Matt Teifke: Texas Real Estate Agent Turned Note Investor

Foreign this is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property for panties on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now here's your host CEO of We Close Nodes, Scott Carson. Hey everybody, Scott Carson here. Just want to say thank you again for listening to the podcast. If you've been listening for a while, you're subscribed to the podcast. First of all, thank you. Second of all, hey, you know, if you're you're not one of our coaching students or you haven't signed up for one of our three day workshops, here's an opportunity for you. You want to check out our WCN membership. This is the biggest bang for the buck of the notice street. Besides our one on one coaching, this is our monthly membership for 97amonth that gives you access to all of our online training, our virtual workshops, our note weekends, our special one day master classes that we've taught in the past, anything that we have going in the future, as long as you're a live member, if I can't make you or save you $97 a month, I'm doing something wrong. But save you paying 997 or 99 bucks or 399 here or anything like that. We make it affordable at $97 a month and like I said, it gives you access to all of our past replays, our upcoming classes, our access to our special classes. We also do weekly coaching calls with our WC members and also our WC members also get first crack at tapes and lists of notes that we get in after our one on one coach to take a look at them. But it's a great way for you to go. You can also schedule call with me anytime to go through deals that you're working on marketing things, questions you got going on about a deal. We're here to help you. So how do you get signed up for that? Really easy. Just go to noteumbrella.com that's noteumbrella.com get signed up there for you 97amonth guys. Like I said, biggest bang for the buck of the nursery and we want seeds of the family. So let's get you signed up today. That's knownumbrella.com welcome to the no family everybody and thank you for always for listening. Good morning, good afternoon and good evening everybody. Hey. Welcome to this episode of the Note Closure Show. As always, Scott Carson here to rock Your world with some great content. We've got an amazing guest today. This guy is a Texas real estate entrepreneur. He's a realtor, an investor, a note investor as well, who's doing some things. And while he called Austin home for years, he's living down near where I grew up in Corpus Christi, Texas, kicking butt and taking names. And we actually connected originally at south by Southwest last year. I love what he was doing to expand his real estate YouTube channel by having a booth there and connect with people. And you've probably seen me wear his. His shirt, the real estate entrepreneur shirt once or twice on a podcast episode. But we've got Matthew. Oh, my God. I'm just drawing a blank. Tke, right? Did I get that right?

Yeah.

I'll make sure I get that right. Deal with the cold here. But anyway, what's going on, man? How you doing this morning?

Hey, man, I'm doing great. I appreciate you having me on your show. I'm excited. It was, it was good to reconnect with you just recently and hopefully it can bring as much value as we can. So thanks for having me on.

Yeah, no, no problem. It's always. I love having people that have pulled the trigger and closed on deals. And it's often, you know, hate to say this, but there's a lot of realtors out there that don't understand the investing mindset. They understand the inside the box aspect of things, but many of them are leaving the like rats leaving a sinking ship that they don't know how to market. They're not investors themselves and they don't know the power of paper when it comes to buying notes. Whether it's, you know, buying performing or non performing or the pilot goes along with this and you're one of those guys that do. So kudos to you and your partner.

Yeah, man, it's an interesting deal because I've been doing this for about 13 years. Started when I was 18 and when I first got started, it was like notes weren't exciting to me. Now, you know, 12 plus years later, they're actually really exciting. And I don't really exactly know what it was, but I think probably, you know, when you own properties, it's great. We own a lot of single family, but we got to pay taxes. And you know, in, in February, we're gonna have a ton of taxes that are coming up, property taxes and expenses and all that. And so I, I guess I was just thinking notes aren't that cool because they don't appreciate, but they straight up cash flow which is what people like about real estate in a lot of ways. So we bought seven now and I'm trying to buy more. And I also wonder, I'd love to get your take, is it, is it kind of market driven? Like it does seem like they're a little bit more popular and talked about now that the market's changed, but maybe that's just me in my world and, and they're becoming more popular with what I'm doing.

