Latest / REL Freedom Podcast / Ryan Luthi - Funding unBankable Real Estate Buyers

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Ryan Luthi - Funding unBankable Real Estate Buyers · REL Freedom Podcast

• 0:00
  Speaker 1: I've always put a huge focus on deep relationships and I think I saw more of a long-term relationship where someone may be investing every year, maybe multiple times a year, maybe take a little break, but the idea that I could dig deeper, get to know people better, not have to necessarily work with as many people if I'm working with some people more than once.
• 0:19
  Speaker 1: To me that's what it's all about.
• 0:21
  Speaker 1: It's all about relationships.
• 0:22
  Speaker 1: At the end, yeah, we happen to sell some real estate, we happen to do some transactions, but it's always about the people.
• 0:28
  Speaker 2: for me, Welcome to the Real Freedom Show, where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate.
• 0:40
  Speaker 2: I'm your host, mike Swenson.
• 0:42
  Speaker 2: Let's get some real freedom together.
• 0:43
  Speaker 2: Hello everybody, welcome to Real Freedom real estate, leveraged freedom, and we're talking about building time and financial freedom through real estate.
• 0:57
  Speaker 2: Like most people on this show, we have guests that dabble in a few different things and their journey changes and adjusts a little bit along the way as you build skills or as the market changes or as you look to add or enhance to your story.
• 1:11
  Speaker 2: Today we've got Ryan Luthian.
• 1:13
  Speaker 2: Ryan's background is the founder of Blue Door Real Estate and also now Unbankable.
• 1:20
  Speaker 2: We'll talk more about that and how that's helping in the financing space.
• 1:23
  Speaker 2: Also a real estate investor with some syndications, some multifamily, single family, short term rentals as well.
• 1:29
  Speaker 2: You're somebody that just has adapted and added along the way.
• 1:33
  Speaker 2: That's certainly a theme for a lot of guests.
• 1:36
  Speaker 2: We'll dig into that too.
• 1:37
  Speaker 2: Ryan, we're so excited to have you on the show.
• 1:38
  Speaker 2: Yeah, thanks for having me.
• 1:39
  Speaker 1: I appreciate it, mike, excited to share some of the journey I've been on and maybe it's helpful for other people out there.
• 1:47
  Speaker 2: Take us back.
• 1:48
  Speaker 2: Start at the beginning here about why did you get into real estate, what were you hoping to accomplish, and we'll just follow your journey from there.
• 1:54
  Speaker 1: I grew up around real estate.
• 1:56
  Speaker 1: My dad built houses and invested and did some flips and stuff.
• 1:59
  Speaker 1: I had a seed or a spark of interest in seeing what that could potentially provide.
• 2:07
  Speaker 1: I always wanted to invest in real estate.
• 2:09
  Speaker 1: In 2013, I became aware of the FHA owner-occupier loan situation, which is the small-down payment.
• 2:17
  Speaker 1: I was graduated 08, so didn't have a ton of money.
• 2:24
  Speaker 1: I was tired of paying rent, so it was pretty simple the cost of my mortgage minus the rent of the other unit was less than my rent.
• 2:31
  Speaker 1: I was going to save money after buying a house, which to me made sense, or a duplex.
• 2:36
  Speaker 1: In this case, I was a no-brainer.
• 2:39
  Speaker 1: Got my wife on board, which was probably harder than everything else.
• 2:43
  Speaker 1: No, I'm kidding, it's one of the best investments I've made in terms of return and things.
• 2:49
  Speaker 1: Over the years Since then I've definitely continued to pursue that and then became a real estate agent a few years later.
• 2:56
  Speaker 1: It became my whole life instead of just the side passion.
• 3:01
  Speaker 2: As you were thinking about, because I know a lot of people that is their start.
• 3:05
  Speaker 2: They can start with an FHA.
• 3:06
  Speaker 2: They start with a duplex owner-occupy one.
• 3:09
  Speaker 2: How did that unlock the next door for you?
• 3:12
  Speaker 2: We obviously know you can get in at a low price.
• 3:15
  Speaker 2: Hopefully there's some appreciation happening along the way.
• 3:17
  Speaker 2: How did that lead to future doors?
• 3:20
  Speaker 2: That's a great question.
