, it doesn’t matter what. Once you learn how to raise money, the skills are all the same, it doesn’t make any difference. I raised $10 million for this venture transaction and went to Wall Street.