How to Get More of What You Want: The Proven Method for Achieving Success | The Path to Wellth

Most people think that you can just walk into a bank and say, hey, I want to buy notes. And that's not the case. Give me the anchor. I had people. Yeah, exactly. It doesn't work that way. There are specific departments inside of every lender institution out there, bank, whatever that handles the distress notes. It's usually in a whole different department, you know, different building, different states, sometimes on different side of the country.

Welcome to the Path to Wealth, the show about well being, fulfillment and financial freedom. And I'm your host, Hannes Enchi. Welcome back to the Path to Wealth. This week we will be talking about how to invest in notes and district. We have the honor in welcoming Scott Carson, also known as the Node guy. Scott has helped many investors learn about this topic through his podcast, the Node Closer Show. Scott also teaches a three day workshop for investors who want to learn how to find, fund and flip non performing notes directly from banks. Scott is the owner and managing member of We Close Notes, an Austin based company that buys defaulted notes. It's a pleasure to have you on the show, Scott. Thank you so much for being here.

I'm honored to be here and glad to share any Path to Wealth that I can help with your audience out there today.

Yeah, let's dive right in. You've been through an entire segment of different aspects of real estate before Notes. Why notes over other assets in real estate?

That's a good question. I just found a niche back. If you could think back to what happened here in the United States in 2008, 9 and 10. Prior to that, in 2004, 2008, I was basically running a mortgage company. And prior to that I was a banker, a mortgage banker with JPMorgan Chase. I was in the finance industry and was originating, had a mortgage, it was originating notes. But one of my mentors and one of the guys that co founded our mortgage company had made quite a bit of money during the savings and loan crisis, the distressed part of the 80s here in the United States. And when everything hit the fan and the mortgage meltdown, I mean the music stopped in the mortgage industry almost like that overnight. And I had him and another investor of mine like, hey Scott, you really need to take advantage of what's going on as an opportunity to control a lot of real estate without actually having to own the real estate. And so that's kind of what happened. I jumped, I dove in head first, stopped doing, you know, wholesaling fix and flipping, being a landlord, and really started buying debt back in 2000, late 2007, 8, 9, and 10. And that's really all that I focused on. That's. And that's all that I focused on for the last 15 years because of a couple things. First one is I see a lot of deals that way. Most investors are out marketing, targeting. They might see an asset from a distressed borrower or somebody who's facing foreclosure and that's great. Or they might buy off the MLS or out of state owner. That's great. But they're constantly having a market to get one deal basically from one source. I really love notes because banks are sending me lists of notes on a regular basis. Like I'm currently working on 32 notes. That was a part of a list of 269 that I made offers on. 60, I mean, and this list comes to me like once a quarter. So I don't have to constantly do any. A lot of overhead with direct mail or stuff like that. Literally, banks will send me lists of notes on a regular basis. That's the first thing I like. The second thing I liked about it is the price reductions I was getting. I was getting stuff well below 60, 50, 40 cents on the dollar than what other investors are paying now. I don't necessarily own the asset, but I do control the asset by buying the debt and becoming the bank. So that's the third thing that I like about it is being able. Besides just buying it at a big discount, I'm actually controlling it and making cash flow or taking the property back if the bar won't play ball with us. Our number one goal, Hans, is always to try to get the borrower to get back on track. You know, offer them a modification, a payment plan so it turns into cash flow for us, which is what we're all looking for. Right. But I don't necessarily want to deal with toilets, tanks and trash outs and create that job or have to do a lot of fix and flips because I'm buying in like 25, 30 states across the United States. So that's, that's the nice thing is I can get, create cash flow without having to do a lot of heavy lifting and I can buy in multiple markets at the same time.

Yeah, got it, got it. And so you, you mentioned one thing in there that you don't necessarily own the asset, but you're getting into the north at a steep discount to the dollar. So how do you mitigate the risk in that for yourself?

