Latest / The Capital Shift / Before You're Committed: Structure Your Financing First
Transcript
- Taylor Sherman (00:00.256) I I don't know. It here we are again, so anyway. s so yeah. Roger Burnett (00:03.639) Here we are again. So, you know, I believe that my job now is to just I'm gonna just introduce you as Taylor the mortgage guy. Because you're Taylor, my mortgage guy, and and you know stuff, right? So Jeff Hiatt was my cost segregation, he's the Depreciation Doctor, right? So Taylor Sherman (00:14.978) Yes. Taylor Sherman (00:19.085) I sure am. Roger Burnett (00:29.945) Taylor's just a mortgage guy. Everybody say hi to Taylor, the mortgage guy. Hey Taylor. Welcome back to the program. It's funny, we've recorded a bunch of shows and nobody's ever met you. It's just kind of like that's an inside joke. That's an inside joke. But but the reason why this one is like breaking news is because we had to get on and talk today because September 15th is today and some stuff happened. Taylor Sherman (00:40.878) Ha ha ha. Well they'll meet me this time. Yeah, technical gremlins. Roger Burnett (00:59.329) So you know who our audience is, you know what matters to them. Why does what hap well, first of all, Taylor, the mortgage guy, what what happened today? What happened today? Taylor Sherman (01:11.618) Yeah. Yeah, so ten year yield over five, that's bad for mortgage rates. We've been heading towards five percent on the ten year yield, and over the last few weeks as that's been going on, mortgage rates have been going up as well. Right? It's caused significant weakness in the bond market. We have the continued war in Iran, we have oil prices are staying elevated and getting more elevated over a hundred a barrel and With all this happening, it's been bad for for bonds, which is bad for mortgage rates. And yeah, we we see the Fed hiking rates tomorrow. and that, you know, is pretty much written in already. We we expect that to happen. There's like a ninety percent plus chance of the as of this moment of a twenty-five basis points federal funds hike, which I believe actually will be a good thing for mortgage rates. I believe that the market has gone as far as it can go without the Fed making a move and now they'll make a move and I believe that will give traders a little bit of relief. so that being said, what does this mean for folks who they need big write-offs, you know, for for you know their W-2 or their their their their their businesses or or or or whatever their structure is that their goals don't change, right? Taxes are still taxes, you're gonna still be paying those taxes unless you make a move, right? So does this environment change that? No, not by any stretch. Not for me. you call me Taylor the mortgage guy. I'm also Taylor the real estate investor. I own multiple doors. I closed on another flip this morning. I just signed and then came back here to hop on with you. I mean it's a killer of a deal. I mean, I think we got this for thirty percent of ARV. I mean th this is Roger Burnett (02:38.87) Right. Taylor Sherman (03:01.589) Type of stuff you gotta do. There are deals out there if you're willing to put in the work and make the relationships and have the right partners. And even if you're you're not completely there on finding a sweetheart of a deal like that, you can still with a really good realtor in the markets that you're looking to invest in, you could achieve your goals and the market doesn't change that. Maybe it changes the strategy a little bit, like maybe instead of doing a A five-year prepay penalty. Maybe we just do a one-year prepay or a two-year prepay. Take a little bit higher of a rate right now, with the understanding that you're likely going to be looking to refi in the next few years, especially if you're adding value and looking to either do cash out or or restabilize after adding value, right? So goals don't change. The market's gonna do what the market's gonna do. We're still paying taxes, so we gotta still make moves. Roger Burnett (03:57.409) All right. So thank you for reminding everyone that should be paying attention to this program that the circumstances surrounding what's going on largely are irrelevant when the product that you sell, being AI and all of the things that go along with it, are can't be kept on a shelf. So While there may be signs of instability in the market as a whole, we live in our own little part of what we're calling that K. K. And we just gotta kind of stay focused on the fact that circumstances are going to always change. But what I really wanted to bring Taylor the in real estate investor guy on, in addition to Taylor the mortgage guy, is because deals. Deals, deals, deals and more deals. There's deals now, right? But Taylor, what is one of when you encounter someone who is motivated by the fact that there