Navigating Real Estate in 2024: Market Trends, Sales Insights and Underwriting Tips With Beau Beery

Foreign. Hi there. Jenny Bolling here with Pivot to Prosperity, sponsored by Pivotal Real Estate Investments. And today we have Bo Berry on for our guest. Thank you for coming.

Yes, yes, glad to be here.

Bo is a, a very prominent real estate broker in the commercial world that handles most of North Florida, much of North Florida, and is a data guy. I love that he's a data geek, Right. Geeks will win the world, they say. Right. And he also has a podcast and wrote a book called the Multifamily Investors who Dominate. Yes. And it's a good book. I've read it and it is a good book. Good advice in there and thank you. So, yeah, Bo, tell us what's going on in your life these days.

Oh, man, I'm telling you, 2024 has been far better in terms of number of transactions versus 2023. And I'll kind of give you a for instance. I like to talk in numbers. I cover the northern half of Florida, right. I do anything over 10 units. About 83% of my transactions are between 20 and 200 units. That's kind of my wheelhouse. And I do conventional and I do student housing in a normal market for the northern half of Florida, cumulatively, there's about 150 to 160 sales total for the northern half of Florida. That's it, you know, 12, 13 transactions a month. And in 2023 there were 54 transactions, right. So about a little over two thirds transactions. And, and I normally do about 12 to 15 sales per year. That's my normal transactions in 2023. And, and of those 15 transactions, usually about six or seven of them will be over a hundred units and the balance will be under 100 units. In 2023, I only did 10 sales, which actually beat the market, right, in terms of market share. So my market share grew in, in rough times, which is what you want to see because that means customers are looking to you in tough times and in good times. So I did 10 transactions in 2023. Every one of them were under 50 units, right. Which is a sign of the market. So in all of 2023, there were only 21 conventional sales over 100 units in the entire northern half of Florida, right. And unfortunately, I didn't get a piece of any of those. My normal share would have been, when you think about the proportion of how many sales have been done, I should have done one or two of those and didn't get a piece of those. But that was just a sign of the market. Now in 2024, we've already done more than 3x the number of SAL through March 31st compared to through March 31st of 2023. So it's a good thing. Now still only 3 of those sales were over 100 units. The rest of them were under 100 units. But still, I'll take it. It's been good. And what's more important is my pipeline. So, you know, transactions that haven't closed but are in, but are under contract is fantastic. I'm very, very happy.

Terrific. That's good, that's good to hear. And I'm, I'm seeing a lot more across my desk. I, I try to syndicate more, but I'll do joint ventures of course too. But the magic number is usually over 75 units to be able to bring multiple investors in. And, and so, yeah, that's the, it's, it's turning but, and it's long overdue. But we still in Florida have very high interest or insurance and, and real estate taxes too, right?

Yeah, yeah. And I don't see that changing much.

I'm afraid not either. When, when I was up in Tallahassee lobbying for Live Local a year and a half ago or whatever it was and the tort form changed and all, they said that there was 100,000 claims and suits backlogged on insurance and it would take a year to clear out. Now this year they're telling us another year, but, but the insurance experts are saying no, it's probably just going to stay where it's at. It's not, it will just not go up.

Yeah, exactly. That's just, you know, once you've charged a certain rate, it's not like you go back significantly. People get used to it. Right. And you know, you still have to build reserves. And so what used to be in Florida, at least in the northern half, what used to be three years ago, three to $500 per unit per year, is now on average 12 to 1800 dollars a unit per year. And I've seen many cases at 3 and $4,000. I, I have a guy that owns a little 16 unit student housing deal, fully remodeled in the Gainesville market in the center of the state. No water body, bodies of water anywhere, no claims whatsoever, $48,000 a year. He's paying $4,000 per unit per year for insurance on frigging 16 units. And I've seen several cases like that. I've got another one in Daytona Beach. I've got a deal where there's a group that has a 20 unit deal that was paying $3,000 per unit per year. Okay. No claims. And literally a half mile away I'm listing another place that's at eleven hundred dollars a unit per year half a mile away. Right. But the risk, the risk characteristic is different. Like there's just maybe it's just a different neighborhood. There's been some other, maybe some floods in the area. So it's just doesn't make sense to me.

