Seller finacing tools for investing in 2023 -Creative Finance Live

Okay, I'm gonna hit the go live.

Go live. Let's go.

All right, we are live. Hello, YouTube. I'm Christian. This is Cody. We are joined by Caleb and Chuck. Yep, from the YouTube channel Caleb and Chuck, one of our original mentees, owners of 28 units out of Texas, seller finance, zero money down, 19 years old, live in San Diego. These two are incredible and the fastest growing real estate teenagers in the US. I am very, very confident about that. I've never seen anyone do what they are doing. So welcome back to the channel, you two.

Thank you. I was zoned out for a second and he's like, oh, he's talking to me.

Big words from Caleb and Chuck. Yeah, we have a few people diving into the chat here. Very excited to have you two. Uh, everyone feel free to light up the chat. If anyone wants to, you can do one of the, the Super Chats. They're like a dollar. They boost the algorithm, so we'll get some more people and some more questions in here. But we are going to get rolling.

Real Estate Cowboy asked us, what if you're investing out of state? In regards to our video, real estate is a contact sport. Caleb and Chuck, y'all crushed it. You did this in Texas, you live in Cali. How did you make real estate a contact sport when buying out of state? Who are you contacting?

All the brokers, every single one in Texas. I called just about all of them.

So you can reach out to owners or you can reach out to brokers. Now, Caleb and Chuck reached out to all the brokers in Texas that play in the commercial space. They've communicated with some really bad ones that, again, were live, so boys, no name dropping. However, however, there, uh, there are a lot of brokers that are bad and a lot of brokers that are good. And you guys managed to find all of them. How did you do that?

Yeah, so it started out with just looking on deals on market that I was interested in buying, and then from there it trickled down to properties that they had come into the line or they referred me to other brokers. But it all started off with looking for properties that I wanted to buy and that I could take down.

All right, that's awesome. And you guys did that— have you worked with just one broker for all 3 of your deals, all 28 units, or has it been multiple?

Every broker is different. Every single deal is a different broker.

That's awesome. And if they all cashflow day one? Yep.

All 10% plus.

Okay. So let's say you're looking at a deal that doesn't cashflow at 10% day one, because we've got another question in the chat. How do you look at raising OPM, other people's money, for a down payment if there's not a lot of cashflow?

Well, I mean, I think there, if the deal is even worth doing, it has to have a substantial amount of upside in the backend. And there you'd be giving up a lot more equity than you are debt.

That's awesome.

Fantastic. On to the next question, um, that I have from the chat. I know it isn't fully passive, but what makes it not passive besides looking for new deals? So essentially the question is, yeah, we're looking for deals, we're closing on deals, but outside of that, like, what, what work do we have to do? Isn't passive income just passive? Uh, Caleb and Chuck, you guys are good ones to answer this because you manage out of state, can't be too active. What does your portfolio look like for you?

Yeah, so like you said, looking at new deals, trying to close on new deals, two big ones that aren't passive. And then from there, it's a big thing for us is just watching the bank accounts and then managing our property managers, handling stuff as it comes up. But it's— our model is a lot more passive because we are out of state. We can't just go help out on our buildings unless we want to do like a 20-hour drive to all of them, which something I'm not really interested in doing. So yeah, it's the biggest thing is managing the managers of the properties.

And the ability, like you mentioned, to be great money managers. Stuff happens. Yep.

Yes, it does.

Okay, let's see what other questions we've got here. How much equity do you give up to a person that's putting the down payment down for—

The question was how much equity you give up?

Yep.

I think it's every, every deal is different. I mean, if you're buying— like, we bought 2 deals that were overpriced. We bought 1 deal that was severely below market asking, and we got a huge deal on it. So, but you have to make sure your investors are protected. That's just the number one thing.

So that's the biggest thing.

Yeah, that's— we learned from you guys on our first deal. We gave it more equity just to make sure that they were covered if anything happened before we were.

That's awesome. Really just that simple. Someone else asked a question on our 30 units by 30 years old. So all you have to do is buy 30 units to have 30 units Yes, that's all you have to do. And most people think it's actually difficult. Not that difficult. You boys bought just about 30 units by 19. How did you go about doing that? Because most people are writing these questions as jokes, but it's really not that hard, is it?

