Live from TX!!! Real estate Q&A

All right, here we go. Hello and welcome back. I am live again today. Earlier we lost audio, so I was doing this fun property tour showing you guys some— what we look at in a property, and audio died. So I have a ton of updates for everyone and want to make sure that I gave everyone a fair shot at getting their questions answered. So here we are again, we are live on every platform that I know how to go live on. Post your comments and questions below because here we go. All right, this is my last full day in Texas this week. I got a tour of my house, we toured the 112-unit that we're under contract for, we toured the 64-unit we're under contract for and the 44-unit that I want to go under contract for. In addition, we also popped up to Denton, Texas, and checked out another 60— I believe it was 64 or 66 units up there. It has been what we call a full freaking week, but we loved it. Now, my voice goes out, I apologize. We've been doing a lot of a lot, but, um, I wanted to give the updates there. In addition, we have an upcoming webinar if you guys want to learn how to play the game I had this request a bunch. People like, look, you learned to play the game with $0. Why don't you teach for free? Well, honestly, because it takes a ton of time to hold your hand and go through a deal, to underwrite, do everything I need to to guarantee success. However, however, we're going to run a 2-hour webinar middle of next month, so be ready for that. That's going to be through multifamilystrategy.com. That's gonna be me teaching you exactly how to play the game, so be watching for that. In the meantime, I have a free course out hop over to my Instagram. You can check the link for the free course, about 17 minutes on exactly how I played the game. So hope that helps. Without further ado, I'm going to talk about our deals. So deal number 1 this week, the 112. This was the big one, buying it under $50,000 per door. I thought we were gonna buy this for sure. However, walked the property, we saw some problems. The biggest of those being, uh, they said they're 90% occupied but can't prove that, won't show us any leases and there were not nearly enough cars in that parking lot to have 90% occupancy. There is absolutely no way that is real. I don't see how that would happen. So first red flag. Second red flag, and this one is major. We went through the deal. They will not give us any real books. So we asked for bank statements. They said no. We asked for leases. They said also no. So starting out, not great. However, sometimes you have properties where there's a problem with the books. That's why you buy them. We're getting a really great price. What do you do next? So we went ahead and said, okay, can we work with the property manager and see the deposit slips to the owner? So they send us the deposits that they sent to the owner, and it's just on an Excel sheet, so they could have made up the numbers. Well, then we said, well, what's the breakdown of this? Because this is a lot less than the rent roll you sent. They send us the breakdown of the expenses, the income. Guess what? They should have been paying their owners thousands of dollars more every month. So what it appears like is that we have an unverified set of books, and it looks like property management has been skimming thousands of dollars off the top and not distributing those to owners. Now, do we know that for sure? No, because we have no real books to go off of. So based on that alone, 112 is out. The 64-unit, also fantastic price. The interiors were just insanely cool. Uh, exteriors, we probably needed about $1 million renovation. Not the right deal for me right now. So we went ahead and dropped that one. So flew down to Texas primarily to view the house that we're building there, which that was amazing, and to check out these 170-whatever units that we were under contract for. 176. Well, it turns out, um, yeah, none of those are ones we're gonna buy. We're not buying Waco, uh, it looks like on this deal unless something massively changes tomorrow and they find all the numbers. Uh, by the way, everyone watching, go ahead and post comments down below. I'm, uh, I— we died earlier, uh, my audio just cut out. So if you guys have questions, ask in the chat below, and we're talking creative finance, real estate, uh, the whole nine yards. So what do you do when you have no books? You find the best thing that you can. When we got the best thing that could, turns out not enough to purchase, so those deals are out. Then we found a 44-unit in my favorite town in all of Texas, Stephenville. We got verbal confirmation on a price, 44 units for $1.85 million. I figured there's something massively wrong with these. We drove down there to check them out. If there's something wrong, I haven't seen it yet. They are gorgeous. This would be the nicest building in my portfolio, and it's huge, and we're gonna buy it for less than $2 million. I am very excited for that. That'd be to date the best purchase that we've done. Fast forward to the next deals. Drove over to Denton, Texas, checked out a couple deals over there. Never been to Denton. Nice area, good deals. Not sure on the price. We're gonna see if it comes together, put in an offer. Uh, they want about $4.2 million. I want to buy them for $3.5. You don't always win when you negotiate price. That's why we do creative finance. Uh, by the way, if you're new to the channel, welcome. I'm Christian Osgood. Oh gosh, at this point, a couple hundred multifamily properties. Uh, have a resort. Uh, what else have we done? Mobile home parks. We started with no dollars. My wife and I started with $0 in the bank, so that's what we had to spend on the properties. We've negotiated seller financing on many of them. Occasionally we come in with partners and buy with bank financing. We bought on land contracts. We've executed option contracts. We have done a lot of a lot the past little bit. So if you guys have any questions, I do see some rolling into the chat here. Let me know. I'm live on Instagram and YouTube, Facebook, pretty much everywhere. So I'll be manning both pieces of software. Instagram, don't worry, we haven't forgot about you. I'll start with a question from Instagram and then we'll roll to the questions from, uh, YouTube. So Jake: Got a deal and the owner asked me to name the terms. $1.3 million purchase, 6 units, expensive. Tacoma, Washington, $10K per month in rents. What terms should I ask for? First thought here, that is a lot of money for not a ton of gross rents. So if you're asking for the terms, it's going to be very, very, very low interest. I need more inputs on the expenses of it, but just based on face value, you're coming in very, very low interest. The other problem with the deal is Tacoma, Washington. Tacoma is one of the hardest cities in Washington State for landlord-tenant laws. They're really difficult. The police will not help you with anything. I have avoided buying in Tacoma. I've had options. It's not for me. I have friends who buy there and they've been very successful. So don't get me wrong, you can be successful anywhere, but that could be a little rough for you. Just buckle in on it, uh, with the inputs we have, which are not enough. Um, I can tell you for a fact you're going to have to come in with very, very low debt. So you need melon-sized hail in Texas? No, but— oh, I need to post a video of this still. Uh, we had 5.5 inches of rain the night before I came down here in Stephenville. Our entire bridge got wiped out, like the whole thing. Uh, railings got ripped off, and we're talking like big steel railings. There are trees all over the place. Uh, we got some nasty storms down here, 90-mile-an-hour winds, uh, right before I came down. However, However, no help. Oh, it's actually in Ruston, which is a much nicer area of Tacoma. Uh, no rent control, does that change it? Ah, it's still Pierce County. Pierce County is so hard. I used to manage there. I actually shut down that whole arm of my company because they changed the laws where we could not screen tenants anymore. And I was like, you know what, I'm, I'm out. Uh, that's personal preference, but looking at your