Well, my question was going to be does it come down to if a place has been fully replumbed, everything on the site totally waste and everything?

Sure, that will have some to do with it, but I can't imagine it has a $2,800 a unit difference per year. Right. I mean that's nuts. So anyway, I, yeah, it is crazy though. Yeah. And it's, they have all kinds of algorithms, I'm sure that go into their pricing. But in any case, two year point, I don't see it coming down to where anywhere near what it used to be. Right, the new world.

Yes, yes. And real estate taxes as we know continue to climb and really decline. So for an interest rates we know are still high and not adjusting like we were hoping. Right.

Yeah, yeah.

But so tell us what you guide people to do or think about when underwriting today.

Yeah, so you know, as a broker, when I took listings back in the day, we'll call it like you know, 20, 20, 21 and, and you know, sort of early 2022. You know, we would, we would take the financials from a seller and we'd go through and we look for any kind of oddities. But there wasn't a whole lot of quoting that was needed to be done. As a broker now, I mean we would go and get a debt quote and that's about it. Now you gotta get an insurance quote. Like, I mean I have to do that ahead of time because the current owner's insurance policy is absolutely meaningless. I don't care if they just renewed last month. I've gotta go and get new insurance quote because I need to look at it from a buyer standpoint and the new pricing to see what that's gonna look like. Right. Also I'm also gonna go out and get management quotes just in case because the current owner could have a different agreement in place with that management company. Right. I'm going and going out and getting all the recent utility bills. I want to know what that's running in place repairs and maintenance. I'm always comparing. I'm a big reader of the National Apartment association income and Expense report. And so I like to compare all the different expense categories of NAA with the in place expenses. Right. So contract services, repairs and maintenance, payroll, marketing, all that stuff. So I'm comparing those to see are there any oddities that are popping up right. In terms of additional underwriting standards, vacancies back in the day, you know, as a broker you always use 5%. Like that was kind of the aggressive route and 5%, unless it's just in a primo, primo location that can show historical, you know, 1 to 5% vacancies. Tom, that's a tough sell nowadays, right? Depending on the market, right. Daytona beach is closer to 7 to 10% depending on where it is in Daytona. If it's in a great location, it could be, you could be closer to the 5% but other places could be different. So you really have to look at what the historical vacancies are for that area, not necessarily that property. If a property isn't being run right by a seller or a property manager and they've had 15% vacancy and you know, it shouldn't be that if you underwrite at 15%, you're just going to get beat out by another buyer who's underwriting with a, with a more accurate statistical data in the past. So you're doing the vacancies, you're, you're quoting management, you're quoting insurance, the property taxes, it's going to be 80%. So in all the markets that I cover, the northern half of Florida at the end of each calendar year, I compare assessed values with sale prices. Jacksonville is running 85, 86% and pretty much any everywhere else is about 80%. Tallahassee has been in the mid to high 70s. But you would still want to use an 80% assessment just to be safe because there are many cases that do so. So that's still the case. That hasn't changed. And then what I find is what everyone's solving for is a cash on cash return, right? When you think about the metrics that mean things, cap rates get used a lot, just as a lazy metric. But no one actually uses cap rates when they're buying. They're solving for a cash on cash return. They'll look at IRR a little bit. But IRR is so subjective because it's dependent on an exit cap rate and all kinds of other assumptions. But cash on cash is a true, like this is what I'm earning after expenses and debt. And, and that metric is as low as 6% for major nationals or rates on stabilized assets. But most folks want at least a 7% cash on cash return by the end of year one. And like 8% would be a home run. Right. In terms of IRRs, the minimum I see is about 12%. Most folks want at least a 15% IRR on a five year hold. 20% would be, you know, kind of the Kumbaya right? Now, listen, many folks were beating 20% all day long, you know, the last eight or 10 years, but 20% it would be, would be fantastic. And 15 is kind of what everyone's going for. You, of course, have to go for a debt coverage ratio of at least 1.30. Banks want to see debt yields of at least 9%, maybe 8%, depending on the borrower. And then most folks want to see at least a 1.75 equity multiple. 2.0 is more normal. That's what I'm saying.

And so that's what people are wanting for people putting together deals. Are you seeing them reach those, the ones that close?

