Episode 019: Rescuing The Deal With Creative Offers

When the Seller of a 64 unit building starts to get cold feet just hours before closing the deal – Adam and Charles got creative with their offers and their financing to make the deal happen. Get ready to take notes as David Lindahl breaks down the deal and finds out how they pulled this one off!

Speaker 1: Welcome to the multi-family 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, everybody welcome to multifamily deal lab. I’m your host, Dave Lindahl on today’s interview.

Speaker 2: Have you I’m interviewing Anna singer and Charles Shimon. They closed on a 64 unit deal in Charlotte. And what you’re going to discover during today’s podcast is number one, how they cultivated their broker relationships to get this deal coming in. They actually own 200 doors in that particular marketplace. So they’ll, they’ll talk about that. They’re going to talk about how they get their offer accepted before the call to offers. So if you’re, you’ve been in this business, anything at the time, you know, there’s always a call to offers highs and best sharpen your pencil, blah, blah, blah. They get their offer accepted before that. How did they do it You’re going to find out what I’m talking about, what underwriting precautions they took, because they were underwriting during the COVID pandemic. And what was involved in this deal that actually made it a little bit easier.

Speaker 2: When they went to the closing on this particular deal, they got one extension, but then when they needed a second extension, Casella didn’t want to extend. So you will find out why they needed those extensions. Number one, so you can avoid running into the same problem. And then number two, they’re gonna talk about how they got creative and made the, the, the seller five different offers, you know, kind of like a pick and choose to get that second extension, which he didn’t want to give, which meant they would have lost their deposit money going into the deal. And so you’re going to find out which one the investor chose and why, and that’s going to be surprised. And at the very end, they’re going to talk about the lessons learned during this particular deal. And there were four key lessons that they learned during this deal where they will not do the same thing on the next deal.

Speaker 2: So before I bring them on, I want to give you a little head stuff. This I’m going to share a poem with you. It’s called Invictus. this is a poem that I read many, many, many years ago. And after reading it, I realized that, wow, this poem is talking to me directly. And, I used to read this poem at the end of my three-day events. That would be the last thing I’d say before. I’d walk off that stage, come multifamily millions bootcamp. And it just resonates with everybody. I remember, when I would walk down that center aisle and I would always write it out, even though I know this by heart, I would always write it out because you have those moments of anxiety. And I didn’t want to miss a line. And then as I was walking down the center aisle, somebody would always grab it, grab it from my hand so they could keep it as a keepsake.

Speaker 2: So it’s called Invictus and it’s by William Henley out of the night. That covers me black as the pit from pole to pole. I thank whatever gods may be for my unconquerable soul in the fell clutch of circumstance. I have not winced nor cried aloud under the bludgeonings of chance. My head is bloody, but not about beyond this place of wrath and tears looms, but the horrors of the shade. And yet the menace of the years find and shall find me unafraid. It matters not how strength the gate, how charged with punishments, the scroll. I am the master of my fate. Yes, I am the captain of my soul. That is each and every one of us. So without further ado, let’s go to the main interview for the podcast and bring on our guests. I have Charles shaman and Adam bossing a with me and they just did a 64 unit deal. So let’s go through, let’s dissect this deal. So, 64 units, where is it Charlotte. North Carolina. All right. So how did you choose that market Okay,

Speaker 3: So through careful selection, we, you know, after we had taken some more romantic programs, we had kind of baffled around all across the East coast. And after about a year, we got smart and said, you know, we have to listen to everybody’s advice and choose a target market. So we spent a lot of time doing research and looking at deals in different markets. Adam already lived in Charlotte. And I said, you know, we’re really overthinking this. You live in one of the best markets in the country. Why don’t we just pick that And there was a lot to like about it. A lot of job growth, a lot of population growth, a lot of positive metrics. So he was down there. I relocated here in 2019, then our, our third Oak and our third partner relocated down the Charlotte area last year. So it just worked out because we will send it ourselves around there and chose a great market.