deal, Ruston, Tacoma They're going to all play by the same rules. It is a nicer area, but yes, same laws there. I've been— Smith in the chat here— working on a deal and came across a bit of an issue where the seller's concerned about banks suing him for giving us the deed through seller finance. How do I assure the seller this won't happen? Well, you can only finance what you will. So if the seller is financing, this is good to know. This sounds like you're actually doing subject to. This doesn't sound like seller finance. This sounds like an installment contract. Also known as a sales contract, land contract, contract for deed. Um, that is different. There is no bank. You— seller financing, you pay off the seller's loan. He can't finance you if he pays to the bank on a seller finance note because you need a first position note backed by the deed of trust. You can't do that unless you're doing a subject to. There we go. Clean off that screen for us. Um, so I'm guessing that's what the case is. If it is, there's a very good chance that your note will get called. Right now, about 1 in 5 subject-to notes that get placed do get called. Uh, yes, banks are looking for them right now. If you've heard differently, uh, talk to any title company anywhere. These are getting called at a much higher velocity now that rates are 7.5%. You're trying to pick up a deal because it works with the 3.5% debt that you're inheriting, uh, you're going to run into some issues. Christian Alexander. Funny enough, that's my first and middle name, uh, Christian Alexander Osgood. So Christian Alexander, strong name, my friend. Uh, should I turn the extra room I have into an office for tax purposes or rent out the other room? Well, it really depends on what you want to do. Um, I don't like having roommates outside of my lovely wife, and soon my son will be another roommate. Um, I don't want more roommates, so When I built my portfolio, I bought rentals that pay for my house instead of house hacking. I bought a single family and bought enough rental income to support that house and live on my own. So if you don't want roommates, that answers your question right there. The office for tax purposes is something that I've done before, actually in the house that I live in, in Redstone. I'm moving out of Texas officially here in not too long. However, my recommendation Do the thing that you want to do. Both of them are, both of them are good ideas. It depends on what you do, uh, for work and where it would be in office. If you do get that write-off, it's probably between you and your CPA. But I have gotten write-offs for using office space for my PM company in past years, so that has been a workable equation for us. Uh, by the way, anyone who's new here, post the questions below. This is real estate Q&A. I have creatively financed a lot of stuff. I love deal structure, deal architecture. I've hired like 40 people to run businesses and wish that, wish that I didn't have to. There's a bunch of businesses I wish I didn't get into. So ask your questions below. Happy to answer them. I'm going to go ahead and pull over back to the Instagram, see if there's anything new over there, which I only see one question over there. So, okay, YouTube will be your turn next. Okay, uh, oh, okay, this common one. Okay, so explain the difference between the land contract or contract for deed and seller financing. I'll break this down as simply as I can. So seller financing, you can finance anything that you own. So basically the seller plays the bank. So if you have no debt on a property or low debt on a property to where my down payment can pay off that first position note, well, now you can finance the property to me. In fact, I'm looking at seller financing one of my property management companies right now. I own 80% of the company. Partners are getting paid off. They're putting about— I think it's about 40% down on the company, if I'm doing my mental math right here. That allows me to completely cash out the partners. That allows me to get a six-figure note to myself with interest and cash out a little bit, clear all existing debt in the company, and move on. That is seller financing. Now, a land contract— think of more like if you were to finance a car, they still hold on to the deed and it's transferred to you when you've executed the sales contract. This is interesting because you don't actually put a lien on title, which means you can keep their debt in place and it is legal. Problem is, almost all notes are callable. So if they have bank debt and that note gets called because they go, wait a second, the owner doesn't match the person that we're lending to, the bank has the right to call the note immediately due. Well, there's usually a little bit of a grace period. You have maybe 60 days to correct. You don't want to get your notes called. Don't build financial freedom on the subject-to clause. But that is the difference. They're both different types of a seller carry, but true seller financing is different than subject-to on a land contract. They're executed differently and title is handled differently. Try Easy Chops. All I want to know is how to get started and the easiest way to. Well, the easiest way— and there's a few steps to this, I'm actually running a webinar on this that will go way more into detail here middle of next month— but easiest way to get started is first you know where you're headed. I did not establish that soon enough, so I had this 10-year goal to retire my wife and have more money and buy rental properties and I bought 2 duplexes in my house. That's, that's as far as it got. She got injured at school and I went, oh, I need to retire her right now. At the same time, it was like 2020, 2021, uh, the whole world had shut down. I had just left my job. So I'm like, wait a second, I got to support both of us and we want to have a kid move to Texas. My future goals became a right now goal. So number 1 was know the target and what it costs to get there. So I did the math. I was like, hey, $15,000 a month I'm getting close to my best commission month ever, every month passively. That sounds amazing. How do we build $15,000 a month of cash flow? Next deal I did was 38 units, seller financed. How do you do it? You meet the people who've already done the thing you want to do and you ask them how to do it. That's the best thing you can do. Identify the target, identify the people in your market who've already bought the real estate, build a portfolio. Instead of asking them to sell their stuff to you like everyone else and their sister is, stop marketing and start learning. Meet them, talk to them about your goal, talk to them about how they built their business. And amazingly, they have the connections to get you there because they've already done the thing that you're trying to do. Try that. I guarantee you it's going to work a lot better. If you're looking for the easiest way to get started, set a clear goal timeline, like an actual monetary amount that you need to reach, quantify it, and then go get it. Rob, we, uh, what did you miss? Well, super fast. We are no longer doing the 112. They cannot prove any of their income, and I'm pretty sure their property manager's stealing from them. We reviewed the little books that they had, and it was abysmal. So that one, unless a miracle happens tomorrow, is not happening. 