Well, I'll tell you this, when I started doing this back in 2007, 2008, notes were around but the predominant factor was about creating notes, owner financing, buying or selling on terms. And that was, you know, I structured a ton of those deals between 2004 and 2008 with folks. What wasn't as popular was the, the non performing side that was much more of a niche within the niche. And people didn't really know about buying individual notes. They thought about creating a note, you know, selling on terms or owner financing, that's been normal. But they didn't understand that there's this whole secondary market out there that really has kind of evolved since the, the big recession, you know, know 2008 and beyond. This whole secondary markets popped up with non performing and stuff that you can buy from banks or institutions. I mean I've been buying that for a long time, but became much sexier when more inventory came around. I mean there's always been non performing notes, but it became much more prevalent in being able to buy. I, I call it kind of like the crumbs you live on. The crumbs of the big banks. Movie stuff or so stuff. You know, a big 50 million dollar portfolio gets split up into 5, 10 million ones and I get split up in a couple 5 million dollar tranches. And then finally you end up with a smaller pool that people are looking to move. But maybe I've helped make it a little bit more popular with our podcasts and the YouTube videos and explaining videos because there's not that many people that teach it. But it's, it's definitely gained popularity. It kind of slowed off a little bit during COVID because the inventory got a little bit tighter as there weren't just wasn't as many non performing stuff, wasn't as much stuff institutional debt you could buy. But it's definitely. I'll tell you this Matt, when my phone or email or LinkedIn starts filling up with asset managers reaching out to me to see what I'm buying, it tells you there's a trend coming that's you know, we're six to 12 months out, depending on what state you're investing in. Of, of a, I don't wanna say tsunami of distressed debt, but definitely an increased, a rising tide of deals for the most part.

Yeah, that. Very fascinating. And that's the whole thing about what we do as, as far as being entrepreneurs is just adapt. You know, the market's always changing and the industry's changing and so just got to adapt. And another thing, Scott, I'd like to hear your, your thought on is it's, it seems like, I guess what you were saying at the beginning is like a lot of people are creating these. They're looking to create these, to offload them real quick. Like, I've run into some people recently that they're buying land, they're parcelling it off, they're getting, you know, 5k, 10k down payments and immediately trying to sell it. And I get it. One thing that, you know, you got, you got to know the game and just know what to look out for. And I'm like, well, that's a cool concept, but are you jacking the price of the land up? Because if you are, you know, there's a lot of risk if you got to go take back land that it's got nothing coming in.

Yeah, that's, that's the big thing. I've, and I've seen other people out there teach that, oh, you're the bank. You can overcharge what the asset is worth. You can add another 10 or 20 grand on the house because you're the bank and your valuation is all that matters. I said I can understand that if you're planning on holding the property for, you know, holding that note for 5, 10, 20 years. But yeah, if you're going to turn around, try to sell that note immediately, which a lot of people do, you got to know the true value of the property. And yeah, we see that happening. I get phone calls all the time, oh, we're looking to sell our note. I'm like, well, you're, you know, like this one. I'll give you a great example of this. Note for sale on a platform was selling. They're trying to sell it for 35. The UPB was 50. It was on a lot in Sarasota that sold early this year for 3, 500 bucks. And I'm like, your assets worth 3,500 bucks? And they're like, oh, no, we sold it. You know, we sold on terms for 40. I'm like, well, that's great, but you haven't even seasoned that note or let that payment string come in long enough to upgrade because it's still showing as a distressed sale. You got to give it time. I said you only paid 3, 700 for it. You should be trying to sell it for 10, not 35, you know. You know, if you've gotten a year of payments based on your terms, you've already paid off what you paid for it. I mean, and that's the, that's the difference in, in talking with people that come from the real estate side who don't understand the note business. There's a, a disconnect in there a lot of times because they don't realize, oh, I, you know, I own the real estate. Well, yet you don't. If you're buying the note, you control it. You don't necessarily own it anymore. And if you're trying to sell that relationship or sell that connection, you know, you got to understand what the, the true worth of that underlying asset is, because, yeah, if you have to take that asset back, you may don't want to initially own a, a lot. In the swamps of Sarasota, Florida.

Yeah, yeah. And, and one thing that I preach on, man, and I, I've tried, I mean, I've really tried hard to learn about as many aspects about real estate as I could. I mean, multifamily industrial. And I've done it like, I was an appraiser. I worked at a broke commercial brokerage. And so although, like, you know, this, this aspect of me buying notes is relatively new, I can quickly understand all the concepts because I've, I've tried to be a student of the game. So, you know, I know the word seasoning is, like, easy to understand quickly, but, like, I just, I didn't ever think about that until someone asked, and then I instantly got it, like, yeah, you want to see that someone's committed, that they've been paying and all this stuff. So it's really fun, man. And there's so many aspects of this business, and so it's really good to just keep an open mind. And, like, right now we're talking to a lot of sellers that they're in tough spots. Like, in my opinion, if you're, if you're really selling, and we have some properties, too, that we're selling, but it's not a great time to sell. So if you're trying to actually sell, there's a reason. And so there's so many people that are like, hey, I owe. You know, I'm having these Conversations daily. Like, I owe 340,000. I've got it listed at, you know, 370. It's not selling. And in my head, it's like they could list that thing at 340 and it still wouldn't sell because there's just very few people buying. So it's like trying to come up with some creative ideas of, hey, you know, if you rent this out, you might be negative. You know, 300, 500amonth, that is horrible. But if you can keep it for, you know, five years, it'd probably be a good deal. What, what if I commit to, you know, covering half of those losses with you and I become a 50, 50 partner? Like, there's so many creative. It's kind of along the lines of notes in some sense, more just of a creative concept.

