1:17

the Tuesday edition of the Not Your Average Investor

1:20

Show. I'm your host, Pablo Gonzalez.

1:22

And today we've got a very interesting

1:25

guest. She is the new

1:27

director of market, director of marketing,

1:29

You don't even know who I am.

1:30

Oh, Nelson.

1:33

Nope. Oh, Nelson. Nelson. It

1:35

is a, black belt level five. name

1:38

to pronounce, but, um, has

1:41

come in here taking the marketing

1:43

world by storm and brought

1:45

with her many, many

1:47

cultural references from movies

1:49

that I thoroughly enjoy partaking

1:51

in. And we're going to take this opportunity today.

1:54

To talk about why

1:57

people tend to have a bad opinion

1:59

on rental income properties. What do you think about

2:01

that?

2:02

I think that I would agree and

2:04

have some personal

2:05

stories to share. She's got some personal stories,

2:07

folks. GC is unfortunately

2:10

not here because he got a stomach bug,

2:12

so he can't be here. And we are flipping

2:14

the rules today. Today, I'm the expert. Cole

2:17

is the noble fool and she gets

2:19

to ask me her genuine questions as she

2:21

is learning about JWB to market it.

2:23

She has her own experience in this world. I think

2:25

it's going to be super, super interesting.

2:28

And it's also going to be her first bar partaking

2:30

in a time old tradition that we

2:32

call what Cole? Uh, the roll call.

2:35

We got our lead off hitter. John

2:37

Henin kicking us off today. We got

2:39

the Ringmaster Drew Barnhill.

2:42

We got the MVP. I know you know who the MVP is. Uh,

2:44

Lee Bishop. Lee Bishop. The MVP.

2:46

We got Jeff Petty. John from Missouri.

2:48

Welcome back Jeff. We got Christopher Lee from

2:50

Fernandina Beach back in the house.

2:53

We got the better. Greg, the only Greg today.

2:55

Greg Stone, howdy from New Jersey. Good

2:57

to have you here. We got the mama bear checking in Cody

2:59

Adams in studio. We got the fairy godmother

3:02

of the not travesty best show community. We were just talking

3:04

about her and how she makes people's real estate

3:06

wishes come true. Jim Pilsen. We

3:08

got our regulars, Gary

3:10

and Rosalyn Riley from Marietta, California.

3:13

We regard you, I'm going to need, I'm going to a little

3:15

bit more, a little bit more

3:18

jazz hands, more vocals, whatever we

3:20

got, we got Val Desai

3:22

from Phoenix checking back in, welcome back

3:24

Val, we've got our

3:27

favorite name to pronounce around here, Aaron O'Neill,

3:29

into the lights, Aaron, you

3:31

know, everybody was asking me in this room, how I come up

3:33

with all these different nicknames, we were, and We'll get

3:35

into that one of these days. We got Pamela Myers.

3:38

Pamela, good to have you back in the house. Mark

3:40

Norman from SoCal.

3:42

I love SoCal. cool. We're ready

3:44

to go. Your experience

3:46

with rental properties. Give us a little history of what

3:48

your exposure has been in

3:51

your life before coming to JWB about all this stuff.

3:54

Yeah. So growing up, my family,

3:56

Invested in real estate. So I

3:59

I came to JWB with an idea of

4:01

what that looked like. And when I

4:03

say we invested in real estate, I mean,

4:05

we went and bought properties. I

4:07

say we my dad. I didn't do anything. Let's

4:10

be fair. I did nothing as a

4:12

small child. I looked on as

4:14

my dad even the motivation to buy rent. I

4:17

did. I did. They went and they bought

4:19

rental properties. I am from the New

4:21

York area. So it was You know, kind of Jersey Shore.

4:23

And they flipped homes. And it was

4:26

laborious. And there were a lot of times

4:28

where we were, you know, going to check

4:30

on things and progress and construction.

4:33

And I like have core memories in my childhood

4:35

about kind of what a pain it was

4:38

and how much time it took for my parents

4:40

and all this other stuff. And there

4:43

was a huge benefit to it. They retired

4:45

early. They owned a chiropractic

4:48

practice that they were able to retire from

4:50

and they moved to Florida and they, you know,

4:53

had, we had a great life. So there were clear

4:55

benefits. But when my husband and I got

4:57

to the age where we were starting to talk about our retirement

5:00

strategy, we went the,

5:02

the safe millennial route and we have

5:04

invested in our 401k religiously

5:06

from the day we started working.

5:09

Yep. And so we've kind of,

5:11

as I've started here and I've learned more

5:13

about what JWB does, I've kind of started

5:15

to get more curious about

5:18

other options. So

5:20

that kind of brings us to our chat

5:22

here

5:22

today. It does bring us to our chat today. And

5:24

you know, something that you didn't explicitly say

5:26

there, but you are essentially like the, I,

5:29

you are the. What us

5:31

in the marketing world call the ideal

5:34

client persona, the ICP, right?

5:36

Because you are a working professional,

5:39

dual income of the,

5:41

the demographic that has

5:43

the, the income and the, and the,

5:45

and the desire to do this. You have four kids that you want

5:47

to put through college, right? I

5:49

sure

5:49

do. I am going to be putting kids through college for the

5:51

next two decades. So

5:54

four kids, one daughter, who's going to go to college in

5:57

four years and a two year old son. So

5:59

I, I'm thinking in my long term

6:01

strategy, like, these are my prime earning

6:03

years, these are my husband's prime earning years,

6:05

like, we have to be really smart about what

6:07

we do because as I'm coming

6:10

out of those prime earning years, I'm still going to have

6:13

A child going into college and then

6:15

on the heels of that wanting to retire. And

6:17

yes, I am insane. Is

6:19

she crazy?

6:19

Is what Lee

6:21

says. TBD. So,

6:24

okay, cool. So, then let's

6:26

talk about it and On top of that, you're

6:28

also your social circle is ICPs,

6:31

right? You live in Naugaty with a,

6:33

you know, an affluent neighborhood and people talk about

6:35

this stuff, right? Yeah,

6:36

absolutely. I have a lot of friends

6:39

in my neighborhood who own rental properties

6:41

and manage them themselves in

6:43

the Jacksonville area, more

6:46

of the beaches. More than kind of thinking more Airbnb

6:48

style as opposed to this kind of investing. But

6:50

like, I can't wait to talk to you about

6:53

all this stuff because I think it's right up the rally.

6:55

All right. So let's, let's start there. One,

6:58

you intimated to me that they're generally complaining

7:01

about it at times. What

7:03

are, what are the main complaints that you hear? Like, why are

7:05

people, as the show says, why are

7:07

people dumping on rental properties? I don't know if that's what I

7:09

called it.