64 needed an extra million dollars next year renovation, which is not quite a budget maker for me right now. Um, and we're, uh, buying more deals in Texas, specifically Stephenville, Texas. Best market of all time. I'm calling it now. Just watch what we do there. Christian Alexander also loved the walkthroughs. Really helps me visualize what I should be looking for. Um, I will do more of these when I'm in the field. I should just go live more often. I'm actually at my properties a ton. I'll do the same thing from the Robin Hood, the deal that I shouldn't have bought. I will start, uh, I'll start doing more of these walkthroughs today. If you guys missed it, my audio cut out, so skip, skip the end of it. It doesn't get better, it falls apart. But the beginning, we actually walk through a 16-plex with one of our mentees. I go through and I show like what I see on the siding, what I'm looking for with the AC units. Uh, I'm gonna be putting out a bunch of content on this, but the technical term is the vibe check. You get into a property and there's a certain feel, and you, you notice things like, hey, are there shopping carts laying around? First sign of a low-income property that has some tenants that are less than desirable for me is when you see cigarettes everywhere. And you see shopping carts. I don't know why that's the thing, but it's very consistent. So check for those things. Um, property walkthroughs— I, I will commit to doing more of these live. So if I'm in the field, I'll just let you know what we're doing. Uh, you'll see more from me at the computer as well when we're actually analyzing some of these. We'll do a part 1, part 2. All right, where would you recommend that I should focus on to get started finding seller financing deals? I've never done, uh, one but would like to start investing in those. Um, pretty much what I said before. You're going to want to find the owners who've owned for a while. They typically— not always, but typically— have higher equity positions. They could be in a position to seller finance, but they're definitely in a position to know the other players in your market. If you communicate your goals, where you're at, what you're trying to do, and they understand, okay, this is the business and this person is trying to learn, what they tend to do is give you the connection. So if one of your pieces is, look, it I like, for me, I spent all my money on 2 duplexes. Um, I bought myself an income stream and my money is now out. I don't know how to progress from here, but it's really important to me that I do now. Well, they connected me to people who've been playing the game longer who could seller finance. A lot of the guys I spoke to, they started by, guess what, using seller finance. So that was something that really helped me, uh, is just getting around the people who own the real estate. If you can clearly communicate your goals, and I teach this on multifamilystrategy.com, by the way, this like a huge part of the course. If you can clearly communicate your goals, people will help you reach them. They have to be significant. They have to be quantifiable. But if you're a good listener and you can actually navigate the conversation, which we also train on thecamelsstrategy.com. But if you do these things, you will progress. And how should I approach investors for capital raising? Should I find out what their goals are? Yes. Funny enough, usually not always, but usually the people who fund my deals are the other owners that I've already met with, people who already like real estate. When I find a deal, I'm like, hey, I love this deal. If I know their pieces, if I've mapped out their goals, what's important to them— we call this the circle drill— but we find relatable points. Where do we connect as individuals? What is their goal and what changes when they get there? What's the significance behind the goal? If we do that on repeat again and again and again, you start to meet people who get invested in you, who like the way you do business, who will fund your deals. That is the capital raising masterclass right there, is do the same thing that I always say to do— meet the players. Stop being a marketer and start being a player of real estate. Meet the other people, get dealt in. Okay, so we got a little bit more context on him. On Smith, he's trying to sub to all to sell 3 of his apartments to me for $3.9 million, 5% interest, 30% down. Would tackling his mortgage and refinancing within 2 years not sound like a good plan? No, no, it would not. And here's why. What do you do if that note gets called in 60 days? That happens. And for $3.9 million, I'm guessing the apartments are apartment buildings. They're probably commercial, that's my guess. So 5 units plus, which massively increases the odds of those notes getting called. Uh, commercial, that's gonna be a lot stricter. So all these are things to look at very closely. I would not do those subject to if the plan is to refinance them. I would propose a different option. In fact, specifically an option contract. If you do a management option contract where in exchange for you managing the property and getting it into bank debt So you basically get to control the finances and put it together. If you put it together, that deal as an option contract, and then refinance it into bank debt in 2 years, you take out the risk of him taking it back. An option contract would actually be what you probably try to negotiate if the note got called. You try to get the, uh, the actual property back into his name so that the name lines up with the debt, is back into being a conforming note. That's the cure. I would just start at the cure and then buy the property when you can figure out how to buy the property. That would be my recommendation. All right, for earnest money deposit, can I put down what I want? Uh, and is the feasibility— okay, okay, I see that. So, so basically, um, how much do you put down and how do you negotiate the feasibility? So what I did on our two deals, so we locked up 176 units $500 down non-refundable on one, $500 on the other. So for $1,000, we locked up a little over $8 million of real estate. The rest of the earnest money is due after we finish feasibility. And of course, feasibility is not done if we don't get the bank statements, the leases, or anything else that we didn't get. So on this deal, we're able to walk. We don't have to wire the money. It just, it stays in our account. You can make a majority of your money due. And many states like Washington State, You can make all the earnest money due after you've passed feasibility. That's usually what I do because it buys you time, especially for raising capital. You start with no money, great way to structure it. In Texas and many other states, you need some consideration to open a contract. So I do $500 per deal, rest of the money due after feasibility. That usually, not always, but usually flies. How do you verify what's on the pro forma? Well, I have a cheat code for you. The pro forma is always a lie. People lie on the pro forma all the time, and I mean all the time. Pro forma is a really bad metric. It's basically a seller's told a broker, well, I need to sell for this price, justify this price. And their job is now to tell a story that would get a buyer to buy at that price. That's just how the game is played. So, um, you verify pro forma by a few things. If they say these are the numbers, okay, I need to see bank statements that match that. I want to see leases that match the dollar amount that you say I can hit. I want to see real expenses, so I want to look at like utility statements and match them. But there's a lot that I want to do here on financial due diligence. And what you'll find is the pro forma is never accurate. I see this happen all the time. Uh, in my last 20 or so deals, I don't think I've seen a single pro forma that was actually true. Juan says you're amazing. Thank you. Well, thank you, Juan. I think you're amazing, and your questions have been fantastic. Back to the Instagram. You guys have some questions for me here. So when you buy a multifamily property, what is the safe number to pay per unit? That depends completely on the market that you're in. If, uh, like for example, in Stephenville, Texas, if I can get in for under $80,000 a door Generally speaking, if it's built after 1970, it's going to probably be a very good deal. That's an average unit that's newer, sells closer to like $150,000. The older inventory likes to sell a little bit over $100,000. So if I can come in at $80,000, I know I'm probably making money. That's where I get really interested. Um, in Moses Lake, Washington, pricing is actually fairly similar is what we found. If you're in Seattle, Washington, $200,000 is probably a pretty good price per door. It just depends on the market and the pricing and the cap rate. There's a lot more to that. It is good to note, actually, as I'm looking at the next question here, it is good to note that while every market is unique, the rules of the game are the same. You're buying for cash flow and long-term fixed-rate debt. You want to be able to buy it and never lose the property. That's the kind of the epitome of buy and hold, by the way. Um, you do in fact have to hold it. If you've answered those questions though— how am I going to buy it and how am I going to keep the property, and does it pay me the entire time that I'm keeping it, does it cash flow with all the variables, or at least the loans we can control removed— if the answer is yes, it's a good deal. Look at those metrics. Price per door is completely market-specific and is not a metric of how you're going to keep deal. And a great example, that Waco deal, 112 units. That is an excellent, excellent, excellent price. 