Um, it's pretty simple. It's not easy. I mean, we— it's not the most ridiculous thing, ridiculously hard thing in the world. It's not rocket science, but I feel like a lot of people put that mental block in their head more than it actually is difficult. Like, oh, there's no way I can go buy a deal. Like, that's kind of where we were at the beginning. And now it's kind of like, oh, we're looking at another deal. It's like however many units. But when we're starting out, be like, oh my gosh, we're looking at a deal that's 25 units or something. But I definitely think it's more in between the years than anything there.

All righty. Someone said that we gave bad advice because you need money to buy real estate first.

That's 100% correct.

But our title—

so yeah. Yeah, you 100% need money. It turns out it just doesn't have to be your money.

That's a magical concept. So how did you find your first deal? Talk about seller financing, because you guys did that. How did you fund your very first deal?

Yeah, so it was 10% down. Uh, we were just meeting with a couple people.

We—

I guess we can't cuss, but we messed up. We messed up a couple meetings. We completely blew it.

Uh, I would just drop the F-bomb, but okay. Uh, yeah, we screwed up a couple meetings. But going back even a little bit before that, before you even go out and raise that capital for your down payment and for that equity, you have to find an opportunity that's good enough that other people can invest in because they're not— they are investing in you, but the opportunity also has to make sense.

Let's, let's talk numbers though. Let's not leave it ambiguous. 10% down, how much money was that?

$90 grand.

$90,000. How many investors did you need for that? 3. Okay. Did everyone put in the same amount? Yep. Okay. So everybody put in $30,000. How much money did— I remember that was the most amount of money you'd ever seen in an account. How much money did you have in an account before that?

The biggest amount of money for when we took the loan on the credit card. Yeah, the loan had $8,000 in my account because I needed to put that money.

Okay.

That was by far.

Yeah.

The loan from the credit card for the earnest money was the most.

So you guys threw earnest money on a cash advance credit card? Yep. Wow. And you guys did what for work? To do that?

DoorDash.

DoorDash. Okay, so you DoorDashed, you got a credit card, you pulled the money out, threw it in earnest money, and then you closed it. Yeah, you believed in the process of deal debt equity and you made it happen.

Exactly.

Those who say you can't do it, you do need money, you do need money. It's just these boys threw it on a credit card. How much money did you need, sir, for your first deal?

How much money?

$3,000. So it was $3,000 that Caleb and Chuck had.

Yeah, a lot more.

And for those who are wondering, I got started with $100,000 and I bought 2 duplexes and then I had $0 and I had to start from the same place they did to build the whole rest of the portfolio.

Now this is the point in the chat, by the way, if you're here, you're watching it live, you should put your questions in the chat, otherwise we will run out. Yeah. However, these boys did it with less money than all of us. They did it at a younger age, they scaled way faster. They need to be on BiggerPockets. They crushed my numbers. I only had 12 units, 1 deal. They have 28 and 3 deals at my age. BiggerPockets, calling you out.

Put Caleb and Chuck on there. They're the only teenagers who are doing this as fast as they're doing it.

So I financed my down payment. Yep.

So everyone start asking questions in the chat. Dividend Dave, if you're wondering if your shirt's been sent, it has. I just did order on it. I went on vacation and then realized, oh my gosh, we never sent that.

So your Cody thing is coming.

It is, it is ordered. I ordered it in red, so hopefully that works for you. And the way that goes, um, however, this is the part we're going to talk about our topic of the day, which is seller financing tools for investing in 2023. Now I think seller financing is going to be fantastic for the— especially in the next couple years. Is it great all the time? Absolutely. Getting to choose your own price, terms, balloon payments, interest rate. Um, all good things. However, why is it going to be so good right now in this upcoming economy?

Cody, everyone's freaking out. Everyone's backing away, shying up, like real estate sucks, prices are going down, debt cost is going up by more than double, cash flow is going down because of that. Well, the people saying that don't actually know how to play the game at a high level. They were able and gifted by playing in a market that was just going up. A lot of the people that are in the market, myself included, have only bought in an up market. The difference is they relied on conventional products. They didn't have to be creative. If you know how to play this game creatively, then you don't have to change your strategy. A whole bunch of people online are talking about how you pivot in a changing market. If you have to change your business model, it wasn't a great business model to begin with. If it only works for certain market conditions, you're in a lot of trouble. So the reason that creative finance is so great right now is people are realizing, oh, this works in any market. And if you know how to play this game, just like the boys did, they've been buying and it hasn't been the best time to buy according to everybody on the internet. I was buying in not the best markets according to everyone on the internet. It allowed us to all scale faster than a lot of those people did. Boys, what are you seeing as far as the market goes? Like, are you— you're still buying, right? Yeah, I mean, one, it's headed on fire, right?

