Mastering Seller Finance Negotiations in 2026

Hello and welcome to another episode of Multifamily Strategy Live. I'm getting my Instagram camera set up here in real time, so if you're like, why is Christian off-center, uh, I apologize for that. I am getting live there in 3, 2, 1. We are now live everywhere, and welcome officially to the channel. We are going live talking creative finance negotiations today, one of my favorite topics of all time, and I've noticed it looks different in 2026 than it has in the past. So this is going to be particularly fun for me, uh, to do today's episode. Here's what I am seeing right now. For context, if you're new to the channel and it's the first time that you are watching, uh, whether it be on Instagram, YouTube, Facebook, uh, Kick, StreamYard, wherever, wherever we're streaming out to and wherever you're watching, um, if you are, uh, new to the channel, I have a little over 600 rentals today. So I have done this before that I'm not brand new to the space. And I own a PM company in Texas. I've owned and sold one in Washington State. I've done seller finance for a while. In fact, bought a $4.5 million seller finance resort in Washington State about 3, 3.5 years ago. When you are putting together negotiations today, it looks a little bit different. Interest rates are in a different place, sellers are in a different place, the market's in a different place than it was when I originally started. So how does it look today for you? That's what I hope to answer. On today's video. Most important piece of context in Multifamily Strategy, the mentorship group, I've actually coached hundreds and hundreds and hundreds of investors. And so I actually see their deals as well as these. I see the negotiations and I see the things that you may or may not be stuck on. So, uh, we'll dive right on in. Get that camera a little bit better facing there on the side. Sorry there for those watching, uh, vertically. All right, so when you are doing seller finance negotiations, the most important thing— and I've mentioned this on a previous live, but this is an important framework here— you are solving a problem for them, them being the current owner of the property. You are not solving a problem for you. So your actual proposal has to be framed in a way that solves a problem for them. It could be solving for price, it could be for longevity, it could be getting a certain condition met for the deal. But you never propose seller financing as your opening. It is like putting a sticker on your head saying, hello, my name is Christian, I'm broke, and I need you to do something for me to buy the property. That is not super enticing. And I will tell you, as someone who has sold property seller financed multiple times, selling a property to a less qualified buyer with no experience who doesn't have the money to buy the property, not really inspiring to lend on a seller finance note. That's not something that I have a ton of interest in doing. So if you're trying to put this together, uh, first and foremost, negotiate the deal as a deal. Don't worry about the financing when you're starting. That's not the main point. We're not trying to win the perfect financing. We're just trying to get the deal going. Uh, so that is number one and most important. After that, here's what I'm seeing right now in the market. Interest rates have been up enough where it's not actually usually priced— that's the huge problem. You're typically solving a different issue and it's usually with the positioning of the property. So here's where I'm seeing your highest odds of success. If you want to get a deal where it's potential for seller financing, rents are way too low. You have a plan to increase them. We're using seller financing. Let's say we get 5 to 7 year debt. We're using it as a bridge to fix the property, fix the performance, and get it into bank debt. So what you're really looking for is a way to get awesome terms. You get a property that, let's say, rents are $1,000 in your market and the property's rented at $600 per month. A bank is not going to like those terms at market price. You come in somewhere that's a reasonable price, but you get excellent terms and you get long-term fixed rate debt. So we're going to call that like ideally 7+ years. I can put together a game plan to bridge the property between where it's at today and to get it conventionally bank financable. In fact, this is what I usually win on. So with the Robin Hood Village Resort underperforming for where it needed to be, needed a better operation plan. That's exactly what we did. The 25-unit Stephenville, Texas got 5-year debt, 5% interest, and it started as interest only, then it amortizes over time, but got a great debt product, got decent loan terms, allowed me to buy a property massively underrented. Get the management structure in there, get the rents up. And we're able to repeat this again and again and again on multiple deals. Most recently, I just closed 80 units in Abilene, Texas. Property is gorgeous. It's actually the nicest looking property that I currently own. The seller financing came into play because there was, it wasn't because of the price, it wasn't because of the terms, it wasn't because of me as the buyer. We talked seller financing just because it happened to be a LIHTC property. And to transfer the property with the state regulations, it was actually easier for them to seller finance us, the LLC, and give us more time to work through all the different regulations in the state of Texas. So again, we're solving a problem for them. What was their problem? We want to sell the property quickly with the least amount of headache. How do we do this? Seller financing