Latest / Master Passive Income Podcast Network / Going from a Duplex to $32MM in AUM with Trent Werner - MPI Multifamily Commercial Real Estate Investing

Transcript

Going from a Duplex to $32MM in AUM with Trent Werner - MPI Multifamily Commercial Real Estate Investing · Master Passive Income Podcast Network

• 1:13
  Foreign.
• 1:16
  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
  this
• 1:23
  is
• 1:24
  Charles
• 1:24
  Seaman
• 1:24
  here
• 1:24
  with
• 1:25
  Erica
• 1:25
  McNew
• 1:26
  and
• 1:26
  hosting
• 1:26
  the
• 1:27
  Master
• 1:27
  Passive
• 1:27
  Income
• 1:28
  Multifamily
• 1:29
  Podcast.
• 1:29
  And
• 1:29
  today
• 1:30
  we're
• 1:30
  very
• 1:30
  fortunate
• 1:31
  to
• 1:31
  have
• 1:31
  a
• 1:31
  special
• 1:31
  guest
• 1:32
  with
• 1:32
  us,
• 1:32
  Trent
• 1:32
  Werner.
• 1:33
  And
• 1:33
  Trent
• 1:34
  is
• 1:34
  with
• 1:34
  Uptown
• 1:34
  Syndication.
• 1:35
  They're
• 1:35
  based
• 1:36
  in
• 1:36
  the
• 1:36
  Portland,
• 1:36
  Oregon
• 1:37
  area.
• 1:37
  And
• 1:38
  Trent
• 1:38
  has
• 1:38
  a
• 1:38
  pretty
• 1:38
  extensive
• 1:39
  background
• 1:39
  as
• 1:40
  a
• 1:40
  Realtor,
• 1:40
  as
• 1:41
  an
• 1:41
  investor,
• 1:41
  and
• 1:41
  as
• 1:41
  a
• 1:41
  syndicator.
• 1:45
  Welcome
• 1:46
  to
• 1:46
  the
• 1:46
  Master
• 1:47
  Passive
• 1:47
  Income
• 1:48
  Multifamily
• 1:49
  Podcast
• 1:50
  where
• 1:50
  we
• 1:50
  guide
• 1:50
  you
• 1:50
  to
• 1:51
  invest
• 1:51
  in
• 1:51
  commercial
• 1:52
  real
• 1:52
  estate
• 1:52
  with
• 1:52
  a
• 1:52
  special
• 1:53
  focus
• 1:54
  on
• 1:54
  raising
• 1:54
  money
• 1:55
  from
• 1:55
  others
• 1:56
  to
• 1:56
  buy
• 1:56
  bigger
• 1:56
  and
• 1:57
  better
• 1:57
  deals.
• 1:58
  And
• 1:58
  now
• 1:58
  here
• 1:58
  are
• 1:59
  your
• 1:59
  hosts,
• 1:59
  Charles
• 2:00
  seaman
• 2:00
  and
• 2:00
  Erica
• 2:01
  McNew.
• 2:05
  Thanks
• 2:05
  for
• 2:06
  joining
• 2:06
  us
• 2:06
  and
• 2:06
  thanks
• 2:06
  for.
• 2:06
  Being
• 2:07
  on
• 2:07
  the
• 2:07
  show,
• 2:07
  Charles.
• 2:08
  Erica,
• 2:08
  thanks
• 2:09
  for
• 2:09
  letting
• 2:09
  me
• 2:09
  be
• 2:09
  a
• 2:10
  part
• 2:10
  of
• 2:10
  it.
• 2:10
  So
• 2:11
  why
• 2:11
  don't
• 2:11
  we
• 2:11
  start
• 2:11
  with
• 2:12
  a
• 2:12
  little
• 2:12
  bit
• 2:12
  about
• 2:12
  your
• 2:12
  journey?
• 2:13
  I
• 2:13
  know
• 2:13
  as
• 2:13
  we
• 2:13
  were,
• 2:14
  you
• 2:14
  know,
• 2:14
  leading
• 2:14
  up
• 2:14
  to
• 2:15
  the
• 2:15
  recording,
• 2:15
  you
• 2:15
  were
• 2:15
  telling
• 2:16
  me
• 2:16
  kind
• 2:16
  of
• 2:16
  how
• 2:17
  got
• 2:17
  started,
• 2:17
  and
• 2:18
  I
• 2:18
  think
• 2:18
  that
• 2:18
  would
• 2:18
  really
• 2:18
  be
• 2:18
  inspirational
• 2:19
  for
• 2:19
  a
• 2:19
  lot
• 2:19
  of
• 2:19
  our
• 2:20
  listeners.
• 2:20
  Yeah.
• 2:21
  So
• 2:21
  I
• 2:21
  kind
• 2:22
  of
• 2:22
  dove
• 2:22
  headfirst
• 2:22
  into
• 2:23
  real
• 2:23
  estate
• 2:23
  as
• 2:23
  a
• 2:24
  broker
• 2:24
  when
• 2:24
  I
• 2:24
  was
• 2:25
  21.
• 2:25
  I
• 2:25
  didn't
• 2:25
  finish
• 2:26
  college
• 2:26
  and
• 2:26
  was
• 2:27
  looking
• 2:27
  for
• 2:27
  something
• 2:27
  to
• 2:27
  do.
• 2:28
  And
• 2:28
  I've
• 2:28
  always
• 2:28
  been
• 2:28
  kind
• 2:29
  of
• 2:29
  obsessed
• 2:29
  with
• 2:29
  the
• 2:30
  whole
• 2:30
  idea
• 2:30
  of
• 2:30
  using
• 2:31
  money
• 2:31
  to
• 2:31
  make
• 2:31
  more
• 2:31
  money
• 2:32
  concept.
• 2:33
  So
• 2:33
  I
• 2:33
  tried
• 2:33
  financial
• 2:33
  services,
• 2:34
  tried
• 2:34
  banking,
• 2:35
  landed
• 2:35
  on
• 2:35
  real
• 2:36
  estate
• 2:36
  with
• 2:36
  a
• 2:37
  mentor
• 2:37
  that
• 2:37
  brought
• 2:37
  me
• 2:38
  into
• 2:38
  it
• 2:38
  and
• 2:39
  just
• 2:39
  fell
• 2:39
  in
• 2:39
  love
• 2:39
  with
• 2:40
  it.
• 2:40
  We
• 2:40
  were
• 2:41
  mainly
• 2:41
  focused
• 2:41
  on
• 2:41
  the
• 2:42
  brokerage
• 2:42
  side
• 2:42
  of
• 2:42
  things
• 2:43
  at
• 2:43
  that
• 2:43
  time,
• 2:44
  and
• 2:44
  he
• 2:45
  didn't
• 2:45
  really
• 2:45
  do
• 2:46
  any
• 2:46
  investing
• 2:47
  himself.
• 2:47
  And
• 2:48
  I
• 2:48
  got
• 2:48
  connected
• 2:48
  with
• 2:48
  some
• 2:49
  people
• 2:49
  that
• 2:49
  did
• 2:49
  jump
• 2:50
  ship
• 2:50
  from,
• 2:50
  from
• 2:51
  that
• 2:51
  partner
• 2:51
  and
• 2:52
  came
• 2:52
  over
• 2:52
  to
• 2:52
  Uptown,
• 2:53
  and
• 2:53
  the
• 2:53
  rest
• 2:53
  is
• 2:54
  kind
• 2:54
  of
• 2:54
  history.
• 2:54
  I
• 2:55
  learned
• 2:55
  how
• 2:55
  to
• 2:56
  invest
• 2:56
  in
• 2:56
  real
• 2:56
  estate,
• 2:57
  how
• 2:57
  to
• 2:57
  manage
• 2:57
  it,
• 2:58
  lease
• 2:58
  it,
• 2:59
  all
• 2:59
  that
• 2:59
  fun
• 2:59
  stuff.
• 3:00
  And
• 3:00
  right
• 3:00
  before
• 3:00
  I
• 3:01
  joined
• 3:01
  Uptown,
• 3:02
  my
• 3:02
  wife
• 3:02
  and
• 3:02
  I
• 3:03
  started
• 3:03
  with
• 3:03
  a
• 3:03
  duplex
• 3:04
  and,
• 3:04
  or
• 3:05
  I
• 3:05
  guess
• 3:05
  she
• 3:05
  was
• 3:05
  my
• 3:06
  fiance
• 3:06
  at
• 3:06
  the
• 3:06
  time.
• 3:06
  But
• 3:07
  we
• 3:07
  bought
• 3:07
  a
• 3:07
  duplex
• 3:08
  because
• 3:08
  I
• 3:08
  thought
• 3:08
  it
• 3:08
  was
• 3:08
  a
• 3:08
  good
• 3:08
  deal
• 3:09
  and
• 3:09
  that
• 3:09
  kind
• 3:09
  of
• 3:09
  snowballed
• 3:10
  our
• 3:10
  portfolio
• 3:11
  a
• 3:11
  little
• 3:11
  bit.
• 3:11
  That's
• 3:11
  awesome.
• 3:12
  So
• 3:13
  how
• 3:13
  do
• 3:13
  you
• 3:13
  think
• 3:14
  being
• 3:14
  a
• 3:14
  broker
• 3:14
  and
• 3:14
  kind
• 3:15
  of
• 3:15
  getting
• 3:15
  a
• 3:15
  start
• 3:15
  on
• 3:15
  that
• 3:16
  side
• 3:16
  of
• 3:16
  the
• 3:16
  business
• 3:16
  prepped
• 3:17
  you
• 3:17
  for
• 3:17
  investing?
• 3:18
  I
• 3:18
  mean,
• 3:19
  at
• 3:19
  the
• 3:19
  time
• 3:19
  when
• 3:19
  I
• 3:20
  started,
• 3:20
  I
• 3:20
  was
• 3:21
  mainly
• 3:21
  working
• 3:21
  with
• 3:22
  single
• 3:22
  family
• 3:22
  home
• 3:23
  buyers
• 3:23
  and
• 3:23
  sellers.
• 3:23
  It
• 3:24
  wasn't
• 3:25
  really
• 3:25
  focused
• 3:25
  on
• 3:25
  the
• 3:25
  investment
• 3:26
  niche
• 3:26
  necessarily,
• 3:27
  but
• 3:27
  I
• 3:28
  saw
• 3:28
  what
• 3:29
  people
• 3:29
  could
• 3:29
  do
• 3:30
  in
• 3:30
  real
• 3:30
  estate
• 3:30
  just
• 3:31
  from
• 3:31
  buying
• 3:31
  single
• 3:31
  family
• 3:32
  houses
• 3:32
  or
• 3:33
  selling
• 3:33
  single
• 3:33
  family
• 3:33
  houses
• 3:34
  they
• 3:34
  had
• 3:34
  purchased
• 3:35
  decades
• 3:35
  ago.
• 3:36
  And
• 3:36
  that
• 3:37
  idea
• 3:37
  kind
• 3:37
  of
• 3:38
  started
• 3:38
  sparking
• 3:39
  my
• 3:39
  interest
• 3:39
  in
• 3:40
  why
• 3:40
  don't
• 3:40
  I
• 3:41
  just
• 3:41
  buy
• 3:41
  More
• 3:41
  real
• 3:41
  estate,
• 3:42
  kind
• 3:42
  of
• 3:42
  collect
• 3:43
  real
• 3:43
  estate,
• 3:44
  because
• 3:44
  it
• 3:44
  seems
• 3:44
  to
• 3:45
  pan
• 3:45
  out
• 3:45
  well
• 3:45
  for
• 3:46
  the
• 3:46
  people
• 3:46
  that
• 3:46
  I'm
• 3:46
  working
• 3:46
  with.
• 3:47
  And
• 3:47
  the
• 3:47
  duplex
• 3:48
  was
• 3:48
  just.
• 3:49
  I
• 3:49
  had
• 3:49
  been
• 3:49
  listening
• 3:50
  to
• 3:50
  bigger
• 3:50
  pockets,
• 3:51
  and
• 3:51
  they
• 3:51
  talked
• 3:51
  about
• 3:52
  small
• 3:52
  multifamily,
• 3:53
  and
• 3:53
  there
• 3:53
  was
• 3:53
  a
• 3:53
  duplex
• 3:54
  in
• 3:54
  a
• 3:54
  good
• 3:54
  area
• 3:55
  that
• 3:55
  was
• 3:55
  actually
• 3:55
  seven
• 3:56
  minutes
• 3:56
  from
• 3:57
  my
• 3:57
  wife's
• 3:57
  place
• 3:58
  of
• 3:58
  work
• 3:58
  at
• 3:58
  the
• 3:58
  time.
• 3:59
  And
• 3:59
  so
• 3:59
  it
• 3:59
  was
• 3:59
  kind
• 3:59
  of
• 3:59
  the
• 4:00
  best
• 4:00
  of
• 4:00
  both
• 4:00
  worlds.
• 4:00
  We
• 4:00
  were
• 4:01
  close
• 4:01
  to
• 4:01
  her
• 4:01
  work,
• 4:02
  close
• 4:02
  to
• 4:02
  my
• 4:02
  office,
• 4:03
  and
• 4:03
  it
• 4:03
  was
• 4:03
  a
• 4:03
  duplex
• 4:04
  in
• 4:04
  a
• 4:04
  good
• 4:04
  area.