Yeah, I mean, 100%. As interest rates go up, conventional buying power goes down, and seller financing— it turns out my buying power doesn't really change as conventional interest rates go up. So while everybody else is freaking out how much they can borrow from a bank, it doesn't matter to us.

That's exactly right. If you know how to play the game without the conventional players, then you can absolutely demolish all your competition or people that think they're competition. And you can play this game on any level. You can do it on 100-unit complexes, 1,000-unit portfolios. What was the biggest portfolio you guys were looking at? I know we weren't actually going to buy this because I told you to sit down and buy a couple more smaller deals, but what was that really large portfolio you guys looked at?

I mean, I've looked— I've had deals come across my desk where one guy owns upwards of $300 million he's trying to sell, like just ridiculous numbers, and he wanted to seller finance it, right? Yep.

Yeah, so you can play this at any level. Now granted, maybe if you're playing at a billion-dollar level, if you're watching this video, please DM us. But for everyone else, if you're playing— like, you're probably not playing above the $300 million level, you can play this really virtually any level in the real estate seller finance. So if you learn it now, you're gonna be able to take that all the way through your investing career. We've got some questions here.

All right, let's see here. From REI Stoners, that actually fits the bill for a lot of people I know. What's the hardest part of seller financing that you have had to deal with? For me, it's people and for seller financing specifically, it's for owners who don't realize that they're not the owner anymore.

I've had that happen twice. Yeah, on the deal, they felt like they were still the owner.

Yeah, it gets annoying. Oh, well, I don't like the way that you guys are managing the property. I'm gonna call you a default. It's like, well—

Sorry, the property only makes more money than it ever made for you.

Yeah, and also, can't do that. You can't just decide, hey, I don't like the way you're running the property and making it more profitable, so I'm going to call your note due. That's actually not something you can do unless you sign a bad contract. I suppose there's probably verbiage where you can do that. That's why you have to read your contracts. They couldn't do that, but man, those emails are not fun to go through, especially when one of your partners is the son of the owner. So you have like family, That's some of the stuff with seller financing is private, which means it's relationship-based, which means it's person to person. So any normal people drama is my least favorite part of seller financing.

Outside of that, seller financing has been easy for me.

It's just awesome.

We work with a note servicing company and we pay our bills. As long as we pay our mortgage, we're good. Boys, what's been your most difficult piece or challenge with seller financing?

I mean, we've ran into the— we started running into the thing with Chris Christian was mentioning with an owner thinking they still have a say in the property, and that's kind of like, uh, I know you don't. You guys are more relationship-based than us, but it's still an awkward thing to have to bring up. And then other than that, probably the most frustrating thing is owners thinking their properties are worth the same thing they were a year ago or 6 months ago. That's probably been the biggest frustrating thing. Like, oh, if I'm going to owner finance full asking, 11% interest, 35% down, it's like, yeah, well, turns out if your property's worth that much, you could have got a bank loan on it whenever you wanted. So That's probably been the biggest thing for us.

You got a question from Dan specifically to you boys. How did you structure your equity on your first deal? What did it look like for those partners? Yeah.

So we gave them a multiplier on the back end. We did monthly cash flow and on the back. So we gave them 8%. Once our debt service starts, which is in March, I believe.

Yeah.

So 8% over 8% a year and we pay them out monthly and then 1.5x multiple on their 30 grand.

So how are you giving them a 1.5x multiple? What agreement do you have in place with them that says that you can give them a multiple?

Yeah, it's in our company agreement in our LLC that they have a buyout.

Yeah, or 1.5.

So it's a, it's a buyout agreement that says you can buy out the, their amount of real estate because they own how much of the LLC?

Was it they own 30, right?

Yeah.

Yeah.

Okay. So they each have 30% of the LLC. So you guys chiseled off 5% each for yourselves. You don't own all of it yet. However, when you write them a check for $45,000, you get their 30% back, right?

Yep.

So we did a lot of our real estate. That's how we did the 38 bucks. We gave away too much equity on it. You guys are probably going to pay excise tax when you cash them all out. But we borrowed $300,000 for 38 and we cashed them all out with more— a lot more than $300,000. But buying agreements are phenomenal. So it's awesome. What's the next one? Caleb and Chuck. Hey, this is for you guys as well. Did any of your deals need rehab? You want to talk about your roof?

