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#2 Mastering the Market: Real Estate Investment Insights for 2024 (Caleb Baldwin) · Own More Doors

0:01
SPEAKER_01: What's up, everyone?
0:03
SPEAKER_01: Juan Wees are here with Caleb Baldwin.
0:05
SPEAKER_01: Anyone who's been watching our channel knows exactly who Caleb is.
0:08
SPEAKER_01: Caleb has been here from day one, uh, helping a lot of our clients, helping our business grow, and uh just playing a very pivotal role in um in the growth of our company, but really helping our clients grow their wealth.
0:22
SPEAKER_01: Caleb, um, I want to talk about 2024.
0:26
SPEAKER_01: Yeah.
0:27
SPEAKER_01: Tell me what you are seeing in terms of uh buyers, sellers, what are some of the apprehensions that you're seeing from either side and kind of take us through on how you get someone either off the fence or moving in a direction that is the right direction in terms of building wealth?
0:47
SPEAKER_00: Yeah, it's a great question.
0:48
SPEAKER_00: I mean, 23 was uh kind of a unique year.
0:51
SPEAKER_00: I think that 12-month span had a lot of people, you know, shocked at the interest rate increase, and that kind of caused them to pump the brakes quite a bit.
0:59
SPEAKER_00: But 24 is quite the opposite, actually.
1:01
SPEAKER_00: I mean, there's the rule that we talk about all the time: the 10, 40, 40, 10 rule.
1:06
SPEAKER_00: 10% of people are ready to go now, 40% need more time, 40% need more knowledge, 10% are never going to do anything, anyways.
1:14
SPEAKER_00: I believe the two segments in the middle, 40 and 40, the pipulent, the people that needed to learn are learning.
1:20
SPEAKER_00: The people that needed the time have had the time, and they've adjusted to the new normal, the new 7% interest rates, and they've talked themselves off defense.
1:29
SPEAKER_00: So that's happening across the board.
1:31
SPEAKER_00: And then the clients that are still kind of pausing, trying to see how the leaves fall with the way the economy is heading.
1:39
SPEAKER_00: There's some uncertainty, there's foreign issues, they're the 40-40 in the middle.
1:43
SPEAKER_00: So, what they're doing is through our content, through the information that we provide, the value we provide, they're able to educate themselves.
1:51
SPEAKER_00: And then it becomes how much time do they need.
1:53
SPEAKER_00: And I've worked, you know, the role that we play is just helping them get the questions answered that need to be answered, address some of their concerns.
2:00
SPEAKER_00: So it could be tenant-related issues, it could be financing-related issues, but we have content for all of that.
2:06
SPEAKER_00: So I would say the majority of them have come to terms with where things are now.
2:10
SPEAKER_00: This is just the new climate that we're in.
2:12
SPEAKER_00: The other 40 and 40 percent segments will get there much faster than the people that were stuck in that gap in 21, 2021, 2022, 2023.
2:24
SPEAKER_00: Because I think people are realizing the urgency.
2:27
SPEAKER_00: The longer you wait, the more money you're missing out on.
2:30
SPEAKER_01: Caleb, what what are the main drivers for someone who is buying right now?
2:35
SPEAKER_01: Why are they buying?
2:36
SPEAKER_01: Because a lot of people are thinking, I'm not gonna buy.
2:38
SPEAKER_01: Why?
2:39
SPEAKER_01: Well, interest rates are high, so therefore I'm not gonna buy.
2:43
SPEAKER_01: For those who don't believe that, for those who are acting, for those that are submitting offers, for those that you're out there finding them deals and they're actually closing on them, why are they buying them?
2:54
SPEAKER_01: Because I want to help those that are just have the attitude of, well, the interest rates are high, and I'm not gonna buy.
3:00
SPEAKER_01: Why are other people buying?
3:02
SPEAKER_00: Yeah, so I would say this year is very indicative of those people moving from the middle towards the top.
3:08
SPEAKER_00: Because the most common thing that I've heard in the first couple months of this year is I almost bought this duplex 10 years ago, or I almost bought this duplex 20 years ago, five years ago.
3:18
SPEAKER_00: It doesn't matter.
3:19
SPEAKER_00: Someone had the thought at some point and decided not to do it.
3:22
SPEAKER_00: And they've probably gone back and looked at what that property is worth now and realized how much money they actually lost, which is the money they didn't make.
3:29
SPEAKER_00: So that's a very common thing that I'm hearing from clients is we've made the mistake once, we don't want to make the mistake again.
3:36
SPEAKER_00: And the more months and more time that passes where we don't have the keys and title to a property, we realize we're just back in that same exact situation.
3:45
SPEAKER_00: So again, they're kind of talking themselves out of it based on mistakes that they've made in the past.
3:48
SPEAKER_00: And that mistake was either backing out of a deal, getting all their ducks in a row and then not pulling the trigger.
3:55
SPEAKER_00: But they don't want to feel that that pain, that emotion again.
3:58
SPEAKER_00: And they realize how much money they left on the table by saying no or deciding to step away from the opportunity.
4:04
SPEAKER_01: And the money that they missed out on, that's that's the appreciation.
4:08
SPEAKER_00: Correct.
4:09
SPEAKER_00: Correct.
4:09
SPEAKER_00: I mean, at some point, I mean, in a 10-year span, if you look at a 10-year snapshot, that property is going to cash flow within that 10-year period as well.
4:15
SPEAKER_00: So there is an income stream they're missing out on, but the big piece of the pie that creates the massive wealth that we all are familiar with is the appreciation.
4:23
SPEAKER_00: And that doesn't start until day one of ownership.
4:26
SPEAKER_01: Yeah.
4:26
SPEAKER_01: And that's why, you know, in past videos, we we said that the longer you delay the purchasing of an asset, the longer that you're delaying the appreciation or really the wealth building.
4:38
SPEAKER_01: So the wealth building needs to start today.
4:40
SPEAKER_01: Well, how does it start today?
4:41
SPEAKER_01: It starts today by buying something.
4:43
SPEAKER_01: Correct.
4:44
SPEAKER_01: How do we help them get over?
4:45
SPEAKER_01: Because people watch our channel, they come by, they say hi, they want to take selfies with us, and we love that.
4:51
SPEAKER_01: So we please come on by whenever you want.
4:54
SPEAKER_01: But for the folks who are saying uh they almost get mad, Caleb, that we're always talking about appreciation, which is weird because that's how people are building wealth and becoming millionaires.
5:04
SPEAKER_01: But how do we help them get over, like, well, it doesn't cash flow.
5:07
SPEAKER_01: The numbers don't make sense.
5:08
SPEAKER_01: It doesn't pencil.
5:10
SPEAKER_01: Because if you're if you're listening to me, you've said one of those three things because I hear it over and over and over.
