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Unlocking Value: Strategies to Boost Your Multifamily Investment · MPI Multifamily Commercial Real Estate Investing

• 1:17
  You're
• 1:17
  listening
• 1:17
  to
• 1:17
  the
• 1:18
  Master
• 1:18
  Passive
• 1:18
  Income
• 1:19
  Podcast
• 1:19
  Network.
• 1:23
  Hey,
• 1:23
  guys.
• 1:23
  Welcome
• 1:24
  to
• 1:24
  the
• 1:25
  Master
• 1:25
  Passive
• 1:25
  Income
• 1:26
  Multifamily
• 1:26
  Podcast.
• 1:27
  Charles
• 1:27
  Seaman
• 1:28
  here
• 1:28
  with
• 1:28
  Erica
• 1:28
  McNew.
• 1:29
  And
• 1:30
  today
• 1:30
  we're
• 1:30
  going
• 1:30
  to
• 1:30
  be
• 1:30
  talking
• 1:30
  all
• 1:31
  about
• 1:31
  value
• 1:31
  added
• 1:32
  strategies.
• 1:33
  And
• 1:33
  if
• 1:33
  you'd
• 1:33
  like
• 1:34
  our
• 1:34
  commercial
• 1:34
  Real
• 1:35
  Estate
• 1:35
  success
• 1:35
  guide,
• 1:36
  you
• 1:36
  can
• 1:36
  text
• 1:36
  the
• 1:37
  word
• 1:37
  freedom
• 1:38
  to
• 1:38
  3,
• 1:39
  3,
• 1:40
  777.
• 1:44
  Welcome
• 1:44
  to
• 1:44
  the
• 1:45
  Master
• 1:45
  Passive
• 1:46
  Income
• 1:46
  Multifamily
• 1:47
  Podcast
• 1:48
  where
• 1:48
  we
• 1:48
  guide
• 1:48
  you
• 1:49
  to
• 1:49
  invest
• 1:49
  in
• 1:49
  commercial
• 1:50
  real
• 1:50
  estate
• 1:50
  with
• 1:51
  a
• 1:51
  special.
• 1:51
  Focus
• 1:52
  on
• 1:52
  raising
• 1:53
  money
• 1:53
  from
• 1:54
  others
• 1:54
  to
• 1:54
  buy
• 1:54
  bigger
• 1:55
  and
• 1:55
  better
• 1:55
  deals.
• 1:56
  And
• 1:56
  now,
• 1:56
  here
• 1:57
  are
• 1:57
  your
• 1:57
  hosts,
• 1:57
  Charles.
• 1:58
  Seaman
• 1:58
  and
• 1:59
  Erica
• 1:59
  McNew.
• 2:03
  Erica,
• 2:03
  do
• 2:03
  you
• 2:03
  want
• 2:04
  to
• 2:04
  start
• 2:04
  us
• 2:04
  off
• 2:04
  with
• 2:05
  value
• 2:05
  add
• 2:06
  strategy?
• 2:06
  Why
• 2:06
  don't
• 2:06
  we
• 2:07
  do
• 2:07
  a
• 2:07
  high
• 2:07
  level
• 2:07
  and
• 2:08
  talk
• 2:08
  about
• 2:08
  what
• 2:08
  value
• 2:08
  add
• 2:09
  is
• 2:09
  for
• 2:10
  anybody
• 2:10
  who's
• 2:10
  brand
• 2:11
  new?
• 2:11
  Absolutely.
• 2:12
  So
• 2:13
  value
• 2:13
  add
• 2:14
  is
• 2:14
  kind
• 2:14
  of
• 2:14
  like
• 2:15
  the
• 2:15
  equivalent,
• 2:16
  I
• 2:16
  would
• 2:16
  say,
• 2:16
  to
• 2:16
  fix
• 2:17
  and
• 2:17
  flip
• 2:17
  on
• 2:17
  the
• 2:17
  residential
• 2:18
  side.
• 2:18
  It's
• 2:18
  where
• 2:18
  you
• 2:19
  are
• 2:19
  going
• 2:19
  in.
• 2:19
  You're
• 2:20
  purchasing
• 2:20
  a
• 2:20
  multifamily
• 2:21
  asset
• 2:22
  and
• 2:22
  you
• 2:22
  are
• 2:22
  going
• 2:22
  to
• 2:23
  improve,
• 2:24
  whether
• 2:24
  it
• 2:25
  be
• 2:25
  the
• 2:25
  interior
• 2:26
  or
• 2:26
  exterior
• 2:26
  condition
• 2:27
  of
• 2:27
  the
• 2:27
  property.
• 2:28
  It
• 2:28
  could
• 2:28
  include
• 2:28
  renovations.
• 2:29
  It
• 2:30
  also
• 2:30
  includes
• 2:30
  improving
• 2:31
  the
• 2:31
  operational
• 2:32
  side
• 2:32
  of
• 2:32
  the
• 2:32
  property.
• 2:33
  So
• 2:34
  working
• 2:34
  with
• 2:34
  the
• 2:34
  tenants,
• 2:35
  making
• 2:35
  sure
• 2:35
  everything
• 2:36
  is
• 2:36
  leased
• 2:36
  up
• 2:36
  at
• 2:36
  a
• 2:37
  higher
• 2:37
  rate.
• 2:37
  Is
• 2:37
  there
• 2:37
  any
• 2:38
  market
• 2:38
  rent
• 2:39
  bumps
• 2:39
  that
• 2:39
  can
• 2:39
  happen?
• 2:39
  And
• 2:39
  we'll
• 2:40
  get
• 2:40
  into
• 2:40
  that.
• 2:40
  So
• 2:41
  it's
• 2:41
  going
• 2:41
  in
• 2:41
  and
• 2:42
  basically
• 2:42
  improving
• 2:43
  an
• 2:43
  overall
• 2:43
  property,
• 2:44
  which
• 2:44
  therefore
• 2:45
  improves
• 2:45
  the
• 2:45
  net
• 2:46
  operating
• 2:46
  income,
• 2:47
  which
• 2:47
  therefore
• 2:47
  improves
• 2:48
  the
• 2:48
  value
• 2:48
  of
• 2:48
  the
• 2:48
  property.
• 2:49
  Total
• 2:49
  has
• 2:49
  become
• 2:50
  very
• 2:50
  popular
• 2:50
  in
• 2:50
  recent
• 2:51
  years.
• 2:51
  You'll
• 2:51
  hear
• 2:51
  a
• 2:51
  lot
• 2:51
  of
• 2:52
  investors
• 2:52
  focus
• 2:52
  on
• 2:53
  that
• 2:53
  strategy.
• 2:54
  So
• 2:54
  let's
• 2:54
  start
• 2:55
  at
• 2:55
  the
• 2:55
  beginning.
• 2:55
  So
• 2:56
  what's
• 2:56
  the
• 2:57
  first
• 2:57
  part
• 2:57
  of
• 2:57
  that
• 2:57
  process
• 2:58
  and
• 2:58
  what
• 2:58
  do
• 2:58
  people
• 2:58
  need
• 2:58
  to
• 2:59
  do?
• 2:59
  So?
• 2:59
  Well,
• 2:59
  first
• 3:00
  thing
• 3:00
  is
• 3:00
  you
• 3:00
  have
• 3:00
  to
• 3:00
  identify
• 3:01
  an
• 3:01
  underperforming
• 3:02
  property.
• 3:02
  One
• 3:03
  of
• 3:03
  my
• 3:03
  personal
• 3:04
  favorites
• 3:04
  is
• 3:05
  identifying
• 3:05
  property
• 3:06
  that
• 3:06
  there
• 3:06
  is
• 3:06
  a
• 3:07
  potential
• 3:07
  rent
• 3:07
  bump
• 3:07
  for.
• 3:08
  So
• 3:08
  if
• 3:09
  you
• 3:09
  know,
• 3:09
  on
• 3:09
  properties
• 3:10
  right
• 3:10
  now,
• 3:10
  for
• 3:10
  instance,
• 3:11
  if
• 3:11
  I
• 3:11
  can
• 3:11
  find
• 3:12
  something
• 3:12
  that
• 3:12
  has,
• 3:12
  you
• 3:12
  know,
• 3:13
  a
• 3:13
  2
• 3:13
  to
• 3:13
  $300
• 3:14
  rent
• 3:14
  bump,
• 3:14
  that's
• 3:15
  great.
• 3:15
  That
• 3:16
  is
• 3:16
  a
• 3:16
  great
• 3:16
  opportunity,
• 3:17
  potentially,
• 3:17
  that
• 3:17
  one.
• 3:18
  That's
• 3:18
  definitely
• 3:18
  one
• 3:18
  we
• 3:19
  want
• 3:19
  to
• 3:19
  look
• 3:19
  at
• 3:19
  further
• 3:19
  with
• 3:19
  the
• 3:20
  financials.
• 3:20
  I
• 3:21
  know
• 3:21
  of
• 3:21
  a
• 3:21
  property
• 3:21
  in
• 3:21
  Florida
• 3:22
  where
• 3:23
  the
• 3:23
  seller
• 3:24
  was
• 3:24
  just
• 3:24
  very
• 3:25
  retired,
• 3:26
  basically
• 3:26
  from
• 3:27
  value
• 3:27
  adding,
• 3:27
  any
• 3:27
  operationals.
• 3:28
  And
• 3:29
  a
• 3:29
  rent
• 3:29
  bump
• 3:29
  on
• 3:29
  that
• 3:29
  property
• 3:30
  was
• 3:30
  as
• 3:30
  much
• 3:30
  as
• 3:30
  $500
• 3:31
  per
• 3:31
  door,
• 3:32
  which
• 3:32
  is
• 3:32
  just
• 3:33
  insane.
• 3:33
  So
• 3:34
  the
• 3:34
  rent
• 3:34
  bump
• 3:34
  is
• 3:34
  one
• 3:34
  of
• 3:35
  my
• 3:35
  favorite
• 3:35
  ways
• 3:36
  to
• 3:36
  identify
• 3:36
  an
• 3:36
  opportunity,
• 3:37
  a
• 3:37
  potential
• 3:38
  opportunity.
• 3:39
  And
• 3:39
  then
• 3:39
  how
• 3:39
  about
• 3:39
  you?
• 3:39
  What
• 3:40
  do
• 3:40
  you
• 3:40
  think,
• 3:40
  Charles?
• 3:40
  Well,
• 3:41
  underperforming
• 3:42
  can
• 3:42
  mean
• 3:42
  different
• 3:43
  things
• 3:43
  to
• 3:43
  different
• 3:43
  people,
• 3:44
  right.
• 3:44
  Sometimes
• 3:44
  it's
• 3:45
  a
• 3:45
  property
• 3:45
  that's
• 3:45
  in
• 3:46
  disrepair,
• 3:46
  sometimes
• 3:47
  it's
• 3:47
  A
• 3:47
  property
• 3:47
  that's
• 3:48
  mismanaged.
• 3:49
  Sometimes
• 3:50
  it's
• 3:50
  a
• 3:50
  property,
• 3:51
  as
• 3:51
  you
• 3:51
  said,
• 3:51
  with
• 3:51
  an
• 3:52
  owner
• 3:52
  who's
• 3:52
  very
• 3:52
  hands
• 3:53
  off
• 3:53
  and
• 3:53
  maybe
• 3:54
  for
• 3:54
  different
• 3:54
  reasons.
• 3:55
  They're
• 3:55
  just
• 3:55
  in
• 3:56
  a
• 3:56
  position
• 3:56
  where
• 3:56
  they
• 3:56
  don't
• 3:56
  need
• 3:57
  to
• 3:57
  be
• 3:57
  putting
• 3:57
  a
• 3:57
  lot
• 3:57
  of
• 3:57
  time
• 3:57
  or
• 3:58
  effort
• 3:58
  into
• 3:58
  the
• 3:58
  property,
• 3:58
  and
• 3:59
  it
• 3:59
  shows.
• 3:59
  And
• 4:00
  because
• 4:00
  of
• 4:00
  that,
• 4:01
  you
• 4:01
  know,
• 4:01
  there's
• 4:01
  an
• 4:01
  opportunity
• 4:02
  for
• 4:02
  an
• 4:02
  incoming
• 4:02
  buyer
• 4:03
  to
• 4:03
  go
• 4:03
  there
• 4:03
  and
• 4:03
  increase
• 4:03
  the
• 4:04
  value.