40— somewhere between $42,000 and $47,000 a door. That is an excellent price for the city of Waco. However, had I bought that deal, I am very sure we would have lost a lot of money. Daniel asked, now that you've achieved your goals in retiring your wife and building a house in Texas, what are your next goals? Well, we have a few. One, I have some really fun partners for Apex Asset Management, our property management company in Texas. So what do I want to do with that? I want to try to get that bad boy to 10,000 units. I have seen some of the managers down here, and while PM is a hard business to be in, I can say for a fact I believe that we can compete to do a lot better in doing so. Some of my smaller partners in that deal. I want to make them millionaires just for doing that adventure with us. I believe that will cost about— take ballpark based on what I'm planning on charging— when we manage about 6,800 doors, somewhere right around there, my smaller partners will be millionaires just for owning the company with us. And I like that a lot. That's a fun goal for me. But the biggest thing for me right now is stabilizing the company, getting out of hospitality because I hate being in hospitality, focusing on multifamily. I have coached our first 1,000 people through multifamily strategy. I want to bring that to 10,000 people and then 100,000 people. I want to grow the community because that's another place that I really think that we can compete. There are a lot of courses that teach you how to do a lot of stuff. From what I can see, we are the only course that just teaches you how to buy multifamily properties with or without money. We are very simple, therefore we are effective. I believe I can outcompete pretty much everyone there because I actually coach the course. I will never stop coaching the course, and everyone else is trying to build a system, build passive income. I'm just trying to beat all the other people. So if you want to join Multifamily Strategy, join the Legion, and, uh, multifamilystrategy.com. Uh, those are my biggest goals though. I really want to stabilize, I want to optimize my business, optimize my portfolio. I want to buy bigger deals that are higher class now because I don't have to get the same ridiculous returns. I want to continue to grow the wealth in assets that are— I bought a lot of Class C or Class F and turned it into C. I want to buy more Class B and eventually more Class A assets as we get farther along. Do you own multiple properties in other states? This is all from the, the Instagram side, by the way. Uh, do you own multiple properties in other states? And if you do, how can I find their reputable property management, um, company that are actually reputable? Well, that is a really hard one. So finding the right property manager, um, my first one stole all the security deposits and left the state. My second property manager I used also stole security deposits. Uh, that is a federal crime, that's felony. I did not like that, so I keep starting my own. Is that the easiest way to do it? No. Property management's low margin, it's high stress, it's actually a fairly technical job because You have to be really good at tracking money and really good with people, which is a lot of left brain and a lot of right brain. You have to be really good at building teams. If you're not a teams person, don't get into property management. Property management is really a game, in my opinion, as the owner. If you own a property management company, you are really good at managing people because no one is good enough at both sides of the brain, the creative and the personal and the accounting and the specific. I've never seen anyone who's good enough to run that. Solo by themselves and do good at all aspects. You have to be a good people person, a good team builder. If that is you, uh, you can do that. Otherwise, property managers must own real estate themselves because owners think differently than vendors. It is just a fact, you can't avoid it. But we want that for sure. And I want references from the other owners in town. That's— this goes back to those owner meetings. Whoever everyone else is using and being successful, probably the best person you want to use them. What is the best way to figure out cap rate? Well, the nice thing with cap rate— cap rate is just math. Uh, if you're talking about the deal cap rate, that is just going to be your purchase price divided by the net operating income, which is income minus expenses, uh, uninclusive of the debt because that's not an operating piece. That's a way to compare any property apples to apples as if you bought it in cash. It's also a direct representation of what every dollar in that deal is supposed to be earning you. That is called your deal's cap rate. There's another cap rate, it's called the market cap rate. That is what deals in your market are actually trading at, uh, what one would expect to pay to buy a deal in your market. So that's your cap rate. On a market cap rate, uh, easiest way to find it is to one, find someone who has access to CoStar or other software, but two, just ask a— the best ones are actually the, uh, the lenders and the appraisers. They deal with the actual valuation piece all time, a broker can do really well too. But the real professionals are going to be your professional lenders and your professional appraisers. If you can talk to them, they'll tell you what market cap is. Then you can start valuing your deals, and you'll build a relationship along the way. Hopping back to the IG here. Don't be offended, but can you connect me with a female mentor in Washington? I'm offended. No, I'm kidding. I'm not offended. Um, yes, so in light of multifamily strategies following being— and I run the statistics on this all the time, uh, we are 88 point— it was like something like 0.7 or 0.8. It was— we're basically 90% male. Like, my following is guys who want to buy real estate. A lot of you, not all, but a lot of you are younger guys who want my real estate. Funny enough, I bought real estate in my 20s starting with no money. I've attracted a lot of people who are younger male entrepreneurs who want to make money in real estate and don't have any money. Go figure. My wife is going to be joining a lot more of the channel. She's launching her course, Functional Flipping. We're actually mapping that out, the final version of that, on the plane ride home. Multifamily strategy. Danny will be joining the mentorship more often. She's talking about not just how to run the renovations, which she manages the entirety of. She's talking about how to run teams, uh, and how to be married to a husband who keeps buying businesses, and how to stay organized and be a real estate investor herself. Um, with a— it's a fun dynamic that I've seen a lot of couples that are like this, where you have one couple— could be the, could be the husband, could be the wife, it doesn't matter. But one is much more forward-facing, maybe more of the visionary role, and one's more of an integrator. We have that structure in our marriage. She's going to talk a lot about what it looks like to be a wife who's married to a husband who really wants to buy real estate and how that worked for us. So look for that, more content inbound. I'll see here. You mentioned an option contract. What is an option contract? So an option contract is a contract to purchase. You have essentially— you are putting down money. It's called