5:15
SPEAKER_01: How do you help people get over that?
5:16
SPEAKER_00: Yeah, I think what people get caught up on, and I think it goes, you know, with anything in life, there's trigger words that create emotions, and then these emotions cause you to either act or not act.
5:26
SPEAKER_00: The trigger words in our world, in our industry, are interest rates, uh, increases in price, and those things tend to kind of scare buyers, especially when you're getting force-fed it by whether it's the media or somebody that uh that doesn't own anything telling you what to do or not to do in real estate.
5:44
SPEAKER_00: For instance, interest rates have scared people for the last, you know, 12 to 18 months, if not longer.
5:50
SPEAKER_00: Why are we so caught up about the interest rate if the payment is something that we can swing?
5:56
SPEAKER_00: You're stuck with the sticker shock of 7%, but the payment you can afford.
5:59
SPEAKER_00: And not to mention you have the tenants paying you.
6:02
SPEAKER_00: So why don't we break it down into the fundamentals, the X's and those?
6:05
SPEAKER_00: Let's get beyond the surface level trigger words that cause these emotions.
6:09
SPEAKER_00: If you're comfortable with the payment and you're buying a two to four unit property, you know one thing for sure.
6:13
SPEAKER_00: That payment's fixed for 30 years.
6:15
SPEAKER_00: It can only do one of two things stay where it's at or get better.
6:18
SPEAKER_00: So if you're okay with the payment on day one, why are you so worried about what the interest rate is?
6:23
SPEAKER_00: You can swing it.
6:24
SPEAKER_00: You have tenants paying your rent.
6:26
SPEAKER_00: And even if you're net negative a slight amount each month, it's no different than paying into a 401k.
6:32
SPEAKER_00: You're you're investing money out of your wages each month, each pay period, for something bigger on down the road.
6:40
SPEAKER_00: That's exactly the same thing that we're doing.
6:42
SPEAKER_01: I I like that you said that as an example.
6:44
SPEAKER_01: That it's it's it's like you're they see it as money loss.
6:47
SPEAKER_01: And because here's the thing, you said that they're gonna that they're able to swing it.
6:50
SPEAKER_01: Now, so so for some people listening, it just means that you're able to afford it.
6:54
SPEAKER_01: Now, what I'm gonna say is maybe they feel they can't afford it, Caleb.
6:58
SPEAKER_01: And we know we've had our our clients where they're like, oh my gosh, this is this is a scary payment.
7:03
SPEAKER_01: Now, we're not trying to get anyone over leverage or anyone um out of their comfort zone.
7:07
SPEAKER_01: But one thing that I've seen, Caleb, and even with myself, uh, and this just came from going from one house to the next, and like the payment went up significantly higher.
7:16
SPEAKER_01: And now it almost felt like a punch in my gut, like where I asked myself, can I afford this?
7:21
SPEAKER_01: And so I do want to let people know, hey, I understand the concerns.
7:26
SPEAKER_01: Uh, this is an emotional roller coaster, but something you said, Caleb, it's it's like putting money into your 401k.
7:34
SPEAKER_01: And I would say it's better than that because it's gonna outperform um that return.
7:38
SPEAKER_01: And so I I think people see it as a loss, like, oh, I can't be negative.
7:43
SPEAKER_01: Why can't you be negative?
7:44
SPEAKER_01: What are you gonna do with that money?
7:45
SPEAKER_01: Correct, correct.
7:46
SPEAKER_00: And you know, in the same way, if we look at another example, there's clients that will talk themselves off of, you know, out of a great deal because they don't want to, you know, you know, agree to the counteroffer that's asking them to come up 5,000 or 10,000 in price, but then that secures the deal for them.
8:01
SPEAKER_00: The problem with that is if you amortize that or or spread that five, ten thousand dollar difference over 30 years, it's it's minuscule.
8:08
SPEAKER_00: I mean, don't go to Starbucks twice that month, and you've made that difference.
8:12
SPEAKER_00: Personally, I'd rather own more buildings and have Starbucks twice more a month.
8:16
SPEAKER_01: Really?
8:16
SPEAKER_01: But you're gonna look uh so cool in your car with a Starbucks in your hand walking around.
8:21
SPEAKER_00: And then drive back home to an apartment that I have to pay another landlord and they're gonna come knock on my door and raise my biggest expense by 10%.
8:29
SPEAKER_00: Yeah.
8:29
SPEAKER_00: So so it's one thing to look cool, it's another thing to have that that confidence when you know what you're doing and and the wealth that you're creating when no one else is.
8:37
SPEAKER_00: That's a it's a really cool feeling.
8:39
SPEAKER_00: And uh again, I think you know, there's there's certain things that scare people, and and having to come up in price is one of those things.
8:46
SPEAKER_00: Having to, you know, secure financing at the current interest rates is one of those things.
8:50
SPEAKER_00: But when you actually break it down, you look at the, like I said, the X's and the O's, the fundamentals behind what we do, you'll realize that it's it's way more similar to something that you're more likely to do as a common, you know, American or anyone in the world, which is for some reason stocks don't scare people that much.
9:07
SPEAKER_00: For some reason, 401k doesn't scare people that much.
9:09
SPEAKER_00: And it's only because it's just a little bit more, I think, understood, uh, at least at the basic level, right?
9:16
SPEAKER_00: I mean, of course you're gonna have to put money out to buy stocks, right?
9:20
SPEAKER_00: Of course it makes sense to invest in your 401k.
9:23
SPEAKER_00: For some reason, real estate has some some element of taboo to it, but that's only because I don't think people understand it enough.
9:30
SPEAKER_01: Yeah.
9:30
SPEAKER_01: Well, I I I think the biggest problem is that people just uh hear the if you hear real estate, then the next natural thing is cash flow.
9:38
SPEAKER_01: Correct.
9:38
SPEAKER_01: And which is weird.
9:39
SPEAKER_01: I think you and I would say, well, because of the business that we're in, because of the clients we have, I think we know that the majority of the people uh made their money through appreciation.
9:50
SPEAKER_01: And and and you know what's interesting, Caleb?
9:53
SPEAKER_01: We've been able to assist so many folks that have owned for 30, 40 years, and they're multi-multi-millionaires.
10:01
SPEAKER_01: And when we ask them, hey, how did you do it?
10:04
SPEAKER_01: Well, I I saved up, I had a budget, I took a risk.
10:08
SPEAKER_01: It wasn't cash flowing at first.
10:10
SPEAKER_01: Um, but through the years it cash flowed, and through the years I made multi-millions.
10:15
SPEAKER_01: It's so interesting.
10:16
SPEAKER_01: No one has ever said, I made millions from the cash flow.
