Pitching bigger investors and scaling your business - Multifamily Live!

Better, more better.

There we go. Hello and welcome back. We are live yet again, YouTube. I am Christian, this is Cody, and welcome to Multifamily Strategy. Today we are talking about, uh, for our subject of the day, it's going to be about scaling to bigger and bigger connections. We met with some bigger owners recently, we've had some changes in our portfolio, but we're going to talk about a few of those topics. In the meantime, feel free to start posting your questions to the chat. That's why we have the topic of the day, as we give you time to ask your questions, and we'll spend the rest of the time, uh, going over what you guys want us to go over. So recently we have been working on the 3, uh, core resource pools in real estate, which is the equity, the cash flow, and your actual cash reserves. Because liquidity does matter, even though we rarely have cash. You need to have the ability to touch some cash of your own, especially if you want to buy a house like I do in Texas.

Yeah, you do need money.

At some point you will need, uh, actual money, and it can't just be just like, oh, cash flow next month. You need to have something in reserve. We don't like selling real estate, but in an interest market like this, it's really hard to pull money back out of real estate because you have your equity. And if the cost of debt's gone up, it's harder to pull out that equity, even if you have a high net worth, which we have put together multiple millions in net worth through real estate in the last 2 years. So we've partnered with some owners who we've been associated with for a while. That's been a 3-year relationship for Cody on some of these guys and multiple years for me of building these businesses, being very public about what we're doing and telling our story. One person made the decision to bring in a partner and buy into just less than 50% of one of our LLCs. Now, while we don't like selling real estate, we do like to own everything. This is a strategy that we've employed to free up hundreds of thousands of dollars to, one, have an excess of all of our upcoming obligations, that we have the liquidity that we need to move forward without worrying about any upcoming debts. And two, it gives us some flexibility in how we want to adjust our portfolio and finish existing projects. We renovated almost everything, but we have one or two LLCs that need just a little bit more love, and it gives us the cash that we need to progress in our business.

So what we did is on one of our buildings, actually one of the first buildings we ever bought together, We sold out just shy of 50% of that LLC at a slight discount. We've talked about resource management in the past. When you need another resource, sometimes you have to overdeliver on some of the others. So we gave up a little extra equity to get cash, but we got a multi-six-figure cash injection, which balanced our resource pool and allowed us to further scale. In that process, we have offers out on a 40-unit, uh, 15-unit, a 60-unit, and a— I think it's 25 units as of today.

Yes. So among everything, we're under contract for 97 total units and a whole bunch else in the pipeline.

Correct. Lots of offers out, but, uh, managing our resource pool, rebalancing that, allowed us to really start being more aggressive on our purchasing.

And that's the main thing that we're working on. So now that we have, uh, 10 or 15 people entering the chat, we're starting to get some people in. Feel free to post your questions below. We're going to start answering those as we go. If we don't get any, we can skip that session. We'll talk for a little longer, and then you guys can watch the recap of the live. But if you guys have anything for us, this is a great time to do so. So overall strategy and what you guys are going to be seeing— everyone's going to be seeing more of from us here is you're going to be seeing a lot of acquisition, a lot of expansion. And a question that we keep getting around this is, okay, you're working with bigger owners now, you guys have more resources, you talk about debt hammer. At what point do we start hammering down debt? Because we're still scaling to get through our initial phases of business.

Yeah, well, when you want to start debt hammering, you need to have enough pieces on the board to where if you get in a pinch, you can maneuver them to either get more cash, get more cash flow. But also, in addition to that, you need to make sure if you paid off everything, you'd have more than enough cash flow to live your ideal scene. Meaning that if you need $10,000 a month to live your life, you should probably build a business that gets you to $15,000 a month net and then get that paid off. Don't just build to the bare minimum, because when things come up, then you'll have less than what you need.