• 4:04
  One
• 4:05
  very
• 4:05
  important
• 4:05
  part
• 4:05
  when
• 4:05
  we're
• 4:06
  talking
• 4:06
  about
• 4:06
  value
• 4:06
  add,
• 4:07
  and
• 4:07
  this
• 4:07
  probably
• 4:07
  doesn't
• 4:07
  get
• 4:08
  talked
• 4:08
  about
• 4:08
  enough
• 4:08
  in
• 4:08
  the
• 4:08
  industry,
• 4:09
  when
• 4:09
  you're
• 4:09
  buying
• 4:10
  value
• 4:10
  add,
• 4:11
  you
• 4:11
  have
• 4:11
  to
• 4:11
  buy
• 4:11
  it
• 4:12
  at
• 4:12
  a
• 4:12
  discount.
• 4:13
  If
• 4:13
  you
• 4:13
  go
• 4:13
  in
• 4:13
  there
• 4:13
  and
• 4:14
  you're
• 4:14
  overpaying
• 4:14
  for
• 4:15
  value
• 4:15
  add,
• 4:15
  then
• 4:16
  you're
• 4:16
  no
• 4:16
  longer
• 4:16
  value
• 4:17
  adding
• 4:17
  because
• 4:18
  you've
• 4:18
  shot
• 4:19
  the
• 4:19
  strategy
• 4:19
  in
• 4:19
  the
• 4:19
  foot
• 4:19
  on
• 4:20
  the
• 4:20
  front
• 4:20
  end.
• 4:20
  Yeah,
• 4:21
  I
• 4:21
  see
• 4:21
  that
• 4:21
  happen
• 4:22
  a
• 4:22
  lot
• 4:22
  as
• 4:22
  well.
• 4:23
  Very
• 4:23
  much
• 4:23
  so.
• 4:24
  And
• 4:24
  you
• 4:24
  can't
• 4:24
  pay
• 4:24
  for
• 4:25
  pro
• 4:25
  forma
• 4:26
  value
• 4:26
  add.
• 4:27
  Right.
• 4:27
  You
• 4:27
  can't
• 4:28
  say,
• 4:28
  okay,
• 4:28
  the
• 4:28
  property
• 4:29
  should
• 4:29
  increase
• 4:30
  by
• 4:30
  this
• 4:30
  much.
• 4:31
  Should
• 4:31
  we
• 4:31
  do
• 4:31
  our
• 4:32
  job.
• 4:32
  And
• 4:32
  the
• 4:32
  seller's
• 4:33
  getting
• 4:33
  a
• 4:33
  premium
• 4:34
  for
• 4:34
  that
• 4:34
  for
• 4:34
  some
• 4:34
  reason,
• 4:35
  so.
• 4:35
  Absolutely
• 4:36
  agree.
• 4:36
  It's
• 4:36
  a
• 4:36
  very
• 4:37
  common
• 4:37
  mistake
• 4:37
  that
• 4:37
  I
• 4:38
  think
• 4:38
  we
• 4:38
  see.
• 4:38
  Well,
• 4:39
  there's
• 4:39
  a
• 4:39
  couple
• 4:39
  of
• 4:39
  things
• 4:40
  that
• 4:40
  you
• 4:40
  touched
• 4:40
  on.
• 4:41
  So
• 4:41
  the
• 4:41
  first
• 4:41
  one
• 4:41
  you
• 4:41
  mentioned
• 4:42
  was
• 4:42
  renovation,
• 4:43
  potentially
• 4:43
  going
• 4:43
  into
• 4:43
  a
• 4:44
  property
• 4:44
  that
• 4:44
  might
• 4:44
  need
• 4:44
  some
• 4:44
  improvement.
• 4:45
  So
• 4:46
  that's
• 4:46
  a
• 4:46
  pretty
• 4:47
  popular
• 4:47
  value
• 4:47
  strategy.
• 4:48
  Right.
• 4:48
  So
• 4:48
  a
• 4:48
  lot
• 4:48
  of
• 4:48
  people
• 4:49
  use
• 4:49
  that.
• 4:49
  They
• 4:49
  like
• 4:50
  updating
• 4:50
  the
• 4:50
  units
• 4:51
  with
• 4:51
  modern
• 4:51
  finishes.
• 4:52
  So
• 4:53
  one
• 4:53
  thing
• 4:53
  I
• 4:53
  always
• 4:54
  look
• 4:54
  at,
• 4:54
  you
• 4:54
  know,
• 4:54
  with
• 4:55
  any
• 4:55
  property
• 4:55
  in
• 4:56
  our
• 4:56
  society,
• 4:56
  styles
• 4:57
  change.
• 4:57
  Right?
• 4:58
  Right.
• 4:58
  So
• 4:59
  as
• 4:59
  a
• 4:59
  woman,
• 4:59
  you
• 4:59
  could
• 4:59
  probably
• 5:00
  speak
• 5:00
  better
• 5:00
  this
• 5:00
  than
• 5:00
  I
• 5:00
  could
• 5:01
  because
• 5:01
  I'm
• 5:01
  probably
• 5:02
  not
• 5:02
  as
• 5:02
  in
• 5:02
  tune
• 5:02
  with
• 5:02
  some
• 5:03
  of
• 5:03
  these
• 5:03
  things.
• 5:03
  But
• 5:03
  would
• 5:03
  you
• 5:04
  agree
• 5:04
  that
• 5:04
  styles
• 5:05
  change
• 5:05
  fairly
• 5:05
  frequently?
• 5:07
  I
• 5:07
  absolutely
• 5:08
  know
• 5:08
  of
• 5:08
  a
• 5:08
  property
• 5:09
  with
• 5:09
  some
• 5:09
  green
• 5:09
  carpets
• 5:10
  in
• 5:10
  it
• 5:10
  right
• 5:10
  now.
• 5:11
  I
• 5:11
  don't
• 5:11
  think
• 5:11
  those
• 5:11
  are
• 5:11
  too
• 5:11
  popular
• 5:12
  these
• 5:12
  days.
• 5:13
  Yeah,
• 5:13
  I
• 5:13
  have
• 5:13
  to
• 5:13
  admit
• 5:14
  I
• 5:14
  haven't
• 5:14
  seen
• 5:14
  those
• 5:15
  too
• 5:15
  much
• 5:15
  in
• 5:15
  the
• 5:15
  last
• 5:16
  40
• 5:16
  years,
• 5:16
  but
• 5:17
  probably
• 5:17
  a
• 5:17
  little
• 5:17
  bit
• 5:18
  dated,
• 5:18
  but
• 5:18
  definitely
• 5:19
  could
• 5:19
  be
• 5:19
  an
• 5:19
  opportunity
• 5:19
  there.
• 5:20
  You're
• 5:20
  right.
• 5:20
  Some
• 5:20
  people
• 5:20
  don't
• 5:21
  like
• 5:21
  green
• 5:21
  coin
• 5:21
  nowadays.
• 5:21
  It's
• 5:22
  strange.
• 5:22
  So
• 5:23
  one
• 5:23
  thing
• 5:23
  a
• 5:23
  lot
• 5:23
  of
• 5:23
  people
• 5:24
  do
• 5:24
  when
• 5:24
  they
• 5:24
  go
• 5:24
  in
• 5:24
  these
• 5:25
  properties
• 5:25
  is
• 5:26
  they're
• 5:26
  doing
• 5:26
  more
• 5:26
  cosmetic
• 5:27
  updates.
• 5:28
  And
• 5:28
  the
• 5:28
  reason
• 5:28
  you're
• 5:28
  doing
• 5:29
  that
• 5:29
  is
• 5:29
  because
• 5:29
  it's
• 5:29
  what
• 5:30
  people
• 5:30
  can
• 5:30
  see
• 5:30
  when
• 5:30
  people
• 5:31
  are
• 5:31
  coming
• 5:31
  in
• 5:31
  to
• 5:31
  rent
• 5:31
  the
• 5:32
  unit.
• 5:32
  They're
• 5:33
  not
• 5:33
  taking
• 5:33
  the
• 5:33
  opportunity
• 5:34
  to
• 5:34
  open
• 5:34
  the
• 5:34
  walls
• 5:34
  and
• 5:35
  see
• 5:35
  what
• 5:35
  the
• 5:35
  wiring
• 5:35
  or
• 5:35
  the
• 5:35
  piping
• 5:36
  looks
• 5:36
  like,
• 5:36
  but
• 5:37
  they're
• 5:37
  looking
• 5:37
  at
• 5:38
  the
• 5:38
  cabinetry,
• 5:38
  they're
• 5:39
  looking
• 5:39
  at
• 5:39
  the
• 5:39
  countertops,
• 5:40
  and
• 5:40
  they're
• 5:40
  looking
• 5:40
  at
• 5:40
  the
• 5:41
  flooring
• 5:41
  and
• 5:42
  you
• 5:42
  know,
• 5:42
  a
• 5:42
  lot
• 5:42
  of
• 5:42
  times
• 5:42
  when
• 5:43
  you
• 5:43
  bring
• 5:43
  prospective
• 5:43
  tenants
• 5:44
  in
• 5:44
  there,
• 5:44
  those
• 5:44
  are
• 5:45
  the
• 5:45
  things
• 5:45
  that
• 5:45
  are
• 5:45
  going
• 5:45
  to
• 5:45
  cast
• 5:46
  their
• 5:46
  eyes.
• 5:46
  So
• 5:47
  a
• 5:47
  lot
• 5:47
  of
• 5:48
  people
• 5:48
  in
• 5:48
  our
• 5:48
  space
• 5:49
  spend
• 5:49
  money
• 5:49
  on
• 5:49
  these
• 5:49
  items
• 5:50
  to
• 5:50
  go
• 5:50
  in
• 5:50
  there
• 5:50
  and
• 5:50
  improve
• 5:50
  these
• 5:51
  items,
• 5:51
  and
• 5:51
  they're
• 5:51
  going
• 5:52
  to
• 5:52
  put
• 5:52
  money
• 5:52
  in
• 5:52
  beautifying
• 5:53
  the
• 5:53
  unit.
• 5:53
  So
• 5:54
  that
• 5:54
  way
• 5:54
  somebody
• 5:54
  walks
• 5:54
  in
• 5:55
  and
• 5:55
  kind
• 5:55
  of
• 5:55
  has
• 5:55
  that
• 5:55
  wow
• 5:56
  factor
• 5:56
  and
• 5:57
  it
• 5:57
  sells
• 5:57
  them
• 5:57
  on
• 5:58
  it
• 5:58
  without
• 5:58
  having
• 5:58
  to
• 5:59
  do
• 5:59
  a
• 5:59
  whole
• 5:59
  lot
• 5:59
  of
• 5:59
  work.
• 6:00
  So
• 6:00
  sometimes
• 6:00
  that
• 6:00
  can
• 6:01
  come
• 6:01
  with
• 6:01
  a
• 6:01
  rent
• 6:01
  bump,
• 6:02
  and
• 6:02
  you
• 6:02
  can
• 6:02
  set
• 6:02
  your
• 6:02
  budget
• 6:03
  accordingly
• 6:03
  based
• 6:03
  on
• 6:04
  where,
• 6:04
  you
• 6:04
  know,
• 6:04
  where
• 6:04
  that
• 6:05
  rent
• 6:05
  bump
• 6:05
  is.
• 6:05
  What
• 6:06
  else
• 6:06
  can
• 6:06
  it
• 6:06
  do
• 6:06
  aside
• 6:06
  from
• 6:07
  just
• 6:07
  the
• 6:07
  rent
• 6:07
  bump?
• 6:07
  So
• 6:07
  when
• 6:08
  you
• 6:08
  upgrade
• 6:08
  units,
• 6:08
  are
• 6:09
  there
• 6:09
  any
• 6:09
  other
• 6:09
  benefits
• 6:09
  that
• 6:09
  you
• 6:10
  see,
• 6:10
  Erica?
• 6:10
  Happier
• 6:11
  tenants,
• 6:11
  which
• 6:12
  is
• 6:12
  always
• 6:12
  a
• 6:12
  really
• 6:12
  good
• 6:12
  thing.
• 6:13
  Less
• 6:13
  work
• 6:13
  orders,
• 6:14
  less
• 6:14
  maintenance,
• 6:15
  repairs,
• 6:15
  which
• 6:15
  is
• 6:15
  always
• 6:16
  a
• 6:16
  really
• 6:16
  good
• 6:16
  thing.
• 6:17
  Absolutely.
• 6:17
  And
• 6:18
  just
• 6:18
  noting
• 6:18
  on
• 6:18
  this
• 6:18
  one,
• 6:19
  this
• 6:19
  could
• 6:19
  also
• 6:20
  include
• 6:20
  adding
• 6:21
  amenities
• 6:21
  to
• 6:22
  the
• 6:22
  property.