10:20
SPEAKER_01: Like it's interesting that there's there's books written on cash flow.
10:24
SPEAKER_01: Some podcasts are very heavy on if it doesn't cash flow, don't buy it.
10:28
SPEAKER_01: Are you kidding me?
10:30
SPEAKER_01: What a moronic idea.
10:32
SPEAKER_01: You're you're preventing people from building wealth because, in your opinion, it doesn't cash flow.
10:37
SPEAKER_01: And now, listen, for anyone who's listening to this, uh, to this um podcast, watching this video on YouTube, we're in Southern California.
10:46
SPEAKER_01: Historically, our wealth is built through appreciation.
10:49
SPEAKER_01: And there's other states that I I'm not familiar with that have the same type of uh dynamics uh in their economy that we have.
10:57
SPEAKER_01: So here we're very uh the cash flow is not as much, but the appreciation, there's historical trends.
11:04
SPEAKER_01: If we go back 30, 40, 50 years and we have an appreciation of 6.3% year after year after year, and then it's compounding.
11:12
SPEAKER_01: So it's interesting.
11:13
SPEAKER_01: I want people to know a couple of things.
11:16
SPEAKER_01: Cash flow is not king.
11:18
SPEAKER_01: Uh, cash flow in the world of real estate is a small piece of the puzzle.
11:23
SPEAKER_01: It's it's not the end all be-all, but I know that moving forward, every client that we have, we're gonna have to help them get over that uh that hurdle.
11:32
SPEAKER_00: Yep.
11:33
SPEAKER_00: And you know, just in the realm of cash flow versus appreciation, I also you hit the nail on the head, right?
11:39
SPEAKER_00: Cash flow, I don't think, is ever it might put extra money in your pocket.
11:42
SPEAKER_00: And of course, if you had a hundred properties, it it would be a substantial income.
11:47
SPEAKER_00: But how do you get there without buying the first one?
11:49
SPEAKER_00: And you never end up buying the first one because it's running a small loss.
11:53
SPEAKER_00: So then you don't get to the point, you know, down the road where the cash flow is actually making you a ton of money because you don't own anything yet.
12:00
SPEAKER_00: So you get so hung up on the cash flow on deal one that you're willing to miss out on 99 other properties that will eventually cash flow for you.
12:08
SPEAKER_00: So that's part one.
12:09
SPEAKER_00: And you know, we look at deals and analyze deals for our clients each and every day.
12:13
SPEAKER_00: What I see is a trend, every client wants the same thing.
12:16
SPEAKER_00: They want the lowest interest rate possible with the lowest price possible.
12:20
SPEAKER_00: They want to put three and a half, five percent down, and they want a cash flow.
12:24
SPEAKER_00: But when you understand, like I said, the principles and the fundamentals of of underwriting and analyzing a property, of course, if you have a low down payment, your loan is bigger.
12:32
SPEAKER_00: And when your loan is bigger, the payment's higher.
12:35
SPEAKER_00: So then the chances of you cash flowing are pretty much eliminated at that point, at least here in Southern California.
12:42
SPEAKER_00: So, you know, you have these a misalignment in the objectives, right?
12:46
SPEAKER_00: I want to put the least amount down, but I want to cash flow the most.
12:49
SPEAKER_00: Like those two things don't go hand in hand.
12:51
SPEAKER_00: In fact, they're polar opposites.
12:53
SPEAKER_00: If you want to cash flow, you better put 50% down.
12:55
SPEAKER_01: Yeah.
12:56
SPEAKER_00: And then you're worried that you're, you know, you're spending too much money, but that's what it takes to accomplish your goal.
13:01
SPEAKER_00: So I think if we continue to to drive home the message that, hey, you know what?
13:05
SPEAKER_00: Is another thousand dollars or five hundred dollars a month gonna change your life?
13:09
SPEAKER_00: Probably not.
13:10
SPEAKER_00: But if you buy a duplex for 800,000 and you see it go up six percent, what's that, about 48,000?
13:16
SPEAKER_00: You're that's way more than 12,000.
13:19
SPEAKER_00: Yeah, that's way more than$500 a month.
13:22
SPEAKER_01: People people get mad when we talk about appreciation because they're like, well, I don't get to see that money.
13:27
SPEAKER_01: But and it's and it's so weird because you are making it, but I get it, they don't see it in their bank account.
13:33
SPEAKER_01: But um, you know, because I got started early, early on, and and so did you, Caleb, that time has been on our side and we've had people around us who have done it, and for us it was easy, and we're not talking about each other's parents either.
13:47
SPEAKER_01: I mean, we're talking this is we learned this um in college right after college by people around us, and we we gravitated to people that were making it, not people that were making excuses, but people that were doers, and through them we learned.
14:00
SPEAKER_01: But like uh I don't want anyone listening at home thinking, well, Caleb's parents helped him and Juan's parents helped him because um that's certainly not the case.
14:09
SPEAKER_01: Uh Caleb, talk talk to us about, you know, there's there's this there's this thought process of, you know what, I'm just gonna wait to buy in the summer, third quarter, fourth quarter, because I'm hearing that that's when interest rates are gonna drop.
14:25
SPEAKER_01: Is that a good idea?
14:27
SPEAKER_00: Depends on the situation, would be my response to that.
14:30
SPEAKER_00: Every buyer is different, and that's one thing that I think a good real estate investment advisor will do is actually sit down, actively listen to what situation you're in, what's your, you know, your living situation at home, are you married?
14:42
SPEAKER_00: Do you have kids?
14:43
SPEAKER_00: What's your job like?
14:44
SPEAKER_00: Are you gonna leave?
14:45
SPEAKER_00: What phase of your investing career are you in?
14:47
SPEAKER_00: Are you in your early, late 20s, early 30s, and you're just getting started in the game?
14:52
SPEAKER_00: Then all of a sudden you have 20 years of income that you're gonna be making in terms of a salary or wages.
14:57
SPEAKER_00: You don't need that extra$500 right now.
15:00
SPEAKER_00: But if you're 70 and you're buying your fourth one, maybe you need to supplement some of that income that you get every month from Social Security or a retirement or a pension.
15:10
SPEAKER_00: Very, very dependent on where people are at.
15:12
SPEAKER_00: But overall, I would say, again, the the the longer you wait, the more money you're leaving on the table.
15:19
SPEAKER_00: And when you get into those, call it the hot buying months for buyers, that's summer, spring, we all know that the activity ticks up in those you know times of year, you get more competition, right?
15:30
SPEAKER_00: So, going back to my point before, you want the lowest down payment, the lowest price.
15:34
SPEAKER_00: That doesn't happen when you have 10, 20, 30 buyers looking at the same property.