• 4:05
  Okay.
• 4:05
  So.
• 4:06
  So
• 4:06
  that
• 4:06
  allowed
• 4:06
  you
• 4:07
  to
• 4:07
  see
• 4:07
  the
• 4:07
  possibility
• 4:08
  to
• 4:08
  kind
• 4:08
  of
• 4:08
  open
• 4:08
  your
• 4:09
  mind
• 4:09
  to
• 4:09
  what
• 4:09
  was
• 4:10
  out
• 4:10
  there.
• 4:10
  And
• 4:10
  then
• 4:10
  you
• 4:10
  decided
• 4:11
  to
• 4:11
  go
• 4:11
  out
• 4:11
  and
• 4:11
  find
• 4:11
  the
• 4:12
  proper
• 4:12
  property
• 4:12
  near
• 4:13
  your
• 4:13
  home
• 4:13
  that
• 4:14
  you
• 4:14
  guys
• 4:14
  could
• 4:14
  take
• 4:15
  down
• 4:15
  and
• 4:15
  then
• 4:15
  be
• 4:15
  able
• 4:16
  to
• 4:16
  use
• 4:16
  that
• 4:16
  to
• 4:16
  scale
• 4:16
  up.
• 4:17
  That's
• 4:18
  definitely
• 4:18
  a
• 4:18
  great
• 4:18
  story.
• 4:19
  And
• 4:19
  with
• 4:20
  the
• 4:20
  duplex,
• 4:20
  can
• 4:20
  you
• 4:21
  tell
• 4:21
  us
• 4:21
  kind
• 4:21
  of
• 4:21
  how
• 4:21
  you
• 4:22
  found
• 4:22
  that
• 4:22
  and
• 4:23
  how
• 4:23
  you
• 4:23
  closed
• 4:24
  it?
• 4:24
  So
• 4:24
  for
• 4:24
  somebody
• 4:24
  listening,
• 4:25
  maybe
• 4:25
  who's
• 4:25
  done
• 4:25
  single
• 4:26
  family,
• 4:26
  who's
• 4:26
  brand
• 4:27
  new,
• 4:27
  how
• 4:27
  do
• 4:27
  they
• 4:28
  go
• 4:28
  from
• 4:28
  a
• 4:28
  single
• 4:29
  family
• 4:29
  up
• 4:29
  to
• 4:29
  a
• 4:29
  duplex?
• 4:30
  I
• 4:31
  think
• 4:31
  the
• 4:31
  MLS
• 4:32
  in
• 4:32
  most
• 4:32
  markets
• 4:33
  is
• 4:33
  probably
• 4:33
  the
• 4:33
  best
• 4:34
  place
• 4:34
  to
• 4:34
  find
• 4:34
  small
• 4:35
  multifamily.
• 4:36
  I
• 4:36
  mean,
• 4:36
  a
• 4:36
  lot
• 4:36
  of
• 4:36
  the
• 4:36
  commercial
• 4:37
  brokers
• 4:37
  aren't
• 4:37
  going
• 4:37
  to
• 4:38
  bad
• 4:38
  niet.
• 4:39
  Less
• 4:39
  than
• 4:40
  five
• 4:40
  units.
• 4:40
  So
• 4:41
  I
• 4:41
  was
• 4:41
  just
• 4:41
  looking
• 4:41
  on
• 4:41
  the
• 4:42
  MLS
• 4:42
  late
• 4:42
  in
• 4:42
  the
• 4:43
  year.
• 4:43
  I
• 4:43
  think
• 4:43
  we
• 4:43
  got
• 4:44
  it
• 4:44
  under
• 4:44
  contract
• 4:44
  and
• 4:45
  right
• 4:45
  before
• 4:45
  Thanksgiving,
• 4:46
  actually,
• 4:46
  in
• 4:46
  2018.
• 4:47
  And
• 4:48
  that's
• 4:48
  where
• 4:48
  I've
• 4:49
  found
• 4:49
  all
• 4:50
  of
• 4:50
  my
• 4:50
  small
• 4:51
  multifamily
• 4:51
  deals
• 4:51
  is
• 4:52
  the
• 4:52
  local
• 4:52
  mls.
• 4:53
  And
• 4:53
  being
• 4:53
  a
• 4:53
  broker,
• 4:54
  I
• 4:54
  have
• 4:54
  access
• 4:55
  to
• 4:55
  that
• 4:55
  and
• 4:55
  can
• 4:56
  set
• 4:56
  up
• 4:56
  searches
• 4:57
  and
• 4:57
  scour
• 4:57
  through
• 4:57
  it.
• 4:58
  But
• 4:58
  one
• 4:58
  thing
• 4:59
  that
• 4:59
  I've
• 4:59
  learned
• 4:59
  in
• 4:59
  real
• 5:00
  estate
• 5:00
  is
• 5:01
  people
• 5:01
  that
• 5:01
  have
• 5:01
  properties
• 5:02
  listed
• 5:02
  towards
• 5:03
  the
• 5:03
  end
• 5:03
  of
• 5:03
  a
• 5:03
  year
• 5:04
  probably
• 5:04
  want
• 5:04
  to
• 5:04
  get
• 5:04
  them
• 5:05
  sold
• 5:05
  before
• 5:06
  the
• 5:06
  end
• 5:06
  of
• 5:06
  the
• 5:06
  year.
• 5:06
  And
• 5:06
  if
• 5:07
  not,
• 5:07
  they'll.
• 5:07
  They'll
• 5:07
  close
• 5:08
  them
• 5:08
  right
• 5:08
  at
• 5:08
  the
• 5:08
  beginning
• 5:08
  of
• 5:08
  the
• 5:09
  next
• 5:09
  year
• 5:09
  just
• 5:09
  for
• 5:09
  whatever
• 5:10
  tax
• 5:10
  situations
• 5:11
  they
• 5:11
  have
• 5:11
  going
• 5:12
  on.
• 5:12
  And
• 5:12
  so
• 5:12
  I
• 5:12
  was
• 5:13
  just
• 5:13
  really
• 5:13
  hitting
• 5:13
  it
• 5:14
  hard.
• 5:14
  And
• 5:14
  I've
• 5:14
  been
• 5:14
  looking
• 5:15
  for
• 5:15
  a
• 5:15
  few
• 5:15
  months,
• 5:15
  but
• 5:15
  it
• 5:16
  honestly
• 5:16
  didn't
• 5:16
  take
• 5:16
  me
• 5:17
  that
• 5:17
  long
• 5:17
  to
• 5:17
  find,
• 5:18
  you
• 5:18
  know,
• 5:18
  the
• 5:19
  property
• 5:19
  that
• 5:19
  we
• 5:19
  ended
• 5:19
  up
• 5:19
  buying.
• 5:20
  And
• 5:20
  I
• 5:20
  remember
• 5:21
  we
• 5:21
  closed
• 5:21
  on
• 5:21
  December
• 5:22
  28,
• 5:23
  2018.
• 5:24
  So
• 5:24
  right
• 5:24
  after
• 5:25
  Christmas,
• 5:25
  right
• 5:25
  before
• 5:26
  New
• 5:26
  Year's,
• 5:26
  the
• 5:27
  seller
• 5:27
  really
• 5:28
  wanted
• 5:28
  to
• 5:28
  close
• 5:28
  that
• 5:28
  year.
• 5:29
  And
• 5:29
  so,
• 5:29
  you
• 5:30
  know,
• 5:30
  being
• 5:30
  a
• 5:30
  broker,
• 5:30
  I
• 5:30
  represented
• 5:31
  myself,
• 5:31
  was
• 5:32
  able
• 5:32
  to
• 5:32
  get
• 5:33
  a
• 5:33
  bac
• 5:33
  on
• 5:34
  on
• 5:34
  the
• 5:34
  purchase.
• 5:35
  So
• 5:35
  that
• 5:35
  kind
• 5:36
  of
• 5:36
  went
• 5:36
  back
• 5:36
  into
• 5:36
  our
• 5:37
  pocket.
• 5:37
  But
• 5:37
  yeah,
• 5:38
  just
• 5:38
  looking
• 5:38
  on
• 5:38
  the
• 5:38
  MLS
• 5:39
  for
• 5:39
  those
• 5:39
  small
• 5:39
  multifamily.
• 5:40
  And
• 5:40
  to
• 5:41
  be
• 5:41
  honest
• 5:41
  with
• 5:41
  you,
• 5:41
  nowadays
• 5:42
  there's
• 5:42
  a
• 5:42
  lot
• 5:42
  of
• 5:42
  garbage
• 5:43
  listings
• 5:43
  out
• 5:43
  there
• 5:44
  overpriced.
• 5:45
  So
• 5:45
  you
• 5:45
  really
• 5:45
  have
• 5:46
  to
• 5:46
  be
• 5:46
  diligent
• 5:47
  and
• 5:47
  be
• 5:47
  committed
• 5:47
  to
• 5:47
  looking
• 5:48
  through
• 5:48
  the
• 5:48
  MLS
• 5:49
  listings
• 5:49
  because
• 5:50
  you're
• 5:50
  probably
• 5:51
  going
• 5:51
  to
• 5:51
  see
• 5:51
  a
• 5:51
  lot
• 5:51
  of
• 5:51
  garbage
• 5:52
  before
• 5:52
  you
• 5:52
  see
• 5:52
  one
• 5:52
  that
• 5:53
  makes
• 5:53
  sense.
• 5:53
  I
• 5:53
  was
• 5:54
  going
• 5:54
  to
• 5:54
  say
• 5:54
  you
• 5:54
  probably
• 5:54
  did
• 5:55
  a
• 5:55
  decent
• 5:55
  amount
• 5:55
  of
• 5:55
  underwriting
• 5:56
  then
• 5:56
  on
• 5:57
  properties
• 5:57
  that
• 5:57
  were
• 5:57
  not
• 5:57
  an
• 5:58
  opportunity
• 5:59
  to
• 5:59
  be
• 5:59
  able
• 5:59
  to
• 5:59
  recognize
• 6:00
  that
• 6:00
  one
• 6:00
  so
• 6:00
  quickly.
• 6:01
  What
• 6:01
  did
• 6:01
  the
• 6:01
  numbers
• 6:02
  look
• 6:02
  like
• 6:02
  on
• 6:02
  that
• 6:02
  property?
• 6:03
  What
• 6:03
  stood
• 6:03
  out
• 6:03
  to
• 6:03
  you
• 6:03
  about
• 6:04
  that
• 6:04
  being
• 6:04
  a
• 6:04
  good
• 6:04
  opportunity?
• 6:05
  So,
• 6:05
  to
• 6:05
  be
• 6:06
  honest
• 6:06
  with
• 6:06
  you,
• 6:06
  is
• 6:06
  what
• 6:07
  our
• 6:07
  out
• 6:07
  of
• 6:07
  pocket
• 6:07
  expenses
• 6:08
  were
• 6:08
  going
• 6:08
  to
• 6:08
  be.
• 6:08
  And
• 6:09
  I
• 6:09
  tell
• 6:09
  this
• 6:09
  story
• 6:09
  to
• 6:10
  people
• 6:10
  that
• 6:10
  I
• 6:10
  talk
• 6:10
  with
• 6:10
  all
• 6:11
  the
• 6:11
  time,
• 6:11
  but
• 6:11
  in
• 6:11
  2018,
• 6:12
  we
• 6:12
  bought
• 6:13
  this
• 6:13
  place
• 6:13
  for,
• 6:13
  I
• 6:13
  want
• 6:14
  to
• 6:14
  say,
• 6:14
  590.
• 6:15
  It
• 6:15
  was
• 6:15
  either
• 6:15
  580
• 6:15
  or
• 6:16
  590.
• 6:16
  We
• 6:16
  put
• 6:17
  20%
• 6:17
  down
• 6:17
  because
• 6:18
  we
• 6:18
  had
• 6:18
  some
• 6:18
  money.
• 6:18
  But
• 6:19
  we
• 6:19
  had
• 6:19
  gone,
• 6:19
  my
• 6:20
  wife
• 6:20
  and
• 6:20
  I
• 6:21
  had
• 6:21
  gone
• 6:21
  to
• 6:21
  hang
• 6:21
  out
• 6:22
  with
• 6:22
  a
• 6:22
  buddy
• 6:22
  and
• 6:23
  his
• 6:23
  girlfriend
• 6:23
  at
• 6:23
  the
• 6:23
  time
• 6:24
  who
• 6:24
  had
• 6:24
  just
• 6:24
  moved
• 6:24
  into
• 6:25
  a
• 6:25
  new
• 6:25
  apartment
• 6:25
  downtown
• 6:26
  Portland.
• 6:27
  Cool
• 6:27
  little
• 6:27
  445
• 6:28
  square
• 6:29
  foot,
• 6:29
  one
• 6:29
  bedroom
• 6:30
  place.
• 6:30
  And
• 6:30
  he
• 6:30
  was
• 6:31
  paying
• 6:31
  seventeen
• 6:31
  hundred
• 6:32
  dollars
• 6:32
  a
• 6:32
  month
• 6:32
  in
• 6:33
  rent
• 6:33
  for
• 6:33
  that.