• 3:24
  Speaker 1: I think one big thing that I saw myself and I noticed in other clients that I've helped over the years and agents that have followed on my footsteps and other investors is you get a little bit of experience with training wheels.
• 3:36
  Speaker 1: You live in the building, collecting rent is potentially as simple as walking downstairs and knocking on a door.
• 3:42
  Speaker 1: What's going on with the property?
• 3:47
  Speaker 1: You can be a really gentle way from both a cash out of pocket invested and the risks involved with potential challenges.
• 3:58
  Speaker 1: You're right there low money out of pocket and all that.
• 4:03
  Speaker 1: I think it's a great way to get started To go bigger.
• 4:07
  Speaker 1: I think for most people they need to have some confidence and the only way to do that is to experience it and try yourself to do it.
• 4:13
  Speaker 1: So it's kind of a low barrier of entry.
• 4:16
  Speaker 1: I still think it's a great thing and partly because you can keep leapfrogging, so it's a great way to kind of plant more seeds.
• 4:28
  Speaker 1: I love the analogy of a tree farm and real estate takes time to make cool things happen most of the time and so just kind of I think is a great way to plant more seeds or be able to invest in something sooner before you have 25% down right.
• 4:45
  Speaker 1: That can take a while to save up.
• 4:46
  Speaker 2: Yeah, and kind of similarly for me and my journey.
• 4:48
  Speaker 2: Now, we bought a little bit before you.
• 4:50
  Speaker 2: So we were underwater on our property and watched a lot of our neighbors, you know, short sale and foreclose, but we decided, you know either.
• 4:58
  Speaker 2: So for us it was a townhouse.
• 4:59
  Speaker 2: We were kind of limited.
• 5:00
  Speaker 2: We had the duplex conversation about doing that, but because we were so far underwater in our townhouse we decided to just rent it out, but kind of like you said, starting small.
• 5:09
  Speaker 2: It was a couple that were some friends of ours.
• 5:12
  Speaker 2: It was a co-worker of my wife's.
• 5:13
  Speaker 2: We had some conversations with them.
• 5:15
  Speaker 2: They were looking to move out east in a couple of years so they didn't want anything permanent.
• 5:19
  Speaker 2: So we could rent to somebody we knew, somebody we trusted, somebody we'd hung out with and it was kind of that little short step that was like, okay, we can do this rental thing and then bought our first property and so, yeah, finding that way to just get started with a level of risk that you're willing to take on can lead to those future things.
• 5:37
  Speaker 2: So talk maybe a little bit about the agent side getting in as a real estate agent.
• 5:42
  Speaker 2: What were you hoping to accomplish with that and how did that blossom and change over time to where you're at.
• 5:47
  Speaker 1: So, a friend, of mine reached out and was starting a brokerage and kind of you know asked if I had thought about becoming a realtor and I'd never really considered it as kind of a career or business and what were you doing before that?
• 6:02
  Speaker 1: I was in sales in the world of fitness, so totally unrelated, and so really it was kind of a.
• 6:10
  Speaker 1: You know, my experience as an investor was interesting and first couple of years went well and I just was like super intrigued by it, right, and just kind of like this is working, this is neat, I'm saving money Now I own a place and then eventually, a couple of years later, we bought a single family home because we were pregnant with the first kiddo.
• 6:29
  Speaker 1: So anyways, yeah, and so I think the idea that more people needed to know about it I was really excited to specifically do real estate like as a realtor, broker, whatever you know to teach multifamily investing passive income, that kind of thing, right, because at the time at least, it felt like a market that was pretty underserved.
• 6:52
  Speaker 1: The phrase house hacking in 2013 didn't exist.
• 6:56
  Speaker 1: So just even though that doesn't feel like that's that long ago, you know we weren't cool kids when we got started, right, I mean, you know, so it's super popular now, but you know, at the time I think that was really fun, and so over the years it's been super fun to help people achieve passive income.
• 7:15
  Speaker 1: You know, little pieces at a time in many cases, right, and so pretty cool.
• 7:20
  Speaker 2: Was most of your business working with investors?
• 7:22
  Speaker 2: Did you do much on the residential side or not?
• 7:25
  Speaker 1: I think the correct term that I've heard for myself is I'm a resi-mercial realtor.
• 7:30
  Speaker 1: Res res-mercial, I don't know so about 50% or more.