15:39
SPEAKER_00: So, you know, you either act when no one else is and try to negotiate and get the best price in terms possible, or you wait for the feeding frenzy and then all of a sudden you're missing out again.
15:50
SPEAKER_00: And then the next year comes around and you're stuck with the same exact predicament.
15:54
SPEAKER_00: Do I want to go right now?
15:55
SPEAKER_00: Do I think things are gonna get better?
15:57
SPEAKER_00: Trust me, the more activity on the buy side, the harder it gets for you.
16:00
SPEAKER_00: That price gets driven up.
16:02
SPEAKER_00: You have to start to, you know, basically accept the terms that the seller puts forth because if you don't, one of the other 20 people will.
16:09
SPEAKER_01: Caleb, right now you're submitting offers.
16:11
SPEAKER_01: I mean, all across Southern California.
16:14
SPEAKER_01: I mean, Whittier, Bellflower, Long Beach, San Pedro, Lakewood.
16:18
SPEAKER_01: Um, what are you seeing out there?
16:19
SPEAKER_01: Is it is there a lot of activity?
16:21
SPEAKER_01: Like when you're submitting an offer on behalf of a client, or is there a lot of offers or how's that looking?
16:28
SPEAKER_00: Very rarely in this current, I think in the current climate.
16:31
SPEAKER_00: Uh, right now, what we're seeing is, I mean, on average, probably about three or four that I'm seeing.
16:36
SPEAKER_00: I think the most I've seen so far this year is probably like six that we were competing with against.
16:40
SPEAKER_00: Whereas, you know, go back to you know, low interest rates, peak buying months.
16:46
SPEAKER_00: I once showed a client a property, they said we had 200 people see it this week, and we have like 80 offers.
16:52
SPEAKER_00: So I called my client and said, Hey, you're not gonna get this one.
16:55
SPEAKER_00: Yeah, right.
16:56
SPEAKER_00: And that's not good for it's not fun for me to say it's not fun for the client to feel.
17:00
SPEAKER_00: But what sounds better?
17:01
SPEAKER_00: Hey, there's you know, 80 offers, or there's three offers, right?
17:05
SPEAKER_00: In fact, I just got a escrow open today and an offer accepted.
17:08
SPEAKER_00: There were three other people that had submitted on it, so there was four total.
17:11
SPEAKER_00: And you know, just through building a good relationship with that agent, we were able to secure that one open escrow today.
17:17
SPEAKER_00: That situation, I believe, looks much different if you get into like July, you know, May, June, July, where everything is just it's crazy, it gets crazy because people start to kind of reassess where they want to be and they're like, okay, now this there's more inventory, or hey, their rates have you know trickled down a little bit.
17:34
SPEAKER_00: They're gonna justify it when it's too late.
17:38
SPEAKER_01: Another question I hear concern is uh values are gonna fall, Caleb.
17:42
SPEAKER_01: Why would I buy right now, Caleb?
17:44
SPEAKER_01: I'm just gonna buy when it's cheaper.
17:46
SPEAKER_00: Yeah, I think you have uh one of the best responses to that that I've heard, I think came from your mouth.
17:50
SPEAKER_00: And you said, uh, what do you think that value looks like in 10 years?
17:54
SPEAKER_00: Is it lower or higher?
17:57
SPEAKER_00: The answer is always higher, and every every buyer deep down knows that.
18:01
SPEAKER_00: And if they say anything otherwise, then they're just kind of being ignorant to the fact that they're in that bottom 10% that's never gonna do anything.
18:08
SPEAKER_00: The fact is, at least here in Southern California and high appreciating areas, it's gonna be worth more in 10 years.
18:14
SPEAKER_00: So do you matter how much, like, does it matter how much more it's worth?
18:17
SPEAKER_00: Are you really sophisticated enough as an investor to time the market like that?
18:21
SPEAKER_00: Because I'm sure I'm pretty sure Warren Buffett, if I remember correctly, has a quote where he says any you know advisor and investment advisor that tells you that they can time the market is full of it.
18:32
SPEAKER_00: Nobody's smart enough to do that.
18:34
SPEAKER_00: There's you know, economic things that happen, there's so many different things in a you know from a foreign standpoint and other countries and wars, and you know, it you never know what could come up.
18:44
SPEAKER_00: So anyone that says that they can, you know, understand the market that closely and that accurately, I think is uh, you know, hopefully they can.
18:52
SPEAKER_00: I mean, you know, it's more power to you.
18:54
SPEAKER_00: But I just know that the biggest and the best people in the world don't preach that.
18:57
SPEAKER_00: So again, it's it's a matter of just time in the market, not timing the market, right?
19:04
SPEAKER_00: It's it's a cliche phrase, but it's true.
19:07
SPEAKER_01: Um, so let's break, let's give an example.
19:09
SPEAKER_01: So let's say that we're looking at a three-unit building in Long Beach.
19:12
SPEAKER_01: Um, it's 800,000.
19:14
SPEAKER_01: It's uh call it on the west side or North Long Beach.
19:17
SPEAKER_01: And hey, it makes sense.
19:18
SPEAKER_01: Maybe you have a studio, you have two other units that are one bedroom, maybe a two-bedroom.
19:22
SPEAKER_01: It's 800,000.
19:23
SPEAKER_01: And someone in their head says, Well, what if it drops by 50,000?
19:27
SPEAKER_01: And your response would be, well, but what what's it worth?
19:31
SPEAKER_01: Okay, you're trying to, let's say, save 50,000, I guess, right?
19:35
SPEAKER_01: Which you're going to finance anyways, you're not really paying that out of your pocket.
19:39
SPEAKER_01: And you're saying, Well, what happens 10 years from now with that property?
19:43
SPEAKER_00: Yeah.
19:43
SPEAKER_00: And if you allow yourself to, again, make the mistake of thinking you can time the market, then the chances of you never getting to that 10-year mark like drastically increase.
19:56
SPEAKER_00: Because what if it doesn't go down?
19:58
SPEAKER_00: And then in six months from now, you're telling yourself the same thing.
20:00
SPEAKER_00: And then another six months pass, and it still hasn't gone down.
20:03
SPEAKER_01: Well, I mean, people who are listening to this are nodding their head saying that's me.
20:07
SPEAKER_00: And and the clients that are, I think, a you know, more inclined to act this year in early 2024 are the clients that that were in that position, you know, a decade ago or five years ago, and they realized, oh shoot, it never did, it really didn't go down.
20:22
SPEAKER_00: I mean, there's very few outliers in, you know, especially again here in Southern California, where they actually where property values go down.
20:28
SPEAKER_00: I mean, and we know one thing for sure.
20:31
SPEAKER_00: If it goes down, it's never going to be as low as the last one.
20:34
SPEAKER_00: And when it goes up, it's always higher than the last one.
