Multi-Family Deal Lab Episode 002

Speaker 1: Welcome to the multifamily deal lab podcast, where we dissect a deal before your eyes and ears. So you can discover the strategies and tactics that got each deal to the finish line. Strategies and tactics that you can put in your own toolbox to get you to the closing table from sourcing the deal, raising due diligence to the property takeover, multifamily deal lab shows how you too can get the deal done. And now here’s your host, David Lindahl. Welcome everybody to the multifamily deal lab. I’m Dave Lindahl, my guest today, Jimmy Stewart.

Speaker 2: We’re going to analyze a couple of his deals and, we’ll take you forward on that. I got some updates on what’s going on with rents in a second, but let’s finish the conversation about, Oh, you work out. What are you doing for workout Yeah, so I work out every second day, with the weights and then every day I’m doing 45 minutes of cardio and I’m talking, not just cardio, I’m talking intense, being in the target, a high heart rates on, and it’s taken me a while to get there. But I live for that. Now I get the endorphins out of it. I’ve been blessed for instance, the last couple of days, the weather it’s been gorgeous. So my daughters wanted to go for bike rides. So you go for a nice bike ride with her. And, it’s just been, been really good family time.

Speaker 2: We’re very fortunate, very spacious homes. So we’ve got lots of space and, it’s been good, but yeah, the workouts, I have a full blown gym in the house. So even though I did go to no, I’ve got my own program. Yeah. I’m not doing any sort of specific one. I’ve just got my own routines. Whatnot. Of course, we talked about, at the mastermind. I mentioned, dr. Jeffrey life, who I’m working with and, he’s a great resource in terms of, executive health management being proactive as opposed to reactive. so he’s doing a great job for me. you know, who was on last week was Vic and Ravi. Yeah, I saw that. Yeah. So they were talking about, beach body. We were talking about beach body and their programs and he turned me onto a program called the work is really good.

Speaker 2: I mean, is it, yeah. If you want something for $99, you get all their programs the entire, yeah. And I’ve been a member for, I don’t know, seven or eight years. I’ve done P90X like 14 times, right The work. Yeah. I mean, that makes your work. It was really, it’s really good. It’s been great. Yeah. I’ve done that in your heart rate up to a certain point. Yeah. You’re thinking about a program. It’s funny, my daughters who are dancers, very, very, avid dancers. They, they keep on asking, dad, can you do this Can you do that And yesterday they said, dad, can you do, basically handstand pushups and, UNR X pole vaulters. So w we do that for training and I, so my brain I’m thinking, Oh yeah, I can do that. No, not yet. What do you mean I actually have many things in common. One of them was, we’ve just found out the last mastermind meeting was the fact we were both pole vaulters.

Speaker 3: I did it on my last year as a senior in high school because I realized it was an opportunity that I probably was never going to have. Again, at least I had the foresight as a young young guy, you know, realizing that, and I did it for that season and it was awesome. But anyway, so let’s get into some deal lab. So, so if you can get some good information and some good takeaways. Oh, so I wanted to mention what’s going on in the world right now, there was just a investor magazine, came out with a stats for their rent collections for may, which everybody was concerned about. And they’re actually a little bit higher than April. April was a, I believe 86%, rents collected and, in may 87 point something or a collecting and rents. So rental holding up in multifamily, which is good.

Speaker 3: Now this is based off of, you know, people that use softwares. And somebody said, you know, while you know that the small units, 10, 20, 40, typically don’t use softwares, they don’t, but they typically have a better relationship with their tenants as well. So they usually have a higher, a higher rents collected. Now these, that percentage is for, a and B properties across the board, typically your CS, which are your service workers that are in there, it’s about 5% lower. So that’s why we always say, you know, B and BS B and BS B properties and B areas sees a great, if you can upgrade them, if you’re trying to try to bring them up to a C plus B minus, but to be in the V a, you know, a lot of people start with CS because they have that mentality. But the sooner you get up to BNB is the better you are. So Jerry, tell everybody your story, tell everybody how you went from entrepreneur in life to real estate entrepreneur in life.