are deals, what are some of the more common early trip up problems for the new investor when it comes to their banking relationships, their mortgage relationships. What are some of the stuff that if somebody's super excited by what they just heard, what do they need to go do right away? Taylor Sherman (05:25.516) Yeah, so they should talk to me early because most people when they come to me they're already convinced of what type of product they need and what it's supposed to look like and how it's supposed to be structured. And then I talk to them and find out that they are totally wrong. Reddit did them dirty and they should be talking to a professional who does hundreds of these deals a year instead of to, you know, some, you know, twenty year old on Reddit who lives with mommy and and bought one house in a syndication, you know, by, you know, putting in five thousand dollars of their own money. Like they should be talking to me because a lot of people come to me, they think that they're getting, you know, well I'm an investor. I should be getting a DSCR. That way I can close an LLC. It's not gonna report to credit and I don't have to look at my income. Like, bro, you make a million dollars a year W two. I wanna look at your income, get you a better rate Still close in an L L C still not report to credit and it's gonna be a much smoother process because you're buying a short term rental and it's not cash flowing on paper, it doesn't have a history of short term rental, and you're trying to now do a no ratio D S C R loan because Reddit told you to do it. Like how bad Talk to me. Right? Talk to me. Roger Burnett (06:33.752) well, the truth of it is come at me, less talk to me, because you know, he or she who has made up their minds that they already know exactly everything that needs to be known is usually the first person to be upset about the outcome that they realize when no one stops them. Taylor Sherman (06:41.102) Yeah. Taylor Sherman (06:58.702) Yeah. I'm dealing with that right now. I have an investor who th they have a lot of exposure in one specific market. They know that market very well and they moved into another market which about a year ago their goals would be easily met in that market. It's a more luxury market and they are doing a burr in that in this in said market and they b bought a home where they then put, you know hundred thousand dollars in renovation into it thinking that it was gonna go up four hundred thousand dollars in value and their appraisal came in. A hundred thousand dollars low and I'm comping it out and I know you know the appraiser's a good appraiser. They're one of our preferred appraisers on our panel. Like, we know that it's good work. And I asked him, Okay, why do you think the value's more where are your comps? And he's like, Well, I don't have the comps, but I know it's worth more per square foot. Like Doesn't work that way. So that's why I actually believe or I know this wasn't the question, but the way I structure these types of loans, believe it or not, for these investors, is I generally start with the appraisal. Rather than going into underwriting and bugging them about all this other stuff, my first thought is, okay, if if you're doing a BRRR for example, I want to know. what the numbers are gonna look like. I wanna know what the rental numbers are gonna look like this 'cause that could determine what product we're going to use. So I like to attack the appraisal way early on rather than, you know, having an appraisal that's ordered two weeks before closing on a twelve day turn time and then on day thirteen when the appraiser is one day late, we get a low appraisal in and we have to completely restructure everything with one day to go. So Roger Burnett (08:50.54) Mm-hmm. Taylor Sherman (08:53.784) A lot of folks they they are are listening to like I said, Reddit and forums and they're they're they're listening to folks who don't have experience. And ego is also a very crucial thing when it comes to the this sort of business. That specific example I gave, I don't need his appraisal to be any higher than it came in at. I don't need it higher. My LTV is fine for the type of loan I want to do, but he is dead set on Roger Burnett (09:17.398) Right. Taylor Sherman (09:23.64) wanting to do a DSCR and he's saying, Well maybe we should just wait until values are higher next year. Like what's that gonna achieve for you? I could get you to your goal right now. You want your payment here so you can cash flow this way and get this much cash out. I could do that right now with no suffering, exactly how we originally wanted it. It's just gonna have to be the way I'm suggesting rather the way that your friends and your forums are suggesting and you have to get over the ego bruise. You're you're not selling this house. Who cares if