How AI is replacing Appraisers, Real Estate Agents, and Insurance, sooner than you think

Mike DeHaan: [0:02] What's going on, guys? Welcome to collecting keys. I'm your host, Mike DeHaan here with Dan Austin and Dylan Cook. And really before we dive in today, I wanna address one thing. We had a, little Instagram reel go semi viral where we talked about everyone's favorite, Brandon Turner, and, his syndications that have failed. That's fact, by the way. It's not there's no, like, gray area despite what all the comments said. And just a quick thing I wanna add to that.

Dan Austin: [0:27] Say failed, can you please describe failed for a

Mike DeHaan: [0:30] The failed means that the investors funds, all of their principal went to zero with the class b investments on one of his deal.

Dan Austin: [0:37] Okay. So not all the, the class a investors, but the class b got wiped out because when they probably did a refi or something like that? Well, the class b

Mike DeHaan: [0:44] is what we know about from the context of our discussion. And so that's actually what I wanted to add on is Oh. A, the information that we talked about there was primarily from friends of ours who invested in the deal that lost everything. Personal relationships. Personal relationships of people that were actually involved. There is absolutely larger circumstances that we did not know, and I don't know the details of because I'm not a new source. We're three dudes that just talk shit on the Internet,

Dan Austin: [1:10] which we have for years.

Mike DeHaan: [1:11] We have for years.

Dan Austin: [1:12] Hope this isn't new.

Mike DeHaan: [1:13] Yeah. So the other thing is we have always talked shit on all the gurus. Just because he's your favorite doesn't mean that he doesn't make mistakes and lose people's money. And it's one that we've done for five years on the show. And, go into your own research on it. Make your own opinions. None of us have any ill will with Brandon, but he did have these failed syndications he put together where he lost significant portions of investor money. And that is just fact. There's no ifs and or buts about it. And we did not put that in a way to, I don't know, be mean to good old Brandy boy that people love.

Dan Austin: [1:45] No. I feel like like we're really mean with other people.

Mike DeHaan: [1:48] We're just telling the facts. You know? And the funny thing is is too is that Instagram clip was literally, like, fifteen seconds. People were, like, all diving into like, how can we even talk about more details? I'm like, dude, it's a fifteen second clip. What are you talking about?

Dan Austin: [2:02] Should we read some of the comments live?

Mike DeHaan: [2:04] Oh, dude. Some of the comments are great. But you you know what? Like, the most shocking thing to me was was how many people that, like, their tag or, like, in their bio would say, like, oh, I'm whatever investor, like fundraiser, syndicator. And they would be like, I don't understand how an investment can go to zero. I'm like, if you don't understand how an LP can go to zero, you should probably not be raising money for Christ's sake.

Dan Austin: [2:24] But you know, when they're when they're doing their pitches to the LP investors, it's like, it's backed by real estate. It'll never go to zero. Yeah. Totally.

Mike DeHaan: [2:30] Yeah. The real estate

Dan Austin: [2:31] won't, but your investment will.

Mike DeHaan: [2:33] It's not how

Dan Austin: [2:33] it works

Mike DeHaan: [2:34] at all.

Dan Austin: [2:34] There's a lot of people questioning, how is it possible to lose 100%? There was a lot I

Mike DeHaan: [2:39] know. And then there was also so many people that are part of, like, his, like, inside crowd that, like, moved to Maui to hang out with Brandon that were coming to his defense. But I was also like, tell me why?

Dan Austin: [2:49] Like Yeah. Just articulate it.

Mike DeHaan: [2:50] And also our friends, like the primary grievance was the fact that the communication was so poor. And he was still like leaning into his social media with like the I work two hours a week and hanging off my kids and go surfing sort of like vibe in the social media, which is funny because people have also messaged me and said that wasn't the case. He moved to Texas trying to, like, fix all these things. Then you should be talking about that. You know? Don't give like the aura of everything's perfect and you're losing your shit. But anyways, so I just wanted to say that. So if anybody's here, just to hear if we'd say anything else about it, you can turn it off now because we're gonna talk about it forever. Until he fucks up another one, then I'm definitely gonna talk about it again.

Dan Austin: [3:28] You know, it's like we're like the social justice warriors for, gurus and syndicators and things like that. So we'll definitely talk about it because you can't just have one fail. There was quite a few that during that acquisition period with, with their whatever their company's called. Was it Opendoor? Yeah. Opendoor Capital or whatever.

Dylan Koch: [3:46] Yeah.

Mike DeHaan: [3:46] Well, it's funny. And you make the joke where, like, the social justice warriors. Literally, was, like, the premise behind when we started this podcast was we were so frustrated with a lot of the gurus. And we wanted to just, talk about the actual stuff that was going on with the things that they're promoting and the things that were behind the scene that nobody else ever talked about. Mhmm. And just because someone is the golden child of the industry by in a lot of people's eyes doesn't make them immune to that, you know, when especially when things go wrong. Know, You and what's funny too is if you look at a lot of people that we used to talk trash about, a lot of them are gone. You don't really hear a lot about some of these people anymore, dude.

Dan Austin: [4:19] Not at all. Yeah. I will say Pace has hung on quite a lot bit longer than I thought he would. I he really has.

Mike DeHaan: [4:24] I know. He's like the the I don't know. The invincible cockroach.

Dan Austin: [4:28] And he hasn't completely pivoted away from sub two. He's just trying to sub two other things.

Mike DeHaan: [4:33] So he's still in on the app, and now he's changed his messaging to like, hey. If you're poor, you can still get rich. He goes, here's how this crippled lady is buying houses. He got weird there for a minute, Jay.

Dan Austin: [4:42] He did some weird stuff.

Mike DeHaan: [4:43] He just did another one where he has this lady in a wheelchair. And I'm like, just because she's in a wheelchair doesn't make her unable to buy real estate. Like, what are you doing?

Dan Austin: [4:52] Right. Even this disabled person. Seriously.

Mike DeHaan: [4:55] Next thing you know, he's gonna have, like, an autistic middle schooler. He's like, he's bought his first sub two deal. It's gonna be getting crazier and crazier. I don't know, man. It's getting figured out with an illegal immigrant, then I'll be impressed. They're definitely the hardest ones to get loans for. Totally.

Dan Austin: [5:11] Yeah. Totally.

Mike DeHaan: [5:12] So anyways, what's good today, guys? We'll, move on from that.

Dan Austin: [5:15] Yeah. What is good today, Dylan? You got anybody else you wanna crush on the Internet? Because that was you, not me. It's like, like, hour just

Dylan Koch: [5:20] It was good.

Mike DeHaan: [5:21] You were the poster child.

Dylan Koch: [5:22] Yeah. Yeah. That's different.

Dan Austin: [5:25] It was

Dylan Koch: [5:25] going viral for, like, different reasons.

Mike DeHaan: [5:27] Oh, yeah. Yeah. Dylan, stop turning your head away because our producer complained that your audio sucked last week.