Speaker 2: I’m a Canadian and I’m sitting here right now in Winnipeg, Manitoba, Canada, and we actually can’t travel across the border. It’s been extended now to June 21st. We’re not allowed to, and, and same with the Americans to come up here, which is something I never dreamt on that I wouldn’t have an issue getting across the border to look at properties, but basically I’m a Canadian and I’ve been a business owner and senior executive for over 30 years was heavily involved in a manufacturing distribution sales organization. And we manufacture a lot of different products. And we built this little company in Canada up to a company that had operations around the world. So we were able to get to travel a lot and meet a lot of people and be in a lot of different geographical areas. And along that way, my wife and I also moved to some different markets in, in 1991, we moved to Calgary and that’s when we bought our very first, very small eight unit multifamily apartment block. I felt there had to be something better there that we could do. And so we actually moved into that. Of course, now you’re the owner moving in and our goal on that was to do a condo conversion. So very difficult because you you’re trying to transition the property. And you’re also there as the landlord. So you’re very closely connected.

Speaker 3: That’s a good analogy. Just came to my head, living in a month, feel any property that you own is like having your first child. There was never any peace after that.

Speaker 2: It’s true. Yes. Yeah. And we did the work ourselves. I remember my father in law coming out from Winnipeg to help us on weekends. And so we really got kind of the ground floor, how to renovate. And really after that project, no one could pull the wool over our eyes and we continue doing a few more, but then I refocused back on the manufacturing distribution business. And I really stayed focused on that for a number of years until the meltdown in the U S which happened in 2008 nine. And I saw an opportunity. We vacationed in Phoenix, Arizona when our twins were born, we had to decide where we could go for a holiday. And we kind of said, well with twins, we probably could withstand up to three hours in a plane with them and survive and still be sane. So we drew a circle as to where three hours would put us in Phoenix was, was the warmest spot that it put us to.

Speaker 2: So that became the place we went to. And so we were familiar with that market. And, and so I w I, went down there and started buying up some single family homes. And we created passive income with those single family homes. At the same time, I also found opportunities just to actually flip homes, because we were buying them from the courthouse step short sales. So I had a full time crew down there renovating, and I can say, we peel off some of those and effectively built up that to quite a few number. And we’ve subsequently sold off all about four in that marketplace, but we still want them there. And then really, I was trying to figure out what next, and I was going to different seminars and one person Dave, I know, you know, well, Marco rebel, I went to his seminar and I was just trying to figure out what next, because as a Canadian, I had to bring my own money with me to finance because there was no financing for foreigners at that time.

Speaker 2: So I was trying to figure out different systems. And, and I met these people at his seminar and they kept talking about you and multifamily and how good it was. And I said, huh, I need to check this out. And so I signed up for I’m on your website. And I started getting the, the, email blast, the marketing, and then up came a seminar on the micro repositioning. And that was a great weekend three day event that was held in Atlanta. That was in September of 2014. And so I signed up for that and I flew out and yourself and Jeff were there and Scott Stafford was at that and presented. And basically it was a very small group of people that we went and we toured Marine miles, his property, she had just bought one in June Langley place, and then Springfield, she just closed at the end of August.

Speaker 2: And we were there first week of September. So we were touring her property. And then we toured some others, including an a class property, just give us a sense. And I was so impressed by it that I signed up for the coaching at that time. And I couldn’t start the coaching until February because of my business commitments, but really that’s when I started the coaching. And I, I wanted to get the coaching for myself because even though I had knowledge of multifamily, it was more based Canadian based. And I didn’t know what I didn’t know in the U S so I wanted to make sure I had that expertise, helping me and, that basically really helped lay the groundwork. And the other part I found out is that I had no credit in the U S so I couldn’t buy a deal, even if I wanted to.