Yeah, we're working through it right now. I don't want to go super into detail on it, but yeah, we didn't have the prettiest roofs to begin with. And then in Texas, pretty gnarly storm came through and a tree decided to mess with one of our roofs and two of the roofs. 2 of the roofs, and we are getting that figured out right now. But yeah, we had, um, that one deal had a little bit of stuff with the roofs. Our third one we actually thought needed more renovation than it did. Went over with our PM and a contractor, and it didn't need as much as we thought. So that was awesome because we already have money raised for it.

So yeah, now we just have the money as reserves.

Yeah, another $75,000 in there.

So, well, I'm Grateful that you have insurance and hopeful that they covered all.

Yeah, we're working on that right now.

What is your cash flow goal per unit? Is it $50, $100, $200 per door? What is the—

um, yeah, that's a good point. A lot of people look at per door. For us, we've kind of started from you guys. We just look at cash on cash return is the biggest metric. I mean, cap rates only matter on a refinance, primarily on buying. It doesn't really matter, just tells you how much you're overpaying or under. Paying for the property in that market. So yeah, I mean, we don't really look at anything per door. It's kind of just cash on cash return. Got to see at least 10% day one.

But we do want to hit $10K a month. That is the big goal.

That is our next goal after, after the move out. That is the next goal.

Christian, question for you from Sean. I'm looking at a quadplex that is zoned commercial instead of residential. Would that affect the deal if going to seller financing?

Well, we still finance a lot of residential. In fact, Cody and I bought a duplex. We closed it while I was in Mexico.

On Friday.

Yeah, we've had that less than a week. So seller financing, you can do on anything. What you, where it really gets affected is your exit strategy. The way that you increase equity in a property and your holding strategy is going to change. For example, I had a duplex, second one I ever bought. I massively improved it. So it was way nicer than the property next door. However, the property next door was bought at the same time, same price, the same price by an owner who did not do the same renovations that I did. So when appraisal came up, that property was considered a comp because you're comped by the properties around you. So theoretically, in your quadplex, if you buy a fourplex and say, I'm just gonna use fake numbers here, you buy it for $400,000, which would be a great, phenomenal price where I'm at. But you buy this $400,000, 4-unit building, and right after you close, someone one block over decides to sell a fourplex for $300,000. That comp is going to show up on your comparables. The value of your property just went down, even if you renovated, even if you got the highest rent in the market, which by the way, that duplex did have the highest rent per square foot in the market at the time. Not enough to change anything. Now, when you get into commercial assets, 5 and up, you have 5 units and you increase just one more unit, you increase the revenue. Well, now you're based on the averages of the entire market. It's not just one comp that just sold. There's a cap rate assigned to the entire market. And that's going to be the multiple. When you increase your income, if you outperform your neighbors, your property's worth more regardless of what they've done. So that's the biggest difference. All that means is that you need to have a different exit strategy. If you're not selling it or you're not refinancing it in the near term, no difference at all.

Yep. Great. We have 3 more questions. So if you have questions, make sure to drop them in the chat or we'll end early. In terms of raised money to close, do you prefer giving investors equity or structuring them with second debt? I always prefer to structure them as I will always choose debt over equity if I can. If I can't afford it, then I give them equity. The reason that it costs more today and less tomorrow is debt— if you have a lender giving you money, you have to make your payments. If you don't make your payments, they'll take the asset. With a partner, if there's no dividends, there's no dividends, meaning regardless of cash flow or not, they don't necessarily get paid. They only get paid out of cash flow. A lender gets paid regardless of whether there's cash flow or not. Oh yeah, if you're Dividend Dave, then if dividends are your actual name, then you're set. But in reality, with a loan, you have to make your payments. If there's just equity partners, if there's no dividends, nobody gets paid anything. So it costs you less today. The problem is with equity, while it costs you less today if there's no cash flow, If you want to buy them out, it typically costs more. Like Caleb and Chuck were saying, they got $30,000, 3 people, and they have to give $45,000 to each of those people if they want to cash them out. It costs more in the future, costs less today. Debt costs more today because you got to make your payments, but you can cash out your debt at the note value, at your loan agreed value. So it costs less in the future. If you can afford the debt, I would rather take on the debt. Can't afford the debt and you still want to buy the deal, then it makes sense to do equity. Caleb, thoughts on this?

I completely agree. Couldn't agree more.

Perfect. I would hope so. I taught you.

