What's up and welcome back to how to invest in commercial real estate. And this is an awesome episode for us because it is episode 101 100. I think we actually have done 100 episodes. I didn't think we did one. I mean, most people, uh, wish we wouldn't have done 100 episodes. They're like, uh, would you guys have stopped after 50? That would have been awesome. Do you think anybody's watched all 100? I haven't. No, no. Yeah, these guys editing the podcast. The gallery has watched all, but we don't expect anybody else to watch all 100. But anyway, we've had a ton of fun, right. We started this as kind of in the middle of COVID pet project. Yeah, a passion project. You know, we need to let people know what we do because, you know, we may have only closed three or four deals that year. So how do we let people know about this awesome opportunity? Three or four times a year. It has to be more. Yeah. Yeah. We started downstairs in my house with the goofy headphones on and we did have the headphones. Now we've got this awesome. Well, and I, I was skeptical at first but I have really enjoyed doing the podcast and, you know, we're not any, under any impression that a bunch of people watch it, but for us it's been really therapeutic to go through what we do, how we do it, it's helped us hone in on what works, what doesn't, and hopefully we've inspired somebody, uh, out there to get involved in commercial real estate that wouldn't have otherwise, uh invested.

Yeah, I'm amazed at the number of people that have reached out because of the podcast. They found our podcast and they've reached out to us. It's awesome. Kind of blows my mind every time. Hey, I love your podcast. We're like, yeah, we do that. Wow, I appreciate that. But, hey, what we want to do for the 100th episode is to, for those that haven't watched All 100 is to kind of recap some of the, the funny moments, some of the highlights, maybe some of the more inspirational moments. Uh And so stay tuned right after this. We're gonna give you guys a quick overview of some of the best moments that we've had. Yeah. So I think I, I'll go first one of my just favorite things. Overall, there's, there's two kind of do a fold. I love having guests on. I've, I've learned so much from some of the guests we've had on some of the guests, you know, get nervous and maybe, maybe stumble in the beginning, but a lot of these people are, are really experts in their field. Uh I know last week we had a, a on talking about hotels. We're still in discussions with him. Now, talking about hotels, we've had a lot of people on that have sparked this relationship. I, I know the self storage guy, I referred some business over to what is his name?

Scott, I think. Um because somebody was asking me about, about redevelopment of an old center into self storage. And I'm like, man, I know a guy who's done that. So that's really been one of my favorite parts is, is just really the networking and learning from all of these other experts to figure out that. And I'll have Aaron chop it up here. But um I think we should do 100 like half second clips of Joel's wardrobe of the different shades of like gray and black light and go to the I, I even wore a color for the 100th episode today. Yeah. All right, Brian Fav favorite, favorite. Well, I'll tell you, uh for me, I've actually learned during the podcast. I didn't have the experience that you guys had when we started this podcast two years ago or whatever. And when we started the company three years ago, I didn't have the experience that you guys did. And so I've actually learned from you guys. So that's, that's really what stood out to me the most, one of the things that sticks out to me is how much Brian talks uh during the episode.

And like he just has so much to say and he just never stop saying it. All right. Well, enough of us rambling on, we will get to the Montage. I hope you enjoy and, um, we'll keep going, Montage. What is up guys? My name is Brayden and welcome to episode 001 of how to invest in commercial real estate. I'm joined by my two co-host Joel Thompson and Brian Duck. I've been paying uh distributions 12 to 13% to my investors every quarter for four years. And I've never been to the property. I looked into a statistic that said if you invested the maximum amount that the government would let you invest in the uh in a 401k over the last 40 years, that, that 1% that, that the financial advisor is keeping costs you $1.3 million out of your account. I love this job because there's real justice in the amount you receive from the amount of effort that you put into it. I remember we looked at this one deal and it had its own sewage plant on it. Yes. In North Carolina they literally processed their own sewage.

Yeah, I would say a really good indicator of how you need an attorney is when you talk to them. If you feel like an idiot, you definitely need them and they're probably really good. The more of the bank's money you can put in at a, at a lower interest rate, the higher your returns go, you're not gonna take action unless you're inspired and motivated and, and you believe that you can achieve it. You have to buy a property, not worth the profit that you made. Not the 3 million, you've got to go buy a property that's worth 5 million or more. Is that right? Yeah. So if you sold that $5 million property, you not only need to go place that $3 million back into real estate of like, like kind real estate, but you've got to go buy at least $5 million worth of property. You can't just say, hey, can you not sell that for me? I'm interested at 5 million. Um, just give me a month. Nobody's gonna do that. You need some sort of commitment and a letter of intent gets, gets that first step. So I would say generally speaking, if you know all of your investors 506 B is super easy. You know, there's a lot of traps you can fall in, um, into due diligence and we've fallen in quite a bit.