• 7:36
  Speaker 1: The highest was like 92% of my business was multifamily slash investors each year.
• 7:42
  Speaker 1: So I had a pretty big focus on that and I just had a huge passion for it and so it kind of became what I was known for and I think that you know how people came to me and that kind of thing.
• 7:54
  Speaker 2: And I don't know if it's the same for you, but for me, focusing on working with investors, I kind of viewed it as double dipping my time.
• 8:00
  Speaker 2: If I can work with investors, help them find properties, build relationships and contacts in the investment space, that's going to help myself too personally, because I see a lot of agents out there.
• 8:11
  Speaker 2: They're doing straight residential and for them it's almost like they have to pause and switch gears to even think about doing an investment property.
• 8:18
  Speaker 2: And so I was like if I'm just working on my agent sales businesses, working with investors, I can hopefully grow and learn faster and build those relationships that I need.
• 8:27
  Speaker 2: And so I kind of tell people, you know that maybe our residential agents and their night job is investing.
• 8:32
  Speaker 2: I kind of say, hey, my day job is my night job because I'm working on investment properties and as I see something that might be a fit for me or an investor that might want to partner with me, well then great, I'm just double dipping my time, yeah.
• 8:45
  Speaker 1: I've always put a huge focus on deep relationships and I think I saw more of a long term relationship where someone may be investing every year, maybe multiple times a year, maybe take a little break, you know.
• 8:56
  Speaker 1: But the idea that I can dig deeper, get to know people better, not have to necessarily work with as many people if I'm working with some people more than once, right and so to me, that's what it's all about.
• 9:06
  Speaker 1: It's all about relationships and you know, at the end, yeah, we happen to sell some real estate, we happen to do some transactions, but it's always about the people.
• 9:13
  Speaker 2: For me, and if we were to talk about me double dipping my time, you might be triple dipping your time as you're now working on the financing side.
• 9:20
  Speaker 2: So talk about unbankable and how that kind of has come up and how you're helping folks in that space.
• 9:26
  Speaker 1: So a big part of my entire life and career is always kind of just finding ways to help people, and that's one of the reasons I jumped into real estate.
• 9:34
  Speaker 1: I felt like I had gone through an experience that I could help other people and be kind of a tour guide and help them go through it with a game plan potentially smoother, maybe less stressful than they might if they try to go it alone or something, and share all the tips and tricks and the things like not everything I've done has been perfect.
• 9:53
  Speaker 1: Right, try to save them from mistakes I've made, and it's been super fun to help and watch people on that journey.
• 10:01
  Speaker 1: But one of the challenges, as everyone knows, is in the last year and a half, interest rates have gone up and at the beginning of that I was kind of wondering how is this going to affect our market?
• 10:12
  Speaker 1: Right, and I knew investors were going to be in a different place.
• 10:16
  Speaker 1: Right, because returns inherently go down unless prices drop.
• 10:21
  Speaker 1: And with the lack of inventory, I was pretty much hearing from all the best economists and people that the prices are unlikely to drop due to low inventory, which has proved true.
• 10:32
  Speaker 1: I think we're up 6% on average, depending on what you're looking at in Minnesota this year in appreciation.
• 10:38
  Speaker 1: So it's pretty crazy that rates have gone up 2% to 3% in the year, which is the fastest increase ever recorded, and yet we've still seen 6% appreciation, which is higher than the 4% average of the last 100 years.
• 10:51
  Speaker 1: So interesting things happening.
• 10:53
  Speaker 1: And so I saw the writing on the wall.
• 10:56
  Speaker 1: So I started to look for opportunities and, a little over a year ago, partnered with Jesse Mills, who had started a company after being a loan officer and watching all these people who couldn't get financing but could afford a home.
• 11:09
  Speaker 1: They had a down payment, they had a job, they had income, but they didn't have two years of business taxes, right?
• 11:15
  Speaker 2: So, fellow realtor, you know the story right yeah, and that happened to me in COVID shutdown.
• 11:20
  Speaker 2: My first day launching my team was the first day of COVID shutdown.
• 11:26
  Speaker 1: And so there's always people in those margins, right, who.
• 11:29
  Speaker 1: They're good people.
• 11:31
  Speaker 1: Some of them have owned homes for decades, right, and fallen hard times, have a medical event or whatever.
• 11:39
  Speaker 1: So it was interesting.