7:10

No, I think that's a little bit more explicit,

7:12

but you know, we'll go with it. We'll go with it. So,

7:15

I mean, I think they love the idea

7:17

of rental properties. They love being a part of

7:20

the Jacksonville and the beaches community. And they love

7:22

the, the income that they're getting kind

7:25

of on a, a more relaxed

7:27

basis. Cause you know, Airbnbs don't rent

7:29

like a lease, right? So it's a little bit more of

7:31

a relaxed thing, but it is

7:33

a social interrupter. Right.

7:36

So we've got plans on a Saturday

7:38

and they've got a stop and figure out

7:40

and turn something over for somebody

7:42

and now all of a sudden they can't come

7:44

hang out with us because they've, they've got to go handle

7:46

something at their property. I think that

7:49

that's kind of the biggest thing that. That

7:52

goes in terms of the things I hear.

7:54

I do hear about reno's a lot. So,

7:56

because we talk about design choices

7:58

and, you know, fun things like that. So

8:01

it's like, oh, you know, look at this new

8:03

flooring. I put in at the like that those

8:05

kinds of stuff. And so it. It reinforces

8:08

my idea of what I grew up with

8:10

in terms of, like, this being a job, like,

8:12

if you invest in real estate, you're signing

8:15

on for another job, and as a working mom

8:17

of four, a crazy working mom

8:19

of four, thank you, LeMay, I don't

8:21

have time for another job. I'm

8:24

running around on the weekends for sports, I'm, I'm

8:26

doing all of the things and

8:28

You know, I don't have time for that. So I have never

8:31

actively thought of myself as a potential

8:33

real estate investor because of

8:35

that.

8:36

Well, this is the part of the show where we call it

8:39

Pablo answers why that doesn't

8:41

have to be that way. We're gonna we're gonna do multiple

8:43

of these segments, right? So this first

8:45

layer. Of social interrupter.

8:47

I really like that because I think it sounds way better

8:49

than passive and active. It's like you

8:52

can invest in real estate in a

8:54

social interrupter way, or you can

8:56

invest in real estate and have your own weekends

8:58

to do whatever you want

8:59

way. Right. Do you want to finish that mimosa girl?

9:02

Or do you want to go?

9:04

I like that. I like that. Right. So I

9:06

guess what you were describing, first of all, is short term

9:08

rentals, right? Which has, which has its own,

9:10

its own thing. But I think more fundamentally

9:12

is this idea of passive and active investing.

9:15

And it sounds like your dad, it

9:17

sounds like your neighbors, most of most

9:19

of the people that you had exposure to before coming

9:22

to JWB. are active

9:24

investors, which brings with it, you

9:26

know, the, the, the returns

9:29

are higher for active investors,

9:31

but you pay the cost of social interruptions,

9:34

right? So this idea of that

9:36

was something that I also

9:38

had to learn about most of my social circle had.

9:41

tried the rental property route at some point,

9:43

but it was mostly active

9:45

investing. It was like, I'm going to buy one

9:47

and I'm going to take care of it. My brother,

9:50

you know, my brother owned a couple of like section eight

9:52

houses in, in Miami. And I remember

9:54

he'd like put his little gun in his fanny pack and he'd

9:56

go for, yeah, because it wasn't, it wasn't great

9:58

neighborhoods. Right. But like this idea that

10:00

there are ways to do this,

10:03

hire a professional property

10:05

manager to do this thing. And

10:07

therefore the

10:10

social interruptions are limited

10:12

depending on the decision that you make with a

10:14

property manager, I guess is the first, the

10:16

first thing that people have to overcome beyond

10:19

that. So like if we were to, if we were to

10:21

go into other concerns,

10:23

right, like you talked about buying a home yourself, like

10:26

what, what are, what are other things that you, that

10:28

you would associate with having an issue with rental properties?

10:31

Yeah, so I mean, as a homeowner myself,

10:33

like, my husband and I have had

10:36

four homes, I think, in the past 17

10:38

years or so, and the first home that we

10:40

bought, our intro home, needed

10:42

to be entirely, like, rehabbed,

10:44

let's say, right? It's a guy

10:46

in his 90s who designed

10:49

it in the 70s, everything was wallpapered,

10:51

so my first thought is, okay, you're

10:53

getting a home, now you've got to kind of rehab

10:55

everything, you're going to run into maintenance issues, like,

10:57

what happens when you're air conditioner

11:00

goes out, especially in Florida, like those things,

11:02

like, and it's, it's an unexpected cost if

11:04

it's your primary residence, like, okay,

11:06

like, you're, you know, you've built in a window

11:08

for those costs, like, what do I do when

11:11

something like that happens at a

11:14

rental property? And that's now like an additional

11:16

cost that I didn't plan for.

11:17

Yeah, yeah. So now you're talking

11:19

about. Essentially unforeseen

11:22

maintenance expenses and like on

11:24

unforeseeable things, which is just kind of what we were.

11:27

This was the real sense that I got from my

11:29

friends, right? Like this idea of like, you

11:31

know, it's kind of a crapshoot experience, right?

11:33

Like you can buy, you can buy a property. If it's your own

11:35

home, you deal with it. But if you're also buying other people's

11:37

homes and it's unpredictable

11:40

what you're going to have to spend on stuff then

11:43

then it starts to become this like real

11:45

problem. You know, one of the things

11:47

that that I've learned. Through

11:50

hosting the show and being part of the community,

11:52

but more than anything Got

11:55

really clear for me when we put together that class

11:58

is that I had

12:00

always heard in real estate investing

12:02

that you make money on The buy right that's

12:04

like the common. That's the common nomenclature

12:06

like if you buy right you're gonna be good But

12:09

that didn't really match up with this idea of like yeah, but what

12:11

about maintenance expenses and

12:14

and what I've learned is that there's There's

12:16

two types of numbers. There's the

12:18

buy numbers and then there's the performance

12:20

numbers. And I think that in

12:22

the investing world, in the home buying world,

12:25

Which is largely residential, your

12:27

own properties or whatever, and

12:30

you know, there's a lot of experts that

12:32

can put together the data

12:34

for when you buy something, right, like what is the price

12:37

of it, what's the price to rent ratio

12:39

of it, you know, what neighborhood is it in,

12:41

what, what rent do I think I'm going to get,

12:44

right, like it's, it's pretty easy, like what shape

12:46

is the home in right now, right, like the

12:49

coming in, yeah, you get, you get a, you know, You get

12:51

a fixed mortgage for 30 years, right?

12:53

Like it all, it all, those are all numbers

12:55

that I think are kind of commoditized

12:57

in the sense that just about it's like

13:00

entry level knowing that stuff. But

13:02

then the thing that actually makes

13:05

the experience good or bad is

13:07

the performance numbers, right? So it's like

13:09

what happens once you own it, predictable

13:12

is that experience and.