Dan Austin: [5:33] Because you kept in, like, you kinda, like, double fist it. Put both hands on

Mike DeHaan: [5:36] your butt. If you if you hold it like this and just adjust off camera,

Dylan Koch: [5:39] I don't know if guys are really good at that.

Dan Austin: [5:42] Why can't I get a

Mike DeHaan: [5:43] lot of practice? We got a lot of practice.

Dylan Koch: [5:45] Simultaneous. Simultaneous.

Dan Austin: [5:48] I make up words too. Yeah. Simultaneous? That's some shit my son would say.

Mike DeHaan: [5:54] I make up words all the time. My wife always gives me shit. She's like, that's not definitely not a real thing, but that's fine. But, yeah. What's good with you, Dylan? Everything going good in business world?

Dylan Koch: [6:04] Well, I had a tree fall on a rental property yesterday.

Dan Austin: [6:07] I don't know. They have trees

Mike DeHaan: [6:08] in Cincinnati.

Dan Austin: [6:09] Do they?

Dylan Koch: [6:10] We have lots of trees and lots of hills too.

Mike DeHaan: [6:12] It's like the Midwest, so I was kinda just assume it's like when there's, like, TV shows and they're in the Midwest, and it's just like a flat neighborhood with not really a lot around and a bunch of spillover houses.

Dylan Koch: [6:20] Not not really Cincinnati. You go a little further north or west in, but that's true, but not here.

Mike DeHaan: [6:25] Cincinnati is actually under some fire right now. We should talk about this on the show actually.

Dan Austin: [6:28] You guys wanna talk about Cincy?

Mike DeHaan: [6:29] Let's talk about Cincy shit. Then I wanna I do wanna hear about your tree. But I feel like you you mentioned Cincinnati. And so from a lending perspective, we had a call with, one of our primary investors a couple days ago. And they actually have a lot of concern around the Cincinnati market right now. That Cincinnati and Northern Kentucky market because there's been this recurring theme of appraisals that are very, very off the mark from sort of what's being expected or what they agree with. Yeah. And so they will have the multiple different valuations that are coming very very far apart. And so so there's like a handful of markets in The United States. This is recurring. Cincinnati is one of them. And where they're primarily concerned is it's in like this price point where you have these flippers that are buying things at maximum leverage or buying with all cash. And then they are basically overleveraging themselves in a situation where a valuation needs to come in above what it realistically should be in order for them to be able to come out positively. And so there's gonna start to be a lot of scrutiny on long term debt in that Cincinnati market.

Dan Austin: [7:26] Yeah. Ohio, Covington area.

Mike DeHaan: [7:28] So if you wanna be refinancing anything over there, you should do that like soon because they're gonna be looking at stuff.

Dylan Koch: [7:34] If I be

Dan Austin: [7:34] the next market that gets kind of like the black x, like Baltimore, like nobody wants to buy any loans in Baltimore, which will

Dylan Koch: [7:39] Well, the the Baltimore thing was like appraisal, like fraud and stuff too, wasn't it?

Mike DeHaan: [7:42] And that's exactly what they're seeing in Scentsy.

Dan Austin: [7:44] It was appraisals in cahoots with title companies. Gotcha. This is I was thinking about this quite a bit the other day because I'm looking at some of these appraisals and I'm talking to some of these title companies, and not that those two are related, but they all kind of are, is like you have a guy like yourself, Dylan, or Mike and I, or or any wholesaler. You build your team, right, as Brandon Turner would say. So you find your title company that's down to clown to do some weird shit when you need to do weird shit. Because you got sellers that create problems. Right? Like, you're not trying to do illegal stuff, but once in a while, need the title company to bend the rules a little bit to get the seller to come in. Maybe you gotta bring them a six pack of beer like our boy, Aaron Bihl or whatever. You gotta do weird stuff to get deals closed. Right? And then you're like, hey, I'm gonna show up on-site to this appraiser and I buy like freaking 50 houses a month. So I see a lot of these appraisers.

Dylan Koch: [8:29] Mhmm.

Dan Austin: [8:29] And this guy always hooks me up. And you know what I mean? So you got your title company that's hooking you up. You got your appraiser that's hooking you up. You're the wholesaler over here. You get a realtor involved that's hooking you up. This is exactly what happened in Baltimore, except it was like more of like you had all of these people in cahoots to make these deals happen. And my guess would be is none of them probably other than maybe the wholesalers who are the most benefited from this, were trying to like create a master network of fraud that ended up becoming a $100,000,000 loss for investors.

Mike DeHaan: [8:56] Oh, that's a big one. But that's what happens.

Dan Austin: [8:59] Right? As you, as a wholesaler, maybe you have two other wholesaler buddies. Maybe you share an office with another wholesaler. I'm not saying this is something you would do, Dylan, but you guys use the same title company, blah blah blah blah. And between you guys, you're doing like fifty, sixty deals a month in one market, which would be crazy. Right? Like, you start building this network and it slowly inches into this, this fraudulent area where everybody's bending the rules a little bit. And the appraiser's like, gotta do Dylan the solid because I've made $80 doing appraisals for Dylan. And, and all of a sudden it just starts stepping up and over inflating because then your buddy's comp down the road was appraised by the same appraiser, and he went 10% above that one to hook you up. And then all of a sudden, have really bad values. The crazy thing is, is with the automated valuations that they do on the back end. So it used to be, you would take an appraisal and that was like, as investors, like we all just thought that was gold. Like, hell yeah, I got a fat appraisal. Like this is awesome. It's above what I even thought.

Dylan Koch: [9:50] Yep.

Dan Austin: [9:50] Well, now you're doing these automated appraisal reviews and it's only gonna get better with AI where they're like, no way dude. And it's, I will liken it to this. I just had a broker send me a CMA for a property I was underwriting. And of course, what did the broker do? Picked all the comps that are the highest in the town. And mind you, it's a small town. So there's only like 25 comps. Right? And so I was immediately looked at it. I was

Mike DeHaan: [10:11] like, okay, I'm gonna, I

Dan Austin: [10:12] can take off $30,000 of value on a $250,000 valuation because there's a comp right here that sold a month ago. That's $30,000 less. Right?

Dylan Koch: [10:19] Right.

Dan Austin: [10:19] And so the broker's incentivized to help his borrower out to make it look great and to get this loan through because they're incentivized by the transaction just like everybody else. And I'll stop there, but I have a whole nother like opinion on appraisers and they're maybe probably not even required in this industry.

Dylan Koch: [10:35] So I just wanna caveat that I think appraisers and appraisers in general aren't really needed.

Dan Austin: [10:42] And that's my point because they're so, they're becoming so bad in certain areas to the point to where, so you have, I get, you have AMCs, which are the groups of people, it's a company that goes out and finds appraisers because you have to have like this third party intermediary to make sure there's no fraud, right? So you're not getting to pick your appraiser as a lender. You're not getting to pick your appraiser as a borrower. Nobody gets to pick it. They put it out to bid and a random person bids it and meets the criteria. They do it. We had one appraisal that was so bad that our investors said, we will not accept this appraisal. And going forward, if this guy's name's on it, we'll never accept our appraiser appraisal from this person specifically.