it came at a hundred thousand dollars low if you're getting the numbers you need on the loan? in thirty years worry about that and you'll get plenty of depreciation to make up for that and tax benefit in the meantime. Or e appreciation I meant to say. Plenty of appreciation to make up and depreciation on the tax front. So let me worry about the mortgage. Roger Burnett (10:19.65) So I'm digging into my analogy bank to try to find the appropriate reasonable analogy for folks. I'm gonna I'm gonna take my car to the repair shop to get a quote for how much the repair shop would charge me to do the repair, and then I'm gonna go home and look on YouTube. Taylor Sherman (10:43.534) Mm-hmm. Roger Burnett (10:45.184) And then I'm gonna go to the mechanic to the auto parts store and I'm going to not tell the person behind the counter that I don't know what I'm doing. I'm just gonna go in there and act like I know exactly what I'm talking about. And the minute they ask me a question, that's an ancillary follow-up question to the question that they just asked me and I don't know the answer, your entire equation just fell apart. Taylor Sherman (11:13.41) Right. And that's literally my job is to absorb questions like that day in and day out from folks who think they know something. and I it's not to say that there aren't many savvy investors out there, but even my top investors like Roger, like you and Melisa and like some of my partners here in Southern Arizona who've done loads and loads of jobs and and really understand the market and understand loans in a way that's far above the level that lay people normally do. Still lay person, professional. This is my job. This is what I do. Depending on the week, 20 to 70 hours a week. Right? Like this is this is my job. This is what I know. I I know enough of to g to be dangerous in various other areas of life. You know, I know a little bit about cars, know a little bit about real estate investment. Roger Burnett (11:49.848) Mm-hmm. Taylor Sherman (12:10.252) Know a little bit about you know coffee, but loans I know loans, so yeah. Yeah, I know loans, so let me figure out the best situation. You give me the raw data, I am going to then make my recommendation. I might give it you know, this is option A, this is option B, but I heavily advise you to go with option A. I know folks really Roger Burnett (12:14.296) Copy. Yeah you do. Yeah you do. Taylor Sherman (12:40.11) savvy folks rely on us to make a recommendation. That's a very important part of my business is to have a confident direction to be able to make a recommendation. Now, if I recommend option A, I gave you options A and B, and then you're going with option C, like that that's on you if it fails. Right? If I'm not even giving you that recommendation, but you have an idea, a preconceived notion of what it's supposed to look like. Roger Burnett (13:06.061) Yeah. Taylor Sherman (13:07.256) Then maybe I'm not the guy for you. Maybe you need to work with somebody who's gonna be an order taker and they're just going to work a loan that's going to fail, and then you're gonna be angry, they're gonna be angry, you're gonna give a bad review, they're not gonna make any money and you're gonna be stuck with a twelve percent hard money loan that you can't read by out of. And that's on you if you're not willing to listen to the experts. Roger Burnett (13:26.678) And boy, is that reality painful. So we all have that friend, family member, person that was smarter than the rest of us that, I tried real estate and I won't do that anymore. And what you ultimately come to find out is they try to do it by themselves. It's the first worst thing you can do. For most of the people that would be listening to this, you're working like eighty hours a week, like how Taylor the mortgage guy is working at doing mortgages. So how in your eighty fifth to a hundred and twenty fifth hour, with whatever brain power you have left, are you gonna figure out all the different nomenclature of all the different different investment vehicles available to you. You just you already made up your mind, you already know. Okay. So you're gonna have that amount of time to invest in whatever sliver of knowledge you've been able to get. And yet you'll go on one of your enterprise sales calls and you'll have you, your CE, you're probably gonna have one of the technology line of service managers that's gonna have to come in and work on your deal because there's too much to be known. And yet somehow we feel like the same doesn't apply here when you're dealing with the company and that's not even their money. That's that's the company's money. Now over here, what Taylor's dealing with is people's real money, your actual money. And you wouldn't want to somehow employ the same level of expertise with your actual money that you