13:15

when, when you think that, you

13:17

know, happiness or joy comes from this

13:19

idea of like expectations being met

13:22

and misery comes from like expectations

13:24

not met, right? It's like, how

13:26

can you set the expectations for

13:28

performance numbers? And I think maintenance

13:31

when it comes to, when it comes to these things,

13:33

there is three different ways

13:36

that once you're going to passive

13:38

route and you go a property

13:40

management route, there's

13:42

three different ways that people get

13:44

the performance numbers. And I think all

13:47

three of those lead to very different experience.

13:50

Would you like to know what they are? I

13:52

would.

13:54

So Aaron asked, what does your family think about

13:56

you investing in rentals now that you work at JWB?

13:59

And it was one of the first things that I, I went home and

14:01

talked to my husband about because I

14:04

was like, you know, we think

14:06

about this and we talk about our retirement all the time.

14:09

Now that we are old and

14:12

we kind of pitch ideas

14:14

to each other and, you know, he's super open

14:16

to it but we just, we don't know,

14:19

right? Like that's kind of part of my learning experience

14:21

here is from an investor

14:24

standpoint, what does that really look like?

14:26

So when you talk about like the three ways, it's

14:28

like, you know, that's kind of the meat of

14:30

what I need to understand because for, you

14:32

know, what I consider to be like, I'm an average person,

14:35

I'm, you know, average.

14:38

How do I become not your average?

14:41

You like that little? I do like that. No,

14:43

that wasn't purposeful, but it

14:45

worked. Yes.

14:48

Thank you. So are these are these conversations

14:50

and like you've you've gone home to your husband

14:52

and be like You know, we

14:54

should look at this, like, was that kind of when it first started

14:57

or had y'all had those conversations

14:58

before? So it's funny because right

15:01

before we had our fourth and he

15:03

was a surprise blessing,

15:05

we will call him. We were talking

15:07

about, cause my next youngest was going into kindergarten.

15:10

And so that was the first time in 12 years

15:12

that we did not have a daycare payment, which I don't

15:14

know if anybody is familiar, but a daycare payment

15:16

is a mortgage payment. Like that is you know,

15:18

something significant. So we

15:21

are now talking about,

15:23

well, you know, we can invest that someplace

15:25

else. And we actually talked about doing what my family

15:27

did. Okay, flipping. Buying

15:30

a property, improving it, and

15:32

then kind of doing more of a rental scenario.

15:35

And then we had Milo and

15:37

that, that, we were

15:39

like, never mind, back to daycare. But

15:41

it's, so that's the only conversation we had

15:43

really had up until this point.

15:45

And we had really only thought

15:47

of it from that possibility. Right,

15:50

like the, the way you invest in real

15:53

estate is to buy a property and

15:55

to manage that property, right, like, that was

15:58

the only, so I think being here

16:00

has opened up that conversation into different

16:02

paths, because now I understand, at least

16:04

at the most basic level, that there are

16:06

options. Yeah,

16:08

there's options where you don't have to

16:10

Have like a plumber,

16:12

three plumbers in your phone and two painters

16:15

in your phone and a drywall person and a

16:17

do it all handyman and a roofer,

16:19

right? I'm starting to, it's funny because

16:21

now I've, I've

16:24

only bought through JWB and now

16:26

that I got this duplex and I have tenants

16:28

next door, residents next door, even though

16:30

I'm turning it over to JWB. The

16:32

experience is becoming much more real because I'm a homeowner

16:34

too now, right? So it's like these little fix

16:37

it all things. I'm like calling around people to

16:39

like, Hey, you guys got like a do it all handyman. Cause I got

16:41

like a toilet that doesn't work. I got this,

16:43

like one thing over here on a wall that's bothering me.

16:45

And these tiles are loose. What's up with these tiles? Right. Yeah.

16:47

And I'm not going to lie. Like my husband and I are very hands

16:49

on and I promise

16:52

you that the second I said to him, let's

16:54

buy a rental property. He was like, great.

16:56

Now I am a do it all handyman. Yeah.

16:59

A hundred percent. Cause most of the time,

17:01

like we try and fix something ourselves first

17:04

before bringing somebody else in. So I'm

17:06

sure that that. Would be a

17:08

detractor for him and wanting to move forward with

17:10

that because he knows that there's going to be a responsibility

17:13

for him tied to that. And so

17:15

when I talked to him about JWB, like

17:17

I'm, I'm lightening that load for him.

17:19

Yeah, that makes sense. That makes sense. So. Once

17:23

you, once you get into that process,

17:25

if, if you,

17:27

you know, decide to like look into it and

17:29

then they, you know, you convince him that it's passive,

17:32

he's not going to have to be the do it all handyman, right?

17:35

And they're going to put these numbers in front of you and he's going to look

17:37

at performance over 10 years.

17:40

If he looks at, yeah, but how can I trust

17:42

that that's all that that's going to cost on

17:44

month four of year three, right?

17:47

Yep. Now you can use

17:49

this language. You ready? Ready. So there

17:53

is so, okay. So three different ways

17:55

that you get these performance numbers of

17:57

in general, right? All performance numbers, there

18:00

is the industry standard.

18:02

So it's like, what is, what does the magazine

18:04

tell me that it should be? What does the book, what does

18:06

the textbook tell me it should be? What is

18:08

commonplace placeholder

18:11

of whatever, right? Those are Not

18:14

very precise because there is no like

18:16

one real estate industry and there's no,

18:18

you know, there, there, there, there isn't

18:21

standardization across the industry. Then

18:24

there is the data,

18:26

right? So you can, you can go.

18:29

You can like hire like John Burns real estate to

18:31

find out more specific data for your

18:33

market. You can go networking

18:36

out and talk to maybe

18:38

three or four other home flippers, ask them their

18:40

numbers or, you know, property managers

18:42

ask them their numbers and like, be like, okay,

18:44

cool. If they're all saying this, I can average it

18:46

out to this. And that becomes more specific

18:49

or there is proprietary

18:51

data, right? There's the um, Don't

18:53

you worry kiddo, I've done this 6, 000 times.

18:56

Yep. And this here are my averages,

18:58

this is what it looks like. And then depending

19:00

on how well you keep that data. You

19:02

can start to set, you're a marketer, right? Like you

19:04

can start to segment and you can start to really,

19:07

really understand it. So,

19:08

and I should share, I'm a marketer and my husband's

19:10

a data engineer. Oh boy. So

19:13

we are very data driven people. The

19:16

way we selected our kids names was through a

19:18

shared Google spreadsheet and an algorithm.

19:21

Not really an algorithm. Yeah. Yeah. So,

19:25

The data piece for sure

19:27

is something that's really important to both of us.

