How to go to the Next level in Real Estate and Creative Finance - Cody Davis and Christian Osgood

You should.

Well, that's gonna be a great intro. Well, hello everyone, welcome.

We're gonna kill it.

No, no, we're going for this. This is live and welcome. I'm gonna get the cool blue lights on the background because I can. However, welcome to our YouTube channel for those who are new. Um, yeah, hello, I'm Christian, this is Cody, this is Multifamily Strategies. Sam's my super cool background, which I'll work on next. We're going to give everyone a moment to get into this chat, but wanted to share the general topic for today and our format. So format, we're going to answer all your questions live. This usually goes for about an hour, an hour and a half. You guys have questions, we will just keep rolling. We start while everyone gets into the chat with a base topic, which today is how to get to the next level. We did this today, getting to the next level with owner meetings, and so we're going to give you an example of that. But every single step, whatever got you to where you're at today, is usually not what you're going to do to get to the next level. It changes every single time. We're going to talk more about that as we go.

Now, when I first got started, I ended up buying 12 plexus on the MLS. From there on out, I was calling owners from Google Maps. I didn't have any relationships in the market, so I figured if I wanted to make any, I'd best figure out who owns the properties. So I went on Google Maps. I met with people that had played the game up to around 100 units. They had bought the fourplexes in town, the duplexes, the houses, sometimes as big as 15 apartments in one complex. And that got us to where we're at today. We've got well over 130 apartments. We've got the resort. We're under contract on another 60, about to be another 22 as well, and working on putting together some deals that got us to a couple hundred apartment units. We want to go to the next level though. So what we did today was again, one of the owner meetings that I booked for the first time a couple of years ago. This would have been in 2020 before I met Christian. It's coming full circle, met up at his hotel and we're learning how he played the game. He shared some details about bank financing, how he's used that to really scale up, which is a different segment of business than we focused on. We focused on the seller finance route, but we're meeting with bigger players that have done bigger things in the $100 million range rather than in the tens of millions of dollars range. And now we're learning about the bank piece, how they've used it to scale, and that's what we will use to go to the next level. In addition to the seller financing. Mm-hmm.

But yeah, that's, uh, that's a big part of how you play the game, and it works across all pieces of real estate, right? Like, even when we talk about how we're financing things for the types of deals that we'll look at, we talk all about, like, we only buy on long-term cash-flowing fixed-rate debt. There are going to be points, like when you get a little bit further, where we get to do some value-add projects that we otherwise couldn't sustain without our existing cash flow. If you have something that it's like, hey, the correct use for this building is to completely vacate the building and change the use of the building, something we're looking at now.

That's your first deal, that's rough, can't do that.

As you get a little further, we can still maintain on a global basis cash flow on long-term fixed rate debt. We put fixed rate debt on whatever it is we're acquiring, but we can temporarily play with cash flow on one deal when you have 12 deals to support it. And the same thing works with, like we mentioned earlier, with the owner meetings. It works the debt products, it works with the types of properties you can do. I would argue you have the same thing. Should you start with a 100-unit building? Absolutely not. Your mistakes cost 10 times as much as it does on a 10-plex. I love 10-plexes to start. I think that's a great first starting point. But if you go 10x that immediately, you are very likely to have your mistakes amplified by 10 and lose the asset.

So I'm not a fan of losing assets.

No.

No.

So as you play, um, the saying to remember is, uh, what got you to this level is probably not what's going to get you to the next level.

Yep. And so our meeting today, my biggest takeaway— not only did they give up contacts that we could never get on our own, like, we, we got access to new relationships that we just— we would not have had we not met with this person. I'd like to point out I met this person through Google Maps and cold called If you'd like to learn how to do that, how to find any property owner ever is one of our most watched videos on our channel.

I think it's 2 or 3 and it's a bright pink background. You can't miss it if you want to learn how to do it.

But that was just a free cold call that I had to make 3 years ago before I met him and have been working on that relationship ever since. Met up, got new contacts for bankers that I didn't know existed that do loan products that I didn't know existed. It's just, these are the things you cannot get from a textbook. It will not happen. You're not gonna get it from YouTube. So if you're thinking about how to get to the next level, figure out who's done what you wanna do, go meet with them and learn their business model and then apply what they share with you. That is how you build a relationship at the highest level.

Now, looking at a couple of the first questions that come in, and by the way, ask your questions here, leave a like for those who just dropped in the chat. We will just answer questions until this is done. We'll go as live as we need to. As long as we need to go as live as we need to be, as live as we need to be for as long as we need to be. Facts. Um, let's start out. Yeah, the contacts off of Google. Yep, that's that big pink video. So if you guys want to learn how to do that, absolutely, uh, give the channel a follow, take a look, watch that video. It's just sort by most total views. From All Nighter, um, more likes needed for these dudes. Well, thank you, All Nighter. More likes for him as well.

So we're gonna start at the top from Josh.

Oh, I saw there's one all the way up on top before we started.

There's two there. There we go. You guys got me to start taking action and now I have a— oh, now there's people commenting. Now it's— and, uh, I now have a call list of owners in Oregon that I'm going through every day. Can't wait to get my first coffee meeting. Phenomenal. I've got a coffee meeting that someone booked with me on Sunday, so there you go. Always grabbing coffee. Watch BiggerPockets episode. Love your real estate strategy. Keep crushing it.

Oh yeah, that's worth mentioning. Uh, episode 799. If you guys haven't seen it yet, we just went live on BiggerPockets, and that was my favorite— for me anyway, that's my favorite podcast that we've done. I loved everything about that.

That was better content than either of our BiggerPockets episodes prior.

I would agree, especially mine.

How do you find their contact off of Google? So that's going to be an 8-minute video that you'll have to watch because we're not going to put 8 minutes into here for that. However, we have an 8-minute video on our channel how to find that. What you're going to do, go to tax assessor, find who owns it, figure out what city they invest in and where they're from. You put the name, you put the city, and then you type in phone number, and then it pops up 9 out of 10 times.

And sometimes it'll give you like the first 6 digits or the last 4 digits of a phone number. If you take all those inputs and type that number in, you'll find a whole bunch of versions of the full phone number. You basically just look for clues and plug those clues into Google with your other clues, and you will eventually get the entire number. You can do this for almost everyone.

All right. These dudes are the best. I don't know what I'd do without them. Thank you, Judy. You'd keep being Judy, but with a little less Cody and Christian in your life. All right. Watch that video a few times. Yep. That's a good video. How to find any property owner ever. From Noah, what involvement does a PM, property manager, have in the remodeling and improving process? Are they in charge of dealing with the city contractor, or do you just sign and you just sign checks? No, property managers, that is not their job. You're going to have a project lead who will coordinate that, and if it's a smaller property, that project lead is typically you. If it's a bigger asset, then you're going to have systems in place and people in place that are probably on payroll at that point that will assess where the projects are at and what it takes to get them to completion before you write the checks. A property manager's job is not to coordinate the renovations of your asset. They can do general maintenance, but that's about it.