would do when you're actually trying to go get your enterprise business. Taylor Sherman (15:03.917) Right. Taylor Sherman (15:08.086) Right. and for me, I have my stakeholders and my partners. I'm gonna have my loan partner, I'm gonna have my processor, we're gonna partner with the underwriters and the account executives and you know, various other folks in in the business, you know, the funder, the closer. There's a lot that I am trying to balance the entire time. Right. A lot of people they see me and they just think that I I do it shouldn't have twitched over this time. A lot of people see me and they think that I do all this stuff. They think that I'm the one who is saying I need another bank statement, or I'm the one that's saying, you you you cut off this page and that's not good enough. Like they think that I'm doing it to harm them. Like I'm trying to make their life miserable. And it's like, no, like there's guidelines and the guideline repr requires if it documents says Roger Burnett (15:57.26) Yeah. Taylor Sherman (16:05.688) Page one of twelve that you give me all twelve pages. And that's just how it is. Right? So you got you gotta log on your computer and go print the PDF and send it on over to me and it takes you a whole thirty three seconds. Roger Burnett (16:14.775) Roger Burnett (16:18.486) And it makes it makes it sound like we're making fun of people, but this is like legitimate stuff that happens. The reason why we wanna bring up this is d probably even more impactful. Okay, this is not Chase. This is not Wells Fargo. This is not Bank of America. This is, I mean, there are instances where those are the financial institutions that might get solicited for an opportunity. But I just wanna like, let's talk about the deal that you and I did. I mean, we were talking you have people who are just individual funders who may want to have a mortgage in their portfolio. And under the right set of circumstances, if someone comes and says to you, I only want a DSCR loan, and that's all I'm willing to talk about, and that's the only thing I need you to give me a right on, just like, well, you just missed out on like 40% of what you could have gotten from a vehicle perspective because you effectively hamstrung Taylor, tied one hand behind his back, and made him only shoot with his left eye. Right? So, like, try to express when you're doing that. Taylor Sherman (17:21.88) Good. Roger Burnett (17:28.298) It's not even so much like for me. I'm like, who's the underwriter over there that's putting Taylor through hell? And it's like, no, that's not even the truth either. It's we've asked for something that you are off literally negotiating deals with people to say, would you want to do this for these people because I believe they're legit? Am I overstating this, Taylor? Because if I am, tell me I am. But if I'm not, this is what people need to understand. Taylor Sherman (17:54.573) No, you're not overstating this at all, especially in the non conforming world, which is where most of us in this space are gonna be operating. That's where I operate for my personal investments as well as most of my loans, because I work with investors. in the non conforming world, i a lot of it is exception based and legitimacy based. And yes, there's guides, but if we package it right. If we we get a good write up and we understand the situation and we could w have a lot of compensating factors, like they're all manual underwrites. Every single non conforming product is going to be a manual underwrite. It's not like a VA loan or an FHA loan or a conforming conventional loan where You get the credit package together, you have their credit report, you have their income in the application, and then you push a button and it tells you if you're approved or not. And then it gives a list of conditions that the underwriters then going to repeat to you that you need to just follow the results and get those conditions. No, this this is all done very meticulously, manual underwrite. but these are done at at at places that this is all they do. All they do is non-QM. Roger Burnett (18:48.482) Yeah. Taylor Sherman (19:09.804) Most of what I do is non-QM, right? So you could talk to ninety-nine percent of the mortgage brokers out there and they're not gonna know diddly squat about non-QM except that they get rate sheets in their emails every morning from a lender they've never used before saying, I could go down to this credit score and up to this loan to value and cash out up to this amount and this appraised value based on this seasoning. Like they're giving high-level points. I read the guidelines. Roger Burnett (19:36.952) Mm-hmm. Taylor Sherman (19:39.883) Like I I I read the guidelines for leisure, like at the places I take my loans to. Like when I'm bored, I'm gonna crack open the you know