Yep, it's exactly what we're trying to build. And so we are getting through our short shorter-term obligations and clearing all those. Probably as we see rates come down, hopefully just a little bit in the next year or two, it will do some more refinances. Some of the properties we're purchasing now, we're going to buy seller financed and convert almost instantly into commercial debt just because of the price point. But we're going to be making some moves to up liquidity. I'm going to spend that liquidity on paying off some of our smaller debts and buying up the smaller buildings in our portfolio. And I think at that point we have a fully cash-flowing portfolio, stabilized, good portion of it optimized.

Yeah.

And that is the correct time to start paying off the properties. Now, with that debt hammer, what we do is we pay off our smallest mortgages in full first. So we have some smaller buildings. I'm thinking the triplexes. Yep.

And that's not paying it off one month at a time. That's stacking the total mortgage balance in the bank account and then writing a check. You keep the risk on the lender to the last minute. Mm-hmm.

And so we'll start doing that as one of our very next phases, which will likely be into next year. Uh, that is my, that is my assumption as well. I'm excited for that.

Now, a question in the chat. Hi guys, when searching for a property, I know to prioritize location and possible relationship. What else should I have in mind? Well, outside of trying to build a relationship, uh, to get a little bit more specific, build relationships with people that have built the portfolio you want to build. If you're just reaching out to people because it's a great location, but it's only a duplex and you want to buy a 20-unit, they're probably not the right people to meet with. Now, we've met with a lot of people based off their duplexes and had great relationships with them, but we wanted to just learn how people played the game. That was our goal. Make sure that you're very intentional with the goals that you're setting. Stick to them. If you want to buy bigger buildings, don't meet with people that just own a duplex or two. Meet with the people that have played the game at the level you— or higher— that you want to play at, and keep it that simple.

I think that's the perfect answer there. Um, it's all just about a relationship game. So when you're searching for a property, like, main things for me, uh, looking for like the property— and even just let's go like to location and market— like, I want to see areas where population is growing, where I like the buildings. And one of the big things for me I— we've had a few people on the channel who have not seen several of their properties.

Bad idea.

Before you go out and buy properties, like, things to think about: go out, buy the deals, you go under contract, walk that property. And there's something about being on campus, even on a rough property, when you walk on site and there's a feeling of, I want to be the one to take this on. I remember this with the 38, we're walking building to building, I'm like, wow, this is gonna be really hard. I'm a little bit scared of the size of the project because it's brand new, right? I had 4 units at the time and we bought a 38-plex. But the excitement was, wow, when we take this out, how much different my life will work or look when we make this work, when we figure out the project, when we get the rents to where they need to be, we stabilize this asset. It's going to be a whole new place. Now we have security cameras up, we have the junk hauled because there's a whole bunch of just like beat up, torn apart cars on the property. Everything's been cleaned up.

New siding, new windows, new doors. It's a lot better.

New interiors. And there was two tents in particular that were extremely rough that are no longer there. All of a sudden we have a better community. People enjoy living there. Everything is working. It looks a lot nicer. It feels a lot safer. There's a new stone wall all the way around almost all of the property. It's a really cool campus. But when we first walked on campus, there's the feeling of this is what I want to own. So on top of the numbers and on top of the market data, there is a certain factor of is this the project that I want to do?

And if the answer is yes, then do it. Yeah. With that, we're out of questions, so you made our job very easy.

Yeah, I'll give, um, out of courtesy, and because there's a like 10-second delay, we'll do a last call for questions because usually we go an hour, but if we have one question That is what we'll do. If no one else has anything, that's totally fine. Happy to give an update, and our work here may be done or may not be done. Um, so yeah, talking, talking, talking. Um, things to look forward to in the future, uh, we actually just did launch a free online course very recently. It should be in the link below, so you guys should absolutely check that out. And, um, yeah, you guys can see our free stuff and the strategy that we used. We have 2 questions and we're gonna see if we can daisy chain them from here. If we can't—

Lumberjack Landlord, fail to go.

Aside from being devilishly handsome and amazing investors, what's your favorite project right now? Ooh, for me, I'm really excited about a hotel conversion we're doing right now.

Yeah, we're working on 2 of them.