Speaker 2: Wow. That’s excellent. So how many doors do you have down there now We have just over 200 doors, actually. We’re in all three of our target States right now, which are North Carolina, South Carolina and Georgia. So we have an asset in Atlanta. That’s 92 units. We have a 48 unit property in South Carolina. And then, the 64 unit, we just closed here in Charlotte. Yeah. You’re in some good markets. I liked those East coast markets all the time, especially for me, because of being from Boston, I can fly down and fly back on the same day, you know, be home for dinner. That’s how I choose my markets now. Yep. Yeah, we drive most of the time down to the Atlanta property, but that’s, that was one of the things that we really wanted was to be central something that we could get to in a day and back, you know, and our investors like that too, you know, through the years teaching since 2002, a lot of people would ask me the question.

Speaker 2: If I could move anywhere, where would I go What bar would you put me in And I’ve given that advice many, many times when people have done it moved and, and you know, that’s probably the best thing somebody can do if they’re mobile. So you guys big in the market, that is a, that’s a huge advantage. all right. So let’s talk about this particular 64 unit deal. How did we’re in the middle of the COVID, pandemic So how did you find this particular deal How did it come to you Yeah, so Charles handles, so do you want

Speaker 4: To take this question, Charles

Speaker 3: Sure. It really came through broken relationships, which is really him. Most of our deals come to us at this point. We have a couple of good relationships. And one of the reasons that, you know, we decided at the center in the market is that, as you said, David makes it a lot easier just to build those relationships. I definitely take advantage of it. And every chance I get to get in front of them, I do. If we can take them for lunch with coffee or go to her property, I think every chance to get in front of them and get faced.

Speaker 4: That’s great. So I’ve always talked about the strategy with the coaching program. The mentorship is to somebody struggling. I say, well, then do the, you know, take a broker to lunch, you know, every, every day for the next 30 days, or at least once a week, take a new broker lunch. And that usually works. You know, it doesn’t have to be every day, but if you can get a broker every couple of days, not every broker is going to give you deals as you know, but you’re going to start a relationship the best way to start a relationship is that one-on-one time we’ve taken. We’ve taken guys to a and gals dinner on Charlotte Hornets games. I mean, like you said, anything that we can do to get in front of, and hopefully it’s something that they like doing, and we’re not dragging them along to something that they don’t want to do.

Speaker 4: Are you finding commonality Are you going through that process Of course, yes. Yeah, yeah, yeah. And actually this deal we had, we had seen it as an off-market deal. the seller’s financials were more kind of a mess. So we had made an offer an off-market opportunity. And then a couple months later, the seller wasn’t able to get what they wanted, off market. They took the property to market. We saw it pop back up with the updated financials. We were already familiar with the property. So we actually submitted a preemptive offer, probably watch where I was about a month before the actual call to offers date. And we had our LOI accepted well before the call for offers date came around. Wow. That’s pretty good. So, I mean, we’ll youth typically they’ll wait for best and final. So how did you, how did you get your offer accepted a month before they went to market

Speaker 3: It helps having the Olaf market beforehand because we already had a headstart on everybody else. we had driven by the property a few times and we went, you know, we had a really good relationship with the broker and it just worked out on the day that I throw the property. I remember it was October 1st. I had lunch with him right beforehand or right after what I think. And we looked at a lot of deals over the last two years where we hadn’t gotten one done with them yet. And he said to me, what are we going to do with deal I should have about the one we just saw. And then from that point, we, we more or less kind of work the terms out. We submitted an LOI and, you know, we had two or three counters from the Salar cause he, he still insisted on a little more money. So we went back and said, okay, the deal is still makes sense. Let’s give him the price he wants. I think it’s a solid area. That’s going to appreciate it. So let’s get it done.