Yeah. Now that's something for my company, for example. I run Kensho PM out of Washington. If you have Central Washington properties, I will manage them for you. But when you're putting these together for my group, like, we'll do maintenance coordination that's covered in your monthly fees, like basic things like, hey, a light bulb went out, a stove broke. There was some mild damage to flooring. Can you help us coordinate? We'll absolutely do that. The type of project coordination where we would bill extra for it— we actually do offer project coordination, but when you do a large product, that's going to be our project. It's going to be additionally charged. And if your PM or someone else is running it, that's going to be things like, hey, there's a major flooding thing and we have to rebuild stuff. I'm building an extra unit like you are in your, uh, your 12-plex. I want to redo the electric boxes or redo the roof. We can absolutely help on basic coordination, but if you want someone to manage the contractors and do the project, some PMs will do it. We'll do it, but that's one of the only things that we'll charge an additional fee for because it is, uh, extremely intensive.

All right. That's exactly what I'm doing down here in San Diego, and networking is fun anyways. Absolutely. Go grab those coffee meetings. From Steve: I live in Portland. Should I call owners in Portland or target cheaper, less hot markets within an hour away? You should call people that own real estate in the market you want to own in. It doesn't matter how hot or how cold the market is. You should buy based on good principles for the market. But if people own real estate where you want to own, turns out you can't own it unless you call them.

Now, if you're somewhere like we are, like Portland's pretty similar to Seattle I like the idea of investing an hour out of the main town. Like, we own in a city called Tukwila, and it's too close to Seattle for my liking. The laws change all the time. I would invest right out of this county, though there are a ton of options within 30 minutes to an hour away. If you're trying to look at a little easier management, especially if you're in a major city that is not landlord-friendly, that could be a great option. If it's, you know, an hour, still right in your backyard, it's an easy drive. And you might find a few more opportunities. Just my thought. Um, if you want to own in Portland, make it happen in Portland. If you want a little easier task, you may have a little bit more luck with that 1-hour radius.

From James: A couple of weeks ago you mentioned you would update the beginner's course. Is it updated? We have transferred the site. It is, uh, new, and we are working on transferring over all the people from the prior course to that in real time.

Yes, we have two things. You can actually find them on, um, my Instagram if you go to my little Linktree, the little link in the bio. You can look at all of our stuff. We just launched our new free course. I believe I actually have it linked in this video as well. If I did my job, it should be showing up in there. But, um, we have the new free course that you can check out either at Christian Osgood on Instagram or in the link of this video. Um, check it out. That's gonna be like a 10 to 15 minute run-through of the overall strategy of how we built our first 0 to 100 units. Um, the main course, we relaunched it on Monday this week. We had our official launch, and that is available on www.multifamilystrategy.com. Check it out. I'd love your guys' feedback on both our website and the course.

And on that, we are professionally re-recording every video in that this year.

Yes, so you'll get more HD videos. However, the content's going to be the same. It will just look a little sexier with a better background. If you are looking to get started, uh, don't let the re-records, uh, prevent you from— because it's going to be the exact same content. You'll have it either way in HD.

All right, from Judy: I need about 5 more weeks if you're still available, 3804. I hope you can wait. Love you guys. Thanks, Judy. All right, that we can do. From Josh: Question on banking. Even though I don't have a deal yet, would it be beneficial to try and meet with local banks or credit unions to build relationships in case I need a loan through them? You can absolutely build relationships with people who are doing what you want to do, without a doubt, go for it. But the order of operations for buying real estate is deal, then debt, then equity. It is nice to have those relationships when you're ready, but if you find the right opportunity, then you can locate the debt product for that opportunity. Because you may build relationships with those local banks but they not have— they may not have the loan program that you need to buy the deal you found. So we prefer to put the deal first, then the debt. Any experiences with the Canada market? Calgary, do you have anybody there or anything worth mentioning? As far as Canada goes, you're going to be calling it vendor financing instead of seller financing. Yep.

And we've had a few mentees who have actually gone through the mentorship course from Canada. So that's doable.

Yeah, it's applicable.

And actually, with the bank products available in Canada, I would make the argument that seller financing is actually going to be more crucial there, just, just with the options that you have available.

Yeah, those loan products are not ideal. Yeah, you know, you know.

Yeah, so I, I would say if you're in Canada, one, vendor financing is more common because the subpar bank products that are available Um, but also it's like, if you want a skill to just be able to outcompete everyone around you, um, like, learn seller financing. It is the method to buy good investment properties in, uh, in Canada.

All right, from LAA Customs: I am a general contractor in Everett, would love to connect, getting ready to purchase your course and ready to start investing. Phenomenal. Well, if you want to grab coffee, let us know. Yes, that is not too far.

Yeah, and my wife's best friend lives over in Lake Stevens, which is right next to Everett, so. If you ever want us to go get coffee up there, I always have to coordinate a time to, uh, to hang out with friends up there. So let me know. And yeah, I would love to grab coffee. From All Nighter: Don't want a downside to that, Josh. Um, Matt the Lumberjack Landlord recommends local relationships just like that. Oh yeah, yeah, yeah. Um, so local relationships are everything, and this is actually true whether you're investing in or out of market. Going back to that conversation with the 1-hour radius. Like, if you are in your market doing anything, a lot of capital— even for when we're investing 3 hours away or out of market, our capital connections often come out of Seattle. A lot of the ideas and things that we learn come from the people around us. So no matter what your strategy is, no matter what you're doing, focus really hard on the local relationships because they are irreplaceable.

From Fabian: commercial banks just ignored me until I had a deal. Sometimes that happens.

People are short-sighted, and that's typical. If you've started and you haven't bought a lot of real estate yet, or even if you have a few duplexes, it's not interesting to the banks, generally speaking, until you're doing loans a million dollars or more. That, that's really where banks start to hit their metrics for placing loans. So if you don't have a deal, they don't really care too much about the relationship, which is why we always do everything deal first. Then the debt, then the equity. Focus on the opportunity. When you do have that deal, the banks are going to get really interested. And especially what we found is once you get your first bank loan, all of a sudden all the other banks love you. The first bank loan, at least for us, was definitely the hardest.

Oh yeah, really hard.

But once you prove you're bankable and someone else is under you, all of a sudden every bank and their sister wants to lend you, and it's great.

LAA Customs said they've got a project going on in Lake Stevens.

Oh, very cool. Yeah, I'd love to hear more about that. It's multifamily, or what is your, uh, you're working on up there? But that's awesome.

Lake Stevens is beautiful. Growing homes. Hey guys, what software do you use for property management?