19:29

Yeah, interesting. All right, cool. Well, I'd be interested what your,

19:31

what your husband says about JWB's data flywheel,

19:34

right? Because it's, it's this idea that. You

19:36

know, you can, you can hire consultants,

19:38

but at the end of the day, if it's performance, right? Like

19:41

if you're, if I'm going to ask you how fast

19:43

can I run a mile, you're going to like, look

19:45

at me, look at my body type and be like, Oh, probably

19:47

about 10 minutes, bro. And, uh, or

19:49

if, or, or

19:51

if, or if asked you how long, how fast you can

19:53

run a mile, cause you're a runner. You can be like, I know what

19:55

my mile is. I think I could beat

19:57

you in a foot race. I would not

19:59

be, I would not be surprised. Right. But like this idea

20:02

of like. Learned data

20:04

of exactly what you can benchmark against yourself

20:06

is like super super valuable and that

20:09

is the thing that

20:11

JWB has created since

20:13

they have been in business for

20:15

17 years Have done it

20:17

now for 6, 000 properties and they

20:19

continue to add that thing and it becomes

20:21

this like compounding advantage

20:23

piece. Right? Yeah. So

20:25

I think what I love about that particularly

20:27

is just like the depth and breadth of data

20:29

specific to Jacksonville, right? Because

20:31

I'm, I'm somebody who's going to go

20:34

and Google. And so is my husband.

20:36

And we're going to find all of those Burns

20:38

real estate type things. And we're going to do our due

20:40

diligence on anything that we do. But,

20:43

right. You know that like true

20:45

understanding of a particular market.

20:48

I think it really resonates

20:50

with me from a credibility standpoint,

20:53

and I would even I would even go a step

20:55

further that it isn't just Jacksonville. It

20:57

is. These very specific

20:59

workforce housing neighborhoods

21:02

that surround the urban core that

21:04

they've completely normalized their data

21:06

around to understand the

21:08

difference between the maintenance rate of a new

21:10

build and a remodel.

21:13

You know, the life expectancy of

21:15

the critical elements that they put in, right.

21:17

Cause they standardized to a certain level before

21:19

they like sell it. And you know, how

21:21

long tenants actually stay

21:24

in that asset class, right? Like there is a

21:26

difference between how long somebody stays in Airbnb

21:28

versus a long term rental. But there's

21:31

also a difference between how long

21:33

somebody stays in a. Beachfront property

21:35

that they're that, you know, like a luxury rental

21:38

versus a workforce housing

21:40

rental versus with a landlord

21:42

that they really admire and respect versus

21:45

a landlord that they're just like, man, this person doesn't even pick up

21:47

the phone. Right. So like all that stuff has

21:49

infinite variability and they're able to do

21:51

that. So

22:33

with that regard, there's also the

22:36

data around what

22:38

are the materials that you can put into

22:40

the home that reduce

22:43

maintenance long run. Yeah. and

22:45

that makes a big difference as well. Can you guess

22:47

what that is?

22:48

Alright, let's see. Yeah, let's

22:50

see if I've got, kid knowledge of this. 'cause my

22:52

kids destroy everything. Okay.

22:55

Okay. So, the first thing I

22:57

did when I moved into my new house was do

22:59

paint. that you could wipe down

23:03

versus the paint that just pulls

23:05

everything, right? Easily scrubbable paint.

23:08

Flooring choice, I would definitely guess is a

23:10

big one. I have not found an indestructible

23:12

flooring choice, so I would be completely open to

23:14

understanding what that one is because

23:18

you want to know? Yeah, I want to know. So with

23:20

flooring, there is a, there is

23:22

a certain durability component, but as you've

23:24

learned, It's not going

23:26

to withstand this truck, destroy

23:28

your kids, right? So the thing

23:30

about flooring is that it's important to get flooring.

23:33

That is easy to replace without having

23:35

to replace the whole thing. Right. So people

23:37

might think, Oh, the carpet's cheaper. You're not going to mess

23:40

up carpet that bad. But at

23:42

the end of the day, if you ruin

23:44

one part of the carpet, you got to replace the whole carpet. Whereas

23:46

if you put in these like, these modular

23:48

things, one, like one part is ruined. You can just

23:50

replace that one part, not the entire room.

23:53

So that makes sense. That's that that's flooring. What

23:56

else you

23:56

got? I mean, I've got some crazy

23:58

stories. My son once

24:01

hung from the curtains and pulled

24:03

the, the full thing out of the

24:05

wall for drywall. So Okay.

24:08

I don't know about that. I know, I don't know if there is

24:10

a hang, like a chimpanzee

24:12

proof.

24:12

Well you wanna talk about crazy tenants? Yeah. Like

24:16

kids will do

24:17

it. So do you think about how easy

24:19

it is to clean things in order for them not

24:21

to not to go bad, right? I mean

24:23

that kind of goes back to the paint thing, right? Like i'm thinking

24:25

walls, but it's really all surfaces, right? Like

24:28

how do you every surface needs to be wipeable?

24:30

Exactly. So easy to maintain easy

24:32

to reach things that don't have a lot of seams

24:35

in the middle that can that can grow dirt right

24:37

like standard practices of durability

24:40

and ease of maintain ease of maintenance

24:42

and ease of replaceability or

24:44

it's kind of like the The triumvirate that

24:46

they look for when it comes to services. Yeah.

24:49

And that reduces maintenance

24:51

and reduces maintenance spends throughout, right?

24:54

The other thing is these numbers

24:56

become normalized over time, right?

24:59

So, but if somebody's

25:01

telling you, Oh, don't worry about it. That's happening

25:03

right now in year one and a half, it's going to be

25:05

fine. It's not gonna

25:07

give you the warm and fuzzies unless somebody can be like because

25:10

we have done this so many times, right? Like

25:12

if you're if you're like, oh man, I just had

25:14

this problem again. Yeah, but the book says Doesn't

25:17

doesn't feel as good. Right. But it's like, yeah, yeah,

25:19

you know what this is how it's going

25:21

to end up performing. And if it doesn't,

25:24

you know, we'll see about fixing

25:26

that. You know, it's like a totally different experience

25:28

as well. Coming from me who has had some

25:30

issues already. Right. Like I've had a couple of I

25:33

had an eviction. That

25:36

ended up being you know, and it ended up being

25:38

one of these things where like we had to have some elevated,

25:41

some elevated costs. But at

25:44

the end of the day, I'm like, okay, cool. They

25:46

were able to rationalize. Okay. So these elevated

25:48

costs happen because this

25:50

person was in before we manage it. The next person

25:53

that we replace it. Is going to be better screened

25:55

and the

25:58

materials that we're going to put in for this are not

26:00

going to have the same exact symptoms, right? So,

26:02

what do you like? Somebody put something in the chat. I'm laughing at all the comments. Somebody

26:04

put something in the chat. I just thought he was

26:06

calling me out. Yeah, Lee likes to do this.