That's a really great question. We get that all the time. And the question how we mitigate risk is Knowing the underlying value of that asset. Now when I buy the note, I literally become the bank, okay? And I'm only buying first lien positions. So I'm the senior lien holder on this. And if give you some numbers, let's say the borrower owes 100, the house is worth 100, and maybe they haven't paid in six months or a couple years and they may actually owe more than the house is worth. Well, I'm going to value that property, that note for exactly what the property is worth today, not what it was two years ago or what it will be worth maybe in six months or year, but as is value and depending on how long that borrower has gone without paying it, that will reduce the value of that note. So knowing then I'm going to buy that note where if the borrower gets back on track and that's our first thing is reaching out, say, listen, let's get you start paying on time. I'm now your new lender. We'll work some, you know, modification agreement or payment plan with you. I'm going to make an offering. So if they do that, it turns into a very nice ROI with me. Now I also have to assume that they're not going to pay. You know, many people don't want to start paying when they haven't paid for a while that they don't pay, then I still have the right to foreclose and take legal action to take the property back. So making sure that I'm buying that, if I have to do that and have to do some work, I'm still going to be in a good investment to value position. So that if I do have to go through a extended foreclosure process of, you know, 12 to 18 months, I'm buying it at a better price. And that'll vary on a state by state basis. Here in the United States, like Texas here, where I live, it's like 30 days to foreclose, actually the fastest in the country. So I might pay more for assets here in Texas because I know I, I can, you know, get in and get out of that asset faster. Whereas it may be in Florida. I know it's going to take me a year if I have to foreclose, so I'm going to offer a cheaper price. But there are states that I avoid, like New York, New Jersey. I won't buy up there because it takes two to three years to foreclose. You know what I mean? So, you know, we're evaluating the asset to make sure that the value is there, and that we're buying at a good percentage that we're going to make money if we do it one way or another. We're evaluating the borrower to see, you know, have they paid, have they been responsive to the existing lender or their servicing companies doing borrower outreach, and we're looking at those things. And then thirdly, then we're looking at the actual loan, you know, loan file, you know, the collateral file. Like this. This is what we're looking at to see if everything's in there that still gives us the legal right to foreclose.

Yep.

And all those things have got to match up for us to be able to say yes to it.

Yeah. You mentioned that the bank basically sends you a list and you also mentioned that you have information like, hey, have they been previously in touch? Is it, is that all information that they're consistently collecting and they're making that available for you to see if this is a node that you want to make an offer on?

Yeah, Usually what will happen is they'll send out an Excel spreadsheet, or we call it a tape in the industry, and it may have one asset or may have a thousand on there. It's, you know, there's like 40 different cells that they do, just basically a download from their servicing software. So it'll give us the, you know, first name, last name, last 12 months of payment history, sometimes last 24 months. You know, the details of the loan, the borrower's Social Security number, sometimes, sometimes their, their FICO score, currently their mailing address, and all the details of the loans. We'll look at that and we'll make an offer based off of some initial valuation off that spreadsheet. And if our offer is accepted, then they'll send over, you know, like a file share where I'll have all the copies of the, the collateral file, the loan documents. And then I also request servicing notes so that I can see the actual transaction history of. Let's, you know, if the borrower calling in or if the lender been calling the borrower and trying to negotiate. Like, I just, was just killing a deal because I see based on the servicing notes that the lender uploaded, the borrower just, just made a $8,000 payment, which is good that the borrower is back on track, but not good for me because that went to the bank and they modified the loan to a term that doesn't make any sense for me. So I'm going to kill that deal because the terms don't make sense. It's good that the bank has that now, but it's not good for me because that affects my bid now. Yeah, yeah, but we get to see all those things. Like I've seen hardship letters from the bar where, you know, they've been, you know, they tell me, you know, whatever they send in the letter into the lender or the servicing company, I, I request copies of that, you know, I've got to sign a non disclosure agreement, that kind of things. But it gives me kind of the, the ideal mindset of the bar. Do they want to stay? Do they want to go? Have they been responsive? You know, like I know if I see a death certificate and a loan file, I'm going to have to foreclose or work with the probate or the estate of that borrower to, to take the property back versus getting it back on track unless the family wants to start making payments. And so you get, you get to see kind of behind the screen to see what's going on with that bar really, versus just looking at a property.