AppFolio. Yes. And while I give everyone time to ask some more questions, because, uh, we will stop when the questions stop, but if you guys have anything you're thinking of, please post now. But yeah, AppFolio is interesting. It's a fantastic piece of software. However, You only get to use it if you manage 50 units or more. But, uh, software like that, I think is completely necessary, especially today. Like you do not want people mailing a bunch of checks or picking up cash. You want to automate check collection. You want to automate as much of bookkeeping as humanly possible, especially if you intend to scale. If you're trying to scale up your business and you don't have awesome systems, you'll just outgrow what you can actually manage. And that's where people start losing money, making financial mistakes. Making accounting mistakes, uh, which can get really, really time-consuming and expensive to correct.

Facts. Yeah. So the next question we've got is in relationship to property management. Should you start outsourcing PM in the beginning or build out a team in-house? I started managing myself. That was how I did my first 30 rentals. You can do it either way, but I think that it is doable for everybody regardless of their job, that they could manage their first 10 rentals without a doubt. Get 2 fours and a duplex. It's not hard.

Yeah, you don't have enough issues there where it's going to outweigh what you're going to learn self-managing, I think. I mean, unless you just have absolute disaster properties, and then that might not be the right place for you to start if you don't know how to manage them. If you're jumping in You're not going to get that many phone calls. You're not probably going to have that many disasters with a 10-unit portfolio. Once you pass that, it's going to be up to you what you want to do. However, when you're doing your math for your deal, always include property management because the bank's going to include a property management fee, and you want to have the option in the future to make it passive. So don't do a deal that only works because you're self-managing. That being said, I think the most valuable time to self-manage is on the front end.

Without a doubt. From Steve, Cody, I know you got most of your deals from owners, but what are you noticing from your students? So I'd like to point out, I got most of my first deals from owners. Half of my deals have been through brokers and half of them have been through owners. That's a pretty even split. So, um, you can get them from both, but I've noticed that a lot of folks, I'd probably say And some of them are buying a lot of deals. Some have been through brokers and some direct through owners. But, uh, I don't think I have a metric on that as far as who's done what, because, uh, I know a bunch of people who have done it direct to owner in like Oklahoma market and Texas market. But a lot of the people that are buying a lot of deals are also doing it direct through brokers, and the brokers bring in multiple deals that they're closing. So yeah, I don't have a quantifiable metric for that.

No, I, I can't think of a way to quantify it. It's going to be, it's gonna be a pretty good mix. It just kind of depends on your strategy too. It's like how much comes direct through owner, how much comes through brokers. Uh, like if you're someone like Cale investing out of state, like you're starting, it's probably all going to come from brokers, likely. I mean, you might get a few in, in-market contacts. Um, so it depends on how local you are, how easy it is for you to get to coffee. It depends on your schedule, but I've seen everything work. It just depends on how many hours you want to put in, how much grind you want to do. I have found the easiest way to do it is the direct-to-owner as far as, uh, time expended from point A to point B.

Yeah, and again, half of my stuff's been through owners, half of it's been through brokers. From Fabian: I got offered a 12-plex today, but all units are vacant and need reno. How much risk is that project? I feel like asking for a significant discount and better terms. Well, uh, there's no income and you're going to be taking on debt to buy it, more than likely, based on the fact that you mentioned terms. So, uh, every time you add debt, you add risk. And if you don't have income to pay for said debt, then you're at risk of in fact losing it. That's not a great place to be. However, if you have the budget to hold the asset and get it through the reno and then rent it out and you get a good price, Absolutely, that could work. We bought a 12-plex that had 2 people living in it within the first couple weeks of ownership. We just had to lease it back up, go and do a rent-out, lease it up. But we bought in a market where people want to live, and so we can lease that up. If you're living in a market that doesn't have a lot of people, probably not your deal. But if there's a shortage of housing, could be a great opportunity.

And this ties right into our core topic that we're talking about, is how to, how to really grow and scale. And the fact that whatever got you to point A may not be the same steps to point B. That 12-unit building was perfect for us because it, like, we had enough other portfolio cash flow to support the negative there. As a first deal, picking up a negative deal can be really hard. You want to make sure, one, you have enough income, and if you don't have a portfolio yet, your job has enough income to support that negative while you're doing the project. That's the main thing, is you cannot lose more money than you make, and so you have to protect for that. On a cash negative deal, these things can get really expensive. The other big thing that you might look at is in deal structure— like, discount's great, but I guarantee you a discounted property with zero income is still going to negatively cash flow. There's operating expenses, and no matter what your price is, your debt will still cost whatever your debt costs. A way to mitigate that— I think we've shared it a few times on the live, but we talk about it all the time in our mentorship group, uh, one of our original mentee is Caleb Hommel, uh, has a move that we now call the Hommel Hack, where you literally just don't pay for a fixed period of time.

That's not like you just don't pay, you negotiate so that you don't have mortgage payments accruing for X amount of months.

Yes, you don't, you don't just not pay what you owe, you, you don't owe any money for X amount of months. So the negotiation basically goes, here, here's the price that we agree on, here are the terms we agree on, however, I'll lose the property if we buy it this way. Just the way that it's stacked. Give me time to fix the problems. The nice thing with a proposal like the Homel Hack is your only way to cash flow the property is to be successful. If the owners ended up taking back the property, one, you paid them the down payment, right? So money has changed hands. You're now fixing the problems. If you only half lease the building and you fail and you lose the building, they're probably, or at least extremely likely, to pick it up in much better condition financially. Than they did when it was 100% vacant. So it's in their interest to approve this. You're asking for a reasonable timeline to fix the problems that you can service the debt that you're negotiating. It is a fantastic strategy. Cody and I have done this where we did lower payments for the first 6 months. When we shared that, Caleb just heard that, went like, well, I can afford nothing because I have no cash flow and no job. So I'm going to ask for what I need. And he got it. And so that's how the humble hack was born. That's a great way to do these type of deals.

He's done it on every single deal he's purchased. No payments. Turns out you cash flow when you don't have payments. Yep. Dave Ramsey was right.

Yeah. And then what he's done in those— most of his deals were really low rent and he was in a market where you can bump rent faster than you can here. And so he'd negotiate something along the lines of 6 months of no payments in the first 3. He gets rents to, we'll say, halfway to market. By the time the payments kick in, it's a cash-flowing deal, and he has never missed that benchmark.

And that's the way to do it. And we just had some new people join into the chat, so if you'd like to put your comments down below, we are answering until the comments dry up.

Yes, and don't let them dry up. Everyone keep, uh, don't do it, keep doing it.

Yeah. All right, from Steve: Do you ask owners if they're looking to sell after you establish the relationship? No, I ask how they recommend I go about doing what they just shared with me. So if they share how they build their business model, I want to repeat it because they've built something that I genuinely want to build myself. So I'm asking for that practical next step. What would you recommend I do next? And more often than not, they're already thinking of something. They have an idea in their head with their pieces. Now they know our pieces, and originally just my pieces, but now it's us. They know what we're working on. They know what they have. And they make the connection of, well, what if you just bought this property? Or what if you reach out to my buddy? He's trying to sell this. That is how we've done that. Okay.