Mike DeHaan: [11:20] Yeah. They blacklisted him. I go to

Dan Austin: [11:22] the AMC and say, hey, here's the issue. I want a refund. And they said, Well, we went back to the appraiser and they adjusted the comps for you. And I said, No, I want a refund. They're like, Well, he's a licensed and certified appraiser. Don't we have to respect his certification. And my response was, This is exactly why appraisers and AMCs are going to be eliminated from this industry. Goodbye.

Mike DeHaan: [11:41] Mhmm.

Dan Austin: [11:41] It's just like so bad because he's licensed. Like, you have to believe in the license. You have major investors saying that they won't touch anything this guy puts on it, you are not going to listen to them.

Dylan Koch: [11:50] And there's the one with the skin in the game. They're the one that's putting up the money.

Dan Austin: [11:53] Exactly. They're the ones with the money.

Dylan Koch: [11:55] I just wanna say this too because to address Mike's first point, I think the city since the May just had its first population decline in, like, in in a long time. Interesting. Yeah. Yeah. And there's political people saying that was because ICE was here all

Mike DeHaan: [12:06] that, but I don't

Dylan Koch: [12:06] wanna get into that.

Mike DeHaan: [12:07] They got them. They got them. They got them. Got them. So for we call it a forced migration. Or we used to call it in the seventeen hundreds, manifest destiny. But anyways

Dylan Koch: [12:18] Yeah. Okay. Anyway. But I started so it's funny. And we've talked about this dynamic before. It's a biz I borrow a lot of money and I I can typically say, okay, I should be able to get my appraisal on here. I can refi, get the numbers I want, etcetera. And then I've also started lending money and I've turned down probably 20% of the loans that come into me because I'm like, either a, it's not gonna suffer with that or b, like your rehab budget is way off. And so then let's go find someone else. I'm like, see you. Like, I don't care. Yeah. That's not hiring an appraisal. That's me saying, I know this area pretty well and I don't think you're gonna get what you think you're

Dan Austin: [12:49] gonna get.

Mike DeHaan: [12:50] Yeah. And there's and the whole market, think, is because it's had so much appreciation. It's still kind of in like that price point that I would say is I don't wanna say it's like tricky. It's easy to get like overconfident in. Yeah. Because the downside risk is feels limited compared to these very expensive markets. It's a very low barrier to entry. You can get a hard money loan there with, $15 spread into these properties. And so you like, you have a lot of people getting into space that probably shouldn't be, that aren't making the best decisions. But, yeah, it'll be interesting to sort of see what happens. And so what are the owner of that investor that investment company that we do a lot of our DSCRs for, he actually said that, like, if you go upstream far enough, like the big big money, the BlackRocks, what they're actually starting to do is they have some internal tools using AI or whatever that they're they're building out. They're gonna be doing their own valuations. And so instead of relying on the appraisals that come into a loan package, they're gonna be just like using that to analyze everything. And I guess the tools that they have, it will go as far as to look at like all the photos of the comps versus the photos of the property, and then like verifies it actually like for like. And it determines the validity of the valuation completely internal.

Dylan Koch: [13:58] So then like why even pay for an appraisal? Like why have the buyer pay for a $750 appraisal?

Mike DeHaan: [14:03] Exactly the point. And so it'll ultimately trickle down. And before you know it, all of a sudden the different companies are gonna have their own way that they are doing appraisals. Which what'll happen with that is when it first starts, everything will get super conservative because there will be, you know, unknown things and all the investors are scared to kind of be the first one. But then it'll level out and I think the appraisers as like an entire sort of industry will disappear, which ultimately I think will be better because it does get rid of a lot of the kind of subjectivity that exists with appraisers that is a little silly. Does that trickle down to real estate agents too? I can't believe the real estate agents are still around

Dan Austin: [14:40] most of time.

Mike DeHaan: [14:41] Just think

Dan Austin: [14:41] about it this way, like, okay, now if if because like the appraisals kind of has set the standard for values, but between that and the and the seller, potential seller, is a broker who needs to help do some valuation. So if you're a good real estate broker, you know how to value a property and and get the list price dialed in. But if you have automated systems that these gigantic hedge funds are using to make Mhmm. Multibillion dollar investments, eventually does that trickle out into a commercialized product that anybody could use and then Zillow takes on because Zillow's in the same game as these hedge funds. And like the Zestimate actually becomes super, super valuable. And you as a buyer can go on there and look at what your property should be valued and choose if you wanna sell it or not.

Mike DeHaan: [15:18] Dude, absolutely. That's totally gonna happen. So a lot of the value that realtors have is actually MLS. Right? One of my really good friends, John Brooks, has been on this show. He has a massive brokerage in Florida. Over the weekend, this past weekend, literally in like two days, he built his own private MLS for his brokerage, 2,800 agents on a cloud. Like he no longer needs the MLS. He basically just took all the listing information they had in their own database, turned it into an MLS that has all the same searchability. It has the ability to print out reports. It has the ability to communicate with people.

Dan Austin: [15:51] So help me understand this. This is for all of his team's listings, his 25% because he has such a large brokerage.

Mike DeHaan: [15:57] Yes.

Dan Austin: [15:57] So then what's like keeping like real brokers or like what's another big one? Keller Williams just to have their own MLS?

Mike DeHaan: [16:04] Exactly. Exactly. That what is keeping them? I don't know.

Dan Austin: [16:07] But then it gets fractionalized. Right?

Mike DeHaan: [16:09] Yeah. So that's where as soon as that wall comes down for the MLS, right? And like you get somebody that comes and says, hey, we're just gonna do this privately. That's what's going to happen.

Dan Austin: [16:18] How that hasn't happened yet either? Because every single MLS, worst interface ever. Worst user interface I've ever seen.

Dylan Koch: [16:24] They're all terrible.

Mike DeHaan: [16:25] They're so bad that you call

Dan Austin: [16:26] the MLS and it's some like 70 year old lady that's like, oh, I don't know. We'll have to call the

Mike DeHaan: [16:29] IT We support know exactly why. It's because most people that are in that space are not entrepreneurial. Right? Like they are the opportunistic kind of people that are in business that are socialites. You know, they have like their book from their church or whatever that they use to sell houses. You don't really have a lot of innovators. Yeah. That's one of the reasons like why when we started wholesaling houses, we were able to like kind of like take over relatively quickly because everyone around us that was in real estate at that point couldn't figure out how to do direct mail.

Dan Austin: [16:56] Yeah.

Mike DeHaan: [16:57] Right. And now there's all these services and different things around it that have made it so much easier. So the barrier to entry has gotten smaller. But that same thing exists on the real estate side even worse because the barrier to get into being a realtor is like nothing. What is it? Like a $500 course. Legislation.