consideration. Consideration for an option. The option is a set period of time and a set price in which you can buy an asset. So for example, if I want to buy a property for $1 million, but let's say it's not worth $1 million today because it's not being operated well, I can do a management option contract that says upfront, let's say I pay $10,000 I will give you $10,000 for the exclusive option to buy your property for $1 million, but it's not worth $1 million right now, so I want 2 years in which to execute that option. So that is an option contract. I have put forth money and I have a set time and a set price in which I have the sole right to buy that property. Now what's really cool is if you find another buyer for that property, you can sell your option. So If I bought my option for $20,000, then I have the right to buy the property for $1 million. Someone else can pay me $50,000 for the right to buy the property for $1 million. So that is an option contract. I have the exclusive ability to purchase it or sell that right to another party. Management option gives me the ability to come in and manage the asset with that set target. And if I can get that property worth $1 million, I now know that I— or more than $1 million, ideally. Then I'll go ahead and execute that option and I will claim property. I always pair those with a management agreement though, because if you execute a management option contract, that is a fantastic way to make a lot more money. You want to control the deal if you have an option, so always make sure that you either have a master lease, or if you're in a state where you can't do that, you have the management contract. In an option contract, would you still put a percent down, or how would you structure that type of deal? Yeah. So that consideration I mentioned, you usually would put some money down. It's usually gonna be a lot less than a down payment. Usually. I've seen them be really high though. One of my friends who actually showed us— well, I don't know about friend, that's kind of a strong word. One of the people I know who does business in the market that I do business in, he put a million-dollar option fee down on a $15 million building. That is a large option fee for a building that you do not own. He did eventually execute that option and did buy that building. But $1 million down is a ton. Usually it's a much smaller number. Do you teach how to acquire business credit or lines of credit? I will in the mentorship group. I don't have any courses on it because it's actually quite simple to do. But I've had, through my career for renovation, we've done tons of zero interest credit cards in which the real estate pays them off. The math for those are pretty easy, but if you don't do the math right, that's, uh, that can be very bad because you're gonna have really high interest debt. So, um, short answer, yes, absolutely. Um, if appropriate, I'll show the math for that and how it could work on your situation. More importantly, um, I have currently business loans— let me think— lines of credit on my business. I bought out partners with SBA funds, so I have $495,000 of SBA VA loans, and I have a business line of credit for one of my businesses for $100,000. So overall, I have just under $600,000 if you don't include any credit card debt of lines of credits. I absolutely teach people how to do those, but I don't focus too hard on that because it's very simple. There's courses online that like have you pay a bunch of money to learn how to use them, and turns out you can Google that and it doesn't take very long. If you're doing the zero interest card thing, I found that the Chase Bank and the American— they're both blue. There's like Chase Blue and then American is also a blue card. Those have been really good ones for us and we typically get approved at higher dollar amounts. Yeah, they're, they're pretty simple. What is the best way to market your property to get it filled? Depends on your market massively. Most of the places that I'm in, Amazingly, Facebook Marketplace. Who would have thought? Facebook Marketplace has been fantastic for us. If we're not getting luck anywhere else, we try there and it typically goes very well. Facebook Marketplace has been basically just a free place to post, but there's been a lot of people there. In addition, in Affolio, we've— it's called syndicating out to a bunch of sites, but it pushes basically to Apartments.com and ForRent and RentPath and all those sites. It just pushes out to the whole internet. Having a good piece of property management software that can market on just mass market all the sites have been really helpful. In some areas, especially lower income areas, signage in front of your property is actually the best way to do it. So it depends on the property, depends on the market that you're in. I found Facebook Marketplace is not as effective in very, very, very rural areas. So go figure. If property is cash flowing, 10-year fixed rate debt, stabilized unit. How can investor get his money back, or best way to service the debt? Well, if it's cash flowing, you're servicing the debt. Um, if it's not cash flowing, then you're not servicing that. So it's definitely servicing the debt based on this 10-year fixed rate debt, and it's stabilized. Yeah, how would you get your money back? Well, one, you're gonna get it back slowly over cash flow, um, you're buying an income stream. So if cash flow is 10%, that's 10% per year. So if you don't do any rent increases through the next decade, which of course you will, but if you don't do any, you'll cash flow all the original money back over the course of 10 years if you're getting a 10% return. That'd be a basic way to do it if you have cash flow and fixed rate debt. Another thing that's very common is rent goes up over time, and if you're a better manager than the last person— this is what we talk about, value-add— If there's anywhere where you can increase rents, otherwise optimize the property, find a new revenue stream, bill back utilities, if you can lower expenses or increase income or otherwise improve the asset, it'll be worth more, which means you could refinance and pull more money out to pay back the investor. Those are the ways to play the game. At the end of the day, how do you get your money back? Well, how do you pay everything? You pay it with money. You can earn it, you can refinance it. You can borrow it from someone else. You can borrow it from the seller. You can cash flow it. You can sell the property. There's a lot of different ways to get money. You can basically— you can borrow it, earn it, or those are the two. There's just a lot of different ways to structure those, be that a seller refinance, a bank refinance, earned income, cash flow, sell of property, sell of business. There's a lot of ways. To move money, but, uh, there's always ways to get the money back. Master tenant versus property manager, Steve, is on the option contracts. Yes, um, master tenant is— it's just a— it is a, um, essentially you're subleasing a building. And now Washington State, where a lot of my portfolio is— I'm gearing a lot harder towards Texas now— but in Washington, where a majority of my portfolio is Uh, it is illegal to master lease a commercial building. A lot of people don't know that. So if we can't do that, then we have to do the management contract. You can absolutely manage a commercial building. So it just depends on the laws. What is better is going to be very much based on the market that you're in. I do like conceptually an option contract because it does work everywhere. So if you're going to learn one of them, learn the one that works in the most situations, which would be a management option contract, which is literally just the management contract being part of the consideration of an option contract. It's actually a fairly simple doc that a lot of people don't know about. Yoel, best way to approach sellers, the concept of seller financing. I taught this for a long time and I've started to change my approach very recently, actually. What I used to say was Just ask them, talk about the deal first. People don't do that, and then it gets weird. Talk about the actual