So we'll go over where, where the traps are and where you can uh save some money. We want uh long term capital gains instead of short term capital gains, right? So it's all about, it's all about taxes. You're entitled to a portion of profits for doing the deal and making investors the money you gave them the 1st 8%. You've probably been doing that a little bit. Now, there's extra proceeds and that's where you, as a sponsor can start to make, you know, a percentage of the profits on that deal. Right. You're over, uh, $100,000 in income a year just by doing one deal, just by doing one deal. Basically, you've got a, a way to make a living on just one deal. Well, a couple of recent deals that we've sold, we've seen, you know, multiple years of interest only, you know, 57, even more. Sometimes for select sponsors, uh, low threes on the interest rate, kind of depending over the last 3 to 4 years. I've seen way more aggressive debt terms. They'll shorten their due diligence period. They'll put up hard money on day one of the contract. What, um, who put pause hard money, day one of the contract because this property is potential, let's say is to make a million dollars a year and it's only making half a million a year.

Now. I, I can buy that on a seven cap because I know even if I sell it in an eight cap and double the revenue, I'm killing it. And what we want you to understand is you, you will feel uncomfortable but you're not gonna get rid of that. Um, you can keep reading books and you can keep, uh, going over the material, but at some point you're going to have to go for it. You'll have those. And when you get into the commercial property game, you're gonna have to deal with lawsuits and that's gonna be part of your job as an asset manager. Anybody should freak out when that first happens because it's gonna happen and your heart's gonna race. But it's, it's a part of doing this business. It really is. Uh, that's another reason to take lower RR higher cash on cash like you were saying, because then you can take that cash and you can, you can reinvest it rather than getting it at the end. Most people, not everybody, most people, they could spend an additional, they could work 80 hours a week at their day job and they're never gonna make, uh, a million dollars a bonus. And so I think, uh, people should take time to try to find, uh, a game that they work on, on the side that they could win in a big way. What we want to talk about today. And Brandon, you're gonna go through it is how easy it is to form an LLC.

It's, it's so easy. It's, it's cheap. You don't have to have an attorney and you don't have to pay a bunch of money. Everyone's gonna have to come up with the system on how they find the deals that they want to buy we're all itching to get back out and spend our money like we used to and, and I think that's gonna be uh a boon, a huge boon for sales if you just call a random GC and say, hey, I want you to come to a meeting once every other week and I want you to provide your input and I want you to do all these things and then maybe we'll get a job in the end. You know, there'd be a lot of me be like, no, what I did, I used to get these offers for these balance transfers. Once you did one of them in the, in the, in the mail every uh every day. Well, I couldn't apply for uh one every day. It would start to ding my credit. So I had this idea that I would just save them up and apply for these credit cards all in one night. Uh That way they would, they wouldn't, they'd all pull the credit at the same time and it would still be high. And uh so I get approved for these credit cards, uh like 10,000 apiece, maybe, let's say it was 8 to 10 credit cards. And II, I got all these balances on these 0% cards for two years or whatever it was.

Sometimes they were even longer than two years, three years. And I shipped all these balances to one credit card, 80 $100,000. And I used that as no one. First of all, no wonder you're not allowed to do this shit anymore is because somebody gamed the system, you ruined it for everyone. So, you know, if you raised a million dollars from your investors and you know that it was 10 and they each had $100,000 and you gave them the option of, hey, you know, we can keep this 12% cash on cash return. We're giving you 12% every year. We can keep that going or we can give you all of your money back, but we'll give you a return that would equate to 8% on your investment. So they would say, wow, I get all my money back so I can invest that somewhere else and you're still gonna give me 8% as if you had my money and we get to keep the asset and pay down the debt and let it appreciate some more. They're gonna be like, yes, sign me up another opportunity within the power center space is carving up pads. And I think historically, you know, you had a five per 1000 parking ratio where they really didn't take into account the cross shopping component. So you have what you had is a lot of these shopping centers that were over parked.