It sounds like you're learning a lot about people, like a financial psychologist almost. You look at it and you're profiling what you're looking at at the same time trying to make sense of it if it's a deal or not.

You are 100% correct that every deal is, every borrower is different in some sort of fashion. And then one of the things that we also do is we skip, trace the borrower to see, you know, where are they located, you know, where they might be working. And we also look at their social media, you know, we look at their Facebook or their Instagram. Can we find this person online? I've seen borrowers who sent in hardship letters to the bank saying, oh, I can't pay, I can't pay, I can't pay. But on their social media, they're living it high in the hog. They're buying a new car, they're wearing brand new suits. One guy was going through a transition, just paid for his own breast implants. You know, another lady said, we're not going to pay our mortgage this month. We're gonna go to Disney World instead. I'm like, you see a lot of the good, the bad of people when they, but here's the thing, most people, majority of people want to pay their mortgage on time. They want to stay in their house. They do want to do the right thing. But you still have that, you know, 5, 10% that really want to try. If you give them an inch, they try to take a Mile try to take advantage of the system, and you've just got to. This is why it's. I always say it's good to have a third party handle those tough conversations. A third party like an attorney or servicing company. Because if you hear people talk about all their heartstrings or I'm sick, or my grandmother, my 12th grandmother passed away, you know, people want to. You want to be nice and do something nice, but people know that some people know the game and know the racket and can drag things out for a long period of time.

Yeah. So you, you mentioned that the bank basically sends you a list. How do you build those relationships where you get to a point that they send you a list and you're not looking at single potential deals?

That's a really good question, too. So most people think that you can just walk into a bank and say, hey, I want to buy notes. And that's not the case. Give me the banker. I had people. Yeah, exactly. It doesn't work that way. There are specific departments inside of every lender institution out there, bank, whatever, that handles the distress notes. So there's usually in a whole different department, you know, different building, different states, sometimes on different side of the country. In those departments, they go by a couple names like the special assets department, the secondary marketing department, the chief credit risk officer for a smaller bank, if it's an insurance company or a real estate investment trust, they may go by a whole, whole loan trader desk. And we have built relationships by just continuing to follow up, you know, drip, you've heard drip marketing we do is we go out and we find lists of these people on LinkedIn is a great place to look for, and we just start reaching out to them. Hey, you know, are you the right person at ABC Bank? Are there. Are you the right person at Signature bank who's going through a bank failure this morning? Are you looking to move anything off your books that you're looking to get rid of? You know, and so it's just a matter of constantly reaching out to these people and doing it on really methodical way on a weekly basis, building an email list, and then we send an email out once to twice a month to the same list and just follow up, hey, what do you have in your books this month? Or what are you looking to get rid of this quarter? There are some things that you can look at to identify banks that have a higher percentage of distressed assets. Like looking at their quarterly report that they file with the FDIC will often show what kind of distressed assets they have, there's a service called Bower Financial that we use that sends us a quarterly report with all the banks filings that shows us what kind of percentage of defaults they have. Another good sign is if that bank or institution is hiring for people in their distressed department. And like last month there was 120 institutions on LinkedIn alone that said they were hiring for special asset managers, which is a good sign that they've got an increasing number of bad loans that they need to get off their books. So we, we do that and we just, like I said, we just follow up. Sometimes it's making a phone call, but usually it's LinkedIn or an email and then a follow up with a phone call and just, and just continue to touch base with them. Hey, what do you have in your books this quarter? Some banks, they don't want to deal with a smaller, I guess you'd say smaller investor. They want to deal with a big, big institution. So they may send it to a website like Dead X or First First Financial to send, sell off their pool. I might be a big fish in a small pool. I mean we're buying, we're still buying. I bought over a billion dollars in debt in the last 15 years and we've bought anywhere from a one off note to 300 notes at a time, but we're still buying on a regular basis. And so while we might not take down a billion dollar pool, we're still buying quite a few assets, whether from a one off deal to 30, 40, 50, 60 assets at a time right now. So it's just a matter of touching base. Hey, what do you have? And then following up, some banks will, you know, sell stuff in our, like we made 60 offers last month, 30 were accepted. Out of that 30, we'll probably end up closing on 15. Well, I'll continue to follow up on that. Other, the other 30 that we didn't get accepted to say hey, what happened with those? Did they close out? You know, are they still available? And that also leads to getting deals and oftentimes that leads to asset managers knowing that once we close on something, if something falls out, we're the first ones to see stuff because we've got a proven track record of closing on deals.