Right.

But this, this is the time that you have to be creative. And I'm like, really enjoying going down this notepad because it opens up all different ideas that it can apply to different aspects of the real estate business.

Sure. One thing that you might take some interest in is, is we target properties or withdrawn listings for potential subject to deals or somebody in that. In that situation, houses worth 370, they owe 340, they got to get it off their credit or they got to take that monthly responsibility out of their budget. Maybe not get off the credit going to somebody like that. Hey, if you got a low interest rate, sub 5, you know, would you be interested in somebody taking over the payments, taxes and insurance on it? And if your house is truly worth 370, well, let's lock in your equity, and I'll pay you that equity in three to five years.

Right.

And me as the buyer, I'll take over payments. And my goal would be to either turn around and depending on what the rent rates are, put a renter in it, cash flow, a couple hundred bucks a month. While that underlying mortgage is getting paid down, you know, the principal is being reduced, values going up, and, you know, five years, I sell it well, I'll pay up, pay their 30 grand in equity, roughly 20 grand or 10, whatever it is. But now I've made a lot more profit by just holding it. And the principal has been write down, plus the monthly spread in the difference between the rent and the, you know, the underlying mortgage payment. Now that's like a, you know, rental. You could also do owner finance, you know, where you did a, you know, a mortgage at 9% for 370 or 400 to somebody, somebody brings in 10 down, you know, on 400, that's 40 grand. Now you're, they're at 360. Same thing. You know, maybe just do an interest only payment on the360 at 9% interest only. That's going to be a much higher than if their mortgage is at, you know, 2 or 3%. And so it's the same thing paying down the underlying mortgage. Your 340 stays the same because it's interest only, because we all know buyers just look at their budget most of the time, right. And you put, you know, 40k in your pocket in the down payment. You got monthly cash flow coming between what you financed it to and what the underlying debt is. And then the third payoff is when you sell it in five years is that difference between the, the payoff and then the new value of the property and going from there.

Right. What do you think about doing like doing those kind of ideas but keeping people on as percentage partners?

It all, it all depends. I don't like partners personally. Now if they're, if it's their house and they have equity. Yeah, you keep them on. I would say keep them. I said I'll keep you on and I'll pay your equity over a period of time. No payments for 24 months and I'll start giving a monthly thing or something like that, you know, because here's the thing, people when they are desperate and they need to sell or need to move, you know, they can hold on for a little while most of the times. But most people don't have any savings these days. And with inflation being through the roof, they've got to cover some things. So if I can say, listen, you got 20 grand in equity, lock in. But you know, it will take over everything. And as long as you need that 20 grand to go where you're going, you know, or reduce that difference in equity by what commissions would be in closing costs, you really have no equity after closing. You know, let me just take this over and, and take this off your credit for, you know, off your stress mind. Somebody's paying it. You know, that's, that's the thing. It's all about the motivation side. I mean, the more creative you be like, hey, I'll bring you on. But often I, I'm not saying you can't do that. Somebody's got a ton of equity, you know, 50, 100 grand or more. That definitely makes a lot more sense versus somebody who's, you know, aspect of no equity to little equity. You know what I mean?

Yeah. And that's, that's the Challenge that I think a lot of Realtors and most people that are in the business is that they, they don't have enough creative solutions and they just do one thing and really you got to go on a just a fact finding mission and present different ideas and let them pick. And I think that the industry doesn't really have that at scale as far as like you're an owner, you know, is there somebody you think of that's going to come give you all your options? Not really. You know, and that's what we're trying. That's really what we want to be. And it's hard. I mean, you gotta, you gotta know the game and you got to know the language and it's hard to train that.

You also have to fight through the ignorance of the other party.

Yeah.

Of the other listing agent who doesn't understand it. They don't understand the philosophies or the policies or the creative. They're only worried, well, I'm not getting paid my commission, you know, or unfortunately, most realtors don't understand creativity. It's that inside the box it's got to be sold traditionally with a traditional mortgage or they do the knee jerk reaction weekend. Oh, that's illegal. You can't do that. Like. No, you can do that. Yeah, they just didn't in the, in the real estate school for the most part.

Yeah. Yeah.

And motivation too, changes as, as time increases. You know, if a hospital listed for six months, what do you see the normal listing time for houses? Six months, a year sometimes.

Right now? Yeah.