26:08

Lee likes to send private messages to us to

26:10

like divert our attention. Like he used

26:12

to make fun of my eyebrows whenever I whenever,

26:15

like if I type I start going like this. And,

26:17

uh, yeah,

26:20

well, full disclosure, Pablo and I were both

26:22

talking about the funny faces that we make before

26:25

we, we started, so we were just kind of, yeah,

26:27

um,

26:29

so you were also telling

26:31

me something about your

26:34

monthly payment. You want to talk about that again?

26:36

Yeah. So, I mean, I think like it kind of ties

26:38

back to all of the costs,

26:40

right? Like I'm, I'm managing a world.

26:43

Right. Like I've got costs

26:45

that are going to my own home. I've got costs

26:48

that are going to our retirement. I've got, you know,

26:50

just standard of living costs. And then, you

26:52

know, how do, how does someone

26:54

plan on a month to month

26:56

basis to make sure that like, let's say

26:59

my, house stays vacant for,

27:01

for three months, or there's unexpected

27:04

maintenance costs. Like, how does someone

27:06

make sure that they don't wind up underwater

27:08

on something that is supposed to help them long

27:10

run? Because I know, I mean, I understand from listening

27:13

to everything that you guys have talked about that, you

27:15

know, it's a, a long term investment and

27:17

then those are the things you kind of have to wait for, but like,

27:19

how do you make sure you get to that point

27:21

without winding up in a bad

27:24

situation? Definitely. So the first

27:26

thing is, Again,

27:28

with proprietary numbers are

27:31

when you go to hire a property

27:33

manager, cause you want a non

27:36

social killer experience,

27:38

right? Asking them, do they

27:40

know their, their average length

27:43

of stay? Right. So like number

27:45

one is number one is asking to see

27:47

if they have that data because from my understanding is

27:49

not a lot of property management companies even

27:52

track that number because many property

27:54

management companies are like optimized

27:56

to just like turn and burn tenants

27:58

and get people in every year. Right. So it's just like

28:00

a matter of like, no, no, I get to fill

28:02

it, but like, they're not thinking about how long they're going to stay.

28:04

Right. So the idea of average

28:06

length of, of stay. Here at JWB,

28:09

I think it's like four and a half years because

28:11

they sign a minimum of two to three year

28:13

leases when people first show up, right? So

28:15

this idea of the

28:17

name of the game and doing well is to your point,

28:20

having it occupied, right? Like not having

28:22

an empty home. So somebody is paying my mortgage

28:25

as often as possible throughout the 30 years that

28:27

I own this thing, right? So

28:30

this idea of Trying to sign

28:32

long term leases and making sure that they're doing

28:34

it. The other thing that JWB does

28:36

apart from tracking it is treating

28:39

renewals as a thing right

28:42

like this idea of Six

28:44

months prior they are they've first

28:47

of all throughout the length of the stay they have this

28:49

like relationship building Strategy

28:51

in place with the residents so that they're

28:53

not strangers that only shows up when something's

28:55

wrong, right? I remember it's

28:57

funny Did you watch the show

28:59

with Alex's mom last week? I only call part

29:01

of it, not a trick question. Yeah, she was, I

29:04

was working, um, she was talking

29:06

about from the investor standpoint, that

29:09

at first she used to get anxiety

29:12

when the phone call rang from JWB. Cause

29:14

she was like, Oh my God, if they're calling something's wrong, it means I'm gonna,

29:16

I'm a, I'm a out a thousand bucks. I would

29:18

be a hundred percent like that. Right. So,

29:20

so also because just someone's calling me and that

29:23

just triggers my, um, so

29:25

they, so they changed the

29:27

way that they reach out to investors to

29:30

just have regular checkpoints, right? Like call you

29:32

regularly to be like, Hey, How you doing?

29:34

Everything good? Super. I was just telling you that your rent

29:36

is paid on time. So it wasn't just like, Hey,

29:38

toilet's broken or a tree

29:40

fell on someone's roof. So, so they

29:42

changed that. And then, and they've also realized that

29:45

that works on the tenant side, on the resident

29:47

side, this idea that having proactive

29:49

communications with them so that you

29:51

don't have a negative association with

29:53

that relationship. It's big, right?

29:55

So then they treat these like renewal

29:57

opportunities as it's like

30:00

sales training, right? It's just like, how do you,

30:02

how do you increase the lifetime value

30:04

of the client by, you know, creating

30:06

these opportunities to continue to stay there.

30:09

So they're heavily, heavily focused

30:11

on that. And the key differentiator

30:13

is most property management

30:15

companies make the majority of the revenue

30:18

when they turn a tenant, right? Because most

30:20

property management companies, JWB included, when

30:23

they place a new tenant, they, they keep the first

30:25

month's rent, right? Like that is the tenant placement

30:27

fee. Because JWB is

30:29

revenue model is made to

30:32

Make money when you're doing well, it's

30:34

when you're investing in the next property. So they're not

30:36

trying to maximize their tenant placement fees or maximize

30:39

length of stay. So you're like, Oh, this is a good experience.

30:41

I want more. Right.

30:43

So, you know, it's funny is I'm going to put my marketing

30:45

hat on for a second. I actually,

30:47

this week was just working with the property management

30:49

team for a new piece with where the residents

30:52

about understanding the true costs of moving

30:54

and why renewing your lease makes more sense.

30:57

Because there are a lot of hidden costs

31:00

with moving that you don't think about and

31:02

they add up and it actually averages

31:05

to about, you know, 4,

31:08

200 for a move, even a local move where you're not

31:10

factoring in mileage for U Hauls just

31:12

based on all of those little things. So

31:15

we're. Actively working on

31:17

the

31:18

interesting thing. You're working on that sales

31:20

piece with marketing air cover. Yeah, I like

31:22

that 4200 bucks without counting psychological

31:24

damage. Yeah. No kidding. That's

31:27

the worst moving is the worst. It is interesting.

31:29

That's really, really cool. So that's cool. that makes me

31:31

think of today's Tuesday morning meeting of how there's,

31:34

you know, all this like cross department

31:37

collaboration here and the fact

31:39

that you being here has now allowed

31:42

for marketing to be something that isn't just

31:45

Pablo being funny on a show when I was trying to sell

31:47

homes, but they're, they're putting like

31:49

the whole power of marketing into like all these other

31:51

departments. Yeah. Yeah.

31:52

We're really working on integrating and just kind of, adding

31:54

value across all of the solutions

31:57

and just trying to elevate a little

31:59

bit across the board. If

32:01

I hear 4, 200 bucks to move

32:03

or A hundred extra bucks a month.