Dylan Koch: [17:13] Some of it's legislation though too. Like, it's like it's it's almost like illegal to sell a house without license, which is stupid. And we

Mike DeHaan: [17:19] have like the Gnar Mafia. Right?

Dan Austin: [17:20] That Yeah.

Mike DeHaan: [17:20] That's out there just like pushing all this stuff through to try and make it harder to do transactions.

Dylan Koch: [17:25] Yeah. And the guys at consumer protection. That's what pisses

Mike DeHaan: [17:27] me off. Yeah. I know. Right?

Dylan Koch: [17:28] Yeah. Yeah. Yeah.

Mike DeHaan: [17:29] Yeah. You need to have a licensed realtor involved. I think it was was it Wes? And our scale call on Tuesday was saying that they just passed some laws there in Kansas City that you have to have a real estate agent involved at a certain point in any wholesale deal. But like basically what it looks like is if you are wholesaling a property, you have to let the seller know two weeks before closing that you are wholesaling the property, and they have the ability to back out with no grievances. No nothing you can do about it.

Dylan Koch: [18:00] Ohio just did something similar in March of this year. Like, you have to disclose, like, in the there's actual, like, a disclosure document that needs signed prior to your PSA. Mhmm. It has to be, like, timestamped. Yeah.

Mike DeHaan: [18:11] Yeah. We're seeing that in Washington. And everyone down there, I don't know, it's like in Ohio, but the workaround is if you're a real estate agent, then you don't have to do it.

Dylan Koch: [18:18] Right. And now the incentives are even less aligned.

Mike DeHaan: [18:19] Exactly.

Dylan Koch: [18:20] Yeah. So it

Dan Austin: [18:20] makes any sense. Interesting. Yeah. Well, the great thing you just do is you just do what every other, like, industry does is wrap that into so much legal jargon that the borrower can't possibly read the document or understand it. And so they don't understand the benefits of it. You

Dylan Koch: [18:35] know what was really shitty? This has happened today. We had a a lead come in, an inbound lead. And I, of course, I look at it it's listed on MLS. I was like, oh, whatever. I called the agent because I know who the agent was. And he's like, oh, it's a Novation deal. I was like, okay, this is odd. And then I called the seller, but she had inbound to us and she had no idea it was on MLS.

Mike DeHaan: [18:53] Oh,

Dylan Koch: [18:53] no. They didn't even tell her that she

Dan Austin: [18:55] was good,

Dylan Koch: [18:55] that they were gonna do all that.

Mike DeHaan: [18:56] Nice.

Dylan Koch: [18:56] And so I think I kind of blew it up just from telling her that it was on the MLS, which I don't care. But like, that's just a shitty thing that other people do that causes 90% headache for everybody else.

Mike DeHaan: [19:07] Yeah. And, you know, since we're at the phase two where the economy is getting tighter, people tend to get more sensitive to stuff like that. Yeah. Totally. You know, like, like, they are much more sensitive to if they feel like something is being taken that is theirs, whether that's equity, that's opportunity, whatever it is. And so you're starting to see a lot more uptick in lawsuits or or deals like that.

Dylan Koch: [19:23] I hope that they get reprimanded in some way. These like, this is a bad way to do business.

Dan Austin: [19:28] It is. It's a really bad way to do business.

Mike DeHaan: [19:30] But yeah. Anyway, since you that my market is looking a little sketch from, a higher perspective. And if you're in some of those other markets where, like, that entry price for flips is, like, that 100 to 200 range, Those are the ones that they're really concerned about. It's because the barrier has gotten so low, and there's such a massive influx of people trying to do things in these markets.

Dylan Koch: [19:47] Are they more cautious on thirty year debt or on the short term debt or both?

Mike DeHaan: [19:51] Thirty year debt. Thirty year debt. What you'll probably start to see on the short term debt, like fixed and flip stuff, is a little bit more scrutiny from larger companies with, like, higher leverage because they are gonna be anticipating some prices coming down. But that price point is so low, you can also just find some local rich dudes that will give you a $100 to buy the house. Yeah. And they're not gonna be queued into what's going on at all.

Dan Austin: [20:14] Yeah. That is the tough thing on the short term debt is there's always some some joker out there that'll loan you money at like nine and no points. And it's some old guy that thinks he's getting over on you.

Dylan Koch: [20:24] And they think they're making a killing.

Mike DeHaan: [20:25] They think they're making

Dan Austin: [20:26] a killing, they're like, yeah, 9% no points. I think we could get some loan docs. What are promissory notes? Is that what you

Dylan Koch: [20:30] Everything guys are signing these upfront, purchase and rehab, all upfront, no payments.

Mike DeHaan: [20:35] I'm gonna pay you all

Dylan Koch: [20:35] in payments. They're gonna pay you all in the back end.

Mike DeHaan: [20:37] Man, we gotta find some of those guys, Dan, and just buy their distressed debt for 50¢ and a dollar. Exactly. Flip that. That's like a big part of the debt industry that we're not even part of people.

Dylan Koch: [20:46] I get some terms like that from some of my private money lenders, and I have never defaulted.

Mike DeHaan: [20:50] Yeah. So because you're a good person.

Dan Austin: [20:51] It's true that I think the challenge becomes is with those guys is like, can't necessarily build a business around them because it's not usually unlimited capital or there's, you know, you run out of money here and there and so you gotta have other options too.

Mike DeHaan: [21:02] Yeah.

Dylan Koch: [21:02] Yeah. I mean, you're lending and let's say you have the source of 5,000,000 from one person, like, they could decide tomorrow, like, I'm done doing this. Yeah.

Mike DeHaan: [21:08] I know.

Dylan Koch: [21:08] You know? So like, you're just SOL at that point.

Dan Austin: [21:11] Yeah. No. They're it's great to know a guy like that though. Mike and I never knew anybody like that when we were coming up.

Mike DeHaan: [21:15] No. Not at all. Still still dumb. I'm like, is this?

Dan Austin: [21:18] We thought Kieavi was awesome for a minute. Lending Home, Lending One.

Mike DeHaan: [21:23] Yeah. Well, Lending Home is Kiovi.

Dan Austin: [21:25] What I mean. But when we started, that was Lending Home.

Mike DeHaan: [21:28] I know. And they then they turned into a tech company, they needed like that good single word buzzword name. Well, so the I was talking

Dan Austin: [21:35] to Mike about this the other day. So the owner of Qiave, one of the founders, there's like three original founders, think. He sold his his share and started Sundae, which is based out of California, s u n d a e, I think is how they spell it, Which is is I believe that's like a off market marketplace. And then that's when they brought in the current CEO who's a tech guy, and then it just took off from there to be Kiyavi.

Mike DeHaan: [21:58] Yeah. So, you know, it's hard to keep that money. A lot of their money comes from overseas too, from China. So that's one of

Dan Austin: [22:03] the reasons it's so cheap.

Dylan Koch: [22:04] Yeah. I mean, that's tough.

Mike DeHaan: [22:06] But so anyway, you had a tree fall in your house.