• 6:34
  And
• 6:34
  so
• 6:35
  we,
• 6:35
  I
• 6:35
  found
• 6:36
  this
• 6:36
  deal
• 6:36
  and
• 6:36
  it
• 6:36
  was
• 6:36
  in
• 6:36
  a
• 6:36
  great
• 6:37
  spot
• 6:37
  like
• 6:37
  I
• 6:37
  said,
• 6:38
  but
• 6:38
  I
• 6:38
  sent
• 6:38
  it
• 6:38
  to
• 6:38
  our
• 6:39
  lender
• 6:39
  at
• 6:39
  the
• 6:39
  time
• 6:39
  and
• 6:39
  I
• 6:39
  said,
• 6:40
  hey,
• 6:40
  what's
• 6:40
  our,
• 6:40
  you
• 6:41
  know,
• 6:41
  what's
• 6:41
  our
• 6:41
  payment
• 6:41
  going
• 6:42
  to
• 6:42
  be?
• 6:42
  Knowing
• 6:43
  the
• 6:43
  other
• 6:43
  side
• 6:43
  was
• 6:43
  already
• 6:43
  rented
• 6:44
  for
• 6:44
  X
• 6:44
  amount,
• 6:44
  I
• 6:45
  think
• 6:45
  our
• 6:45
  out
• 6:45
  of
• 6:45
  pocket
• 6:46
  with
• 6:46
  utilities
• 6:47
  was
• 6:47
  like
• 6:47
  1500,
• 6:48
  1600
• 6:48
  bucks
• 6:49
  a
• 6:49
  month
• 6:49
  for,
• 6:49
  you
• 6:50
  know,
• 6:50
  a
• 6:50
  duplex
• 6:50
  that
• 6:50
  we
• 6:50
  owned
• 6:51
  compared
• 6:51
  to
• 6:52
  my
• 6:52
  buddy's
• 6:52
  one
• 6:53
  bedroom
• 6:53
  apartment
• 6:53
  that
• 6:53
  he
• 6:54
  rented
• 6:54
  for
• 6:54
  more
• 6:55
  money.
• 6:55
  And
• 6:56
  I
• 6:56
  thought,
• 6:56
  you
• 6:56
  know,
• 6:57
  it
• 6:57
  might
• 6:57
  not
• 6:57
  be
• 6:57
  the
• 6:58
  best
• 6:58
  deal.
• 6:58
  There
• 6:59
  was
• 6:59
  cheaper
• 6:59
  deals
• 6:59
  out
• 7:00
  there
• 7:00
  that
• 7:00
  had
• 7:00
  maybe
• 7:00
  better
• 7:01
  cash
• 7:01
  flow
• 7:01
  at
• 7:01
  the
• 7:01
  time.
• 7:02
  But
• 7:02
  where
• 7:02
  it
• 7:02
  was,
• 7:03
  the
• 7:03
  condition
• 7:03
  of
• 7:03
  it
• 7:03
  was
• 7:04
  really
• 7:04
  nice.
• 7:05
  It
• 7:05
  just
• 7:05
  made
• 7:05
  sense
• 7:06
  because
• 7:06
  of,
• 7:06
  you
• 7:07
  know,
• 7:07
  we
• 7:07
  could
• 7:07
  go
• 7:07
  rent
• 7:07
  somewhere
• 7:08
  for
• 7:08
  1700
• 7:09
  or
• 7:09
  more,
• 7:09
  or
• 7:10
  we
• 7:10
  could
• 7:10
  own
• 7:10
  this
• 7:10
  place
• 7:11
  for
• 7:11
  15,
• 7:12
  1600
• 7:12
  bucks
• 7:12
  out
• 7:13
  of
• 7:13
  pocket
• 7:13
  every
• 7:13
  month
• 7:14
  with
• 7:14
  utilities.
• 7:15
  Wow.
• 7:15
  Definitely
• 7:15
  a
• 7:16
  no
• 7:16
  brainer.
• 7:16
  Yeah,
• 7:17
  you
• 7:17
  touched
• 7:17
  on
• 7:18
  something
• 7:18
  important.
• 7:18
  You
• 7:18
  know,
• 7:19
  sometimes
• 7:19
  it's
• 7:20
  good
• 7:20
  to
• 7:20
  think
• 7:20
  big
• 7:20
  and
• 7:20
  it's
• 7:21
  good
• 7:21
  to
• 7:21
  look
• 7:21
  ahead,
• 7:21
  but
• 7:22
  sometimes
• 7:22
  you
• 7:22
  have
• 7:22
  to
• 7:22
  look
• 7:22
  at
• 7:22
  where
• 7:23
  you
• 7:23
  are
• 7:23
  right
• 7:23
  now.
• 7:23
  Right?
• 7:24
  So.
• 7:24
  So
• 7:25
  by
• 7:25
  seeing
• 7:26
  what
• 7:27
  you
• 7:27
  had
• 7:27
  available
• 7:27
  and
• 7:28
  what
• 7:28
  you
• 7:28
  could
• 7:28
  use
• 7:29
  at
• 7:29
  your
• 7:29
  disposal,
• 7:30
  it
• 7:30
  sounds
• 7:30
  like
• 7:30
  that
• 7:31
  allowed
• 7:31
  you
• 7:31
  to
• 7:31
  make
• 7:31
  a
• 7:31
  good
• 7:31
  investment
• 7:32
  decision
• 7:32
  and
• 7:32
  find
• 7:33
  something
• 7:33
  that,
• 7:33
  you
• 7:33
  know,
• 7:34
  worked
• 7:34
  out
• 7:34
  very
• 7:34
  well
• 7:34
  for
• 7:35
  you
• 7:35
  guys.
• 7:35
  So
• 7:36
  as
• 7:36
  we
• 7:36
  record
• 7:37
  this,
• 7:37
  we're
• 7:37
  in
• 7:37
  the
• 7:37
  end
• 7:37
  of
• 7:37
  2024.
• 7:38
  Do
• 7:39
  you
• 7:39
  guys
• 7:39
  still
• 7:39
  own
• 7:39
  that
• 7:39
  duplex?
• 7:40
  Is
• 7:40
  it
• 7:40
  one
• 7:40
  that
• 7:40
  you
• 7:41
  sold?
• 7:41
  Is
• 7:41
  it
• 7:42
  still
• 7:42
  in
• 7:42
  the
• 7:42
  portfolio?
• 7:43
  How
• 7:43
  do
• 7:43
  you
• 7:43
  Guys
• 7:44
  have
• 7:44
  that
• 7:44
  now.
• 7:44
  Yeah,
• 7:45
  we
• 7:45
  still
• 7:45
  own
• 7:46
  it.
• 7:46
  It
• 7:46
  actually
• 7:46
  cash
• 7:47
  flows
• 7:47
  pretty
• 7:48
  well
• 7:48
  for
• 7:48
  us
• 7:48
  now
• 7:48
  just
• 7:49
  relative
• 7:49
  to
• 7:49
  Oregon's
• 7:50
  market.
• 7:50
  I
• 7:51
  want
• 7:51
  to
• 7:51
  say
• 7:51
  we,
• 7:51
  we
• 7:52
  looked
• 7:52
  at
• 7:52
  it
• 7:53
  last
• 7:53
  week
• 7:53
  and
• 7:54
  I
• 7:54
  think
• 7:54
  it's
• 7:54
  cash
• 7:54
  flowing
• 7:55
  about
• 7:55
  1600
• 7:56
  bucks
• 7:57
  a
• 7:57
  month,
• 7:57
  maybe
• 7:57
  1700
• 7:58
  bucks
• 7:58
  a
• 7:58
  month.
• 7:59
  And
• 7:59
  that
• 8:00
  was,
• 8:00
  you
• 8:00
  know,
• 8:00
  when
• 8:00
  we,
• 8:01
  when
• 8:01
  we
• 8:01
  took
• 8:01
  it
• 8:01
  over.
• 8:02
  The
• 8:03
  tenant
• 8:03
  that
• 8:03
  we
• 8:03
  inherited,
• 8:04
  the
• 8:04
  tenants
• 8:04
  that
• 8:04
  we
• 8:04
  inherited
• 8:05
  were
• 8:05
  not
• 8:05
  great
• 8:06
  tenants.
• 8:06
  The
• 8:07
  previous
• 8:07
  owner
• 8:08
  lived
• 8:08
  in
• 8:08
  the
• 8:08
  side
• 8:08
  that
• 8:08
  we
• 8:08
  ended
• 8:09
  up
• 8:09
  moving
• 8:09
  into
• 8:10
  and
• 8:10
  I
• 8:11
  don't
• 8:11
  know,
• 8:11
  I
• 8:11
  think
• 8:12
  he
• 8:12
  managed
• 8:12
  it
• 8:12
  himself,
• 8:13
  whatnot.
• 8:13
  At
• 8:13
  the
• 8:14
  time
• 8:14
  I
• 8:14
  was
• 8:14
  working
• 8:14
  with
• 8:15
  Uptown
• 8:15
  Properties
• 8:16
  still,
• 8:16
  but
• 8:17
  I
• 8:17
  was
• 8:17
  doing
• 8:17
  leasing
• 8:18
  for
• 8:18
  Uptown
• 8:18
  Properties
• 8:19
  and
• 8:20
  I
• 8:20
  managed
• 8:20
  it
• 8:21
  myself.
• 8:21
  But
• 8:21
  everything
• 8:22
  was
• 8:22
  run
• 8:22
  through
• 8:22
  a
• 8:22
  professional
• 8:23
  property
• 8:23
  management
• 8:23
  company.
• 8:24
  And
• 8:24
  so
• 8:25
  we
• 8:25
  had
• 8:25
  the
• 8:25
  screening,
• 8:26
  we
• 8:26
  had
• 8:26
  all
• 8:26
  that
• 8:26
  stuff
• 8:27
  and
• 8:27
  so
• 8:27
  we're
• 8:27
  able
• 8:27
  to
• 8:27
  get
• 8:27
  better
• 8:28
  tenants
• 8:28
  in
• 8:28
  there.
• 8:29
  And
• 8:29
  by
• 8:29
  the
• 8:29
  time
• 8:29
  we
• 8:29
  moved
• 8:30
  out
• 8:30
  and
• 8:30
  rented
• 8:30
  our
• 8:31
  side
• 8:31
  that
• 8:31
  we
• 8:31
  were
• 8:31
  living
• 8:31
  in,
• 8:32
  it
• 8:32
  started
• 8:32
  off
• 8:33
  cash
• 8:33
  flowing
• 8:33
  like
• 8:33
  500
• 8:34
  bucks
• 8:34
  a
• 8:34
  month.
• 8:34
  And
• 8:34
  we
• 8:35
  had
• 8:35
  some
• 8:35
  really
• 8:35
  good
• 8:35
  tenants
• 8:36
  during
• 8:36
  the
• 8:36
  pandemic
• 8:37
  era.
• 8:37
  So
• 8:37
  we
• 8:38
  didn't
• 8:38
  want
• 8:38
  to
• 8:38
  raise
• 8:38
  rents
• 8:39
  because
• 8:39
  Oregon,
• 8:40
  Portland
• 8:40
  specifically
• 8:41
  in
• 8:41
  that
• 8:41
  time
• 8:42
  was
• 8:42
  really
• 8:42
  difficult
• 8:42
  for
• 8:43
  landlord
• 8:43
  tenant
• 8:43
  laws
• 8:44
  as
• 8:44
  most
• 8:44
  other
• 8:45
  markets
• 8:45
  were
• 8:45
  too.
• 8:45
  But
• 8:46
  once
• 8:46
  that
• 8:46
  those
• 8:47
  tenants
• 8:47
  moved
• 8:47
  out,
• 8:48
  we
• 8:48
  were
• 8:48
  able
• 8:48
  to
• 8:48
  jump
• 8:49
  rents
• 8:49
  like
• 8:49
  four
• 8:49
  or
• 8:49
  five
• 8:50
  hundred
• 8:50
  dollars
• 8:50
  a
• 8:50
  month
• 8:51
  on
• 8:51
  both
• 8:51
  sides
• 8:52
  just
• 8:52
  because
• 8:52
  we
• 8:52
  had,
• 8:53
  you
• 8:53
  know,
• 8:53
  new
• 8:53
  vacancies.
• 8:54
  So
• 8:54
  now
• 8:54
  a
• 8:55
  cash
• 8:55
  flow
• 8:55
  is
• 8:55
  about
• 8:55
  1600
• 8:56
  bucks
• 8:56
  a
• 8:56
  month
• 8:57
  in
• 8:57
  our
• 8:57
  portfolio.
• 8:58
  That's
• 8:58
  awesome.
• 8:59
  So
• 8:59
  1600
• 9:00
  bucks
• 9:00
  a
• 9:00
  month
• 9:00
  is
• 9:00
  a
• 9:00
  nice
• 9:01
  chunk
• 9:01
  of
• 9:01
  change.
• 9:01
  I
• 9:01
  mean,
• 9:02
  nobody's
• 9:02
  quitting
• 9:03
  their
• 9:03
  job.
• 9:03
  Well,
• 9:03
  most
• 9:04
  people
• 9:04
  aren't
• 9:04
  quitting
• 9:04
  their
• 9:04
  job.
• 9:04
  Some
• 9:05
  maybe,
• 9:05
  but
• 9:06
  it's
• 9:06
  certainly
• 9:06
  a
• 9:06
  nice
• 9:06
  supplemental
• 9:07
  income.
• 9:08
  So
• 9:08
  that's
• 9:09
  great.