Yeah, yeah. And you also keep an eye on the ball. I mean, you know, you, you're proactively following up which means if something falls out, you know, you're the first to pick it up. And you, you said something there which strikes timely that there is a lot of banks hiring in, in those positions. And, and I think that kind of speaks to the, the market situation. I mean we just seen some banks default just last week basically which speaks to their books. And you said that they want to get rid of certain debts on their books. So the bank, you know, really wants to pass that on to you. And that's the opportunity where people like you move in, right?

That's correct. They would rather get like say 50 cents of value now because they can now have that as a cash deposit and then lend that money out or leverage it, you know, versus holding on to a non performing enough that's not generating income. And then it's an opportunity for me and other investors because hey, we bought this discount, this deal at a 50% discount. Now we can work it out, we can get more creative with the borrowers or if not we are more comfortable foreclosing and taking that asset back if we need to.

Yeah, and that's, I think this is really interesting because it's a part of the, of the banking business that is less obvious. Obviously they don't want their customers to know about it that they're writing off bad app like that and trying to clear their books.

Yeah, exactly. I mean banks don't want you to know that they're struggling. Okay. Because it leads to what we saw happen on Friday with Silicon bank, what's led to what's going on in New York with Signature bank closing their doors on Sunday. Now it's nice that the President's come in and said oh, your deposits will be secured. Well they can't do that for every bank in trouble. And that's, I hate to say this but those are really the first two dominoes to start falling because there's banks out there that are struggling and it's not just because of the, you know, the bitcoin debacle ftx that happened with Silicon Valley bank, it was a big thing in the high tech side of things or you know, Signature bank having some other bad things happening to it. There's a, you know, banks don't want to run on their assets because then it reduces the value of the assets overall all across the board. So you'll have a bank that comes in and buys another bank and they'll have to do what's called the loss share agreement where they, you know, they can't sell those banks assets for at least a year. They've got to hold it to stabilize it. Then even though they bought those assets at a big discount, they've got to wait a year to sell that asset off at a discount they want, if they want to make profit on that. So it's kind of, that gives it time to stabilize the bank, stabilize deposits and go from there. But yeah, we use it to sign non disclosure agreements with the banks, can't disclose who we're buying from or can't go out and post, hey, we're buying this note at 123 Main street by ABC Bank. That's a big no no for $0.50 on the dollar. Plus it's, you never want the borrower, not that the borrower is paying attention, but you don't want the bar to see somewhere like, oh, you just sold my note for 50 cents on the dollar. I don't want to pay you 100 cents on the dollar. You only bought it for 50. Well yeah, just the fact that I bought it for 50 doesn't stop you from owning the full amount.

Yeah. I have a question and this is something that got raised in my circle today because given the whole bank debacle and you might or might not have a good answer to this. It's like you seem to have a good understanding of what is in the books, at least as long as they deal with real estate mortgages. How do we evaluate if our bank is healthy?

