Session 16 - Raising Capital & Vetting Deals: A Pro's Guide to Note Investing Due Diligence

Judy's. I'm in. I get you there. Okay, so we got a question. Jay says that PowerPoint kind of seems like something you would set up as a syndication on a waterfall and have like a preferred rate. Hopefully I'm explaining that right. I'm still new to some. Yeah, you're not setting up a syndication. You're doing this. And you could use that to help with syndication stuff like that. But you use, it's, it's a tool that will help you raise capital. About a 1 Investor Funding 1 deal. You could use it for both ways. I've seen it use either way, Jay. So yeah, you can use it both ways on a constant basis. And yes, you could start a fund. We've had quite a few of our students start a fund. You know what I always tell folks, if you're not, if you haven't done a million dollars in deals, raised million dollars for one off deals, putting a fund together isn't going to help you raise any more capital. All right? Putting 25, 50 grand in fees towards a fund just doesn't make sense. If it's going to be a $500,000 fund, there's no way to make money on that stuff. All right? You'll be feed to death on your profit margins. Okay. But using one off individual investors to fund 100 grand, 150, 200 grand for individual deals, you all can do that. Now I did mention earlier on we were talking about our pitch deck and a little bit about raising capital. You don't want to pull money together and you only want to give and you're just giving people on that. Like I said in the last presentation, the flat return of 10% and a half a point origination fee. Okay, What was I gonna say? I just, I completely lost my train of thought. I was talking about raising capital, not pulling. Oh, okay. Special purpose. When you get somebody talking people, I'm like, eh, you know, when somebody brings this one, I bring it $250,000 or more to the table. Okay, here's, here's a little bit of exceptions on that. If somebody's willing to bring 250k to the table, it's worth you. Especially if they're a season in real estate investor where they're already doing deals on themselves. They're, they're active in this stuff, they can help out with things. Then at that point it makes sense for you a to then start an llc, have that fund that money into an LLC and then you guys could split the profits 50, 50 that way. Okay, but splitting profits 50, 50 for something under 250. Is it going to make any sense? You know, I want to go create an LLC for somebody for 100 grand out. They can just be lend me money and I'll give them a 10, 8 12% return on their money for 24 to 36 months. But as soon as they bring 250k or more to a deal. Right, but then you can dive into it tomorrow. We're going to go through kind of like a syndication model aspect of how we raise capital for some small, smaller pools or stuff like that to help you raise capital that way a little bit longer. Pro thing. I don't want to read through it today. I want to go through some more of these nuts and bolts with you before we let you go for the afternoon on stuff. All right. But yeah, it's a simple presentation. If you want to get signed up for the monthly membership, you can do so by going to note umbrella.com that's noteumbrella.com and get ready to rock and roll for that. And like I said, we send out tapes to our ass to our students and, and that kind of stuff on a pretty regular basis. Now one thing that I want to go through with you guys, let me pull this up here for you is you're going to see start seeing more and we've already start seeing this. It's just not going to start seeing. You're going to already have starting to see it. It's more reverse mortgages. I haven't talked about that throughout this weekend yet. Okay, 10, 17, here we go. Okay, so I reverse mortgage, okay. Is basically that's a loan where. It's a HUD loan where Fannie or HUD has made a loan to an individual. Usually was it 62 and a half, 65 and a half, I can never remember. They've got a ton of equity in their properties, okay. But it's not credit based. What they will do is they basically annuitize the house. So they'll either a give them a mortgage where they're giving them a ton of equity, pulling their equity out of the house and they don't have to make payments until they pass away. They use to pay, maintain property insurance and taxes on the property but they don't have to make any payments or they give them a lump sum of the equity or they'll give them monthly payments paid to them on a monthly basis. Okay. Now what happens, What'll happen then is if the borrower passes away, the heirs have the right to pay off the loan. If they won't pay off the loan, then HUD will usually start the foreclosure. If you remember looking at that foreclosure list, we saw a bunch from Freedom Mortgage company that were going to foreclosure. That's all reverse mortgage people have all died. Heirs have decided not to do anything. So Freedom Mortgage is taking those foreclosure either sell them at the auction or take them back. Now we got a question here. Shantae asked question. So 10% gift is given to the private investor monthly or wait until the deal closes. I don't do monthly. I would do. You're paying 10% annualized. Okay. So they're getting a quarterly payment towards that 10% of what are 10% times 100 would be 10 grand. So take 10 grand and divide that by 12 months which is going to come to about what, 896 if I'm right. 800 times 12 is 96. Yeah, somewhere around. So that's what they would be getting. So say, just say 900 times three is 2700. Every quarter on something like that is what they would be getting on a quarter deal. Or if they wanted to, they couldn't touch it. Yeah, you just wait and pay them. You sell the house at 150, you make you net 140. You pay them back their 100 minus 100 grand plus the 10. So they get 110 back at the end of the year and you keep the difference. So yeah, that's what you would do with that. Shantae. It would make sense that you put. You put a case that your deal in there. Talk about which invest what investors get anyway. But anyway, going back here to the what we're talking about right now is we've got this portfolio reverse mortgages that came in. I just want to walk you through a little bit of some of these things. So this came from a hedge fund that reached out to me because we bought notes from in the past and they're like hey Scott, we got this list of you know, new reverse mortgage foreclosure before closing on or bought. They're buying it. They actually bought it from hud. They were wanting to know if I was interested in selling. I was like yeah, I'm definitely interested in. In taking a look at it. And so they pulled this. I'm just. Why is this thing not. Let me filter it. There we go. Okay. And going to make these green bold and we're going to freeze the pain. All right, you're welcome. Now this came in just like two, no, actually like three weeks ago. And we made offers back and forth. So you see you got some in Arizona, California, Delaware, Florida, Georgia, McHenry, Illinois, Kansas, Maryland, Michigan, Minnesota, Missouri, Mississippi, North Carolina, Tennessee and quite a few in Texas and then quite a few in Virginia and then one in Wyoming. Okay, now let me, let's, let's highlight the one here for you. Okay, let's go through West Florida. Let's go to West Palm beach here real fast. So we're just going to do this one so it makes it a little bit easier. We're going to narrow this down. Okay. So this one is in, it's 6506 65th Way in West Palm Beach, Florida, Long