• 9:09
  So
• 9:10
  let
• 9:10
  me
• 9:10
  ask
• 9:10
  you
• 9:10
  another
• 9:10
  question,
• 9:11
  Fred,
• 9:11
  for
• 9:11
  somebody
• 9:11
  who's
• 9:12
  listening
• 9:12
  to
• 9:12
  this
• 9:12
  and
• 9:12
  who's
• 9:13
  just
• 9:13
  starting
• 9:13
  out,
• 9:14
  how
• 9:14
  do
• 9:14
  they
• 9:15
  take
• 9:15
  that
• 9:15
  success
• 9:16
  from
• 9:16
  you
• 9:16
  and
• 9:16
  how
• 9:17
  do
• 9:17
  they
• 9:17
  replicate
• 9:17
  that?
• 9:18
  So,
• 9:18
  so
• 9:18
  how
• 9:18
  do
• 9:18
  you
• 9:18
  recommend
• 9:19
  they
• 9:19
  go
• 9:19
  out
• 9:19
  there
• 9:19
  and
• 9:20
  take
• 9:20
  that
• 9:20
  same
• 9:21
  success
• 9:21
  with
• 9:21
  it?
• 9:21
  Yeah,
• 9:22
  I
• 9:22
  mean
• 9:22
  there's,
• 9:22
  there's
• 9:23
  two
• 9:23
  types
• 9:23
  of
• 9:23
  people,
• 9:23
  right?
• 9:24
  There's
• 9:24
  going
• 9:24
  to
• 9:24
  be
• 9:24
  people
• 9:24
  that
• 9:24
  are
• 9:25
  going
• 9:25
  to
• 9:25
  be
• 9:25
  investing
• 9:25
  in
• 9:26
  small
• 9:26
  multifamily
• 9:27
  to
• 9:27
  rent
• 9:28
  out
• 9:28
  all
• 9:28
  the
• 9:28
  units
• 9:28
  from
• 9:29
  the
• 9:29
  get
• 9:29
  go.
• 9:29
  And
• 9:29
  then
• 9:29
  there's
• 9:30
  going
• 9:30
  to
• 9:30
  be
• 9:30
  owner
• 9:30
  occupied
• 9:31
  investors.
• 9:32
  So
• 9:32
  depending
• 9:32
  on
• 9:32
  what
• 9:32
  situation
• 9:33
  you're
• 9:33
  in,
• 9:34
  it's
• 9:34
  going
• 9:34
  to,
• 9:34
  it's
• 9:34
  going
• 9:35
  to
• 9:35
  kind
• 9:35
  of
• 9:35
  vary.
• 9:35
  But
• 9:35
  if
• 9:36
  you're
• 9:36
  an
• 9:36
  owner
• 9:36
  occupied
• 9:37
  investor,
• 9:37
  we'll
• 9:37
  start
• 9:38
  here.
• 9:38
  I
• 9:38
  would
• 9:38
  look
• 9:39
  at
• 9:39
  it
• 9:39
  just
• 9:39
  like
• 9:39
  I
• 9:40
  did,
• 9:40
  you
• 9:40
  know,
• 9:40
  like
• 9:40
  what's
• 9:41
  going
• 9:41
  to
• 9:41
  be
• 9:41
  your
• 9:41
  monthly
• 9:42
  expenses
• 9:43
  to
• 9:43
  own
• 9:43
  something
• 9:44
  versus
• 9:44
  rent
• 9:44
  something
• 9:45
  and
• 9:45
  if
• 9:46
  it
• 9:46
  will
• 9:46
  break
• 9:46
  Even
• 9:47
  or
• 9:47
  cash
• 9:47
  flow
• 9:48
  a
• 9:48
  little
• 9:48
  bit
• 9:48
  when
• 9:48
  you
• 9:48
  move
• 9:49
  out,
• 9:49
  or
• 9:49
  if
• 9:50
  you
• 9:50
  think
• 9:50
  it
• 9:50
  will,
• 9:50
  I
• 9:50
  would,
• 9:51
  I
• 9:51
  would
• 9:51
  do
• 9:51
  it.
• 9:52
  Because
• 9:52
  typically,
• 9:53
  you
• 9:53
  know,
• 9:53
  Art,
• 9:54
  that
• 9:54
  duplex
• 9:54
  that
• 9:54
  we
• 9:55
  own
• 9:55
  has
• 9:55
  had
• 9:55
  very
• 9:56
  low
• 9:56
  repairs
• 9:57
  and
• 9:57
  maintenance.
• 9:57
  I
• 9:58
  mean,
• 9:58
  yes,
• 9:58
  there's
• 9:58
  been
• 9:58
  dishwashers
• 9:59
  that
• 9:59
  have
• 9:59
  gone
• 10:00
  out.
• 10:00
  We've
• 10:00
  had
• 10:00
  to
• 10:00
  renovate
• 10:01
  one
• 10:01
  of
• 10:01
  the
• 10:01
  sides.
• 10:02
  But
• 10:02
  overall,
• 10:03
  a
• 10:03
  small
• 10:03
  multifamily
• 10:04
  is
• 10:04
  going
• 10:04
  to
• 10:04
  be
• 10:04
  pretty
• 10:04
  low
• 10:05
  expense
• 10:05
  relative
• 10:06
  to
• 10:06
  the
• 10:07
  investment
• 10:07
  world.
• 10:08
  And
• 10:08
  so
• 10:08
  I
• 10:08
  would
• 10:09
  say
• 10:09
  just
• 10:09
  look
• 10:09
  at
• 10:09
  it
• 10:10
  from
• 10:10
  an
• 10:10
  owner
• 10:11
  occupied
• 10:11
  standpoint.
• 10:12
  What's
• 10:12
  going
• 10:12
  to
• 10:12
  be
• 10:12
  your,
• 10:13
  your
• 10:13
  pocket
• 10:14
  expense
• 10:14
  if
• 10:14
  you
• 10:14
  were
• 10:15
  to
• 10:15
  buy
• 10:15
  that
• 10:15
  place
• 10:15
  and
• 10:15
  move
• 10:16
  into
• 10:16
  one
• 10:16
  of
• 10:16
  the
• 10:16
  units
• 10:17
  from
• 10:17
  an
• 10:17
  investor
• 10:17
  standpoint
• 10:18
  where
• 10:18
  you're
• 10:18
  going
• 10:18
  to
• 10:18
  rent
• 10:18
  out
• 10:19
  all
• 10:19
  the
• 10:19
  units,
• 10:19
  it's
• 10:20
  just
• 10:20
  like
• 10:20
  underwriting
• 10:21
  any
• 10:21
  other
• 10:21
  deal.
• 10:21
  You
• 10:22
  know,
• 10:22
  you
• 10:22
  got
• 10:22
  to
• 10:22
  see
• 10:22
  what
• 10:22
  your
• 10:23
  metrics
• 10:23
  are,
• 10:23
  what
• 10:23
  your
• 10:23
  numbers
• 10:24
  that
• 10:24
  you
• 10:24
  want
• 10:24
  to
• 10:25
  achieve
• 10:25
  are
• 10:25
  and
• 10:26
  will
• 10:26
  it
• 10:26
  make
• 10:26
  sense.
• 10:27
  The
• 10:27
  good
• 10:27
  thing
• 10:27
  about
• 10:28
  small
• 10:28
  multifamily
• 10:29
  is
• 10:29
  a
• 10:29
  lot
• 10:29
  of
• 10:29
  people
• 10:29
  know
• 10:29
  is
• 10:30
  financing
• 10:30
  better.
• 10:31
  So
• 10:31
  you're
• 10:31
  not
• 10:32
  having
• 10:32
  to
• 10:32
  get
• 10:32
  commercial
• 10:32
  loans.
• 10:33
  You're
• 10:33
  using
• 10:34
  a
• 10:34
  sales
• 10:35
  comparable
• 10:35
  approach
• 10:36
  on
• 10:36
  a,
• 10:36
  on
• 10:36
  a
• 10:36
  refinance
• 10:37
  or
• 10:37
  on
• 10:37
  an
• 10:38
  appraisal,
• 10:38
  which
• 10:38
  I
• 10:39
  have
• 10:39
  stories
• 10:39
  about
• 10:39
  how
• 10:40
  four
• 10:40
  units,
• 10:41
  that
• 10:41
  approach
• 10:42
  kind
• 10:42
  of
• 10:42
  killed
• 10:42
  us
• 10:42
  at
• 10:42
  times,
• 10:43
  but
• 10:43
  typically
• 10:44
  that's
• 10:44
  going
• 10:44
  to
• 10:44
  be
• 10:44
  better.
• 10:45
  So
• 10:45
  as
• 10:45
  an
• 10:45
  investor,
• 10:46
  you
• 10:46
  just
• 10:46
  have
• 10:46
  to
• 10:46
  underwrite
• 10:47
  it
• 10:47
  and
• 10:47
  know
• 10:47
  what
• 10:47
  your
• 10:47
  target
• 10:48
  metrics
• 10:48
  are
• 10:49
  and
• 10:49
  it,
• 10:49
  it
• 10:50
  achieves
• 10:50
  that,
• 10:50
  then
• 10:51
  go
• 10:51
  for
• 10:51
  it.
• 10:51
  So,
• 10:52
  so
• 10:52
  before
• 10:52
  we
• 10:53
  get
• 10:53
  on
• 10:53
  to
• 10:53
  the
• 10:53
  next
• 10:53
  part
• 10:53
  of
• 10:54
  the
• 10:54
  story
• 10:54
  where
• 10:54
  you
• 10:54
  kind
• 10:54
  of
• 10:54
  scale
• 10:55
  up,
• 10:55
  you
• 10:55
  know,
• 10:55
  I
• 10:56
  always
• 10:56
  love
• 10:56
  a
• 10:56
  good
• 10:56
  story.
• 10:57
  So
• 10:57
  I
• 10:57
  know
• 10:57
  you
• 10:57
  said
• 10:57
  there
• 10:57
  was
• 10:58
  some
• 10:58
  good
• 10:58
  stories
• 10:58
  there.
• 10:58
  On
• 10:58
  the
• 10:59
  appraisal
• 10:59
  side,
• 10:59
  is
• 11:00
  there
• 11:00
  any
• 11:00
  one
• 11:00
  that
• 11:00
  you
• 11:00
  might
• 11:01
  be
• 11:01
  able
• 11:01
  to
• 11:01
  share
• 11:02
  with
• 11:02
  the,
• 11:02
  with
• 11:03
  us
• 11:03
  and
• 11:03
  with
• 11:03
  the
• 11:03
  listeners,
• 11:03
  that
• 11:04
  way
• 11:04
  we
• 11:04
  can
• 11:04
  kind
• 11:04
  of
• 11:04
  get
• 11:04
  an
• 11:04
  idea
• 11:05
  of
• 11:05
  the
• 11:05
  experience
• 11:05
  you've
• 11:06
  had
• 11:06
  with
• 11:06
  it.
• 11:06
  Yeah,
• 11:07
  this
• 11:07
  one,
• 11:07
  this
• 11:07
  one
• 11:08
  hits,
• 11:08
  hits
• 11:08
  close
• 11:08
  to
• 11:09
  home
• 11:09
  because
• 11:09
  when
• 11:09
  I
• 11:10
  was
• 11:10
  dealing
• 11:10
  with
• 11:10
  it,
• 11:11
  I
• 11:11
  was
• 11:11
  getting
• 11:11
  ready
• 11:11
  to
• 11:12
  punch
• 11:12
  a
• 11:12
  wall
• 11:12
  every
• 11:13
  single
• 11:13
  day
• 11:13
  because
• 11:13
  I
• 11:13
  was
• 11:14
  so
• 11:14
  frustrated
• 11:14
  with
• 11:15
  the
• 11:15
  situation.
• 11:15
  We,
• 11:16
  we
• 11:16
  bought,
• 11:16
  this
• 11:17
  was
• 11:17
  a
• 11:17
  couple
• 11:17
  of
• 11:17
  partners
• 11:18
  and
• 11:18
  I,
• 11:18
  we
• 11:18
  bought
• 11:18
  a
• 11:19
  4
• 11:19
  Plex
• 11:19
  in
• 11:19
  a
• 11:20
  great
• 11:20
  spot
• 11:20
  of
• 11:20
  Portland
• 11:21
  Northwest.
• 11:21
  It's
• 11:21
  in
• 11:22
  Washington
• 11:22
  county.
• 11:23
  So
• 11:23
  better,
• 11:24
  better
• 11:24
  county,
• 11:25
  but
• 11:25
  still
• 11:25
  close
• 11:25
  to
• 11:26
  everything.
• 11:26
  And
• 11:26
  they
• 11:27
  were
• 11:27
  all
• 11:27
  two
• 11:27
  bedroom
• 11:27
  units.
• 11:28
  It
• 11:28
  was
• 11:28
  two
• 11:28
  duplexes
• 11:29
  on
• 11:29
  one
• 11:30
  one
• 11:30
  lot.
• 11:30
  We
• 11:31
  renovated
• 11:31
  every
• 11:32
  single
• 11:32
  unit,
• 11:32
  you
• 11:33
  know,
• 11:33
  from.
• 11:33
  We
• 11:33
  put
• 11:34
  $200,000
• 11:35
  into
• 11:35
  this
• 11:35
  property.