• 6:23
  So
• 6:23
  each
• 6:24
  type
• 6:24
  of
• 6:24
  amenity
• 6:24
  that
• 6:25
  you
• 6:25
  can
• 6:25
  add
• 6:25
  to
• 6:25
  a
• 6:25
  multifamily
• 6:26
  property
• 6:26
  will
• 6:27
  typically
• 6:27
  net
• 6:27
  you
• 6:28
  an
• 6:28
  average
• 6:28
  price
• 6:29
  per
• 6:29
  door
• 6:29
  with
• 6:30
  that
• 6:30
  amenity
• 6:30
  add.
• 6:31
  So
• 6:31
  it
• 6:31
  depends,
• 6:32
  but
• 6:32
  that
• 6:32
  could
• 6:32
  be
• 6:32
  anything
• 6:33
  from
• 6:33
  fitness
• 6:33
  centers,
• 6:34
  a
• 6:34
  clubhouse,
• 6:34
  a
• 6:35
  laundry
• 6:35
  facility,
• 6:36
  which
• 6:36
  then
• 6:36
  can
• 6:36
  be
• 6:36
  an
• 6:37
  additional
• 6:37
  revenue
• 6:37
  source
• 6:38
  on
• 6:38
  that
• 6:38
  property.
• 6:39
  Pet
• 6:39
  areas
• 6:40
  are
• 6:40
  getting
• 6:40
  more
• 6:41
  and
• 6:41
  more
• 6:41
  popular,
• 6:42
  so
• 6:42
  it
• 6:43
  also
• 6:43
  could
• 6:43
  include
• 6:44
  amenities
• 6:44
  and
• 6:45
  construction
• 6:45
  on
• 6:45
  those
• 6:46
  types
• 6:46
  of
• 6:46
  things
• 6:46
  as
• 6:46
  well.
• 6:47
  Totally
• 6:47
  could.
• 6:48
  And,
• 6:48
  you
• 6:48
  know,
• 6:48
  most
• 6:49
  60s,
• 6:49
  70s,
• 6:50
  and
• 6:50
  80s
• 6:50
  properties
• 6:51
  weren't
• 6:51
  built
• 6:52
  with
• 6:52
  a
• 6:52
  lot
• 6:52
  of
• 6:52
  amenities
• 6:52
  in
• 6:53
  mind,
• 6:53
  so
• 6:54
  there's
• 6:54
  definitely
• 6:54
  room
• 6:55
  to
• 6:55
  improve
• 6:55
  on
• 6:55
  some
• 6:55
  of
• 6:55
  those
• 6:56
  things.
• 6:56
  You
• 6:56
  know,
• 6:56
  as
• 6:56
  Erica
• 6:57
  mentioned,
• 6:57
  you
• 6:57
  have
• 6:57
  a
• 6:57
  lot
• 6:58
  of.
• 6:58
  You
• 6:58
  have
• 6:58
  a
• 6:58
  lot
• 6:58
  of
• 6:59
  single
• 6:59
  people
• 6:59
  renting
• 6:59
  units
• 7:00
  nowadays
• 7:00
  that
• 7:00
  like
• 7:01
  pet
• 7:01
  areas,
• 7:01
  they
• 7:01
  like
• 7:02
  having
• 7:02
  dog
• 7:02
  parks,
• 7:02
  they
• 7:03
  like
• 7:03
  having,
• 7:03
  you
• 7:03
  know,
• 7:03
  pet
• 7:04
  spots,
• 7:04
  all
• 7:04
  different
• 7:04
  things.
• 7:05
  So
• 7:05
  that
• 7:05
  helps
• 7:06
  you
• 7:06
  attract
• 7:07
  a
• 7:07
  tenant
• 7:07
  demographic.
• 7:08
  You
• 7:08
  know,
• 7:08
  some
• 7:08
  people
• 7:08
  like
• 7:09
  to
• 7:09
  go
• 7:09
  in
• 7:09
  there,
• 7:09
  they
• 7:09
  like
• 7:10
  to
• 7:10
  have
• 7:10
  community
• 7:10
  feel,
• 7:11
  so
• 7:11
  they
• 7:12
  like
• 7:12
  having
• 7:12
  a
• 7:12
  swimming
• 7:13
  pool,
• 7:13
  they
• 7:13
  like
• 7:13
  having
• 7:13
  a
• 7:14
  gaming
• 7:14
  area,
• 7:14
  they
• 7:15
  like
• 7:15
  having
• 7:15
  somewhere
• 7:15
  they
• 7:15
  can
• 7:15
  go
• 7:16
  there
• 7:16
  and
• 7:16
  congregate
• 7:16
  and
• 7:16
  get
• 7:16
  to
• 7:17
  know
• 7:17
  the
• 7:17
  neighbors
• 7:17
  and
• 7:17
  hang
• 7:18
  out.
• 7:18
  So
• 7:18
  by
• 7:19
  creating
• 7:19
  these
• 7:19
  spaces
• 7:20
  and
• 7:20
  these
• 7:21
  amenities
• 7:21
  throughout
• 7:22
  the
• 7:22
  community,
• 7:22
  you're
• 7:23
  able
• 7:23
  to
• 7:24
  attract
• 7:24
  a
• 7:24
  different
• 7:25
  demographic
• 7:25
  sometimes
• 7:25
  and
• 7:26
  oftentimes
• 7:26
  improve
• 7:27
  the
• 7:27
  demographic
• 7:28
  if
• 7:28
  that's
• 7:28
  reflecting
• 7:29
  what
• 7:29
  they
• 7:29
  want.
• 7:29
  I
• 7:29
  think
• 7:30
  one
• 7:30
  of
• 7:30
  these
• 7:31
  here
• 7:31
  near
• 7:31
  uptown
• 7:31
  Charlotte
• 7:32
  even
• 7:32
  has
• 7:32
  like
• 7:32
  a
• 7:32
  little
• 7:33
  mini
• 7:33
  bowling
• 7:33
  alley
• 7:34
  in
• 7:34
  it,
• 7:34
  which
• 7:34
  is
• 7:35
  so
• 7:35
  cool.
• 7:35
  So
• 7:36
  you'll.
• 7:36
  And
• 7:36
  then
• 7:37
  I've
• 7:37
  seen
• 7:37
  like
• 7:37
  mini
• 7:38
  golf
• 7:38
  courses,
• 7:39
  so
• 7:39
  you'll
• 7:40
  see
• 7:40
  some
• 7:40
  pretty
• 7:40
  neat
• 7:41
  things
• 7:41
  on
• 7:41
  the
• 7:42
  quote
• 7:42
  unquote,
• 7:42
  luxury
• 7:42
  apartments
• 7:43
  that
• 7:43
  are
• 7:43
  going
• 7:43
  in.
• 7:44
  Yes,
• 7:44
  you
• 7:44
  definitely.
• 7:45
  It
• 7:45
  might
• 7:45
  just
• 7:45
  be
• 7:45
  me,
• 7:45
  but
• 7:46
  personally,
• 7:46
  when
• 7:46
  I
• 7:46
  walk
• 7:46
  by
• 7:47
  and
• 7:47
  I
• 7:47
  happen
• 7:47
  to
• 7:47
  see
• 7:47
  one
• 7:47
  that
• 7:47
  has
• 7:48
  like
• 7:48
  one
• 7:48
  of
• 7:48
  those
• 7:48
  giant
• 7:49
  like
• 7:49
  checkerboards
• 7:50
  outside.
• 7:50
  I
• 7:50
  always
• 7:51
  enjoy
• 7:51
  that.
• 7:52
  Absolutely.
• 7:53
  Good
• 7:53
  value
• 7:53
  add.
• 7:53
  Connect
• 7:54
  four,
• 7:54
  actually.
• 7:54
  Not
• 7:54
  checkers.
• 7:55
  I
• 7:55
  apologize.
• 7:56
  Right.
• 7:56
  Well,
• 7:57
  it's
• 7:57
  the
• 7:57
  chess
• 7:57
  games,
• 7:58
  the
• 7:58
  life
• 7:58
  size
• 7:58
  chess
• 7:59
  games.
• 7:59
  Those
• 7:59
  can
• 7:59
  be
• 7:59
  cool.
• 8:00
  Yeah.
• 8:00
  And
• 8:01
  the
• 8:01
  truth
• 8:01
  is
• 8:01
  they're
• 8:01
  netting
• 8:02
  a
• 8:02
  higher
• 8:02
  rental
• 8:03
  rate
• 8:03
  than
• 8:04
  maybe
• 8:04
  some
• 8:04
  of
• 8:04
  the
• 8:04
  neighboring
• 8:05
  competitors
• 8:05
  because
• 8:05
  of
• 8:06
  the
• 8:06
  addition
• 8:06
  of
• 8:07
  amenities
• 8:07
  they've
• 8:07
  chosen
• 8:08
  to
• 8:08
  put
• 8:08
  in.
• 8:08
  So
• 8:09
  it
• 8:09
  can
• 8:10
  ROI
• 8:10
  for
• 8:11
  sure.
• 8:11
  So
• 8:11
  renovation
• 8:12
  is
• 8:12
  only
• 8:13
  one
• 8:13
  way,
• 8:13
  but
• 8:13
  it's
• 8:14
  certainly
• 8:14
  not
• 8:14
  the
• 8:14
  only
• 8:14
  way.
• 8:15
  So
• 8:15
  there's
• 8:15
  also
• 8:16
  operational
• 8:16
  efficiencies.
• 8:17
  For
• 8:17
  me
• 8:17
  personally,
• 8:18
  this
• 8:18
  is
• 8:18
  my
• 8:18
  favorite
• 8:19
  way.
• 8:19
  There's
• 8:19
  a
• 8:19
  lot
• 8:20
  more
• 8:20
  risk
• 8:20
  whenever
• 8:20
  you're
• 8:21
  upgrading
• 8:21
  something,
• 8:22
  because
• 8:22
  if
• 8:22
  you're
• 8:23
  upgrading
• 8:23
  something,
• 8:23
  you're
• 8:24
  taking
• 8:24
  the
• 8:24
  risk
• 8:24
  that
• 8:24
  you're
• 8:25
  spending
• 8:25
  a
• 8:25
  certain
• 8:25
  amount
• 8:26
  of
• 8:26
  money
• 8:26
  to
• 8:26
  get
• 8:27
  that
• 8:27
  return.
• 8:27
  Now
• 8:28
  that's
• 8:28
  great
• 8:28
  if
• 8:28
  you're
• 8:29
  right
• 8:29
  on
• 8:29
  the
• 8:29
  return,
• 8:29
  but
• 8:30
  what
• 8:30
  if
• 8:30
  you're
• 8:30
  wrong?
• 8:31
  Then
• 8:31
  you
• 8:31
  have
• 8:31
  a
• 8:31
  lot
• 8:31
  more
• 8:31
  risk
• 8:32
  and
• 8:32
  you
• 8:32
  didn't
• 8:32
  wind
• 8:32
  up
• 8:32
  getting
• 8:32
  that
• 8:33
  rent
• 8:33
  bump
• 8:33
  that
• 8:33
  you
• 8:33
  thought.
• 8:34
  So.
• 8:35
  Operational
• 8:35
  efficiencies
• 8:36
  can
• 8:36
  allow
• 8:37
  you
• 8:37
  to
• 8:37
  improve
• 8:37
  the
• 8:38
  property's
• 8:39
  financial
• 8:39
  performance
• 8:40
  without
• 8:40
  spending
• 8:40
  a
• 8:41
  ton
• 8:41
  of
• 8:41
  money.
• 8:41
  So
• 8:41
  that
• 8:42
  can
• 8:42
  be
• 8:42
  a
• 8:42
  plus.
• 8:42
  What
• 8:43
  is
• 8:43
  an
• 8:43
  operational
• 8:43
  efficiency?
• 8:44
  So
• 8:44
  let's
• 8:44
  talk
• 8:44
  about
• 8:45
  that.
• 8:45
  So
• 8:45
  somebody
• 8:46
  who's,
• 8:46
  who's
• 8:46
  brand
• 8:47
  new.
• 8:47
  Erica,
• 8:48
  what
• 8:48
  would,
• 8:48
  what
• 8:48
  would
• 8:49
  be
• 8:49
  an.
• 8:49
  Example
• 8:49
  of
• 8:49
  an
• 8:49
  efficiency,
• 8:50
  operational
• 8:51
  efficiency
• 8:51
  would
• 8:52
  be
• 8:52
  being
• 8:52
  able
• 8:52
  to
• 8:52
  build
• 8:53
  back
• 8:53
  utilities.
• 8:54
  That
• 8:54
  can
• 8:54
  be
• 8:55
  an
• 8:55
  additional
• 8:55
  value
• 8:56
  add
• 8:56
  opportunity.