Beach County. So here's the address. Okay. So it's kind of. You got images here. So let's look and see what it is in. It's basically 1236 square foot house, two bedroom, two bath. It's in a gated community. It's valued at what they say the value is at 2 257. Okay. Built in 1986. Values have gone up and it's about, about 250 right now. 257 is. Could be as high as 280 and stuff like that. We'll talk about what's more in the spreadsheet in a second here. Okay, but this is a note that was sent to us. Now let's do images because there's gated. So it's one of these two bedroom, two bath. Let's. Come on. Ah, let's do this. Let's go back here. I want that. So let's do this. Just look, let's look for other properties that make it so 6506 65th Way. This is on Redfin. Let's see if Redfin gives us any. Nope. So they bought this originally back in 1994 for 63,000. Okay. When you see something like this again, community, it's hard to find pictures. So let's see if we can't find something that's closer. So 6516 is like four houses down and they're all going to be basically the same thing. Okay, there we go. So there you go. It's this. We've bought these. These are very common in West Palm Beach. We bought quite a few. It's not a bad little two story condo. Right. A little bit of a backyard, you know, two story condo. They're all about the same square footage, you know, built in the same time frame. Some may be updated, others may not be. I don't know what the interior photos look like. Well actually do I have an interior inspection report on this, on here. And that's the great thing about some of these hecms, these high equity convertible mortgages is that when HUD starts to foreclosure, they're vacant. So they go in and secure the locks and they take, they sensibly buy to do an inspection report on these all the time. Right. All right. So it's, you know, you have the basic idea what the footprint of the house looks like. Two bedroom, two bath, two story, 1236 little condo that's in West Palm beach for it. Now if we go back here to the map. And let's see how far it is from the actual ocean. So this is 95. So it's just inside of 95. So the west. So the ocean is over here. Okay. That's the lake man. Go Mangonia. And then you got the, you got the Atlantic Ocean over here. Okay. Riviera Beach, North Palm Beach. Palm beach is right there. Okay. And this is off, right, 95. So it's pretty easy to get in and out of. And if we look at this right, right here, it's this unit right here. And you've got you know, this kind of water view here. Wherever this is. This isn't really a, a lake of any sort is it? Just keeps going and going and going. Yeah, it's just a waterway. I mean you have so much water down in Florida anyway. Once was once a swamp. Okay, now if we go back to the spreadsheet, we can go through what the numbers say about this. Okay. So Palm beach county, this tape was pulled as of May 31st. The UN, the legal balance is about 3 16, 103. Okay. The original loan balance is 309. So they've got some 7 grand in legal balances. You know, getting the unpaid principal balance is 178. But with all the legal fees that's added another 130 grand on it. Right. Or 105 grand in interest. Mortgage insurance premium has been 19 grand on that. Okay. Servicing cost of 7 grand along the way they've advanced 6 grand for different costs along the way. So all that's going into your legal balance. Okay. The date of the default basically means when the borrower passed away was May 22, 2024. So they probably passed away in April 22. Okay. Assignment date. Basically the note was assigned back in 2017. So that's when November 24, it became a heck of a reverse mortgage at that point. Okay. Date vacancy began 10 7. That's probably about when. So it's been vacant for over two years to actually three years as we speak right now. Became a Dayton custodial care where the servicer lender stepped in in 10 11. Okay. So it's just a high equity convertible mortgage standards and basically technically a line of credit on that. Okay. Loan type says second means there's a first on it. But it reversed it. So these are technically all first liens, the high equity Rs. Okay. ARM index one year CMT. Not really worried about the ARM index. Okay. So what I want to get to is and they still got a claim amount. Usually what HUD can claim for is up to a specific amount. And they and HUD can claim insurance to the government of 212. We're not going to see that. That's okay. It's not an opportunity zone. They ran a BPO on May 23rd of this year. Single family attached. Here's the comps that come from it. Average condition, no personal possessions. An average neighborhood. The HOA condo fee is $450. I think that's a year. I don't think that's per month. They say it's anywhere from 60 to 120 days. From two to four months on it. It's 1236 square feet, two bedroom, two and a half bath. Was built in 1986. They give it a BPO value of 319. Okay. I don't think it's worth 319. Okay. But when I made my offer, I looked at Zillow, I was like, okay, you say it's 319. I'll make an offer at 200. Because when I look back at this, I knew there was. If there was the equity on that, it truly was worth 300. And I made an offer at 200. Well, I could make some money at the foreclosure auction. All right. If it's sold at the auction. Now when I look at the new comps, it says 250. That's not what the BPO what they said it was worth. So I have the right to cancel my bid and my bid's at 200. Will I stay make money? Probably not now, right? Comps come in way too low really for what I'm thinking. Okay. But if it was worth 300 like he said it was and he pulled the BPMA, okay. I don't mind holding onto it for while buying at 200. I take it the auction, if it sells at 270 at the foreclosure auction. Because if it's worth 319, I'd probably list the price at around 70 cents on the dollar. Okay, 70 cents of the dollar. No, I do more than that. Sorry. Probably 80, 85 is where I would try to make the money. If it's a new foreclosure. Sorry, Florida is about a year long foreclosure process. I'm saying if it was a short term foreclosure. Let me rephrase this. If I've only got 90 days to foreclose, guess what? Yeah, I would. If I buy it at 200, let's let it go for 240. 250. 260. Okay. And see what it sells at. But if it's. It hasn't started and I've got a year to foreclose on this, that means a whole lot of different. A lot of things can change in a year. Right? And so if it is valued at 300, I need to be at that 200 market. 