32:05

I'm thinking a hundred extra bucks a

32:06

month, right? And that's the thing is that you don't

32:08

you don't necessarily think that because

32:11

you're you're just looking, you

32:13

know apples to apples But you're not it's it's apples

32:15

to oranges and you don't even realize it until after

32:17

you've moved and you spent all this extra money

32:19

I love that. That's so smart and by the way that's

32:22

without professional movers to like we

32:24

assumed in the workforce housing that most people would

32:26

rent a u ball like You know, if

32:28

you factor other costs in, it

32:30

gets even bigger. 4, 200

32:32

bucks. That's crazy. Yep. Yeah. Okay, cool.

32:34

That's awesome. What else?

32:36

So I, I mean, I can just like, if

32:38

I'm thinking about all my concerns, I'm going to put all my

32:41

anxiety on the

32:43

table. I want you to hate on rental

32:45

properties. Hate them.

32:47

I am going to just like,

32:50

You know, we bought two years ago,

32:52

I think, everything in the world that we bought

32:55

before all of the interest rates started

32:57

to rise, but we have a fixed

32:59

mortgage, but our escrow

33:02

payment has gone up twice in two

33:04

years because our property taxes

33:06

went up, you know, probably

33:08

our insurance went up because we live in Florida, like all,

33:10

all of those things, and I think when you go into

33:12

it, you're thinking to yourself, like, I have a fixed

33:14

mortgage, this is my family.

33:16

And you Monthly payment and you plan

33:19

for that. And, you know, that's where you are. And you don't really

33:21

necessarily think like that's going to continue

33:24

to grow, go up, you know, if you're

33:26

in a position where you own six properties

33:28

and one only one is

33:30

your primary residence and they all go up at that,

33:33

you know, like all the property values are increasing.

33:35

Like, Does it get to a point where it's too

33:37

much or does it end up paying

33:39

for itself? Like how, how does that all

33:41

work and how do you predict that? Yeah. Good

33:44

question, Aguado. So this

33:46

is something that we've actually talked about recently on

33:48

the show, right? Is this idea that

33:50

property taxes have gone up because property values

33:53

go up in, in the past,

33:55

insurance has been going a little bit crazy

33:57

because there was this like big. There was

33:59

a glitch in the matrix, right? Like they, they,

34:01

they, these roofers figured out a loophole that

34:04

paired with these attorneys and they figured out a way to

34:06

get insurance people to just buy people's

34:08

new roofs willy nilly and people started

34:10

abusing it. But we had a group, including

34:12

Winnie Ritchie that went over to Tallahassee

34:15

to do a little lobbying and they

34:17

got that fixed. Right. So going forward, that stuff

34:19

is not going to continue to skyrocket the same way because

34:21

that the giant loophole that was just. Basically

34:25

killing insurance companies has been,

34:27

has been plugged, right? So more

34:29

normal insurance is going

34:31

up. The other piece of it, this idea

34:33

of property taxes. So

34:36

when, when you are looking at your

34:38

buy numbers on property taxes,

34:40

the property taxes are estimated to the previous.

34:44

value of the property. So as you can

34:46

imagine, Jacksonville high growth market

34:48

property values go up. If

34:51

you don't understand that you need to

34:53

price it to the future value

34:55

of the home, then when your

34:57

mortgage goes to escrow, they're going

34:59

to ask you for less than what they actually

35:02

are going to need in order to cover those taxes with

35:04

the mortgage. And that's actually a pretty common

35:06

thing that happens with inexperienced

35:08

buyers. With JWB

35:10

investors, it happens every once

35:12

in a while, but it doesn't happen to the same

35:14

level because they're used to selling

35:17

the house next door already because they've got 6,

35:20

000. So they know the current property tax

35:22

value. They've sold houses in that neighborhood

35:24

and they work with. The

35:27

same mortgage providers over and

35:29

over that they really, really trust. It's like this like

35:31

tight little group of super mortgage providers

35:35

that, that, that understand this deal better

35:37

than everybody else. Right. It's like one of the reasons that they

35:39

only work with these selected ones. So what

35:42

ends up happening if the.

35:45

If they underestimate on the front end and it goes

35:47

up on the back end for a certain amount of

35:49

time, that only happens for a certain period

35:51

of time because the, the, the delta, the difference

35:53

in what they actually need is never going to be so big

35:56

that it doesn't, you know, like that'll last for

35:58

too long. And eventually the

36:00

numbers even out, right? Like in

36:02

once, once you get to that 10 year timeline,

36:04

all that stuff's going to even out. The return is going to be right.

36:07

And it's just going to be like a short time period. And

36:09

in the front end, if the mortgage company didn't do it

36:11

right, you're making extra money on the front end. Right. So

36:13

that gets returned. Yeah.

36:16

Correct. Okay. Yeah, buddy. Good

36:18

questions. Call anybody. I would love

36:20

to hear from the community. Is there, I

36:22

know that, you know, it was Michael

36:24

Santorio's at the summit that said

36:28

at the end of every webinar, something

36:30

pops up that says. What's stopping

36:33

you from getting a rental property or what's stopping

36:35

your friends from investing in rental properties? He's

36:37

like, what's the answer to those questions? And I said, I don't know

36:39

because I Forgot

36:42

about that that that was happening and I

36:44

honestly haven't figured out how

36:47

to find zoom To tell

36:49

me those answers that people are putting in even though

36:51

we're furiously looking into it So I'd love

36:53

to know from our community. Is there

36:55

is there Is there something

36:58

that you know what is stopping your friends from

37:00

renting it for for rental properties?

37:02

One of the things that I think when we were just kind

37:05

of like talking about what we're going to talk about on the show

37:07

as we wait for our community to dutifully chime

37:09

in is you said some people don't realize

37:11

that. You brought up private lending

37:13

as an option when I hadn't even thought about that. You want

37:15

to tell me about that?

37:16

Yeah. So, I mean, I, when we were chatting

37:18

about what we were going to talk about and kind of

37:21

figuring out what my thoughts

37:23

were initially private lending

37:25

is. Obviously something that JWB

37:28

does as well. But when we talk about turnkey

37:30

and we talk about private lending, we typically talk

37:32

about it separately as, as opposed to talking

37:35

about all of the different ways that you can invest.

37:37

And again, coming from a

37:39

background where I thought there was only one way

37:41

to invest in real estate,

37:44

it's interesting to not just hear

37:46

about the turnkey side, but also

37:49

understand that there's more ways to

37:51

kind of Closer and safely

37:54

invest like in terms of how

37:56

I think of it like a 401k, right? Like, oh,

37:59

I'm putting money aside and money

38:01

comes back to me and it, you know, it's just.