And I think when you look at that coupled with cities recognizing it and lowering those parking ratio requirements, that's another area where you can really not only add to, you know, again, financial value, you can actually bring another use and another concept to the center that may be just what it needs to kind of revitalize it. I just Google Oklahoma Private Equity like, ok, they'll understand Norman, they know the college town, I end up calling Brayden picked up, send him over the deal. Um So yeah, we're interested, I didn't hear back from you on it. Um And then it goes to auction and then you reach out back again for the deal and you, like, you guys still like go for like, well, we had another investor but that was with us up to a certain point. But if they go goes past it, you know, we might be a player for working with you. Um Nothing really came from it and then you guys were, were watching the, the ticking time on the auction and what did it get up to? I'll never forget I was, I was in an interview uh in at 68th and Lewis in Tulsa and had a apartments we owned, oh my gosh. And we were just watching it and I think we could have, I got it for like 10 million, 88 million and it went for like 16 million. Well, the way I got started was I uh just had a friend who was doing it and I talked to that friend.

It was actually Joel who's, you know, in the Bahamas today and couldn't join us. But uh there's some value to a national uh brand like a kitty academy. Uh Even though the franchisee may be new or only has one or two locations, it's still better than, you know, Joe's child care, you know, on the corner. First of all, if you send your kid to Joe's childcare on the corner, stop, stop right now. Our Village South property here, it's 100,000 square foot uh retail center here across the board. We, we're up 2030%. And so what was under written at a 12% cash on cash? Uh This next quarter, July 1, we'll be paying 25% and by the end of the year, we may be paying 30%. So we increased the revenue, you know, just by having 207 $100 a month apartments and we increased it 4%. That's an extra 7 $67,000 a year just in free cash flow just in income and, and not really for doing anything besides just keeping up with inflation. One of the benefits of synergy right now is we can get to that concept level really quickly.

So that makes it pretty inexpensive for the client upfront. And, and like Tom mentioned earlier, it really matters if the deal goes south. But if the deal goes south, you're probably gonna get sued, somebody's gonna read this document. And I'm telling you, if you, if you co mingled the funds. If you didn't pay your taxes, if you paid yourself too many fees or didn't follow what you wrote, you're going to get in trouble. Uh, but something psychologically when I come to and I say, hey, guys, I've been doing this for almost 20 years and we have a great track record of delivering 20% returns on people's invested capital. And the first thing they're looking at me, they're like, whoa, whoa man, what are you trying to scam me, bro. You really need to reverse engineer how many deals you need to look at based on how many deals you want to buy. So, you know, right now we're trying to do 3 to 5 deals a year that's comfortable for us. It fits our pipeline. It, it satisfies everyone's needs. So we know that we need to be looking at, you know, 50 to 100 deals a month pretty easy to meet that goal of finding one a quarter that we're ok. We're convinced this is it, this is the deal we're gonna push this one. I like it. What do, what do you want? You know, like what do you, what do you want and what the stopping you from going out and getting uh once again, you can make money on regular deals, but this is about how to really make a big gain.

And we've on those auction sites that really catapulted uh our real estate business because we purchased at least three centers through that auction type platform uh making several million dollars total on those deals that we would have, we wouldn't have been able to make if we weren't both on those sites, looking for the opportunity and willing to take the risk that it took to bid on them. You can literally fund your lifestyle with the overflow without ever having to, to sell or get rid of your nest egg. And then the more you invest, the more you grow that nest egg and the more that nest egg throws off that cash that you get to spend every quarter, it's the same thing. You gotta project it out. You gotta let people know, hey, I'm looking for shopping centers. I'm looking for multifamily because somebody's looking to sell multifamily and somebody's looking to sell those shopping centers. They just haven't identified us as a buyer yet. And then like you said, just investing in, in being in the game, it's like, uh sports betting. I don't know if you guys are into sports betting, but that can take, I mean, a really crappy game and make it super interesting just because you've got $20 online and it's kind of that same thing with commercial real estate. If you've got 5000 in there, you're gonna pay attention to why it's working or not working, you're gonna read the investments reports closer, you're just gonna pay attention to that thing.