67 cents on the dollar to get it approved. Well, if the value is closer to that 250, it's too skinny a deal now for me to, to do. But you get where I'm going. I may not forget accepted BPO come back at a lower value. I have all the right to either fade my bid or cancel the deal and go from there. I'll probably end up. I'll offer to fade my bid and go from there because I don't think it's going to hold up to comps on that stuff. So let me do this as well. C it should have interior inspection reports on this so you can kind of see what's going into the due diligence side of things. Let me pull this up here. Documents. I wanted to share you guys, what you see in kind of a due diligence file. Okay? All right, so no deals. There we go. All right, so let me share my screen now. All right, so. All right, so here we go. Collateral files. I've got 1, 2, 3, 4, 5, 6, 7 off the list are accepted. My first one is this one in West Palm Beach. And here's what you kind of see. Here's what you're going to see in a due diligence collateral file. This is a scanned copy. They sent these all over to me. So you see an assignment of mortgage, okay? And here's what the assignment of mortgage looks like. And this one may blow this up so you guys can see a little bit better. All right? This one you want to look at these days. So this is 2007. This is it going to. Is it becoming. Going from Nation Starred to the hud. So, signors, Nation Star Mortgage, Champion Mortgage Company to the Secretary of Housing and Urban Development. So basically they assigned this to hud. All right, that's good to know in there. Okay, so we got it going to hud. We need to go from HUD to one or two other companies along the way. Right. All right, let's go back here. And then we have an assignment of mortgage recorded. And there you go. So we see the mortgage, the assignment of mortgage. So this, this note has been sold a couple times. Recorded. Nation Star. Nation Star. I'm sorry. Wells Fargo to Nation Star. Nation Star. Too hot. That's what we just looked at. Okay, I'm go back here. Go back. Before that. Where's this one? Let me see a Wells Fargo donation store. And this is dated 2017. Wells Fargo. Okay. Yeah. So home, Wells Fargo bank, the Champions Mortgage Company. So that was basically before. So Wells Fargo to Nation Star, Nation Star to hud. And then here we go. HUD to Oak Harbor. And this is dated October 2, 2025. So that's good. So this company we bought it from got it in 2025. Now there's another one in here, too. And Oak harbor transfers it to a different company for holding purposes for this till they sell it because they're flipping this portfolio. So they assigned. So this one has all the clean makings of all the assignments there for me. That's perfect. That looks good. Bravo. Okay, the collateral file looks good on that one for the assignments. Anyway, let's go back and look at the rest of the stuff. Okay. I hope I closed it a lot, didn't I? Dang it all. Okay. And let me go back here. Sorry. So that's the first check. Are all the assignments there? Like I talked before, if they've been missing assignments and they've already acknowledged that on some of these, that they have a couple assignments coming from HUD to them slowing down. So they've already said that we're going to probably split this up into two trades. I'm like, that's fine. We can do that, no problem. Okay, there we go. It's back to West Palm Beach. Okay, so recorded. Now let's. Here's what the broker price opinion says. Let's look at their bpo. And let me blow this up so it's a little bit easier to read in your behalf. Okay. Now they say, okay, there's no Way this is the thing, I hate this. When you see 90 day marketing, 319, 335 is a potential. This has got to be really nice inside it then. Okay. Because the 120, we all know if it's 120 day marketing, it's not gonna be the same price. A six month price is not 319. Somebody got lazy on there. They just mass produced this. So I don't trust their BPO right off the bat. Okay, yes, it's vacant. Yes, it's got a water view. Okay. HOA fees are 450. They're the rent market. Rent rates, 2250. Okay, that's about right. It's on the rental market. You can look at the comps on here and 64th way. West Palm Beach. Same zip code. Pretty close. 0.06 miles. Okay, sold count for 323 in January of this year. It sold in 60. Sold in 60 days. April of this year. Sold for 330, 302. Okay, listed comps listed as of April. See, this was February of this year, January. These are all way. They're not active, they're not accurate. Comps based on. Well, this was pulled in May. It would have been active. They're still not active. Not accurate. And you see, you got these three that are listed here for 319, 335. And this is the date for this. Let's go back and look at the date. May 7th. So this is six month old BPO on their values. Don't trust it. You always have to trust but verify. Right. So there's the soul comp. Another soul comp. So their comps sold are all very accurate. Right. They got a lot of them over there. Okay. And they show you kind of the features. All new. New. New, same thing. New beginning. New beginning. Start here. This vibrant with a new roof coming soon. Okay, great. Updated home bus. Okay, great. All new. New in this town home. All right. Seller is offering 5,000 towards buyers closing costs. Welcome to the beautiful renovated two bedroom, two and a half bath. Okay, fine. Let's see what the BPO says go down there. So I'm not really worried about it. Do they give us interior photos? Okay, 6506 subject property. Okay. Yep. 6506 is in the morning or in the evening. Not really. Okay, so there you look inside subject that. And I hate it that they do these stupid vertical photos. Okay, give me a wider view. So what I'm looking for on this, I'll show the inspection report too. So I'm looking for any, like, issues we've got any holes we have any water leak, stuff like that. You see the carpet is bunches up. That's kind of common. I'm not worried about that. Okay. Oh, that's a closet. Okay, so bedroom closet. Subject living room. Yeah, I got to replace the carpet. That's no doubt. Bedroom, Same carpets all bunched up there. You see how that happens? Pretty common. You know, we've lived in a house for a while. Okay. Shower doesn't look too bad. Normal. Okay. Double vanities. Okay. That's probably the master bedroom. Master bath. This is the probably other. You get single in the guest bath. Bathroom two. Okay. Look at this. What is this? Half bath. Oh, so that's a bathroom. I guess that's okay. That's the actual. That's a half bath. So they. It's two and a half baths. Okay. All right. So that must be where the. Yeah, that's where the washer and dryer go. Okay. Half bathroom. Sorry. It says right there. Subject kitchen is important. Cabinets. Yeah. They're not the older stuff that's in there. You got a mix match. H. You know, microwave. Okay. I'm gonna. I'd swap that out. This needs to be cleaned a little bit. No biggie. Okay. H, vacuum. Is there. Other mechanical. Other mechanical. Okay. It's good. So it's got a porch. So it's got kind of a dark porch. I don't really like that porch underneath there. But it does have that. Yeah. Living area. So it's got the ceramic tile, which is nice. I like having the ceramic tile in the first part of the first floor there. I guess this is the kitchen area. Everything else is carpet. Sold list. Sold list. Sold list. Okay, so they're all comps are too bad. It's just that they're older comps. Okay. All right, so let's move on from there. Let's go back here. All right, so that's the bpo. Let's look at the inspection report. This also is kind of nice to have to see what other kind of photos you can see. Most of the time you get a BPO, it's going to be an exterior BPO, but this was an interior BPO, which is really nice. So same thing. 