Good calls.

We'll reevaluate and try to get delays in payments. Absolutely.

I love that. I love that. Do you 1099 your contractors? Yes. And the IRS code has gotten way stricter on that, literally in the last year. So if you pay pretty much anyone for anything over $600, you have to 1099 and track that. It is a pain, but just know that when you are hiring contractors on the front end, get their business EIN, put it in a file, be ready to go. We actually had one or two contractors who we had contracted early in the year who we had to track down. It was actually a pain to get the appropriate numbers to actually write the 1099. So make sure that you get those on file every time you hire someone.

Josh said, I'm guessing they offer to sell when they see Christian's sword.

It is a good negotiating tactic. I don't actually always share this on, on YouTube, but one of our friends— it's actually Omni Security Technologies, um, they do all of our prop tech stuff, so they'll automate systems, automate door locks, secure access. They actually do all the cameras and alarms in my house, but the owner of that company was getting rid of his sword collection. I have Aragorn's sword right here on my arm. And he goes, I have that sword, you can have it. For those true nerds, that's Glamdring, that's Gandalf's sword. That is not Narsil, that is the wrong sword.

Couldn't fold me.

Have not had the heart to tell him yet, so nobody tell Jason at Omni, uh, unless I suppose if you give him business then he might forgive me. So if you use him for security, you You can tell them.

Otherwise, that'll be our secret. When you talk to a property owner for the first time, do you start with price and condition of the property? Absolutely not. Nope. They're an owner, not a seller. I'm not trying to convince them to sell to me. If I'm working through a broker, then yes, I'd be very interested in the price, in the condition, in the terms. That's not why I call property owners. Again, we talk about getting to the next level. You meet with players that have played at a higher level. I met with a guy today and he's playing at a much higher level than us. And, uh, that's been 3 years in the making. That's been reaching out, not trying to buy his stuff over and over and over, not trying to nickel and dime him on price, but just trying to reach out and build that relationship.

And even through that relationship, there are failed negotiations. He's proposed stuff that didn't come together. We've proposed stuff that didn't come together. There's a certain amount— when you're focused on the relationship, you don't just get one shot. You can play with your pieces, and there will be a right timing on some of these where everything aligns, and it's all of a sudden time to transact. If we had worked with this individual who you're referring to early on, it would have been either the wrong transaction for us or the wrong transaction for him. Our pieces are in a place today where we get to put together what I think is a much more beneficial proposal. And we— everybody— and we were just the wrong size. He was too big, we were too small. Well, now we're a little bigger. Yes, and he's a lot bigger, but we actually have pieces that we can bring to the table that we wouldn't have been able to bring in just terms of, of energy, experience, business operations. We can actually bring something now that's different than like, hey, we need our first deal.

Yep. All right, from Nuri, what advice can you give for working with brokers? What are things to be mindful of from lessons learned?

I love that question so much.

Don't waste their time, be efficient, and get back to them. If they give you a deal to look at, don't take a day, take 20 minutes, look at it, and give them your honest feedback. If it works, great. If it doesn't, let them know why it didn't work.

And they're, they're transactional people. They're commissioned reps. You're allowed to be transactional with brokers. The relationship is super important. And I actually, like, our best brokers, I actually call them fairly frequently to let them know that I appreciate the work they've done. I, I don't just call just to say hi though. We talk business, and I go out of my way to thank them. But at the end of the day, they want to transact and they want to work with clients who make them a lot of money. That is how that relationship works. So while we push the relationship part so hard with owners of, hey, you're not asking for the sale, you're asking for experience, with brokers is the exact opposite. You're going to build that relationship over time while you're in the middle of a transaction. Get under contract with great brokers, close the deals, and then you get to hang out and learn their goals and learn their story. Literally take everything we say about owners, exact opposite order with brokers.

Aside from educating yourself, what's the next actionable step you could take? Go meet with the players in the space. You need to learn who has what you want after you've established what you want, and then go learn how to go get it. They already figured it out. If you want— like, if you're materialistic and you want a McLaren and you want the nice condo and, and you want those things, figure out who's done that learn how they did it and repeat it. You just have to go meet with them. They'll tell you how. It's not like it's rocket science. Mm-hmm. All right. Would you recommend having local contacts even if your market is out of state?

Absolutely.

Absolutely. Because there's things you can learn from the local people that the people out of state are not doing. You can absolutely do that. Goodbye, Christian.

I'll be right back. Speaking of people that we need to talk to—

doubt it. All right, they usually take a long time on the phone. Have you guys used business credit for down payments or repairs? We've absolutely used it for repairs, without a doubt. We've tapped hundreds of thousands of dollars of lines of credit, but the important thing is you pay it off. You don't keep the line of credit extended, because if you do that then you just owe money and have more payments, and we don't like giving up our cash flow. So it's okay to use a line of credit for repairs. However, you need to get the real estate to buy the real estate. If you can't figure out how to get the cash flow to pay it off in a reasonable amount of time, probably not a good idea. I've been working in the trades for the last 3 years so I can work on all my own properties when I run into breakdowns. Do you know anyone else who has had success with this route? Shout out from IA. All right, so, uh, yes, I've seen people that have done that. Matt the Lumberjack Landlord has done, uh, property management insourcing, and he's really freaking good at it. And I've seen a lot of people— one of my first mentors, he's over in Moses Lake, he's like a dad to me, and, uh, he's done all the repairs, he's done the cleanings He's— he started doing that with his very first 6-plex. And so that's how I learned how to do it. When I got started, I wasn't in trades, but I was doing all the repairs myself. I was learning from YouTube University just how to, you know, you Google it, how do I do this? Get zapped and realize that, oh, I didn't turn off the right breaker. So you live and you learn. But that is how a lot of people get started when they have absolutely nothing. And so I would not think you're unique on that because that's how most people play the game. And that is a very good way to play the game. I would, I would do that if I were you. All right, from Austin: Are you offering private flights into the Robin Hood Village Resort yet? I don't have enough money yet, but if you can get me the money for the plane and we can get it to cash flow somehow, then I am down. But everybody should visit robinhoodvillageresort.com. It's on the Hood Canal Union, which is where it's at. Was deemed top 20 most beautiful places in America. It's 10 out of 10 worth checking out. It is not in the top 20 most beautiful places in winter, but it is in the summer. So while we're in the summer months, come visit. Do you have an episode on underwriting? We do have some math videos you can check out on our YouTube. I think it's Math 101, 201, or 102. It's one of those numbers, but I do love the math. And, uh, so we talk about that quite a bit on YouTube in addition to deep dives of our actual properties in the course at multifamilystrategy.com. If you're already a couple months into a promissory note on a property, would it be too late to counter the seller with a seller financing contract? Well, if you already seller financed with them you can always restructure a note, but if it doesn't favor them, there's no reason that they would sign it. You can always restructure a debt product, but there's no obligation for either party to accept it. Had to drop a like for this content. Thanks for the answers. Absolutely, Fabian. And for the 46 people here, if you like this, we really do appreciate it. It does help the channel. All right, I see Jason has entered the chat. Well, well, well. And with that, we are out of questions. If anybody here has a question that they'd like to drop, would love to answer it. We will go till this stops. And Christian, like I told him, he may not make it back before this ends, but we are live every single Wednesday and we will go till the questions stop. And we love talking creative finance. If you've got questions on real estate contracts, on purchasing deals, negotiation, we can do deep dives on all of it. If you were to stop acquiring new properties, how many hours a week would you work simply maintaining? Well, that's kind of a fun question because I— we built a business model where before I met Christian, I was doing all the work because I didn't know Christian was a person. I didn't know he existed. So I was doing all the work on my 30 apartments. I was focused on picking up some of the rents I was paying all the bills, making sure that everything was managed and maintained, tenants were happy. But other than that, like, I was just spending all of my time doing that. I didn't have a real job. And I was a real estate agent. But that was about it. I was coaching gymnastics on the side. That's changed a little bit. Started a management company with Christian. And since then, I sold out of management. And I, I traded him a company for a property. But if, uh, if I had to stop right now, like stop buying, I don't think I'd have to spend more than an hour a month working on the properties personally. You would have to spend some more time, but probably not.