allows us to close in a different way than we would have had to if we went through the bank. They would have had to have us get different set of permissions that take much, much, much longer from the the state, but the illustration here is you're usually winning on solving a structural problem. And this is the best way to find a deal. Now, the other thing you do is an actual building that's beat up. So last year I bought a 9-plex in Central Washington. It needed plumbing work. It needed electric work. It was 3 commercial units. So like commercial retail on the ground floor, downtown Ephrata, Washington, 6 units up above. Winning on deals like that is going to look the exact same in '26 as it did in 2025. That deal came together because we had a building that a bank would not lend on conventionally. We came up with a game plan for low interest and deferred payments, so no payments at all for 6 months. We finish all the renovation, we fix up the building, we go ahead and start getting it leased, and then we go into— start making monthly payments. We have a few years to pay off the note. These simple, simple structures though allow you to buy a ton of real estate with honestly pretty minimal effort. If you propose these correctly or you solve these problems, that's where you're going to win most of the time. We're still in a buyer's market, but it's going to continue slowly warming up, most likely, which means for you, negotiating is going to be— for creative finance is going to be a deal that has something beyond just negotiating price. Right now is a pretty balanced market. You can do okay on price. And there's still great deals to be had out there. But if you can get creative finance to solve a problem for the seller, be it their bookkeeping, be it the low rents, be it the physical condition of the property, that is the type of value-add real estate where you can get in ridiculously low down, negotiate the best possible terms, and you can do it again and again and again. It's an extremely consistent way to do it, which I think is extremely important. By the way, we will open this up to questions. So for those who are watching, if you have questions, always ask here on the chat and I'll go ahead and post it. Or if you are watching on any other platform, I will also see your comments here. I have a different setup than I usually have, which will allow me to see more comments easier. So not platform-specific anymore. Whatever works best for you, go ahead and let me know. But yeah, creative finance right now, that's kind of the state of creative finance. If you're wondering what the normal terms are, and granted, it's creative, right? So there's no technical normal, but what are we seeing in today's market? When you're negotiating, I'm seeing a lot of 5% interest still get accepted if you are actually solving a problem. So you're putting together a deal that actually makes sense. You're letting the seller get a reasonable price for their property, uh, in exchange for the terms. If you're putting together a deal like this, typically I'm seeing a lot of 5% and 6% interest. Um, I've seen a few go through at 7% interest only. That's not completely uncommon. So you're going to see a variety of different loan terms, but I've seen pretty consistently on your creative finance deals, most accepted deals are looking at 5 to 10-year debt, and you do want to do that fixed rate. 5 to 6% interest only seem to be the most common in today's market. If you negotiate that, perfect. Average down payment I've been seeing out of the last 10 deals done in Multifamily Strategy, just in the mentorship group, Uh, it's typically around 15% down. You're getting better than bank, but not way better. I haven't seen a lot of 5% and 10% down recently. I've noticed that in exchange for the market warming up a little bit, sellers are comfortable asking for a little more down payment, uh, but not, not too much. Now I can't, I can't announce all the details yet until it's negotiated, but I'm actually looking at, uh, seller financing, a big deal. And so I'll keep you guys posted on that particular adventure. But even when I'm looking at seller financing, I'm looking at allowing someone to buy something for me. Relatively low down and relatively long term. It solves a legitimate problem for me, which is— I will give everyone a hint— it happens to be a building that is in Washington State. And as I am decreasing my holdings in Washington and continuing to invest in Texas, I am finding that creative finance has been a great way for myself personally to start to reposition my portfolio. So it could be something you guys see a lot more of too in states that are becoming increasingly landlord unfriendly. If you happen to be in New York, Oregon, California, a lot of these states that are just— it's not fun to be a landlord anymore. If you don't live in the state or you left because, you know, your state hates you, it might make some sense to, uh, they'll get— okay, is there a creative exit for me? Um, I still love a lot about Washington State, but I'm just absolutely against, uh, how they're, how they're treating anyone who provides jobs in the state. So I don't really want to contribute too much to their economy anymore. So I'm starting to sunset a lot of things out there, uh, slowly and steadily over time. But yeah, that's the, that is the state of Creative Finance right now. If you are looking to win, 9 times out of 10 you are looking to come in with a price win. You never want to overpay for a property, but you can give a little bit more on price. You can give a little bit more interest than we've seen in the past, but still 5-6% interest only. And, um, yeah. Oh, I actually have a comment