• 11:40
  Speaker 1: I'm hearing about his business where he helps these people get home ownership, but what was the interesting part was, whereas most of the kind of programs or things out there that are anything even remotely similar, they're like hedge fund money and like big fat cats, right.
• 12:00
  Speaker 1: So one of the cool parts about the way he structured it was he allowed small, you know, small, medium investors to participate in these, you know, and basically help someone get a home.
• 12:14
  Speaker 1: But have someone who was much more responsible than a tenant typically would be right, with more skin in the game.
• 12:20
  Speaker 1: So the returns were solid.
• 12:23
  Speaker 1: The person living in the property thinks of it as their own right, they have pride of ownership and, all along the way, saving opportunities, creating opportunities for realtors.
• 12:36
  Speaker 1: We do use commercial financing to create the creative financing.
• 12:41
  Speaker 1: So, ironically, we use a bank, even though we call it unbankable home ownership without the bank.
• 12:46
  Speaker 1: It's been just a wild ride and we've helped a ton of people this year and the stories are endless and it's just been super rewarding to watch all the pieces come together and learn about this whole new world.
• 12:58
  Speaker 2: For me, and talk a little bit about how that works.
• 13:01
  Speaker 2: This is the thing for people that haven't maybe gotten a mortgage.
• 13:04
  Speaker 2: You know, you've got your smaller lenders who might have some more flexibility.
• 13:08
  Speaker 2: You've got your larger lenders, where it's kind of a rubber stamp and, like you said, there's a population of people that don't necessarily fit the box that lenders try to put them in and check their little boxes to verify everything that they need to.
• 13:20
  Speaker 2: But talk a little bit more about some people that might work and then how that program works for them.
• 13:25
  Speaker 1: So basically and as you know, like the lending laws and sort of the guidelines I guess let's call them have gotten more restrictive.
• 13:34
  Speaker 1: So while interest rates have gone up, banks have also made it more difficult to get qualified for a traditional mortgage.
• 13:42
  Speaker 1: So, 30 year fixed, fannie Freddie, whatever right Normal home mortgage.
• 13:45
  Speaker 1: So we're consistently working with self-employed people, people with maybe some credit issues caused by any number of things, but usually sort of an event or something where challenges happened.
• 13:58
  Speaker 1: Now they're trying to make things work but they want to buy this home.
• 14:03
  Speaker 1: They're paying X amount rent and they can't buy because of XYZ.
• 14:09
  Speaker 1: So the square peg in the square hole analogy, I think, is very true.
• 14:12
  Speaker 1: It's especially true this year.
• 14:15
  Speaker 1: So we work with people in divorce situations.
• 14:17
  Speaker 1: Sometimes they need a place to be safe, they need a place to feel less stress and have a new home.
• 14:23
  Speaker 1: But chain of title issues are real.
• 14:27
  Speaker 1: So if you purchase before the divorce is final, then the soon to be ex-spouse might still have an ownership and that's just.
• 14:36
  Speaker 1: That's a complication that nobody needs in their life.
• 14:40
  Speaker 1: So sometimes what we do is strategic.
• 14:41
  Speaker 1: As a matter of fact, one of the ways that we've helped people over the years, we not only do single family homes, but we do multifamily.
• 14:50
  Speaker 1: So duplexes, fourplexes.
• 14:52
  Speaker 1: We've even helped people purchase apartment buildings and so one of the ways that we've helped investors basically move the ball forward.
• 15:00
  Speaker 1: So I guess, picture a common scenario of someone that is in between a house hack three and a half percent FHA, duplex or something and their first apartment building.
• 15:12
  Speaker 1: They don't have 25%, they don't have a you know whatever, a few hundred grand or whatever it might take, but they've got, you know, half that right.
• 15:19
  Speaker 1: So someone with 12 or 15% maybe you know we can basically use our program and so we purchase the property with ourselves or with one of our small group of private investors.
• 15:33
  Speaker 1: So we purchase the property and then we do either a lease option or a contract for it back to the end buyer and so instead of saving up an extra 10 to 15% down payment, they can get into the property.
• 15:47
  Speaker 1: You know, as you mentioned to me, you know in previous conversations, you're you're okay with swinging a hammer, right?