• 11:36
  Renovated
• 11:36
  because
• 11:36
  we
• 11:37
  got
• 11:37
  it
• 11:37
  at
• 11:37
  such
• 11:37
  a
• 11:37
  good
• 11:37
  deal.
• 11:38
  I
• 11:38
  think
• 11:38
  we
• 11:38
  paid
• 11:38
  700,000
• 11:39
  or
• 11:40
  675
• 11:40
  grand,
• 11:41
  something
• 11:41
  like
• 11:41
  that
• 11:41
  at
• 11:41
  the
• 11:41
  time.
• 11:42
  And
• 11:42
  we
• 11:42
  knew
• 11:42
  that
• 11:43
  if
• 11:43
  we
• 11:43
  renovated
• 11:44
  it
• 11:44
  and
• 11:44
  got
• 11:44
  rents
• 11:45
  to
• 11:45
  Market,
• 11:45
  it'd
• 11:45
  be
• 11:46
  worth
• 11:46
  about
• 11:46
  a
• 11:46
  million
• 11:46
  bucks,
• 11:47
  maybe
• 11:47
  1.1.
• 11:48
  So
• 11:48
  we
• 11:48
  put.
• 11:49
  Put
• 11:49
  6
• 11:50
  or
• 11:50
  200
• 11:50
  grand
• 11:50
  in
• 11:51
  it,
• 11:51
  I
• 11:51
  think
• 11:51
  all
• 11:51
  in.
• 11:51
  We
• 11:52
  were
• 11:52
  at
• 11:52
  just
• 11:52
  shy
• 11:53
  of
• 11:53
  900.
• 11:54
  We
• 11:54
  rented
• 11:54
  all
• 11:55
  the
• 11:55
  units,
• 11:55
  got
• 11:56
  them
• 11:56
  up
• 11:56
  to
• 11:56
  market.
• 11:57
  We're
• 11:57
  bringing
• 11:57
  in
• 11:58
  about
• 11:58
  $6,500
• 11:59
  a
• 11:59
  month
• 12:00
  in
• 12:00
  revenue
• 12:01
  on
• 12:01
  that,
• 12:01
  on
• 12:01
  that
• 12:02
  place,
• 12:02
  maybe
• 12:02
  a
• 12:02
  little
• 12:03
  bit
• 12:03
  more.
• 12:03
  But
• 12:03
  we
• 12:03
  went
• 12:03
  to
• 12:04
  go
• 12:04
  refinance
• 12:04
  it
• 12:04
  because
• 12:05
  it's
• 12:05
  fourplex.
• 12:05
  We're
• 12:05
  like,
• 12:05
  great,
• 12:06
  let's
• 12:06
  refinance
• 12:06
  it,
• 12:07
  get
• 12:07
  conventional
• 12:07
  financing,
• 12:08
  you
• 12:08
  know,
• 12:09
  Fannie
• 12:09
  Mae,
• 12:09
  Freddie
• 12:09
  Mac,
• 12:10
  that
• 12:10
  kind
• 12:10
  of
• 12:10
  thing.
• 12:10
  And
• 12:11
  the
• 12:11
  appraiser
• 12:11
  came
• 12:11
  out,
• 12:12
  walked
• 12:12
  the
• 12:12
  property.
• 12:13
  I
• 12:13
  gave
• 12:13
  her
• 12:13
  the
• 12:13
  list
• 12:14
  of
• 12:14
  updates,
• 12:14
  you
• 12:15
  know,
• 12:15
  comps,
• 12:16
  all
• 12:16
  that
• 12:16
  stuff.
• 12:17
  And
• 12:17
  the
• 12:17
  appraisal
• 12:17
  report
• 12:18
  came
• 12:18
  back,
• 12:18
  and
• 12:18
  she
• 12:18
  said
• 12:19
  it
• 12:19
  was
• 12:19
  worth
• 12:19
  8.
• 12:20
  99.
• 12:20
  So
• 12:20
  basically
• 12:21
  what
• 12:21
  we
• 12:21
  had
• 12:21
  into
• 12:22
  it,
• 12:22
  and
• 12:22
  I
• 12:23
  called
• 12:24
  her,
• 12:24
  which
• 12:24
  I'm
• 12:24
  not
• 12:24
  supposed
• 12:25
  to
• 12:25
  do,
• 12:25
  but
• 12:25
  I
• 12:25
  called
• 12:25
  her
• 12:25
  because
• 12:26
  her
• 12:26
  number
• 12:26
  was
• 12:26
  on
• 12:26
  the.
• 12:27
  On
• 12:27
  the
• 12:27
  report.
• 12:27
  I'm
• 12:28
  like,
• 12:28
  how
• 12:28
  did
• 12:28
  you.
• 12:28
  How
• 12:28
  did
• 12:29
  you
• 12:29
  come
• 12:29
  up
• 12:29
  with
• 12:29
  this?
• 12:29
  And
• 12:29
  she
• 12:29
  goes,
• 12:30
  well,
• 12:30
  there's.
• 12:30
  There's
• 12:31
  no
• 12:31
  sales
• 12:31
  recently
• 12:32
  in
• 12:32
  the
• 12:32
  area
• 12:33
  because
• 12:33
  it's
• 12:33
  a
• 12:33
  great
• 12:33
  area.
• 12:33
  So
• 12:34
  not
• 12:34
  a
• 12:34
  lot
• 12:34
  of
• 12:34
  people
• 12:34
  are.
• 12:35
  Are
• 12:35
  selling
• 12:35
  those
• 12:35
  assets.
• 12:36
  They're
• 12:36
  holding
• 12:36
  them
• 12:37
  because
• 12:37
  of
• 12:37
  the
• 12:37
  rental
• 12:37
  rates.
• 12:38
  And
• 12:38
  so
• 12:39
  basically,
• 12:39
  there
• 12:39
  was
• 12:39
  no
• 12:39
  sales
• 12:40
  comps
• 12:40
  for
• 12:40
  her
• 12:40
  to
• 12:40
  justify
• 12:41
  a
• 12:41
  higher
• 12:41
  price.
• 12:42
  But
• 12:42
  on
• 12:42
  the
• 12:43
  same
• 12:43
  report,
• 12:43
  her
• 12:44
  income
• 12:44
  Approach
• 12:44
  was
• 12:45
  at
• 12:45
  1.05
• 12:46
  million.
• 12:46
  So
• 12:47
  she
• 12:47
  was
• 12:47
  almost
• 12:48
  300
• 12:48
  grand
• 12:48
  short.
• 12:49
  Sorry.
• 12:49
  She
• 12:50
  came
• 12:50
  in
• 12:50
  at
• 12:50
  799.
• 12:51
  So
• 12:51
  she
• 12:51
  was
• 12:52
  almost
• 12:52
  300
• 12:53
  grand
• 12:53
  short
• 12:53
  of
• 12:53
  the
• 12:54
  income
• 12:54
  approach
• 12:54
  when
• 12:55
  we
• 12:55
  knew
• 12:55
  that
• 12:55
  this
• 12:55
  property
• 12:56
  was
• 12:56
  worth
• 12:56
  at
• 12:56
  least
• 12:57
  a
• 12:57
  million
• 12:57
  bucks.
• 12:57
  So
• 12:58
  we
• 12:58
  had
• 12:58
  to
• 12:58
  go
• 12:58
  get
• 12:58
  commercial
• 12:59
  financing
• 13:00
  on
• 13:00
  a
• 13:00
  four
• 13:00
  plex.
• 13:01
  So,
• 13:01
  you
• 13:01
  know,
• 13:01
  it
• 13:02
  kind
• 13:02
  of
• 13:02
  hurt
• 13:02
  our
• 13:02
  payment
• 13:02
  a
• 13:02
  little
• 13:03
  bit
• 13:03
  and
• 13:03
  whatnot,
• 13:04
  but
• 13:04
  we
• 13:04
  were
• 13:04
  able
• 13:04
  to
• 13:04
  get
• 13:04
  the
• 13:05
  cash
• 13:05
  out
• 13:05
  that
• 13:05
  we
• 13:05
  wanted
• 13:06
  to
• 13:06
  because
• 13:06
  that
• 13:06
  was
• 13:06
  our
• 13:06
  ultimate
• 13:07
  goal.
• 13:07
  One
• 13:07
  way
• 13:07
  to
• 13:08
  be
• 13:08
  creative,
• 13:08
  too,
• 13:09
  and
• 13:09
  think
• 13:09
  outside
• 13:10
  of
• 13:10
  the
• 13:10
  box
• 13:10
  on
• 13:10
  how
• 13:10
  to
• 13:11
  find
• 13:11
  a
• 13:11
  solution
• 13:11
  for
• 13:11
  that.
• 13:12
  Very
• 13:12
  neat.
• 13:12
  Yep.
• 13:13
  For
• 13:13
  sure.
• 13:13
  So
• 13:14
  let's
• 13:14
  hear
• 13:14
  right
• 13:15
  now
• 13:15
  how
• 13:15
  you
• 13:15
  kind
• 13:16
  of
• 13:16
  decided
• 13:16
  to
• 13:16
  go
• 13:16
  from
• 13:17
  duplex
• 13:17
  and
• 13:17
  fourplex
• 13:18
  into
• 13:19
  larger
• 13:19
  private
• 13:20
  communities
• 13:20
  and
• 13:20
  syndications.
• 13:21
  So
• 13:21
  what
• 13:21
  was
• 13:22
  it
• 13:22
  that
• 13:22
  kind
• 13:22
  of
• 13:23
  led
• 13:23
  you
• 13:23
  down
• 13:23
  that
• 13:24
  path?
• 13:24
  Well,
• 13:24
  to
• 13:24
  be
• 13:24
  honest
• 13:25
  with
• 13:25
  you,
• 13:25
  it
• 13:25
  was
• 13:26
  that.
• 13:26
  That
• 13:26
  appraisal
• 13:27
  situation.
• 13:27
  That
• 13:27
  was
• 13:28
  the
• 13:28
  last
• 13:28
  four
• 13:29
  plex
• 13:29
  that
• 13:29
  we
• 13:30
  bought.
• 13:30
  And
• 13:31
  after
• 13:31
  dealing
• 13:31
  with
• 13:31
  that,
• 13:32
  we
• 13:32
  all
• 13:32
  kind
• 13:32
  of
• 13:32
  thought,
• 13:33
  you
• 13:33
  know,
• 13:33
  we
• 13:33
  want
• 13:33
  to
• 13:33
  stick
• 13:33
  with
• 13:34
  commercial
• 13:34
  because
• 13:34
  it's
• 13:35
  based
• 13:35
  on
• 13:35
  the
• 13:35
  numbers
• 13:36
  and
• 13:36
  it's
• 13:36
  not
• 13:36
  a
• 13:37
  sales
• 13:37
  comparison
• 13:38
  approach.
• 13:39
  And
• 13:39
  so
• 13:39
  at
• 13:40
  the
• 13:40
  time,
• 13:40
  my
• 13:41
  partners,
• 13:41
  Chris
• 13:41
  and
• 13:41
  A.J.
• 13:42
  shepherd,
• 13:42
  they're
• 13:42
  the
• 13:42
  ones
• 13:42
  that
• 13:43
  started
• 13:43
  uptown
• 13:43
  syndication,
• 13:44
  they
• 13:44
  had
• 13:44
  already
• 13:45
  Bought,
• 13:45
  you
• 13:45
  know,
• 13:46
  a
• 13:46
  9
• 13:46
  unit,
• 13:46
  a
• 13:47
  12
• 13:47
  unit,
• 13:47
  AB21,
• 13:49
  I
• 13:49
  think
• 13:49
  they
• 13:49
  had
• 13:49
  a
• 13:50
  21
• 13:50
  and
• 13:50
  a
• 13:50
  30.
• 13:51
  So
• 13:51
  they
• 13:51
  had
• 13:51
  four
• 13:51
  or
• 13:52
  five
• 13:52
  properties,
• 13:52
  something
• 13:53
  like
• 13:53
  that.
• 13:53
  And
• 13:53
  they
• 13:53
  were
• 13:54
  working
• 13:54
  their
• 13:54
  way
• 13:54
  up.
• 13:55
  They've,
• 13:55
  they've
• 13:55
  been
• 13:55
  serial
• 13:56
  real
• 13:56
  estate
• 13:57
  entrepreneurs
• 13:58
  since,
• 13:58
  I
• 13:58
  don't
• 13:58
  know,
• 13:59
  15
• 13:59
  years
• 13:59
  ago
• 13:59
  or
• 14:00
  something
• 14:00
  like
• 14:00
  that
• 14:00
  now.
• 14:00
  And
• 14:01
  they
• 14:01
  were
• 14:01
  focused
• 14:02
  on,
• 14:02
  on
• 14:02
  building
• 14:02
  this
• 14:03
  out.
• 14:03
  And
• 14:03
  so
• 14:04
  at
• 14:04
  the
• 14:04
  time
• 14:04
  I
• 14:04
  was
• 14:04
  doing
• 14:05
  leasing,
• 14:05
  I
• 14:06
  leased
• 14:06
  out
• 14:06
  most
• 14:06
  of
• 14:06
  these
• 14:07
  properties
• 14:07
  for
• 14:07
  them
• 14:08
  on
• 14:08
  the
• 14:08
  vacancies.