That's a good question. It's really easy to see. Every bank that is federal has FDIC insurance. That means that they where their deposits, anything up to 250,000 are insured in case the bank fails. So those banks that have that type of insurance, they have to file a quarterly report every quarter with the FDIC. So you can literally go to FDIC.gov and search for your bank's quarterly report and they will literally show what kind of percentage, what do they have under assets, under management, how much of it is in default, what percentage of the bank's assets are in default. You know, is it, how's it broken down into commercial assets, residential assets, unsecured loans, secured loans, credit card debt, they'll have that all disclosed there. And you can kind of see how much is in default this quarter. But they also have to give you what's basically in distress. That's 30 to 89 days late coming down the pipeline for the next quarter. So you can literally, it's free to do, you can go to fdic.gov and just pull up any bank and take a look at it, as long as it's here in the United States.

Nice. See, I didn't know about that. And, and that's because today we were sitting There as real estate syndicators. And you know, we also need to make sure that we're not exposed to systemic like concerns here, you know, whatever might go down in the next couple months, a year. And we were like, okay, so how do we evaluate if our banks are good?

Like, well, I would first I would call your banker, I would call your bank or whoever your representative is at the bank, especially if your syndicator, they should know, hey, what other percentage of your commercial loans are in default or distress? Do you have anything that's in special servicing, you know, that the borrower is struggling to make payments? You know, I would also look at how many of their existing loans have they gone back to the borrowers on, say, hey, we need to get your debt service coverage ratio back in a ratio. We need you to bring cash to the table to get it to one and a quarter or we need to get back to, you know, the values have dropped a little bit. So we need to bring, you need to bring 5 to 10% of the value of the property to get it back to 70% LTV.

Yeah.

So those are some questions I would be asking. Hey, do you have anything else on your books that you're. That's in trouble, you might be looking to get rid of? They might not be able to disclose the asset or the borrower, but they can tell you some of those numbers.

Yeah. So you're, you're also mentoring a lot of students. You know, you consistently have workshops that are filled. How do you usually help them understand this like niche within the niche? I mean, I already think that we are in a niche doing what we're doing, but you're even deeper in it. How do people find you approach this, you know, and how do you help them make sense of all of this?

Yeah, that's a really good question. One of the things that we do is obviously the podcast, the Note Closure Show. You know, we're constantly uploading, you know, releasing episodes like I just finished recording a new episode a few minutes ago, just talking about what's going on the market today. We do that on Monday nights. For the last 13 years we've held webinar live webinar that's called Note Night in America where we go through different topics and bring it, bring in different speakers and in the commercial space, residential space, and help them kind of make sense of it. And then with our workshops we kind of have a like a two level approach to, we've got like a one day class that we teach is kind of the note Basics you know, we call it note weekend, where it's basically about six hours of me kind of going through the basics of how we find these deals, how we fund them and how we make money with them, how we flip these things. And then if people go through that one day and they're like, oh, this, this doesn't seem that complicated. You know, it's actually, this business is a simple business. It's not anything complicated doing a lot of the same things over and over again. It's just a different mindset and different shift being a banker's mindset versus a fix and flippers mindset. So that's really one of the things that we really have to focus with folks like, listen, you're not a fix and flipper, you're not a realtor, you're more of a bank on the situation. So you have to take it from that approach and realize just because you're buying the note doesn't mean you're automatically end up with a property. You may end up having a great performing loan or you may have to go through the legal process. So there's a lot of moving parts to that. And so that's why the three day is all more so a full day on how we find these deals and what's going on in the market, how to make those connections with asset managers, what to say, what not to say. The second day is all about the raising capital because, you know, and how to market these deals because it's a different type of marketing and capital raise than it is for, you know, going out and getting a loan or hard money loan for a property. And then thirdly, the exit strategies and how to break down these tapes that we get in. You know, how do we determine a note is a deal or a dude, you know, based on, you know, the property, the borrower, you know, the buying conditions or the paying habits of the borrower or not and going from there. And what's going on with each state because each state's a little bit different, the foreclosure process. So there's a lot of moving parts. But we always tell folks like, listen, narrow it down three to five states and let's start there. And you'll get much more knowledgeable as you grow from there. That makes sense.