• 8:57
  We
• 8:57
  have
• 8:57
  optimizing
• 8:58
  maintenance
• 8:59
  expenses
• 8:59
  and
• 9:00
  again
• 9:00
  that
• 9:00
  can
• 9:00
  just
• 9:00
  be
• 9:01
  from
• 9:01
  maybe
• 9:01
  going
• 9:01
  in
• 9:01
  and
• 9:02
  doing
• 9:02
  the
• 9:02
  construction.
• 9:03
  And
• 9:03
  now
• 9:03
  you
• 9:03
  have
• 9:03
  less
• 9:04
  maintenance
• 9:04
  expenses
• 9:05
  and
• 9:05
  work
• 9:05
  orders,
• 9:06
  property
• 9:06
  management
• 9:06
  expenses.
• 9:07
  Optimizing
• 9:08
  that
• 9:09
  is
• 9:09
  something
• 9:09
  that
• 9:09
  I
• 9:09
  see
• 9:09
  people
• 9:10
  do
• 9:10
  quite
• 9:10
  often.
• 9:11
  And
• 9:11
  it
• 9:11
  could
• 9:11
  also
• 9:12
  be
• 9:12
  something
• 9:12
  that
• 9:13
  works
• 9:13
  against
• 9:13
  you
• 9:14
  in
• 9:14
  your
• 9:15
  acquisition
• 9:15
  where
• 9:16
  you
• 9:16
  have
• 9:16
  to
• 9:16
  make
• 9:16
  sure
• 9:16
  to
• 9:16
  mitigate
• 9:17
  adding
• 9:17
  in
• 9:17
  a
• 9:18
  property
• 9:18
  managed
• 9:18
  expense
• 9:19
  where
• 9:19
  maybe
• 9:19
  it
• 9:19
  was
• 9:19
  being
• 9:20
  self
• 9:20
  managed.
• 9:21
  So
• 9:21
  but
• 9:21
  looking
• 9:21
  at
• 9:22
  those
• 9:22
  types
• 9:22
  of
• 9:22
  things
• 9:23
  and
• 9:23
  where
• 9:23
  you
• 9:23
  can
• 9:24
  value
• 9:24
  out
• 9:24
  on
• 9:24
  each
• 9:25
  line
• 9:25
  item
• 9:26
  and
• 9:26
  being
• 9:26
  very
• 9:26
  detailed
• 9:27
  on
• 9:27
  going
• 9:27
  through
• 9:27
  each
• 9:27
  line
• 9:28
  item,
• 9:28
  I
• 9:28
  think
• 9:28
  is
• 9:28
  important
• 9:29
  on
• 9:29
  your
• 9:29
  due
• 9:29
  diligence.
• 9:30
  What
• 9:30
  about
• 9:30
  you,
• 9:30
  what
• 9:31
  about
• 9:31
  your
• 9:31
  experience,
• 9:32
  Charles?
• 9:32
  Well,
• 9:32
  you
• 9:32
  know,
• 9:33
  one
• 9:33
  of
• 9:33
  the
• 9:33
  things
• 9:34
  I
• 9:34
  think
• 9:34
  that's
• 9:34
  a
• 9:34
  plus,
• 9:35
  especially
• 9:35
  as
• 9:35
  you
• 9:36
  start
• 9:36
  to
• 9:36
  gain
• 9:36
  more
• 9:37
  properties
• 9:37
  in
• 9:37
  the
• 9:37
  same
• 9:38
  area
• 9:38
  and
• 9:38
  you
• 9:38
  scale
• 9:39
  is
• 9:39
  that's
• 9:39
  when
• 9:39
  you
• 9:39
  start
• 9:40
  seeing
• 9:40
  the
• 9:40
  benefit
• 9:40
  of
• 9:40
  those
• 9:41
  economies
• 9:41
  of
• 9:42
  scale.
• 9:42
  And
• 9:43
  like
• 9:43
  having
• 9:44
  one
• 9:44
  property
• 9:45
  in
• 9:45
  an
• 9:45
  area,
• 9:45
  you
• 9:45
  may
• 9:45
  not
• 9:46
  get
• 9:46
  that
• 9:46
  much
• 9:46
  of
• 9:47
  a
• 9:47
  discount
• 9:47
  in
• 9:47
  comparison
• 9:48
  to
• 9:48
  a
• 9:48
  smaller
• 9:49
  property.
• 9:49
  But
• 9:50
  having
• 9:50
  multiple
• 9:50
  properties
• 9:51
  and
• 9:51
  being
• 9:51
  able
• 9:51
  to
• 9:52
  share
• 9:52
  staff
• 9:52
  and
• 9:52
  being
• 9:53
  able
• 9:53
  to
• 9:53
  share
• 9:53
  resources,
• 9:54
  all
• 9:54
  of
• 9:54
  a
• 9:54
  sudden
• 9:54
  you
• 9:55
  notice
• 9:55
  your
• 9:55
  dollars
• 9:56
  go
• 9:56
  a
• 9:56
  lot
• 9:56
  further
• 9:56
  once
• 9:57
  that
• 9:57
  happens.
• 9:57
  Because
• 9:58
  let's
• 9:58
  say
• 9:59
  if
• 9:59
  you
• 9:59
  don't
• 9:59
  have
• 9:59
  enough
• 9:59
  work
• 10:00
  for
• 10:00
  the
• 10:00
  staff
• 10:00
  at
• 10:00
  one
• 10:00
  property,
• 10:01
  but
• 10:01
  you
• 10:01
  don't
• 10:01
  really
• 10:01
  want
• 10:01
  to
• 10:02
  lay
• 10:02
  them
• 10:02
  off
• 10:02
  because
• 10:03
  you
• 10:03
  know
• 10:03
  that
• 10:03
  would
• 10:04
  be
• 10:04
  counterproductive.
• 10:05
  Maybe
• 10:05
  you
• 10:05
  send
• 10:05
  them
• 10:05
  to
• 10:05
  a
• 10:05
  different
• 10:06
  property
• 10:06
  in
• 10:06
  the
• 10:06
  area
• 10:06
  where
• 10:07
  there's
• 10:07
  work
• 10:07
  and
• 10:08
  all
• 10:08
  of
• 10:08
  a
• 10:08
  sudden
• 10:08
  now
• 10:09
  you're
• 10:09
  sharing
• 10:10
  maintenance
• 10:11
  personnel
• 10:11
  or
• 10:11
  leasing
• 10:11
  personnel
• 10:12
  and
• 10:12
  you're
• 10:12
  able
• 10:12
  to
• 10:12
  keep
• 10:12
  some
• 10:13
  costs
• 10:13
  down
• 10:13
  by
• 10:13
  doing
• 10:13
  that.
• 10:14
  So
• 10:14
  those
• 10:14
  are
• 10:14
  things
• 10:14
  that
• 10:15
  can
• 10:15
  be
• 10:15
  operational
• 10:15
  efficiencies.
• 10:16
  Sometimes
• 10:16
  it
• 10:17
  can
• 10:17
  be
• 10:17
  realizing
• 10:18
  that
• 10:18
  the
• 10:19
  current
• 10:19
  owner
• 10:19
  is
• 10:19
  just
• 10:19
  spending
• 10:20
  way
• 10:20
  too
• 10:20
  much
• 10:20
  money
• 10:20
  on
• 10:21
  certain
• 10:21
  things.
• 10:21
  You
• 10:21
  know,
• 10:22
  maybe
• 10:22
  they're
• 10:22
  vendoring
• 10:22
  out
• 10:23
  things
• 10:23
  they
• 10:23
  could
• 10:23
  be
• 10:23
  doing
• 10:24
  in
• 10:24
  house.
• 10:24
  You
• 10:24
  know,
• 10:25
  one
• 10:25
  thing
• 10:25
  that
• 10:25
  one
• 10:25
  of
• 10:26
  my
• 10:26
  property
• 10:26
  management
• 10:27
  contacts
• 10:27
  always
• 10:28
  said,
• 10:28
  and
• 10:28
  I
• 10:28
  kind
• 10:29
  of
• 10:29
  agree
• 10:29
  with
• 10:29
  him
• 10:29
  on
• 10:29
  this,
• 10:30
  you
• 10:30
  know,
• 10:30
  he
• 10:30
  would
• 10:30
  always
• 10:31
  talk
• 10:31
  to
• 10:31
  the
• 10:31
  maintenance
• 10:32
  guys
• 10:32
  at
• 10:32
  the
• 10:33
  properties
• 10:33
  and
• 10:33
  say,
• 10:34
  look,
• 10:34
  if
• 10:34
  I
• 10:34
  have
• 10:34
  to
• 10:34
  hire
• 10:35
  a
• 10:35
  vendor,
• 10:35
  what
• 10:35
  do
• 10:35
  I
• 10:35
  need
• 10:35
  you
• 10:36
  for?
• 10:36
  And
• 10:36
  that's
• 10:37
  a
• 10:37
  great
• 10:37
  philosophy
• 10:38
  because
• 10:38
  you
• 10:38
  know
• 10:38
  what,
• 10:38
  if
• 10:39
  I'm
• 10:39
  calling
• 10:39
  vendors
• 10:39
  for
• 10:40
  everything,
• 10:40
  then
• 10:40
  I
• 10:40
  don't
• 10:40
  need
• 10:40
  to
• 10:40
  be
• 10:40
  paying
• 10:41
  you
• 10:41
  a
• 10:41
  salary
• 10:41
  as
• 10:41
  well.
• 10:42
  So
• 10:42
  that's
• 10:42
  an
• 10:42
  efficiency.
• 10:43
  So
• 10:44
  you
• 10:44
  want
• 10:44
  to
• 10:44
  get
• 10:44
  more
• 10:44
  productivity
• 10:45
  out
• 10:45
  of
• 10:46
  those
• 10:46
  payroll
• 10:46
  dollars
• 10:46
  and
• 10:46
  get
• 10:47
  as
• 10:47
  much
• 10:47
  as
• 10:47
  you
• 10:47
  can
• 10:47
  for
• 10:47
  them.
• 10:48
  So
• 10:48
  that
• 10:48
  way
• 10:48
  you're
• 10:49
  not
• 10:49
  using
• 10:49
  third
• 10:50
  party
• 10:50
  vendors
• 10:50
  only
• 10:50
  when
• 10:51
  needed
• 10:51
  and
• 10:51
  that
• 10:52
  helps
• 10:52
  you
• 10:52
  keep
• 10:52
  cost
• 10:52
  down.
• 10:53
  So
• 10:53
  be
• 10:53
  aware
• 10:54
  of
• 10:54
  that.
• 10:54
  Another
• 10:55
  thing
• 10:55
  is
• 10:55
  having
• 10:55
  a
• 10:56
  management
• 10:56
  company
• 10:56
  or
• 10:56
  an
• 10:56
  O
• 10:57
  ship
• 10:57
  team
• 10:57
  that's
• 10:57
  keeping
• 10:57
  an
• 10:57
  eye
• 10:58
  on
• 10:58
  where
• 10:58
  things
• 10:58
  are
• 10:59
  going
• 10:59
  at
• 10:59
  the
• 10:59
  property.
• 11:00
  One
• 11:00
  of
• 11:00
  my
• 11:00
  partners
• 11:01
  has
• 11:01
  a
• 11:01
  property
• 11:01
  in
• 11:01
  his
• 11:02
  portfolio
• 11:03
  where,
• 11:03
  you
• 11:03
  know,
• 11:04
  he
• 11:04
  didn't
• 11:04
  know
• 11:04
  this
• 11:04
  at
• 11:04
  the
• 11:05
  time,
• 11:05
  but
• 11:05
  he
• 11:05
  thinks
• 11:05
  it
• 11:05
  now
• 11:06
  in
• 11:06
  retrospect
• 11:07
  that
• 11:07
  one
• 11:07
  of
• 11:07
  the
• 11:07
  former
• 11:08
  managers
• 11:08
  was
• 11:08
  probably
• 11:09
  siphoning
• 11:09
  appliances
• 11:10
  and
• 11:10
  using
• 11:10
  them
• 11:11
  for
• 11:11
  other
• 11:11
  things.
• 11:11
  Because
• 11:12
  he
• 11:12
  would
• 11:12
  always
• 11:12
  say,
• 11:12
  like,
• 11:12
  why
• 11:13
  is
• 11:13
  the
• 11:13
  bill
• 11:13
  so
• 11:13
  high?
• 11:14
  Now
• 11:14
  he
• 11:14
  got
• 11:14
  rid
• 11:14
  of
• 11:14
  that
• 11:15
  manager
• 11:15
  and
• 11:15
  he
• 11:15
  noticed
• 11:16
  that
• 11:16
  there's
• 11:16
  not
• 11:16
  as
• 11:16
  many
• 11:17
  appliances
• 11:17
  being
• 11:18
  purchased.