that I'm really excited about. We miss Cody. I love Mr. Cody Davis. Uh, we will see him again on the podcast here very soon. Cody will be joining me on the channel. Uh, we're actually recording together this Friday, so you will be seeing more of Cody and I I will also be up in Washington on a potential interesting project with Mr. Davis. So you will be seeing him on the channel again soon, multiple times. He's actually working on some cool projects, which I will give you guys the updates on because this is really exciting. So Cody has had— this is a, this is a difference in the way that we run our portfolio. So I'll always be transparent around this. When the way Cody runs his portfolio, he's stayed in Central Washington, he stayed heavily invested in there. He actually moved to Central Washington. He bought a lot of older buildings where I moved to Texas and a lot of the buildings that I buy are built in the last 10 to 20 years. Cody had a lot of buildings that have had a lot of really expensive maintenance as that's the right, that age where a lot of things are falling apart. Uh, to counteract that, Cody started building. And so Cody's, uh, and you can still see it. He's still on YouTube. I think it's, uh, he recently posted a video there. I think I have to remember what it is, but I believe his channel is called Cody Doing Cody Things or just Cody Davis. But check him out on YouTube. He's now building. So they recently poured foundation at his recent construction project. And so different, different strategies. I went towards continuing to do creative and conventional finance, buying larger, newer deals with higher cash flow. Cody has offset some of his older buildings by building brand new ground up. Both are really exciting. Both have different risk profiles. But yeah, follow the adventure for Cody. Always happy to endorse him on this channel. And Cody and I still do a lot of projects together. Uh, but yeah, really excited to bring him back to the channel. As another fun fact, uh, the mentorship group, Multifamily Strategy, uh, Cody is actually on staff. So while I bought the company from him years ago, uh, he came back on, uh, 6-ish months ago and is, uh, he actually runs our West Coast group. So you, if you happen to be a West Coast investor and you are, uh, you're like, hey, I'm looking for a community, I'm looking for people who are actively doing the thing that I want to do. Cody is on staff and, uh, he's actually our regional mentor, uh, for the West Coast. He comes on every single Tuesday weighing in on deals, deal structure, and actually helps us on Deal Deep Dive Day, which is really exciting. But I appreciate the feedback. I, I loved doing the channel with Cody, and I really liked the way the two of us are able to play off each other. Cody is a very, very direct individual. I like to elaborate and give actual, you know, I like to give the examples and the story behind how things work and why they work. Cody is just so good at just stating very factually, "Well, this is what I would do." The direct Codiness compared with the way that I like to coach, I always thought was a really fun addition to the channel. So I appreciate the feedback. And we do hope to have more Cody consistently, but it is on the schedule. So you'll be seeing more of us soon. Let's see here from Oscar. What are the industry standard formulas I need to verify that a property cash flows meets 1.25 debt service coverage, or is worth investing in? Honestly, if you want to— let me boil it down simpler than I've ever done it on the channel. The simplest way to evaluate a deal, start with that 1.25 DSCR. If you are, because it takes into account net operating income and your mortgage expense, if you are at a 1.25 DSCR and there's not a crazy high risk of tenants moving out or major renovation, you will cash flow very likely if you just hit that. If you did all of your analysis, you're like, hey, I'm at, at or above a 1.25 DSCR, probably cash flowing. All you have to do from there is your exit math. Uh, free calculator, by the way, on Skool. S-K-O-O-L. We charge you nothing. I ask you for nothing. So if you want to just download the calculator there, um, it will do two things. One, you'll check your intro math. You'll put in your inputs and it'll tell you what's the DSCR, what's the cash flow, all the good stuff. The second thing we do is your exit. So this is when you are leaving the partnership or buying partners out, when you are refinancing the property or exiting your current debt or otherwise changing your structure. That is the exit. So if I plan to buy partners out at year 5, I'm doing the math at year 5. So I'll look at year 5 and say, okay, what is the deal looking like at this time? And do I have enough money out of either the cash-out refinance or the existing cash flow to offer my investors a return and still pay myself? That's it. All we're looking at is do we cash flow day 1? And do we make enough money in whatever our period is with investors or with this debt product to be able to hold the property forever. This goes back to Cody and my original principle when we started this channel. How do you buy it? How do you never lose it? You buy it based on cash flow. You never lose it also based on cash flow. But if you're raising capital, you also have to bring in enough money to offer a return to your partners. If you can do just those two things, two checks, I can own it and I can hold it forever. If you do those two things and it pays you to do so, every time you close on any property ever, you get a raise. Period. That's how it works. What is the best way to remove squatters in Texas? Well, let me tell you, it's a lot easier than Washington State. If