Yes. Right. But there's definitely more deals that are being. There are not more deals that don't sell than sell, but there are more deals that come to market that don't sell than there used to be. And I think that's, that's often what, what's happening is that the, the biggest difference that I'm seeing from the deals that sell and don't sell aren't sellers that are being unrealistic. Okay. You have to understand, sellers are also buyers. It's the same person. It's not, it's not a person who's looking to sell something and says, yeah, Bo, you know, you brought me X number of offers. You're wrong, everyone's wrong. All the offers are wrong. You know, my deal is worth X. They know it's worth what the offers came in at. They just don't care. Right. Most of those folks just don't have to sell. It's kind of one of those deals where, Bo, here's my number. If you can bring me my number, great. If not, no big deal. I get it. I'm a buyer too. I understand that they need to earn 7 or 8% cash on cash, and mine's kicking off 3 right now. But if they want to pay the number, that's the number. Right now there is a whole nother tranche of sellers who would like to sell and they understand that the value is not there and they can't sell for that. Right. So I understand that too. But most of the time the difference is that the, the market Rents that buyers are putting in their pro formas or are way more conservative than what a seller was hoping for. So for instance, let's say the, for round numbers, the in place average is $1,000 a month. And the broker needed the buyers to underwrite at future market rents of $1,300 a month in order to justify the ask price. But nowhere in their rent roll have they gotten anywhere near 1,300. In fact, of 66 leases were done at 1150, right? And so buyers will use maybe 1150. If they've done seriously 19 leases in a row, they'll use 1150. But they ain't using 1300. Even if nine complexes all around them are proving that they can get 1300, most of them are not using 1300. And therefore that's creating the big differences in pricing. And so yes, interest rates have affected things, and yes, insurance have affected things, but we're now a year, a year and a quarter into this new world. Most brokers are pricing in today's debt and insurance. The biggest difference right now is what buyers believe future market rents can be. And they're being very conservative. And I get it.

All right, so say you're in an area that's had historically 3 to 5% growth in rent. Now over Covid, they might have had a 15 or 20% bump. Let's say they did have 15% bump. What would you think would be a safe number in a, an urban area? Not Gainesville, not a specialty area, say a Jacksonville or something for projecting rent growth?

I'm using 3%. I used to be able to get away with 4 and 5%. But frankly, what happens is that just anytime you go above three, right now, in my opinion, in just about any market, unless it's just a super crazy hot market, what happens is, as a broker, I know a buyer, if he sees 4, 5, 6 in there, I've already lost all attention whatsoever for any underwriting I've done. I mean, I'm now a pig, right? And so it's just like they're just not going to believe it. And so I'm underwriting. I, I've, I've taken enough deals to market from the start of January of 2023 to now and not sold them. It only took me three or four tries to not sell something to say to myself, okay, I'm only taking on listings that I know are going to sell, right? And I'm going to underwrite it the way I know most buyers are going to do this. And if the seller can't come to terms, I don't want the listing. And what I do that I believe is different from a lot of brokers is I won't take on a listing until I get on a zoom call with that seller and go over my assumptions. And so we get on a zoom call together as a team, and I tell my seller ahead of time, hey, when I get done with my underwriting, going to get on zoom, you and I are a team. You've owned this asset for X number of years. You know this asset better than I do physically. And so, Mr. Seller, when we get on a zoom, I want to show you what I have down as a value now. But then together, Mr. Seller, I want to play with various assumptions. Let's play with the vacancy. Let's play with the future market rents. Let's play with taxes at 70% versus 80%. Let's play with insurance quotes. You know, let's, let's figure out what the max ask price is that we can ask but not look silly. But then, hey, Mr. Seller, let's also play with a range of what offers may be based on different assumptions. And so my goal in that zoom call is I want him to see logically what the range of offers will be at and if he's not willing to do a deal in those range of offers and he needs something very close to that ask price, and I think the statistical probability of being at the ask price is very low. I don't want the listing because it hurts the reputation of me, but more importantly, it hurts the reputation of that asset because if he tries to come to market in 6 months or 12 months now that property has a stigma. Oh, yeah, yeah. That's Pine Rush Apartments. That's the one that came on the market six months ago and didn't sell. Right now, it's really hard to get your price later on because nothing's really changed that much in six to 12 months.

And so, so what about with, let's say, Jacksonville? Will you keep there for now? They've had a lot of new inventory, right?