And they'll, there'll be a point— it's going to take like a year and a half to 2 years— there'll be a point where you get companies to a place where I won't have to spend more than maybe 5 hours a month running the properties. It's as you scale, you get, you get some efficiencies.

Jason commented, favorite deal and why? Beanplex.

Both properties. Why do I love the Gibby? Apricot trees. And our—

for those who don't know, we, we made a pitch and this, this weirdo funded our deal. Because I said it had apricot trees.

I think Jason's taller than our apricot trees.

He is. That's why we call him Scrape. He's a skyscraper. But, uh, we told him it had apricots, and he said, I'm in, and he sent the money. So, um, that is Jason. He is the man, the myth, and the legend.

Yep. Got a non-paying tenant out of that property too. So now we have a a property that will be beautiful soon.

Yeah, he said, God, I love apricots. And then the Beanplex, the OG Bean. The reason we call it the Beanplex is it's tiny, as is a bean. It's 1,100 square feet and it's a triplex, but it's waterfront. And now it's the Blueberry because we painted it blue.

The Blue Bean.

Yeah, the Blue Bean.

Fun story with that one: the first time we painted it, the, um, painter used the new type of paint and it ended up being completely reflective. So when we drove past it, it was like a mirror. It like a disco ball. It was ridiculous. We have some funny properties with Jason, but they cash flow.

Yeah, they're the worst properties in our portfolio.

Yeah, but they financially are awesome. Made money. Yeah, they're— yeah, it's funny. And the locations are stellar. The, uh, the, the house that we're making fun of with the apricot trees is right next to one of the largest developments going into the city. Um, like, it's gonna be a huge multiplex. And the other one Uh, again, it's waterfront, you can't build in front of it, and stellar location, nice little piece of land. So good deals. But it's funny, Jason has all of our, our ugliest properties with us. They just make money.

I saw Jason, so I skipped through some of these, but we're gonna go back up. Ah, if you— oh wait, I already answered that. South Florida market thoughts? I'm not buying in Florida because I don't own in Florida. I have no idea.

Um, booming market. I mean, as far as like people moving there, population growth, all your general metrics, fantastic. It's just gotten so much media attention that just realized there's going to be a ton of competition. Everyone wants the multi-family over there. Uh, South Florida is condensed enough on where you can build where you have people moving in but not enough construction to meet demand, which is really good if you own and hold real estate. So if you have it, hold it. If you can find a deal that hits the metrics— cash flow, long-term fixed rate debt— buy it. Um, but just realize your, your deals are going to have a lot of eyes on them. It might take you a little bit more time to pick up properties in South Florida. If you're after the big stuff, uh, good luck. You're competing with Grant.

What are you guys' pet policies? We do allow pets. We don't have carpets, and we have a deposit for those.

Yes, pet deposits are important. Um, the We love Class C, Class B properties, like we really do. That class of tenant loves to have one or two dogs. It's just kind of a normal thing.

It's a thing.

So choose your flooring accordingly. It's actually something that we've done in every single building. We have really nice looking but not that expensive glue-down laminate flooring. The reason it is glue-down is because you can use a heat gun and pull up individual floor planks. When you have a few hundred units and they all have the same planks, we just keep a boatload of this on backstock. So there's damage, pull it up, glue it back down. It doesn't get damaged by water, it rarely gets damaged by pets, and if the pets do damage it, you pull it up, replace it, done. Is, um, the single best pet thing that I think we do.

How do I look for the numbers on a deal? The number of apartments, the rent, etc.? Well, if it's off-market or on market, you can just drive by the property and count the doors. It's smaller. But, uh, as far as getting the actual numbers, if it's listed, you can work through the real estate agent to get that. Rents, we use Rentometer. You can look at Zillow, prior listings for the actual rent. Those get listed and those are public. But that's how we do it. Do you discuss LLCs in the course?

We do, we do, we go in. What I try not to do, and by trying, I mean I won't do, is give specific legal advice. But we absolutely talk about LLCs, their structure, how to put them together. And partnership in general is, I think, more important than the actual LLC piece, which we'd go into very, very deeply. When you're getting into LLC creation, the nuts and bolts, like, while we have specific modules on how to structure it and your basic pieces Finding the right legal team to help you draft your specific documentation is everything, and we've had to go through a few bad ones to get a great one. But if you can get the right team, we will work with you, especially in the mentorship. We'll really work with you on how to communicate what you want to put together so that it ends up coming into writing the way that you want it. If that is about as eloquently as I think I can put it, it's a little bit all over the place, but logic's to me. Yeah, uh, the way that you can phrase what you're trying to do, and the better you communicate it, the better legal doc will come out on the other end. And that is the main focus of what we teach. Any course or group or mentorship that tells you, hey, use our generic docs or our fill-in-the-blank forms is going to be completely inadequate for creative finance because my creative is going to look different than your creative, and it should. Mm-hmm.

I believe you mentioned in the past that you took classes on being an inspector. I did. And then the follow-up to that: how did you do the math for repairs? You talk with contractors to figure out what it's going to take to fix what comes up on your inspection report.

We have done— today I can't count it, I have no idea what the count of projects is. We, we do multiple projects every single week on the properties, mostly coordinated by my wife, who is a freak of nature. It's so much stuff. Um, but like, we've gotten to the point now where we've done enough projects where when something happens as a property management company, my team knows, hey, this is probably going to cost between X and Y, and we're almost always correct. Cody also, who's just a numbers maniac, he's done projects, he always remembers the cost of everything. So like, if you've done it a ton of times, you know it out of memory. For buildings of this age with this problem, it costs about this much. When you're getting started You get an inspector, you take that inspection report, you show it to a contractor, and you just get it bid out for what it's going to cost. And that is the best that anyone can do.