Speaker 2: I remember talking to Ken, he was saying, so, Jim, are you going to live within a hundred miles of the property, all of these different criteria I said, no, no, no. And, he’s just, you know, do you have experience I said, yes, but in the U S no. So sponsorship became a pretty critical part of this whole thing to get going. And, I also went to the very first sponsorship event, which was, was fantastic. And so those things really were help, help be the catalyst to get going on the multifamily and, found a partner in the U S because I’m here in Canada then, so partnership, and a lot of this is about partnerships. And so we started, going after deals. And I remember Maureen miles, she bought that. I can’t remember the exact name of it, but anyway, $25,000 a door in Atlanta called what, like, that’s just crazy and the upside.

Speaker 2: And so I’m going, we got to check out our Atlanta. And so we bought the first deal in Atlanta, $26,800 a door, which is unheard of now, he can’t do 250 doors, 7.1, 5 million. We paid for that. And, it was South South of the, South of the airport. So the 20, and I remember Scott saying, don’t go below the 20, no, no, no bad news, but it was path of progress because the transit system had been pulled out of that area. And so for almost 10, well, it was, seven years at that point, the Marta wasn’t in there and they put it back in. And so all of a sudden now you had the access and the property was three miles from the airport. So, yeah.

Speaker 3: So let’s dissect that deal. a lot of people out there do want to do their first deal or their first big deal. you had done a couple of smaller deals prior to that. What was the catalyst to getting into the Atlanta market First I know it was Maureen at 25 a door, and you thought, wow. Opportunity here. So how did you find that particular deal

Speaker 2: Yeah, so that deal basically was the classic making relationships with brokers. And I’m a big believer in, of actually physically going down, meeting the people, buying them lunch, buying them dinner, building that relationship, finding the commonality with them. Hold on.

Speaker 3: Before you can actually set up the meeting the face to face meeting, you have to do doing some dials from home, right

Speaker 2: Yeah, sure, absolutely. Yeah. So basically I started, cause I didn’t know who, so it was Googling at. So I’m Googling just generally who these people are and a lot of Mark coming up on Google that easily. So then basically now, now you’re looking at different websites and I’m so LoopNet. I went onto LoopNet and I started seeing different agents on there. And that was the ability for me then to start dialing those people phoning. And then I was usually able to have that conversation with them and some didn’t respond back at all. And quite honestly, it’s a hit and miss. And then there is others where you would actually, they would take some time with you and spend the time with you. And, and I was positioning myself. I’m a Canadian I’m coming down. Would you happen to know the market who the leaders are and suppose asking about brokerage companies, that sort of thing.

Speaker 2: And some of them were very generous with helping. I also went to a development site, export development. So, but with the agents, then I narrowed it down. I had a effectively three agents that I went physically to go meet with. And two of them, I toured some properties. They wanted to show me some stuff, which was good. The other one was just strictly a meat. and I didn’t want to push because there was no properties for him to look at it. I didn’t want to waste the gentleman’s time, but that was the start of it. And then basically went back down a month later and said, I’m coming back down. I just want him to drive properties. If you have anything of interest, let me know. And they started feeding me some stuff. And I think most people would say, you get garbage at the beginning and they’re testing you.

Speaker 2: So you got to give them feedback. And if you give them feedback as to what you like about what you don’t like about it, I always would say, Hey, do you want me to write an offer on it Here’s where I’d be at is secondary. Is the agents actually want me to write an offer because it helped give them strength because they had more offers to show the buyer, their seller. And so it was actually doing them a favor in the sense of here’s, here’s another person with another range. The other challenge Dave is of course, who are you What’s your credibility there. They’re always checking you out on that side. And, I leaned a lot on my business experience at the beginning to talk to them about, and then I just talked about my relationship, my, my team, we can tailor to, you know, all the different people. So Kim Taylor being a syndication attorney to our lawyer, to my coach, to his,

Speaker 3: The management company at that time, a local management.