Uh, REI asks, do you guys structure the deal or does the seller structure the deal, then you negotiate?

That—

so first of all, when possible in any negotiation, you want as much control as you can. So typically I want to propose the deal. If I have the ability to, that's what I'll do. However, half of what we bought is on market and listed, which means they've already put out the basic framework for what they want. So we're going to write something that probably hits some of those points. I like to get to meet them and know them, but if I identify really quick, hey, they listed it for this price with these terms for this duration, and I met with them and their price is obviously what's important to them, I still want to be the first one to put in an offer, but it's definitely going to match the pieces that they've said are really important to them. If price was the really important one, I'm not adjusting the price. We're going to adjust the interest rate and the terms and all the other things to make that deal make sense.

It is definitely a collaborative effort. If you think that it's one side playing the game, you're wrong. Everybody has to play that game in the negotiation playfield. That said, You can make a pitch and land it and be like, that's great. They can also make the pitch. I had someone call me and say, I've got a seller finance 10-plex, $180,000 down, 5% I/O, 15 years. Done. Like, they, they told us what they wanted. If it works, it works. If it doesn't, then you tweak the features. From Rick, can you go over specifically what's included in mentorship? Caleb's been communicating with me about it. Ah, well, I know Caleb.

Caleb, thank you for doing that. Um, yeah, well, we typically do that once in a while, so I'll do it really quick. Uh, what is in the mentorship?

Well, we meet Monday, Tuesday, and Thursday. So we had our meetings, two of the meetings already this week. Got another one tomorrow morning, 10 AM. 10 AM. See, Monday is Q&A. It's like this except for it's more interactive. It's not just a whole bunch of people typing questions, it's people actually there asking educated questions on what they're working on. Tuesday is deal deep dive. We underwrite the deal, the debt, and how we'd structure the equity if we had to, to buy their deal, not in our position, but in their position. We know our mentees and where they're coming from, whether or not, why. And it's come a long way since we first started mentoring Caleb and Chuck. It used to suck. In the mentorship, we used to meet every other week, and if they missed it, they missed it. So it was just rough. But today what we do is we meet 3 times per week. Thursday is the structured lesson. In addition to that, if you're doing the mentorship, You also have the course, which is about 200 recorded content videos, uh, built out Facebook group, and I built out community within the platform, which is 24/7. I heard that we have quite a community in there that I didn't know about.

Yeah, the platform opened its own community internally after our Facebook group. I was aware of that last week, and apparently people have just been hanging out there having a great time without us. So we're in that group now too, but the mentorship ultimately Our course is education. It's how we did what we did in our first year, A to B.

How do you actually—

yep. And we will— I'll get you there. So Rick, we'll see you tomorrow.

Um, how do you build a relationship with a seller on a listed property? Through the broker. If you go through the broker, we will slap your wrists virtually because I don't know where you live. Do not go around the broker. They were hired by the owner facilitate the transaction. You are going against their wishes. Work with the people that are hired, and it's just that simple.

Killman, have you dealt with that where you've had direct contact with the owners prior to the close of the sale? What does it look like on your 3 deals? Because you use brokers on all of them.

Yeah, for sure. Um, I haven't talked to any of the owners before closing. I've gotten that question from people before as well. They're like, hey, um, so when you're talking to the seller and it's like, no, no, they hire that broker to do the job and that is sell their property. They don't want communicate with you. They hired the broker for a reason. So yeah, circumventing is not a good practice to be doing.

You'll, you'll piss off both the owner and the broker, and you will not be doing that transaction or any other transactions with either parties. Um, don't do that unless you get express permission. You actually did that once.

My very first deal, the broker was perfect.

This is no good.

Yeah, it was bad. So I got express permission because I sent in termination of feasibility If they had accepted that, I would not own any. That was my last chance. I couldn't get through to the owner. The broker was out golfing. He wouldn't take the time to stop golfing, deal done. So I got express permission to talk with the owner. The owner actually called me up because I sent over termination, like, what the heck? I thought we were close. It's like, well, we were, but your broker won't help me out. It's like, one sec. So he called the broker, and then the broker sent me permission writing to just chat with the owner. So I didn't talk to the broker until we closed. And that is the only time where that is accepted. Outside of that, do not go around the broker. Yep. So we're out of, we're out of questions on the chat.