5, 32,005. All done. Oh, 613. So still five months old. Let's go ahead and blow this up. Maybe get better views. Okay, so there's the HUD key. 1, 4, 3, 3, 4. I guess this. Oh, this was. So it's okay. Yeah, so it's Kind of. Yeah. It's kind of a dark patio. Not a lot of sun. Right. So it's hard to sell the patio. Yeah, you get better photos. This is actually not that bad. Others would be. So you got that yellow color, kind of the beachy sand color, which is kind of normal, but it's not bad condition. I don't see like spray paint. It's just the carpet is old and needs to be cleaned or just re stretched. Okay. That looks pretty good. Bathroom. Could you. It could use a good cleaning. You got the. In the older light things. I think you can just clean those up a little bit. I wouldn't touch the bathrooms. I'd leave the bathrooms. Just give it a good cleaning. What is that? Is that a. Oh, is that a mirror? Yeah, it's a mirror. I thought. Was that a window? No, it's a mirror. All right. You might need to put a coat of paint to clean it up a little bit. Right. Everybody. Get that different green color? Okay. So they're kind of matching there. Why they are they just. Same dirty thing. Or maybe it needs a new dirty sink. Whatever. It's pretty common neath this shrub there. Old fridges in there. It's been vacant for three years. Yep. I wouldn't be touching the fridge. Okay, so interior inspection report. What do you guys think? Give me some comments on it. Okay. Not bad, right? I mean, it's in pretty good shape. If it was worth 300, 200 is a heck of a price for it. Right. If it's worth 250 and it's a bit too skinny because you got to figure insurance costs are going to cost you probably 10 grand on it. Foreclosure is probably going to run you 5 grand, if not longer, you're going to have to hold on to it for a year. So if you're borrowing money at 10% on 10% at a minimum, 200 grand borrowed, that's 220, 230. If it's worth 250, it's not a deal. It's too skinny. Right, Right. Let's go back here. So we've got loan documents, the original loan document. So you've got the collateral package. So you can see how kind of big it is. And this might actually be kind of thin. So you got the copy of the original adjustable mortgage. Okay. It's normal. Yeah. 26 pages of the mortgage. Most mortgages are 26 with a plan. Unit development writer. What I. Okay, here's the thing. What I love about buying institutional debt, that you don't get with owner financing is when you buy institutional debt, you're going to have very uniform statements. You're going to have uniform mortgages. And here's the thing, the borrowers not going to be able to fight you. You're just going to go through the normal foreclosure process for Luther and Margarita Arendelle. Okay. Now I am going to want to look at this when recording return to. This goes back to. Okay. We'll make sure. Why is that is there? We want to make sure and see that this is recorded somewhere, which it probably was. We would look at the county records. When we pull title report that should pop up. We'd want to make sure that this popped up, that it was actually signed and notorized. Okay. But that's a pretty common looking mortgage. Collateral file. Attorney's title policy when this was filed. Okay. Back in the day. Yeah. Notary is going to take care of that. Okay, perfect with that. All right, let's look at the compliance package. This is going to be usually something they have with a HUD loan that you're not going to see. Cover letter and payment method, verification of current taxes, occupancy, transaction history. H condo association fees. We don't have a copy of the death certificate. Usually we'd want to see a copy of the death certificate, but we can order that from the county. All right, so Champion Mortgage. Yes. This goes back in 2016. So it's. The death certificate is not going to be in there. Reverse mortgage servicing department. There you go. No payments, line of credit. So there you go. It was a line of credit pulling the equity off to them. That's why it looks like it's a second mortgage. Okay. Now of course you're going to still pull title and making sure that there's no other mortgages out there. All right. Making sure that this is truly first. There's been times I pulled title before and there wasn't a release filed by a previous lender and it was still sitting out there. All right, so there you see the whole amortization table for it. There you go. Maximum clays amount. Requesting approval to sign this enclosed HECM reverse mortgage to hud. So the maximum claim amount. Yeah, like we talked about was the. Was it 120 on it? 122. Yeah. So you see loan balance is 210. What they gave original personal amount. So they basically gave him about 70 grand in cash to him. Principal balance was that. Yep. So that's normal. Okay, so that looks pretty good. That's the compliance package from HUD Loan summary data. What is this? Something we just looked at that's just in there twice. And here we go. The servicing package and one of the things we're looking for. Copy of second note, copy of second mortgage. There we go. That's all normal. Okay. All right, let's go back here to more stuff. Let's set original mortgage recorded. That's great. Mortgage copy recorded. Home equity conversion mortgage. Which is normal for the first. Okay. And then you're buying only one mortgage and basically foreclose out the second. Yeah, Conversion mortgage. It's fine. Normal eams. All right, note the note original. The note launches here was in a launch. So it's. Remember we talked about every assignment is going to have a launch which is just an endorsement basically signed over. Yeah, basically going from. Y. This is what that requires to be mused. Who's the. The institution that holds it? Now see, this is a HUD to secondary urban housing. Yeah. Unlaunched to Oak Harbor Capital. Oak harbor assigned to the launch payload. Okay, perfect. You're good. So you get the, the launches in there, which is great. The title policy, original title policy on here from going back to when it was. Yeah, Original title policy for when the first mortgage was done back in 2005. There you go. For 212 title report. This is important because sometimes they have a title report in there. You may not need to pull a new title report. So you see they pull this from Pro Title, one of our vendors. Okay. And this is pulled. Oh, this is back. Pulled back 20 years ago for 121 2005. Oh no, this is pulled. Okay. That's when there was originally. Yeah, okay. That's what it was. Okay. There you go. This is the Current Owner Search 8, 15, 20, 25 Looking at the title report. There's vesting information is in the bars or deceased open mortgage information in Wells Fargo. We're going to want to make sure that, that if there's an assignment from. Well, if we saw the Wells Fargo assignments already. So we're okay with that and related documents. So you've got Wells Fargo Bank Simon of mortgage to champion and champion to nation star and nation star to HUD and HUD to Oak Harbor. That's not been recorded yet. You have judgments and lien. So this is important. You have a claim of lien of HOA that's outstanding of 2,900 bucks. Now here's one thing about Florida notes. When you buy a note in Florida and foreclose. When you buy a note in foreclose, you only have to pay the HOA either 1% of the original sales price or one year of HOA fees. Okay. So it looks like final judgment HOA foreclosure. Okay, that's fine. If the HOA forecloses from a junior lien position, I don't care about it. They're closing from a junior lien position. They haven't wiped out the first link. Okay. So I'm only going to have to pay him what the original purchase price of this property was back in the day, which was the 212. So 1% would be 2000 bucks. Original amount was. Sorry was 318. So I'm paying them basically 3 grand. 3180 is what I would pay the HOA at it. And they're stuck, Chuck, without it. There are also the property. Yeah. Property taxes are paid up to date. So that's good. Perfect. And you can see kind of the most from the title company. You can see the tax values on stuff. I mean I like these kind of deals. But it's just at 200. If it's only worth 250, it's kind of skip. It's too skinny out that Nickelwoods. Now if it does come back in, the value of them being completely done is 300. 