How much time should doing numbers on a property take a new investor? Well, if you studied how to do the math, it should take you about 5 minutes.

Yeah, I would say so. And then it will take you another 10 minutes to check your math, or if something doesn't come out right, like if you're just getting started using the math, It'll take you a while to learn it, but once you learn it, you, you put in your inputs and you adjust accordingly. It really should take about 5 minutes. Even when we talk about financial due diligence, which we've talked about in these calls and in our course, there's a lot of paperwork in it, but realistically, financial due diligence takes about 5 to 15 minutes depending on the property when you have all your docs in. It does not take very much time to do the math.

Do you insure properties that are seller financed? And if so, how do you get them insured? We do, and that's just a quick call to our insurance broker at American Family.

Yeah, the fun thing with properties— insurance has nothing to do with how you finance them. If you go to a bank and finance them, if you buy them in cash, if you seller finance them, even if you do some of the ridiculous things that we don't do, um, like, you subject to, or we wrap other debt in, or any, anything. The nice thing with insurance is insurance is looking at insuring the property. They are concerned with the physical condition, not the financial debt stack.

They won't look at it at all. All right, so someone said, rule of thumb, make sure it's cash on cash 10% and upside to increase rents. Is that what I should be looking for on a deal? I don't care about cash on cash. I care about figuring out how to buy it and how to never lose it. I differ from most people, but my cash-on-cash return doesn't matter to me if I can figure out how to pick up the asset and how to truly never lose it. It's just a dollar figure of cash flow and then a debt coverage ratio. The actual return on your money in is irrelevant because I played the game with no money. So what's my ROI? It's infinite. So it's irrelevant. So if you have money, you can earn 2%, you can earn 10%, but if you can figure out how to pick up the real estate You can buy it based on cash flow as long as you're able to cover that mortgage and then a bunch extra, like you have a good debt coverage ratio and you've got a good equity bump. I'm down to do that deal. Yeah.

Now, cash on— most of the acronyms we don't care too much about. The only thing that I care about with cash on cash return is if I look at that day one cash on cash ROI, that will give me a good indicator on whether I should raise the money as debt or equity. If I have a whole bunch of income day one based on the amount of money that I had to raise to put in, that means I can probably service debt. If I don't have that, I probably have to bring in an equity partner. That's what that metric tells me, which is why I like to run it because it tells me in 2 seconds, okay, I think I know what type of product I need, either debt or equity to bring in money. The one metric that I do care about and Cody cares about is the debt service coverage ratio, DSCR. I want to know after we've paid all of our expenses, our, our net operating income, so the income after all expenses, and then after servicing the debt, how much money is left over to pay ourselves.

Yep, and that matters, and the ratio does matter, because if your mortgage is $10,000 a month and your NOI is $15,000 a month, every single month you'll save half a mortgage payment. That is ideal. Some people buy their deals where their mortgage is like $2,000 a month and their NOI is like $2,200, they cash flow $200 and it's going to take them 10 months to save up another mortgage payment. That's rough.

The nice thing with the DSCR, the debt service coverage ratio, is when you run that math and you have a really great ratio, every single time, if you go back to that cash-on-cash ROI, it's going to be a pretty good number. Debt service coverage ratio means that you have a certain amount of excess above your expenses, which translates to a great return. All you're trying to do— yes, above your debt, but after all your other expenses too, because it's NOI first. So it literally covers all expenses. It's saying how much money is there at the end of the day to cover the debt, which is the one piece that you can't violate, because turns out if you don't pay your debts, uh, you lose the property, which violates our two rules: how do I own it, how do I never lose it. Okay, I got lost somewhere.

What tweak would you make to your strategy if you started investing in a remote market out of state? Wouldn't tweak it. Reach out to the people who are playing business the way you want to play it, call and build a relationship with them. Whether that's broker, which would probably be if I'm doing out of state as a broker, but if it's in state and it's out of market, I would do the owners because I was driving 3 hours each way to learn how to play this game.

Yeah, I think the only tweak is I would call more brokers than I did owners on the front end to get the right broker because I'm going to be relying on them for information more than I can just drive and get myself. But I mean, that's a mild, mild tweak. The actual strategy, it works everywhere. And I own a little bit out of state, I own in-state, I own— we collectively we own in 3 different markets in this state. Um, the strategy works everywhere. I wouldn't really change anything. Find people who don't— you want to do— learn from them.

From Noah, thanks for the info. Working on— or working now as a civil engineer but looking for that freedom aspect once I hit my goals. Seems more than doable. It is more than doable. Does the RH have a mascot yet? Cappy Bar would love the Hood Canal. Unleash the cabbies.

There we go. We do have a beaver problem. I'm always chasing beavers out of our creek, and we have deer problems. So if you guys ever see my Instagram, I call deer the beaver because they love to run up the river. So if you ever see me talking about beaver issues, I'm usually talking about deer that are eating all of our plants. They're obnoxious.

From Courtney, how do you go about getting the funds for down payments? Well, you need to get your deal lined up first and then your debt. I wouldn't focus on the funds, but they just come from people, and they come from people that share your goals. They understand where you're coming from, where you're going, what changes for you when you get there. That's the circle drill that we've talked about a bunch in a lot of our mentorship calls. That's how you build rapport at the highest level. But, uh, yeah, that— as far as actually structuring that, like, if you've got a phenomenal deal, you're gonna make 20% cash on cash, you've got a long-term— I mean, like a 10-year plus that product lined up, you need $100 grand. You just have to share that opportunity with people who are in the space around you because they're not getting deals that good, I promise you. Jason said shiny house. That is a very shiny triplex, Jason, but not anymore. That's the blueberry. From Mason, how do you find deals in the very beginning? Google Maps. That is how I would go find opportunities to meet with owners. You can look on the MLS. That's how I bought my first 12 plex, but that's not the first deal that I Real estate versus stocks. Real estate.

I just went under contract for 20 more units of real estate right now.

22. 22, you're right. Yeah, your deal better than you.

Yeah, that's okay, I have signed it. Uh, no, it's, it's, it's our deal. Cody and I will swap off, uh, who is the signer, but then we move into an LLC owned by the two of us either way. And I know who's funding it. Yes, I do, I know. It's a cool deal. Uh, we'll announce this as we, um, after we do our walkthrough and we know it's actually happening. But, um, yes, real estate, we buy a lot of it, we like it. I've owned stocks. I don't own stocks now. I've sold all of them. There's a few problems with stocks that you can't do that you can do with real estate. One, stocks are not controlled by you. That is the biggest and most important thing to me. When something happens to the market or a CEO, uh, take like Elon Musk for example, he's decided he wanted to smoke weed on Joe Rogan Show. It really messed up the stock in Tesla for a couple of weeks. I can't control that. I hate that. The other thing is the about— the ability to bring in cash-flowing leverage, almost non-existent. Stocks don't typically pay a lot of cash flow. You're typically not going to be able to take a loan against a stock to lever a stock purchase. And cash flow it. You're gonna, you're gonna be banking on equity growth, or, um, or you're just gonna lose your money. So stocks have a lot of limitations for tax benefits, for leverage, for control, all of which make them a non-investable asset to me.