38:03

more comfortable maybe for somebody who's a little

38:05

bit more risk averse. And I think it's

38:08

really cool that you can

38:10

do one thing, you can do both things. You can kind

38:12

of layer things. And so I

38:14

thought that was kind of an interesting piece to talk

38:16

about as well. I think

38:17

that is interesting. And honestly, I'm kind of upset at myself

38:20

that I didn't think about that because my first investment was

38:22

private lending, right? Like I, I, I

38:25

better at this. This is why you're the director

38:27

of marketing and I'm the monkey on the show. so yeah,

38:29

I agree. I think this idea of if

38:32

you, if you want to get exposed

38:34

to this asset class and you

38:37

don't have, you know, Leah saying that he talks

38:39

to the younger people and they're saying that they don't have enough for the

38:41

down payment, you know, you can private

38:43

lend for less than that and let that thing

38:45

accumulate interest at a higher

38:47

rate than what you would get in, in the bank account

38:49

or something like that. And just let that compound

38:52

until you get there. All right. To

38:54

Lee's point of. young people

38:56

not having enough for a down payment. We

38:59

are going to be doing a lot more content

39:01

on creative ways of coming up for this.

39:04

Namely this idea

39:06

that we talk about investing

39:08

in retirement and outside of retirement funds,

39:10

right? We've talked about that with Jason Debono in

39:13

a non recourse loans, but there also is

39:15

this idea that, man, maybe you have

39:18

what you were going to have for a private lending loan,

39:20

but you don't have enough for a down payment.

39:23

But there is a way to get a loan

39:25

from your 401k to

39:27

invest in a rental property outside of

39:29

your 401k. And

39:31

if you match that 401k loan with

39:34

what you were going to put into private lending,

39:36

now you have enough for a down payment. Now

39:39

you get that flywheel going of real estate that

39:41

ends up, you know, the five profit centers compounding

39:43

over time and, and gets you in the game as

39:45

well while paying yourself back

39:47

into the 401k too.

39:49

Yeah. And I think that's really cool. And being

39:51

here, that's the first time I'd ever heard anything

39:54

like that. And I have sat through an HR

39:56

seminar on 401k investments

39:58

literally once a year for the past 20 years.

40:01

Right. Something they always bring somebody in. It's always,

40:03

you know, all what you can do with your 401k and nobody

40:05

has ever mentioned the ability

40:08

to diversify into

40:10

an asset class that has a potentially

40:12

better

40:12

return. Yeah. Yeah. Let's talk about

40:14

that. I remember I haven't worked

40:16

big company in a long time, but I remember

40:19

when they first. Give me the

40:21

primer on my 401k people

40:23

are like, yeah, you can do this and you can do this and you can do this

40:25

and you can get a loan, but you never want to get a loan. That's crazy. Not

40:29

only do they not teach it to you, they, they de incentivize

40:32

you to do that, right? Like, they're just like, that's nuts.

40:34

You don't want to do that. And it isn't until you

40:36

meet real estate investors that, that

40:38

have done this. I remember the first guy that I met

40:40

was this guy, Doug Orr, who was on the show

40:42

of season one. He was a

40:45

assembly line factory worker

40:47

in a Honda factory in Indianapolis,

40:50

like in Indiana, outside of Indianapolis,

40:52

red rich dad, poor dad took

40:54

a 401k loan to buy a rental property

40:56

in his area, went the active

40:58

route, did it himself. And now

41:01

six years later, the guy has like 103

41:03

doors. He is definitely not a factory

41:05

worker anymore. Like I call him the American

41:08

dream, right? Like, it's like, he really. Exemplifies

41:11

his American dream of like sourcing capital,

41:13

putting it to work for you in real estate, getting

41:16

his way out of this, like, you know,

41:18

the assembly line factory worker life.

41:20

And so now he's a full time

41:21

real estate. Literally went from rise and grind.

41:23

Yeah. To

41:24

a hundred percent. Yeah. He's a big hero of mine. Yeah,

41:27

that's awesome. Super cool guy too. Reminds me of Chris

41:29

Farley. It's really, really funny guy. So

41:31

what else we got in here? If you have for older folks,

41:33

it's tough to get a down payment. Leah is saying that

41:35

these days, young people are paying as

41:37

much as 40 percent of their total income for

41:40

mortgage. That's another thing I would like

41:42

to touch on. I think this idea, I, I

41:44

talked to those people because they live in Miami, right?

41:47

it's interesting to note. When

41:51

you're from the Northeast like you are, or you're

41:53

from South Florida, like I am, it's

41:55

so, it's so easy to think,

41:58

Oh, real estate prices in my backyard

42:00

are what real estate prices are when

42:03

there is cities like Jacksonville that are still

42:06

below the median. price of real

42:08

estate. And you can buy something here

42:10

for way less than what you thought you can get in your own

42:12

backyard. But you need to have

42:14

that example of, Oh, you can do this passively.

42:17

You can rely on a professional

42:19

property management company. You can trust their

42:21

numbers because they're proprietary. And

42:23

okay, now I'm willing to invest 3000

42:25

miles away, 400 miles away, stuff like that.

42:28

Yeah. I mean, at the end of the day, it's access to

42:30

education and data so that

42:32

you can make the right choices. And

42:35

I mean, I have felt at least in my career

42:37

that it has been like, these are the right choices

42:39

and it's a very narrow path and

42:41

then, you know, maybe branch out into stocks

42:43

or something like that. But like, the path is pretty

42:45

narrow to get from point A to point B.

42:48

And I think that, you know, what being

42:50

here has made me see is

42:52

that there are branches to that path.

42:55

True. True. That's awesome. I mean, it's,

42:58

it really is the thing.

43:01

I don't know if I, if I hadn't done

43:03

private lending and then

43:05

pulled out early because I thought

43:08

it was something different than it was. And then

43:10

wish that I had stayed not just wish I had stayed,

43:12

but wish I had at that point actually bought the rental property

43:15

instead of just doing private lending and wasn't.

43:17

Somebody trying to solve my own problem by creating

43:20

this community full of people that I can get

43:22

advice from And

43:24

and like you're all being used an educational program,

43:27

right? Like no, it's it's the whole like founder solving

43:29

their own problem. Yeah It's a powerful

43:31

thing, right? So I think the education

43:33

piece the community piece the

43:36

the cognitive by the positive cognitive

43:38

bias that you get By seeing

43:41

a person after person giving the same

43:43

story of like, no, no, this is how I did it too. It's

43:45

not crazy just because your mom and dad think it's crazy.

43:47

Is a

43:48

better thing. Yeah, it's just because they didn't know better.