I'm trying to remove squatters in Texas, you're going to go through the simple legal route. It doesn't cost that much, a few hundred bucks. Uh, you're going, but the first thing you want to do is you want to post notice as soon as the rent is late. So the way I do it, uh, whole portfolio, and right now I have like 450-ish rentals specifically in Texas. Uh, maybe a little bit more than that now. I'll go back and do the math and get an exact number. What you do is you actually go, um, you, you post the notice. So I get a delinquency report for every property. Um, I make sure that I haven't already worked out some of the tenants. So the first thing that we do is we call the tenants immediately when they're late. We give them a call. Hey, notice has come in. Want to make sure everything's okay. I want to give everyone a chance to work with them. I don't want to evict people and I don't like evicting people. I like working with people and we've had many instances where they need a little bit of assistance or a little bit of time and we can work with you. If you don't communicate with us imminently, I mean, we're not waiting forever. Within a few days, if you haven't reached out, we haven't been able to connect with you, you're going to get notice posted. We start the eviction process, file with the county, schedule a date. Half the time, maybe generously, they actually show up. The other times we just automatically get the writ of possession, get them out of there. Uh, but Texas is quite easy. It's one of the easier states to go through the eviction process. And again, we don't like doing it. Um, many times someone has some economic hardship, we put— we work with them on a payment plan where I think we're pretty generous on what we do. And as long as they stick to the payment plan or, you know, close to it, they're welcome to stay. If they negotiate a payment plan and immediately just don't pay it, then you don't do the second, third, fourth, fifth chance thing. Work with people, be kind, uh, don't be nice. Nice kills your business. Kind— everyone should be kind. You'll go a lot farther and your tenants will like working with you and you'll have less evictions and less people moving out. Ultimately, if you work with people, your tenants aren't going to be scared to communicate with you if they need help. And sometimes people need help, and that's fine. Your tenants are your clients. Treat them like your clients. Ken— this is Ken McElroy, uh, says he doesn't see rent increases for the next 1 to 2 years. Ken says, uh, focus on not losing tenants by keeping Tenant rents slightly below market rents. I like this, and I have a caveat to this. Are you experiencing this with your market? Uh, in my markets, I'm not experiencing that. Abilene, Texas is one of the most housing-suppressed markets in the country. Huge demand, steady population growth, median income is going up. Rent has skyrocketed and is still skyrocketing in Abilene, Texas. It's a bit of an isolated market though. It doesn't behave like the rest of the markets right now in the US. It's a particularly good market to be invested in. Stephenville, Texas is still seeing a lot of growth with the university. I have varying thoughts on how university— universities are going to look as an investment model moving forward. I do have some concerns. I think with AI long-term, it may affect college enrollment unless we— colleges make a pretty notable shift. But right now, Stephenville, And, uh, Stephenville and Abilene in Texas doing really strong as markets. Uh, markets that aren't seeing that rent growth, uh, Central Washington, we're not seeing rent growth. They were pretty stagnant, maybe a slight pullback actually in rents. Um, and there's a little bit less demand. So it's gonna— nationally, I would agree with Ken. Um, and always, um, the 95-95 rule. This is a rule that I have for my entire portfolio. Um, I didn't write it to be catchy. It just happens to be really easy to remember. It's just one of those things. 95% occupancy at all times, 95% of market rent. We never want to be 100/100. If you are 100% occupied at 100% of what you think market rent is, you're exposed to competition that your tenants can leave and find something less expensive. Uh, you're, you're just at market. You're average. You need to be better than average. If you're fully occupied, it means you could have been charging more rents. Just realistically, you're never 100%. If you're 100% occupied, you're not 100% of market rent. There's no way. So 95%, 95%. I want to stay on average close to fully occupied, basically occupied all the time, but natural turnover, 95% of market. If we are slightly better as a unit, and this is the gold standard, it is not about creating the best housing that you can for all of your tenants. Why? Because that costs a lot of money, which has to translate to rents. You don't want to have Class A, most expensive rents. It's the most risky place to be. You want to be better than the competition in the market. So better than what your tenants expect at a slightly lower price, and you will never lose tenants because why would they move out if they're paying less for more? So slightly better means if everyone in the market has the same countertops, the same windows, the same flooring, that's when you look at like, okay, well, let's look at granite countertops. If you had nicer countertops and you paid 5% less in rent, Would you be more likely to stay here than to go for cheap LVP countertops that everyone else has and pay 5% more? No. Being a little bit better at all times at a little bit cheaper is the gold standard. Ken is right on with that. I call it the 95/95 method, uh, but Ken does everything pretty much the exact same way. I happen to have the catchier branding for it though. Just throwing that out there. 