• 14:09
  Got
• 14:09
  really
• 14:09
  familiar
• 14:10
  with
• 14:10
  all
• 14:10
  these
• 14:10
  assets,
• 14:11
  understood
• 14:12
  how
• 14:12
  they
• 14:12
  worked,
• 14:12
  how
• 14:12
  they
• 14:13
  operated.
• 14:13
  I
• 14:14
  told
• 14:14
  him
• 14:14
  one
• 14:14
  day,
• 14:14
  I
• 14:14
  said,
• 14:14
  hey,
• 14:15
  I'm
• 14:15
  done
• 14:15
  with
• 14:15
  leasing.
• 14:16
  It's,
• 14:16
  it's
• 14:17
  making
• 14:17
  my
• 14:17
  hair
• 14:17
  turn
• 14:17
  gray.
• 14:18
  I'm
• 14:18
  tired
• 14:18
  of
• 14:19
  dealing
• 14:19
  with
• 14:19
  upset
• 14:20
  people
• 14:20
  all
• 14:20
  the
• 14:21
  time.
• 14:21
  And
• 14:21
  I
• 14:21
  was
• 14:21
  good
• 14:22
  at
• 14:22
  leasing,
• 14:22
  but
• 14:22
  it
• 14:22
  just,
• 14:23
  I
• 14:23
  couldn't
• 14:23
  do
• 14:23
  it
• 14:23
  anymore.
• 14:24
  And
• 14:24
  so
• 14:24
  they
• 14:24
  said,
• 14:24
  hey,
• 14:24
  why
• 14:24
  don't
• 14:25
  you
• 14:25
  come
• 14:25
  do
• 14:25
  asset
• 14:25
  management
• 14:26
  for
• 14:26
  us?
• 14:27
  We'll
• 14:27
  give
• 14:27
  you
• 14:28
  a
• 14:28
  good
• 14:28
  structure
• 14:28
  and
• 14:28
  we
• 14:29
  don't
• 14:29
  want
• 14:29
  to
• 14:29
  see
• 14:29
  you
• 14:29
  leave
• 14:29
  the
• 14:30
  company,
• 14:30
  so
• 14:31
  why
• 14:31
  don't
• 14:31
  you
• 14:31
  come
• 14:32
  focus
• 14:32
  on
• 14:32
  this
• 14:32
  with
• 14:32
  us?
• 14:33
  And
• 14:33
  then
• 14:33
  since
• 14:33
  I
• 14:34
  came
• 14:34
  on
• 14:34
  in
• 14:34
  2022,
• 14:36
  so
• 14:36
  it's
• 14:36
  been
• 14:36
  just
• 14:37
  over
• 14:37
  two
• 14:37
  years
• 14:37
  now,
• 14:38
  we've
• 14:38
  added,
• 14:38
  I
• 14:39
  think,
• 14:39
  four,
• 14:39
  four,
• 14:41
  four
• 14:41
  assets
• 14:42
  now.
• 14:42
  We
• 14:42
  did
• 14:42
  our
• 14:43
  biggest
• 14:43
  deal,
• 14:43
  which
• 14:44
  was
• 14:44
  an
• 14:44
  $11
• 14:44
  million
• 14:45
  purchase
• 14:45
  here
• 14:45
  in
• 14:46
  Northwest
• 14:46
  Portland
• 14:47
  right
• 14:47
  after
• 14:47
  I
• 14:48
  had
• 14:48
  jumped
• 14:48
  on.
• 14:48
  And
• 14:49
  so
• 14:49
  I
• 14:49
  got
• 14:49
  to
• 14:50
  learn
• 14:50
  very
• 14:51
  quickly
• 14:51
  on
• 14:52
  financing,
• 14:52
  the
• 14:52
  lender
• 14:53
  requirements,
• 14:54
  the
• 14:54
  different
• 14:54
  sales
• 14:55
  agreements
• 14:55
  when
• 14:56
  it
• 14:56
  comes
• 14:56
  to
• 14:56
  commercial
• 14:57
  versus
• 14:57
  residential
• 14:58
  and
• 14:58
  small
• 14:58
  multifamily,
• 14:59
  the
• 14:59
  difference
• 15:00
  in
• 15:00
  financing
• 15:01
  when
• 15:01
  it
• 15:01
  comes
• 15:01
  to
• 15:01
  commercial
• 15:02
  instead
• 15:02
  of
• 15:02
  small
• 15:03
  multifamily.
• 15:03
  And
• 15:04
  so
• 15:04
  I
• 15:04
  just,
• 15:04
  I
• 15:04
  got
• 15:04
  like
• 15:05
  a
• 15:05
  crash
• 15:05
  course
• 15:06
  within
• 15:06
  my
• 15:06
  first
• 15:07
  two
• 15:07
  months
• 15:07
  of
• 15:08
  doing
• 15:08
  larger
• 15:09
  multifamily.
• 15:09
  And
• 15:10
  that's
• 15:10
  kind
• 15:10
  of
• 15:10
  how
• 15:10
  I
• 15:11
  rolled
• 15:11
  into
• 15:12
  the
• 15:13
  medium
• 15:13
  sized
• 15:14
  multifamily
• 15:15
  assets.
• 15:16
  I've
• 15:16
  always
• 15:16
  been
• 15:16
  a
• 15:16
  big
• 15:17
  believer
• 15:17
  that
• 15:17
  the
• 15:17
  crash
• 15:18
  course
• 15:18
  is
• 15:18
  the
• 15:18
  best
• 15:19
  way
• 15:19
  to
• 15:19
  learn.
• 15:19
  Now
• 15:19
  sometimes
• 15:20
  it
• 15:20
  may
• 15:20
  not
• 15:20
  be
• 15:21
  the
• 15:21
  smartest
• 15:21
  way
• 15:21
  to
• 15:22
  learn,
• 15:22
  but
• 15:22
  you
• 15:22
  know
• 15:23
  what,
• 15:23
  you
• 15:23
  learn
• 15:23
  quickly.
• 15:24
  You
• 15:24
  have
• 15:24
  to
• 15:24
  adapt
• 15:25
  and
• 15:25
  you're
• 15:25
  kind
• 15:25
  of
• 15:25
  forced
• 15:25
  to.
• 15:26
  And
• 15:27
  you
• 15:27
  get
• 15:27
  good
• 15:27
  at
• 15:27
  figuring
• 15:28
  stuff
• 15:28
  out.
• 15:29
  You
• 15:29
  just
• 15:29
  have
• 15:29
  to
• 15:29
  figure
• 15:29
  it
• 15:30
  out.
• 15:30
  And
• 15:30
  it
• 15:30
  might
• 15:31
  not
• 15:31
  be
• 15:31
  the
• 15:31
  most
• 15:31
  efficient
• 15:32
  way,
• 15:32
  but
• 15:32
  as
• 15:32
  long
• 15:33
  as
• 15:33
  you
• 15:33
  get
• 15:33
  that
• 15:33
  result
• 15:34
  that
• 15:34
  you're
• 15:34
  looking
• 15:34
  for,
• 15:35
  well,
• 15:35
  you
• 15:35
  can
• 15:35
  hang
• 15:36
  your
• 15:36
  hat
• 15:36
  on
• 15:36
  that,
• 15:36
  right?
• 15:37
  So
• 15:37
  as
• 15:37
  you
• 15:37
  transition
• 15:38
  from
• 15:38
  out
• 15:38
  of
• 15:39
  leasing
• 15:39
  into
• 15:39
  asset
• 15:40
  management,
• 15:40
  which
• 15:40
  role
• 15:41
  do
• 15:41
  you
• 15:41
  like
• 15:41
  better
• 15:41
  and
• 15:42
  what
• 15:42
  do
• 15:42
  you
• 15:42
  kind
• 15:42
  of
• 15:42
  find
• 15:42
  the
• 15:43
  main
• 15:43
  differences
• 15:44
  between
• 15:44
  them?
• 15:44
  I
• 15:44
  would
• 15:44
  say
• 15:45
  I
• 15:45
  like
• 15:45
  asset
• 15:45
  management
• 15:46
  better
• 15:46
  because
• 15:46
  I'm
• 15:47
  not
• 15:47
  day
• 15:47
  to
• 15:47
  day
• 15:48
  with
• 15:48
  tenants
• 15:48
  and
• 15:49
  upset
• 15:49
  people.
• 15:50
  It's
• 15:50
  definitely
• 15:50
  more
• 15:50
  challenging
• 15:51
  because
• 15:51
  leasing
• 15:52
  is
• 15:52
  pretty
• 15:52
  cut
• 15:52
  and
• 15:53
  dry.
• 15:53
  You
• 15:53
  know,
• 15:53
  you
• 15:54
  market
• 15:54
  a
• 15:54
  property,
• 15:54
  you
• 15:55
  make
• 15:55
  sure
• 15:55
  it's
• 15:55
  rent
• 15:55
  ready
• 15:56
  and
• 15:56
  screen
• 15:56
  tenants
• 15:57
  and
• 15:57
  sign
• 15:57
  a
• 15:57
  lease
• 15:58
  and
• 15:58
  that's,
• 15:58
  you
• 15:58
  know,
• 15:58
  that's
• 15:59
  pretty
• 15:59
  much
• 15:59
  it.
• 15:59
  After
• 16:00
  the
• 16:00
  first
• 16:00
  month
• 16:00
  of
• 16:00
  a
• 16:00
  new
• 16:01
  tenant,
• 16:01
  the
• 16:01
  owner
• 16:01
  communication
• 16:02
  drops
• 16:02
  pretty
• 16:03
  significantly.
• 16:03
  And
• 16:04
  as
• 16:04
  long
• 16:04
  as
• 16:04
  they're
• 16:04
  getting
• 16:04
  their
• 16:04
  payments
• 16:05
  and
• 16:05
  there's
• 16:05
  not
• 16:06
  any
• 16:06
  big
• 16:06
  expenses,
• 16:07
  you
• 16:07
  don't
• 16:07
  usually
• 16:08
  have
• 16:08
  a
• 16:08
  whole
• 16:08
  lot
• 16:08
  of
• 16:09
  headaches
• 16:09
  to
• 16:09
  deal
• 16:09
  with.
• 16:09
  Whereas
• 16:10
  asset
• 16:10
  management,
• 16:11
  it's
• 16:11
  constant
• 16:12
  headaches,
• 16:12
  constant
• 16:13
  problem
• 16:13
  solving,
• 16:14
  constant
• 16:14
  critical
• 16:15
  thinking.
• 16:15
  And
• 16:16
  you're
• 16:16
  just,
• 16:16
  I
• 16:16
  mean
• 16:17
  really,
• 16:17
  I
• 16:17
  oversee
• 16:18
  the
• 16:18
  leasing
• 16:19
  agents
• 16:19
  and
• 16:19
  the
• 16:19
  management
• 16:20
  team
• 16:20
  that
• 16:20
  are
• 16:20
  working
• 16:21
  on
• 16:21
  these
• 16:21
  project
• 16:22
  or
• 16:22
  these
• 16:22
  properties.
• 16:23
  And
• 16:23
  you
• 16:23
  know,
• 16:23
  we
• 16:24
  have
• 16:24
  access,
• 16:24
  we're
• 16:24
  vertically
• 16:25
  integrated,
• 16:25
  so
• 16:25
  I
• 16:25
  have
• 16:26
  access
• 16:26
  to
• 16:26
  all
• 16:26
  of
• 16:26
  our
• 16:27
  people,
• 16:27
  PM
• 16:27
  software
• 16:28
  and
• 16:28
  stuff
• 16:28
  like
• 16:28
  that.
• 16:29
  And
• 16:29
  so
• 16:29
  when
• 16:29
  I
• 16:29
  see
• 16:30
  things
• 16:30
  that
• 16:30
  maybe
• 16:31
  aren't
• 16:31
  getting
• 16:31
  done
• 16:32
  as
• 16:32
  quick
• 16:32
  as
• 16:33
  I'd
• 16:33
  like
• 16:33
  them
• 16:33
  to
• 16:33
  get
• 16:33
  done,
• 16:34
  I
• 16:34
  can
• 16:34
  go
• 16:34
  in
• 16:34
  and
• 16:34
  see
• 16:35
  that
• 16:35
  in
• 16:35
  real
• 16:35
  time
• 16:35
  instead
• 16:36
  of
• 16:36
  having
• 16:36
  to
• 16:36
  ask
• 16:36
  for
• 16:37
  documents
• 16:37
  a
• 16:37
  month
• 16:38
  delayed.
• 16:39
  So
• 16:39
  it's,
• 16:39
  it's
• 16:39
  definitely.
• 16:39
  I
• 16:40
  like
• 16:40
  asset
• 16:40
  management
• 16:40
  more,
• 16:41
  but
• 16:41
  I
• 16:41
  would
• 16:42
  say
• 16:42
  that
• 16:42
  it's
• 16:42
  more
• 16:43
  constant
• 16:43
  critical
• 16:44
  thinking
• 16:44
  and
• 16:44
  problem
• 16:44
  solving.
• 16:45
  Whereas
• 16:45
  leasing,
• 16:46
  you
• 16:46
  kind
• 16:46
  of
• 16:46
  get
• 16:46
  ups
• 16:46
  and
• 16:46
  downs.