I mean it's a lot each month that goes on, that's money out of that investor or the owner's pocket that they could have not had to pay. And you know, we, that's why we target withdrawals a lot of times because it's, you know, realtors out of the way that screw stuff up a lot of times because they don't know. And that's okay. But the longer this stuff drags out, the more motivated people get to get creative.

Yep. And it's just tough right now, man. I mean I really, from what I'm seeing and from just my, my thought process on the market and interest rates is just like, nobody's buying. I mean, we are closing some deals, but like, how can you go and afford these properties when your, your payments double, triple what it would have been six months ago. So it's just like, I don't even know if you can establish what values are right now because it's like you think it's this and you could go 20 lower and still not going to sell.

Yeah. And that's where it comes into knowing the all the total numbers, if there's any equity or what is involved with it, versus just what Zillow says, which is.

Yeah.

Where most unfortunately majority of people look, oh, my. Zillow says my house is worth this. Well, maybe it was, but it ain't now. Yeah, we see that here in Austin. I mean, prices went through the roof and then they cooled off. Well, you've seen a 5, 10, 15 reduction. People want to start screaming. That's a crash. Like, no, it's more of a correction. And people like, oh, I'm upside down my house. I said, well, you're upside down your house. If you try to sell now, I mean, if you're going to be in it for three, five years, you'll be fine. Market will come back, you know, you're going to have those annual corrections a little bit, but you'll be fine.

Yeah, that's the beautiful thing about real estate is time. Time solves all the problems with. I mean, you got to be in a market that, that jobs and people are coming to, which we are in, in Texas. But time's going to solve all those problems.

So let me ask you this. You living in Austin previously, what attracted you to Corpus Christi or the. The Gulf coast as a agent?

Well, there's a lot of opportunity here that not a lot of people are talking about. But really it started with family. Like my, I got two young boys and man, we go to the movie theater and there's. There's five people in the theater and you're not walking through and stepping on people. Something about less people. It's a slower pace of life that was more on the family side. And then there's a lot happening here. It was kind of just a blessing in disguise for me. We felt led to come here. But then all of a sudden Elon Musk opens, you know, Tesla battery plant in Robstown, and they're, they're raising the bridge here. And tourists, you know, not tourists, but cruise. Cruise ships are going to be coming in and out of here and manufacturing and we're in Texas and it's much more affordable. So I'm really just chasing opportunity at the same time is trying to keep the family happy and there's just a much cheaper real estate. There's little to no competition, in my opinion. And it just feels like there's a wave happening here. But it's a beautiful place, man. I mean, we go to the beach a couple times a week. A lot of people have strong opinions about Corpus one way or another. And at least for me, you know, every. Every time I meet somebody who doesn't like Corpus, I say, well, how often do you go to the beach? Never. I'm like, well, that's the whole deal. I mean, it's the water, it's the coast, the.

The wind surfing regatta, the stuff like that. But yeah, you're right. I mean, there is a tremendous amount of growth down there. For those that don't know, you've got a lot of oil and gas down in. In Corpus Christi with refineries has always been a big business. You know, when. And Matt talked about the. The raising the bridge, well, they're building. We've got the scenic harbor bridge that goes over the port of Corpus Christi. Well, they're literally rebuilding a bigger bridge so that it can accept cruise ships and other large oil tankers and stuff like that to get into there to increase that stuff. And it's, you know, you've got the Corpus Christi Hooks, AA affiliate of the Astros right there, and it's a great place to watch the game with ships coming in and the bridge and seagulls. And they're at Whataburger Field, of course, it is the home of Water Burger in Corpus Christi, which is great.

Yeah.

And Heb and H and. And he, as we like to call it here, everything is better. Yeah, the great seafood. I mean, you've got that stuff. Then, of course, across the bay in Ingleside, where I grew up, you've got what used to be the minesweeper base is now another dock. And then you've got oil and gas over there. And then you have all the big offshore derricks that are dropped in the Gulf of Mexico are usually built there in Ingleside or Ingleside in the bay, too. So, I mean, that's the thing I've always loved about that area, is it's not just Corpus, it's the, you know, the. The Texas Riviera, as they call it, going up to Rockport, you know, Aransas Passes. Aransas Pass, I think, is also one of the big areas. It's been not looked at because it got hit hard with a hurricane a few years ago. But there's a lot of real estate, a lot of older folks that have lived there. They're looking to leave, or they've got equity in their properties, or they. They own a big lot and they have a smaller house. I mean, that's pretty common. In corporates, a small house on a big lot that needs to be updated or it can grow in a lot of cases. And, and like I said, people are moving there because it is cheaper than San Antonio and Austin, Dallas and Houston. But you still got a lot of the amenities that you would get in a bigger city.