350, great. But I don't like the days of market. That 120 day doesn't make sense. I need a 30 day quick sale price on this. All right. Just on the tax. Taxes paid. There we go. Oh, we saw something. Scott Arendelle. That was that. That's 2018. Okay. So Scott and Luther. So it probably been his son that paid it back in 18. But they don't Son's parents. Family's not going to pay it off. Okay. Oh, too much. So yeah. Margarita. Aaron Dell. All right. Uncertified copy. This is the certificate of approval. So that's the HOA rate home equity conversion mortgage. Yeah. Planning a development rider. That's normal. Pl. We've already seen those. Okay. And that's the title report and the transaction history. Let's see what it says. Transaction history. This is the hud. So you see on a HUD loan once. Once. It's just not gonna. You're gonna see the balance keep going up, not going down because they're not paying anything. So you see that the balance goes up. This is as of May 31st of this year. So this is as of six months ago. So the balance is 309 as of February as of May. So you get another. Actually five months onto It. Well, coming up on. Yeah, coming up on six months. Six would be 11. So five months anyway, 1031 and we're getting 11. So it'd be six months. So that balance is not 309, 905. It's what we saw it as was that the spreadsheet, remember? Let's go back here. So they said it was 309. So the estimate bounces around 316 givers. That does include six months. So you've add another nine grand to it. So they owe 325 probably is the true payoff on it. Okay. Plus these other fees, interest, mip, all that other stuff is going to go up a little bit. Mortgage, insurance premium. Let's go up a little bit. Okay. Doesn't mean if it's not. If it's not worth anything, you know, if it needs to be worked. Now if we go back here to Zillow. First of all, does that make sense, seeing what a collateral file looks like for you? I know we went through. Usually what's nice in there is you're going to have like servicing notes where the bar reached out if it's not performed. But this borrower was paying until they died. So you're not. Unless you get an E. EMP box over. Not emp, evp, a voice box or Ouija board, you're probably not going to have any communication from the borrowers on that stuff. But you know, let's look back at. I like looking at some of these. I want to see some of these other properties. So 65. See 6507, is that right across the thing? And it counts with that. So they see this is right across the street is 259. Same square footage but in nicer spot, nicer shape. Right. They got ceramic tile throughout the whole downstairs. Not carpet. More of an updated. Yeah, definitely much more of an updated kitchen. And I want to go back here. Do we still have. Let's go back to the actual. Let's see here. Their bpo. Let's look at their comps. All right, so listed comp nine. Where's 6207? 6410. 6506. Yeah. So next door that. That's a direct. You know. Well, that's Zillow. Now let's see did this sell or not? Let's look here. Yeah, so you've got them all over the place. So this one sold for 232. When did it sell? 818. Yeah. And they have a not so Dark patio it looks like. Right. Look at this. Ouch. White kitchen, ceramic towel. Yeah, it's not worth it. Back to the listing. Sold. O. Oh that hurts. That hurts. That's my comp right there. Three months. And this is our property. Was listed for rent. Was it 65? Oh that's the one that was just like. Okay, so it was listed for rent and then removed. It didn't sell. See listing removed. Well that was 2020. That doesn't matter. Listed for rent in August. Price change down to $2,000 a month. So there you go. List removed. Must have rented it. Let's keep looking. More 6510. Here's another competitive one. One photo, Same square footage. Built in 86. Sold for 286 in 2024. Yeah, it's not worth 319. That's VAL is 275. Yeah, it's. It's not. I think we can all agree that, right everybody? Yeah. 286 and 2024. Let's see if it gives me any comps down here or not. I can look at. Probably not. All right. So yeah, look at this. 6510. This is. 263. 278. Yeah, it's just not. Yeah, it's 271. 273. They may have some that sold there, but that's five sold price means 254 days in market. Three months. Yeah, it's. It's not going to make any sense to buy it at 200. Okay Dave, that makes sense. Shante, Judy, Pedro, Shantae, Jim Jay. This is making sense what you see because I like going through an actual deal we're working on now what am I going to do with this one? I'm going to fade my bid back and say listen, you know, I would need to be at I don't know, 150 based on where it's at here value wise, that's a pretty sizable deduction in value. It's not worth 350. And their comps are 5 months old in a 120 day comp. Should not be the same comp as a 30 day comp. Right. Sure does. Right. Thanks Dave. So those are the kind of stuff we look at now let's go back over here. Let's look at a different one. All right. Now this one's a little bit. The other one I'm going to share with you here is a little bit trickier. And this one is in Texas. And this One is in Georgetown. Whoops. Georgetown. Just up the street from me here. And this is a deal I'm working on right now. So if you want to fund it, reach out to me because I think there's an opportunity here. Okay, so this one in Georgetown, Texas. 306 Lakeway Drive. Okay. Actually we did a walkthrough. Let me just share the walkthrough video with you guys. How's that sound? Or walk around video. I didn't get into it. Here we go. It. A nice white limestone house. The roof looks in pretty good. Good. Definitely a good size lot. Quarter definitely needs new power washing, new front door. It was vacant inside. Most of stuff's already been pulled out as far as I could tell on a HUD lock. Yeah, that's a neighbor's fence there. But it's pretty good size backyard. Right. Roof looks pretty good. You know, try to peek inside. Yeah, so that's the. The video. Let's stop this here and let's go to a new share. Let's go back to our spreadsheet on this. You can see. I'm in. Let's see here. Okay, this one. All right, so here's the numbers before we go into the. I have the whole full collateral file like we just had it before. So Williamson county as of date is July 31st. The estimate legal balance is about 179, give or take a little bit. Probably about 185. Okay, now I have. Give me a second here. Let me put up my documents and heck them. So on this one. Tyler, Georgetown. Their number is 170. They want for is 170,000. There's $56,000 in back taxes owed. Okay. Now going back into the spreadsheet, that means. Whoops, wrong spreadsheet. There. Yeah, that means there's only about 10 grand between the. The legal balance. Yeah, maybe 15. 15. But you throw in the 5 grand in back taxes of $5,600. So it's gonna. If you take it to foreclosure, it doesn't be paid. Okay. So that's the thing to keep in. You might as well go ahead and pay those to boost your legal balance to go up because it's going to be a wash if you pay them. Okay. So 170 is what they want for it. Okay. They're pick. Like I said. The one payoff would be about 180. 185, maybe 190. So I could make maybe 15 to 20 grand in it. Oh, actually, hang on a Second. I can tell you one second here. So I did get updated payoffs on it. Let me pull up here and see what they said is what my seller said. Update payoffs. Good funding. Check in. All right, so this number. Updated payoff is 183. 