• 11:18
  So
• 11:19
  things
• 11:19
  like
• 11:19
  that,
• 11:19
  you
• 11:19
  know,
• 11:19
  it's
• 11:20
  amazing
• 11:20
  how
• 11:20
  things
• 11:20
  can
• 11:20
  get
• 11:21
  up
• 11:21
  and
• 11:21
  walk
• 11:21
  away.
• 11:21
  So
• 11:22
  you
• 11:22
  got
• 11:22
  to
• 11:22
  have
• 11:22
  people
• 11:23
  keeping
• 11:23
  an
• 11:23
  eye
• 11:23
  on
• 11:23
  these
• 11:23
  things
• 11:24
  and
• 11:24
  you
• 11:24
  got
• 11:24
  to
• 11:24
  have
• 11:24
  some
• 11:24
  type
• 11:24
  of
• 11:25
  checks
• 11:25
  and
• 11:25
  balances
• 11:26
  in
• 11:26
  place
• 11:26
  to
• 11:26
  be
• 11:26
  able
• 11:27
  to
• 11:27
  know
• 11:27
  what
• 11:27
  you're
• 11:28
  buying,
• 11:28
  where
• 11:28
  it's
• 11:28
  going
• 11:29
  and
• 11:29
  what
• 11:30
  you
• 11:30
  have.
• 11:30
  Absolutely.
• 11:31
  And
• 11:31
  I
• 11:31
  would
• 11:32
  say
• 11:32
  too,
• 11:32
  it's
• 11:33
  also
• 11:33
  little
• 11:34
  things
• 11:34
  like
• 11:34
  you
• 11:34
  could
• 11:35
  also
• 11:35
  have
• 11:35
  technology
• 11:35
  efficiencies
• 11:36
  that
• 11:36
  are
• 11:36
  added
• 11:36
  in,
• 11:37
  right?
• 11:37
  So
• 11:37
  the
• 11:38
  property
• 11:38
  management
• 11:39
  software,
• 11:40
  the
• 11:40
  smart
• 11:41
  homes,
• 11:41
  so
• 11:42
  you
• 11:42
  have
• 11:42
  the
• 11:42
  thermostats,
• 11:43
  the
• 11:43
  smart
• 11:43
  home
• 11:44
  thermostats,
• 11:44
  you
• 11:44
  have
• 11:44
  the
• 11:45
  keyless
• 11:45
  entry.
• 11:45
  Now
• 11:46
  you've
• 11:46
  eliminated
• 11:46
  all
• 11:46
  this
• 11:47
  need
• 11:47
  for
• 11:47
  keys
• 11:47
  upon
• 11:48
  people,
• 11:48
  you
• 11:48
  know,
• 11:49
  with
• 11:49
  their
• 11:49
  welcome
• 11:49
  packets.
• 11:50
  So
• 11:50
  like
• 11:50
  the
• 11:50
  logistics
• 11:51
  too
• 11:51
  of
• 11:51
  the
• 11:51
  operational
• 11:52
  side,
• 11:52
  there's
• 11:53
  A
• 11:53
  lot
• 11:53
  there
• 11:54
  and
• 11:54
  that
• 11:54
  can
• 11:54
  be
• 11:54
  added
• 11:55
  there.
• 11:55
  So.
• 11:55
  And
• 11:56
  that
• 11:56
  also
• 11:56
  makes
• 11:56
  for
• 11:56
  happier
• 11:57
  tenants,
• 11:57
  which
• 11:58
  hopefully
• 11:58
  adds
• 11:59
  up
• 11:59
  to
• 11:59
  stability
• 12:00
  of
• 12:00
  the
• 12:00
  asset,
• 12:01
  less
• 12:01
  vacancy
• 12:01
  rates
• 12:02
  and
• 12:02
  potentially
• 12:02
  even
• 12:03
  higher
• 12:03
  rent
• 12:03
  rates.
• 12:04
  So
• 12:04
  all
• 12:05
  very
• 12:05
  good
• 12:05
  stuff.
• 12:05
  Well,
• 12:06
  let's
• 12:06
  talk
• 12:06
  about
• 12:07
  repositioning
• 12:07
  the
• 12:07
  property.
• 12:08
  So
• 12:08
  there's
• 12:09
  really
• 12:09
  two
• 12:09
  parts
• 12:09
  of
• 12:09
  this,
• 12:10
  Erica.
• 12:10
  Right.
• 12:10
  So
• 12:10
  you
• 12:10
  got
• 12:10
  the
• 12:11
  property
• 12:11
  itself
• 12:11
  and
• 12:11
  you
• 12:11
  got
• 12:12
  the
• 12:12
  area.
• 12:12
  When
• 12:13
  the
• 12:13
  area
• 12:13
  is
• 12:13
  being
• 12:14
  repositioned,
• 12:14
  is
• 12:15
  that
• 12:15
  something
• 12:15
  that
• 12:16
  we
• 12:16
  can
• 12:16
  control
• 12:16
  as
• 12:16
  an
• 12:17
  owner?
• 12:17
  Not.
• 12:18
  Not
• 12:18
  really,
• 12:19
  no.
• 12:19
  Not
• 12:20
  in
• 12:20
  my
• 12:20
  opinion.
• 12:20
  I
• 12:20
  do
• 12:21
  think
• 12:21
  that
• 12:21
  you
• 12:21
  can
• 12:21
  have
• 12:21
  very
• 12:21
  friendly
• 12:22
  relationships
• 12:23
  with
• 12:23
  your
• 12:23
  city
• 12:23
  councilman,
• 12:24
  your
• 12:24
  city
• 12:24
  managers,
• 12:24
  your
• 12:25
  planning
• 12:25
  department.
• 12:26
  You
• 12:26
  can
• 12:26
  know
• 12:26
  where
• 12:26
  your
• 12:26
  assets
• 12:27
  are
• 12:27
  located
• 12:27
  and
• 12:27
  make
• 12:28
  sure
• 12:28
  that
• 12:28
  you
• 12:28
  are
• 12:28
  super
• 12:29
  in
• 12:29
  tune
• 12:29
  with
• 12:29
  the
• 12:29
  people
• 12:30
  that
• 12:30
  are
• 12:30
  in
• 12:30
  charge
• 12:31
  of
• 12:31
  the
• 12:31
  infrastructure
• 12:32
  changes
• 12:32
  in
• 12:32
  that
• 12:32
  area.
• 12:33
  I
• 12:33
  think
• 12:33
  that's
• 12:33
  one
• 12:33
  thing
• 12:33
  that
• 12:34
  you
• 12:34
  can
• 12:34
  do,
• 12:34
  your
• 12:35
  chamber
• 12:35
  of
• 12:35
  commerce
• 12:36
  rate
• 12:36
  and
• 12:36
  those
• 12:36
  kind
• 12:36
  of
• 12:36
  things.
• 12:37
  So
• 12:38
  I
• 12:38
  think
• 12:38
  there
• 12:38
  are
• 12:38
  ways
• 12:39
  to
• 12:39
  be
• 12:39
  involved
• 12:40
  with
• 12:40
  what's
• 12:41
  happening
• 12:41
  as
• 12:41
  far
• 12:41
  as
• 12:42
  the
• 12:42
  market
• 12:43
  changes
• 12:43
  and
• 12:43
  infrastructure
• 12:44
  changes
• 12:44
  around
• 12:44
  your
• 12:45
  asset,
• 12:45
  for
• 12:45
  sure.
• 12:46
  But
• 12:46
  you're
• 12:46
  not
• 12:46
  in
• 12:46
  maybe
• 12:47
  direct
• 12:47
  control
• 12:47
  of
• 12:47
  it,
• 12:48
  right?
• 12:48
  Right.
• 12:48
  Yeah,
• 12:49
  it's
• 12:49
  very
• 12:49
  rare.
• 12:49
  You
• 12:50
  can
• 12:50
  never
• 12:50
  really
• 12:50
  be
• 12:50
  in
• 12:50
  direct
• 12:51
  control
• 12:51
  that
• 12:51
  unless
• 12:51
  you
• 12:52
  have
• 12:52
  enough.
• 12:52
  Enough
• 12:53
  clout
• 12:53
  behind
• 12:54
  you
• 12:54
  to
• 12:54
  go
• 12:54
  there
• 12:54
  and
• 12:54
  buy
• 12:55
  all
• 12:55
  the
• 12:55
  properties
• 12:55
  in
• 12:55
  the
• 12:56
  area.
• 12:56
  Most
• 12:56
  people
• 12:57
  don't
• 12:57
  have
• 12:57
  that
• 12:57
  type
• 12:57
  of
• 12:57
  cloud,
• 12:58
  but
• 12:59
  what
• 12:59
  you
• 12:59
  can
• 12:59
  do
• 12:59
  is
• 13:00
  you
• 13:00
  can
• 13:00
  capitalize
• 13:00
  on
• 13:01
  it.
• 13:01
  Right.
• 13:01
  So
• 13:01
  if
• 13:01
  the
• 13:01
  area
• 13:02
  is
• 13:02
  already
• 13:02
  starting
• 13:02
  to
• 13:03
  gentrify
• 13:03
  and
• 13:04
  you
• 13:04
  can
• 13:04
  see
• 13:04
  that
• 13:04
  there's
• 13:04
  clear
• 13:05
  evidence
• 13:05
  that
• 13:05
  this
• 13:06
  is
• 13:06
  happening,
• 13:06
  maybe
• 13:07
  you
• 13:07
  go
• 13:07
  in
• 13:07
  there
• 13:07
  and
• 13:07
  you
• 13:08
  reposition
• 13:09
  your
• 13:09
  property
• 13:10
  to
• 13:10
  reflect
• 13:10
  that
• 13:11
  change
• 13:11
  in
• 13:11
  the
• 13:11
  area.
• 13:11
  Sometimes
• 13:12
  you
• 13:12
  can
• 13:12
  just
• 13:12
  capitalize
• 13:13
  on
• 13:13
  it.
• 13:13
  You
• 13:13
  know,
• 13:14
  I
• 13:14
  bought
• 13:14
  a
• 13:14
  property
• 13:15
  in
• 13:16
  an
• 13:16
  upcoming
• 13:16
  area
• 13:17
  of
• 13:17
  Charlotte.
• 13:18
  It's
• 13:18
  actually
• 13:18
  in
• 13:18
  an
• 13:18
  opportunity
• 13:19
  zone,
• 13:20
  but
• 13:20
  it's
• 13:20
  an
• 13:20
  area
• 13:20
  that
• 13:21
  has
• 13:22
  a
• 13:22
  lot
• 13:22
  of
• 13:23
  development.
• 13:23
  But
• 13:23
  it's
• 13:23
  also
• 13:24
  that
• 13:24
  historically
• 13:25
  has
• 13:25
  been
• 13:25
  very
• 13:25
  rough
• 13:26
  because
• 13:26
  keep
• 13:26
  in
• 13:26
  mind
• 13:26
  that
• 13:26
  gentrification
• 13:27
  doesn't
• 13:28
  happen
• 13:28
  overnight.
• 13:29
  It's
• 13:29
  not
• 13:29
  going
• 13:29
  to
• 13:29
  be
• 13:30
  six
• 13:30
  months
• 13:30
  or
• 13:31
  12
• 13:31
  months
• 13:31
  down
• 13:31
  the
• 13:31
  line.
• 13:31
  It's
• 13:32
  something
• 13:32
  that
• 13:32
  may
• 13:32
  take
• 13:32
  a
• 13:32
  decade
• 13:33
  because
• 13:34
  they
• 13:34
  have
• 13:34
  to
• 13:34
  totally
• 13:34
  transition
• 13:35
  the
• 13:35
  area.
• 13:36
  But
• 13:36
  as
• 13:36
  you
• 13:36
  see
• 13:36
  new
• 13:37
  development
• 13:37
  and
• 13:37
  you
• 13:37
  see
• 13:38
  new
• 13:38
  businesses
• 13:38
  opening
• 13:38
  that
• 13:39
  are
• 13:39
  bringing
• 13:39
  new
• 13:39
  jobs
• 13:39
  to
• 13:40
  the
• 13:40
  area,
• 13:40
  eventually
• 13:41
  that
• 13:41
  change
• 13:41
  will
• 13:41
  come.
• 13:42
  So
• 13:42
  we
• 13:42
  had
• 13:43
  bought
• 13:43
  a
• 13:43
  property
• 13:43
  in
• 13:44
  early
• 13:44
  2021
• 13:45
  in
• 13:45
  a
• 13:45
  gentrifying
• 13:46
  part
• 13:46
  of
• 13:46
  Charlotte.
• 13:47
  And
• 13:48
  there
• 13:48
  were
• 13:48
  two
• 13:48
  things
• 13:48
  we
• 13:48
  liked
• 13:49
  a
• 13:49
  lot
• 13:49
  that
• 13:49
  really
• 13:49
  encouraged
• 13:50
  us
• 13:50
  to
• 13:50
  buy
• 13:50
  the
• 13:50
  property.