• 15:54
  Speaker 1: So maybe someone that wants to get in there do a little value add, add that value add, that's what equity and earn it right Through improvements to the property and rent increases, to reductions and you know whatever efficiencies, put some new windows in whatever it might be right and create that value as you can in commercial real estate and then refi out and now they've kind of sweat equity their way.
• 16:18
  Speaker 1: You know forced appreciation to that money they never had right.
• 16:22
  Speaker 1: So we set up a predetermined price, predetermined payment.
• 16:26
  Speaker 1: So everything is kind of boxed up and agreed to before we even make an offer.
• 16:30
  Speaker 1: So it's all very much laid out and then we build it on a timeline so that it makes sense for their situation.
• 16:38
  Speaker 1: So if the person needs two years of business taxes, they've got one partial year.
• 16:43
  Speaker 1: This year we're trying to give them three years so that they have the full two years plus a cushion, right.
• 16:49
  Speaker 1: So we try to begin with the end in mind.
• 16:52
  Speaker 1: Where do they need to get to?
• 16:53
  Speaker 1: To get their traditional financing lined up or to get the extra equity into the property?
• 16:58
  Speaker 1: You know what's a reasonable amount of time plus a little bit of cushion, because we want to set people up to win and it's yeah, it's super cool.
• 17:06
  Speaker 1: I think the stories are interesting because it's like a lot of what we talk about in real estate is like number crunching and all the stuff.
• 17:12
  Speaker 1: But what lights me up, to be honest is the stories of, you know, helping a divorced woman with four kids who found out three days before she was supposed to close, get home she was living in a hotel or her kids were living with her sister.
• 17:24
  Speaker 1: She gets bad news from an online officer.
• 17:26
  Speaker 1: They call us.
• 17:26
  Speaker 1: We saved it, we moved into that house with that same house within 10 days and, you know, in the middle of winter in Minnesota.
• 17:34
  Speaker 1: So just such a cool story where we kind of saved the day, you know, and she was super, super happy and I can't tell you how good that feels.
• 17:42
  Speaker 1: You know, regardless of all the investor talk we have, we're helping people at the end of the day, which is super cool.
• 17:48
  Speaker 2: Well, and that's one of the things, you know, I encourage people to do and this is the challenge, if we're moving, maybe, towards talking about yeah with investment properties is, yeah, people, different lenders, have different boxes and it's not a one size fits all.
• 18:00
  Speaker 2: And so, going to somebody like you that, if not your box, maybe you can help point people to a box that might work for them, that's a key.
• 18:07
  Speaker 2: And so when when people ask me, mike, I want to get it started in real estate investing, I don't necessarily know how I say look, you got to talk to a lender to get started, just to find out what, what's the options for you, because everybody's story is different.
• 18:20
  Speaker 2: And for me, it's helpful to see if the lender can show me here's what I need to do to get the property that I'm looking for, or maybe help steer me to a different property that I didn't think would work for me, and now it does work.
• 18:31
  Speaker 2: Now I can kind of reverse engineer.
• 18:33
  Speaker 2: What do I have to do to go make that happen?
• 18:35
  Speaker 2: And so, in all honesty that's where a lot of people fall dead I tell them, like, here's a couple of lenders I think you should talk to, and then I reach out in a couple months.
• 18:42
  Speaker 2: Hey, how's it going?
• 18:43
  Speaker 2: I haven't gotten a chance to talk to them yet and it might just be fear or fear of rejection, but in that case, you're not necessarily looking for approval, you're looking for a roadmap, and so somebody like you, and what you guys are doing is you can help provide a roadmap for people where maybe not today, but here's what you can do to put yourself in a light or to find that property or pursue the types of deals that you could get that maybe you couldn't get before.
• 19:05
  Speaker 1: Yeah, no, I mean.
• 19:06
  Speaker 1: That's the beauty of it is you've got to try all the avenues right and with our process, just to be clear, even though it sounds like lending, we're not a lender, so we're creating creative solutions to ownership really a unique path.
• 19:22
  Speaker 1: We're financing or there's so many different names for it right, but in the end, there's a lot of different structures, some of them.
• 19:32
  Speaker 1: There's pros and cons to all of them and that's why we take each situation individually.
• 19:36
  Speaker 1: There are people that come to us thinking, oh, I could never get approved, and some of them do.
• 19:42
  Speaker 1: Part of our process is an application, and that does two things.