Speaker 4: So you had said that the, financials were a mess. Can you explain that

Speaker 3: Yeah, so, so in this case wasn’t really so much a mess in the traditional sense, but they were outdated. So we had started looking at the deal in February, 2000 and they gave us financials from August of 2018. And yeah, and I told the broker, I said, listen, I’m glad to use this as a starting point, but I can’t give the guy what he wants based on this. I said, if he can give me current financials, I’m glad to see what we can deal with. I’m not going to pay 2020 pricing for 2018 financials.

Speaker 4: What was his, what was his rationale for give you the, those financials, August to,

Speaker 3: You know, from having dealt with the seller He’s not a bad guy, but he’s very difficult. I think he was just playing hard. Boy. I think he wanted to see what he can get and was just fishing around before he actually decided to sell. And then I guess probably after about two years of nurturing that relationship, the broker finally got him to put it on the market and, and that required him to release the current financial

Speaker 4: Let’s circle back. You said that, your acquisitions Charles, and so Adam, what’s your role. And then you’ve got a third partner too, and I understand the third partners. One of yours is fathers. Yeah, my dad. Yeah, your dad. Okay. So your role is what Adam investor relations. Okay. And what about your father He is more kind of a financial overview. he’s a retired CFO and CPA. So he’s more of a, kind of like a CFO type of a role. So is he doing underwriting actually Charles does our initial underwriting and then he is the kind of final sniff test if you will. All right, good. So that’s a good way for everybody that’s out there with the partners on how to separate your roles. So that worked out well, it took us a while to get to that point. Dave was everybody’s trying to do everything. Yeah, well, I think there was a lot of it’s areas where we were stepping on each other’s toes initially and trying to figure out who’s best suited for this. Who’s best suited for that. so, you know, it’s been an evolution, but we feel like we really have it, figured out really well. Now, how did you guys meet

Speaker 3: W we initially met, you’re perfecting the presentation event October 4th, 2017. And we, we went to that. I had lunch with them the first day. Then we connected and had lunch the next day. And then we saw each other again, the following month it’s sponsorship. And then we started saying, listen, maybe it makes sense for us to work together. so it just kind of developed from there. And then we saw each other at, a few more events. So it really started with the argument of the organization and the events we went to them.

Speaker 4: Excellent. All right. So you guys, was there, was there a strength, a weakness type of a thing you realized somebody was trying to get something and somebody who’s, we got another, or it was just the personality you realize you got along good and you make good, good partners,

Speaker 3: More personality wise. I would say, I don’t think that we had as much science to it initially, as we probably should have, but, you know, we kind of had an idea what our strengths and weaknesses were. And then we just found out further as we started working together. It really wasn’t until we closed our first deal that we said, okay, once again, we need to get a little smarter and we need to figure out actual roles. So we’re not just diving into it. Right

Speaker 4: The evolution of business I’ve run a wholesaling business to real estate related. And so I I’ve had partnerships before. So I think that I was actually a little bit more strategic. Maybe Charles was so personality. Yes. But I think you can tell a lot about somebody, you know, what their potential strengths and weaknesses are going to be from interacting with them, getting to know somebody over a couple of lunches, talking to them about, you know, what their strengths and weaknesses are, what, what they’ve had success with and what they haven’t. so I actually thought that Charles was really going to be somebody that offset my weaknesses or what I don’t like to do, by what he’s good at or what he likes to do. Good on this particular deal during the underwriting or the deal itself, what did you do to reduce the risk of covert number one in the underwriting and then number two, perhaps in the contract, anything in particular

Speaker 3: Yes. Two things that stand out. So one thing that we like in terms of the deal itself is that 73% of the property is a subsidized tenant base. So that was quite long ago. What’s that which subsidy, it’s a mix of four different agencies. The primary ones in the Charlotte housing authority were really section eight type tenants. Okay. So, so I thought with that is we have security in that. And that was really a selling point in the pitch we made to investors, because my thinking is, who knows, if we’re going to have a second lock down who knows what’s going to happen So at least we know that bond, a national calamity was still gonna receive government government sponsored funds. So at least we felt pretty good about that. And in terms of the deal itself, one of the things we did, especially being it’s a C property, even though it is primarily subsidized, we chose to underwrite it with a minimum of 12% vacancy throughout the life of the deal. So even with that, we still ended up with a 16% return. So we felt pretty confident that okay, we should be able to do better than 12% vacancy. Even if we would total amateurs, we should be able to hit 12% vacancy.