Yeah, man. And like, I mean, there's these big deals. Like a lot of people in Austin haven't even heard about this Tesla Battery Planet. Right. There's a company called steel dynamics, $2 billion deal in Portland. I mean, these huge things happening. And when you have jobs, you know, that's one of the first things I learned about real estate was, you know, obviously you always hear location, location, location, but jobs, jobs, jobs just as important, right? Yeah. And they're coming well.

And then you've also got a big contingency of snowbirds coming down from the colder states during the winter, make their home there in the, in the Gulf coast as well too. For you. Of course, it's also close to the border. You got a lot of stuff going on with the border and then the valley too. But yeah, that's. It literally is an untapped market out there in a lot of cases that people don't. Don't recognize. And yes, opportunity. Unless you're down there and really got your, you know, ear to the ear to the ground to hear what's going on.

Right. Yeah. So that's what's got me here, man. And it's, it's a blessing and I'm just trying to make the most out of it. And I'm going to some of these small towns. Like, like I was just talking to the city manager in Beeville.

Yeah.

And he said 200 jobs. It's a sand mining. And they're just. 200 jobs is a lot for a small town. It's probably more like, you know, 500 to 750 people. So these small towns are very welcoming. And you know, I love Austin, man. I'll always love Austin. But you know, it's kind of like you want to move a company there. I, I feel like it's probably like get in line. You know, they're not rolling out the red carpet. You, you call Beeville or Goliad or Kingsville. You'll be sitting down with the mayor, the city council. They'll be showing you properties, they'll be giving you tax incentives.

Yeah.

And we're still in Texas, so it's an interesting dynamic.

And you've got room to build too, where land isn't so Expensive like it is up here in Texas or the Texas triangle between Houston and San Antonio and Austin. Plenty of room to build and grow for a lot of stuff. Yeah, I, that's one of the things we're looking to do is probably when we do end up selling here, moving somewhere closer to there. And you know, you've got different universities, Texas A and M, Corpus Christi, Beeville, or it's not B County College like it was when I was there. It's something else now, of course, Del Mar College. And there's all, there's a lot of higher education there. Or was it. What's Del Mar called now? Is it. It's not Del Mar Community College. It's something else, isn't it?

No, it's still, yeah, still Del Mar.

The Vikings. There we go. Now you got, you said transition your transition and fall in love with the notes space. You guys bought some a pretty, pretty decent deals down in the Valley there. You want to go over a couple of those kind of how you kind of came across them and without giving away too much information on your secret sauce.

No, I'm an open book man. I just, you know, a lot of what I do is networking, right. Like I'm constantly trying to meet people, as many people as they can, wholesalers, realtors, developers. And we got a good sized team in Austin. And what I try to be is somebody who can have a network of solutions. So like, you know, you find a, a development deal. I know five developers that actually know me well and trust me and, and we can get a deal in front of them and, and they'll give us some equity, right? And, and so this was found through a wholesaler and he had five properties in Alice, Texas. He posted what it was worth. He said, hey, they owe 250. And I think he, at the time he was asking like 160. And I just threw out a number, I said, you know, 115, you know, and then I just held firm to it and over a week and a half, you know, knowing right now, you know, you can always lose a deal, but now's the time that it's really in your odds that they're going to come back to you versus, you know, eight months ago. It's like, you know, you got to step up and go to get the deal. Now it's opposite. So you gotta, you gotta utilize that. I said, hey, we got the cash and we did. We were sitting on cash and we'll send it over to you right now, right? So 115,000. We bought them, it's, it's right around 4,000. Uh, man, it's the first time, you know, first time I've been getting checks because we've got a, we've got a structure and a system in place with all our properties where people are managing it. And I hadn't got checks for like 10 years and I'm, I'm like, this is beautiful. You know, I mean usually those checks are going to the mortgage, right? And it's like right around 4,000amonth and it's worth double, more than double what we paid for it. And I'm just like, this might be the best deal I've ever done, right.

So if you got 4,000amonth in cash flow coming on that times 12 months, that's 48 grand in cash. And you paid $115,000 for these notes, right?

Yep.

That's a 41.74 return on investment. That's not too shabby, you know, cash and cash return there for you. Pretty good. They owed how much again? How much they owe?

250.

250. And the property's worth what, 250 or 300 or more?

Yeah, more. And, and one of the guys, he moved out like before we closed so we just, he just gave up on it. So I think we could sell that house for like 40, 50k conservatively. And I mean that's going to make the deal 10 times better.

Yeah, exactly. Little cash infusion, get a third of your money back. Yeah. In the first six months of the deal. That's not a bad. Yeah, as we call that, that return is called enough.

You know what I mean? That's a good one.