20:36
SPEAKER_00: To me, that gives me more peace of mind than I could ever need.
20:39
SPEAKER_01: Right.
20:40
SPEAKER_01: I just want to clarify something.
20:41
SPEAKER_01: Right now, uh, the conversation we're having is kind of four units and less because I I want to be clear that uh we won't get too much into it, but there's if someone says, How's the market and asks Caleb and I, I think the our question is going to be like, well, are we talking about two, three, or four unit buildings, or are we talking about five and above?
21:00
SPEAKER_01: Because you have this major divide, this major gap in between the fourplex and under, which we serve a lot of, but we also serve the five plus.
21:08
SPEAKER_01: You know, we're out there listening to eight unit buildings, 12 unit buildings, 20 unit buildings, and that market's performing differently.
21:14
SPEAKER_01: So I don't want someone to be listening to this and say, you know what, I don't agree with what they're saying.
21:18
SPEAKER_01: What I'm gonna say right now is that we will have another podcast specifically to the five plus market, but I will tell you that some of the things we're saying at the four plus level, it's just gonna be slightly different.
21:29
SPEAKER_01: I mean, the market is different.
21:30
SPEAKER_01: When it comes to real estate, you know, and I tell people this there's there's lots of parts of real estate.
21:35
SPEAKER_01: There's gonna be industrial, there's medical, um, there's office, there's retail, there, there's just a lot of different types of real estate, and things could be performing differently.
21:45
SPEAKER_01: And so just for anyone listening, this is uh two, three, and four unit properties, and it's still doing well.
21:52
SPEAKER_01: The prices are still staying, um, staying really good.
21:56
SPEAKER_01: I mean, the fourplexes in 2023 went up by 25.
22:00
SPEAKER_01: $5,000.
22:00
SPEAKER_01: This is on a on average.
22:02
SPEAKER_01: And so just the fourplexes in Long Beach are averaging 1.4 million.
22:07
SPEAKER_01: So if you have a four-plex, your property is, you know, if it's below average, then it's going to be less than 1.4.
22:12
SPEAKER_01: If it's above, then you're clearly going to be above 1.4.
22:15
SPEAKER_01: Of course, income is going to play a role in square footage, et cetera.
22:19
SPEAKER_01: But at the end of the day, the we don't see values dropping.
22:24
SPEAKER_01: We actually don't even see a lot of inventory.
22:27
SPEAKER_01: And so, Caleb, how do we answer the question?
22:29
SPEAKER_01: If someone were to ask you, and it's not an easy question, but is it a buyer's market or a seller's market?
22:35
SPEAKER_00: Right now I would say it's a buyer's market only because they have the negotiating power.
22:40
SPEAKER_00: And the reason why they have that is because there's just less competition.
22:44
SPEAKER_01: So even though even though we have um call it lower inventory.
22:52
SPEAKER_00: Correct, correct.
22:53
SPEAKER_00: But there's lower inventory, but as a proportion to the buyers in the market, it still benefits the buyer.
22:59
SPEAKER_00: And the reason why I'm saying that from experience through some of the most recent deals that we've done, deals that we've closed, you know, there's situations that I've seen that I've never I've never dealt with on the buy side in the eight years I started doing this when I was 21.
23:13
SPEAKER_00: 20, yeah, 20, 21.
23:15
SPEAKER_00: I I've never seen you know clients get credits the size that they're getting on smaller priced assets, right?
23:21
SPEAKER_00: So perfect example, two units, 600,000 in Wilmington.
23:26
SPEAKER_00: I think my client got like a$50,000 credit.
23:29
SPEAKER_00: That's that's ridiculously high as a percentage of the price.
23:33
SPEAKER_00: And then you look at the other escrow that we opened today, there was you know three other buyers, and we were able to secure it at like a slight, slight increase above list price.
23:41
SPEAKER_00: Whereas, you know, in a in a crazy competitive market, you're going drastically above the list price because that's the only way you secure it.
23:51
SPEAKER_00: And so for that reason, I do think that you know it is swayed towards the buyer's benefit right now.
23:58
SPEAKER_00: Unless you have a property that's just so beautiful and attracts so many eyes and is in the perfect area and completely pristine, good tenants, high rents, that would be the only outlier.
24:10
SPEAKER_01: And price low.
24:11
SPEAKER_00: It priced attractively, of course, and which is just a strategy on the listing side, which makes sense.
24:16
SPEAKER_00: But I think all things considered, you know, if you list the property and market the property right as a seller, you can still definitely win.
24:24
SPEAKER_00: But all you know, across the board, I think on average, I do think the buyers have have more negotiating power.
24:31
SPEAKER_00: You know, you can get the offer accepted, you can ask for credits, you can ask for price reductions.
24:35
SPEAKER_00: I mean, I can't think of the last escrow that we closed on the buy side where there wasn't some sort of credit back to the buyer.
24:40
SPEAKER_00: Whereas in a market where it's a seller's more of a seller's market, they're just gonna laugh at you, laugh in your face until you're outright no, right?
24:48
SPEAKER_01: We um it reminds me of uh of um of a property we're we're closing this week.
24:53
SPEAKER_01: Uh, this is four units in Los Angeles.
24:56
SPEAKER_01: We got a major price reduction.
24:58
SPEAKER_01: We were like in the 800,000, we got$50,000 uh price reduction because we said we came back and after the inspection, uh, we were able to show that the property needed so many repairs and it was going to cost so much that we were able to get that value down.
25:13
SPEAKER_01: And then on and then what what happened was the property appraised for over 800,000.
25:18
SPEAKER_01: So not only did we get this massive credit of 50,000, the property appraised for over the 800,000.
25:24
SPEAKER_01: So this is such a win for our client.
25:28
SPEAKER_01: And I'm not saying it's easy and I'm not saying every agent could put you guys in a situation to win, but we are seeing a little bit of what we would call like a home run.
25:36
SPEAKER_01: That's a home run, Caleb.
25:37
SPEAKER_01: It doesn't, it doesn't get any better for our clients to have that.
25:41
SPEAKER_01: You know, we we look at this and people will ask me, when do you know it's a good deal, Juan?
25:47
SPEAKER_01: And oftentimes I'll say, well, when I could, when I could buy a property and I know for a fact it's worth more than what I'm paying for it.
25:53
SPEAKER_01: And so I will say because it's got um, I'm stepping into equity like day one, meaning like I'm stepping into like an additional 50,000, 60,000, 100,000, whatever it might be.
26:03
SPEAKER_01: And it just means that like I'm putting myself in a position where the property is worth this amount and and we're getting it for less.
26:10
SPEAKER_01: And that's what happened with our client in this specific market.
26:12
SPEAKER_01: Now, I don't know that this this scenario would have been playing out when the interest rates were at three.