Speaker 4: What was it upon takeover What was the economic

Speaker 3: So economic was right around 90. So it was around 10% altogether.

Speaker 4: Oh, that’s pretty good. That’s really good at first see property.

Speaker 3: Yeah. And really a lot of attributed to the subsidies because those payments come in like clockwork. So that way you’re not waiting for tenants to pay rent whenever they want them.

Speaker 4: Yeah, exactly. Okay. Anything in particularly the contract that you changed for two, for reducing your risk of COVID

Speaker 3: To reduce the risk It did wind to becoming an elevator cause we wound up having two extensions, which weren’t initially part of the original agreement. Yeah.

Speaker 4: I’m going to ask you about that. Yeah. But before I get there, though, what about, how much was the rep What was the pricing of the deal 7.4 million. And what was the raise

Speaker 3: 2,000,685.

Speaker 4: All right. So 2.6, how did you do it I don’t want to jump in. Yes, I would love to. So we did a lot of webinars. so our, I think investor relations process has really evolved over time. we’re trying to get a little bit better at being a match investors rather than going out and having to, you know, meet and shake everybody’s hand individually at networking events. I think that that’s a really great way to get started, but, you reach kind of a critical mass point, right Where it’s hard to be out enough to continue putting new investors into a pipeline. So we’ve really been working a lot on that, but for this deal specifically, we did a lot of webinar presentations and one of the things that’s been really critical to not just us being able to successfully close this deal, but the deal we had done at prior to this one was we’ve been able to through networking, meet an international group out of South America that has come in and, brought some pretty significant capital to both of the last two deals that we’ve done.

Speaker 4: so they were committed for 1.8 on this deal. and they actually came in with the entire raise on our last deal. and so that’s just been through networking, that we were able to make a connection with that group. Where does I know as a guy that knows a guy type of a type of a situation. Yeah. I was just going to ask, where does the contact like that come from So it’s like a three steps, six steps to a what’s that seven steps to Kevin bacon. Right. Exactly. All right. So, during the due diligence, did you guys encounter anything unusual No. I don’t think there was anything specific. you know, it’s a, it’s a 66 seventies built property. So, there were, when we had, we have a structural engineer go out with us when we tour the property, there were some recommendations that they made, but they were all very minor, some, some drainage and, and some helical piers on, on a building or two. but we had a pretty, pretty thick cushion, for our cap X budget. So it didn’t impact, what we had projected in terms of our capital expenditure. So we were fine. Okay, good. So, other than the CLO, your management, your management team, jobs, you wanna jump back in on, how did you choose your management team management company It was a party. Yeah.

Speaker 3: All right. Now always third party. So eventually I think we probably would like to scale up what we have around, but we’re not there just yet. So normally we we’ve been having success with the 50 to 100 units space. We focusing on property management companies that have track records in that area, what we’ve realized. And I believe you said this many times is that, Oh, it’s easy to find a good property manager for a small multi-family or for a hundred units, not when you’re in that medium-sized phase. There really aren’t that many to choose from and you have to vet them carefully to make sure you’re getting, you know, there’s probably two or three good ones in every market, and it’s really getting them to see which one is going to be the right fit for you. So ironically, the one that we chose, we’ve been working with them for about six or seven months prior to getting, getting the deal and the contract. And they came to us from the broker because he actually has the manager multifamily property that he owns personally. So I said, okay, they came on, good reference. It’s something he’s using in his own personal portfolio. And after working with them and now having them take the property over for us so far, we’ve been very happy and they’ve been on top of everything.