opportunity, and then once you've done so and you actually talked about the deal, then just go like, okay, well, how are we taking this out? Are you open to carrying a contract? Keep it super simple. Don't sell them on it. Just talk about the deals if you're buying it conventionally. Just at the end, ask if it's on the table. That's the easiest way. What I've started doing now is I just pitch the term. I don't use the word seller financing, carrying contract, or any of that. We go through the deal, I get the price they want, I get the income that it's bringing in. If we actually have a deal on the table, it's like, look, this deal would work for me, but it's going to work for me at 5%. Could I give you $200,000 and make monthly payments to you for X amount, say 5% interest for 3 years before I pay off the rest of it? I'm explaining seller financing without selling them on it and without asking for seller financing. Sometimes people get weird, they're just with the term, like, I don't know, I want to carry a contract. But if you just put it as like, can I give you this much money now, make monthly payments of X, and, uh, pay off the rest of it in 3 years, it sounds a lot softer. I found that that actually works better, so I've switched to that and I'm happy I did. What's the best way to search for private money lenders? Whose goal aligns with yours? Well, there's one thing: deal, then debt, then equity. Always in that order. If you find a deal and you've been getting relationships with others— so you're not looking at them all just private money lenders, you're just meeting with owners. They're not sellers, they're not investors, they're just, they're just other owners. If you have a network of them and you find the right deal, well, then you can start matching that deal to their individual goals. I've had people who want double their money every 2 years in real estate. So when I find a deal that's low on cash flow day 1 but really high on upside, I go, here, it's not a problem, put in $90,000, I'll make it $180,000 in 5 years. Done. I've hit their goals exactly, and I bought myself cash flow, no money out of pocket. By the way, I've done that structure on a 6-plex, $90,000 down, it made the money, the investor's happy, I'm happy, everyone's bought out, I bought an income stream. Money never left my account, but they doubled their money. That's a great deal structure. If I had failed, they would have got the property, which was bought at a fantastic price. Line the— so, so, short answer: always line the partner to the deal, not the deal to the partner. It's going to massively limit the opportunity you find. If you're looking for opportunities, start there. It's way harder to— like, way, way, way harder to have specific limitations on the money and then try to find the deal that matches the money. It's hard enough to find the deal, don't add steps. Uh, Lee, how do you handle legal with seller financing? Get a good lawyer who owns real estate themselves. Now, on basic seller financing, it's good. It's actually like a normal thing. In every single real estate contract, there's a box that can be checked for seller financing. You put in the terms there on the box, and then if it's very simple and straightforward Title will actually usually draft it for you in a lot of areas. Title will just cover it for you. If there's anything a little bit more advanced or there's more work that goes into that, then you'll have to have your lawyer draft it. And that's also fine. Not a problem. It's not massively expensive typically, unless you're getting really specific with special clauses. We have a lot of those that I've used a lot of them, but special clauses can be a little bit difficult. So if you're starting, this The simpler you can keep your deal, the more repeatable it is. The more repeatable the structure is, yeah, that's, uh, more scalable. Scalable is good. That's the mark of a true business. David asked, I'll be acquiring over $100K from wholesale contacts, uh, here next month. I would like to acquire a multi-family. Could you help with that? Yeah, yes I can. That's, uh, that's a large part of what I do. I find multi-family deals. Um, yeah, the $100,000 is more than enough to buy a lot of real estate. The example I just gave was $90,000 down. You can buy that with no partners. Uh, the 6 units cash flowed over $1,000 a month. Cash flows a ton more than that now. Uh, beautiful little buildings, 3 side-by-side duplexes. That deal was just there. There was no owner contact. I just called and said, hey, would you, uh, do you have any buildings that are too small for your current goals? I think was the question I asked for that one. And they said, yes, I want to get rid of these duplexes. They're cute. They always stay rented and they don't do anything for me. Well, when I started my career, I bought a 38 and this was the next deal that I bought. At that point when I was still sub-50 units at the time, I had 42 total rental units. Another 6 made a huge difference. So that's how it came together. Oh my goodness, Jake Martin has entered the chat. I love this cowboy, you guys. Jake Martin, for those who don't know, he's part of Multifamily Strategy. He actually was the ticket winner for our event in Vancouver this year. Jake is everything that one would want a cowboy to be in Texas. Jake, you are amazing. Uh, we're talking boots, hat, belt, jeans, the whole, the whole nine yards. He asked, are you part machine? I was going to call it a night and I see you're live again. Well, Jake, I went live at the property that you and I walked today and my audio cut out because people wouldn't stop calling me. So I went to silent mode this time and I thought everyone deserved a chance on Wednesday since I didn't go live because I was in court last Wednesday. Not my favorite thing to do, but since I was in court last Wednesday, I felt I owed it to everyone to actually go live and answer the questions. I think it's uncool to take a week off and then to have your audio die on the next week, that's pretty weedy. So we're not doing that. So yeah, I, I don't stop. I'm really committed to handling as much as I possibly can, helping others hit their goals. This live time, I think, is really important. I started with no money, so I charge no money to go live. Is it legal to work on gas, electric, plumbing, or infrastructure without a contract? License? Yeah, if you own the building, you do pretty much whatever you want. Now, there are permits for a lot of those things, basically all of them. So you do have to get a permit to do— if you're doing like gas, electrical— but you don't have to have a license to do so. You can always do your own work as long as it is permitted work. That being said, I've electrocuted myself many, many, many, many, many, many times in properties. Yet to do a major plumbing error, amazingly. I also hate plumbing, but I've done a lot of my own work over the years. Do I recommend that? Nope. But again, I'm a guy who started with no money. There's been times where it's like, well, uh, the budget is zero and there is an actual problem, so into the walls we go. Hopping back to the Instagram here. Thanks for following me all around this little condo, by the way. I'm still in Texas, in a little town called Louisville, love it up here. I think we've pretty much, I think pretty much hit most of the questions on Instagram, basically. So Instagram, if you have any last questions, let me know. Hopping back to the YouTube, did you learn from YouTube or have you had construction experience? I've had zero construction experience outside of, uh, my wife and I have what we call functional flipping, but we have, uh, we have turned over 100 units. We've done a lot of renovation. I've done a lot of a lot. In fact, my properties, because I always reinvest all the income, they— we've spent well over $1 million last year on renovations and buildings in Grant County. Really proud of what we pulled off. We have multiple teams of contractors working every day around the clock, and that has been our construction experience. Another really helpful tip if you're getting into this I like to make all my properties Section 8 available. Uh, it's