Yeah, we have one that closes in— oh my God, like a week, next Friday. Yeah, one that closes in a week, 22 units, class— right now it's a Class B hotel. We walked every unit. The outside's nice, the interior is nice, the common areas are very nice. Um, it's in really good condition. Picking up 22 units, Central Washington, $1 million. The partner on that is one, providing the capital, and two, owns like 14 hotels and has converted 3 of them. They're— we have a partner who knows exactly how to do the project that we're trying to do. So I'm excited to learn something new. This is a new game and I I really believe in the price point.

And highest and best use is as apartments. It's worth about $2.3 million plus. So it's just a— it's a very good pickup.

I'm underwriting it as $2, but yeah, it's worth more. It's worth more than $100 a unit when it's done. And, uh, yeah, when you can double the money, that's really good.

You can double the price and you put 30% down, it's really good.

Yes, it is.

I found a few people who are willing to sell or finance, but I can't find anyone to fund the down payment or closing costs. Well, the people that are going to fund your deals are just individuals. It's not like it's some huge company. So while, as you're building out relationships with property owners, you go to real estate meetups, as you start finding these opportunities, if the debt product is good enough, you'll be able to locate the money. I had an issue funding a deal because it was $1 million down. It wasn't the fact that it was $1 million down that was the problem, it was that that made the return significantly lower. So one way that I double— over doubled the return was I reduced the down payment significantly. So I got it to just a couple hundred thousand dollars instead of a million dollars down because I asked nicely and smiled. You can do that.

Yeah. Without seeing the deal, the seller being willing to sell or finance is fantastic. However, you have to have— you have to either win on price, terms, or both to get investors really excited. We've had a few deals that are seller financeable. I absolutely think the upside is there, but the returns for the first few years just weren't there without putting less down or borrowing cheaper money. And so you may have to tweak something. If you're just looking for how to network with people, we meet people at local meetups, we meet people at real estate events, we meet owners all the time by just calling people around us who own properties. But every deal we've wanted funded, when we have a great deal, we did talk— it's almost always the owners that we met with. Some of them have money. This hotel deal That's an owner, uh, probably one of the top 2 or 3 biggest owners in our market, who is the obvious investor for this. We locked up the deal. It is his specialty. That was a very easy pitch, and the first deal that we'll be doing with him. Yep.

From Cody: Hey guys, I've called some property owners to meet and a lot of them say they don't have time. I try to be simple with the message. What do you suggest about getting around that? Well, something to note is people don't make time for folks they're not interested in. Or don't know. You may just have to call back. They don't have time for you, but they had time to take the phone call, so they have time for some people. You may have over-scripted your call. You may have sounded spammy. I don't make time for anybody if they sound spammy. Neither does Christian.

No, I had to hang up on several people today. Granted, they were spammy people trying to sell me garbage services.

She said she wasn't trying to sell you anything.

Yes. Oh yeah, I love it when people do that. Call me to tell me what you're not doing. Hello, I'm calling not to sell you anything. It's like, awesome, that only opens up everything else that you could be calling about. Um, yeah, call it the reason for, for what you are calling to do. And not everyone will take the meeting, but most will. Most people will. And it's just communicating very briefly, this is who I am, why I'm calling, and asking a question. It takes some practice. But everyone can get good at this. It's usually you're over-talking on the front end, more often than not.

Aaron says hello from North Carolina. Hey Aaron, good to see you again. It's been a little bit.

It has.

From Noah, CE here, did you buy the permits associated with the conversion with the property, or you still need to permit the conversion through the city? Well, we haven't closed on the property yet, so no, we have not.

We have the— there's, um, 2 partners. One, one's the main experienced investor, the other one is a developer. He is working with the city on the permits, uh, now getting a preemptive, uh, head start on that. We're going to get the— we're basically all we're doing, we have kitchenettes in 7 of the 22 units. The remainder of them are going to get some electric installed to add burners and add a sink to the main area. He's getting the permitting for that done right now. The conversion we've seen, like right now it's used for midterm rentals, but we've seen a lot of landlords there fill them up, lease them with long-term tenants while they're getting the permitting done. That's not necessarily what we're going to do, but the city has historically been extremely lax and very easy to work with on getting the hotels converted because hotels are not doing fantastic there and multifamily is a huge need, so it fits the city's directives. I'm not amazingly worried about that because of the overall experience of the team working on it.