You know, but you're, see but that's the thing is that there are a lot of those little deals down there because there have been some investors down there that understand that, that they're smaller houses. So a bank isn't necessarily going to get excited about to do a mortgage on a hundred thousand dollar house or something. That's a 50 60. But there are plenty of investors who have structured deals like that over the past to put people in houses and now those properties have appreciated or people have decided they want to move out or move out. And you know, there's a lot of those little opportunities like that out there that may not make you rich, but they're going to actually build a lot of cash flow that you can get rich over time.

Yep, yep, that's it. And that's, that's what real estate is. Right. And that's What a lot of people, I don't know why, but they, they like the idea of owning real estate and then they always just kind of shy away from it. And it's like, you know, this, I'm 13 years in and this is a great deal. But they're not all going to be great deals and. But you got to go do deals. You know, it's like that first, that one we were talking about earlier, it's like, you know, it's, you buy it for 10, it's worth 12, you get 300 bucks a month. It's like, what's the deal? Like, go get it done. Yeah. Maybe do it with some partners.

Well, that's the thing is too, is, is so many folks are so used to the HGTVs to flip this houses. So I think they've got the real estate. When they think about investing, they're going out and changing the carpet and painting walls, you know what I mean? And I got beyond that years ago. Like, I don't want to do any of that crap. I mean, if I have to do it or hire somebody to show up to do it, okay, I'll do it if I have to. But I'd rather sit at home, do what the hell I want, hang out with what I want to do and have cash flow rolling in and, and you know, if you look at cash flow that you, what you're making on the mortgage payment, you're probably making more than most people are doing renting a house out, you know, making that split between the ow and it's a whole lot less. More passive versus active.

Right. So I think it's good. I mean, I know everyone has their own niche and if you just do straight notes, it's amazing and you'd be really great at it. But I also think it's good to just have a little bit of diversity within real estate. Some notes, some assets, you know, some loans, whatever it may be. Right.

You know, one of the things that is, I think you have got an advantage over most folks is that network of smaller cities because you can get, you can hit 5, 6 cities in 30 minutes in a lot of places out there. But a lot of those you can actually go in and meet with the city planning or the mayors to find out exactly what's needed. In a lot of cases, they need more affordable housing like everywhere else does. Do they? Is that lead to an opportunity for mobile home parks or RV parks or, you know, mini home tracks, you know, as affordability is always a big need in a lot of cases out there and being able to find those opportunities. And heck, there's even some cities in the valley that will give you the lot as long as you come and build a house on something in three to five years. For the. For the most part, too.

Yeah. Right. Yeah.

So what's your. What's your long. What's your ultimate goal, man? I mean, you're definitely a motivated guy, and the passion for helping things. What's. What's your goal for 2024?

Yeah, I mean, we're really trying to dial this, and I have a big vision of, you know, we have the brokerage, right? And there's a lot of agents that get their license that. That want to do the things that you and I are talking about. But, like. And you tell me, is there anybody nationally or that you think of, Right? It's like, this is where you need to go if you're an entrepreneurial real estate agent. I don't really believe it exists at scale, and that's. That's my big vision is to. To be that place.

It's a.

It's a big goal. We definitely need help, but that's who I am, what I was always looking for, and we just had to create it. But it's like, come here to tre. Build your own brand, build a team, be an entrepreneur, Invest, buy some notes. When I was at places, it was kind of like you kind of felt, like, ashamed if you were, like, buying a property or flipping a property because your broker wants you to make more commissions.

So, I mean, they want you to make more commissions, so they get a piece of the commission.

Right, Right. And so, like, I really think there's a niche and there are people that do this, but I don't know anybody who's doing it at scale. And so we proved it out in Austin. We've got 135, 40 agents. We got six here in Corpus that work with us. And I'd love to just build this out all over the country. And the outcome and the value to us is we end up just doing a bunch of deals with people and partnering, and we all. We all buy and own. And I just feel like too many of us in this business have similar goals, and we're just all, you know, competing, and we're not teaming up. And so the vision is to get teamed up with the right people, create generational wealth, build something that we're proud of. And we absolutely know that we need more people and more support to make that happen. So I'm not trying to force it into existence. I'm just trying to find the right people, trying to support our existing team and to keep it simple, to build the most entrepreneurial brokerage that there is. And I don't have to be all over the world just to be all over the world. But we're just. We believe in what we're doing. We think that we provide a solution for people that. That want this. And at scale, if you. If you get your license and you want to be entrepreneurial, it's like, you know, where do you go?

Right.

I don't think it exists.

No. There's. There's little pockets here and there. Like, I've got a guy who's a Realtor out of the Twin Cities in Minneapolis. He's an. He's a real estate entrepreneur, but he's part of a smaller team, and he got interested in investing before he became a Realtor. And that has led to people on his team seeing what he's doing and want to get more involved. But it's not a national aspect of it or even statewide. In a lot of cases, it's all about the traditional buying and selling a real estate as a broker, not. And not helping yourself. And that's the only way you're going to get ahead in life is building wealth, is buying some stuff for your own portfolio, not just, you know, flipping contracts or flipping sales.