Dylan Koch: [22:08] Good. Let's let's see what you guys would do. Because I have a a $10,000 deductible on this policy. So, like, they're usually like 1 to 5. This is $10. And it fell on the tree. It punctured the roof.

Mike DeHaan: [22:19] That sucks.

Dylan Koch: [22:20] Yeah. And so the tenant calls on freaking out. And I'm getting someone over there today to like, is there structural damage or not? Like, because that's gonna be the biggest determining factor. And then like, okay, if it's, I don't know, call it 20 k of damage. Is it worth just paying it out of pocket, fixing it, not filing a claim? Or do you file the claim, have a chance that your premiums go up? And this LLC that's in has multiple properties on it. So don't want that flag, you know, for future properties.

Mike DeHaan: [22:45] Mhmm. And so

Dylan Koch: [22:45] I just don't know what to do at this point. Biggest information would be like, much damage actually is there?

Dan Austin: [22:50] But Yeah. So I will say this, you don't need to worry about your policy maybe going up. It will 100% go up.

Dylan Koch: [22:57] Right. But how much will it go up is the question. A lot. Yeah. A lot. Like double. See, don't want that. That kills my cash flow and everything else.

Dan Austin: [23:04] Exactly. Insurance is the biggest scam in especially my car insurance? Not at all. You crash your car, shit. They'll fix that shit like that. House though, dude, if you have any little bit that is that you're gonna try to file a claim, they will discourage it. They will try to get you out. They will try to say that it's not as bad as it is. Mike and I have done a few I've done a personal one on my house. It is not worth it. My how this is a funny story. So my my house so literally the wind was, like, ripping the roof off of my house. Right? Like, it was, like, blowing shingles off. Every time they're blowing, was like, okay. I gotta figure something out. And then, one day, like, big gigantic, like, slice of them just flew off onto the ground. Was like, holy shit. Called the insurance company, took a year to get my roof replaced. And they said during that period of time, every time I was like, there's more shingles blowing off. Like, it's

Mike DeHaan: [23:50] gonna start leaking. They're like,

Dan Austin: [23:51] well, that's another claim. Every time shingles blow off, need to file a claim.

Dylan Koch: [23:54] Oh my god.

Dan Austin: [23:54] So anyways, I go through this whole process, about a year. I get the roof replaced. I call in my roofer because they Of course, it's a depreciated value. So my roof, I think the quotes I was getting from like typical roofers is like 40 for my roof. And they gave me like 16,000. And then the roofer we use hooked me up and it did it for like 24. So I only had to come out of pocket like $8. And I don't remember what my deductible was. But then literally my insurance went from $150 a month to like 400 the next policy.

Dylan Koch: [24:24] Fucking shit.

Dan Austin: [24:25] It's so crazy. They got their money back already, dude. And I have to pay it because I have a loan on my house.

Mike DeHaan: [24:31] The depreciating thing and stuff like that just drives me nuts. Because I'm like, yeah. It is a fucking eight year old roof or ten year old or 15 year old. Like, that's the whole point. It gets worse, and now there's issues. You want me to, like, do it ahead of time? It doesn't make any sense. Yeah.

Dan Austin: [24:43] Yeah. It's it's too bad.

Dylan Koch: [24:45] The whole point of this is to ensure the thing Yes. I know. Like, what it costs to be brand new. Like like

Dan Austin: [24:50] So think about it this way. Just so you know, they're gonna charge you $10 for your deductible, and then they're not gonna pay to remove that tree. So say you gotta pay $2 to remove that tree. You're already $12 into this thing.

Mike DeHaan: [25:00] Yeah. They'll just, they'll just like set it in your yard.

Dan Austin: [25:02] Yeah. They, they won't even do that, dude. Yeah. Like it'll just be like, you gotta figure that out. We will pay only the piece that fixes the problem. And they'll probably likely only repair part of your roof. Where if you're gonna do this for $20, you're gonna do it the right way. You're get also that's that's my opinion. You're kind of that's why insurance, it puts you in a spot where you're kind of screwed.

Mike DeHaan: [25:20] Yeah. So dumb. Unless it's like

Dan Austin: [25:22] a massive, like total loss where it makes sense, like your house burned down, which it could still happen. I mean, tree I thought was on fire when you left. Right.

Mike DeHaan: [25:30] Still bad. It's like health insurance. You're like Yeah. You know, I have cancer. Can you help me? And they're like, well, is it like that bad a cancer?

Dan Austin: [25:36] Yeah. Yeah.

Dylan Koch: [25:36] Oh, you already had the cancer? Oh, we can't

Dan Austin: [25:39] do that.

Mike DeHaan: [25:39] You already have the preexisting cancer. No. Well, how do you know that you didn't have it before you got insurance?

Dylan Koch: [25:46] Yeah. Did you when was your last checkup? Did you did you get a

Dan Austin: [25:49] whole It's stage four.

Mike DeHaan: [25:51] Yeah.

Dan Austin: [25:51] Yeah. You you definitely had it before. Sorry. We can't insure this.

Dylan Koch: [25:54] It's insurance is a fucking ruckus.

Dan Austin: [25:56] Yeah. It's it's rough.

Mike DeHaan: [25:57] I can't remember what

Dan Austin: [25:57] was, oh, we had the one claim that was where the furnace, we had an oil furnace in a house that flooded the basement. Everybody that listens to the podcast has heard this story a million times. We don't need to talk about it, but that was a eight month, eight months of vacancy problem. Couldn't even rent it the house had oil in it and it smelled like diesel fuel and it was a fight.

Dylan Koch: [26:17] Did you get the rent? Like, did they pay you the rent that you lost? Because that's in the policy, at least it's supposed to be.

Dan Austin: [26:23] So yes and no. So it wasn't in the policy because it was, what was it? Was it a short term?

Mike DeHaan: [26:32] I can't remember what

Dan Austin: [26:33] the deal was where it wasn't. And they're like, well, sorry, we're not gonna pay it. Anyways, it got to where they screwed up so bad on this that they actually paid it. Which an insurance company is not gonna pay something unless they're worried about a lawsuit. But they screwed it up so bad that they went back and they're like, well, just to make it right, we're gonna pay you $3 a month for the last eight months. I was like, You're

Dylan Koch: [26:50] damn right,

Dan Austin: [26:51] guys. Fuck yeah, you are. But yeah, that was a fight too. And like we had to, we got four different adjusters assigned to it, and then got into a minor about to be lawsuit with the company that did part of the mitigation, but then walked off the job halfway through. It was a wild situation all because of the insurance company.

Dylan Koch: [27:11] This technically would be my second claim that I filed. I filed one back in like 2022. And like, I don't know if that like because they fall off eventually, but they have varying times. And so like, that's another thing you have to consider when doing this. It's just I should've just chopped down. Like, every time I go look at a property now, like, trees is something that I consider, but this one was so far back. I'm like, there's no way. The whole thing would have to fall. Well, the whole thing fucking fell.