95/95, stupidly easy to remember. Speaking of Doing Cody Things, who we just brought up, Doing Cody Things is in the chat. So you can also ask Doing Cody Things a question because he is here. And if I was on my laptop, I would shoot him an invite and I would just have him magically appear in this live. But, uh, he can answer, uh, questions in the chat. Um, but yeah, Cody will be on the, uh, back on the pod, and I will be back in Washington for most of next month. So I'll definitely be seeing Cody, and we'll, uh, We'll join each other yet again on the, uh, on the channel. So, Oscar, I invest in McAllen and Edinburg, Texas. Uh, Caleb started in McAllen, Texas, actually. This is his first investment. So, love McAllen. Should I follow Ken's advice and keep rents just below— yes, yes you should— or focus on finding assets where the rents are under market and I can raise them without lifting a hammer? I would not limit yourself. This is a great question, by the way. I would not limit yourself to, I'm going to do deals where I don't have to lift a hammer. If you find a deal where it does require some renovation and it's a fantastic deal, you should probably do that. If it's heavy reno and you have no experience, I probably wouldn't do that without finding a partner or a mentor who's done a lot of it. And I'm not saying you have to be mentored by me by any means. I'm just saying I wouldn't go into a heavy reno project unexperienced. Uh, Cody can vouch for me on this. Uh, we have done that, and it is expensive to not know what you're doing. When you talk about stupid tax, Cody and I paid an unbelievable amount of stupid tax early in our career doing exactly that. Um, that being said, I wouldn't focus on just finding assets where rents are under market, uh, where you don't have to lift a hammer. I would just look at what are the opportunities, are they interested, and do you have a reasonable chance of being able to successfully complete them. And by the way, Cody's, uh, Cody's backing me up on this. Don't be dumb. Um, and I agree with that. Don't do projects that you have no business doing with no real business plan. We, uh, we did that with, uh, something called the Robin Hood Builder Resort, and it was hard, and I barely survived it. Um, that being said, focus on the opportunity. Your opportunities, as I mentioned the beginning of this video, The ones that really have the highest odds of creative finance are gonna be the ones where you're solving one of those problems. Either there's a maintenance problem that you need to fix, which you absolutely can do, and someone could be really fun, or there's just a management program— problem. The bookkeeping's bad or the rents are just way too low. Any of those are great targets. All of them should be run at that 95/95 rule though. So yeah, I would say the answer to your question is yes and. I wouldn't say it's one or the other, it's do both. Find projects that are not at 95/95, get them there. That usually generates some upside. And with that upside, buy out partners. That goes into the how do you own it, how do you never lose it. If you can answer both questions, especially in those markets, McAllen's really strong, you should probably buy the deal. Do you recommend seller financing? I do. Seller financing is awesome. I do not recommend getting married to any strategy. It's actually been a huge project over the past several years. I branded really hard and I really advertised really hard for like creative finance is the way to go. Creative real estate is awesome. It doesn't have to be the financing though. You never limit yourself to one model. And I've said this, I am, again, I'm not calling out anyone in specific, but it's going to sound like I am. Subject to, and it's not just one guy. A lot of people have tried to make that, I'm looking for things subject to. Or I will call out BiggerPockets specifically. They, they just scream from the rooftops, house hack and BRRRR method. These are all in on just these strategies. They're all great strategies used correctly. Very specifically, if you only look for deals that fit that exact strategy, you're not going to find many deals. And so what happens with a lot of these investors in those groups where they're like, hey, we do the one thing and this one trick is what we look for. Is they don't own a lot of real estate. Most of the time, people who do try to only do the BRRRR method, they don't buy much. Typically, if you only try to buy things subject to, you end up with a portfolio with a few properties and no equity. And then we've seen this again and again and again and again. So if you guys want to debate me on it, fine, but you'll, you'll lose. There are too many examples. Uh, very few people get a large portfolio on niche strategies, and you don't reach financial freedom. And they have their own strengths and weaknesses. So if you do all one strategy, you get all the associated weaknesses. So not a huge fan of doing that. Um, but do I recommend seller financing in general? Absolutely. That's a tool that I think you have to have in your arsenal. Here's why I love seller financing. You get to negotiate the price, loan terms, interest rate, special clauses. Everything is custom and there's no qualification. You don't need the credit checks, the experience that you You are accepted for your financial terms when you sign for the deal. The second you're under contract, you have a yes. You are now approved. Congratulations. You're off to the races. By the way, Cody, it's great having you on the channel here because, uh, the comments coming— you're— Cody's