Speaker 2: Yup. Yeah, we definitely had the management company at that time as well. And they were a big, big help because they could go tour properties. art was great about going out and looking at it, giving us his opinion on it. If he already didn’t know the property and he was quite knowledgeable already, but he would at a drop of a hat, goes to the property and say, well, here’s what I like. Here’s what I don’t like, here’s the potential ICO on it. And so that definitely helped us out tremendously on that side. Yeah. So that, that’s kind of how it progressed. And then once we had the relationships, I kept working at building and meeting more people each time I go down, just so that I know more people like there’s the primary brokers and then there’s all the smaller brokers that you want to try and touch. And you just never know because these people, sometimes we’ll get different, different deals that you may not know or be aware of.

Speaker 3: How many days did you spend when you went

Speaker 2: Usually three. It just depended. And I know Dave, you’ve talked about this and I was always in the same situation, time crunched. It would literally from here to get down to Atlanta would take me almost literally a whole day to get there, but I could always get a six o’clock flight out and get home at about one in the morning if I did it through Minneapolis. So that last state have to be a bit shorter, but I would spend one travel day and then two to three days on the ground there. But generally that’s that’s I figured if I’m spending the money to get there, let’s, let’s make it worthwhile.

Speaker 3: Makes sense. Okay. So which broker stepped forward and why would this deal,

Speaker 2: Which broker at that point

Speaker 3: Name, but was there a, did you have a special relationship with them Was it just a deal that, yeah, yeah. Well,

Speaker 2: I know Vic Vic mentioned, the Browns and, I was chuckling because, have very strong relationship with Barden and Chandler as well. And I think a lot of us do, I know Maureen does as well, but there’s some other others ARA out there as well. And, CVRE, very strong relationship with the guys there. And so in this one, it was a RA that would have stepped up on it. And, quite honestly it comes down to the commonality and I I’m going to deviate just for a second cause Dave, I remember you mentioning about Harvey Mackay. And so I just want to talk about that because Harvey Mackay swim with the sharks book, which I happen. I dug it out. I brought it right here. My very first job, I worked as a marketing assistant in an envelope company. And so Winnipeg drive time is about seven and a half hours away from Minneapolis.

Speaker 2: Harvey McKay on McKay envelope in Minneapolis. And one of my tasks the very first year I was marketing system was to put together, we belonged to the same association and they’d have annual awards and we’d have to, because it was envelope and direct mail. We’d have to put together our best direct mail campaign with the envelope campaign and why that was what it was. And so we were up against Mackay envelopes all the time. And so I remember having the opportunity to meet him. And when I actually did meet him, I was just at the end and my boss, Mark manager had been promoted to the sales and sales and marketing manager. And he promoted me to sales rep. And I remember having an opportunity to talk to Harvey for a few minutes. And I said, Harvey, I’m really concerned about selling envelopes because envelopes and envelopes, how do I differentiate

Speaker 2: And he said, he says, well, all my people, they build a relationship. They know everything about this, about the people that they are. And he says, you know, I’m working on a book right now. It says, I think you’ll really enjoy it. He says, but my salespeople, they know the birth dates. They know the wife, they know where they vacation. They know everything about that person. And so I bought the book and I’ll tell you, this book here is a great book because it was one of those fundamental basis. And if you go through it and you look at this, it’s about relationship. And because that relationship is critical in our business, I would suggest to people they don’t realize by knowing all these things, the commonality you talked about, Dave, I like to know about all those little things and I make notes on them because maybe I can’t remember, but I acknowledged them. And by doing that, you just have that extra relationship. And that’s usually what differentiates yourself from others. And so, as he said, envelopes or envelopes, he says, but your relationships what’s gonna make the difference as to why you’re going to sell the envelopes. So great guy, huh Yeah. He’s a great guy.