26:18
SPEAKER_01: That wouldn't have been the case.
26:19
SPEAKER_01: We would have been overpaying for that property.
26:21
SPEAKER_01: The payment would have been high, even though the interest rate's lower.
26:23
SPEAKER_01: So it's it's it's this odds thing where, um, to your point, it's it's impossible to be in a situation.
26:30
SPEAKER_01: Well, I'm not gonna say impossible.
26:31
SPEAKER_01: I'm just it's gonna be a very challenging time to say, well, you we have low values and low interest rate.
26:37
SPEAKER_01: Because when have we seen that?
26:38
SPEAKER_00: I mean, they're by by definition, they're inversely related, right?
26:42
SPEAKER_00: When interest rates go up and the cost to borrow money from the bank is so much more expensive, by default, the prices have to come down.
26:49
SPEAKER_00: And vice versa.
26:50
SPEAKER_00: As interest rates come down, more buyers are going to enter the market and competition is gonna drive the price up.
26:56
SPEAKER_00: So when you find those outliers, 100% it's it's a home run.
27:00
SPEAKER_00: And then, you know, back to your point about the price reduction, if if it was truly a hot seller's market, that that word like kind of vanishes from your vocabulary because you don't need to lower the price.
27:10
SPEAKER_00: Of course, if if you're an agent that lists the property, you know, twice what it's actually worth, then yeah, you're gonna have to deal with that.
27:16
SPEAKER_00: But in a normal, you know, a normal experience and good agents typically don't do that.
27:21
SPEAKER_00: They might, you know, go a little bit above what it's what it's worth.
27:24
SPEAKER_00: But again, in a seller's market, there's gonna be a buyer to pay that.
27:27
SPEAKER_01: Caleb, one of the things that's really important to me is that is that the consumer out there knows that there's a difference between a residential realtor.
27:36
SPEAKER_01: So this is someone who specializes in the homes of homes, single family homes, luxury homes, condos, et cetera.
27:43
SPEAKER_01: So there's those types of agents.
27:45
SPEAKER_01: And sometimes they lump agents like you and I into their group, um, but we're more well, we're uh dedicated to multifamily.
27:54
SPEAKER_01: Talk to us, talk to us about the difference of like if you were sitting down with a buyer and they're like, hey, my, you know, the um, this is our family realtor, has helped my mom, her sister, and everyone else buy and sell homes.
28:08
SPEAKER_01: They've never done any rentals, but they're gonna help me.
28:10
SPEAKER_01: And they think they're in good hands.
28:12
SPEAKER_01: Obviously, you and I know that that's not the case, but what is it so that someone understands, what is it that you know that I know that that they need to hear of how different it is?
28:25
SPEAKER_00: That's a great question.
28:26
SPEAKER_00: And we do see people make that mistake a lot, which it makes sense.
28:30
SPEAKER_00: I mean, there's you know, there's two types of people, those that that absolutely do not want to do business with the people that they know, and then there's people that would prefer to do business with people that they know, like, and trust.
28:39
SPEAKER_00: I think there's two questions.
28:41
SPEAKER_00: One's a little bit more like high-level and one's a little bit more technical, if you will, that would be able to quickly help you qualify whether that person is suited for the job.
28:48
SPEAKER_00: The first one would be a very general question that you and I get all day, every day.
28:53
SPEAKER_00: How do you know it's a good deal?
28:56
SPEAKER_00: And just let let them explain.
28:58
SPEAKER_00: Let them explain why they think it's a good deal or why they're pricing it that way.
29:02
SPEAKER_00: The second one would be I'm gonna give you the income to a property.
29:06
SPEAKER_00: Tell me what it's worth.
29:08
SPEAKER_00: Because if someone can't break down why a good deal is a good deal or a bad deal is a bad deal, which you don't necessarily have to do on houses and condos, because we're not looking at it as a as a deal, as an investment, right?
29:20
SPEAKER_00: We're you know, we're it's just is it in the school district we want?
29:24
SPEAKER_00: Does it have a backyard for the dog to run around?
29:26
SPEAKER_00: It's it's I wouldn't say simpler boxes to check, but there's not necessarily a financial component to it.
29:31
SPEAKER_00: When you bring the financial side, I think any agent that knows what you know a good investment is can concisely and clearly explain that to you.
29:38
SPEAKER_00: And two, I don't care if the property makes a dollar, I'll come up with the value.
29:42
SPEAKER_00: If it makes a million dollars, I'll come up with a value because the market will tell me how to derive the metrics that I need, and then apply the income from the subject property, the property we're looking at, to tell me what I what I should pay for it.
29:55
SPEAKER_01: I I like that you asked those questions because here's here's how the conversation goes with that residential realtor.
30:02
SPEAKER_01: They're gonna say, Oh, yeah, I've sold a couple income-producing properties.
30:06
SPEAKER_01: Yes, I could do that.
30:08
SPEAKER_01: Just because someone has done something in the past does not mean that they're the right person for the job.
30:13
SPEAKER_01: I'm not saying they're lying.
30:14
SPEAKER_01: They probably did help someone through the last 20, 30 years sell a few income-producing properties.
30:19
SPEAKER_01: But the questions is um, I would go as far as saying, hey, I'm looking at buying uh my first four-unit building.
30:27
SPEAKER_01: Um can you tell me the going cap rate and gross rent multiplier in the area?
30:33
SPEAKER_00: Which is which is, you know, I'm glad you said that because it's built into that first question I asked.
30:38
SPEAKER_00: How do you know it's a good deal, right?
30:39
SPEAKER_00: That's what we look at to determine if something's a good deal.
30:42
SPEAKER_00: You know, if there's a certain cap rate for this pocket or a certain GRM for this pocket and we can beat that, then it's a good deal relative to that market, right?
30:50
SPEAKER_00: But if you don't understand the fundamentals, the again, the income approach to valuing real estate, then you wouldn't be able to explain that.
30:57
SPEAKER_00: So, I mean, I would even say I think there's enough business to go around.
31:01
SPEAKER_00: I have absolutely zero reason or motivation to say this realtor is not that, or this agent's not that, or this investment advisor is not good.
31:08
SPEAKER_00: Like, I think there's so many good, good professionals out there.
31:12
SPEAKER_00: If someone can answer, I mean, if you're listening to this right now and you've been following some of the channels and content, YouTube, some of the emails that we send out, you understand enough of the basics to be able to judge their response to those two simple, simple questions.
31:26
SPEAKER_00: Because if someone can't break it down and explain why it's a good deal, or like I said, use the income to determine the value, then don't work with them.
31:35
SPEAKER_00: But I would say even if they are a more residential-based agent, you got a good relationship with them and they can answer those two questions, give them a shot.