less than 20% of my portfolio, but it's been a really good metric for me. So for Section 8, uh, it's super easy to use government back checks. Uh, you have to screen really hard for the tenants, but you do get to choose who's in your building. So you still have— you still have say over Section 8. A lot of people don't know that. Um, but with Section 8, they actually have a guidebook they can follow that has their renovation standards. If you follow that, you're You're basically going to over-renovate every unit. It'll be nicer than a lot of your competition, and you'll qualify for basically any housing program, be it Section 8 or any other assistance. Nice little bonus, bonus content there for you. But no, I had, um, I did have one mentor for creative finance, possibly the best creative finance person— it's possible most creative mind to live. Um, unfortunately, he had no business ethics and was horrible at math, so he would buy buildings and then would lose them and a lot of people's money. That is how we came up with the term, uh, how to buy it and how to never lose it. We were sitting in the office going, dude, if this guy could hold any of the stuff that he buys, because he bought some huge buildings, if he could figure out how to not lose it, he would be so rich. Unfortunately, uh, to this day, he never figured out that skill. A huge bummer. So I had a great mentor on how not to do business. We've learned possibly the most valuable thing you could have is I learned how to create finance anything, and we paired that with the ethics to not be an idiot and lose money. So we always ask, uh, this is Dwight Schrute from The Office, uh, and it's paraphrasing, so if I misquote this, don't, don't punish me online. But it's like, I ask myself, would an idiot do this? And then I don't do that thing. We try to apply that do as much as we can in real estate. We're not always right, but it is a good, uh, barometer of, hey, this, this one mentor, is this something he would do? If so, probably don't do it. If you purchase an apartment complex for seller financing and then time comes to refinance, do you automatically qualify for the loan, or do you have to find someone to sign the loan if you do not? Yes, you will need a signer on your loan if you don't qualify. General qualifications. Your deal itself right now today needs a debt service coverage ratio of 1.25 or above. This basically means after you pay all your expenses, you can pay 1.25 times the mortgage amount that you are applying for. If that works, they're going to like the deal. Uh, you yourself need to have net worth equal to the loan that you're backing. So for Cody and I, when we first started, neither of us were millionaires. When we refinanced our 38-plex 11 months later, that was $3 million, which means Cody and I each had to be worth at least $1.5 million. We pulled that off. So if you're doing the math here, we're worth a lot more than we were. You can bump your net worth a ton in real estate, by the way. Does not mean that you're rich. To be rich— because you can be paper rich. It's actually quite easy to be a multimillionaire in real estate. I know that sounds flippant for those who are not. It is pretty easy to hit multimillionaire status. That took me about, again, less than 11 months. However, to be rich, you have to hold cash and have cash flow and have equity in real estate. Equity in real estate's a lot easier to build than people think. Holding it is a lot harder than people think. A lot of people become multimillionaires and then lose it all. So, uh, quick piece of advice for you: you may be rich on paper, but you're not rich until you hold all of the income and the cash and the real estate at the same time. And that is a much harder feat. You will— congrats on 100K, by the way. Super cool. It— I am not like a super— what am I saying? I am super competitive. I wanted that darn plaque, and I am really excited that we finally hit that. That should arrive at my house on, uh, you know, I'll do an unboxing for everyone. Um, but yeah, we finally had $100,000. I think we're at $102,000 something. So thank you everyone for supporting this channel. It means a lot to me. Was taking on all the debt scary? Wow, for the 20 of you who are left, this is like the best question you could ask. Yes, until it wasn't. It was scary— well, it wasn't scary when I could earn my way through it. My first 2 duplexes Um, I worked my way up a sales career where I actually had pretty high income. So when my income was high enough, if both my tenants in both duplexes left, so all 4 tenants leave, I could still afford to float the debt. That would work. So I wasn't scared because I could afford worst-case scenario. When we bought the 38, that was scary until we got used to it, because if that went underwater, that was a $2 million purchase. I could not afford to float the mortgage on a $2 million building and my duplexes and my house. I couldn't out-earn that debt. That was a jumping off point for me where it's like, okay, we're in the big kid pool now. This business does in fact have to work. There's no safety net. But everything after that, I bought hundreds of units seller financed and conventionally. I bought hundreds of multifamily units. It's not scary anymore. They're just deals. I couldn't afford to work through the $5 million of debt. I certainly can't afford to. I have over $20 million of debt now, uh, and over $30 million real estate. I would not be able to earn my way through that if everything tanks. There's no chance. I don't know how to go out and in cash earn $20 million. I, I don't— can't write that check. Mortgages would eat me alive. So I think once you surpass that point where you're like, okay, I know what I'm doing and I know how to run my business and we buy on the same principles— long-term cash flow and fixed rate debt, we know how to structure a deal, we know how to do this repeatedly— as long as you don't do anything incredibly stupid, like if I had bought that 112 I flew down here to buy, as long as you don't do anything incredibly stupid, it's not too scary. Steven, what's the plan on the refi? How much equity would I expect to give away to sign on a loan? It really depends on the deal. I, I, I, I— that answer feels like a cop-out, but it does depend on the deal. Uh, a deal with a ton of upside, I'm not going to give as much. On a deal where I'm doing a ton of work, I'm not going to give as much. On a deal where I'm bringing a lot of the experience and I've structured an amazing seller finance deal, that's value. That's like, I brought the deal and I structured most of the cash and I'm signing I just need an equity partner of at least 20% equity to sign on the bank loan. And that's usually what the bank requires. At least 20% is where you, they qualify as a signer. Put together that team. Um, a lot of mine, I'll actually give them more equity. So say I'll back it by 60%. So I'll come in 40%. I'll do all the work. I'll line up the bank, but on a bank deal, I'll take 40%. They'll take 60. But when I return all their money on the refi and they're in at $0 and I did all the work and I'm in at $0, I get $60,000 and they get $40,000. We've, we've flipped the equities where the money comes back. Uh, that's a really cool structure that I've added to my last two deals that's been, uh, I've really enjoyed. Have you lost properties before? No. Long-term cash flow and fixed rate debt is hard to lose. Not impossible, but it is hard. I have sold a few properties before, uh, at a Never for less than a 6-figure profit. So I guess if you count that as losing properties, I mean, I've sold them for money and then reinvested the money. But no, never lost a property. Never been in danger of losing a property. What makes your mentorship program different from the others who are seeking mentees in real estate? Okay, super quick. One, I coach the class. That's the biggest difference, hands down. Everyone else is trying to build a system or build passive income. So they get teams and they get past mentees teaching the class. And so it's a marketing game. I've actually had a few people on the podcast who I won't, uh, they're big names and I actually won't post