Speaker 3: all right. So Brooke is injured. The deal looks like the numbers work, but you’re not sure if you’re you’re bidding low or what did you get any, a broker guidance, broker price, guidance on that deal.

Speaker 2: You got the whisper, the whisper. Yeah.

Speaker 3: For those of you that aren’t familiar with Bryce guidance sets, basically that you’ve developed your relationship with a broker to the point where he knows what the seller really wants for the property. And then he’ll whisper that price to you and tell you in the ballpark and you know, certain sellers, they have their MOS, you know, some, some price, 10% higher, some price, 15% higher, some price, 20% higher. And the brokers get to know that as well. And without even the seller saying, this is my strike price from past experience, they know what the sell is, strike price are. so yeah, so, so you get the price guidance, so that’s awesome. And then, what was the next,

Speaker 2: Yeah, the fear kicks in. No, just kidding.

Speaker 3: It’s true. It does make it, I call it that’s a 250 unit property. That’s not a small one to start with, you know,

Speaker 2: Big deal. Yeah. And there was some down units in there as well. So now we’re going, Oh boy, of course, you’ve got to do the due diligence right away. The property management company came in. We also hired an engineer to do some inspections for us as well. Just being that it was in 1960. I think that was what a 60, 1962 or 68. I can’t remember, but it was an older property. So we really wanted to be safe on it. And we knew the lender is going to do the inspections as well. So we needed to know before just to get handle on it. It’s an older property. I’m going to say there is no real surprises there. Other than basically we had to bump up the cap ex a little bit more because there was certain safety requirements. There was in this particular property, it was a two level, sometimes three level. And so there, they had the steel stairs with the cement slabs in them. And basically some of them were rusting away, pretty bad. We had some uneven cement that needed

Speaker 3: About that because that’s something everybody should be looking for. And realizing that if you run into a situation that you’re talking about, you’re gonna have to replace and need to replace the right way. So I want you to just talk a little bit about stairs

Speaker 2: So you can replace, or sometimes they’ll let you weld, but if it’s rusted, you can’t rust. A weld rust is basically the premise on that. So you literally are taking out the whole entire section and then your, it depends though the pad that it’s attaching to, how good is the cement on that Is there spalling or not You have to be careful because it can cascade into multiple problems. And so generally though, in our case, we were able to excavate out that piece, crane it out and put a new piece in, and then they put the drop in the precast, cement stairs into it. And that seemed to satisfy on that. It’s not cheap. I’ll say it can add up and you do need to shop that around.

Speaker 3: Yeah. so, the situation is, is when you’ve got an exterior stair and it has concrete, but it’s set inside of a metal casing. That is enclosed. What happens is, is the water gets in it. Doesn’t, it’s got no place to go and it weathers the concrete and then you’ve got to replace. So if you’ve got that on a property in, in the concrete, whether it’s as well. So you get the concrete, that’s deteriorating, you get the metal is deteriorating as well. So you get the military, you get the concrete deteriorating, and I’ve had some, I’ve seen some people actually replace that with the same, which is a huge mistake. You know, when you see that situation, you’ve got to know that when you do the replacement, you still have the, the welded, metal on the edges, but you don’t put the base in at the bottom, you know, that can hold the water, you get it so it can drain out. But once you see that, I mean, that’s almost a whole stair replacement, you know, when that starts happening. So it’s not like it’s not an easy fix

Speaker 2: You’re right. And especially on older properties, it’s amazing. And some of them can be masked as well, but I will say the lender, they inspect them thoroughly because that’s a liability or a potential deferred capital. A risk of course, Roos are another one structurally too. In this particular case, we had a structural issue with a floor. There was a sub basement to it. So we had to get that figured out and we had to apply extra there. They want an extra CapEx. And so with this particular loan, this is our first experience where they, it all the cap ex held. So we had to raise the money, but then they held all the CapEx. So, Dave, the challenge with that of course is if you’re not holding any effect, when you have no track record. And so now you’ve got to actually have some extra money, so you can actually start the process because once you’ve actually done the work, then you’ve now got apply to get that CapEx release back to you to fund in. so it’s, it’s one of those things that a lot of people maybe don’t realize at the beginning that, Oh, well I’ve got the cap ex it’s I’m good. Well, in certain loans, if they hold it great, the second property we had, they didn’t hold it. So we had the money sitting in the bank account. So it was a lot easier.