And whatever you focus on expands. And we've talked about the compounding when you take out the passive income from real estate and you don't have to pay taxes on it and then you go invest it somewhere else. The, the tax savings that you don't have to pay is really compounding really for, that should be a tool to use to, to buy assets that go up in value real quick. A sample of an option in a lease is, hey, this is a five year lease but six months prior to my lease expiration, if I let you know, I wanna extend for another five years at that rate we discussed in the beginning, which is typically always at the advantage of the tenant because inflation is a bitch. Then they get, they get to accept that. They, they send you a letter and it says, hey, we're gonna accept that option and uh our rent's gonna be cheap. But if, if they didn't have that option, their rent may be way more could be way more. Well, that's similar to what we did in, in Vegas where they, we had an old restaurant and he's like we got a tenant that wants to go in this restaurant, you need to buy that restaurant. And so we did. And so yeah, we had money to him within a couple of weeks. I mean, it was that, that's why we're great partners for them. Um You know, it's, it's rare you can call somebody and they wire you pretty quickly really quick.

You know, a lot of people have, have self directed Ira and 401k s and the market is teetering on these all time highs. And we've been on this 12 year bull run correction is going to happen. We're gonna, we're gonna raise interest rates and there will be a correction in, in commercial real estate on some level, but I sure wouldn't want to have all my money in the market at a peak. I would be wanting to diversify that uh across a few different asset classes with rising interest rates and rising costs. People aren't gonna wanna build companies aren't gonna want to build new apartments probably right now, right? Because it's, it's a little riskier. So that means you'd have to be crazy to build new apartments right now. Really crazy. So Jo Joel is in the middle of a ton of brand new class, a apartment development that I'm sure will go great. But that was really funny. What I would say is that if you don't have any uncomfortable goals, then you're not, you're not setting them big enough. But what are you giving yourself conscious to go to work on? If you're not actively working and shopping the debt, then you're not getting the best deal. I mean, the amount of banks we talked to you on this and the amount of time we spent getting this debt is probably the most on the whole deal is just getting the debt involved.

So when I say that's a big piece, it's a really big piece. Well, like you said, I'm Clinton Taylor, uh, owner of Woodland Creek Furniture here in Tulsa. Um, and Joel and I have had, um, relations, I shouldn't say relations edit that shit out and it gets a little skewed when you start to analyze an irr under a year, but right around in a year, we should be a 1.2 to 1.35 equity multiple, pretty easy. I feel pretty good about it. So there's always a way for investors to get preferential treatment if they bring more value to the sponsor. Most of the time people will not, not put in the work most of the time. It's this first category of like an email forward, an offering memorandum that's, that's not gonna get a deal closed guys, we start getting calls from the tenants about uh you know, some shit on our sign, what you mean like some dust and stuff or like uh that was my first thought as well. And then we get out there and, and there's, there's actual human, human, human feces on the sign, on the sign and blew my mind.

Absolutely blew my mind how there is shit on, on, on, on the sign, start early if you're listening, start early and, and just get money invested, whether it's at 10% 5% 15% get your money in. Nobody's motivated to help you. At that point, you are on your own and, and whatever you find that's negative on that property, you will, you will find something negative and you own it. Now, we, we lost out on millions of dollars of lost opportunity because we couldn't build the relationship with him over the phone. And I said, you know, his name is Andy Andrew. He's since done five deals with him. We're about to close our sixth deal with him. And it's been uh an amazingly fruitful relationship because we both keep pouring into the relationship. We bring deals their way, they bring deals our way. We compare notes. We provide debt and equity, you know, they're providing deals and it's this amazing relationship because we fan the flame and we grew it and we fed it and now it's something, you know, that's, that's feeding us. If you pull up the map, you can see every other shopping center in the corridor has carved out their pads for, you know, a cane or a Wendy's or, or a little pad site in front of the shopping center.

And we can easily fit three if not four pad sites in front of this property. I use this as a life principle, but a lot of things in life, you have to figure out what not to do. It's not necessarily what to do. It's not where to go. It's what not to do as my favorite quote in a Wolf of Wall Street. It's a high frequency. It's, if you have crappy accounting, your, your property is worth less, it's just a fact. Here's a few things that if you see you should definitely throw up some red flags, it should definitely cause some concern and you should definitely maybe take a moment and say, ok, these guys told me to look out for these things. I need to, I need to make sure I know what's going on. So I don't get burned if you're in construction and you're in your own company, you are a, just a natural born gambler because that's what we do. We gamble. We're saying that we can complete this project for this amount of money. Um But also that we're going to submit a bid that's not going to be too high. We have to be in that sweet spot of, it's not too low to where the project can't be done and it's not too high to where the project doesn't happen.