Yeah. And like, those, like guys like that are. That would be. My vision is to team up with people, you know, to get this in other spots. And I don't know if you're following, but there's so many changes, man. I mean, you know, the Nar Keller deal, you know, that's going national, and it probably looks like, you know, they're probably going to lose. You know, the jury is going to side on the side of the. Of homeowners.

And so. So share with it, because I've been keeping up a little bit with it. But once you share with it, our audience, and this is obviously dependent on the date, it may be different than. But what's. What this is all about the who's paying commissions a lot of time and how much. Right.

Yeah. Essentially, you know, it really does come down to. To what you're saying and how you go about it. And I'm on the outside, so I'm, you know, reading this on. On Yahoo News or whatever, talking to people. But the concept, I think, and I still am kind of like, don't know which side. I can understand it now more that I've thought about it, but, like, you know, I'm selling your house, Scott, and hey, Scott, you know, the commission's 6%, 3% goes to a buyer and 3% comes to me. Right. I'm kind of, I'm kind of like telling you that you have to pay the 3% to the buyer. If I don't do this, you know, and lay everything out in a clear, concise way. But when you, when you say like, you know, hey, Scott, if you want to lower the commission and it's going to be 2% to the buyer, then nobody's going to come show your house.

Yeah.

So I'm kind of like setting that price where you have to pay it. So on that side I understand it. Right. And so they're basically saying, you know, realtors have been taking all this money forever and you got to pay it all back. And it's to the tune of, you know, Keller and NAR just lost the billion dollar lawsuit and they're gonna appeal it. And but the second they lost, they filed the national one. And I mean the, the jury to, from my perception, and I've haven't gone through all this like movies I've seen, it's like they're always going to side on the side of the little guy.

Yeah.

It's like, yeah. I mean, there's two sides. It's not like realtors were trying to screw people. I mean, you, you signed it, you agreed to it, you could have paid another realtor less, you could have negotiated it. But it's like, how did you frame this to the person signing, that's probably where the issue could be.

Right.

But if that, if that plays out in the worst way for, for realtors, in some sense, there'll be no buyer agent commissions. It's like, or there will be, but it's like you got to go negotiate with your client. And honestly, probably how it should be. Right. So like I'm for whatever is, is right. That's why I haven't really, you know, wanted to be the, the all time realtor my whole life. It's like to what you said, you got to be, you got to be an entrepreneur, you got to take care of yourself. I mean, that's the world that we live in, is do good business. And when someone engages you as their realtor, be their realtor.

Right.

But a lot of times people don't want that. And so you put on a different hat and you make it clear, I'm not representing you. I am licensed, I'm representing myself. And when you don't know the game you could probably get into some weird situations, and that's why everyone's so scared. But when you know the game and you know the language and you know how to do things the right way, there's opportunity everywhere.

Yep, I totally agree to that. And that's the thing too, is with the emergence of a lot of these ibuyers and things like that and automation, I think you're going to run into more of that people. Well, I can buy a house with an agent. It's like, yeah, you could, but do you really want to? That agent's there to help protect your ass and cover your ass from what you don't know. Because their expertise, it's. Well, that's worth something, you know?

Absolutely. Absolutely. I mean, there's so many things that, you know, we. We all, We. We have access to everything online. Right. But, like, I mean, how do you trust it? You know, you can watch a YouTube video saying this and that, and there could be 10, and those are the only 10 you see. But, like, you do need. You need any experts. You do need professionals, people you can trust. And there's a lot of good agents and there's a lot of bad agents. So complicated.

It is complicated. Now you and your partner Alex, started teaching stuff and have a workshop, too. You want to talk a little about that, Matt? What's involved with your workshop?

Yeah, man, I love it. Appreciate that. So December 1st and 2nd in Plano. There's tickets, you know, 97 bucks, 500 bucks. Different levels. We're spending a lot of money on this and, and really our vision, we and I. Everyone does things different. Like there's. There's these events and they're motivational, and that's great, but ours is really just like, let's get in a room and let's make some money together. There's some training, there's a workbook. But how do we hustle? We're not making money on the event, but what we can do is make money on doing deals with people. And that's really what we want to do. And so, I don't know, man. You do these events and, you know, it's like, at the end of the day, it's. It's great if a lot of people come and. And maybe it's a hit to your ego if a lot of people don't come. I don't know, but it's like, who. How can we get people in the room who are serious? Let's do some deals. We're. We're running a big space and we're spending like, probably 30 grand, right? Like 10 grand a day. And then all this stuff. And it's like, yeah, it'd be nice to. To make the money back on the tickets, but really, it'd be nice to just get around the right people, right? So you can be a beginner, you could be an expert. The more people we get together to hustle together to my vision of, like, we got the same goals. Let's just do this together, right? Let's buy this note together. You know, why are we going to compete on it? And competition is good in a lot of ways, but, like, if we're, if we're trying to get cash flow from real estate as investors, you know, I'm sure I know you know this, but, you know, any building you look at, for the most part, you go drive around downtown Austin, not one, One person doesn't own that. Like, probably 200 people own that. You know, they're buying these things together. And that's how you. You get these bigger deals done.