Speaker 3: Yeah. That’s a really good point. because what he’s saying is if you have repairs that needed to be done, the bank told him to cap X and you’ve raised it. You still need the money to start the repairs because you’re not going to be able to get that cap ex until the next quarter, if the repairs are done and then you gotta send them in the invoices.

Speaker 2: If you’re, if you’re committing to your investors to pay a preferred rate of return, you’re also trying to manage that cash flow coming through as well. So it gets a little tricky at the beginning. And what we learned from that is we do not say that we will pay a preferred rate of return from day one. We did it on this property. We managed to do it, but it killed us to do it. So we defer now and we want at least a couple of quarters to help get things organized. In some cases, right now, we’re saying a year just to help stabilize everything. It’s and it’s not that it won’t get paid. We will either pay it at the end, or we accrue it in a separate account and it’s held, but we need it just to give us a safety margin for those sorts of situations. Like if there’s CapEx requirements we have to get done and the bank is holding everything, or the lenders holding everything,

Speaker 3: It’s, it’s certainly better than the capital call or the investors have to say an in lieu of capital call and that perks their ears up. alright. So raising the funds, how did that come about How’d you raise the funds for that deal $7.1 million deal. what was the raise on that one About just under a million

Speaker 2: No, actually, yeah, it was, it was just over two, 2.1, I believe on that. And it was, especially at that time, that was, that’s a lot of money to raise. We brought a partner in to help on that, just to back us up to make sure that we would have enough capital raising on that site just as a, as a precaution. But basically it was a lot of had been working at it and you have to be working at it all the time. You’ll hear that a lot. The other thing is that it’s true. When you come to closing, the people you think like if that actually said, yeah, I’m in a lot of them fall off and they fall off for various reasons, maybe they weren’t serious. Maybe they couldn’t say no to you. maybe their circumstances have changed and you really have to plan. I try and go to 0.2, five times the, the amount, nowadays, just to make sure we’ve got enough, there, and it happened, but we had enough horsepower to raise all the capital in our case, what it was, it was the lender. We actually had all the capital raised and we’re waiting for the lender to

Speaker 3: What was that last bit you said, could you kind of went in and out

Speaker 2: The lender, we are waiting for the lender and the lender was the issue. In this particular case, we had all the money sitting there ready to go. And th we were continuously waiting for the lender to rate lock. And after another, they kept coming up with new sort of things, Oh, we want to have this inspector go check this out now. And it was just very disorganized. And we found that in this particular lenders case, they had multiple teams working on it and they didn’t seem to communicate. And that was our first experience. So we didn’t really know if that was the norm or not. And subsequently we found out that’s not the norm. It just happened to be that particular lender was very disorganized.

Speaker 3: So let’s go back to the money. So, the raising of the money, you said you had a third party come in and help with,

Speaker 2: Well, we, we brought another person into our team basically, and this person was part of the management. So not just raising the capital, but also became part of our team. So I had a partner in the U S originally, Steve and then myself. And then we brought another, lady in Eileen as well, who is a fellow Canadian actually. And, so the three of us did that deal together. So

Speaker 3: Just to give the folks that are watching and indication of, you know, how you were able to do the raise, where did they, where did they tap or how did they, what was the strategy for raising money What was your strategy for raising money Did you raise any of that money

Speaker 2: Yeah, yeah, yeah. You do it. You start with the friends and family, which in my case didn’t work out so well. So they all just didn’t see it at that time. Nope. They didn’t see me with that vision. That’s for sure. And then had to peel back the onion further. And I went to professional people. I knew. So accountant, lawyer, financial adviser, and talk to those people who introduced me to other people that were more in sync. And at the beginning, Crossy Dave, I was getting worried that I had lost my touch and how I was presenting. Was I saying something wrong I was trying to analyze what, what am I doing I’m not asking for money, I’m presenting an opportunity. And it was such a relief when I finally hit that first person who was introduced to me by, by my financial advisor and they got it and they were all in.