Annually Capital guidelines and just you know get acquainted on this because it was on my mind. And you know, like that's why it is so important to work with an expert, not only just in mortgages, not just call up the guy who got you your house from Bank of America, right? Like who got you your primary residence you live in, like that you bought twenty years ago and you know that you now own like you know ten grand on like no call up somebody who understands the space. They understand investment. They are they're an investor themselves, right? Not trying to get the hard sell for me, but me or folks like me, right? Roger Burnett (20:25.642) No Taylor, it's when you're talking to the person who might serve this role for you, wouldn't you want to know whether or not they know a damn about investing? So part of your questioning process should be Whichever version you want to ask of the story that says, tell me about your experience as an investor, or tell me about the company's experience with real estate investors, or what percent of your overall portfolio is dedicated to servicing people who have real estate portfolios? Like those kinds of questions are what's gonna help you understand whether or not this person is gonna be able to be creative enough to work with you on transaction by transaction. Transaction basis. Okay, but now there's a big but to this that I want to talk to you about. It's If I come to Taylor and say I'm in short-term rentals because my wife is a big W-2 earner, that's like one-eighth of the story. So the more you have of the other seven eights already figured out, the better off Taylor's gonna be. But you're one, you're gonna get asked a bunch of questions about all eight of the eights. Taylor Sherman (21:36.776) yeah, it is. Roger Burnett (21:54.893) So you better be able to answer as detailed as you possibly can. But more importantly, I guess the reason why I'm bringing this up to you is I went to Taylor and said, I have a long-term portfolio of rentals in Michigan, but we're transitioning into luxury short-term rentals in s highly sought after destinations and we want to be seen as the top one to five percent in the luxury short term rental in those markets. And we're willing to invest the capital and the time in order to be able to one find a property that would fit that description, and two, that has the bones necessary for us to be able to turn it into what we want it to be able to look like when it's done. That's far different than coming to Taylor and saying, I'm in the short-term rental business because of tax. And my point is. Taylor Sherman (22:50.006) Yeah. Roger Burnett (22:52.8) If you don't have the rest of that figured out and you don't want to work with a team, good luck. Taylor Sherman (23:00.652) Yeah. And work with the team, build a relationship, long-term relationship, right? so I just had a client who closed on their third deal with me in the last year. very similar avatar to to what you just described, right? high earning W-2 earner, they've been the same role for seventeen years. They have a lot of exposure, not in the Michigan market, but in the Georgia market. And That's where they live and that's what they've known and they have a lot of long-term rentals and all they're looking to get into the luxury space and they've been very successful at doing so. So first loan that we did together, that's like, okay, let's get to know each other a little bit. Second loan, okay, we got a file for you. We're not gonna need as much. By the third loan, he's like, Wow, that was the easiest loan I've ever done. That's really it? Like there's no more? I'm like, you betcha, there's no more, because Roger Burnett (23:50.594) Mm-hmm. Roger Burnett (23:58.83) Yeah. Taylor Sherman (23:59.471) We we've worked together. We we we we have a very full file for you. We know all of the eighths that we were just talking about. I understand your goals, I understand your situation, I understand your obstacles, I know your income, your credit and your assets, like as if it was my own income, credit, and assets. So we're ready to rock and roll for number four. And it's gonna be even easier than the third one. Roger Burnett (24:16.809) Yeah. Yeah. Roger Burnett (24:27.03) That's where it's at. And we can't get to four without starting with one. And even for us, you know, like we've done enough different things. So we've done a fi we've done our share of fix and flips. We've done we own long-term rentals. It believe it or not, that doesn't make it easier for your banker. Because Unless you're just gonna continue in the lane in which you've established your history. You're st you're still a new entity in that new whatever it is you're gonna go do. And so will it help you with your banker if you have history of being a business owner that runs a successful