• 13:51
  One
• 13:51
  is
• 13:51
  that
• 13:51
  literally
• 13:52
  right
• 13:52
  next
• 13:53
  to
• 13:53
  the
• 13:53
  property
• 13:53
  we
• 13:54
  bought
• 13:54
  there
• 13:54
  was
• 13:54
  148
• 13:55
  unit
• 13:56
  townhome
• 13:56
  community
• 13:57
  under
• 13:57
  construction.
• 13:58
  Second
• 13:58
  thing
• 13:58
  is
• 13:59
  the
• 13:59
  city
• 13:59
  had
• 13:59
  announced
• 13:59
  plans
• 14:00
  to
• 14:00
  build
• 14:00
  a
• 14:00
  train
• 14:00
  line
• 14:01
  that
• 14:01
  was
• 14:01
  Going
• 14:01
  to
• 14:01
  run
• 14:01
  right
• 14:02
  through
• 14:02
  that
• 14:02
  area.
• 14:02
  So
• 14:03
  when
• 14:03
  you
• 14:04
  see
• 14:04
  the
• 14:04
  government
• 14:05
  spending
• 14:06
  money
• 14:06
  to
• 14:06
  lay
• 14:06
  tracks
• 14:07
  and
• 14:07
  to
• 14:07
  build
• 14:08
  a
• 14:08
  train
• 14:08
  line,
• 14:09
  and
• 14:09
  you
• 14:09
  see
• 14:10
  private
• 14:10
  developers
• 14:10
  going
• 14:11
  in
• 14:11
  there
• 14:11
  and
• 14:11
  building
• 14:11
  new
• 14:12
  communities,
• 14:12
  that's
• 14:13
  usually
• 14:13
  a
• 14:13
  good
• 14:13
  sign
• 14:13
  that
• 14:14
  property
• 14:14
  values
• 14:14
  are
• 14:14
  going
• 14:14
  to
• 14:14
  go
• 14:14
  up
• 14:15
  in
• 14:15
  the
• 14:15
  area.
• 14:15
  So
• 14:16
  we
• 14:16
  took
• 14:16
  advantage
• 14:17
  of
• 14:17
  that.
• 14:17
  We
• 14:18
  decided
• 14:18
  to
• 14:18
  buy
• 14:18
  the
• 14:19
  property
• 14:19
  because
• 14:20
  we
• 14:20
  knew
• 14:20
  the
• 14:21
  area
• 14:21
  was
• 14:21
  rough,
• 14:22
  but
• 14:22
  we
• 14:22
  also
• 14:22
  saw
• 14:23
  the
• 14:23
  improvement
• 14:23
  coming.
• 14:24
  And
• 14:24
  because
• 14:25
  of
• 14:25
  that,
• 14:25
  we
• 14:25
  actually
• 14:25
  sold
• 14:26
  that
• 14:26
  property
• 14:26
  earlier
• 14:27
  this
• 14:27
  year.
• 14:27
  We
• 14:27
  were
• 14:27
  able
• 14:28
  to
• 14:28
  do
• 14:28
  pretty
• 14:28
  well
• 14:29
  with
• 14:29
  it
• 14:29
  because
• 14:30
  it
• 14:30
  had
• 14:30
  a
• 14:30
  lot
• 14:30
  of
• 14:31
  upside
• 14:31
  potential.
• 14:31
  As
• 14:31
  the
• 14:32
  area
• 14:32
  kept
• 14:32
  improving,
• 14:32
  there's
• 14:33
  still
• 14:33
  more
• 14:33
  development
• 14:34
  that's
• 14:34
  happening
• 14:34
  now.
• 14:34
  So
• 14:35
  in
• 14:35
  the
• 14:35
  next
• 14:35
  couple
• 14:35
  of
• 14:35
  years,
• 14:35
  it
• 14:36
  will
• 14:36
  probably
• 14:36
  be
• 14:36
  worth
• 14:36
  even
• 14:36
  more
• 14:37
  as
• 14:37
  the
• 14:37
  area
• 14:38
  continues
• 14:38
  to
• 14:39
  improve.
• 14:40
  Making
• 14:40
  sure
• 14:41
  you're
• 14:41
  buying
• 14:41
  in
• 14:41
  areas
• 14:41
  where
• 14:42
  you
• 14:42
  can
• 14:42
  ride
• 14:42
  that
• 14:42
  wave,
• 14:43
  that's
• 14:43
  going
• 14:43
  to
• 14:43
  go
• 14:43
  a
• 14:43
  long
• 14:44
  way.
• 14:44
  Did
• 14:44
  you
• 14:44
  rebrand
• 14:45
  it
• 14:45
  to
• 14:45
  a
• 14:45
  luxury
• 14:46
  apartment?
• 14:46
  You
• 14:46
  know,
• 14:47
  that's
• 14:47
  a
• 14:47
  joke.
• 14:48
  So
• 14:48
  one
• 14:48
  of
• 14:48
  the
• 14:48
  keys
• 14:49
  that's
• 14:49
  often
• 14:49
  talked
• 14:49
  about
• 14:49
  and
• 14:50
  evaluated
• 14:50
  is
• 14:50
  leaving
• 14:50
  meat
• 14:51
  on
• 14:51
  the
• 14:51
  bone
• 14:51
  for
• 14:51
  the
• 14:51
  next
• 14:51
  buyer.
• 14:52
  So
• 14:52
  that
• 14:52
  was
• 14:52
  meat
• 14:53
  on
• 14:53
  the
• 14:53
  bone
• 14:53
  for
• 14:53
  the
• 14:53
  next
• 14:53
  buyer.
• 14:54
  You
• 14:54
  know,
• 14:54
  our
• 14:55
  goal
• 14:55
  was
• 14:55
  to
• 14:55
  put
• 14:55
  a
• 14:56
  minimal
• 14:56
  amount
• 14:56
  of
• 14:56
  capex
• 14:57
  into
• 14:57
  that
• 14:57
  one.
• 14:58
  Realizing
• 14:58
  that
• 14:59
  the
• 14:59
  area
• 14:59
  wasn't
• 15:00
  there
• 15:00
  just
• 15:00
  yet
• 15:01
  and
• 15:01
  capitalizing
• 15:02
  on
• 15:02
  the
• 15:02
  expected
• 15:03
  future
• 15:03
  growth
• 15:04
  in
• 15:04
  the
• 15:04
  area
• 15:04
  based
• 15:04
  on
• 15:04
  what
• 15:05
  we
• 15:05
  already
• 15:05
  saw.
• 15:06
  And,
• 15:06
  you
• 15:06
  know,
• 15:06
  that
• 15:06
  was
• 15:07
  kind
• 15:07
  of
• 15:07
  something
• 15:07
  we
• 15:07
  left
• 15:07
  for
• 15:07
  an
• 15:08
  incoming
• 15:08
  buyer
• 15:08
  to
• 15:09
  say,
• 15:09
  okay,
• 15:09
  put
• 15:10
  that
• 15:10
  on
• 15:10
  the
• 15:10
  hook
• 15:10
  so
• 15:10
  they
• 15:11
  have
• 15:11
  something
• 15:11
  to
• 15:11
  be
• 15:11
  excited
• 15:12
  about.
• 15:12
  Yeah,
• 15:13
  absolutely.
• 15:13
  That
• 15:14
  rebranding,
• 15:14
  though.
• 15:15
  Rebranding
• 15:15
  is
• 15:15
  another
• 15:16
  aspect
• 15:17
  of
• 15:17
  repositioning
• 15:17
  the
• 15:18
  property
• 15:18
  for
• 15:18
  sure.
• 15:19
  Whether
• 15:19
  that
• 15:19
  be
• 15:19
  taking
• 15:20
  over
• 15:20
  a
• 15:20
  failing
• 15:21
  property
• 15:21
  where
• 15:21
  the
• 15:22
  owner
• 15:22
  or
• 15:23
  manager
• 15:23
  is
• 15:23
  just
• 15:23
  letting
• 15:23
  it
• 15:24
  completely
• 15:24
  fail
• 15:24
  and
• 15:24
  the
• 15:24
  tenants
• 15:25
  are
• 15:25
  unhappy,
• 15:25
  vacancy
• 15:26
  rates
• 15:26
  are
• 15:26
  going
• 15:26
  up
• 15:27
  and
• 15:27
  going
• 15:27
  in
• 15:27
  there
• 15:27
  and
• 15:28
  rebranding
• 15:28
  it,
• 15:28
  whether
• 15:28
  it
• 15:29
  be
• 15:29
  the
• 15:29
  name,
• 15:30
  the
• 15:30
  logo,
• 15:31
  you
• 15:31
  know,
• 15:31
  going
• 15:31
  after
• 15:32
  the
• 15:32
  reviews
• 15:32
  and
• 15:32
  getting
• 15:32
  the
• 15:33
  reviews
• 15:33
  back
• 15:33
  up,
• 15:34
  so
• 15:34
  whatever
• 15:34
  that
• 15:34
  looks
• 15:35
  like.
• 15:35
  Also,
• 15:35
  there's
• 15:36
  value
• 15:36
  add,
• 15:36
  opportunity
• 15:37
  and
• 15:37
  rebranding
• 15:38
  because
• 15:38
  it
• 15:38
  is
• 15:39
  essentially
• 15:39
  a
• 15:39
  business
• 15:39
  that
• 15:40
  you're
• 15:40
  buying
• 15:40
  with
• 15:40
  multifamily.
• 15:41
  So
• 15:41
  you
• 15:42
  essentially
• 15:42
  are
• 15:42
  rebranding
• 15:43
  the
• 15:43
  business
• 15:43
  of
• 15:44
  that
• 15:44
  building.
• 15:45
  So
• 15:45
  that
• 15:45
  is
• 15:45
  another,
• 15:46
  I
• 15:46
  think,
• 15:46
  key
• 15:46
  component
• 15:47
  of
• 15:47
  it,
• 15:47
  for
• 15:47
  sure.
• 15:48
  Absolutely.
• 15:49
  And
• 15:49
  rebranding
• 15:49
  can
• 15:50
  be
• 15:50
  done
• 15:50
  for
• 15:50
  a
• 15:50
  lot
• 15:50
  of
• 15:50
  reasons.
• 15:51
  Right.
• 15:51
  Sometimes
• 15:51
  you
• 15:51
  want
• 15:52
  a
• 15:52
  fresh
• 15:52
  start,
• 15:52
  you
• 15:53
  know,
• 15:53
  so
• 15:53
  sometimes
• 15:53
  you
• 15:53
  buy
• 15:54
  a
• 15:54
  property,
• 15:54
  maybe
• 15:54
  the
• 15:55
  online
• 15:55
  reviews
• 15:55
  aren't
• 15:55
  good.
• 15:56
  You
• 15:56
  can
• 15:56
  go
• 15:56
  there
• 15:56
  and
• 15:57
  spend
• 15:57
  months
• 15:57
  and
• 15:58
  years
• 15:58
  trying
• 15:58
  to
• 15:59
  improve
• 15:59
  those
• 15:59
  online
• 16:00
  reviews,
• 16:00
  or
• 16:01
  you
• 16:01
  can
• 16:01
  just
• 16:01
  whitewash
• 16:01
  it
• 16:02
  out
• 16:02
  again
• 16:02
  and
• 16:02
  give
• 16:02
  it
• 16:02
  a
• 16:02
  new
• 16:03
  name
• 16:03
  and
• 16:03
  a
• 16:03
  new
• 16:03
  facelift
• 16:04
  and.
• 16:04
  And
• 16:05
  build
• 16:05
  the
• 16:05
  reviews
• 16:05
  from
• 16:05
  scratch.
• 16:06
  Or
• 16:06
  sometimes
• 16:06
  that's
• 16:06
  the
• 16:06
  easier
• 16:07
  Approach.
• 16:07
  Sometimes
• 16:08
  it
• 16:08
  could
• 16:08
  be
• 16:08
  because
• 16:09
  the
• 16:09
  group
• 16:09
  just
• 16:09
  wants
• 16:09
  to
• 16:10
  put
• 16:10
  their
• 16:10
  name
• 16:10
  or
• 16:11
  their
• 16:11
  brand
• 16:11
  on
• 16:11
  it.
• 16:11
  There's
• 16:12
  a
• 16:12
  lot
• 16:12
  of
• 16:12
  groups
• 16:12
  who
• 16:12
  buy
• 16:13
  properties.