Yeah, 100%. And don't go to New York.

Yeah, don't buy New York or New Jersey. Don't buy in Chicago. I could go on a few other places, but yeah, yeah, that's half the battle is knowing not to where to buy.

Yeah. And when you are helping people making sense of this, where do you find or raise the capital? Do you go to retail investors in the similar fashion we do it in the syndication space?

Yeah, we do that. We definitely depend on what you're buying and how much you're buying off. I mean, we work with a lot of self directed IRA investors, you know, self directed money here in the United States, people that have an IRA account, you know, we, we, you know, we show people, hey, reach out to these IRA investors. They've got money, they're looking for deals that, that are often passive and you can see they've pulled the trigger because they own a property already in their IRA or they've lent money out of their Iraq. So if you can offer them, you know, 6 to 8% passive return without them having to do any work for a period of time, it can be a great investment as long as you're buying below 70% of value and you've got your servicing company and attorneys there to help you take these assets down where you're not having to do all the work yourself. So yeah, we show people how to raise capital that way, how to market to investors and help them to use up their own, you know, they can use their own money, but it's always best to use other people's money and save your own money for the really, really good deals.

What is the structure between you as someone who is running the deal and us potential passive investors?

Are you talking about how the setup as far as the breakdown returns or what? What do you mean as far as when my students. Yeah, both in. Me.

Yeah.

Okay. Okay. So usually, I mean, I'm, I'm buying most of the time. I don't usually partner with people. I mean, I'll partner with investors. If an investor brings a quarter million or more to the table, we'll do a Special Purpose LLC and then we'll usually split the profits, you know, 50, 50 after expenses are paid, stuff like that. But somebody's bringing in 50 or 100 grand to get the ball rolling and we can do one or two notes with them and they'll get a flat 6 to 8% return.

Yeah.

For 24 to 36 months. And we'll handle, handle the management on our side. And of course they're getting, they've got access to all of our notes and the, you know, servicing and stuff like that as well.

Yep, makes, makes sense. Very nice. So what are for people that are trying to wrap their head around this space? Where would you send them first? You mentioned Your podcast. You, you mentioned your mentorship. What's the website? Website where people can reach you really easy.

We close notes dot com. That's our mothership website. With access to our different podcasts and our training. We close notes.com is the best place to go for that kind of stuff. I mean, I've got a book. We get a pretty easy 72 page book. I'd be glad to send somebody if they want to learn how to dive into the world of note investing. We give that away for free. Love to. For your audience, somebody who's interested. I'm, I mentioned our one day class that we have called Note Weekend. If you go to noteweekend.com and register and use the discount code, we'll just say path, all caps P A T H. I'll give you that class for free, which is a $99 value. And you can kind of dip your toes in the water, see if it's something you like. If not, no biggie. If it's something you like, hey, take the next step.

Nice. I like it. I, I have one, one question that I always like to ask. What do you consider a life well lived?

Oh, a life well lived. It answers itself, you know what I mean? Doing what you want when you want. You know what I mean? I saw a meme today from Gary Vaynerchuk and he talked about, you know, how he's got friends making 45 grand a year who are happy. They live their life. They're, you know, watching movies, doing whatever they want, take two vacations, they scrap together, they're happy. And then he's got friends that make millions that are just unhappy. They're the most miserable soul, you know, dark soul out there. I think a life well lived is doing what you want when you want. It's not saying always doing everything you want to do. I mean, you got to get up sometimes when you want to sleep in, but being able to call your own shots and it doesn't, you know, whatever that number is. And that's one of the things we always tell our students. Like, listen, if you're working and you want to replace your income, let's replace your income so that you don't have to work if you don't want to. But if you want to keep working, that's great. But let's, let's put a plan together so you leave that job, not, not quit overnight. But, you know, let's put a 12 or 24 month plan in place to replace your income so that you are financially. So if you do want to take a month off or two months off to travel, stuff like that. You're good. Financial independence is often something that goes along with that number, but that number is independent of everybody. So just because somebody needs 20 grand a month to survive, so somebody who's living needs two grand and living out of their van, driving all across the country might just be the happiest person out there. So it's all about individual choices, Individual definition of that is what I like to say.