Dan Austin: [27:30] Guess the hell fell. Yeah. Yeah. I literally just paid a guy to cut down seven gigantic, like 100 foot pine trees next to two of my student rentals. Like, they're like within 20 feet. I just paid them to, yeah, just get get rid of them. Because it's just the damage it does to the roof from the the pine needles

Mike DeHaan: [27:48] And leaves. Falling on Yep. Yep.

Dan Austin: [27:49] And all that. The gutters.

Dylan Koch: [27:50] And the gutters. Yep.

Dan Austin: [27:51] And then and then if one do we do get windstorms? And like, literally, I'll just walk by and there'll be like a 10 foot branch in the yard. I'm like, holy shit. That hit a student that rents for me?

Mike DeHaan: [28:00] Dude, that is liability for sure. Oh

Dan Austin: [28:02] my god, dude. Yeah. So, yeah. They're yeah. I just cut them down. Cut them down.

Dylan Koch: [28:07] What's worse is the previous one I had to file is it was like borderline was the tree on my property or the other property. And so this took like a fucking year because they're like, oh, we think it's the other person's fault. So they're trying to go after there and it's it's a ruckus. And I'm like, I'm more dreading just having to go through this process than anything.

Mike DeHaan: [28:25] Like That sort of stuff. It's it's inevitable.

Dylan Koch: [28:28] Because now I'm not doing what I'm supposed to be doing. I'm dealing with just freaking insurance people. With this

Dan Austin: [28:32] tree and the insurance people.

Mike DeHaan: [28:33] No. It's what you call operations. Every business has operations. You know, every every business that you go into has like that piece of it where you're just kinda cleaning up trash, you know, whatever that looks like. You know, there's there's no way around that if you're going to be in any kind of business at all.

Dan Austin: [28:48] That's a tough thing about this business is like, usually, you can go to your operations and say, how do we cut 10% out of our budget and figure out how to operate leaner like a typical business. This business you can't because you have a $20,000 tree problem. That just happened.

Dylan Koch: [29:01] Yeah. Well, in the off market business, it's like one of the few businesses where you actually might have like decreasing margins with more profitability.

Dan Austin: [29:09] As you scale, yes. I think your margins get smaller.

Mike DeHaan: [29:12] Well, margins get smaller. I would say that's most businesses. I mean, like, if you think about like the most profitable business technically is going to be like a sole proprietor. Right? It's just time that you're selling. Right? You can, as much through time you can sell.

Dylan Koch: [29:26] Well, that where like, I would, if I think high profit businesses that grow their margins of scale, I don't immediately think software.

Dan Austin: [29:32] Oh, yeah.

Mike DeHaan: [29:33] Yeah. But software has an inverse expense curve, right? Because you spend all of your money upfront, and so you're extremely unprofitable for a very long period of time. But then you can have that bell curve up where you get like,

Dan Austin: [29:44] they call it like in manufacturing, just like minimum efficient scale. It's like once you finally get your facility to like a size, then that is the minimum. Like now you just produce more, but you got to build up your system.

Dylan Koch: [29:56] Right. But that's in manufacturing, that's in software where like, it's more money upfront, but then your margins technically to me would get bigger as you go on because your costs are reduced, your cost of goods sold keeps going down. Whereas in off market, at least in real estate business, that's not the case because you're spending more money, but it's a diminishing return on those dollars.

Dan Austin: [30:11] The thing about it is too, oftentimes you are more profitable, not just margin wise, but dollar wise at a certain point, and then you break to where you're actually making less. Then to get to where you can make more with smaller margins is like a super big leap in the off market business. But you can make $500,000 a year just chilling, you know?

Mike DeHaan: [30:29] I think that's a lot of businesses though. Right? That's why they say like that suck point is like the 3,000,000 to 10,000,000 range is because realistically, you have to bring in all this overhead and staff and do everything to grow any business. But then you're not, you're not taking home any more money.

Dan Austin: [30:42] When you really have to like the business to get past that point.

Mike DeHaan: [30:45] I know. That's a whole lot

Dylan Koch: [30:46] of That's you facts.

Dan Austin: [30:47] And I think that's a problem for most of us in the off market businesses.

Mike DeHaan: [30:50] You're like,

Dan Austin: [30:50] I don't know if I like it that much.

Mike DeHaan: [30:51] I know. So it's okay, Dylan. Just gotta keep buying more Bitcoin, and that'll take you to the moon. I haven't seen like that little meme roller coaster for going for a little while.

Dan Austin: [31:01] Give us an update. I haven't I haven't been focused on give me an update. I need to get a Bitcoin update from you, Dylan. It has come back. It's come back or has.

Dylan Koch: [31:07] Yeah. I mean, the the depths there was like like 60 ish. Right? Low

Mike DeHaan: [31:10] 60 I I kept buying down there. Now I'm

Dylan Koch: [31:12] just thinking at 77 or 78 today.

Dan Austin: [31:15] What's gonna happen here?

Dylan Koch: [31:16] I mean, I'm still I'm still long term bullish on it. And I think a lot of the people that I follow and trust are main metrics like adoption metrics, cost basis, like on chain and cost basis is good. Then And now some of the bigger players are come starting to be net buyers again where they weren't before.

Mike DeHaan: [31:32] I mean, yeah, you can't you can't destroy faith. It's like, you know, you can have a very pious person, very religious person that has horrible things happen to them and they still believe in he. You're that way with Bitcoin.

Dylan Koch: [31:42] Maybe. Maybe not. But I I mean, there are I can justify it more than just faith. Like, they're they're they're objective measures

Mike DeHaan: [31:48] that you They believe in miracles. They have scripture. They have Is

Dan Austin: [31:51] it is it Michael Saylor? Is he the big Bitcoin buyer? Oh, what's

Dylan Koch: [31:54] he doing? Yeah. They have like these, you know, they call them digital credit products now, which I, you know, if you wanna go down that rabbit hole, you can. But like, I was gonna say actually, did you guys see the news where I guess the the straight up Hormuz is Iran is using Bitcoin as their, like, basic currency reserve did not use dollars.

Mike DeHaan: [32:11] Seems in that for

Dan Austin: [32:11] a while. Yeah. Genius.

Dylan Koch: [32:13] Yeah. But I think it was this report. It's like, oh, I don't wanna mess this up. 25,000,000, 25,000,000,000, probably million in these reserves that they've that they've concluded in amongst trade.

Mike DeHaan: [32:21] Mhmm.

Dylan Koch: [32:21] It seems like a lot.

Mike DeHaan: [32:22] Doesn't surprise me. And then, of course, because of how the entire world system works now, you have all the people that are causing this issue. They're like, fuck yeah. Let's just buy it. How can we how can we keep that thing closed down and profit off

Dan Austin: [32:34] of it? Well, all the other Arab countries that are part of OPEC would not seemingly want it open because oil prices are high.

Mike DeHaan: [32:40] Yeah.