• 16:13
  They
• 16:14
  put
• 16:14
  whatever
• 16:14
  the
• 16:14
  name
• 16:14
  of
• 16:14
  their
• 16:15
  group
• 16:15
  or
• 16:15
  their
• 16:15
  brand
• 16:16
  is
• 16:16
  in
• 16:16
  that,
• 16:17
  that
• 16:17
  name.
• 16:17
  And
• 16:17
  that
• 16:17
  lets
• 16:18
  people
• 16:18
  know,
• 16:18
  oh,
• 16:18
  this
• 16:19
  is
• 16:19
  one
• 16:19
  of
• 16:19
  their
• 16:19
  properties.
• 16:20
  And
• 16:21
  hopefully
• 16:21
  if
• 16:21
  that
• 16:21
  group
• 16:22
  has
• 16:22
  a
• 16:22
  good
• 16:22
  reputation,
• 16:23
  then
• 16:23
  the
• 16:24
  good
• 16:24
  reputation
• 16:24
  that
• 16:24
  people
• 16:25
  associate
• 16:25
  with
• 16:25
  that
• 16:26
  brand
• 16:26
  will
• 16:26
  be
• 16:26
  associated
• 16:27
  with
• 16:27
  that
• 16:27
  property
• 16:27
  now
• 16:27
  by
• 16:29
  every
• 16:29
  time
• 16:29
  they
• 16:29
  pass
• 16:30
  by
• 16:30
  it.
• 16:30
  Absolutely.
• 16:31
  So
• 16:32
  then
• 16:32
  you
• 16:32
  got
• 16:32
  financial
• 16:32
  analysis
• 16:33
  and
• 16:33
  budgeting.
• 16:34
  So
• 16:34
  with
• 16:34
  a
• 16:34
  lot
• 16:35
  of
• 16:35
  things
• 16:35
  in
• 16:35
  business,
• 16:36
  you
• 16:36
  know,
• 16:36
  it's
• 16:36
  beneficial
• 16:36
  to
• 16:37
  a
• 16:37
  cost
• 16:37
  benefit
• 16:37
  analysis,
• 16:38
  right?
• 16:38
  So
• 16:38
  you
• 16:38
  want
• 16:39
  to
• 16:39
  understand
• 16:40
  how
• 16:40
  much
• 16:41
  something
• 16:41
  is
• 16:41
  costing
• 16:41
  you
• 16:42
  and
• 16:42
  basically
• 16:43
  how
• 16:43
  much
• 16:43
  bang
• 16:43
  for
• 16:43
  your
• 16:43
  buck
• 16:44
  you're
• 16:44
  getting
• 16:44
  out
• 16:44
  of
• 16:44
  it.
• 16:45
  So
• 16:45
  you
• 16:46
  want
• 16:46
  to
• 16:46
  prioritize
• 16:46
  your
• 16:47
  projects
• 16:47
  that
• 16:47
  are
• 16:47
  giving
• 16:47
  you
• 16:48
  the
• 16:48
  highest
• 16:48
  return
• 16:48
  on
• 16:49
  investment.
• 16:49
  So
• 16:50
  let's
• 16:50
  use
• 16:50
  an
• 16:51
  example,
• 16:51
  right?
• 16:51
  So
• 16:51
  let's
• 16:52
  say
• 16:52
  you
• 16:52
  go
• 16:52
  out
• 16:52
  there
• 16:53
  and
• 16:53
  you
• 16:53
  say
• 16:53
  you're
• 16:53
  going
• 16:53
  to
• 16:54
  put
• 16:54
  $5,000
• 16:55
  into
• 16:55
  a
• 16:55
  unit
• 16:56
  and
• 16:56
  that
• 16:56
  $5,000
• 16:57
  is
• 16:57
  going
• 16:57
  to
• 16:58
  get
• 16:58
  you
• 16:58
  a,
• 16:59
  you
• 16:59
  know,
• 16:59
  a
• 16:59
  $75
• 17:00
  rent
• 17:00
  pump
• 17:01
  each
• 17:01
  month.
• 17:01
  Or
• 17:02
  you
• 17:02
  have
• 17:03
  an
• 17:03
  option
• 17:03
  of
• 17:03
  putting
• 17:04
  $3,000
• 17:05
  in
• 17:05
  and
• 17:05
  that
• 17:06
  $3,000
• 17:07
  is
• 17:07
  going
• 17:07
  to
• 17:07
  get
• 17:07
  you
• 17:07
  60,
• 17:08
  60
• 17:08
  bucks
• 17:09
  a
• 17:09
  month
• 17:09
  at
• 17:09
  a
• 17:09
  rent
• 17:10
  bump.
• 17:10
  So
• 17:11
  technically
• 17:11
  the
• 17:12
  75
• 17:12
  bucks
• 17:13
  is
• 17:13
  obviously
• 17:13
  greater
• 17:14
  than
• 17:14
  the
• 17:14
  60
• 17:14
  bucks,
• 17:15
  but
• 17:15
  is
• 17:15
  it
• 17:15
  really
• 17:16
  worth
• 17:16
  that
• 17:16
  extra
• 17:16
  $2,000?
• 17:17
  And
• 17:17
  the
• 17:17
  answer
• 17:18
  is
• 17:18
  no.
• 17:18
  You're
• 17:19
  actually
• 17:19
  getting
• 17:19
  a
• 17:19
  better
• 17:19
  return
• 17:20
  by
• 17:20
  spending
• 17:21
  less
• 17:21
  money.
• 17:22
  So
• 17:22
  depending
• 17:22
  on
• 17:23
  the
• 17:23
  property
• 17:23
  and
• 17:23
  the
• 17:23
  area,
• 17:24
  the
• 17:24
  demographic
• 17:24
  you're
• 17:25
  catering
• 17:25
  to,
• 17:25
  it
• 17:26
  could
• 17:26
  be
• 17:26
  kind
• 17:26
  of
• 17:26
  a
• 17:27
  ceiling
• 17:27
  with
• 17:27
  some
• 17:27
  of
• 17:27
  these
• 17:28
  thresholds.
• 17:28
  And
• 17:28
  you
• 17:28
  want
• 17:29
  to
• 17:29
  understand
• 17:29
  what
• 17:29
  people
• 17:29
  are
• 17:30
  willing
• 17:30
  to
• 17:30
  pay
• 17:30
  for
• 17:30
  a
• 17:30
  particular
• 17:31
  product
• 17:31
  in
• 17:31
  the
• 17:31
  area
• 17:32
  and
• 17:32
  gauge
• 17:33
  your
• 17:33
  spending
• 17:34
  decisions
• 17:34
  accordingly
• 17:34
  with
• 17:35
  that.
• 17:35
  Absolutely,
• 17:36
  I
• 17:36
  agree.
• 17:36
  I
• 17:37
  think
• 17:37
  that
• 17:37
  it's
• 17:37
  one
• 17:38
  element
• 17:38
  to
• 17:38
  go
• 17:39
  in
• 17:39
  and
• 17:39
  do
• 17:39
  the
• 17:39
  construction
• 17:40
  value
• 17:41
  add
• 17:41
  of
• 17:41
  like
• 17:42
  just,
• 17:42
  even
• 17:42
  if
• 17:42
  it's
• 17:43
  light
• 17:43
  cosmetic
• 17:44
  interior
• 17:45
  construction,
• 17:45
  with
• 17:46
  the
• 17:46
  other
• 17:46
  side
• 17:46
  of
• 17:47
  that
• 17:47
  is
• 17:47
  the
• 17:48
  budgeting
• 17:48
  of
• 17:49
  that
• 17:49
  project
• 17:49
  for
• 17:50
  sure
• 17:50
  and
• 17:51
  ensuring
• 17:51
  that
• 17:51
  the
• 17:52
  contractors
• 17:53
  are
• 17:53
  in
• 17:53
  line
• 17:54
  with
• 17:54
  market
• 17:54
  rates
• 17:55
  or
• 17:55
  better
• 17:56
  and
• 17:56
  that
• 17:56
  you
• 17:56
  are
• 17:57
  making
• 17:57
  sure
• 17:57
  their
• 17:58
  material
• 17:58
  costs
• 17:59
  are
• 17:59
  not
• 17:59
  going
• 17:59
  up
• 17:59
  too
• 17:59
  high.
• 18:00
  And
• 18:00
  you're
• 18:00
  truly
• 18:01
  measuring
• 18:01
  all
• 18:01
  of
• 18:01
  that.
• 18:02
  And
• 18:02
  one
• 18:02
  of
• 18:02
  the
• 18:03
  ways
• 18:03
  to
• 18:03
  mitigate
• 18:03
  that
• 18:03
  is
• 18:04
  making
• 18:04
  sure
• 18:04
  you
• 18:04
  have
• 18:04
  the
• 18:04
  right
• 18:05
  contracts
• 18:05
  in
• 18:05
  place
• 18:05
  with
• 18:06
  them.
• 18:06
  So
• 18:06
  really,
• 18:07
  you
• 18:07
  know,
• 18:07
  I
• 18:07
  like
• 18:07
  the
• 18:07
  model
• 18:08
  of
• 18:08
  like
• 18:08
  they
• 18:09
  charge
• 18:09
  you
• 18:09
  what
• 18:10
  is
• 18:10
  the
• 18:10
  work
• 18:10
  going
• 18:10
  to
• 18:10
  cost?
• 18:11
  And
• 18:11
  it's
• 18:11
  in
• 18:11
  the
• 18:12
  contract
• 18:12
  that
• 18:12
  there's
• 18:13
  no,
• 18:13
  no
• 18:14
  additional
• 18:14
  invoices
• 18:15
  or
• 18:15
  worker
• 18:15
  orders
• 18:16
  outside
• 18:16
  of
• 18:16
  this
• 18:17
  quoted
• 18:17
  amount.
• 18:18
  And
• 18:18
  that
• 18:18
  keeps
• 18:19
  them
• 18:19
  self
• 18:19
  accountable
• 18:20
  to
• 18:20
  staying
• 18:21
  within
• 18:21
  budget.
• 18:22
  So
• 18:22
  there's
• 18:22
  different
• 18:23
  ways
• 18:23
  to
• 18:23
  mitigate
• 18:23
  it
• 18:23
  for
• 18:24
  you
• 18:24
  as
• 18:24
  the
• 18:24
  general
• 18:25
  partner
• 18:25
  on
• 18:25
  that
• 18:25
  asset
• 18:26
  of
• 18:26
  how
• 18:26
  much
• 18:27
  you
• 18:27
  have
• 18:27
  to
• 18:27
  oversee
• 18:28
  these
• 18:28
  things.
• 18:28
  But
• 18:29
  the
• 18:29
  budgeting
• 18:29
  of
• 18:30
  that
• 18:30
  construction
• 18:31
  as
• 18:31
  it
• 18:31
  moves
• 18:31
  along
• 18:32
  is
• 18:33
  critical
• 18:34
  because
• 18:34
  you
• 18:35
  can
• 18:35
  get
• 18:35
  off
• 18:36
  track
• 18:36
  and
• 18:36
  you're
• 18:37
  going
• 18:37
  to
• 18:37
  get
• 18:37
  off
• 18:37
  track
• 18:38
  at
• 18:38
  scale
• 18:39
  and
• 18:39
  then
• 18:39
  it
• 18:39
  compounds
• 18:40
  very
• 18:40
  quickly.
• 18:41
  So
• 18:41
  budgeting
• 18:42
  of
• 18:42
  everything,
• 18:43
  especially
• 18:43
  the
• 18:44
  construction
• 18:44
  side,
• 18:44
  I
• 18:44
  see
• 18:45
  that
• 18:45
  being
• 18:45
  pretty
• 18:46
  important.
• 18:46
  Yeah,
• 18:47
  budgeting
• 18:47
  is
• 18:47
  definitely
• 18:47
  key.
• 18:48
  Well,
• 18:48
  let's
• 18:48
  talk
• 18:49
  about
• 18:49
  now
• 18:49
  once
• 18:50
  somebody
• 18:50
  does
• 18:51
  all
• 18:51
  these
• 18:51
  things.
• 18:51
  So
• 18:51
  let's
• 18:52
  say
• 18:52
  they've
• 18:52
  identified
• 18:53
  the
• 18:53
  property,
• 18:54
  they
• 18:54
  bought
• 18:54
  it,
• 18:55
  they've
• 18:55
  done
• 18:55
  some
• 18:56
  upgrades,
• 18:56
  they've
• 18:56
  got
• 18:56
  some
• 18:57
  operational
• 18:57
  efficiencies,
• 18:58
  maybe
• 18:58
  they've
• 18:58
  rebranded
• 18:59
  it.
• 18:59
  So
• 18:59
  let's
• 19:00
  talk
• 19:00
  about
• 19:00
  the
• 19:00
  exit
• 19:01
  strategies.