From Paris, relating to the real estate agent versus owner, when the end goal is seller financing, practical advice?

Um, so a real estate agent is going to be more transactional because they're paid on closing deals and they have a pipeline and they have multiple clients, and it's a sales job. That means you can is exactly backwards. With an owner, you start with who you are and you immediately go into learning their story and talking about them. You build the relationship, and from the relationship, you may or may not have a transaction. With a real estate agent, there is no better way to form a relationship than get in a transaction, because you get to know each other a lot during the transaction. And once it's closed and they've been paid, they're now really excited because you've helped them do their job. Start with a transaction and build a relationship with a broker and start with a relationship and maybe do a transaction when you're meeting with owners. That's the most practical application I have for how those run.

Yeah, someone just asked if it's not too trouble— can you both— oh, too much trouble— can you both role play what an owner call should sound like?

Yeah, absolutely. You want me to be the owner since you have your phone out? Oh, you can call me.

I just figured you can call me on Beverly and I can do that too. I got Beverly pulling up.

Well, the nice thing is we're not shy. Either of us can do this. I'll, um, let me choose a point in time when it makes the most sense to call on the Beverly. Let's say I'm, um, I just bought that second apartment in Moses Lake, so I'm a newer owner. I have my 4 units. So Cody, call.

He's got 4 units. It's sort of been a couple years ago. I, I've got this 12-plex, and for context, it is 3 side-by-side quads. Oh, ring light. But yeah, it's 3 side-by-side quads and similar market.

So if I'm calling Cody, it would go something along the lines of this. Ring, ring.

Hello?

Hey, this is Christian. How's it going? This is Cody.

This is Cody. What's up?

Hey Cody, I'm Christian. I just bought a couple of duplexes, one of them over in Moses Lake. I saw your 12-plex here on 8th Street.

Not selling.

That is fantastic because I just bought that duplex and I am entirely out of money. What I was curious about is how you scaled to a 12-plex.

Well, I bought it. Yep.

That would be the way to do it. If you were in my position, what I'm trying to do right now is retire my wife from teaching. And she's been teaching for a while. One duplex at a time is not going to do that. I saw that you own a couple other properties, but a lot of them were about the same size. Did you start with a 12? Or how did you get into this type of asset? Because I'm trying to do it and I have not figured it out yet.

Yeah, and I don't have a lot of time right now. Christian Osgood, I started with a 12-plex, bought another one, bought a 6, and then scaled up. Okay.

Do you have any tips on how the financing worked for getting into those? Did you have the money going in or did you not?

I bought those seller financed.

Seller financed. Fantastic. I appreciate your time. I'm going to be in Moses in a week from now. Do you have a better time where I might be able to snag coffee with you? I would love to learn how to do this.

Tuesday at 4.

Tuesday at 4 works.

And that's how a lot of my calls went. They're just cold.

Yep, people are standoffish. This isn't— thank you for not giving me a lay-down conversation, by the way. I appreciate that because that's not how they all are. If you call me and I'm in the middle of a project, I'm probably going to give you one-word answers until I'm interested, and then I usually open right up. But not every owner's like that. I've had a lot of calls that are really easy and really fun. The last owner call I did— Cody's in the car— he talked about his fishing trip in Alaska. He was fishing right where my dad grew up. We connected immediately and we transitioned to— he's like, oh, I don't want to sell it yet, but I am looking for a manager. I happen to be a property manager. Like, it was the easiest call in the world. I would say 9 out of 10 calls are like the one that we just had here.

And I called the guy yesterday, he sent me the voicemail. I left a voicemail and he texts me back. He's like, hey, still not interested in selling. I really appreciate you following up though, smiley face.