been a big inspiration for a lot of people. It's actually the one thing that I can't bring to this channel no matter how much I try. Uh, Cody's a lot younger than me. I will never be the young guy in real estate. I'm the guy who moved to Texas. I've retired my wife. I got to do a lot of fun things. Uh, Cody was a big inspiration for me, and so, uh, shout out to Cody since he's on the channel, and I think he's— I think he's still in the chat. Really appreciate what Cody did at a young age. I did the college Dave Ramsey method, save, save, get married, start your career. I had an 8-year sales career. What happened for me is I was actually on— it was one of, uh, Cody and I had a mutual boss, and that boss did a dinner cruise. So his boss was a client of mine. Cody was the 19-year-old who had 24 units, and when him and I partnered, he was the 20-year-old who had 30 units. My goal of going to college, of getting the job, all of it, was to get to 30 units by 30, and Cody got there by 20. Without any of the steps. It was a huge inspiration for me. That is why we partnered, and I think we brought a lot to each other over the years. But, uh, that was a really fun— it was a really fun adventure for me, and I just wanted to give some credibility to that as well. Um, Cody's a big inspiration for me too. Like, I would not be— this channel wouldn't be where it is, Multifamily Strategy wouldn't be where it is if 19-year-old Cody didn't negotiate a seller finance deal. And I also want to point out his next deal was seller financed, and then his third deal was seller financed, and his fourth deal was seller financed, which he did with me. Our fifth deal together was seller financed in Seattle. That one I found negotiated funds. So that's when I proved, hey, I can do the thing too, which grew the community. Our third one we did together— or sorry, our third deal together, so deal number 6 for Cody. Was a, uh, was the side-by-side-by-side duplexes, uh, seller financed. Then we bought two sets of triplexes in different places in Moses Lake, seller financed. We bought a 10-plex, seller financed. We bought the Robin Hood Village Resort, seller financed. We bought a white house next door the Robin Hood Village Resort. And let me see, the financing on that was, you guessed it, seller finance. So should you learn seller finance? Yes. Today, 20 or 21, I have to go back and count them again, of my 32 deals have been seller financed. You need to know how to do deals conventionally, and it's not hard to know how to do. You need to learn how to do it so that you can pitch it and present it. But sometimes conventional finance isn't the solution, and that's when you pivot to creative. And a lot of the deals, especially when you're new, they will come together. I would say if you're brand new and you're starting with less money, 66% chance that your next deal is going to be seller financed, more likely than not. That being said, evaluate every deal based on conventional financing. It has to work there, and then negotiate the seller or the creative pieces to make it even better. Best practice. How many units do you all have now? Oh, this is actually a really good comparison, actually. And then I do see the questions on Instagram, so I will dive over to Instagram. So if you're there and you're waiting for a question to be answered, don't leave just yet. I'll answer those too. But how many units do we all have? I need to go back and get the exact count because I closed a bunch of units and I sold a few smaller buildings. I'm just north of 600 rentals right now after I closed 144 in December. And the 81-unit, uh, last month. So with those 2 closes, I'm just north, like barely north of 600 units, um, or barely south of 600 units. I don't know how to count the Robin Hood Village Resort. There's 18 cabins. I'm counting that in my unit count, so it's up to you. I, I don't want to mislead anyone. So if you're like, how many actual multifamily literal units do you have? Just under 600. If you want to count the fact that I have 16 cabins and say, yeah, those count, then up to you. Also in that unit count, I'm counting the 4 commercial spaces that I have in my portfolio that come with the multifamily. I'm calling those units. So full transparency, that is my exact portfolio. Depending on how you personally want to view it, I'm just north of 600 or just south of 600 units. Cody, can verify, but he's right around 100. Uh, last I checked, he had 80-something without partners, and then he's doing some more with partners. He's also partnered in his construction venture. So, um, be really fun to, uh, we'll actually go into this on the episode I'm filming on Friday, um, and it should come out, that episode should come out in about 2 weeks. Um, I actually just today interviewed, uh, if you guys have ever heard of Rent Ready, the founder of Rent Ready, uh, one of my favorite podcast episodes ever on the Owner Meeting Podcast. Um, stay tuned for that. That will drop this Friday, and then Cody should drop right after that. Yeah, Cody's a little over 80. The difference between Cody and I— this is, it is a— I say this often on the channel, I'll say it again. Matt Hawkins, Dion McNeely, Michael Zuber, guys who have been on this channel very often, they don't partner. Cody has more rentals without partners than I do by a lot. I own the Robin Hood Village Resort without any partners. I own my personal residence without any partners. Everything else I have is partnered, and I just did the weighted amount that I own. I own on average 33— almost exactly, it's like 32 point something percent of the portfolio. So if you're looking holistically at my holdings Robinhood aside, which I own all of, I own on