Yep.

So coming. So, yeah, if you had a property you were looking at that was within a couple miles of a big, bright, shiny new, large, three, 400 unit apartment project that was AB. Whatever you were looking at potentially. Well, it's not going to be a C, obviously, but would you still have 3% growth on that rent, or would you anticipate just being stagnant for a bit?

Well, so let's, let's separate the two. So if you've got you know, the different, you know, there's two components to rents. There's the value add component on what you can do in the first two years. I'm not talking about that, I'm talking about after stabilization, moving forward.

Same here.

Yeah. So every property can be, you know, you have to have a, I have to have the exact scenario to say whether or not going above 3% will work. I'm just telling you that every buyer I'm working with doesn't matter how good of a location it is. I haven't seen them getting more aggressive than 3%. Yeah, this happened. Now I think that if, you know, if you've got a shiny new apartment complex being built next door and you've got a solid B minus or B class asset, what's wonderful about a new construction next door and they're averaging 1950amonth and you're at 1350, you have an excellent opportunity to have a dramatic increase in rents because you can still be a loss leader. Meaning, you know, if you take this to sixteen hundred dollars a month, you still look fantastic to the renter who's looking for that bargain but still wants the luxury. Right. So that could be a dramatic annual increase for the first two years. But in terms of sustainable annual increases moving forward, 3% is about the most I've seen people inputting in their performance. If you are the buyer and you know that area like the back of your hand and you've seen, and you've seen higher rent growth in the surrounding complexes and it's solid and it's been at that 5 and 6% for the last six years even through this downturn. And you want to plug that in as kind of a best case scenario as you're talking to your investors along with an average and worst case scenario perspective. Sure.

Yeah.

I just wouldn't, I don't like to bank it on something like that in a, in a, in a sort of a, you know, in the kind of market that we're in.

So for getting your data, when you're looking for instance at either deriving cap rates or getting, getting the comparable expenses, I know n puts out a lot of data, but again it's still mass data. Yeah, it's, it's not, not.

And it's trailing and historical and.

Yeah, yeah.

Like their insurance figures right now are still way low to what we see in Florida.

Yeah. So do you use CoStar? What's your data source as far as third party ALM?

No, I, I, I self source everything through tax assessor website. So in terms of like sales tracking and metrics and all that stuff. When I dove into nothing but multifamily, what I noticed right away was that the paid websites like you're talking about, their data is about 30% inaccurate. In other words, 30% of the time I would find something wrong when I put out a report and it would be embarrassing to me because someone would say no, that didn't sell for that, or that's not student housing, that's a conventional. Or that one wasn't that number of units, it's 90 units. I used to own that six years ago. And so every time I put out a mass email or did a post or whatever, I'd have someone come up with something and I'm like, you know what, this is shit. I'm tired of this, right. I hate having that reputation. And so I started self sourcing so many, many years ago I exported every single asset over 10 units that exist in all of the markets I cover directly from the tax assessor website because that's where all these websites actually get their data from as a basis. And the difference between what they then do with the data and me is that they're using young people who have never done any real estate deals in their entire life, right. Calling these owners who don't want to hear from them and asking information and many of the owners won't give them the information. So then they just make up the stuff or they're giving them inaccurate information because they're pissed off they got the phone call in the first place. Right. And so, so I've, so I now did all of my own rankings, looked up the number of units, decided whether or not it's conventional. Student. I did my own, you know, whether it's a B plus BB minus, I verified my own sales. If I, if the price didn't look right automatically or I didn't already know about the asset, I'll call the brokers, I'll call the seller, I'll call the buyers. So every single sale that happens, every single month, we make it go through our entire system. We have it on a spreadsheet, it's sortable. I now publish every single sale on my website. I just launched that about a month ago and so it's all out there. So I self source all that stuff.

Yeah, yeah. If you've never been to Bose website, you should thank you and sign up for your newsletter. Right?

There you go.

Yeah. Whatnot.