There you go. On a call like that, Cody's like, oh yeah, we'll meet this time at 4. I would immediately follow that up with a quick text. Thank you so much. I appreciate you being willing to meet me at 4. And I would send a location fairly near the property, not a coffee. Hey, does this place work? And I'll let him say no, that doesn't work. Yes, it does. But We didn't book a lot. He obviously wanted to get off the phone. I asked my questions, I got a little bit. Hey, I appreciate your time.

Boom. And the guy I reached out to yesterday, I cold called him. His name is Mike and he has a multifamily building. It's bigger than some of the buildings I got started with over in Soap Lake. And he offered, instead of selling that building, he offered to sell me a house, a 1% rule house. Ta-da! But I don't want to buy a house in Soap Lake, so that is what it is. But for the right person, That would be a fantastic deal.

One piece of advice, then we'll move to the next question. But when you're doing this, if they bring up a transaction on the phone call, first of all, don't engage. Just say, that sounds super awesome, and get back to booking the meeting. Your goal is to book a meeting. You can absolutely talk about a transaction in that meeting if it's appropriate. But calling someone, asking them a question not about buying their real estate, and they offer you a piece of real estate, it is almost always a trap. They are testing you. To see if you're authentic. Just meet with them, talk about a deal if they bring it up. And the deal that they first bring up, or the property you first bring up, is almost never the deal that you're going to do. I've never called someone on their 12-plex and had them be like, oh yeah, you know what I want to do?

Sell my 12-plex.

That almost never happens. That happened to me on my second 12, which was really fortunate, but that's not usually how it works, right? Of all the other properties we've called, I've called tons of owners about their buildings and they've offered to sell a 6-plex. Or a bunch of side-by-side duplexes.

Or I called, I called someone on a 15, they sold us 3 duplexes and then another duplex, and now we're buying the 15.

Yeah, so you never get what you expect on them, but just keep it about what they built, and that's, that's basically how they work.

Do you think it's wise to go around the real estate agent if you can't get information, uh, if you can get the information of the owner to be more relatable?

No.

No, don't go around the real estate agent. They were hired for a reason. And if you go around them, it's going to show the agent or show the owner that you don't care about their preferences. Yeah, they hired a professional. Go through the professional. If it's not listed, go to the owner. That's more preferential. But if it's listed, don't go around their best wishes. Go to the agent.

Yep. They have made that decision and you're going to, and you're going to upset the real estate agent and you want them, you want them on your side because they often are the main person counseling the owner on what to do. And so if you went around them, you've already ruined that relationship. Yep.

But we prefer to work with owners when it's not listed. All right, any recommendations on where to start if you can't afford the mentorship? Well, this YouTube channel is great. We've got— I believe it's in the bio— but, uh, free course. It's 10 minutes long. You can check that out. But if you go through these YouTube videos and you watch everyone and you understand the pieces that we're saying. If you don't, you rewatch it. You can repeat this through the YouTube, it's just not as organized as the mentorship. Yeah, that's the core message. Like, everything is online, but when you go do these paid mentorships, whether it's with us or someone else, it's a lot more organized. It saves a heck of a lot of time.

Yeah, that's, uh, yeah, another thing you can do. I mean, we have the course, which costs less than getting the whole mentorship, which does come with the course, but it's a good way to get started too. So you can check that out, but I would start with the free video we put together on the core of our strategy, which again, the link should be in this video. I'll double-check that. And then outside of that, yeah, follow the YouTube channel, join the lives, and, uh, you know, when you're in a position, uh, would love to see in the mentorship. That'd be awesome.

How do you suggest getting a hold of an owner if you're unable to find their phone number? I'd keep looking because almost everybody's phone number is on Google. Sometimes you just have to keep digging. It's not always super simple. You can also look them up on Facebook.

Yeah, I, to be clear, it is not possible to find every single person online. There are some people, ghosts, who are very, very, very hard to find. In fact, we've even filed LLCs that are filed by other LLCs that are filed by other LLCs that you won't be able to find. Yes, and there's some tricks to that where I'm not going to give away all of our LLC hiding secrets, But you can bury LLCs in every state. There's a way to do it. Most people are not good at it. A good example, I think it was yesterday you were showing me a listing where someone did have a perfectly buried LLC, but they forgot to quitclaim the land parcel next to it.