Dan Austin: [32:40] I don't know. I could be wrong. I guess maybe they can't ship it. Kuwait can't because they gotta get through the shit of Hormuz. Iraq would have to go through Syria. I don't think they like each other.

Mike DeHaan: [32:49] Yeah. Like I said, Iraq, like, he used to live there or something. Iraq. Do you say do say Hawaii too? Hawaii? I do. You know what? Don't know.

Dan Austin: [32:58] Randy's just get over himself. I'm I'm tired of this thing.

Mike DeHaan: [33:01] No one even talk about it anymore. It's old news. Like, people just don't care.

Dan Austin: [33:05] I want my oil. Yeah. I want Bitcoin back to $1.20.

Mike DeHaan: [33:08] We had a, a borrower check-in yesterday on our little, company texting line. I almost, like, responded to this because I'm a stupid person. But she was like, I was lowering straights, and then a person replied back, and she goes, oh, it seems like the war isn't very good for interest rates. Sad face. I wanted to reply, it's also not very good for orphanages and children's and elementary schools over there, but that's fine.

Dylan Koch: [33:27] I, you know, I don't think because I because your children's wrong.

Mike DeHaan: [33:30] No. She's wrong. But it's so it's always so wild to me when, like, there's all these different, like, things. Joke kind of made this at the start. I was just maybe before before recording of, guys that have it out of sight, out of mind. It's so weird to me when there's, conversation around these bad things that are happening. I'm like, oh, man. That's affecting me over here. I don't like that. It's just weird separation. Doesn't make sense.

Dan Austin: [33:52] Goes back to the earlier conversation we had, I think prior to the pod is like, at some point, you just have to have ignorance. You just can't care.

Mike DeHaan: [33:58] Exactly. But the point is You can't care about everything. Is she's you're making comments about it and how it like reflects on That affects you you.

Dan Austin: [34:05] It's weird. I'm on her side of this argument. And here's why. I had a friend that posted on social media, and I actually really agree with him. It was not into this context. He'd probably be like, you're an idiot. Don't say it this way. But like, mind your own business. Yeah. Mind your own business.

Mike DeHaan: [34:17] For sure.

Dan Austin: [34:18] Interest rates are her business. Orphanages in Iran are not her business.

Mike DeHaan: [34:20] That's true. That's true.

Dan Austin: [34:22] Unless she wants it to be.

Mike DeHaan: [34:23] Unless she wants it to be. Yeah. Right? Fully voluntary.

Dylan Koch: [34:25] I think the Kevin Warsh, the new Fed chair to Scott put in last week and he'd I mean, it's not a good start for him. Every duration of yield is going up, which is the opposite of what they wanted. And it's not just going up in The United States, it's going up globally. Mhmm. And so that's gonna affect like every, you know, western market. And I don't know what they're gonna do.

Dan Austin: [34:45] Are they calling it like a a main street recession right now? Is that what the new the term is? Or like Wall Street, like

Dylan Koch: [34:51] I think it's just a poor person recession

Mike DeHaan: [34:53] right now. The case

Dan Austin: [34:53] shaped economy, all these fancy terms to say we're fucking our poor people and now average Americans.

Mike DeHaan: [34:58] Well, it's it's not even just that.

Dan Austin: [35:00] Did you

Dylan Koch: [35:00] see what Bezos proposed yesterday?

Mike DeHaan: [35:02] I did. Yeah. And then no taxes for people 50%. Yeah.

Dan Austin: [35:05] He makes a great point. If if the numbers are true that he said, like, what is it? The lower 50% of the country only contributes 3% to the tax the

Dylan Koch: [35:13] tax The federal taxes, then just obliterate them. Like the like, not them, but, get rid of the taxes. Yeah.

Dan Austin: [35:18] Cut the IRS in half. Right? Save some money there. And, yeah, I don't tax the rich. Is that what he's implying? I don't know what his follow-up

Dylan Koch: [35:24] He said don't tax the rich more. Just tax the poor people less because they only account for 3% anyway. But that does inherently take away any kind of incentive. I don't know. Like, you can't just have the bottom 50% pay zero federal taxes. Like, that'll have second and third stream effects that aren't being accounted for.

Mike DeHaan: [35:40] Will it?

Dylan Koch: [35:40] I think it I don't know. I have to think about it more.

Mike DeHaan: [35:44] Like if they're not going to be as bought into the nationalism because they're not paying their fucking

Dylan Koch: [35:48] Well, they're not. I mean, they're not already. Exactly. That's the point, No. But like

Dan Austin: [35:51] Here's what you do. You gotta pay taxes to get a vote. How about that?

Mike DeHaan: [35:55] Oh, yeah. Right. That's such a slippery slope. We can't you can't be you can't be doing stuff around votes. They already get

Dan Austin: [36:02] No. You get to choose. If you're in the bottom 50%

Dylan Koch: [36:04] No taxation without representation. It's in the constitution, Mike.

Dan Austin: [36:07] There you go. There you go, Mike.

Mike DeHaan: [36:09] Yeah. We know the constitution doesn't matter unless it's second amendment at this point.

Dan Austin: [36:13] Right? That's the only one

Mike DeHaan: [36:15] that people really get hung up about. So are you gonna get your tree face down?

Dylan Koch: [36:21] I I gotta go over there after this is done and just be like, okay. Did you actually damage my brick building where I have to, like, did you knock it off the foundation?

Mike DeHaan: [36:28] Like Here's what you do. You do the classic landlord thing. You realize that you're up against the wall with the insurance companies. Right? So you go blame the tenant and tell them that's gonna come out of their deposit, and they gotta figure out how to pay for it.

Dylan Koch: [36:38] Yes. My this is my only student rental I have. So it's a college kid.

Dan Austin: [36:43] Oh, They don't give a shit.

Mike DeHaan: [36:44] Why were they climbing on the tree? What are

Dylan Koch: [36:47] they doing? You know what? I think their parents signed on the lease. So I think we might be There

Mike DeHaan: [36:50] you go. It's their fault. Yeah. If if they had watered the tree appropriately, it wouldn't have

Dan Austin: [36:55] fallen over. I'm pretty sure that's in the vine print.

Mike DeHaan: [36:57] It is. Yeah. It well, it is now. Just go and slip in a page three. They're not gonna look.

Dan Austin: [37:01] They don't even

Mike DeHaan: [37:01] have a copy

Dan Austin: [37:02] of the lease. I don't care.

Mike DeHaan: [37:03] Yeah. Yeah.

Dan Austin: [37:05] Dude, my student rentals for kids that go to like a rich Christian school, so half their dads are lawyers. Yeah. And I'm like, great. Basically you just own me.

Mike DeHaan: [37:14] Yeah, pretty much.

Dylan Koch: [37:15] I mean, do they ever be like, I'm not signing this lease, I want it amended?

Dan Austin: [37:18] I have had students I've had it both ways. I've had students say, need to have like my dad review who's an attorney, and then they want things taken out. And then I've also had dudes who are like, yeah, my dad says it's a great lease. He said it's very fair. My lease is pretty simple for the college.