100%. I think that's very much, you know, people need to define their own success. But I think it's also something that I have to learn for themselves because it's so easy to, you know, especially you were being catered to by ads and all kinds of things. This is success. This is what success means. And I mean, just two weeks ago, what some Wall street billionaire shot himself. So I wonder what his idea of success was and what made him kill himself.

Well, that's, that's, that's the biggest thing. I mean, you know, you see that happen all the time. I mean, you know, we here, here in the United States, we have it so asked backwards a lot of time. Compared to Europe and other countries out there where we work 80 hours a week, we only get like two weeks of vacation a year. We work ourselves to death to try to end up retiring to go ahead. Time that's so ass backwards compared to, you know, Spain and Portugal and Latin America and Germany and all these others. You got to have time to recharge your batteries. You know, working yourself to death doesn't make any sense whatsoever. And you look at here in the United States, the amount of obesity, people not taking care of themselves. You got to take care of the most important thing, that's you and your family first and foremost. That doesn't mean working 80 hours a week and killing yourself to make an extra buck. Money is great, but you can't take it with you when you die. You know what I mean? And sometimes that's one of the things my dad taught me is like, hey, make memories along the way because you can't take all that money when you're six feet under the ground. Maybe great for your family, but your family would obviously exchange all the money in the world to spend more time with you one on one.

100%. 100%. And especially, you know, if you trade your health in the process for the money, then at the end of your health, you would give away all the money again.

Yeah, that's why you always see these Guys that are always trying to live longer, live longer, live longer. Well, you should have lived while you were younger anyway.

Yeah, right.

Gray hair is not a bad thing if it's full of life experience. You know what I mean?

Yeah, right. Yes. If you. If you didn't get stuck. So what it is. What is one of the projects that you're currently pushing on something where you're personally trying to take it to the next level, something you're passionate about.

So it's funny that we're speaking about health, because I've been very, very passionate about my health, especially the last year, year two, since I turned 45, I really wanted to get my weight down. I'm back in, you know, working out. I'm watching what I mean. I just actually got. Came back from my doctor's checkup today, and she gave me a high five that all my numbers were way down in really great, optimal positions. You know, weights down, blood pressure's down, blood sugar is way down, all that good stuff. So that's the biggest thing, is taking better care of myself. Secondly, getting out and traveling a little bit more. I used to travel a lot prior to Covid and, you know, vacations twice, at least twice a year usually, and stuff like that. So really, really looking forward to get back out and travel a little bit more and enjoying ourselves, getting back over to Europe and spend some time over there.

Yeah, nice. Summer is coming up. Should. Should come over.

Yeah. Yeah, definitely. I was in. I was in. In Germany years ago for the, like, the 19th annual Greater Berlin Beer Festival. And I've never seen more happy people with, I mean, you know, beer TR and beer carts, you know, a mile long down the middle of Berlin. It was just. It was a great time. Everybody having a good time. Wasn't Oktoberfest, it was June or July, stuff like that. It was a great time there.

Yeah. Yeah. Well, Oktoberfest is a must visit at some point. I think that's. It's quite a unique experience. There's nothing like it outside of Munich.

Yeah, exactly. Like we're talking beforehand. That's got to be on the list of 10 there.

Yeah. Well, Scott, thank you so much for your time. This has been very, very interesting. Notes for everybody. You know, that's in the multifamily syndication space already. This is something else to look at for us. And Scott has all the information. He has the mentorship, you know, and the podcast. So everybody, let's dive right in.

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