Speaker 4: That’s great. Yeah. I found that brokers are a good resource only because the management company that they refer screws, the deal up, they risk not getting the deal back on the, on the resale. Right. All right. So let’s go to, anything unusual during the takeover when you took over the property, did any surprises

Speaker 3: Thankfully, no know the seller was pretty transparent. I mean, he really, you know, anytime we requested information, he gave it to us. So I don’t think we had anything that wasn’t expected.

Speaker 4: No, thousands of outstanding maintenance requests.

Speaker 3: Not yet. Anyways. We’ve only owned it for 11 days. So not yet, but no.

Speaker 4: Hi, this is new. Yeah. Normally we do have those, a extended amount of maintenance requests that are due on the takeover. There’s usually a line in the, at the, in the office, you know, a line of people complaining and a lot of people give you their notice in the first week,

Speaker 3: Part of what might may have helped to mitigate that is that we kept the same onsite property manager that the previous owner had. So even though we have a third-party management company overseeing her, I guess being a lot of the tenants already have that relationship, they probably figure, okay, even though it’s a change in ownership and changing management, we still have the same face there. So we can’t say, okay, let’s, let’s try something different.

Speaker 4: Makes sense. All right. So back to Adam, talk about the closing almost didn’t close on time, or it didn’t close on time. What happened We, we wound up, with, with two extensions and the first one was with smooth sailing, I would say for the most part, but why did you have to request the first extension What did, what didn’t go Right. Well, so the first extension, one of the things that helped us to, to get the deal was that we were really attempting to close, before 2021. So the initial plan, and one of the reasons that the seller went with us was that we were going to be closing, prior to the end of 2020, but when we got into the deal and, you know, trying to get everything done in probably what Charles, about 45 days, something like that was going to prove to be a bit of a challenge.

Speaker 4: And so we just were not really able to, to execute on that. And when we got into things and so we, we went pretty early in the process and, extended the deal then into January. And then, so when January came around, the lender needed a couple of extra days. You know, we, we were looking to get essentially a seven day extension from the seller so that we could get everything the, you know, the, the ribbon on it with the, the lender. And that was the point where the seller decided to initially he sounded like he was cooperative. He was willing to extend, he was going to charge us an extension fee in order to be able to do it. but initially the communication was, you know, okay. But grudgingly, okay. But then nothing was ever signed and he started to get very indecisive and was like, we were kind of joking around that.

Speaker 4: We weren’t sure if he was bipolar by the time that we were ready to close, because one day it seemed like, okay, I’m ready. No, I’m not. Well, maybe no, not at all. Totally forget it. And really two to three days prior to the, the settlement date, we were thinking that we weren’t going to be able to close. We started reaching out to essentially all kinds of different contacts that we had to even try to get essentially a hard money loan to close that we would then refinance them out with the actual loan seven within seven days. So we were almost trying at transactional funding to, to be able to get the deal done. And so Charles stayed on top of the seller and was able to get direct connection to the seller. And we wound up kind of, you know, godfather making him an offer, that he, he couldn’t really refuse.

Speaker 4: We threw out several different options in terms of, Hey, listen, you know, all we need is set before we get to the options part. So did everything else failed Did the hard money fail. So we were able to get some hard money, but it wasn’t going to be enough. And unsurprisingly, because we were, you know, we were scrambling 48 hours prior to settlement and, you know, to get somebody that was going to pony up the full nut for, for what we needed to be able to close, you know, we were able to get some funding, but not enough. We, we were, we were short, by, I wanna say probably what Charles about a million or would have been short and had, we tried that hard money around probably a million and a half, even in, Charles, what was w what were the offers to the seller