average about a 33% equity stake in about 600 units. So you can take that, you know, again, transparency is really important to me. I don't want to come off as like I have 600 units and I'm the only guy. I have a lot more partners, a lot more partners than Cody does. Cody has a majority of his units. I believe it's 80, 90-something of them are owned with him and his wife, which is an awesome place to be. So different strategies, different unit counts. Um, both of us are successful. We're worth mentioning. Let me get to the Instagram, uh, Instagram questions here really quick because there are a few. One of them just says, what's up, man? Uh, lots of stuff, lots of stuff. Buying, buying deals, closing properties, having fun doing so. Uh, let's see here from Keon Morrison. Can you go over how you acquire apartment complexes with no money down? There's a bunch of ways to do it. Um, I'll occasionally host a webinar on this on Wednesdays. It won't be this Wednesday, probably won't be next Wednesday either, um, that we're doing a bunch of cool projects and multifamily strategy that are not allowing me to do so. Uh, that being said, main ways to do it: seller financing. Occasionally I've done 100% seller financing. It's not that common. You could get it, but it's a bit of a unicorn. No down more often is a blend of debt and equity. So if I do say seller financed 15% down, and because Cody and I did this with our first deal, 38 units, we need $300,000. We don't have $300,000. So I have to do the deal no money down. 3 investors come in $100,000 each. So now I've creatively structured the LLC and the partners, we've aligned it with a debt product that was low down 15%. Lowdown. $300,000 to buy $2 million of real estate. Good deal. But the blend of debt and equity is how you always do it. Sometimes 100% of financing, uh, rarely, but sometimes it can be 100% capital raise. You could just have an amazing price and just raise the money to buy it in cash, which I've only done once, but I have done before where we bought it, um, in cash without debt. But usually it's going to be just a blend of who owns it. How much money does the deal make and how's that money going to be divvied up? Tons of different models though. Uh, you guys, you can see many of them on the YouTube channel. If you see me hosting a webinar, I always go over the different models. This could be creative finance, creative equity structures, and you can do the equity structures with the bank. So if you don't get creative finance, you can still raise capital for a great deal. This is true, and this is the last thing I'll say on it. It is always easy to bring money Like there's other people in your market who also want to make money in real estate. The thing that everyone's looking for is the opportunity, right? Like, who's like, oh yeah, well, I'd be able to do this too if I could just find the right deal. Yeah, same with every other investor. So if you have the opportunity, the money will come to the deal just because you are not the only person looking for a deal in your market. I promise you, uh, bro, what's the net worth of the 600 units? I just calculated this with my CPA. I don't, I'm not gonna drop the exact, exact, exact number. I apologize, guys. It was like, so I have to separate out the businesses. Multifamily strategy actually, you know, is a, it's an actual company. It has value, which I will not disclose. I have the PM company, which I have to eliminate out, which I just got appraised. So I know exactly what that's worth. It's about, It's north of $5 million. It's more than $5, less than $10. As far as millions of dollars of equity, some of the projects actually have a pretty high equity, pretty low debt load. But in 5 years, I started with a net worth because of my house, vehicles, like a full net worth. When I bought the 38-plex, I had a net worth of just under $500,000. So in 5 years, we've about 10x net worth. Through real estate, and then it'll be significantly more than that if you count the other companies as well. But that's what, uh, that's what a 32.7-ish percent equity stake in 600 units with 5 years of seasoning on the earlier ones— that's, that's what it's all amounted to. I also love that, like, one of the early comments was, we miss Cody, and then Cody's just in the chat. That's super fun. Thanks for doing that, man. Heavy reno can be dumb, expensive. There you go. Yes, I agree with that. I agree with that. A heavy renovation is not typically something I would recommend until you have more rentals, you're more established in your market. If you can be really established in your market Uh, but you tend to do a lot better. Just typically, if you're— if you, you know what you're doing, you've already had the bad contractors, good— you've, as we say on the channel, if you've already paid the stupid tax for being new, it's a lot easier to do the heavy reno. I would never recommend someone start in heavy, heavy reno unless you already have the experience, you are a contractor, you're extremely handy. And I've had many mentees do that. They're like, hey, I'm I'm stupidly good with maintenance and repair and I already have the skills, then absolutely go for it. But, um, yeah, I agree, there's more ways to make money than just I found a beat-up property. That whole worst property in the best neighborhood thing is stupid. Buy the best property you can that makes the most money. Who cares if it's the worst property in the best neighborhood? That's a— it's a horrible cliché. You and husband are just starting and invested a bit already. Do you believe— good, good, good, good. I have found that it is— the real estate will do a lot more consistently than any market. I just got— I