Mike DeHaan: [37:33] That's how you know who the coddled kids are. Right. Yeah. Yeah.

Dan Austin: [37:37] Yeah. They had I love it. They say some of the stupidest stuff I've ever seen.

Dylan Koch: [37:41] Dude, I'm sorry. But are teenagers or young 20 year olds just I don't think I was that dumb when I was that age.

Mike DeHaan: [37:47] There actually is data around this that they are dumber than their generations before. Like, there was this thing that came out that said it was the the first generation ever that was less intelligent than the one before.

Dylan Koch: [37:57] I mean, I I hate to say it, but I believe it. Like some of the calls that we get for some of like the like flip a breaker, turn the like like stuff Yeah. Like that. Like

Dan Austin: [38:05] They don't know that stuff. And I mean, part of it, I think, is that they're not left to be bored at this age. Like their whole life, they've had a screen available with like readily available, whether it's an iPad or like Netflix or whatever. And I think part of my life discovering what I want to do and who I am and figuring things out was because I was bored of shit.

Mike DeHaan: [38:24] Yeah.

Dan Austin: [38:25] Yeah. Like literally, I would just like walk around my neighborhood. Yeah. Like, and look for other kids.

Mike DeHaan: [38:31] I think it's not even not knowing. It's there's no willingness to try and figure stuff out or to learn. Like the immediate response is to like ask for help or ask for assistance. Whereas like, looking back like when I was in college, if there was something wrong, even in like my campus owned apartment, I'm not gonna fucking call somebody.

Dylan Koch: [38:47] Right. I'm gonna spend all

Mike DeHaan: [38:48] Saturday time trying to figure out why my heater isn't working. We pulling that thing apart. I don't know. I'm just putting the wires together. I don't know what's going on. Like, that that's what I would do. I was like, like, sitting there trying to Google it. I'm like, what kind of air conditioning unit is this?

Dan Austin: [39:02] What else are you gonna do? You know what I mean?

Mike DeHaan: [39:04] Like, I

Dan Austin: [39:04] don't know. I've also noticed with like the the college kids and the younger generation, and this is I don't think this is their generation. I think this is in general. They're like so busy all the time.

Mike DeHaan: [39:13] Somehow. Are they busy or are they just not?

Dylan Koch: [39:16] Yeah. I was gonna say

Dan Austin: [39:17] like, there's professionality. Young people think they're busy, like, you have no idea.

Mike DeHaan: [39:21] No. They they always have, like, mental health stuff, which makes them Or like here, there's okay. One last thing, then we'll finish the crotch the old man show. So we have a young child. We've going through all stuff with, you know, nannies and different things. Finally found a really great nanny. She's in her fifties. She has her own kids. She's awesome. We went through all these interviews with like younger nannies. And then also through through my wife's work, she's an artist. And so she like meets a lot of people from like, you know, students, things like that. How many people that are, like, in that age group that just, like, label themselves as, like, autistic? As like it's like a badge of honor. Or, like, they'll feel like, oh, I don't like to do this. I'm autistic. And I'm when did that become a thing? Like, they're just, like, putting these weird labels like they have some kind of disability. I'm like, a, as somebody that has a pretty severely disabled younger brother, that's fucking offensive to him to say like, you're you're basically devaluing an actual disability by pretending that you're the same way. And second, just because you're quirky and you're a weirdo and you get nervous about stuff doesn't mean they have a disability.

Dan Austin: [40:23] No. You're just one those. Yeah. Is weird. Yeah.

Mike DeHaan: [40:26] You know? What happened to a lot of the weirdos

Dylan Koch: [40:27] when they come up,

Mike DeHaan: [40:28] they they kinda just grew up and they figured it out. And now they're kinda weird adults.

Dan Austin: [40:31] You wanna know why? It's because kids are I think it has a lot to do with their parents. I mean, there's kids like, I'll go to, my daughter's school events, and there's kids being wearing earmuffs.

Dylan Koch: [40:41] Right.

Dan Austin: [40:41] Because they don't like the sound of the bell ringing or it's too loud. They have sensory issues, and so they get to put it on ear. Like, totally normal kids. Yeah. No. Normal kids. They're not special.

Dylan Koch: [40:50] Do you ever meet, like, some of the parents sometimes? You're like, you seem normal. Why is your kid I I don't understand.

Mike DeHaan: [40:57] Yeah. That is interesting. I think that says the influence that the outside world has on them is so much greater than you realize. Because a lot of it, I wouldn't even necessarily say that it's from the parents all the time. It's from the school. It's from the fact they're always on TikTok. It's from the friends.

Dylan Koch: [41:11] Yeah. Yeah. It's

Dan Austin: [41:12] good. Not all parents are good parents. And I think that good parents generally prevail, even if their kids are in a moment where they're being influenced by something that's, you know, seemingly stupid. As long as you have like good parenting throughout the long term, like it usually you can bring it back. But yeah, it's external factors have a ton of influence on your kids.

Dylan Koch: [41:30] Yeah. Yeah. You always the the meme going around now is like surviving turning into a socialist my first year of college. That's what I see coming around.

Dan Austin: [41:39] Yeah. Right. Great.

Mike DeHaan: [41:41] Thank god. So anyways. Alright, guys. Anything else to wrap up?

Dan Austin: [41:44] No. I'm good. That's all. Do you wanna talk about Morse politics?

Dylan Koch: [41:48] I'm good, man. We could talk about it offline.

Mike DeHaan: [41:50] Talk about offline. Yeah. So we can tell what we really think and not what we edit for the show.

Dan Austin: [41:54] Yeah. Exactly.

Mike DeHaan: [41:55] Alright, everybody. Thanks for listening. We'll talk to you guys next time.

Dan Austin: [41:58] See y'all.

Dylan Koch: [41:58] See you.

Mike DeHaan: [41:59] This episode is sponsored by Sir Lenzelot LLC, also known as SLA Capital, which if you didn't know, is Dan and I's private lending company. So, yes, we are sponsoring our own show, but what you're do about it? It is our private lending company that offers hard money and DSCR loans to real estate investors of all types. So you can be a new investor, an experienced investor. You can be buying flips. You can be buying rentals, whatever. We can do everything. And not only that, but the rates that we offer are just as competitive, if not cheaper, than pretty much every other company out there. So whatever big company you've been working with, bring us their term sheets, and I guarantee that we can probably beat it. We have the same connections they do. We just don't have all the overhead and middlemen. So if you wanna come and check us out, go to slacapital.com/keys, and I will know that you came from the show. And by seeing that you came from here, when you get the closing, you will save $500 on your first loan with us. So slacapital.com/keys, we would love to fund your next deal. Thanks for listening, everyone. If you want more from us, you can shoot us a follow on Instagram. I am at Mike underscore Invest. Dan is at investor man. Dan and Dylan is at Dylan underscore does underscore deals. Choose to follow and send us a DM to let us know what you think of the show.