their episode because that's what we found in the podcast. That's really what they are. They're just a marketer. They're not a, uh, they're not a real estate guy. So one, I coach the class. Two, I don't coach a bunch of other things. There's a bunch of programs that are like We'll teach you how to wholesale, flip, do a subject-to deal, buy single-family, buy multifamily. It's multifamily strategy. I can teach you how to seller finance anything. And we do have people who have taken the class and bought self-storage and have bought hospitality. That has happened. But my goal is to teach you how to functionally buy multifamily. And we will coach you until you buy multifamily that cash flows $1,000 a month. At least that's a guarantee. So what makes our course different is I care about this to a level where I will never offload this to another coach. You get me. I don't see a lot of coaches. There are some. I walked a deal with a mentee because I'm in Dallas. I drove a very long way to go walk that deal today that we went live on. That's just me in the field. I didn't get paid to do that. Didn't bill for it. I was in the area and I want to see this guy buy this building. And I think it's a good deal and I think his offer is going to make sense. We need to check one more thing before he writes that offer, but he's almost there. That is what the mentorship means to me. I'm not guaranteeing I'm going to fly out to you, by the way, but I will do that if I'm in the area. Let's meet up. Let's just go buy real estate. I don't teach anything else. I don't outsource anything. That's what makes us better. How do you get a cosigner? Give them 20% of the deal or more. And then they have to sign on a bank loan. That's just the rules for conventional. How did you learn to manage properties, tenants and stuff? Well, I learned it the hard way, as I have a habit of doing. Instead of finding a mentor, we, uh, we just started and we, uh, we got up Folio and then we set it up all wrong and software we use, uh, hired a team to set it up correctly for us. Then I spent the time learning how to do it on my business. This has been the hard way to learn, but I do every single piece multiple times. So the management, I've done. The actual contracting, I've done. Laying floors, done it. Electric, done it. Plumbing, done it. Do you have to do that? Even brokering, I was a broker for 2 years. Do you have to do that? No, that is a super inefficient way to do real estate. I am someone who had to learn that way because I am just too dumb and too stubborn to do it any other way. However, that is a large part of why we have multifamily strategy, is I actually did the stuff and we were hands-on. And my wife actually manages a crazy amount of contractors and rental projects. We actually do it, and so we learned by buying a bunch of properties and then having the problem of we don't know how to actually run these. Let's go learn how to play the game. Okay, final, final call for questions. I'm glad we've— I'm glad we've, we've hopped on, by the way, late night. You guys had a whole hour of stuff for us, which makes me very, very happy. Okay, I got it. Congrats on the dream home. Thank you very much. If you guys haven't seen it yet, I've shown a couple clips. You'll never get a full house tour of that because I don't want you to know where my kid lives in the layout of my house. I think that's really weird that people do that. However, I will show you some select rooms in my house, and they are really fun. I'm really grateful for the position that we're in. Let's see, we got— I'm going to start an LLC for my investment startup. Do you have any input or recommendations? Don't worry too much about the structure until you have a deal. If you have existing properties or you're under contract for them, go ahead and grab an LLC. If you don't, no point in having an LLC because you don't know who the partner is going to be, what the structure is going to be. Don't worry about the LLC until you have a property. Keep the deal in front of you. That's my biggest recommendation. Deal first, then figure out the rest. I wasted 8 years going really slow. I filed LLCs that I never used. That LLC strategy is really awesome, and I have saved so much money with good entity structure and with cost segregation studies and all sorts of crazy stuff. But you don't need it to buy real estate if you are in the buy phase. I don't know if you are, but if you were in the buy phase, like you're starting your journey, I would not hyperfocus on that piece yet. Just focus on buying. Just, just focus on buying the deal. When is your next mentor class? So I teach 3 times a week, Mondays, and I'll do this in Pacific time, even though I'm in Central right now. Mondays. 4 PM Pacific. Tuesdays, 4 PM Pacific. Thursdays, 10 AM Pacific. All calls are recorded, so if you miss one, that's fine, it will still live in the course. We have hundreds of hours. I think we just hit our 200th hour of recorded content of past mentorship lessons. I've only had one person watch all of them. Please don't do that. That is a long journey. But they're all named and you can go through all the topics that we've talked about there. So we go over Q&A in person, which I think is really powerful. We do deal deep dives where we actually analyze your deals on the call. We've had tons of deals found, funded, negotiated on that, which is amazing. We just had Dylan Martino in our Facebook group. He was a mentee for a long time. He's actually one of the few who had to extend. He's like, hey, I didn't find the deal in 6 months, but I'm sticking it out. He did close recently, like last week. But those deals were negotiated and talked about consistently on those calls. Thursday's structured lesson, those are awesome. And recorded by topic. So you can always come in and watch the recap if an AM call doesn't work for you. Are you ever scared going into a deal? No, but that's a personality thing. I don't get, I don't get scared on opportunities. I get excited. It's not that I don't ever have anxiety or something. I ever don't know what to do. I've had that happen multiple times on a resort deal. I'm not a good hospitality manager and it's not a good use of my time. When we're using our pieces and we're running the resort, uh, there's times we're like, oh, how are we going to do this? This is really frustrating. But it's more of an anxiety thing than it is fear. I don't think I've ever been afraid to do a deal, but I understand some people really do struggle with that. Sometimes it is really scary to deal. Is there a way to pre-screen Section 8 tenants, uh, from a government website? No, this should be when they apply to you. I don't think you can— at least I haven't seen it in my areas. There are different portals and different ways that different Section 8s work, but generally speaking, no, usually no. Christian Osgood looking for an attorney in Texas to draw me up a contract. Have any recommendations? I do, I do. Um, out of Stephenville, Texas, the Allen Firm. I really like them. I think I'm good to refer them because they have one Been fantastic and the turnaround time is amazing. But two, they've been doing a bunch of marketing lately that's been hitting my inbox for more business. So I believe they're still taking on clients. Allen Firm is fantastic in Texas. We did it. Got through all the questions. We're an hour in. It's late. It's 11 o'clock here in Texas. I'm going to go ahead and call it a day because believe it or not, I think I'm getting cold. So Jake Martin, if you're still on, I'm sorry, buddy. I hope you don't get sick because I think I might be getting sick. Uh, but we made it through. Audio worked, guys. I appreciate you. If you haven't yet, please like and subscribe to this channel. We finally hit 100,000 subs and it blows my mind. I'm super grateful. Uh, if you haven't yet, uh, watch the free webinar, um, on how we do this. You have more questions on like what is the actual structure of how one would do these seller finance deals, um, the 17 minutes is on my Instagram. Uh, check that out. And other than that, you guys are invited to hang out, like, follow, subscribe. We'll see you all on the next episode.