31:42
SPEAKER_01: Um, I would I would throw something else in there, Caleb.
31:44
SPEAKER_01: It's not just on the financial side because I I see how much we help people with the tenant side.
31:51
SPEAKER_01: They're buying their first four-unit building, there's three units that are below rent, and maybe the fourth one has a market rent.
32:01
SPEAKER_01: And so the picture I'm painting is that this is not even financial.
32:05
SPEAKER_01: That buyer might ask an agent who's not familiar with the rent control laws of California, and that agent might say, Hey, oh yeah, you could just raise the rents.
32:14
SPEAKER_01: But talk to us about the pitfalls that someone could get into when they're buying a property and someone thinks that, oh, you could just give someone 60-day notice and they're gonna move out.
32:22
SPEAKER_01: I mean, is that even possible?
32:26
SPEAKER_00: That would be a very scary situation to be in if the agent you were working with didn't know how to maneuver and navigate, you know, the call it the choppy waters throughout that phase of ownership.
32:38
SPEAKER_00: Because it's one thing, you know, a tenant could say, I'm gonna move, right?
32:42
SPEAKER_00: But if you don't structure it and use the right forms and do it the right way and have justified reasons based on the city, county, and area that you're in, then you're gonna end up with a much bigger headache that could have been alleviated up front, right?
32:54
SPEAKER_00: So tenant issues do arise.
32:57
SPEAKER_00: I think, you know, when it comes to qualifying and hiring an agent, I think it's less important on the on the listing side personally, only because that client is stepping out of that situation, the seller's stepping out of that situation.
33:10
SPEAKER_00: So even if you have some tenants that are, you know, gonna give you a little bit of grief here and there, you're you know, you're done with them.
33:16
SPEAKER_00: Whereas on the buy side, it's much more important just you know, through my experience, because you're now placing your client into that position.
33:23
SPEAKER_00: And so what happens when you put your client into a building with you know three, four tenants that that are causing them headaches?
33:31
SPEAKER_00: And your client assumed that they were gonna be gone.
33:34
SPEAKER_00: That's a problem, especially if it's your first time.
33:37
SPEAKER_00: Yeah.
33:37
SPEAKER_00: So what helps is when I can be there with the client or you can be there with the client, we can meet the tenants introduced with a smile on her face.
33:44
SPEAKER_00: You can sense who knows how to deal with people and who doesn't.
33:48
SPEAKER_00: And there's this natural, I think, you know, misconception between tenants and and owners of buildings that the the owner's mega, you know, mega wealthy, greedy, slumlord, and the tenant is just always getting pushed down and kicked down.
34:03
SPEAKER_00: That's not real.
34:04
SPEAKER_00: I mean, there's certainly exceptions to it, but I think most times the housing provider wants to have a good relationship with the tenant.
34:11
SPEAKER_00: I mean, the I would say more clients than not want to provide a quality housing product, have a happy tenant, fix things as soon as they can.
34:21
SPEAKER_00: So it starts off on the wrong foot, and if we can kind of break that barrier down from day one, it helps alleviate a lot of stress.
34:29
SPEAKER_00: I always say the best$10 investment that any real estate investor could ever make is for a small bouquet of flowers and a handwritten card for each tenant day one when they move in, no matter what.
34:39
SPEAKER_00: That$10 is going to save you so much stress and headache down the road or potential stress and headache.
34:44
SPEAKER_00: So start off on the right foot, speak with them with respect, have a smile on your face, let them know that you're not there to make their lives miserable.
34:51
SPEAKER_00: And if you're not experienced talking to tenants, that can be a daunting conversation to have.
34:56
SPEAKER_01: Yeah, yeah.
34:57
SPEAKER_01: So I I think it's really important that anyone who's looking to buy investment real estate, uh, rental, um, income-producing rental property, I think it's critical that they're working with someone who's in the business of strictly doing that.
35:11
SPEAKER_01: Um, because they there's additional things that come up like reviewing a lease.
35:17
SPEAKER_01: What's a tenant of stoppable?
35:18
SPEAKER_01: These are all things that do what protect the buyer.
35:21
SPEAKER_01: And if the agent doesn't know how to review those documents because they're not used to dealing with them, um, that doesn't play uh, I guess, in it doesn't work in the favor of the of the buyer, of the consumer.
35:33
SPEAKER_01: So um I'm gonna wrap it up, Caleb, but um what what any final thoughts that you have for for the folks that are listening in, anyone who's who's following us, uh anything that you want them to kind of know before they reach out to us?
35:51
SPEAKER_00: Yeah, I would I would circle it back to that 1040-40-10 rule.
35:56
SPEAKER_00: And I think if the people listening to this sit down, have a true heart-to-heart conversation with themselves, look in the mirror, it's okay.
36:04
SPEAKER_00: It's okay where you fall.
36:05
SPEAKER_01: Okay, so let's go over that again because I think we went over okay.
36:08
SPEAKER_01: So so you said 10% is ready to go now.
36:11
SPEAKER_01: So we do get people who contact us and say, uh, I watched one of your videos.
36:16
SPEAKER_01: Not, you know, some people watch all of them, but I watch one of your videos and I have this money and I'm ready to submit offers like literally now.
36:22
SPEAKER_01: And we do get that.
36:23
SPEAKER_01: Now that's I don't want everyone to think that that's the case.
36:26
SPEAKER_01: And then what what Caleb is saying is that the other, so that's 10%.
36:29
SPEAKER_01: And that that's um not most of our clients, obviously.
36:34
SPEAKER_01: Um, and then we have 40% who say, I want more information, so they need more education.
36:41
SPEAKER_01: And and I would offer this if someone says, I fall in that, then I would say, message us and tell us what information, what is it that we we've not covered in in an educational video that we could help you?
36:53
SPEAKER_01: All right, because that's them and the people who need more time.
36:57
SPEAKER_01: So some people need more time because, hey, I'm getting my doctorate degree.
37:02
SPEAKER_01: Hey, um, we're expecting a baby, we're gonna have some big expenses.
37:06
SPEAKER_01: We understand that.
37:07
SPEAKER_01: Okay.
37:08
SPEAKER_01: But it's okay, right, Caleb, for them to reach out to us and say, I want to do this.
37:13
SPEAKER_01: I want to be on your list.
37:15
SPEAKER_01: I want to be part of what you guys are doing to help people uh own more doors, right?
37:20
SPEAKER_01: Because that's that's the goal of this, is we're gonna own more doors.
37:24
SPEAKER_01: Now, it I think so either you need more education, let us know what it is that you need help with.
37:30
SPEAKER_01: And then you need more time.
37:31
SPEAKER_01: You know what?
37:32
SPEAKER_01: Let's have that conversation, right?