• 19:45
  Speaker 1: Number one, if they can get a traditional mortgage, great, or commercial or whatever something, if that's more beneficial for them.
• 19:53
  Speaker 1: But also we want to know how they're going to get financing at the end.
• 19:58
  Speaker 1: We want this to work out as planned, To your point.
• 20:01
  Speaker 1: There are sometimes cool creative options that got to talk to the right guy or the right people, and so I've learned so much about the portfolio lending over the years and it's very interesting how different the worlds are.
• 20:17
  Speaker 2: So with the time we have left here, let's maybe just touch a little bit on your personal investing journey.
• 20:22
  Speaker 2: We know it started with the duplex, talk a little bit about some of the other stuff that you've worked on there.
• 20:28
  Speaker 1: So yeah, so I bought a single family rental I think that was the next one after the duplex.
• 20:35
  Speaker 1: To be honest, it's been 10, 12 years, whatever it is which year I bought all of them is a little bit blurry and then I converted them to sober homes, which was kind of a wild idea.
• 20:49
  Speaker 1: I talked to some guys, a couple different investor networking groups, and the consensus was there was a huge need for it.
• 20:57
  Speaker 1: We have a lot of treatment facilities in Minnesota which I previously wasn't aware of and have kind of a personal passion for that to help people that can't get housing.
• 21:08
  Speaker 1: So a lot of people going through alcohol and drug addiction and in recovery, they have a challenge because they've gone through kind of a rough past and they might have a track record and some dings on their record, and so there are a fair number, a majority in fact, of people out there that won't rent to them.
• 21:30
  Speaker 1: So kind of structured a business where I worked with a local person that was already doing this and we created two of them, eventually three sober homes that housed people in recovery, which is pretty cool, so still have those today.
• 21:47
  Speaker 1: And then I decided to journey into syndications, so did an apartment building, later on a portfolio out of state with also a syndication structure and, most recently, a couple creative finance deals and an Airbnb in Wisconsin.
• 22:10
  Speaker 1: So kind of a sampler platter.
• 22:13
  Speaker 1: That's what I'm trying to create.
• 22:15
  Speaker 1: My strategy is one of everything I'm just kidding, I think about this too.
• 22:19
  Speaker 2: You know we've got an apartment and a short term rental and we're working on some other things and you kind of feel like, am I shiny penny chasing?
• 22:26
  Speaker 2: But in some ways it's also helping you to decide where you want to put your eggs in the future.
• 22:31
  Speaker 2: You're like what basket?
• 22:32
  Speaker 2: Or maybe you can build relationships in a couple of different investment vehicles and you can hire somebody to take over the syndication side, or you can hire somebody to take over the short term rental side, and so it allows you to kind of test and explore a few different models to see what might work and different things, check different boxes, and so you know an apartment, depending on the type of deal, it's a little bit more of a longer term play.
• 22:54
  Speaker 2: You're not going to necessarily have a ton of cash flow right out of the bat.
• 22:57
  Speaker 2: Well, maybe you mix that with a short term rental that might have a little bit more cash flow early on, depending on the property and the deal.
• 23:03
  Speaker 2: You know it's all the generalities, but you can mix a few different strategies together and then continue to develop them over time, just like getting started with a duplex.
• 23:12
  Speaker 2: You got to start somewhere.
• 23:13
  Speaker 2: That'll help you learn and build skills that you might want to expand on in the future.
• 23:17
  Speaker 1: You absolutely nailed it and that was kind of my joke, was you know?
• 23:21
  Speaker 1: It kind of sounds like I just tried everything to see what it tasted like.
• 23:24
  Speaker 1: But the interesting thing is, you know, so the sober homes have great cash flow, but the apartment buildings have the value add right, that massive opportunity, if you can add the value right.
• 23:37
  Speaker 1: So, like you said, and the cost-sig studies and the tax advantages, even though it's kind of just looks like I grabbed a bunch of random toys out of a toy store.
• 23:46
  Speaker 1: You know did have a strategy involved, and that's exactly it right, Because I like to have a combination of things and, you know, not only some are, to your point, higher cash flow, some are lower cash flow, more value add, more, whatever, you know, long play, whatever they might be.
• 24:03
  Speaker 1: But the other thing is they're in physically different markets, right, Because tornadoes are real storms or whatever.