43:50

And I mean, I think that is

43:52

something that we can all just keep

43:54

learning. And you know, that's

43:57

the spirit of which I come into the

43:59

investment world here is, you know, what don't

44:01

I know and how

44:03

do I find it out? And then how do I make it better

44:05

for my kids? Yeah,

44:06

I love that. Have you read Rich Dad Poor Dad yet? I

44:08

have not. I'll let you know that this community

44:11

peer pressured me for at least nine

44:13

to ten months before I read it. Okay.

44:15

You should do it sooner. I should add portly. Yeah, you

44:17

should. I have a, a to

44:19

be read pile on my nightstand

44:21

about this, this yay high, and

44:24

I will add

44:24

it to the stack. Well, if Jen Filson and Lee Bishop

44:26

have anything to say about it, it's going to go to

44:29

the

44:29

top. I send me all your recommendations.

44:32

I am an avid reader. I

44:34

told Pablo this at the beginning of the year, one of my goals this year

44:36

is to read a hundred books. Ninety four

44:38

was last year, so I was so, so close.

44:41

So, get me over the limit there.

44:43

I love it. any notable books you've read in the

44:45

last year out of these, like, ninety four books?

44:47

Like, what's the most recent book that you've actually

44:50

taken action on that's moved the needle

44:52

for you? Man, you're

44:52

gonna, you're gonna have me do business books now.

44:55

Yeah, please. And I don't know that

44:57

I read that many business books.

44:58

Okay, you're doing a lot of, you're doing a lot of like fiction

45:01

books.

45:01

Yeah, I like I like murdery books. And

45:05

I like historical fiction, so. Cool.

45:08

But no, the community book that you gave me was

45:10

the last one I read, so.

45:12

You already read that thing, huh? Yeah, I already read that

45:14

thing. Super impressive. You know how many books you have to read

45:16

a week to get to 100 books

45:18

a year?

45:20

Do the math, I'm gonna guess a little bit under two.

45:22

Just simple math. Yeah. There

45:25

you

45:25

go. Nice.

45:25

Nice. I'm a numbers person now. Yeah.

45:27

Just so everybody knows.

45:29

Watch out,

45:29

Craig. Last question. So

45:32

what are you, so what are you going to do to get to a

45:34

real property call?

45:36

no. Is that really? No.

45:37

I'm just kidding. I'm just kidding. Unless you want to call your

45:39

shot right now. Awkward. Awkward. Okay.

45:43

Well, this Thursday

45:45

we are back with a guest investor.

45:47

We've got the man of steel,

45:50

Vincent. You guys want to know where

45:52

the nicknames come from? Yeah. Why is he Superman?

45:54

Vincent Barbarite is the newest nickname

45:57

that I've come up with because we were

45:59

at the summit. He was telling me that he's got

46:01

a steel, like his family has, uh, like a steel

46:03

working company. And I was like, ah, man

46:06

of steel, man of steel. Yeah. So

46:08

I'm pretty proud of that one. I'm not going to lie. Cause I like

46:10

these ones that are just like. You know, make

46:12

you feel good about yourself and stuff

46:14

like that and have like a quirky explanation to

46:16

it. So yeah, that's her latest nickname. I

46:18

was talking to him earlier this week. He's like, hey man, you know,

46:20

Like i've done a lot of commercial investment. Is that a problem

46:23

to talk about? I was like no talk about it, right? Like we're gonna

46:25

talk about this idea that he's done a lot of commercial

46:27

investing. He's thinking about single family homes

46:29

He's done a couple things here. I think he's got

46:31

some stuff with jwb. So he'll be joining greg

46:33

live on thursday As a guest

46:36

investor and I want to thank the

46:38

community for showing up without

46:40

the community. We don't have nearly as many

46:42

things to bounce off of each other at. This would have been

46:44

like a 15 minute conversation between me

46:46

and Cole.

46:47

Yeah, I can't, I can't talk to Pablo that long. I can't

46:49

talk

46:49

that long. Every time we try, it just doesn't work

46:51

like that. Unless the community is here. So thank you.

46:53

Do you want

46:53

to just do five minutes of uninterrupted eye

46:56

contact? No, no, no,

46:57

I definitely don't. Um, it doesn't

47:00

work for podcasts. So

47:02

I want to thank you for taking, you know, an

47:04

hour out of your day, like you always do on Tuesdays and Thursdays

47:07

to be here, it really makes a big difference. Denny

47:09

Davis, late arrival, mystery man.

47:12

We call him the mystery man. I'll start explaining. Yeah. Why

47:15

call him the mystery man? Because

47:17

he's got a job title that's really, really important

47:19

and we can't disclose it. So he's the mystery man. That's

47:22

why. But he's also the number

47:24

one attendee. of the show over the

47:26

last year. Lee does have a Q and a. All right.

47:28

Lee says, Cole, I love that you were

47:30

exposed to real estate investing at a young

47:32

age. Jane and I are jealous that we

47:35

got into the game at a late age. My

47:37

question is, how are you looking for

47:39

homes in the area?

47:40

So I am

47:43

obsessive on realtor.com.

47:46

I think that even when I am, whether I'm looking

47:48

for a home or not looking for a home, I'm like

47:50

looking at homes in Tennessee, I'm looking at homes

47:53

like, pretty much, I Google what

47:55

are the, what's the next big area,

47:57

and then I spend an inordinate

47:59

amount of time looking at homes

48:02

online. Interesting.

48:03

Yeah. Did you ever see that Saturday Night Live

48:05

skit about like Zillow as like a late

48:08

night entertainment for millennials?

48:10

That, yes. That's me.

48:12

Like they talk about it. It was, it was like, uh,

48:15

yeah, it was, I do

48:17

house and I do murder.

48:18

Yeah. It was, it was exactly

48:21

that. It was house porn. So like it was the guy

48:23

from Schitt's Creek that we were just talking about, like

48:25

looking through this, like, Ooh, this one's got a shower,

48:28

you know, like having all this. It's really, really funny.

48:30

I'll send it to you. Yes.

48:31

Yeah. That is me. I've got. You

48:33

know, I've got it all under wraps. Look at that.

48:36

We got, we got, we love you coming in, Lee.

48:38

I'm sorry that I overlooked your question earlier. Thank you for

48:40

bringing that attention to me. He

48:42

told me he was going to do that purposefully to you.

48:43

Lee. That's not truly, that's not true at all. That being

48:46

said, Oh, Rosalind, the Riley's are saying another great

48:48

show. Pablo and Cole. Thank you. Thank you. Thank you for

48:50

being here. We don't take it for granted. This community

48:52

is what makes this place great. We will see

48:54

you on Thursday back with.

48:56

GC, hopefully he's feeling a little better. if

48:59

you got some time, just send him some good vibes.

49:01

So it heals his tummy. And from

49:03

now till then, Cole, you got any advice for people

49:06

until Thursday?

49:07

what could it be? What could it be? Uh, should

49:09

you be average? Don't be average.