Yes, but, but on the expense metrics, to answer your questions, NAA is still a good Source. However, you have to take that information, understand it's national. Just know your market enough to know that that particular category doesn't make sense. Right. And you can also do it for small assets. Like the average asset size there is a little over 180 units or 200 units. And so you may say, okay, well how does that work for a 20 unit deal? Well, in a 20 unit deal you don't have payroll. Right. The marketing dollars may not be as much. The contract services are not going to be anywhere near that high. Because an apartment complex that has a pool and clubhouse and much, much larger yard, you're not going to have all those things. Right. So you can still adjust accordingly.

Right, right. I had not heard of ALN before. I interviewed a guy that works for ALN and going to my local apartment association meetings, they tell me they survey the staff at the leasing offices like twice a month nationwide. And I did speak with some appraisers in Texas. I've been mainly researching Tex. They, they tell me ALN is by far a better source.

Good.

Just so you know, for over there. But that's a non disclosure state. Did you know that?

Yeah, man. Yeah. It's a different world.

Yeah.

I coach a broker from Texas and you know, part of what I, you know, part of what I help them do is building their database which largely depends on tax assessor websites. And it's a non disclosure. It's tough. The good thing is if you can get good at getting the data, nobody else has it. Right. So.

Right.

But it's a lot more work, a lot more work on its non disclosure.

So what do you see going on in the near future? Is there a lot of live local type people talking with you about. Well, you do new construction as well as value add type deals. Right. You handle.

I do. I don't get as many of the new construction business that's mostly reserve for the publicly traded brokers. You know, I'm kind of a middle market guy. I'll sell a new construction maybe once every three, four years. So that's, that's not so much my business.

Yeah, yeah. Okay. Well. And it doesn't have to be new construction. I don't know if you really.

I sell the dirt for them though. I'll sell the dirt form here.

Yeah, yeah, yeah, yeah. But live local can also be existing improvements too.

Absolutely.

You can, you can retrofit it basically, but. So you don't have people talking much about affordable or attainable housing in your areas.

Well, yeah, it's a huge thing Just no one does anything about them. There's no, there's no one who's like the king or queen of doing those things and bringing it. And just everyone, you know, complains about there's not affordable housing. And I'm, I'm seeing the, I'm seeing the effect on those who need it on a regular basis. I mean, especially in C and C minus locations where, you know, a one bedroom used to be $500 a month and a two bedroom is, you know, is 650. Those are now double and sometimes triple. Right. And it's. And that's like minimum. It's unbelievable. And so many of these, many of these C markets are being. And those used to trade at, gosh, 60, $70,000 a unit, and now they're all $100,000 a unit or more. Right. Oftentimes. So it's pretty incredible. And there's nowhere for a lot of those folks to go.

Right? Yeah.

I mean, the, you know, the, the five, $600 one bedroom, you can't find that anywhere. Anywhere.

Do you have boarding houses or anything like that up there in the northern areas that you see? No, no, we're getting more and more of them around here.

Okay.

And, and assisted living and other hotels converted for, for the affordable housing.

But there's been a couple here and there. But nothing that you would know. Nothing to rock that, you know, that would make the news. That's for sure.

So if we talk again about Jacksonville versus Orange park, do you. Do you consider those two different markets?

I mean, I track them as one, but I have all the sales from both. Yeah, I track, I can, you know, I can talk about some stats on Jacksonville if you'd like.

Sure, go ahead. That'd be good.

Yeah. So let's use, you know, 2021 was, you know, sort of the height of the market. Right. So we give you some stats on 2021 just to kind of set, you know, what a really good year would be and then we can go from there. So in 2021 in Jacksonville, and let's just talk conventional, we won't look at affordable housing or the few student housing complexes. Let's just talk conventional because that's usually about 75% of sales and it's usually about 70% of inventory. So in 2021, there were 80 total sales over 10 units, 54 over 100 units. This 2021, Jacksonville actually has some of the oldest inventory in the entire northern half of Florida. Very old inventory. They're under 100 unit inventory is 1969 average. And their hundred plus inventory is 1977. Now obviously there's a lot of units coming in and that'll, that'll sort of improve that a little bit. But it's just really old stuff there. The average closing price for 100 plus unit conventional stuff in 2021 was $134,000 a unit. That average rent was about $1,200 a month. And so that was a 10.4 gross rent multiple. Right. Meaning purchase price divided by total annual rent. And that was a 10.4 very strong. Right. And so, so, so those 80 total sales in 2022, when the slowdown started, that then dropped down to 59 total sales, 33 of which were over 100 units. Even older age closing, we might now to to low 1960s on the under 100 units and the low 1970s. So, so more older stuff, which means more. And the B's and A's people started holding because now their values are now beginning to drop and they don't wanna sell those off. Right. However, what's crazy is the median sale price went to $162,000 a unit in 2022 per hundred plus units. Right. So it went from 134,000 a unit to 162,000 a unit in 2022. Average rent was 13. Okay. In 2023, total conventional sales over 10 units. 18 sales.