And that's. That's the big thing is it's all about. We coined a term a while back in the notice you called co opetition. You know, everybody's kind of working towards the same thing, cooperating. We're all very competitive in nature, but if you get there a whole lot faster and go a whole lot further, if you're working and cooperating with folks.

Yeah. And you can, you can still do great business. And, you know, people don't get it, man. Like, some people think, like, when you're not an investor and you're not talking to people that have to sell, it's really easy to say, like, these are people that take advantage of people. But when you're in the trenches and you realize that, you know, first of all, people are only going to make decisions that, you know, they want to. But. But you're providing people solutions that don't exist, and you're getting creative. There's not other people that are doing this. Like, it's not like there's a. You know, these ibuyers are great, but they don't, you know, you don't click the button and get all these. All these ideas you get, you get a low cash offer. And that's one thing, right? If you want to take it, take it. But. But when you can go in there and really provide solutions and ideas and be an advisor, you're really doing something that, that people need. And it doesn't. It's not an easy thing. And people are in tough situations and that's where got to have integrity. And there's a lot of people that, that do those deals and they don't do them the right way. And you know, they're learning too, right. I don't think most people have bad intentions. Some people might, but they might make a mistake and vice versa. And we deal with, we sign up a deal and then the sellers change their mind and that they say this about us and that about it. And so it goes both ways, right?

Totally.

And, and so it's a tough business but, but learning, growing and, and all teaming up and, and what we want to do that event is just share the knowledge and wisdom, let people ask questions. We're there for two full days, stand at a hotel and everything and just get around people that want to grow and get aligned and, and let's all help each other and figure out how to grow together.

Exactly. And the dates for that is December 1st and 2nd in point zero. And then we'll put the link to the thing and it's, it's open to investors, realtors, anybody in the real estate space looking to be more of an investor. It's open for the most part. Right?

Yep, yep, good stuff.

We'll share that. And what is, what's the best way for our listeners and our audience to connect with you, Matt? To follow up with you? Connect with you.

Easy man. I mean we're everywhere, you know. Tykey realestate.com My, my email is Matt type at gmail. We're on YouTube, tick tock, Instagram. We're very easy to get a hold of. Yeah.

And then, and then the spelling of the last name is T E I F K E. Now what is it? Is that Check. What's the, what's the background on that?

Yeah, it is man. It is. Check.

There you go. Are you, are you taking your daily slot of sleepovich know?

Oh man, that's generations ago. Maybe. I don't, I'm, I'm born in Cleveland, Ohio.

I, I, my ex wife was a, was a check out of Bay City, Texas. So every morning her grand, her parent, her grandparents would always have a little nip of, a little nip of. Slivovich was the, the daily medicine to, to help cure off colds, sore throats and anything else that the, you know, the devil threw at you. Nothing like a little bit of plum whiskey plum vodka every morning to get the, the thing going.

Nice man. I, I don't even know what that is. So it's about vodka.

It's a yeah, it's definitely a plum flavored vodka. Yes. A little sleep of itch. You go to your local liquor store and ask for it next time.

I love it. Yeah, my grandma's name was estonic.

Okay.

Straight check, man. So it's interesting.

Good stuff there. Well, hey man, thanks so much for coming on Sharing mindset, sharing your goals. Sharing deal. Floyd's always good to connect and network with like minded individuals. You might, you might just see me in, in plano come December 1st.

Hey, man, that'd be very cool. I'd appreciate it. I appreciate your time and I enjoy having you as a resource, you know, when I'm looking at notes. So thank you.

Same here, buddy. Same here. Definitely. Well, go guys, go out, take some action. Matt shared some great ideas and goals and something working for it. And that's, that's the thing is it's all about not who you know, but who's in your network to get more things done. You can be a lone wolf, but you're never going to go far as a lone wolf trying to get it all done yourself. It's all about connect with like minded individuals, folks that have the same passion and same goals and working towards a common goal. So go out, take some action everybody, and we'll see you all at the top. Bye.

Peace. Sam.

It.