And then I found out instantly who owned it. They goofed.

And so now everything else that they have in that invisible LLC, we know exactly who the owner is, what the contact info, and what they own. So it's you can usually sleuth your way through it, and it's usually just going through Google University. You find a hint, you type in that hint with your other hint. So you get the LLC name and the address of the property, I'm going to type in that LLC, the city name, and the word phone number. I'm going to see what numbers come up. If I get an owner's name, I'm going to type in that person, the word phone number, the city I think they're associated with. I get a 4-digit thing where it's X'd out, numbers redacted, type in the word, this person's name, phone number, and the 4 numbers you have, and it should fill it all out. But you literally just keep taking your hints and plugging it into the search engine. I would say out of— I'm making up the statistic, but I feel like—

all statistics are made up.

Exactly. I'm gonna say I feel like out of 20 times that we do this, we get it 19 times. That feels about right.

How do you guys structure the debt and partnership So debt and equity on the hotel conversion.

Oh, this is a clever one.

So seller finance for $700,000 of held back contract from the note holder. And then we had $300,000 down, million dollar purchase price. The person that we're partnering with is bringing the whole $300,000. We're going 50/50. They have 50, we have 50 in our holding company. And then they got their holding company with their one partner. So there's 4 people and everybody essentially owns 25% of the org. We have the liquidity to put down, but we don't want to put the liquidity down because we're trying to hold it for some obligations against the resort that we bought. So I asked them if they would fund the whole thing, half of it as their equity contribution and the other half as a loan to us, and then we'll just make payments to them over time. And when we refinance, pull the money back out, then we'll pay off our obligation to them. So we structured half the cash as their equity contribution, half the cash as a loan. From them to us, and then that's our equity contribution. Thinking about getting into the mentorship, but I am in the Midwest. Does that change anything because I'm not near you guys? It does not. We do mentorship over Zoom. You're welcome to come to our in-person events, but the Zooms are Monday, Tuesday, Thursday, and that does not matter where you are. Yeah, we've had people as far as Africa. Yep.

And we've had people, a lot of people in the Midwest because you do have more affordable properties out there. A lot of people in the Midwest have bought in our mentorship. We have friends who bought on both coasts. Uh, Caleb Hummel, who guest stars in our mentorship quite a bit, he's one of our first mentees, is— I, I think at the middle of next month he's going to cross over 50 seller finance units in Texas. Ethan buying out of Alabama and Tennessee. I mean, we have people all over the country.

Chris Rich in Oklahoma.

Oh, that's right.

Yep. And despite his name, he didn't He wasn't born rich. Well, not with money.

Yeah, that's, um, yeah, absolutely, absolutely would love to have you in the mentorship. If you have more questions on it, I'd love to connect offline. You can just message me on Instagram @ChristianOsgood.

What is a simple step-by-step 30,000-foot overview of how to be successful with your strategy? You establish your goal, you figure out who's hit that goal already, look around who has what you want to have, How did they do it? Repeat the steps. And if you want to get to $10,000 a month cash flow, buy real estate that produces $10,000 a month in net dividends. Figure out how do you buy it, which is deal debt equity. How do you never lose it? Long-term fixed rate debt, positive cash flow and margin. And then you let your tenants pay it off over a long period of time. If you want to go faster, you buy more. But that is what we do and we opt to go faster. So we bought way more than we needed. So that we could pay stuff off quicker.

Yeah, I should mention on the mentorship, uh, because Matt mentioned here, uh, Matt is one of the— he's Lumberjack Landlord, by the way. He has guest starred on our mentorship, I believe, 3 times now. Very accomplished landlord, a lot more experience managing with us, a lot bigger portfolio than us, and a lot more equity in his portfolio. Um, but yeah, there's, um, we have a good group of people, and Matt is over in New Jersey. So we're in Washington— or no, New Hampshire. Excuse me, Matt. Don't punish me.