• 24:10
  Speaker 1: But they're also kind of like Airbnb's got crushed in COVID, right, but before that people were killing it and no one would have known, right.
• 24:17
  Speaker 1: I mean, it was kind of just a thing.
• 24:19
  Speaker 1: So do I want to have all my eggs in the Airbnb basket?
• 24:22
  Speaker 1: Probably not.
• 24:23
  Speaker 1: Do I want to have them all in any really one basket?
• 24:25
  Speaker 1: Probably not right.
• 24:26
  Speaker 1: So yeah, even though my strategy probably looks ridiculous, there was some thought there.
• 24:32
  Speaker 2: And things perform well at different areas.
• 24:33
  Speaker 2: So an Airbnb in Minnesota might do different than Wisconsin versus a Florida versus a middle of Oklahoma, you know, or something like that too.
• 24:41
  Speaker 2: So the strategies can work in different places.
• 24:43
  Speaker 2: Your story is very, in some ways, typical, yet not typical in how you execute, but typical in the sense of you've got a few different irons in the fire.
• 24:50
  Speaker 2: Depending on how the market changes, depending on how your interest changed, depending on how the relationships, that who you come in contact with, changes, you can decide to kind of ramp up one side, ramp down another side, ramp up a different side, and so you now have that flexibility to move forward, and so you can kind of design it how you want to design it as you continue to grow.
• 25:10
  Speaker 1: Yeah, it's gonna.
• 25:11
  Speaker 2: Wild Ride.
• 25:11
  Speaker 2: Have you ever heard the phrase?
• 25:13
  Speaker 2: You're the average of the top five people that you hang around.
• 25:15
  Speaker 2: Well, real estate agents, I'm excited to increase your five with you.
• 25:20
  Speaker 2: We're launching the Real Freedom Investor Agent Tribe to help you get educated and connect with others to build your real estate investing journey and also to help you along the way as you're working with real estate investors.
• 25:33
  Speaker 2: So come, check it out on our website, realfreudomcom.
• 25:36
  Speaker 2: Go to the store.
• 25:37
  Speaker 2: We have a membership.
• 25:38
  Speaker 2: We have a mastermind group and private coaching to help you stay accountable to your real estate investing goals and to make sure that you connect with like-minded people to accelerate your progress and to cheer you on along the way.
• 25:50
  Speaker 2: Check it out, realfreedomcom.
• 25:52
  Speaker 2: Click on the store.
• 25:53
  Speaker 2: So for people that want to learn more about you, reach out to you, learn particularly about Unbankable.
• 25:58
  Speaker 2: If you're in a situation that is a bit outside of the box and they want to talk to you to kind of figure out what they should do, how can they get a hold of you If you're?
• 26:07
  Speaker 1: interested in financing questions.
• 26:09
  Speaker 1: Don't think they'd get financing?
• 26:10
  Speaker 1: Or, if you know someone, introduce them to us.
• 26:12
  Speaker 1: We'd love to have a casual conversation, explain what we do, answer questions.
• 26:16
  Speaker 1: It's a confusing world that we can make very simple and they don't need to know everything.
• 26:21
  Speaker 1: We can take care of the process.
• 26:23
  Speaker 1: We can help.
• 26:23
  Speaker 1: If there is a real turn involved, we'll work with them.
• 26:26
  Speaker 1: So nobody's going to get squeezed out and there's zero pressure to do it.
• 26:31
  Speaker 1: We line everything up up front.
• 26:32
  Speaker 1: The first step is just a quick conversation to see if it makes sense, and answer questions is really the basics.
• 26:39
  Speaker 1: You can reach out to me at Ryan at Unbankablehomes that's just Unbankablehomes and just let me know.
• 26:49
  Speaker 1: If you're interested in chatting, we'd love to hear from you, help you out.
• 26:52
  Speaker 1: If you know someone, we'd love to help them out.
• 26:54
  Speaker 1: There's anything I can do to share on your journey, for investing, too, it's a huge passion of mine as well.
• 27:00
  Speaker 1: So thanks for having me on, mike.
• 27:02
  Speaker 1: I really appreciate it.
• 27:02
  Speaker 2: It's awesome.
• 27:03
  Speaker 2: Well, thanks for coming on and sharing your story.
• 27:04
  Speaker 2: I appreciate it.