The RedPaint Tribe
Why Investing Isn't Just a 1 Person Game
- Return on investment (ROI)
- Experience & learn together
- Build wealth through ownership
Hi everybody, Julian McClurkin here, your Chief Storyteller with Tribevest. Today I'm interviewing Tyson Miller. He's going to show us how teamwork makes the dream work.
Tyson, it’s a pleasure to meet you.
Thank you so much.
Let's start with the most basic question. Who are you and where are you from?
I am from, I'm a southern boy. I'm from Hilton Head Island, South Carolina.
Wow, you live in the place everybody goes on vacation. My wife used to go there.
What is your day job?
I owned an IT company. An IT company for roughly about 20 years. I sold that company in 2019. So in reality my day job is investing.
And how did you stumble across Tribevest?
I learned of Tribevest from Left Field Investors. So I actually recently joined the Left Field Investors. It's kind of funny, you know, having done this for a long time. I have always been a bit of a lone wolf and I'm just gonna do my own thing. And I tried a couple of groups out there but didn't have much success.
I stumbled across Left Field, and we really found a good group. And with that, I kind of quickly learned how this is not a one person game at least investing this type of stuff that I invest in or we invest in it. It really is about making contacts and kinda who you know, people that are out there that's gone along the same journey or walking the same journey as you that really helped me out a lot and finding that group.
Coming to the table with a tribe of 10. When I started out of the gate with Tribevest, I didn't know everyone in the tribe. It was important to get the right people with the right mindset of what we were trying to do, but I hadn't met everyone. So going through the process, you know, I probably made seven to eight new friends out of that and which I have spoken with outside of the tribe.
But it's also very interesting because it changes things when there is money on the line right? You can have a discussion with someone you know, a one on one or a group discussion with someone to talk about, Hey, I like this multifamily investment or I like this carwash or whatever it may be the people investing in. But it changes the dynamic and it changes things and all of a sudden everybody has skin in the game.
Can you tell me how Tribevest has helped streamline the process for you?
The platform itself is great and it's in my opinion, it's very streamlined. It's built for exactly what it's intended to do right for for for helping you get these entities up and running and be able to communicate, vote and store information.
To do that outside of Tribevest, you can certainly do that on your own Tribevest makes it very, very easy. I think most importantly to get the entity set up. My first interaction with Tribevest was phenomenal. I worked with with Emmalee over there she was she was great in really holding my hand to the whole process from from you know, setting up the LLC the entity, what the operating agreement is going to look like a lot of questions about modifying the operating agreement, and it was truly is what I refer to as a white glove service in my opinion. So every penny spent there was worth it and then some.
After that I started the second Tribe with just one other member. And it was kind of the same thought it was like Well, look, we could do this and we only plan to invest in one investment so it was it was a very purposeful type of thing. And we can go spin up an entity we don't need necessarily need Tribevest to do this. But again, it makes it so easy and so clean for such a minimal cost that it was it was kind of a no brainer. So we're just gonna run this through Tribevest as well. It's well worth it. You know, we know what kind of service we're gonna get.
So has Tribevest kind of helped you level up your business?
You can look at Tribevest at the angle that I mentioned before that it's a great way to reduce the minimum cost of investment to people accredited or non accredited. However, you know, whatever was coming from, but it's also the group aspect of it too. It's the interaction in vetting these investments kind of the camaraderie there that goes into I like this because there's I don't it can give you competence in something you might not have invested with the four to five other people in your tribe that is interested in it or can explain it to you in a different way. So I would say that the due diligence process, although sometimes it was a tribe of 10 people, it can be difficult corralling everyone together to get to speak and get their voice heard. Tribevest still makes that easy for the most part with the voting or motion process. But it streamlines that due diligence I think in that you get to a yes or no really quickly, more so than I even do on my own because I'll drag my feet and kinda go back and forth.
So can you give us some insight into some specific asset classes that you're investing in?
The tribe was set up to do some more experimental or I like to use the word fringey type asset classes. So when we started talking about a tribe, I think that the newest one of the market is car washes. And although a lot of people have gotten into that that was actually our first investment we got into but we're also looking at some other asset classes around short term rentals. Airbnb type stuff, lending on Airbnb properties or everyday property themselves, something that for me is a little bit too risky.
You think you would have had the boldness to do some of those speculative plays without the team behind you?
No, definitely not. Because I need some of these people to push me along into this because the stuff that I didn't have an interest in, but it's still interesting took to be part of the group and to kind of mix up these different asset classes into the suit. But I think it still comes back that's where the reduced minimums on the tribe comes in. Because I certainly wouldn't have invested in some of these at $50k, but will I do it at $5-10k, sure.
So that's it. What a great interview with Tyson he kind of showed us how you can really build relationships through your tribemates. Well until next time, I'll see you next tribe.
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