183, 188. What's the last four digits of this is. Loan number is 5363. Okay. Update payoff is 183. Okay, so 183, 188. These numbers might be working out. Updated payoff is 183. I get a little bit more excited about it. Okay. All right, so you should be able to see. There we go. All right, so they really. They're up to AP is 183. 5600. Back taxes make it 188. You got about 18 grand between what you pay for the note and then foreclose. Now, foreclosure in Texas is faster, much faster than Florida, Thank God. Insurance, a whole lot cheaper on it. Okay, they've advanced 45, 4300, probably in previous taxes. Sale date, date of the default was 2021. Assignment date was 2020. Date vacants began. They moved out in 2024. So it's been vacant for almost two years. All right. Yeah, same thing. Line of credit, one year CMT in Texas. It's taken as a line of credit. Okay. All right, so if you look at the value and let's go back here. All right, let's. Let's look at what Zillow value shows us real fast. Oh, what did they say their value was? Residential, fair. BPO. Suburban average. Stable. They have a smaller house, 1348, built in 19. So they give value 245 is what they said the value was. 245 and 170. I think I could make that work. Make it work pretty well if we sold it at auction at 245. Now, let's go through the due diligence on this file so you can see what we're talking about a little bit more. So, okay, so let's go. Documents here. All right, Documents. All right, so share my screen here. So we're looking at Georgetown, Texas, right here. 5363. 306 Lakeway Drive. Okay, now before we look at this, let's just see what they say. 306 Lakeway Drive, Georgetown, Texas. All right, so this is what they show the picture of. Now, it's in a pretty good neighborhood. I mean, it's a little Busier street than I like, but it's kind of single families in elementary school down the street. I've, you know, it's on the west side of 35. Okay, let me give you a bit of a map here so you can kind of see. Take it back out. Let me show you kind of where it is compared to I am. So I'm not too far from it. Basically, I'm a 30 minute drive from where I live here to up where that property is located. So it's about a 30 minute drive. 31. If I take the toll way around. If there's bad traffic, it's about the same way. Question here. Can't see it probably right now. Can you see my screen? Oh, hang on here. Sorry, we got to share back over there. Here you go. Thanks, Judy. So it's 30 minute drive for me. Not too bad up i35 and it's not too far off i35. Now Lakeway, this is in, you know, Williamson county, which is one of the fastest growing counties in, in Texas. It has been for a while. It's still growing. A lot of growth going on than it was. So I don't think the days on the market would be that bad. All right, now let's go back to what, Just so you can see what Zillow says. 306 Lakeway Drive, Georgetown, Texas. Comps are at 290. Okay, so do I roll the dice for 90 days to see if I'm, if I'm borrowing, you know? Well, it's 185. Okay, so if I borrow, let's just, let's say we have an investor come in at 175. Because that gives me the purchase price of one sitting. Plus the five grand needed are probably foreclosed on this thing. Okay, less than that, but just days on time. So 175 times 12 for 12%. That's 21 grand. 21 grand takes a full year. Okay, let's divide that by two. That's 10,500. Okay. So basically if we did six months of interest guaranteed and it sold at auction, I'm not going to get anything. 185 or we do, I would do 90 days. I can't go six months. It's just too big a risk to go that and be in a hole. Okay. So that's what I say. Okay, we'll do 90 days of interest guaranteed one way or another. Okay. Now in 90 days or less, it's going to sell or I'm going to take it back right So I can guarantee at least 90s. If it doesn't sell, then I'm in it. If it's worth 290 like it says it is, and that's what about what my realtor says it's worth, then that's a pretty good day, right? So let's go back, let's, let's do some numbers here. Let's go back to our spreadsheet. All right, so okay, payoff is 185,000. Legal balance. Okay. And let's blow this up a little bit for you. Purchase price is 170,000. One, two, three, purchase. There is 5,600 in back taxes. Okay. And we're going to say $290,000 value. Okay. Now let's say 12% money is equal if I borrowed 175. So 21 is 4 full years. All right, let's insert a column in here and let's just say is equal to that divided by two is six months. All right. Now if it sells at auction, let's say it sells. We, we auction on this. I would just go ahead and pay the taxes because it's going to get pulled out or not. So 175. Let's, let's do this. Let's. It's too much to borrow. I'd be willing to pay couple grand in my own pocket on this thing. I can do that, no problem, no questions asked. Right? So if we borrow, let's just say 175. Going to pay $2,000 of my own money to cover costs. I could do that. Easy. Done. No problem. I don't have to do anything. I'm not going to fund a $50,000 rehab on something like this, but I think it'd be pretty good. So basically if we do the once borrowed 175,000, that's six month. Let's do one more here and sort of in. Whoops. Undo, undo. Take this number. There we go. Three months of interest, 90 days of interest. Okay. So if I borrow it, if I, you know, I'm paying borrow 175,000. And we, it goes to Auction for the 25 is the payoffs. Let's add 195. Sorry, not 195. 190 500, 600. Because I would if we, if we bought the note, I'd want, I'd go ahead and pay off the taxes. I'd go ahead and advance the taxes to boost it to dry to drive that higher price so that if it sells, then it gets paid out of the proceeds, I don't have to worry about paying the taxes out of pocket. Okay. All right, so Here we go. So 175. Remember, I'm paying for 170, so basically I'll just say 175. Let's just. Yeah, actually, let's do 176 a little bit different. Okay. 176. Borrowed. Is borrowed. 190. That's the new updated payoff. So if it goes to auction, we would submit at 190. If it sells above 190, the auction, guess what? We're out of luck. We get the 190. All right, so we subtract the back taxes of 5,600. And now we got to figure 90 days of interest. So 90 days of interest on 176,000 is 5,280. Okay, so that's. And then we got to figure the 176,000 paid back. So it was equal to. Let's do the sum. Summation. This is your sales price, Back taxes advanced, 90 days interest, and that's what you borrowed. So that comes to 186, 880. If this is the foreclosure sale amount, then your net. That's your net expenses. So on this is equal to that, minus that. So I'm going to make about 3,000 bucks. Okay. I. I'm actually, if I get. If it cost me money to foreclose, which it is, I'm going to net, you know, 2000 bucks probably somewhere around there, 2500, whatever. Okay. Because I don't think it cost me two grand to foreclose here in Texas. Be pretty. Let's just say 1500. Okay. So is it worth doing it for 90 days? It might be. Okay, would my. Let me ask you guys if you could make 12% money for 90 days, would you do it with a caveat that if it didn't sell at the auction. And now we have an ar. We have a bp. We have our own reo. Now, let me go through the collateral file so you can see what it says in the collateral file. All right, so they have. Let's look at the BPO first, see what the BPO says on this thing. All right, so this is one thing I don't like. Say they say it's 245 and this is as of July, so it's a sooner. It's closer inspection. But they say the value of as is a 245. We'll just say 245 to 265. Based on current comps. Okay. And you've got a couple comps within 3/10 of them or 4/10 of a mile, which is kind of pretty good over there. This is the square footage on this one. You can see built in 1985. Some are older, some are nooner. Nooner. 