However, we haven't been going all that long, so I'm gonna wait for a few more questions to come in. And I have a few questions for Caleb and Chuck. Caleb and Chuck, number one biggest difficulty in real estate. We have a lot of people who join these, they haven't done the mentorship group yet, they haven't gone through a course, they're just getting started, they want to buy their first rental. What was the biggest hurdle for you getting started?

I would say 100% it was finding a good deal. I mean, it took us probably from starting the mentorship 8 months, 9 months to find a good deal. I mean, and so many calls to actually find a good one, especially if you're not going to relationships and you're just shotgunning around it, uh, on-market stuff. Everybody's already looked at it, and a lot of times they're not really that open to seller financing anyways. So it's just difficult to find a really good deal.

Yeah, I agree with that a lot. I definitely think that the last part you said is changing where people— when we were, when we started buying, the market was flaming hot. Everybody just wanted cash conventional to get out of their deal. But now it's changing. So seller financing has become more prevalent. And along with that, I think one of the hardest things for me, because I was doing most of the broker calls, was just having the confidence in myself and what I was saying. I just felt like they could see straight through me when I was talking to them, even though now I realize that was not the case, not the case at all. But it's just having the confidence and trusting the scripts and actually going out and applying what you've learned, I think, was the hardest part for me.

Yeah, even just— even when you don't have a script, just saying anything confidently when you're not an expert yet is really hard to do. Um, and it really comes down to it, like, so you did that first deal, then you guys did 2 deals almost immediately after. Like, once you do that first deal and you mentally have the confidence of, oh wait, it actually does work, Yeah, you go super fast.

No, it just— everything changes. Even just conversations with them. It's like before, when I talk to brokers, it's a little bit uncertain. Now it's like complete confidence. Like, oh, where do you own right now? Like, before, I would have to sometimes kind of dodge that question. Now I can say, oh, McAllen, um, Texas, Houston, Texas, Laredo, Texas.

It's like just having the confidence there, that's the biggest thing, because we've proven we can close.

Yeah, we exactly— especially these brokers we transact with now, it's like proving we can close. So now I get more deals from them than from anybody else.

Love it. All right, from Dan: On your equity buyouts, is there a time limit on those? If so, how do you negotiate that? Can you just cash them out in 30 years when you have $45 grand?

No, it's not 5 years, it's 10 years. It's 7 and then 7.

7.

Yeah, so on our first one, it is We can buy them out in 7 years or 10 years, but at past 7 years it goes up to 1.75%. So it's a little bit more just because we're waiting so long. But yeah, we negotiated in 7 to 10 because I feel like if we're just waiting 30, I mean, how much is $30,000 going to be worth in 30 years? And the answer is not very much.

There has to be a timeline on your agreements. If there's an indefinite timeline, that, that would be number one, unwise, and it wouldn't really be a solid legal You gotta have a timeline, just like on a debt product. It's not like it's a million-year timeline. We're doing this in 3 years, 5 years, 7, 10. Set it like a balloon on a debt obligation. Yep.

You think about, like, when I'm trying to go to sleep, which I don't think everyone does this, but I sit there going like, what variables in the business can we turn into constants? Like, you do not want variables. So things like timelines, specific payments, interest rates— I want everything fixed. And I want it simple. So a set timeline for a set price is exactly how you want to do those buyouts every time. Yep.

Our last question from Devon: buying out your equity partner, do you buy them out by giving them the dollar amount they invested, or do you come up with another dollar amount on top of that? So you typically give them what they invested plus extra, which is negotiated on the front.

Now you can do that, like if they have some really high interest, 'cause I have a few of these, but like you're paying them 12% preferred return where they have a really high return. They're a partner, but they're getting high monthly payments. If they made a decent return through the whole thing, the cash out may actually just be principal.

We just get a text link from your Instagram, goes to book.

Why on earth would that happen?

That's funny. That's why people aren't joining.

That's funny. No, he's, he's, um, how do I say this apolitically? He's not my favorite. That is so funny. Well, just a second, YouTube. I need to delete my Instagram story immediately. That is the funniest thing that has happened to me in a second on social media.

Wait, what happened? What happened?

You guys cut out because YouTube Uh, or his Instagram ad for this live went to, uh, a Bill Clinton video.

The picture was right, the link was not. We got redirected to Bill.

It's still there.

Oh, that's so funny.

It's your live, it wasn't the one from earlier. All right, well, that's it for questions that we've got in the chat. Happy Wednesday, Happy New Year. And as always, we'll see you next Wednesday. Thanks, boys, for joining us. Yep, no problemo.