don't know how you guys can weigh in on this if you want. I got absolutely blown up online because I posted— I'd reposted— actually, my friend Jesse Lee posted this, and then I did a repost of it because I thought it was interesting. If you invested $10,000 in Disney 10 years ago, today it would be worth $10,000. It went completely flat and people got super mad about this. Like, but what if you bought Nvidia? Uh, that actually kind of exaggerates my point. You have no control in the stock market. What I like about real estate is you can touch it, you can feel it. Uh, it will operate better if you are a better operator. Investing in real estate is consistent and that is why I love it as an asset class and why I think people should invest in real estate. Before they do other things like invest in the stock market and diversify and all this other— it's like, set your base in either a company that you own or a property that you own, but something that is real, something that is tangible, and something that you control. I, I— that'll be my main platform till the day I die. More people should do that. Also really like coding Christian's debt hammer interest-only strategy done right. Fun story, Um, do I have it in here? I don't. So I used to— I have a sword. If you guys are nerds like I am, it's Glamdring. It's Gandalf's sword. It is not the— is not Narsil, which is tattooed here. Um, but I happen to have a copy of it. A client gave it to me, and it's an epic sword. I had that sword in an office, and I remember the day that I got it, Cody and I were in the office and we were talking about the, uh, how to pay off debt. We were talking about the Dave Ramsey method versus the Rob Kiyosaki method. And ultimately, I think we have the same end goal. I want to own all of this without any debt. At some point, I will hit the exit of between trading around properties, partners, earned income, cash-out refinances. I'll buy out partners and pay down the debt. And there'll probably be a few buildings at some point that I sell and also pay off debt. But my end goal is to end with few to no partners, bunch of paid-off real estate. If I can end with— say, say I keep doing this for 10 years. If I end with 500 paid-off units, I, I don't know what I would spend that on. It's fantastic, and it's debt-free. I, I love the idea of being debt-free. What Cody and I didn't agree with, and still don't agree with, it's almost impossible to earn your way through financial— like, true financial freedom in a reasonable amount of time. I don't think the trade of 40 years of life to an employer, possibly more, is a palatable trade for stable financial freedom. And then we can get into all sorts of debates on how stable being an employee actually is, but over, especially with the age of AI and all the other stuff. But you get the point. That debt hammer is a, it's a really fun strategy. If you guys aren't familiar with the debt hammer, essentially you only buy cash flow, which is what we do. And you build, build, build over time. And as time goes on, government keeps printing money and your debt is worth less and your properties are worth more and the cash flow goes up and you continue to buy more and more deals. Instead of just infinitely paying yourself all that money, you take that money and you take a lot of it and you pay down the lowest note. And this is just like the big boy version of the Dave Ramsey snowball. You take the money, you pay off the lowest note. Well, now your cash flow went up. Which means you have more money to throw at the next note, and on and on and on until you're finally out of debt. It's the debt snowball, but you do it one mortgage at a time, and you do not slowly pay one down. You save in a side account, and when that side account has enough money, pay off the property. The reason that we do this is slowly paying off a note just means you have more risk on the property. If something bad happens to the property and all your money's tied up in it and it disappeared for some reason, uh, you just lost all the money. So you save in a side account you have a whole bunch of cash, which feels fantastic, by the way, highly recommend. And then when it's— the cash is great enough, pay off a note in its entirety. Feels fantastic, highly recommend. If you guys have ever even done something small like paid off a vehicle, how great does it feel to not have that little mortgage? Now imagine it on a full building and then do that again and again until you're out. But one of my favorite strategies, I Cody and I came up with that in the office at an old employer with that sword in the background. I still have that sword in my house. I think about it. I think about those days often whenever I, whenever I move that sword somewhere else in my house, which my son has now decided that he is very excited about. So that is now in hiding. All right, that clears our questions, which is fantastic, guys. Super fun, as every Wednesday. Really enjoy getting to do this with you. You. So thank you for being around, asking the questions, participating in the videos. This is my favorite part of every week is hanging out with the mentees and hanging out with you guys live here on YouTube. So if you are unaware, we do this every single Wednesday. So mark your calendars. And if you want more people and more questions on the channel, you're gonna have to like the video when I'm live. It's not my fault. It's Instagram or whatever, YouTube's fault. Same with Instagram. So You will get in what you put in, or get out what you put in, I think is the correct way to say that. So thank you for your participation today. Thank you, Cody, for joining us. The rest of you, I will see you next Wednesday.