Speaker 3: So we throw out five different options, rarely expecting to come back and accept the little piece of old then, but I think he did. So we offered initially, we said, okay, we can give you $50,000, extra, just heart, hard money. We’ll put it down and apply it to the purchase price. Then we said, we can give you a $50,000 one time extension fee, totally separate, not applied to the purchase price on top of it. Then we also throw out the option of potentially offering a part of our share in the GP for the deal. And then we also, you know, one thing he was very big on was his staff. So part of the reason that he was a little bit reluctant to let it go is that he didn’t want to let his staff go. So he wanted to give them some type of compensation package and give them a nice little bonus for so many years of service. So we also offered to give direct payments to the employees so that way they can go right to them and they can be a gift from him. so we offered him those things and there was a fifth one, which eludes me at this point, but he came back and I wasn’t really sure what is his position on It was, cause I said, it seems almost like he’s accepting a little bit of each of them. And so what did,

Speaker 4: What did it take to get it done

Speaker 3: Well, we went, ended up giving them $50,000, additional hard money on the contract, $50,000, one time extension fee and part of our percentage and the GP. So he’s tactically a partner in the deal with us.

Speaker 4: Oh, interesting. yeah, we had exhausted, I think almost everything at that. Charles had gone to his office. I was actually in Atlanta touring our asset down there the day before a settlement. And Charles went to his office to try to sweet talk him, into, into an extension and he wasn’t there. And so, you know, this was the, the Charles sent this out through communication, this offer and it was, it was like late afternoon day before we were supposed to settle. And it was just our, our hail Mary of let’s do whatever we can do to keep this thing from falling apart here at the last second. Very creative actually. So what lessons were learned during this deal This one Yeah.

Speaker 3: So I think some of the bigger ones were just operational mistakes that we had made and things that we need to do better on the future, which we’ve committed to doing that.

Speaker 4: So one

Speaker 3: Thing we’ve always been adamant about is that we usually wait until about halfway through a due diligence period to start our loan application and our offering docs, just because we feel that we want to make sure that we’re fairly confident before laying that money out and not getting it back. But one thing we’ve realized is that, you know what, going forward, we have to just study as soon as the PSA is signed. And you know why, obviously we don’t want to throw 25 or $30,000 away. We have to accept that as a cost of being in the business and just make sure that we’re selective enough for the deals that we’re not throwing that money away. so I think starting those two things earlier in the process would be a big help and also getting our invested marketing materials ready earlier. So that way we can disseminate them to the investors and get them in front of them sooner. So those three things would probably make a big difference and will allow us to close in a faster timeframe going forward.

Speaker 4: Yeah, I think when they start the, to hold off, once they start the loan earlier, get the investment package out earlier, what was the third one

Speaker 3: And also start the offering docs with the sec attorney.

Speaker 4: Oh yeah. Oh yeah. Yeah. Those always take longer than you think. Yes. Yeah. So much longer than you think. Yeah. And I think another thing too is, so it’s great that we have this, this group, this international group that writes big checks and, and brings big, you know, contributes significant amounts of the res, but they, I, we’re almost overly reliant on them to a certain extent. So if they are dragging their feet, getting things situated and you know, it’s a different culture. So right now is like summer for them. They are feet up kicked back, not really doing much work, not really much of a sense of urgency for things, the way that we have here South Americans typically don’t have that sense of correct

Speaker 4: For anything. Right. You know, part of, I think ultimately the delay in things was also that we were kind of waiting on them to fulfill their commitment. And so part of, of the, one of the big things I’m working on is okay, you know, we shouldn’t need to be totally reliant and it’s just first come first serve. this was the biggest raise we had done to date yet. And, they had contributed a large amount of money. but so having secondary second and third options to be able to come in is something that we’re going to be doing on the very next deal instead of relying so much on one.

Speaker 2: Yeah. But you know, there’s, the conversation always is because, you know, if you have a large group that, or one particular person or group that you’re aligning on and, and you know, the biggest fear is what if they don’t perform. Okay. So then the conversation is, do we have them put up front money You know, can we get them to put upfront money And so that they’ll have that same sense of urgency. Have you ever thought about that Yeah.