Yeah, right. Way down. Way.

So 80 sales in 2021. Right. To 59 sales in 2022 to 18 sales in 2023. Average price 159. So was the first decline in price? Not a whole lot. I mean, went from 162 to 159, but still an adjustment. The rents went up to 1400 bucks from 1340. So a little bit of increase in rent now this year so far through March 31st. We won't have April done until like mid May. There's only been seven total sales right now. Seven total sales through March compared to last year. Last year there was six sales. So I'm sorry, no, there was one, two, four sales. Right. So we've almost already doubled the number of conventional sales for the first quarter of last year. Now there's only been. Of those seven sales, only four have been over 100 units. So that's not really a whole lot of data. The average close price is only 108,000 a unit. But again, there's only four sales. So those could be very skewed. Average rent was 1146. So that's down from almost 1400 bucks. So very, very slow but improving.

Right, right. Yeah. I think you can imagine, you know.

A million and a half people there all the time stuck construction that's going on seven sales.

Yeah. That's not much. Yeah, well, but so you do have a lot in the pipeline you said though, too.

Yeah.

And how many, how many major brokers are there in, in that market, would you say?

Between 50 and 60 dedicated multifamily brokers that cover the northern half of Florida. And you know, I mean, I say dedicated, there's, there are a number of. Those are general commercial real estate people who will, who do sell apartment complex as well. So I'm, I'm kind of combining that, that in those numbers and you know, there's the 80, 20 rule. Right. So 20% of 60 brokers is 12. So there's 12 of us that do the majority of the deals. And everyone kind of has their own wheelhouse of type of transaction they do. I would say on any one transaction, I'm probably competing against 12 or 15 brokers.

And is it the same buyers pretty much. Or are there some newbies?

In a normal market, that's 15 trades, 12 to 15 trades per month. In a normal market, there's usually only three or four new buyers in words new to the northern half of Florida that didn't already own something per month. That's it. And so I reach out to all three of those. As soon as they see a transaction that happens on the tax assessor website and I run it through my, through my program and I see that they're not in my database already, I'll reach out to them. Now that doesn't mean that that person doesn't own things already. They may own 5,000 units in California and they're buying their first deal in Jacksonville.

Right, right.

So I'll reach out to them and they could have owned way in the past, like if they owned something 25 years ago, I don't have them in my database.

Right, right, right.

Yeah.

So, yeah, that's a great database. I really, I really. It takes a lot more time on it.

Yeah. I have a, I mean I have a full time person, a person, one person who's dedicated full time to do just that.

I'm not surprised. I am not surprised.

But it's what I live and die by. Right. I mean, I'm competing against publicly traded brokerages and so I've got to operate in a different way.

Yeah.

And for me, data and stats are the way I do it.

I'd say you do it quite well, thank you. So here's the big question here as we're winding it up and that is, is there a pivotal person or event that brought you to where you are today?

Yeah, I would say the pivotal person for me would be probably Blaine Strickland. Blaine Strickland is my personal commercial real estate coach. I met him in probably 2014, 2015. I had been a pretty successful broker for many years before that, but I was a generalist, right. And so I made good money, but I had no life. I mean, I was working 80 hour weeks pulling my hair out, as you can tell, and just wasn't enjoying life. I had reached where I thought I wanted to be in terms of the money and transactions I was making, but just had no life whatsoever. And so I had actually hired Massimo and they were fantastic and really put me on the right path. Great coaching company. And Blaine was working at Massimo at that time. He had then broken off a couple years later and I went with Blaine. And so he's made the biggest difference, not just in my business, but my personal life. And I tell this story just because I think everyone should have a mentor, whether it's a personal mentor, a business mentor, or both. I actually have both. But Blaine keeps me grounded. He's kind of like my psychologist as well, keeping me in check. But he's the one who helped me specialize, hire an assistant, you know, write a book, grow my business in the way that I have. He is a phenomenal 30,000 foot thinker and I'm not, I'm not good at that. I'm not able to see beyond myself. I'm a very good executioner. You give me 10 steps, I will do those 10 steps. Right. But I don't know how to come up with the 10 steps. I don't know how to. I don't. I would never have thought about a book and YouTube channel and my website the way it is and the way I talk to people. That's Blaine. And so I'll be with him forever. I don't, I don't care how well I'm doing or how perfect my life is, I'm going to have a coach for until I'm done.