business? Yeah. But the thing that I find often is people will want to go buy a car wash and then they're mad they can't get terms that they thought they were gonna get on their first car wash. So like talk about that piece of it too, Taylor. Like there's there's something to be said for that too. Taylor Sherman (25:29.458) yeah. And and I come across that all the time. I I I'll deal with folks who are very used to the residential world. They they have a lot of experience there. Maybe they've done, you know, five fix and flips in the last twelve months. They own multiple rental properties, both long term and short term. they have a great debt to income ratio on the residential side because they have these cash flowing properties and a creative mortgage broker who can back out depreciation and one time expenses and then they Want to buy a car wash and they wonder why they're not getting a hundred percent financing or ninety percent financing or eighty percent financing. And I'm saying, hey, you don't have any commercial experience. You're gonna need a partner who does, or you're getting something like a 60 loan-to-value higher interest rate scenario where we're gonna need a full personal financial statement, which you've never prepared before, you don't even know what that means. Right? I ask you for a PFS and you're like Roger Burnett (26:25.502) No. Taylor Sherman (26:28.428) What's that? Right? Like th that that's what I get with these folks. They're like, But look at all these deals I've done. I I pay my bills, look at my credit report. I'm like, Okay, what does the commercial credit side look like for you? Zero. Roger Burnett (26:44.598) Yeah. In a market where commercial is compressing like crazy, certainly this is the first thing we want to go do is just go jump into the commercial space with no track record and no partner with a history in that space. That sounds like a brilliant plan. Taylor Sherman (27:01.548) It's a it's a brilliant plan because it's gonna lead to a quick demise and then you'll have to get real close to God. Roger Burnett (27:09.428) All right. Yeah. So September fifteenth, mortgage rates are going the wrong way. Maybe it doesn't mean doomsday for mortgage rates per se, yet tax is tax, right? So what do you want to tell Stewarts about October, November, December? You got ninety some odd plus days until it's over. What do you want people thinking about? Taylor Sherman (27:38.095) Well, this is an interesting thing that I wanna call out. everybody's familiar with the seasonality of housing, right? Where you're gonna really see the spring housing season pick up until the end of the summer, getting in towards f fall and the holidays. but the market's not the same. The seasonality's not the same in the markets you're looking at. If you're used to that Michigan seasonality or that East Coast seasonality and now you're looking to invest in Let's say Arizona, for example, our seasonality's different here. Q four is very, very busy for real estate in Arizona. and it's not just because all the folks like yourselves are trying to get their taxes ready, right, and themselves prepared for those big write-offs. It's just the weather's different here, obviously, right? And you got snowbirds are in town, right? And they're looking to get out of their rentals and into Buying a a home here, right? Real estate activity is very busy and there's gonna be a lot of competition in Q4 in a market like Arizona, right? Same thing with you know, various markets in California, right, where they have year-round sunshine. The seasonality is different everywhere. Don't just expect that your situation is unique enough that you're gonna be able to find a deal without problem. You gotta be prepared. We're like you say, September fifteenth. What are you doing now for that purchase that you aim to close by the end of November? That's gonna likely end up closing on December twenty-ninth or december thirty-first or something of that sort. Wink wink. Roger Burnett (29:17.375) Ha ha ha. Roger Burnett (29:24.184) December twenty ninth, sir. December twenty ninth. Taylor Sherman (29:25.998) I know, that's why I said December twenty ninth. So I wasn't being specific about any said people that I know. Roger Burnett (29:31.001) Yeah, well it's why I asked you the question I asked you, because Lord knows it was it was it was a cause for some stomach upset there for a while. Not sure if we were gonna get it in in time, but it worked out great. I mean obviously we made it happen. So but the the the idea here is if you're just starting to shop, man, like talk about needing a team. Let's go find you some people that, you know, be it in the real-wise collective, Taylor knows a bunch of people, like come come find some help because if you're just starting out, you're already way behind the