Speaker 4: so that’s one of the things that, that we’re talking about with them. One of the other things, so you, I remember you’ve said this on countless occasions, that you don’t want to, don’t be a pain in the butt to work with, make things easy, you know, make it easy for people to do business with you. And, the group is, is great. They’re phenomenal. They’re all great people. but they can be kind of a pain in the butt between a combination of them wanting a lot from us in terms of investor relations, their requirements, using that in air quotes for, communication and reporting is, is a little bit laborists there’s, it takes a lot of work to, to get them the information that they want. I think we’re almost looking to put them in the corner a little bit for the next deal anyway. but that’s a really good point about getting them to, to, to put something up front.

Speaker 2: Yeah. You know, it’s, it’s a catch 22 because I always talk about the fact that there’ll be a pain in the butt, but the people that you’re dealing with, they can be the biggest pains pains in the butt until you can replace that with somebody else. I remember when I had my construction company many, many years ago when I first started investing and I had the Freddie Mac Fannie Mae account to, to rehab the foreclosures around here. And I had this one guy that owned the Freddie Mac account, and he gave out all, all of the construction details and he was the biggest pain in the ass. I mean the biggest one, I was still living in a one bedroom apartment. I had Chris Jones was my secretary and we would both, we would hang up the phone from you guys. It was Joe, hang up, the phones, slammed the phone down and they both go F you, Joe F you Joe. But every time we talked to Joe’s, Hey, Joe, how’s it going Yeah. W what am I to look at today But he put, at that particular time, he was like three quarters of our revenues that Freddie Mac account. So yeah,

Speaker 4: We are, we’re going. Yeah, yeah, yeah, no problem. We can get those reports taken care of. Nope. We’ll get that handled for you. and at the same time afterwards, we’re gone.

Speaker 2: We gotta, we gotta backfill. We gotta, we gotta replace these guys. Cause they were a pain. Yeah. So you gotta do what you gotta do and to you don’t have to do it anymore. All right. We’re going to go into the next round of the interview. It’s called lightning round. Okay. So I’m going to ask you guys brief questions. All right. I’m going to start with Charles. I’m going to start with Adam because you’re on the screen right now. And these are quick questions and they’re kind of, they’re, they’re different. It’s this is a fun round. Okay. So, I’ll just go. We’re just going to go back and forth. So, Adam scale of one to 10, how good at you were keeping secrets Seven, Charles, Godzilla King Kong as Ella. Who was your first celebrity crush Adam, Jennifer Love Hewitt. Oh, actually you can both answer these questions. Charles is a morning and night person. Morning, morning. If you could travel anywhere back in time, what would you go Dinosaurs,

Speaker 3: New York city in the 1950s.

Speaker 2: Favorite pizza topping pepperoni, extra cheese, or will be PI’s really pies. No. Charles, what was that What’d you PI’s really pies. You know, it’s a good question. I’m going to say no. All right. Being from New York, that’s a new England thing, right Yeah. Favorite trip Favorite childhood TV star. I was a big saved by the bell fan. So Zach, I guess I’m saved by the bell and they just recently passed away. Did you hear that news No. Yeah, he got, he passed away about a week and a half ago. I was very saddened by that. Yeah. He’s young. Yeah. Very young. Charles, your favorite TV show, childhood TV, character or show.

Speaker 3: Well, that was also a big save by the bell fan, but pro wrestling is always my first thing.

Speaker 2: How can you know But in my day it was, Bruno Sam on Tino, chief, Jay Strongbow, the sleeper hold, Pedro Morales classic, last Halloween costume. Batman.

Speaker 3: Repeat that question one more time. Last Halloween cost them hoof been a long time. I don’t even remember. It’s been about 25 years, so I’m not sure.

Speaker 2: All right. One final question. Do fish get thirsty Yes, also. Yes. All right, cool. That that’s it. So that was another edition of DLF 64 units in Charlotte with Charlton Adams. And we will see you on the next edition.

Speaker 1: 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.