It was the guy that owned a bunch of tanning salons. I call him. He goes, well, I had the money in the bank. Ok? Why didn't you pay it? Yeah, like he was, he, that was his, somehow his explanation was, well, he had the money. He just chose not to pay us. That's great. Well, that doesn't help things, dude. But uh so back to the most important topic. Me, um, as I started to dig in, I saw it as a, as a way to quit my regular job, my engineering job that I had for 35 years. And so it took me that long to, I, you know, I hate that. It took me that long, 35 years to, to figure all this out. So that's what I'm saying. I, I hope that people that are listening to this decide, well, maybe they want to do it a little quicker in life. You know, when you're headed into a recession and interest rates are going up and you want to sell a seller may consider uh a 5% reduction. I don't know what his basis is, but if he's about to get a $2 million check and he's like, ok, now I'm gonna get a $1.7 million check. But if I don't take this and I wait another two months, rates are gonna go up even further, right? Or if we go into recession, it's going to depress pricing.

Uh He may think that's a great opportunity to get, get rid of that property. Get that, that, that money in his pocket. If you're a successful professional in the field of study already, typically you're going to get in, uh even without an undergrad, we kind of wanted to take this from uh Rich Dad Port and cash flow quadrant. He talked about the seven levels of investing. There's other lists of investors and we kind of took uh a blend of all of those and came up with our own list. And when, as you're listening, you're gonna uh instantly put yourself in the category that you're in and we want to talk about the categories, maybe the positives, negatives. And then how do you move yourself up that investor list? I'm from Awassa, I've been in, was 20 years now. Um These are new concepts to oso, right? It's not some chicken place, like everyone's got like 50 chicken places, some new way to fried chicken and some fancy sauce that sucks and tastes like the others. This is not that right. It's new interesting tenets. Uh You have got to take stock of what you can afford and I, I promise you most of the stuff that you're buying, you shouldn't be affording unless, unless that, that stuff is getting purchased with returns from your passive income investments.

Ok. That, that money you can spend as frivolous as you want. But if you're taking your active earned income from your job after tax money and buying stuff with it, that's a problem. You should be investing that I just tend to never wanna negotiate out of fear. Uh I will always call your bluff if you're trying to scare me in any, in any facet that I might lose or that something will be negative to me. My subconscious immediately checks that and I say, ok, well, I'm gonna do the opposite of whatever you're wanting me to do in that situation, they're easily in the double digits on their original investment, but they have 100% of their investment in their pocket and they can reinvest that and, and get another 12 15 20% return. So they, they're double dipping and, and now if you add the 10 12 15% they're gonna be making on this deal. And if they reinvest that at another 12 15% they're at over 30% on that same money. Uh That's why it's such a win for the investors don't be limited by the appraisal value is that use creativity uh evaluate the, the property you're looking to buy, looked on how you can improve the income, improve the tenant base and, and just be optimistic about, hey, what could the appraisal be given market improvements, given some changes in the property?

Because the, the appraisal you get when you buy it is not necessarily what it's gonna be worth even just six months later in, in those moments. I'm trying to calculate expected value. I'm saying, ok, what's the likelihood that I'm gonna make 3 million? What's the likelihood that I'm gonna make, I'm gonna lose 1 million because both are real possibilities and a lot of people get scared about losing the million. Uh but they, they don't understand that the 3 million, how real that potential is multifamily cap rates are lower than I've ever seen them in my lifetime and anyone ever seen anyone? Well, I mean, yeah, so in my lifetime, lowest cap rates are the lowest and debt is approaching the highest uh that it's been during my investing career. So, if I'm buying a multifamily deal, I have to be uh putting in a higher exit cap uh that I bought it for. And if I'm not doing that, then I'm, I'm basically setting myself up for failure. Well, there's, there, there's a lot of people, they have a house and uh they have an extra, you know, 25 50 $100,000 that's not invested in the market, let's say. But they, they, they like, oh, I could go buy another house, but they're thinking, I don't want to go buy another house.

That's a lot of work. That's a lot of risk, uh mortgage payments and real estate taxes. And, and what if the tenant moves out? All those things are keeping people from not investing in real estate and we're trying to make it easy. All right, here we go. Let's fuck it up. Let's, is that a good show? No, that's great. All right, here we go. I think less than a third of the stocks on the New York Stock Exchange pay a dividend. And I think that average dividend is like 3 to 4%. So you're not getting, you're not, most people aren't even getting dividends. They didn't even know that you know, that was a thing out of the stock market. So really, you're just seeing all of this money being lost and you're not getting anything in return. You don't see yourself paying down debt, you don't see any cash flow. It's really just a bad day. You just have to sit on it and hope it goes back up. That's all you can do. There's good news is there's third party companies that will do the lease audit for you and they're pretty reasonable on cost and that's all they do is lease audits. Well, it may not be all they do, but it'll be a service that they can provide feds. Met, uh, again yesterday and raised another historic three quarter of a point rate hike.