Yeah, I was late to realize how much that can help. But being into these masterminds and coaches and whatnot now, it's.

Yep.

I wish I'd done it sooner.

It's a big deal. It's a fast track. It's like a. It's like, it's like a cheat code.

Yeah. Shortcuts. Right, Right. Very good.

And now I coach brokers all over the country. Right.

And that's what I was just going to have you talk about too. So do you want to touch on that more?

Yeah, yeah. I, you know, over the, over the last decade or so, I would get calls from other multifamily brokers from around the country and they would, you know, they'd say, hey, Bo, how do you do this? Or what do you say when the person says this? And how does your phone call go? And how do you do your CRM? And, and you know, I'd give them a quick little 10 minute antidote on the phone, but I knew that there were a million steps beyond that to actually carry them out. But I can't be on the phone with that person for an hour. Right, right. And so it just frustrated me. And Blaine has a coaching platform that would allow to do this on a grander scale. And so he and I figured out a way to where, you know, I can't just coach one person on a phone call. They couldn't pay me enough. Right. To dedicate myself to just do, you know, a couple of hours a month for just that one person. So we have a coaching platform where I coach no more than 20 agents from around the country on one phone call once a month. It's about an hour and a half. And we coach a concept, right. Whether it be CRM or a phone call or follow ups or whatever it is, and then they have homework and they have accountability and I'm available, you know, in between. But it's basically once a month. And it's, it's a monthly, it's a monthly fee. They can cancel anytime they want. And it's been very, very successful. And so I just kind of walk them through the same exact path that I walked with Blaine 10 years ago. And, and we just duplicate it. And so we're getting ready to do our, we've been doing this now for about two years. We have our, our third group of training candidates that we're advertising for now. And we start, I think it's about mid or end of May. We'll do our, our next tranche of brokers. So I'm very excited about that.

Oh, good. Yeah, yeah, that sounds interesting. And do you, do you want to say how much it is?

It, it ranges. I think it's 800amonth on this, on this next round. But I, you know, we have someone who runs that part of it runs that.

Yeah, no doubt. Right, right.

Yeah.

Well, great. Okay. Anything else you want to Tell people. Besides of course, how to get in touch with you.

Yeah, that's it. The way to get in touch with me. There's three ways. Whether you buy in Florida or not. You should visit my website. It's boberi.com B E A U B E E R Y. And the reason you want to visit the site is I want you to click on the resources section up there. I have all kinds of templates you can use, Lois. And there's different formats also. It shows all the markets I cover. And if you visit any one of those markets, you'll see all the stats and data that I have on the markets. And that's the kind of stats and data you want to track for your markets so that you can really pounce on an opportunity. When a broker or seller calls you up with a deal, you can't spend the next two weeks learning a market. You need to know it like the back of your hand. And in addition, I have on there all the recent sales and lots of other information. The second way to contact me is through YouTube. I have a YouTube channel called Bo Knows Multifamily. I have playlists on there for advanced level investors, beginners, how to do data analytics. Sometimes I put out new listings out there before anybody else sees them. So that's a good channel. And then of course the third way is to get my book. I don't make a whole lot of money to selling my book, so I'm not trying to sell it in that way. But really it's an inside look of how transactions are done. The discussions between, you know, brokers and sellers and how you can win deals and how you can see these deals before anybody else sees them. And how brokers decide who to show these listings to before they even hit the market. And that's called multi family investors who dominate. It's on Amazon. You can get hardcover, soft cover, audio, Kindle, however you want.

Great, great. Well, very good. Well, thank you so much for coming on. And we will put all that into the show notes and people will be able to reach then.

Okay, awesome. Thanks for having me on.