1590, 1452, 12, 27. So the 12, they're a little bit, you know, a little bit bigger, a little bit smaller. And that 245 is a pretty solid 242 for 1292 and 1227 for 275. When did it sell? Let's see when it sold. Sold. April, May, June. So 245 for comp. I would say it's probably accurate because they're all about the same. It's still outside six months. Right, everybody? All right, so we'll just go back here, look at the broker price. Let's look at the interior bpo. If we can see the dang thing in the. In the dark. All right, make sure you can sign. See this? Okay. Share. All right, so this was done on August 4, so four months ago. From Kara. I don't know who care is, but anyway, You have to put some work going to get it marketable. You know, I don't. They d a lot of exterior tree photos. Great. Thanks, Cara. New lock. Okay, so this is where I, you know, it's dark, so they got. I can't tell. It's laminate flooring. The front living room, I guess. You know, ceiling fans don't look too bad. Right. Let's see if we can go in a little bit closer. There we go. No damage to the walls. It looks like ceiling. Ceiling look okay. Kitchen looks like it's original. Cabinets on that, which is not too bad. It's got some junk in it, some cleanup stuff to it. Yeah. All right. Clean out, but it looks like it's in pretty good shape. I'm still waiting on the title. Plus, so you got like a step in shower there. It's kind of normal. Okay. H vac is there. Look too bad. Garage. And that's everything. It's all really. The photos I've got. I really would love to get inside of it, but it's. It's not hardwood. Slamming at flooring. So it's. It's a. It could be worse, right? This is not your forever home. This is a great little kind of starter home kitchen. You got to probably include appliances. Okay. So days on market? About 90 days, based on what my realtor has said. If we go Back to their bpo. All right, so sale date. This date is sold. Let's price. So June, May and 4th. Like we said there. Value is about 302. I'm just looking through here. It's basically. Yeah. Repair and check for leak, stain and ceiling. Okay. That's, you know, worried about that. It's probably from there was a tree that fell there. So that's not too bad because we've gotten some heavy rain recently. Clean debris, leaves and branches off roof. That's 250 bucks. Would be trim trees away from the roof. That's going to cost more than a thousand bucks. But repairing and full interior paint, that's normal. 7,000 bucks? Eh, yeah, I could say 7,000 bucks. It's a one story. We just did a two story. 2,500 for 13 was the bid on it. So seven is not too bad. Trash out, clean out. Yeah, I'm close enough. We could do a lot of that ourselves to save a little bit. You know, why not save 2,000 bucks? Okay, so let's go back to our numbers on this. All right everybody. Is this fun? You kind of like us going through the deal like this. If you don't, no problem. Hey, move on. Okay, so. Oh, I'm sorry. One more thing. Let's go back here to Zillow. Let's see what Zillow gives us. Any values down. So 290. 290. 300. 1300 square foot. 380. Well, three. Yeah. 294. 300. Yeah. Okay. I think we could do. This is good. You like seeing me going through that? Okay. All right, so. So let's do this here. All right, so let's do. So let's just. Can we say comfortably 290? I think we can say 290,000 is the value on this. All right, we'll say fair market value. Okay. And that's going to be cleaned up. All right, so if we take. All right. All right, so let's go through the numbers on this. All right, so we. We've bought it for 170, right. We did the 5,600 in back taxes added to it. Okay. We'll throw in $2,000 for foreclosure cost and servit scene. Actually, no, we're going to fund 176. I've got to put that in there first. Sorry. Foreclosure, 2000 foreclosure cost. Okay, so now we're going to say we got probably $7,000 in paint cleanup. 2,000 foreclosure. This is the money we borrowed. All right, I think this is, this could be a 60 day. Sorry, start to finish. If we don't sell at the auction, we take it back then we expect to pay six months of interest on the money. So 10, 5 is money cost. 10, 5, 6. That's money cost, right? Okay. All right, so total, let's summation. That. Is at 195. All right, let's just say this is 250. It's fair market value, so about right. Am I missing something here? Hang on. Exterior work. Okay, so the exterior work, I'm putting that in the clean because I don't. I mean I can go trim trees. I could go power wash the thing because it's all limestone. You're not going to paint that. You might paint the exterior, change out the door. But you know what, let's, you know what you're about right? Let's do something on, let's insert something in here. Let's say at least 5,000 because you're not going to do an exterior paint job. Roof was in good shape. Okay, Undo, undo that insert. All right, so let's say 5,000. Exterior, new door. That's easy to install. Power washing. I got a buddy that owes me a favor to come do it because commercial power washing, the biggest thing is going to be I wouldn't go up and climb the trees on that stuff. I would just clean all the trees out of it. And exterior, 5,000, let's say 10,000 for the heck of it. Doesn't need a new roof. So now you're at 205. Okay, I'm gonna try to keep that below five. Just, just some new cleaning. Putting blinds on the spot or putting a glass door in the front instead of that dark ass, thick ass, no light colored front thing. You know what I mean? When no light comes in onto it. So if you're at 290, let's just take 10% off for closing costs and commission. I say CCC. So this is equal to that times 0.1. We're going to combine this over here. All right. So we have that 290 cost for closing costs and commission is equal. 261. 225. So okay, so there you go. And if our cost is equal to that same thing and slide that over there. Same cost, then our net profit. Is 60 grand. If it's worth 290. Okay. Or it's worth. 24 grand. Somewhere between 24 and 60 grand. You know, I don't get into the Pre built spreadsheets for this because your rehab costs are so varied. Somebody was like, do you have an RI calculator, stuff like that? No, I don't do an RI calculator because I'll just run stuff through stuff like this because it's pretty simple, generalized. Every RI calculator I've ever had that people have used, it's always killed the deal because they over accentuate all the expenses and stuff like that. So that's why it's different in Texas than it would be say in Florida. You know, there are different costs for different things, different conditions, stuff like that. All right. I don't need to spend a lot of time looking at stuff like this. I can run, I have my basic setup like this that we go through. Yeah, I get create a built in spreadsheet that I recycle and use over and over again. But I'm a constantly adjusted based on the state and the foreclosure time frame and the conditional stuff. All right. I don't do a lot of rehabs. I prefer to get it cash flowing for the most part. But on these, this is something that's more of a foreclosure. So this would be your total cost and won't be too hard to do. You could run these into any type of. There's already plenty of pre bit rehab things in there, stuff like that. So would it make sense to do this thing? Yeah, I still think it does because you're paying your investor money costs. They're going to get 12% money