All right, from Tate: Newtown metrics for a multi-family? I'm a newbie, thanks.

Population growth, number one thing. Absolute, like, supply and demand. You are housing humans. Where are the humans moving? If they're coming into the market, that's the first thing we look at. The next thing we look at, um, job stability. I want to see something that has, uh, jobs that have longevity. I don't want to see one major employer.

Diversity matters for employment.

Yeah, love renting to military communities. I don't want to invest in a community that only has a single military base and that is the sole employer. Bases move around. They shut down, they open new ones, they'll merge. I don't want that sort of risk. Uh, we're investing in a town called Walla Walla that really only has two main things. There's tons of other businesses, but the two main things in Walla Walla are going to be wine production, 130 wineries, and two colleges.

Now, what do I believe will stay around? Alcoholics and students.

Because they go together, and it is some of the best wine in the country, and it's grown specifically on this mountain rain. Like, the, the environment lends itself for excellent grape growing unless there's a natural disaster. That's going to continue, very, very stable, over 100 years of production. I think that industry is staying there. The two colleges, really well established, they're there to stay. I like markets like that because the while you don't have a ton of employment diversity, which is a huge plus if you have it, the existing employers are hyper-stable, which is what we want to see.

All right, you mentioned some of your videos, some of your older sellers prefer to have the properties paid off. Can you elaborate more on that point of view?

I love this because if you're watching really anything on social media, all the attention goes to the big players, like leverage forever, buy 10,000 units, buy 100,000 units, become a billionaire.

It's irrelevant. You can be a billionaire in cash. Christian knows people, some of his past clients, that own a lot of, uh, massive towers in cash.

You can absolutely do it without debt. It's, uh, the only way that I've ever seen people do it. And we've seen a lot of people do this, not, not to the billion-dollar level, but to the tens and hundreds of millions of dollars.

And you saw some people that have said they're done with debt and they go to the billion-dollar game.

Yeah. Yes, they do. And they live in Washington. I've been to their houses. They're crazy people. What those people do is they lever up to a certain point, they hit their goal, they usually go a little bit past it because it's fun, and then they go, okay, I'm done with that. Dave Ramsey actually says this really well: you get sick and tired of being sick and tired. It's kind of a pain to service, uh, you know, 70 or 80 notes. You build this huge portfolio, all of them end up winding it all the way down They do that debt snowball or what we call the debt hammer. They whack out one note and another note and another note and another note and they pay it all the way off. They owe nothing to anyone. They own all their stuff and you can own tens, hundreds of millions of dollars of stuff, billions of dollars of real estate in cash following that model. They're not commonly online promoting that strategy. It's not exciting. It's not glorious. It is simple and disciplined. And because it's not super interesting, it doesn't get enough clicks. So the algorithm says no. If you look at the people who have mastered the real estate game, who didn't have to rebuild from scratch, almost every time they pay it all the way down. That is how the masters play the game.

Neil said that my main concern moving forward is that raising rents in my area may be tough without more income growth. I think higher quality A and B cities will be best— will best manage it. Well, then, uh, don't invest where you're looking at. Go somewhere else, because if you can get the income up, you make more money. I would just move on.

That being said, I've noticed that the highest quality areas, for like class— if you're talking building class in any area, Class A is the one that does get hammered in a recession, because you lose a lot of— like, one of the first things that get pulled in a recession is the tech jobs. If you watch like the layoffs the Facebook, Amazon, Microsofts, at least in our area, first thing out the door, tens of thousands of jobs just eliminated. That killed a lot of the Class A. If you're investing in an A or B area, I would look at those B properties in that area if you're looking for stability, especially if you're starting.

From All Nighter Hider: I just heard a title company, not sure who or where, they use the language of legalese to indemnify themselves against policies they were selling. Buyer beware and diligent. All right, buyer beware. Just fact, you have to do your due diligence. I'm debating if I should even focus on the strategy here in DC where multifamily is sub-3% of inventory. Well, somebody owns it. So if you want to own there, you could be, uh, part of a smaller pool. You'd be a bigger fish.

There's a lot of multifamily if you get out of the— if you get out of the main DC area though. I've seen lots of multifamily properties out there, and I've had friends in North Virginia who own small to mid-sized multifamily. Uh, the nice thing with the East Coast though is everything's so close together over there, it's not that hard to choose another market. So if you do have an area where, like, say, say it's where population is going down or where Uh, there's some markets around the country where it's just a place where people own their houses. Like, you don't have a lot of rentals. Uh, you can choose another market, and the East Coast actually has more sub-markets than we have over here. So you— it's not going to be hugely inefficient, uh, to just find another area if your area is not right for you.

Jason said, I sold all my stocks to buy real estate. Smart. I think I took all that 401k money and put it in beans. Beam flexes. All right, and if, uh, you missed earlier on this Zoom or on this video, you're not going to understand what the heck I just said. All Nighter Hider said stocks are not bought with debt either. Correct, correct. Or they shouldn't be anyway.

Yeah, you can, you can absolutely lever. And, uh, yeah, that's again, levering for something you don't control to me is just insane. I can't fathom why you would do that. It just doesn't make sense.

From Growing Homes, we are looking at a seller finance deal that has a mold remediation lien on it. Seller claims that if nothing happens in a year, the lien is waived. Have you ever heard of the situation? No, no, that specific situation, I haven't dealt with that yet.

We've done some mold remediation, but we just get it knocked out. I've never seen a mold remediation lien on anything that we've managed.

Yeah, you'd want to chat with the lien older. Don't just assume that it's going to go away because they say it's going to go away. From Neil, more— I mean, more like smaller cities won't have high enough paying jobs to support wage growth.

Oh, I don't worry about that at all. That's any city that's been around for any— I mean, I guess if your city just got founded like 2 years ago, you don't have enough data, but the rents there are the rents there? We have Moses Lake is a perfect example where we invest. It is a smaller city, it's in the center of Washington. Uh, rent growth has been insane. The jobs just either have to keep up— there's just nowhere else to go is the problem. Rent is what rent is. They inflate the dollar, they increase expenses. Landlords have to raise rent to pay expenses. Otherwise, no one, no one buys there and the economy is killed. So your market rent should go up almost everywhere to match inflation, especially if building is not keeping up with population growth.