ball. And we don't want you buying just any old anything so that come Q2 next year, you're all upset over the fact that your thing isn't performing because you didn't know exactly what it was you were supposed to be buying when you made this decision. So There's still time. I we're living proof there's still time. We did it last year. We snuck it in. We proved that you can you can close in forty eight hours if you need to with the right partners. So any other little nuggets you wanna layer in there that somebody might want to know about? Taylor Sherman (30:34.072) Yeah. Taylor Sherman (30:46.636) Yeah. Well we all make mistakes, right? And we all learn from those mistakes if we want to grow. I mean I I'm guilty of that as much as anyone. My first rental property that I purchased, it was kind of just like I want to check the box of buying a rental property this year. It was in a time when I was very, very busy working seventy eight hours a week. I did not have the time, I didn't do the due diligence. I g I got a great deal, but this is a scenario where They didn't even counter me, the the the seller. even though I gave them what I perceived to be quite the low ball, they just accepted. and it was like, Is it too good to be true because it's too good to be true type of deal? And I ended up working on a very long and arduous eviction after that. I inherited a tenant that was not qualified really to be living in that property. And It caused me a lot of heartache and it taught me some valuable lessons. I mean, one lesson it taught me is that when I'm that busy, I have no business running my own properties without any help. I needed some partners. and I got a great property management company to help me. And this property management company I do a lot of business with in my mortgage business, there's a lot of synchronicity there. and they helped me with the eviction and getting a new tenant and getting it stabilized. And now I'm just collecting checks every month and cash flowing. it was a lot of pain. It's very expensive. But I learned the lesson. now things have changed a little bit and you know, we have a three-year-old when she was a a one-year-old and a two-year-old, it was not quite so easy for my wife to be as involved in the investment side of our business. Now she loves that. Like she's the perfect property manager. She runs our properties, she sets them all up. She she literally puts in sixty hours a week. Roger Burnett (32:13.784) Mm-hmm. Taylor Sherman (32:41.554) during the the setup phase of these Airbnbs. And, you know, she's also putting in time, you know, thrifting and you know, and just marketing and d there's just so much that that goes into it, but she loves the design aspect of it. So, you know, there's something to be said about a husband and wife team as well. That's another point I wanna make. You guys you you you and Melissa compliment each other so well. I mean just spending time with you guys Is such a joy just watching the way that you guys interact and are in sync. very similar to the way that my wife April and I are. We compliment each other well. I don't have any eye for like on site design or thrifting or, you know, what aesthetic does this space feel like. Like that's not me. Like, I don't care get me renters, like get me cash flow. Like I don't know. I don't care. Just Roger Burnett (33:11.38) Mm-hmm. Roger Burnett (33:23.372) Right. Roger Burnett (33:34.104) Right. Taylor Sherman (33:36.204) What's gonna work, sh'll look at it and she'll be like, okay, is this Southwest or is this Rodeo Western or is this modern, you know, chic aesthetic? Like that that that's that's my wife. That's April. So there's something to be said about your internal and your external partners. Gru some of the greatest partnerships are husband and wife teams, but that doesn't mean that you gotta just do it all on your own. John Waning it as we would say here in the West. Roger Burnett (33:49.686) Yeah. Love it. Roger Burnett (34:01.342) Yeah. Taylor Sherman (34:02.85) Get your team, get your realtor, get your contractors, get your partners, get get your Rolodex, get your black book. You gotta be prepared for that deal. Roger Burnett (34:13.016) that's it. That's all. That's everything. I can't say it any better than that. The team, the team, you gotta have a team. You can get away with it once, maybe even twice, but you won't get away with it forever. So get your team together. September fifteenth. I I I suspect I'm gonna hear from you before this calendar year is over again. We'll get you back in. Taylor, the real estate investor, mortgage slash psychotherapist guy. Taylor Sherman (34:44.238) that's a fact. That's a fact. Roger Burnett (34:49.176) All right, bud. I appreciate you, man. Good coming in. Taylor Sherman (34:52.079) Yeah, you too, Raj. Thanks a bunch.