• 19:01
  What
• 19:02
  options
• 19:02
  do
• 19:02
  people
• 19:02
  have
• 19:02
  there?
• 19:03
  Well,
• 19:03
  there's
• 19:03
  full
• 19:04
  sale,
• 19:04
  right.
• 19:05
  You
• 19:05
  just,
• 19:05
  you
• 19:05
  value
• 19:06
  added
• 19:06
  to
• 19:06
  the
• 19:06
  property
• 19:07
  and
• 19:07
  you're
• 19:07
  prepared
• 19:08
  then
• 19:08
  for
• 19:08
  a
• 19:09
  sale.
• 19:09
  That's
• 19:09
  I
• 19:10
  think
• 19:10
  one
• 19:10
  of
• 19:10
  the
• 19:10
  ones
• 19:10
  that
• 19:10
  is
• 19:11
  most
• 19:11
  common
• 19:12
  and
• 19:12
  really
• 19:13
  that's
• 19:13
  you
• 19:13
  have
• 19:13
  a
• 19:13
  pre
• 19:14
  written
• 19:14
  exit
• 19:14
  strategy
• 19:15
  on
• 19:15
  that
• 19:15
  property.
• 19:16
  I
• 19:16
  always
• 19:16
  believe
• 19:16
  in
• 19:16
  plan
• 19:17
  A,
• 19:17
  B
• 19:17
  and
• 19:17
  C.
• 19:18
  However,
• 19:18
  you've
• 19:18
  gotten
• 19:19
  to
• 19:19
  a
• 19:19
  point
• 19:19
  on
• 19:19
  your
• 19:19
  hold
• 19:20
  period
• 19:20
  where
• 19:20
  you've
• 19:20
  accomplished
• 19:21
  the
• 19:22
  strategy
• 19:22
  or
• 19:22
  whatever
• 19:23
  returns
• 19:23
  you
• 19:23
  were
• 19:23
  solving
• 19:24
  for,
• 19:24
  you
• 19:25
  accomplished
• 19:25
  it
• 19:26
  and
• 19:26
  now
• 19:26
  you're
• 19:26
  going
• 19:27
  to
• 19:27
  go
• 19:27
  ahead
• 19:28
  and
• 19:28
  sail.
• 19:28
  One
• 19:29
  of
• 19:29
  the
• 19:29
  cons
• 19:30
  of
• 19:30
  the
• 19:30
  sale
• 19:31
  is
• 19:31
  that,
• 19:31
  you
• 19:32
  know,
• 19:32
  one
• 19:32
  of
• 19:32
  the
• 19:32
  points
• 19:32
  of
• 19:33
  real
• 19:33
  estate
• 19:33
  is
• 19:33
  to
• 19:34
  help
• 19:34
  mitigate
• 19:34
  taxes.
• 19:35
  So
• 19:35
  if
• 19:35
  you
• 19:35
  have
• 19:36
  a
• 19:36
  large
• 19:36
  capital
• 19:36
  gain
• 19:37
  tax
• 19:37
  on
• 19:37
  that
• 19:37
  property,
• 19:38
  that's
• 19:38
  part
• 19:38
  of
• 19:39
  the
• 19:39
  reason
• 19:39
  that
• 19:39
  maybe
• 19:39
  somebody
• 19:40
  would
• 19:40
  choose
• 19:40
  to
• 19:41
  refinance
• 19:42
  on
• 19:42
  that
• 19:42
  deal
• 19:43
  and
• 19:43
  refinance
• 19:43
  into
• 19:44
  the
• 19:44
  next
• 19:44
  one
• 19:44
  instead.
• 19:45
  Totally.
• 19:45
  So
• 19:45
  definitely
• 19:46
  a
• 19:46
  sale
• 19:46
  and
• 19:46
  refinance,
• 19:47
  two
• 19:47
  very
• 19:47
  popular,
• 19:48
  very
• 19:48
  common
• 19:48
  options.
• 19:49
  And
• 19:49
  another
• 19:50
  option
• 19:50
  could
• 19:50
  be
• 19:50
  just
• 19:50
  simply
• 19:51
  holding
• 19:51
  the
• 19:51
  property.
• 19:51
  Right.
• 19:52
  So
• 19:52
  if
• 19:52
  the
• 19:52
  property
• 19:53
  is
• 19:53
  performing,
• 19:53
  maybe
• 19:54
  you're
• 19:54
  happy
• 19:54
  with
• 19:54
  the
• 19:54
  cash
• 19:54
  flow
• 19:55
  and
• 19:55
  maybe
• 19:55
  you
• 19:55
  just
• 19:55
  want
• 19:55
  to
• 19:55
  keep
• 19:56
  it
• 19:56
  for
• 19:56
  the
• 19:56
  long
• 19:56
  term
• 19:57
  and
• 19:57
  have
• 19:57
  an
• 19:57
  ongoing
• 19:58
  income
• 19:58
  stream.
• 19:58
  So
• 19:58
  that
• 19:58
  could
• 19:58
  be
• 19:59
  another
• 19:59
  possibility
• 19:59
  as
• 19:59
  well.
• 20:00
  Absolutely.
• 20:01
  And
• 20:01
  then
• 20:01
  obviously
• 20:02
  if
• 20:02
  you're,
• 20:02
  you
• 20:02
  know,
• 20:02
  you're,
• 20:03
  you're.
• 20:03
  I'm
• 20:03
  always
• 20:04
  encouraging
• 20:04
  that
• 20:04
  if
• 20:04
  you're
• 20:04
  going
• 20:05
  to
• 20:05
  do
• 20:05
  a
• 20:05
  sale
• 20:05
  and
• 20:05
  you
• 20:06
  do
• 20:06
  have
• 20:06
  a
• 20:06
  significant
• 20:07
  capital
• 20:07
  gains
• 20:07
  tax
• 20:07
  that
• 20:08
  you're
• 20:08
  looking
• 20:08
  at
• 20:08
  for
• 20:08
  you
• 20:08
  and
• 20:09
  your
• 20:09
  investors
• 20:09
  that
• 20:09
  you
• 20:10
  would
• 20:10
  consider
• 20:10
  a
• 20:10
  1031
• 20:11
  exchange.
• 20:11
  That's
• 20:12
  I
• 20:12
  think
• 20:12
  what
• 20:12
  a
• 20:12
  lot
• 20:12
  of
• 20:12
  people
• 20:13
  will
• 20:13
  do
• 20:13
  on
• 20:13
  these
• 20:13
  types
• 20:13
  of
• 20:14
  assets
• 20:14
  and
• 20:14
  then
• 20:14
  1031
• 20:15
  maybe
• 20:15
  into
• 20:15
  the
• 20:15
  next
• 20:16
  project.
• 20:16
  So
• 20:17
  different
• 20:17
  exit
• 20:18
  strategies.
• 20:18
  I
• 20:18
  think
• 20:18
  we've
• 20:18
  also
• 20:19
  talked
• 20:19
  about
• 20:19
  a
• 20:19
  little
• 20:19
  bit.
• 20:20
  I
• 20:20
  saw
• 20:20
  one
• 20:20
  that
• 20:21
  could
• 20:21
  be
• 20:21
  converted
• 20:21
  to
• 20:22
  condo
• 20:23
  on
• 20:23
  the
• 20:23
  exit
• 20:23
  strategy,
• 20:24
  which
• 20:24
  obviously
• 20:24
  there's
• 20:25
  a
• 20:25
  lot
• 20:25
  to
• 20:25
  do
• 20:25
  there
• 20:26
  as
• 20:26
  far
• 20:26
  as
• 20:26
  paperwork
• 20:27
  and
• 20:27
  making
• 20:27
  sure
• 20:27
  you
• 20:27
  have
• 20:27
  all
• 20:28
  the
• 20:28
  right
• 20:28
  documentation
• 20:29
  to
• 20:29
  create
• 20:30
  the
• 20:30
  condo,
• 20:30
  you
• 20:30
  also
• 20:30
  have
• 20:30
  to
• 20:30
  get
• 20:31
  it
• 20:31
  approved
• 20:31
  by
• 20:31
  the
• 20:31
  lender.
• 20:32
  But
• 20:32
  it
• 20:32
  is
• 20:32
  an
• 20:33
  exit
• 20:33
  strategy.
• 20:33
  I've
• 20:33
  seen
• 20:34
  on
• 20:34
  people's
• 20:35
  offering
• 20:35
  memorandums.
• 20:36
  Yeah,
• 20:36
  if
• 20:36
  you're
• 20:37
  coming
• 20:37
  into
• 20:37
  a
• 20:37
  strong
• 20:37
  market,
• 20:38
  a
• 20:38
  condo
• 20:38
  conversion
• 20:38
  can
• 20:39
  definitely
• 20:39
  be
• 20:39
  an
• 20:39
  option.
• 20:39
  And
• 20:40
  obviously
• 20:40
  you
• 20:40
  have
• 20:40
  to
• 20:40
  be
• 20:41
  in
• 20:41
  a,
• 20:41
  you
• 20:41
  know,
• 20:42
  property
• 20:42
  that
• 20:42
  has
• 20:42
  the
• 20:42
  zoning
• 20:43
  for
• 20:43
  that
• 20:43
  as
• 20:43
  well.
• 20:44
  But
• 20:44
  if
• 20:44
  you
• 20:44
  have
• 20:44
  all
• 20:45
  those
• 20:45
  pieces
• 20:45
  fall
• 20:45
  into
• 20:45
  place,
• 20:46
  you
• 20:46
  know,
• 20:46
  and
• 20:46
  you
• 20:46
  have
• 20:47
  good
• 20:47
  market
• 20:47
  conditions,
• 20:48
  that
• 20:48
  could
• 20:48
  be
• 20:49
  potentially
• 20:49
  a
• 20:49
  very
• 20:49
  lucrative
• 20:50
  one.
• 20:50
  I
• 20:50
  mean,
• 20:50
  in
• 20:51
  2007,
• 20:52
  2008,
• 20:53
  a
• 20:53
  general
• 20:53
  partner
• 20:54
  told
• 20:54
  me
• 20:54
  not
• 20:54
  long
• 20:54
  ago
• 20:54
  that
• 20:55
  that's
• 20:55
  was
• 20:55
  one
• 20:55
  of
• 20:56
  the
• 20:56
  main
• 20:56
  strategies
• 20:57
  in
• 20:57
  Florida
• 20:57
  for
• 20:58
  multifamily
• 20:59
  properties
• 21:00
  to
• 21:00
  get
• 21:00
  out
• 21:00
  of
• 21:00
  what
• 21:00
  they
• 21:01
  were
• 21:01
  going
• 21:01
  through.
• 21:01
  A
• 21:02
  lot
• 21:02
  of
• 21:02
  the
• 21:02
  banks
• 21:02
  allowed
• 21:03
  them
• 21:03
  to
• 21:03
  go
• 21:03
  ahead
• 21:03
  and
• 21:03
  convert
• 21:04
  to
• 21:04
  condos,
• 21:04
  and
• 21:04
  that
• 21:04
  was
• 21:05
  one
• 21:05
  of
• 21:05
  the
• 21:05
  main
• 21:05
  strategies
• 21:06
  they
• 21:06
  used.
• 21:06
  So
• 21:06
  it
• 21:07
  shows
• 21:07
  it
• 21:07
  can
• 21:07
  be
• 21:07
  very
• 21:08
  profitable
• 21:08
  indeed
• 21:08
  and
• 21:09
  potentially
• 21:09
  even
• 21:09
  get
• 21:09
  you
• 21:09
  out
• 21:09
  of
• 21:10
  a
• 21:10
  bad
• 21:10
  situation
• 21:10
  if
• 21:10
  it
• 21:10
  is
• 21:11
  an
• 21:11
  option.
• 21:11
  Totally.
• 21:12
  Well,
• 21:12
  guys,
• 21:12
  we
• 21:12
  want
• 21:12
  to
• 21:12
  thank
• 21:12
  everybody
• 21:13
  for
• 21:13
  joining
• 21:13
  us
• 21:13
  for
• 21:13
  this
• 21:14
  episode
• 21:14
  of
• 21:14
  the
• 21:14
  Master
• 21:15
  Passive
• 21:15
  Income
• 21:15
  Multifamily
• 21:16
  podcast.
• 21:17
  Once
• 21:17
  again,
• 21:17
  if
• 21:17
  you
• 21:18
  want
• 21:18
  our
• 21:18
  commercial
• 21:19
  real
• 21:19
  estate
• 21:19
  success
• 21:20
  guide,
• 21:20
  text
• 21:20
  the
• 21:20
  word
• 21:21
  freedom
• 21:21
  to
• 21:22
  33777
• 21:24
  until
• 21:24
  next
• 21:24
  time.
• 21:25
  Thanks,
• 21:25
  guys.