37:34
SPEAKER_01: Reach out to us and and have a Zoom meeting with us or come by the office and let's figure out at no point uh uh anyone on our team is gonna be salesy or pushy.
37:44
SPEAKER_01: And and if someone says I'm two years out, perfect, because we know that two years from now we're gonna look forward to helping you, right?
37:50
SPEAKER_01: And then obviously the last 10% is um, I don't agree with you guys.
37:58
SPEAKER_01: Uh, you guys are salesmen and you're gonna put everyone in debt and the market's gonna collapse and no one's ever gonna make money.
38:04
SPEAKER_01: That and the tenants are never gonna pay rent, right?
38:06
SPEAKER_01: I mean, those that's that's the 10% that is never going to do anything, right?
38:10
SPEAKER_00: Yeah, and some of those people are um, hey, you know, I can't cash flow negative, the interest rates are too high, I want a better price per door, I want prices to fall.
38:19
SPEAKER_00: Uh, those people there is that portion of the the bottom 10% as well.
38:23
SPEAKER_00: And those are the people that are just perpetually stuck in a state of analysis paralysis.
38:28
SPEAKER_00: Got it.
38:28
SPEAKER_00: So, you know, those people fall into that category as well.
38:31
SPEAKER_00: Got it.
38:32
SPEAKER_00: The good news is if you're listening to this, I would say high five, pat yourself on the back because you're not in the bottom 10%, or else you wouldn't have sat here all the way till the end, right?
38:40
SPEAKER_00: So if you can assess, you know, truthfully and and blatantly assess where you're at on that scale, you're either in the 40, the 40, or the 10.
38:50
SPEAKER_00: You're most likely in the 240, you know, the middle segments.
38:54
SPEAKER_00: But understanding where you fall is important because then it allows people like us to give you what you need, right?
39:01
SPEAKER_00: If you need more time, then we're gonna be here when you're ready and we'll help get you ready.
39:07
SPEAKER_00: If you need more information, then figure out what the information is.
39:10
SPEAKER_00: What questions do you need to answer?
39:12
SPEAKER_00: Because we probably have the answer or we know where to find it.
39:15
SPEAKER_00: But if you don't actually sit down and understand where you are in the process and what needs to be done, then we can't work towards that top 10% where you're finally in a position to pull the trigger.
39:26
SPEAKER_00: And I think, you know, we a lot of times we I think we convince ourselves of of something other than the reality, right?
39:33
SPEAKER_00: And if you're able to, like I said, just rip the band-aid off and be truthful with yourself.
39:38
SPEAKER_00: Okay, I need more time because I need to save more.
39:41
SPEAKER_00: I need more time because I need to pay off debt.
39:43
SPEAKER_00: Like, ask yourself that question and give yourself an honest answer.
39:47
SPEAKER_00: Hey, I need more information.
39:49
SPEAKER_00: You know, you you there's people out there that might sit there and say, I don't want to reach out because I'm embarrassed that I don't know how to calculate a monthly payment.
39:57
SPEAKER_00: Who cares?
39:58
SPEAKER_00: You have somebody to do it to do it for you.
40:00
SPEAKER_00: But the more honest you could be about where you fall, the faster and easier it is to get the resources or the time that you need.
40:08
SPEAKER_00: Because with time, you can be more efficient, right?
40:10
SPEAKER_00: So we can speed that process up.
40:12
SPEAKER_00: With the education side, we can be more efficient answering the questions that that are need or that you that you need so that you're not just spinning your tires.
40:20
SPEAKER_00: So I would that would be my advice is is you know, do a true assessment of of where you're at, what needs to be done, and then go do it.
40:27
SPEAKER_01: It sounds like a little bit of uh, it sounds to me like a little bit of heart to heart, but also writing it down on paper, maybe some goal setting.
40:35
SPEAKER_01: And let us be part of that process.
40:36
SPEAKER_01: I mean, don't forget we've been doing this a very long time.
40:40
SPEAKER_01: And anything that you, uh the listener who's who, whatever the conversation it is you have in your mind, I promise you we've dealt with that and we've helped someone overcome it.
40:51
SPEAKER_00: Or had the conversation with ourselves.
40:53
SPEAKER_00: Yeah.
40:53
SPEAKER_00: Right.
40:54
SPEAKER_00: And that's I think that's the nice part about it.
40:56
SPEAKER_00: So we, you know, regardless, we we either have you covered or we can connect you with somebody that can.
41:01
SPEAKER_01: Yeah.
41:01
SPEAKER_01: Um, a couple things for those folks that want more education, of course.
41:05
SPEAKER_01: Um follow us on our YouTube channel.
41:08
SPEAKER_01: Make sure that you subscribe to this podcast that we're launching here.
41:12
SPEAKER_01: We're excited about.
41:13
SPEAKER_01: Uh, but also we um our office will it throughout the year is going to be hosting a lot of in-person educational seminars.
41:20
SPEAKER_01: We're not selling anything.
41:22
SPEAKER_01: You come, you learn, you network, you have some snacks.
41:25
SPEAKER_01: Um, we have some on Tuesday, Thursday nights, um, well, once a month on Tuesday, once a month on Thursday, and then once a month on Saturday.
41:34
SPEAKER_01: And so make sure you guys are checking our website.
41:36
SPEAKER_01: Uh, for anyone who is wanting to work with us, we have a new landing page for you.
41:42
SPEAKER_01: And so our website is um sage regroup.com.
41:46
SPEAKER_01: So S-A-G-E-R-E group.com forward slash YouTube.
41:51
SPEAKER_01: And the reason why it's YouTube is because um, well, that's where a lot of our leads are coming from.
41:56
SPEAKER_01: And so, of course, if if you're from YouTube and you're gonna call us and say you've been watching us on YouTube and and you think that it's um, well, typically what people tell us, Caleb, and you know this is um, hey, this is gonna sound weird, but I've been watching you on YouTube.
42:09
SPEAKER_01: I want you guys to know that it's no longer weird, it's not weird at all.
42:12
SPEAKER_01: It's the most common thing we hear, and we welcome you.
42:16
SPEAKER_01: And so um that's gonna be all for now.
42:20
SPEAKER_01: We will uh, Caleb and I are gonna continue to come back and we're gonna be creating more content for you.
42:25
SPEAKER_01: So if there's anything that you want us to cover, if there is an uh objection, if there is someone who does not agree with what we're saying, please send in those questions and let us tackle that live on the air.
42:37
SPEAKER_01: And we would love to um give you our input on what it is that you that might be holding you up.
42:44
SPEAKER_01: Thank you.
42:44
SPEAKER_01: Yeah, that was fun.
42:45
SPEAKER_01: Thanks for having me.
42:46
SPEAKER_01: All right, man.
42:46
SPEAKER_01: It's all for now.