• 16:47
  Yeah,
• 16:47
  especially
• 16:48
  the
• 16:48
  last
• 16:48
  two
• 16:48
  years
• 16:48
  or
• 16:48
  so,
• 16:49
  they
• 16:49
  certainly
• 16:49
  been
• 16:49
  keeping
• 16:49
  all
• 16:49
  of
• 16:50
  us
• 16:50
  in
• 16:50
  the
• 16:50
  multifamily
• 16:51
  commercial
• 16:51
  space.
• 16:51
  And
• 16:51
  I
• 16:52
  told
• 16:53
  my
• 16:53
  wife,
• 16:53
  I
• 16:54
  was
• 16:54
  telling
• 16:54
  my
• 16:54
  wife
• 16:54
  yesterday,
• 16:55
  if
• 16:55
  I
• 16:55
  get
• 16:55
  one
• 16:55
  more
• 16:55
  lender
• 16:56
  inspection
• 16:56
  email,
• 16:57
  I'm
• 16:57
  going
• 16:57
  to
• 16:57
  throw
• 16:57
  my
• 16:57
  computer
• 16:58
  out
• 16:58
  the
• 16:58
  window.
• 16:58
  Because
• 16:59
  you
• 16:59
  get
• 16:59
  hammered
• 17:00
  with
• 17:00
  lender
• 17:00
  inspections.
• 17:01
  One
• 17:02
  of
• 17:02
  the
• 17:02
  things
• 17:02
  I
• 17:02
  really
• 17:03
  like
• 17:03
  that
• 17:03
  you
• 17:03
  guys
• 17:03
  do
• 17:03
  is
• 17:04
  you
• 17:04
  focus
• 17:05
  close
• 17:05
  to
• 17:05
  home.
• 17:06
  And
• 17:06
  you
• 17:06
  know,
• 17:07
  you
• 17:07
  often
• 17:07
  hear
• 17:07
  people
• 17:08
  say
• 17:08
  in
• 17:08
  this
• 17:08
  space
• 17:08
  how
• 17:08
  you
• 17:09
  can
• 17:09
  do,
• 17:09
  you
• 17:09
  know,
• 17:10
  multifamily
• 17:11
  investing
• 17:11
  anywhere.
• 17:12
  And
• 17:12
  while
• 17:12
  there
• 17:12
  is
• 17:12
  truth
• 17:13
  to
• 17:13
  that,
• 17:13
  in
• 17:13
  my
• 17:13
  experience,
• 17:14
  I've
• 17:14
  always
• 17:14
  found
• 17:15
  that
• 17:15
  it's
• 17:15
  not.
• 17:15
  You
• 17:15
  can't,
• 17:16
  well,
• 17:16
  you
• 17:16
  can
• 17:16
  do
• 17:16
  it
• 17:17
  anyway.
• 17:17
  It
• 17:17
  doesn't
• 17:17
  mean
• 17:17
  it's
• 17:17
  always
• 17:18
  smart
• 17:18
  to.
• 17:18
  What
• 17:19
  do
• 17:19
  you
• 17:19
  find
• 17:19
  is
• 17:19
  some
• 17:19
  of
• 17:19
  the
• 17:20
  advantages
• 17:20
  of
• 17:21
  keeping
• 17:21
  the
• 17:21
  portfolio
• 17:22
  in
• 17:22
  a
• 17:22
  tight
• 17:22
  knit
• 17:23
  area
• 17:23
  and
• 17:23
  keeping
• 17:24
  it,
• 17:24
  you
• 17:24
  know,
• 17:24
  close
• 17:24
  to
• 17:24
  where
• 17:25
  you,
• 17:25
  where
• 17:25
  you
• 17:25
  are.
• 17:25
  You
• 17:26
  know,
• 17:26
  Charles,
• 17:26
  I'm
• 17:26
  really
• 17:26
  glad
• 17:27
  you
• 17:27
  brought
• 17:27
  this
• 17:27
  up
• 17:27
  because
• 17:28
  I
• 17:28
  was
• 17:28
  having
• 17:28
  a
• 17:28
  conversation
• 17:29
  about
• 17:29
  this
• 17:29
  exact
• 17:30
  topic
• 17:31
  last
• 17:31
  week
• 17:31
  and
• 17:32
  so
• 17:32
  I
• 17:32
  have
• 17:32
  a
• 17:32
  lot
• 17:32
  of
• 17:33
  fresh
• 17:33
  thoughts
• 17:33
  on
• 17:34
  it.
• 17:34
  I
• 17:34
  think
• 17:34
  it's
• 17:34
  great
• 17:35
  to
• 17:35
  keep
• 17:35
  it
• 17:35
  close
• 17:35
  to
• 17:36
  home.
• 17:36
  One,
• 17:36
  because
• 17:37
  all
• 17:37
  three
• 17:37
  of
• 17:37
  us
• 17:38
  are
• 17:38
  from
• 17:39
  Portland
• 17:39
  and
• 17:39
  I've
• 17:40
  never
• 17:40
  left
• 17:40
  other
• 17:41
  than
• 17:41
  college.
• 17:41
  And
• 17:42
  Chris
• 17:42
  and
• 17:42
  AJ
• 17:42
  have
• 17:43
  been
• 17:43
  here
• 17:43
  pretty
• 17:43
  much
• 17:43
  their
• 17:43
  whole
• 17:44
  lives
• 17:44
  except
• 17:44
  for
• 17:44
  college
• 17:45
  as
• 17:45
  well.
• 17:45
  And
• 17:45
  so
• 17:45
  we're
• 17:46
  really,
• 17:46
  really
• 17:46
  familiar
• 17:47
  with
• 17:47
  the
• 17:47
  locations.
• 17:48
  We
• 17:48
  have
• 17:49
  a
• 17:49
  lot
• 17:49
  of
• 17:49
  people
• 17:49
  that
• 17:50
  we
• 17:50
  know
• 17:50
  here.
• 17:50
  Our
• 17:50
  network
• 17:51
  is
• 17:51
  pretty
• 17:51
  vast
• 17:52
  and
• 17:52
  we're
• 17:52
  at
• 17:52
  the
• 17:53
  point
• 17:53
  now
• 17:53
  where
• 17:53
  we're
• 17:53
  starting
• 17:53
  to
• 17:54
  make
• 17:54
  a
• 17:54
  dent
• 17:55
  in
• 17:55
  the,
• 17:55
  in
• 17:55
  the
• 17:56
  market
• 17:56
  where
• 17:56
  people
• 17:57
  start
• 17:57
  to
• 17:57
  know
• 17:57
  us
• 17:57
  and
• 17:57
  if
• 17:58
  they
• 17:58
  have
• 17:58
  deals
• 17:58
  that
• 17:58
  fit
• 17:59
  our
• 17:59
  buy
• 17:59
  box,
• 18:00
  they're
• 18:00
  bringing
• 18:00
  them
• 18:00
  to
• 18:00
  us
• 18:01
  instead
• 18:01
  of
• 18:01
  us
• 18:01
  having
• 18:02
  to
• 18:02
  go,
• 18:02
  you
• 18:02
  know,
• 18:03
  build
• 18:03
  relationships
• 18:04
  with
• 18:04
  brokers
• 18:04
  out
• 18:04
  of
• 18:04
  state.
• 18:05
  And
• 18:05
  that's
• 18:05
  something
• 18:06
  we've
• 18:06
  talked
• 18:06
  about.
• 18:06
  We
• 18:06
  have
• 18:07
  talked
• 18:07
  about
• 18:07
  expanding
• 18:08
  to
• 18:08
  new
• 18:08
  markets,
• 18:09
  mainly
• 18:09
  because
• 18:09
  the
• 18:09
  landlord
• 18:10
  tenant
• 18:10
  laws
• 18:11
  are
• 18:11
  really
• 18:11
  difficult
• 18:11
  here.
• 18:12
  It's
• 18:12
  constant,
• 18:13
  you
• 18:13
  know,
• 18:13
  again,
• 18:14
  constant
• 18:14
  headaches
• 18:15
  because
• 18:15
  the
• 18:15
  tenants
• 18:16
  get
• 18:16
  such
• 18:17
  favoritism,
• 18:17
  especially
• 18:18
  in
• 18:18
  the
• 18:18
  courts.
• 18:19
  And
• 18:19
  so
• 18:19
  we've
• 18:19
  talked
• 18:19
  about
• 18:20
  getting
• 18:20
  to
• 18:20
  markets
• 18:21
  that
• 18:21
  are
• 18:21
  a
• 18:21
  little
• 18:21
  bit
• 18:21
  more
• 18:21
  business
• 18:22
  friendly,
• 18:22
  a
• 18:22
  little
• 18:22
  bit
• 18:22
  more
• 18:23
  property
• 18:23
  owner
• 18:23
  friendly.
• 18:24
  And
• 18:24
  I
• 18:24
  was
• 18:24
  telling
• 18:24
  that
• 18:25
  to
• 18:25
  someone
• 18:25
  the
• 18:25
  other
• 18:25
  day
• 18:26
  who
• 18:26
  I
• 18:26
  think
• 18:26
  he's
• 18:27
  in
• 18:27
  South
• 18:27
  Carolina
• 18:27
  or
• 18:28
  North
• 18:28
  Carolina,
• 18:28
  and
• 18:29
  he
• 18:29
  told
• 18:29
  me,
• 18:30
  he
• 18:30
  said,
• 18:30
  why
• 18:30
  would
• 18:30
  you
• 18:30
  do
• 18:30
  that?
• 18:31
  I
• 18:31
  go,
• 18:31
  well,
• 18:31
  I
• 18:31
  just
• 18:31
  told
• 18:32
  you
• 18:32
  why
• 18:32
  I
• 18:32
  would
• 18:32
  do
• 18:32
  that.
• 18:33
  And
• 18:33
  he
• 18:33
  goes,
• 18:33
  yeah,
• 18:33
  but
• 18:34
  then
• 18:34
  you
• 18:34
  have
• 18:34
  to
• 18:34
  pay
• 18:34
  a
• 18:34
  property
• 18:35
  management
• 18:35
  company,
• 18:35
  you
• 18:35
  have
• 18:36
  to
• 18:36
  pay
• 18:36
  construction,
• 18:37
  and
• 18:37
  we
• 18:37
  have
• 18:37
  all
• 18:38
  that
• 18:38
  in
• 18:38
  house.
• 18:39
  And
• 18:39
  so
• 18:39
  being
• 18:40
  able
• 18:40
  to
• 18:40
  keep
• 18:40
  that,
• 18:41
  you
• 18:41
  know,
• 18:41
  that
• 18:42
  money
• 18:42
  in,
• 18:42
  in
• 18:43
  our
• 18:43
  own
• 18:43
  circle
• 18:44
  actually
• 18:44
  makes
• 18:44
  a
• 18:44
  huge
• 18:45
  difference
• 18:45
  on
• 18:45
  our,
• 18:46
  you
• 18:46
  know,
• 18:46
  at
• 18:46
  the
• 18:46
  end
• 18:46
  of
• 18:46
  the
• 18:46
  day.
• 18:47
  And
• 18:47
  so
• 18:48
  I
• 18:48
  think
• 18:48
  for
• 18:48
  now
• 18:49
  we're
• 18:49
  just
• 18:49
  going
• 18:49
  to
• 18:49
  keep
• 18:49
  on
• 18:50
  focusing
• 18:50
  on
• 18:50
  the
• 18:50
  Portland
• 18:51
  metro
• 18:51
  area.
• 18:51
  And
• 18:52
  we
• 18:52
  have
• 18:52
  gone
• 18:52
  a
• 18:53
  little
• 18:53
  bit
• 18:53
  outside
• 18:53
  the
• 18:54
  urban,
• 18:54
  you
• 18:54
  know,
• 18:55
  areas.
• 18:55
  We've
• 18:55
  gone
• 18:56
  to
• 18:56
  a
• 18:56
  place
• 18:56
  that's
• 18:57
  about
• 18:57
  45
• 18:58
  minutes
• 18:58
  outside
• 18:58
  of
• 18:58
  Portland
• 18:59
  just
• 18:59
  because
• 19:00
  the
• 19:00
  different
• 19:00
  counties
• 19:01
  have
• 19:01
  different
• 19:01
  rules.
• 19:02
  And
• 19:02
  Multnomah
• 19:03
  county,
• 19:03
  which
• 19:03
  is
• 19:03
  where
• 19:03
  Portland's
• 19:04
  at,
• 19:04
  is
• 19:04
  really
• 19:05
  brutal,
• 19:05
  if
• 19:06
  I'm
• 19:06
  being
• 19:06
  honest.
• 19:06
  So
• 19:06
  we
• 19:07
  have
• 19:07
  started
• 19:07
  to
• 19:07
  widen
• 19:08
  our
• 19:08
  net
• 19:08
  a
• 19:08
  little
• 19:08
  bit
• 19:08
  around
• 19:09
  the
• 19:09
  Portland
• 19:09
  msa.
• 19:10
  You
• 19:10
  know,
• 19:10
  I
• 19:10
  don't
• 19:10
  blame
• 19:11
  you
• 19:11
  for
• 19:11
  that.
• 19:11
  I,
• 19:12
  I'm
• 19:12
  originally
• 19:12
  from
• 19:12
  New
• 19:13
  York
• 19:13
  and
• 19:13
  I
• 19:14
  moved
• 19:14
  out
• 19:14
  of
• 19:15
  New
• 19:15
  York
• 19:15
  when
• 19:15
  I
• 19:15
  started
• 19:15
  in
• 19:16
  multifamily
• 19:16
  full
• 19:17
  time
• 19:17
  with
• 19:17
  syndication.