Speaker 2: It was just like, yeah, yeah, sure. Yeah, that’s good. And that validation was huge and built the confidence to continue on. And so basically I kept working at call it other professionals. And so meeting those people basically through connections. And so I would just always ask, do you know anyone else who might have interest in something like this and that usually like, yeah. You know, actually I do. And it just kinda kept spawning from there. And also I’ve talked about the fact I fly a lot. So typically on a plane, you’ve got that window. When you first sit down, have a couple of minutes and that’s, that’s sometimes works out really well, where you can basically exchange, well, what’s the reason for your travel or whatever I’m doing. I’m on a business trip. Oh, what type of business is that Which gives us an opening.

Speaker 2: And so if they express interest at that point, Oh yeah. Hey, I’m a real estate. I love real estate. Oh. And then you can kind of go from there. If not, then you leave it alone and you put your headset on and have a nice plate. But generally it, it, I found good success there and restaurants too. I usually sit at the bar in a higher end hotel restaurant. And so there’s some other business guys sitting there usually. And sometimes you can, if the game’s on or different things, you’ll strike up a conversation like that. And it’s just funny how that goes. And so there’s all these different ways of, of hitting. And so I used all of that in that deal to try and get people that would be interested in it. And, that was the start. And once, once you’ve done a deal, it really helps you because you’ve got momentum and then the referral, it starts building on momentum from there.

Speaker 3: Absolutely. Your, your, your, private money people become your salespeople. Yeah. It’s true on. Alright, so listen, we’re at the, we’re at the top of the hour. I wanna, I want to thank you for coming on and sharing your expertise. How about, you know, the people that are asking questions on mastermind and mentorship students. So what advice would you give them going into the next round of, buying I honestly think,

Speaker 2: Laser focus, like you’ve got to have your goals set up and you’ve got to be laser focused and to what you just mentioned earlier, fill in the gaps now guys, because you won’t have time to fill in the gaps after. So shore up, whether it’s education relationships, in terms of making sure you’ve got your potential capital side ready to go, because when it goes, you want to be like a well oiled machine. So you’ve got to make sure you’ve got your teams in place and everything in place. So this is the time to

Speaker 3: Basically do a SWOT analysis and make sure you’ve got your strengths, weaknesses, the threats, all, all handle to, and if you’ve got all that handled, you’re going to be in good position to hit the pavement running hard. So, and you’ve got to have your focus goal. Don’t, don’t let fear just laser focus. I’ve always had a point and I just, I’m just, I let all the noise goes right by me. I’m focused on it and don’t get an itchy trigger finger truth when they come and say like, right now, it’s just a downtime, you know So sharpen you sharpen your skills, you know, get yourself ready, but just know that it’s okay to be, to, to be, Placid at this particular point, you know, to be focused on, you know, maybe reading some books or doing some other stuff, because when it starts, it’s going to start and it’s going to be fast and furious for a two or three year period. It’s going to be great. So when you go to the downtime, now, get yourself ready and then let’s go, let’s go hard. All right. I want to thank everybody for being on DLM and I will see you all next week and, we’ll do it again with another special guest. We’ll dissect another deal. And, we’ll see everybody. We’ll see everybody next week. Same time, same channel five already.

Speaker 1: Thank you. You’ve been listening to the multifamily deal lab podcast, where the deals get done. If you’d like to learn more visit Dave’s free book.com and don’t forget to leave a five star rating and review and hit that subscribe button. So you don’t miss an episode. Thanks for listening.