Alrighty, from Isaac: How much of your day is focused on your portfolio? Oh, a lot of my day isn't— my, my day is spent on figuring out how to build the portfolio, but I don't spend much to any time on that. The actual real estate now? That's more Christian and Danny's job.

Yeah, um, pretty much all of it. We have a few pieces, uh, like I run property management, which means a lot of it's focused on the portfolio, especially the Robinhood right now takes a lot of effort. So a lot of time is spent managing and running the real estate. But we also have other aspects, like it's really important to us that we keep sharing the knowledge. That is the biggest thing for us. That's why we're on a call for every Wednesday for 1 to 3 hours talking real estate. We focus a lot on everything, but it all comes back to how do we build a bigger boat and how do we stabilize what we have. And it— for me, it's pretty much if I'm awake, I'm pretty much working on it. Okay, uh, recent resort purchase.

Are you able to split off the lot with each cabin on their own for profit? Uh, we wouldn't. Highest best use is as a resort, not as independent cabins.

Yeah, a lot of them are on their own lot. I mean, the front two buildings, the front three buildings, the adjacent building next door are all individual cabins on the individual lots.

But the Robin Hood Lodge is its own lot.

But not, uh, it's all run as one unit, and that is the highest and best use. So it doesn't— the lot lines aren't super important on that particular one.

Okay, what does the average day look like? Well, coffee meetings. We have a lot of owner meetings, meeting with investors. We've got our mentorship group 3 times a week, so we do that on Monday, Tuesday, and Thursdays. On Wednesdays, we have this live Then, uh, throughout the week, usually Christian and Danny for sure go to the Robin Hood once. I go to the Robin Hood once a week as well. It's not always with them, but, uh, I've been going there once a week for the last little bit, so that's been fun.

Yeah, we'll usually do a day out in Moses Lake, Central Washington.

Yeah, I'm there on Saturday.

Yeah, I probably go about 3 times a month, so almost every week I'll be over there. Maybe take a week off now and then. We'll do, um, I run most of our media marketing and business strategy, so I'll do a lot of like, I do 7 AM meetings with our marketing team twice a month. We'll have a film crew follow us around. We try to get all of our content filmed in a couple days every month. Um, so yeah, there's a lot. Every day is unique, but the, the set pieces that are always there are lots of owner meetings, lots of driving to properties. And, um, just with the nature of how our business evolved, we do spend a lot of time on, uh, the actual teaching and content creation piece. The— our mentorship group and multifamily strategy is one of the most important things to us that we do. So we spend a ton of time making sure we're curating that content, making sure the lessons are accurate and up to date. And most importantly, when we learn new things How succinctly can we get that content to everyone?

When you pulled your 401k, would you get penalized? Yep, you would.

Tax 10% and I made 50% on it. So, and then I put it in real estate and I tripled it in the first year. So I'm gonna say that worked. I'm okay with the 10% penalty.

From Jeffrey, how do you structure deals with capital partners? That is not a black and white answer. That is a long answer, but it depends on the opportunity, which is why we say deal, then debt, then equity. You could borrow from people, you can partner with people, you can do mixtures of both. You can have buyout agreements, you can have limited partnerships, you can do standard joint ventures. Lots of ways to do it, but it does not matter until you have the right opportunity in front of you.

And there's a question right above that. If you book the Robinhood, can I have a chance to talk to you guys in person?

I—

if I'm at the Robin Hood, I am working. Um, so I'm usually there to get stuff done. The easiest way to meet us at the Robin Hood is we will multiple times a year, and we'll definitely do this on the back end of the year, we run real estate events at the Robin Hood. We will announce those on these calls, and we'll try to put it on all of our media. Uh, absolutely go out and attend to those. That would be the time to book the Robin Hood. And everyone who books the Robin Hood gets to come to a multi-day event, gets to hang out with us and meet with us one-on-one. Absolutely look out for those. Also in November, we're going to be announcing this soon, so I'll pre-announce it here, but we are doing an event in Oregon. Dundee. Yep, Dundee, Oregon at Del Mar Villa.

It is a 26,000 square foot mansion and it is like a Super Mansion.

Um, we're going to be doing our biggest event ever. It'll be 3 days, primarily taught by us, where the— it's our event, but it is going to be, um, fantastic. And that is something to keep an eye on. That will be a much bigger production than a lot of our stuff. But if you're able to make it out, it's going to be limited to 30 people. Um, so keep an eye out for that. We will absolutely announce it on this call as we have more details, but that is, um, going to be mid-November.

How do you find out if the market you picked has enough multifamily units? Google Maps, look for them, and then if there's enough of them for you to start calling, then, uh, proceed. And if there's not, move on. But, uh, that's why I love Google Maps aerial view, because I can just check it out in real time. If you guys resided in New Jersey and we're starting from scratch, do you think you'd go out of state? I would look to meet with people local to me if I had no money, learn how they got started. If an opportunity arises there, absolutely do it. If there's no opportunities that you can physically find, then you go to a new place, but buy the best, the biggest deal in the best location that you can. That is the rule.

Um, let's see here. I love the recent BiggerPockets interview, definitely one of the best I've seen on their channel. That's why I subscribed to yours. Thank you so much. For those who haven't seen it, episode 799, uh, that was my favorite podcast that we've done. I loved the format, it was fun getting to do that one live, so I'm glad that you enjoyed it.

That was, um, that was a special treat to get to be able to do that. Jason said Del Mar is insane. It's ridiculous.

It is ridiculous. The staircase when you walk in costs more than my house.

Fact.

And it literally did. Yeah, it just factually cost multiple times more than my house.

Could we do a live Google Maps session with the city here? We absolutely could. However, not with the way that we set it up. We'll have to stream from Zoom, but we can do that.

Yeah, that, that we do a lot more of that too within our mentorship group. Like if you want to really get into how to do this, that is literally why we created that.

Do you use Landslide iOS app? Nope. I don't know what that is.

Land Glide. Oh yeah. I don't know what that is.

I was in it pre-reading in my head.

That's okay. I have not glided or slided the land.

Hey Cody and Christian, love your videos. Quick question. In my understanding, you suggest people reach out to property owners of big apartments and meet with them. And eventually they will sell or finance one to you. They will teach you how to play the game. The people who do well in this business are the people who best manage their resources that they have in front of them. If you don't have the right resources, your odds of success go up if you can use other people's resources. And the only time that you get to do that is when you build a relationship with them. So that is the reason we meet up with people. Pavel said, use Landslide, you'll love it more than Google Maps Street View. You're welcome. I will check it out. That we can do. And with that, we are out of questions. So we did it. We appreciate everybody joining today. We'll see you next Wednesday. And if you'd like to check it out, we have a free course video down— or not a video. Well, it is a video, but link down below to the video.

And yeah, yeah, check it out. Yeah, it's free course. It's basically just how we created everything that we had. We put that together and that is live as today.

So you're welcome. Alrighty, we will see everybody next week. If Christian can hit the button.