Um, so one of the news—

yeah, coast to coast absolutely works. Uh, we have a really great network. So Matt, thank you for the, uh, thank you for the endorsement. We, we greatly appreciate you, uh, you spotting us a few times we're out of town.

Don't owners get weirded out when you call them, especially those trying to stay anonymous? And how do you maneuver those convos gracefully? Some people are going to get weirded out. But they're going to get weird. I promise you, if you sound nervous on the phone, if you're more confident on the phone and you have a reason for your call, now it's not weird. But when there's ambiguity, they don't know who the heck you are, you don't address that right away, you don't have a clear reason for the phone call, that's when it's going to get really weird. But if you have a clear reason, you've established who you are and the reason that you're calling, it's not weird anymore. They know who you are, why you're calling, It's just a conversation at that point, and they can choose to hang up or stay on the phone.

And every owner of real estate gets phone calls, and every owner of real estate gets mailers, and people reach out about your property. I get text blasted fairly frequently with ridiculous lowball offers on my properties. The owners are not surprised that you found their number. I've— at least I've never had that happen. I've had that happen as a sales rep, and even then it's like, how'd you find my number? You're on Google. I had a reason to call you. Insert reason here. I found you on Google because I wanted to ask you this question. I mean, it's, it's very easy to overcome unless you get nervous or over-explain it. Some of those silly objections that owners will give on the beginning of a call: how did you reach me? Why are you calling? I'm not selling. Any of those, like, 4 or 5 word answer. Move on to what you called because you didn't call them to talk about how you reached them. You called to talk about their— what they've done.

And Cody had some more questions on the mentorship. If you just want to shoot us a DM on Instagram, it's @ChristianOsgood or @DoingCodyThings, or you can send us an email, multifamilystrategy@outlook.com. We'll sync up on all that offline.

Yeah, for those who are reading the question, generally the answer is yes. I don't advertise that, but we are, because we're business partners and some of the people in our group who've been the most successful have been partners, I don't have a material issue with individuals coming in if they're partnered in real estate. Two people coming in on one license doesn't bother me at all. So we can, we can work that. But if anyone else was wondering the answer to that question, it's worth saying here, um, DM us. It's an exception, but it's an exception we're definitely willing to work on.

From Chris P Cashflow, how many cold calls are you guys making nowadays? Do you still look up every cold call or outsource researching owners? I was doing research just yesterday. I still look at owners. The problem that I have is I've already called them all. All the ones in the market, I know, and they know me. So it's not like there's much more to research. But for other markets, if I'm interested in it, I'll do it myself. Otherwise, like, we're looking at buying in Chehalis. We just put a property offer out on a deal in Grand Mound, and so I'm just waiting to hear back. But that was from our real estate agent.

And I'm, uh, I'm prepping to buy something conventionally in Texas here and somewhere in the next year, but I've already put some owner calls out for people with larger houses to see if they'll sell or finance, because on some of the bigger stuff seller financing opens up on single family. So I'm looking for a home, doing the same thing in Flower Mound, Texas.

And with that, we're out of questions, so we're going to get back to loan apps.

Yes, we are back to work. But everyone, thanks for joining. Matt, thank you for showing up as well. We appreciate it. I will answer this last question that came through and we will call it a day.

How long should it take to pay back an investor when you find a good deal? Well, when you find a great deal, if the real estate buys the real estate, Then the best case scenario is you have a buyout agreement with them, you can get the value up, refinance, pay out the investor, and hold it just yourself. Typically, cash flow is not going to buy them out in a reasonable amount of time. So you either have to get the real estate to go way up in value and borrow against that, or you're going to have to do something outside of that deal to earn money. Could be flipping a property, it could be going and refinancing another asset to pay them out, but typically it's not linear just from one asset. It'll take some time, so 5 to 7 years.

And with that, we will see you guys all next week. Thank you so much for watching, and we will launch again at the same time, so set your alerts now. Appreciate it.

Neat.