Painful. Yeah, I felt that one, that one hurt like you said, you can be cash flow positive and you can be making a profit. But in the eyes of the IRS, you're actually losing money. And so you can actually be writing off and getting a tax refund even though you're making hundreds of thousands of dollars because of this big thing called depreciation. Get out there and buy something that produces cash flow, right? Don't go buy something for your first investment where you're like, oh, this is gonna go up, trust me, this is, this is gonna go to the moon, like buy something that pays you next month. I see every dollar that, that I make as uh, you know, a future $10 a future $20 it's, it's working me toward a, a life goal. And so, yeah, I was cheap and frugal to a fault when I was younger. But I couldn't spend any of that money because I knew what it meant. When you buy an asset, you're not just buying the land and the walls, you're also buying everything inside the building, plus all the land improvements on the outside. So for example, carpet should be depreciated over 15, excuse me, five years versus 39 years.

Um Your parking lot should be depreciated over 15 years versus 39 years. You need to have a signed commitment letter before your earnest money goes hard because once your earnest money goes hard, you lose a big piece of leverage, you lose, you know, whatever your earnest money may be, I would say our average earnest money amounts 50,000 bucks, at least roundabout. Sometimes it's a lot more. Sometimes it's less, right? Like the investor list continues to grow. How many new investors did we get on our list in, in 2022? Do you think you have any idea? Over 100 easily 100 easily 100? But I think out of those 100 new people that invested with us last year that haven't invested before there's easily 25 people I wanna say, I mean, at least two brand new people every single deal, um which is just Amazing. Welcome back to another episode of How to invest in commercial real estate. And this is our favorite time of the year. It is distribution. And so the idea of it is that people can invest through the coin so they can take a, a crypto and put it back it by a tangible hard asset, but having the security of the Blockchain.

And then, but the byproduct of the coin is that people can either pay their rent or they can get distributions um benefits in terms of long, longer term leases and those sorts of things with coin. And so the idea is as the portfolio increases in value and the value of the coin will also increase. And so we're, we're created this investment vehicle, but also the Blockchain in order to help facilitate self storage. And so that's the, that's the power of getting a higher rate of return. And we've done, we've done podcasts on that is if you can increase the rate of return and you reduce the amount of money, you need to live the lifestyle that you want, which allows you to quit whatever job you don't like sooner, what is up everyone and welcome back to how to invest in commercial real estate. And we thought it would be fun to do kind of a cool uh topic today because it's probably right around the time everyone is starting to give up on those New Year's resolution goals. So we wanted to hit February hard with just a reminder of why goals are important. Uh, uh, a way of looking at them, a perception and, and more of a motivation to say, keep on fighting.

Everybody gets to listen to us talk all the time and they've heard some of our story of how we went from day jobs to retiring early or whatever it is. Uh, but Dustin's done that he's doing some exciting things. He was able to retire early. And so we know the listeners want to hear his story on how he did it. Uh First we wanted to take a minute and stop and talk about the criterion building up in Owasso, it is finally open. We've got Keller Williams, we've got a, a medical spa beauty farm. We've got a hair salon birch and our office is opening up. We finally have furniture in there. It's looking great. And most importantly, our coworking space is about to open. So if you are a local, if you're Tulsa Awas or anywhere on the north side of town, really, we have an amazing new co-working space with state of the art stuff. Um It's all wireless keyless, everything is included, tons of cool packages and you can get involved in that for $100 a month. Yeah, unfortunately, the latest report last week, uh inflation uh looks like it ticked back up. I think it was either December or January numbers that came out and So it looks like the fed is going to continue to raise interest rates maybe slightly more aggressively than we thought.

Uh, kind of at the very end of last year. And you guys alluded to kind of the bank crisis happening right now and you know, it's, it's going to create a lot of opportunities for people to buy, uh, at a very, very good price coming in here soon. All right, guys, if you've made it this long through the montage, I appreciate you watching. We appreciate you watching. We're gonna do another 100 more maybe. But uh we will catch you next time on how to invest in commercial real estate. Thanks guys.