• 19:18
  And
• 19:18
  like
• 19:18
  some
• 19:19
  of
• 19:19
  my
• 19:19
  friends
• 19:19
  in
• 19:19
  New
• 19:19
  York
• 19:19
  say,
• 19:20
  would
• 19:20
  you
• 19:20
  ever
• 19:20
  come
• 19:20
  back
• 19:21
  and
• 19:21
  do
• 19:21
  it
• 19:21
  up
• 19:21
  here?
• 19:21
  And
• 19:21
  I
• 19:21
  said,
• 19:22
  oh,
• 19:22
  I
• 19:22
  don't
• 19:22
  think
• 19:22
  I
• 19:22
  want
• 19:23
  to
• 19:23
  do
• 19:23
  it
• 19:23
  up
• 19:23
  there.
• 19:23
  I
• 19:23
  said,
• 19:23
  I
• 19:24
  don't
• 19:24
  want
• 19:24
  to
• 19:24
  touch
• 19:24
  anything
• 19:25
  with,
• 19:25
  you
• 19:25
  know,
• 19:25
  residential
• 19:26
  up
• 19:26
  there
• 19:26
  because
• 19:26
  as
• 19:27
  soon
• 19:27
  as
• 19:27
  you
• 19:27
  do
• 19:27
  that,
• 19:27
  it's
• 19:28
  a
• 19:28
  slippery
• 19:28
  slope.
• 19:29
  But,
• 19:29
  you
• 19:29
  know,
• 19:30
  having
• 19:30
  first
• 19:30
  party
• 19:31
  management,
• 19:31
  also
• 19:32
  a
• 19:32
  great
• 19:32
  advantage
• 19:32
  because
• 19:33
  you're
• 19:33
  right,
• 19:33
  it
• 19:33
  keeps
• 19:33
  the
• 19:33
  money
• 19:34
  in
• 19:34
  there,
• 19:34
  but
• 19:34
  it
• 19:34
  also
• 19:34
  keeps
• 19:35
  control.
• 19:35
  And
• 19:36
  some
• 19:36
  people
• 19:36
  don't
• 19:36
  realize
• 19:37
  how
• 19:37
  important
• 19:37
  that
• 19:37
  is.
• 19:37
  But
• 19:37
  it's
• 19:38
  like,
• 19:38
  you
• 19:38
  know,
• 19:38
  having
• 19:38
  the
• 19:38
  ability
• 19:39
  to
• 19:39
  actually
• 19:39
  control,
• 19:40
  you
• 19:40
  know,
• 19:40
  like
• 19:41
  going
• 19:41
  in
• 19:41
  there
• 19:41
  and
• 19:41
  you
• 19:42
  being
• 19:42
  able
• 19:42
  to
• 19:42
  view
• 19:43
  in
• 19:43
  real
• 19:43
  time
• 19:44
  what
• 19:44
  the
• 19:44
  management
• 19:45
  team
• 19:45
  is
• 19:45
  or
• 19:45
  isn't
• 19:45
  Doing
• 19:46
  allows
• 19:46
  you
• 19:46
  as
• 19:46
  the
• 19:47
  asset
• 19:47
  manager
• 19:47
  to
• 19:47
  jump
• 19:48
  on
• 19:48
  it
• 19:48
  that
• 19:48
  much
• 19:48
  faster.
• 19:49
  So
• 19:49
  do
• 19:49
  you
• 19:49
  find
• 19:49
  that
• 19:50
  that
• 19:50
  serves
• 19:50
  you
• 19:50
  well
• 19:50
  and
• 19:50
  that
• 19:51
  gives
• 19:51
  you
• 19:51
  a
• 19:51
  competitive
• 19:52
  advantage
• 19:52
  over
• 19:52
  the
• 19:53
  others
• 19:53
  in
• 19:53
  your
• 19:53
  space?
• 19:54
  A
• 19:54
  hundred
• 19:54
  percent,
• 19:55
  yeah.
• 19:55
  And
• 19:55
  I
• 19:55
  know
• 19:56
  we've
• 19:56
  talked
• 19:56
  with
• 19:56
  other
• 19:56
  operators
• 19:57
  and
• 19:57
  they,
• 19:58
  some
• 19:58
  people
• 19:58
  request,
• 19:59
  I
• 19:59
  guess,
• 20:00
  you
• 20:00
  know,
• 20:00
  leasing
• 20:01
  agent
• 20:01
  access
• 20:01
  or
• 20:02
  whatever
• 20:02
  it's
• 20:02
  called
• 20:02
  in
• 20:03
  those
• 20:03
  property
• 20:03
  management
• 20:04
  systems,
• 20:04
  so
• 20:05
  they
• 20:05
  can
• 20:05
  go
• 20:05
  access
• 20:05
  it
• 20:06
  real
• 20:06
  time.
• 20:06
  But,
• 20:07
  but
• 20:07
  the
• 20:07
  property
• 20:08
  managers
• 20:08
  can
• 20:08
  kind
• 20:08
  of
• 20:08
  control
• 20:09
  what
• 20:09
  you
• 20:09
  see
• 20:10
  and
• 20:10
  what
• 20:10
  you
• 20:10
  don't
• 20:10
  see,
• 20:11
  whereas,
• 20:11
  you
• 20:12
  know,
• 20:12
  we
• 20:12
  have
• 20:12
  full
• 20:12
  access
• 20:13
  to
• 20:13
  everything.
• 20:13
  And
• 20:14
  so
• 20:14
  to
• 20:14
  your
• 20:14
  point,
• 20:14
  Charles,
• 20:15
  if
• 20:15
  I,
• 20:16
  if
• 20:16
  I
• 20:16
  think
• 20:16
  something's
• 20:17
  going
• 20:17
  on
• 20:17
  or,
• 20:18
  you
• 20:18
  know,
• 20:18
  I
• 20:18
  want
• 20:18
  to
• 20:18
  look
• 20:18
  at
• 20:19
  how
• 20:19
  things
• 20:19
  are
• 20:19
  going
• 20:20
  here,
• 20:20
  I
• 20:20
  can
• 20:20
  literally
• 20:21
  log
• 20:21
  in
• 20:21
  from
• 20:21
  my
• 20:21
  phone
• 20:22
  if
• 20:22
  I
• 20:22
  have
• 20:22
  to
• 20:22
  and
• 20:23
  check
• 20:23
  PNLs,
• 20:24
  application
• 20:25
  screening,
• 20:25
  all
• 20:25
  those
• 20:26
  things.
• 20:26
  Rental,
• 20:27
  you
• 20:27
  know,
• 20:27
  have
• 20:28
  things
• 20:28
  been
• 20:28
  rented
• 20:28
  where
• 20:28
  the
• 20:29
  work
• 20:29
  orders
• 20:29
  at
• 20:30
  any
• 20:30
  time
• 20:30
  I
• 20:30
  want.
• 20:31
  And
• 20:31
  that
• 20:31
  is
• 20:32
  invaluable
• 20:32
  because
• 20:32
  like
• 20:33
  I
• 20:33
  said,
• 20:33
  if
• 20:33
  you
• 20:34
  have
• 20:34
  third
• 20:34
  party
• 20:34
  management,
• 20:35
  yeah,
• 20:35
  you
• 20:35
  might
• 20:35
  get
• 20:36
  those
• 20:36
  documents
• 20:36
  a
• 20:37
  month
• 20:37
  delayed.
• 20:37
  But
• 20:38
  at
• 20:38
  that
• 20:38
  point,
• 20:38
  you
• 20:38
  know,
• 20:39
  all
• 20:39
  of
• 20:39
  a
• 20:39
  sudden
• 20:39
  you
• 20:39
  get
• 20:39
  a
• 20:39
  couple
• 20:40
  months
• 20:40
  behind
• 20:40
  and
• 20:40
  you're,
• 20:41
  you're
• 20:41
  not
• 20:41
  seeing
• 20:41
  the
• 20:42
  trends
• 20:42
  and
• 20:43
  you
• 20:43
  know,
• 20:43
  that
• 20:43
  can
• 20:43
  cause
• 20:43
  a
• 20:43
  lot
• 20:44
  bigger
• 20:44
  problems
• 20:44
  than,
• 20:44
  you
• 20:45
  know,
• 20:45
  what
• 20:45
  I,
• 20:45
  what
• 20:45
  I
• 20:46
  deal
• 20:46
  with.
• 20:46
  Yeah,
• 20:46
  you're
• 20:47
  absolutely
• 20:47
  right.
• 20:47
  Well,
• 20:48
  Trent,
• 20:48
  we
• 20:48
  want
• 20:48
  to
• 20:48
  thank
• 20:49
  you
• 20:49
  so
• 20:49
  much
• 20:49
  for
• 20:49
  coming
• 20:50
  on
• 20:50
  and
• 20:50
  sharing
• 20:50
  your
• 20:51
  wisdom
• 20:51
  with
• 20:51
  the
• 20:51
  listeners.
• 20:52
  If
• 20:52
  the
• 20:52
  listeners
• 20:53
  want
• 20:53
  to
• 20:53
  reach
• 20:53
  out
• 20:53
  and
• 20:54
  get
• 20:54
  in
• 20:54
  touch
• 20:54
  with
• 20:54
  you.
• 20:54
  How
• 20:54
  can
• 20:54
  they,
• 20:55
  how
• 20:55
  can
• 20:55
  they
• 20:55
  do
• 20:55
  that?
• 20:56
  Yeah,
• 20:56
  our
• 20:56
  website's
• 20:56
  uptown
• 20:57
  syndication.com
• 20:58
  Most
• 20:58
  of
• 20:58
  my
• 20:59
  stuff
• 20:59
  is
• 20:59
  on
• 20:59
  there.
• 21:00
  You
• 21:00
  can
• 21:00
  find
• 21:00
  me
• 21:00
  on
• 21:00
  LinkedIn,
• 21:01
  Trent
• 21:01
  Warner,
• 21:02
  w
• 21:02
  E
• 21:02
  R
• 21:02
  N
• 21:02
  E
• 21:02
  R
• 21:03
  and
• 21:03
  then
• 21:04
  Instagram.
• 21:04
  If
• 21:04
  you
• 21:04
  search
• 21:05
  my
• 21:05
  name,
• 21:05
  I'll
• 21:05
  probably
• 21:05
  pop
• 21:06
  up,
• 21:06
  but
• 21:06
  I
• 21:06
  think
• 21:06
  it's
• 21:07
  Trent
• 21:07
  Wrealestate
• 21:08
  might
• 21:08
  be
• 21:09
  my,
• 21:09
  my
• 21:09
  handle,
• 21:10
  but
• 21:10
  I'm
• 21:10
  happy
• 21:10
  to
• 21:10
  chat.
• 21:11
  We
• 21:11
  also
• 21:11
  have
• 21:11
  a
• 21:11
  podcast
• 21:12
  called
• 21:12
  west
• 21:12
  side
• 21:12
  Investors
• 21:13
  Network
• 21:13
  Podcast.
• 21:14
  You
• 21:14
  can
• 21:14
  find
• 21:15
  that
• 21:15
  on
• 21:15
  all
• 21:15
  the
• 21:15
  major
• 21:16
  streaming
• 21:16
  platforms.
• 21:17
  Awesome.
• 21:17
  Well,
• 21:17
  thanks
• 21:18
  so
• 21:18
  much
• 21:18
  for
• 21:18
  joining
• 21:18
  us
• 21:19
  today
• 21:19
  and
• 21:19
  for
• 21:19
  sharing
• 21:20
  your
• 21:20
  wisdom
• 21:20
  with
• 21:20
  the
• 21:20
  listeners.
• 21:21
  And
• 21:21
  we
• 21:22
  want
• 21:22
  to
• 21:22
  thank
• 21:22
  everyone
• 21:22
  for
• 21:23
  tuning
• 21:23
  in
• 21:23
  and
• 21:23
  listening
• 21:24
  to
• 21:24
  the
• 21:24
  Master
• 21:24
  Passive
• 21:25
  Income
• 21:25
  Multifamily
• 21:26
  podcast.
• 21:27
  Thank
• 21:27
  you
• 21:27
  so
• 21:27
  much,
• 21:28
  Trent.
• 21:28
  Really
• 21:28
  great
• 21:28
  getting
• 21:29
  to
• 21:29
  know
• 21:29
  your
• 21:29
  story
• 21:30
  and,
• 21:30
  and
• 21:30
  look
• 21:31
  forward
• 21:31
  to
• 21:31
  seeing
• 21:31
  what
• 21:32
  you're
• 21:32
  going
• 21:32
  to
• 21:32
  do
• 21:32
  in
• 21:32
  the
• 21:32
  future.
• 21:32
  I
• 21:32
  just
• 21:33
  followed
• 21:33
  you
• 21:33
  on
• 21:33
  Instagram.
• 21:34
  I
• 21:34
  appreciate
• 21:34
  it,
• 21:34
  Erica.
• 21:35
  Thanks,
• 21:35
  Charles.
• 21:35
  And
• 21:35
  thank
• 21:36
  you,
• 21:36
  Erica.
• 21:36
  Thank
• 21:37
  you
• 21:37
  guys.