for six months. Now let's take that, let's take this out of the way. If it takes a year to sell, It's. It's still somewhat break even at the 250,000. Oh wait, I'm missing a zero there is that 29,000. Hang on here. Oh, that's because I have the cost. Oh yeah, okay. Sorry. Takes a year to sell. I'm not going to be at 290, I'd be more at 250 because I have to drop the price down. God, I really want to give that price property. I, I don't like really rehabs. If this wasn't in like my backyard, I wouldn't even be wasting my time on it. Okay, what do you guys think? Would this be something that you'd fund? Because this is an actual deal we're working through right now. And if we go over here to the collateral file like I've been talking about doing, which we hadn't got to because we were pulling numbers on It. All right, let's go back here. All right, so the same thing. Title report. Let's see if there's any other liens on the property. This is pulled. Okay. 187. All right. Lated documents. Mortgage 1. Champion Mortgage bank of National successor to Countrywide Nation Start Mortgage llc. Champion. That's all normal. Simon, a mortgage. Simon, a mortgage to hud. Okay. And the HUD to my sellers isn't recorded yet. It's in there. Question. Yeah, I totally agree. I need to look at the cma. My realtor, he just sent me comps. He didn't send me a CMA on it. He's like, oh, this stuff. I was like, can you please send me a CMA on it? Because it's got to be. I really got no days on market. And that's all kind of weird right now too, right? If it's under 250 and the days of market are being on 90 days, it's probably too skinny to do, right. If it is 290 or more like. Let's see what Boyd tell me. So boy tell told me exactly. I can pull this up here. Boyd's my realtor for this one. Okay. So he's coming up. This is the thing. I think he's. I think it's a little off. He goes up. I'm coming up. I'm coming up with an ARV between 343 and 372, which would be great if it's that. 343. 372. Let's just go up there and let's say three. Let's say 340. That puts 90 grand. If it's worth 340. Oh, no, I forgot. I got to change the money cost because the money cost then would be more because I wouldn't be. I don't want to be borrowing. Yeah. So paint, fix up, clean up. Seven grand. So I'd probably borrow a bit more money from it. So let's do this. So if we didn't do that. Okay. So I just borrow the money from my investor. So 176 paint and cleanup is 176 borrowed. 5, 7, 4, 14. So we would change it to 190. I rolled that in. So the money. Yeah. So money costs. So if I roll this all in, the refund it. Yes. The money cost jumps to 22, 8. 212. That's right. So if it is 290, I still make some money. If it's 290. If it's 250, though. It's not worth it. It's too skinny at the 250. Yeah. Because if it is worth the 290. So. Because he said 3, 2, 3, 43. I gotta see numbers. Because I don't just. It's hard to believe that went up like that. Always double check. He didn't send me a cma. I should have asked him to send me a cma. I haven't said that I trust him on his numbers, but I still want to see. I think he could be off. All right, so let's go back here. Back to the title report. All looks normal there. Okay. So you've got some municipalines. 5. About a thousand bucks a municipalines. Okay. I'm not worried about that. The 5,500 in back taxes for this year's are due. These were paid. So it's not going to go to tax sale anytime soon. And yeah, there you go. This is the. Yeah, that's the assessor's value. And it hadn't updated it yet for the year. Yeah, see, they gave it a market value of 3, 2. That could. It could be 340. God, I really got to get into that thing. Yeah. And they transferred it from Barbara Redmond to her state back in. And so once the mortgage went off. That's why it's been. That's why it's only been vacant for about a year. Because they transferred it to her state in 2021. Okay. Yeah. Golly, that's. So that's back taxes. 50. Yeah, 55. 5600 total due. It's. It's. It's at that point. You get what I'm saying, ladies and gentlemen? It's skinny enough. Do I get it? Do I. And make some money at the foreclosure sale. Make not much money at the foreclosure sale. Potentially make 48 grand if it's worth 290. I really. I need to go look at this team. I need to go spend some time with them to walk them through it or go through it. The comps on it. And. And do that. But that's a potato. I mean, you know,186. Is stuff still at the foreclosure auction? Probably not. You know,185.190 is the foreclosure sale. We'd get the taxes back. Oh, wait. Well, this includes the back taxes in there. So. Is that right? Minus that. Minus that's 10. Yeah, it's about right. Actually. It's probably around. Yeah. His money costs 90 days 190. That's got to be pulled out of that 5,600. Yeah, that's right. Paid it. It's going to be paid. Okay. Yep. Oh no, I'm sorry. If it does sell at the 190. That 190 number includes the 5600 in it. We. We'd borrow that to pay it. I'm. I have that in there. So we've already covered that. So zero. Oh at nine. Nine grand for a foreclosure sale in 90 days. Makes sense. That gives me, you know, I can pay the extra three grand or whatever I might need. I doubt. I don't need that. But if we paid the taxes, we borrow. 176. Anybody interested? Anybody want to do a deal? 176,000. You're going to make some money in 90 days on a foreclosure. If it doesn't sell, you'll make more interest on a six month deal or a one month deal. Make 12% of your money. Might be interesting. Let me know. All right everybody. Well hey, I think that's a great spot to kind of wrap it up on my numbers and. And see me go through the. What I think of it. Maybe too skinny f it's not in your backyard. Totally agree. You're interested in. Interested. Getting more information. Something like that. Let me know. I'm glad to walk you through it a little bit or jump on a call but I. That's the one deal. I'm really excited. There's a couple others that are not so bad. You know we. Let me share here. Oh gosh. I got too much stuff open. So. Yeah, we got this. So this is this 65th street we looked at. Eh. This one in Tyler, Texas might be decent. This one in Midland. It's probably not going to be worth it. I got another one in Wichita Falls might be okay. Lakeway, San Antonio. We could go through that one tomorrow a little bit. It might make some sense. Legal155. I got update all their payoffs in the thing and we'll go from there. And they figure it's still about 230. 90% of the BPO is at 213 and I'm picking up at 155. And legal on that one is 165. So it's kind of a skinny thing too. Some more numbers to go through tomorrow. But anyway guys, that's going to wrap it up for day two here. Hopefully that was valuable for you. A good stopping point. Tomorrow we're going to go more into exit strategies. You've already seen a little bit about this work, too, but we'll go more full into the 10, 11 different exit strategies to work. When's it work? When does it not work? We'll dive into more of a spread. Another tape going how to identify deals from duds, going through a bit more of the due diligence process step by step for you with an actual asset. Okay, Any other questions, comments, concerns before we let you go for the night? You're welcome. Thank you, Judy. Thank you, everybody. Enjoy your Saturday night and we'll see you tomorrow morning at 9 o' clock on Sunday. We'll go till 2:30, 3 o' clock tomorrow based on we're considered, but yeah, right about 3 o' clock for sure. All right. Have a great evening and we'll see you at the top, everybody. Bye.