The January Reset, Evicting Commercial Tenants, And Multifamily Investments With Current Rates

Mike DeHaan: [0:00] I think that the motivated seller side though and the and the buyer side is gonna start to pick up here really quickly as we get accustomed to renew rates. It's like December do we have any closings in December? I actually don't think we did. I think we had everything that got pushed back. We have eight right now in January.

Dan Austin: [0:17] Yeah. We did have some, but they got pushed out to January. Right? Yeah. So

Mike DeHaan: [0:20] Yes. We currently have eight on the docket. We actually got another one signed around today, which will probably be closing be very beginning of February, if not in January. All So of sudden, at nine. Beautiful. So we went from being in like leisure zone when we're trying to get everything figured out to all of a sudden. So I guess from everything is closing between January 16 and January 27. So that's eleven days we're gonna have nine closings, I think. No. Eight closings. It's gonna be crazy here.

Dan Austin: [0:49] It's gonna be wild. Yeah. It's gonna be wild, man.

Speaker 3: [0:52] Welcome to the Collecting Keys Real Estate Investing Pod podcast with your host, Mike DeHaan and Dan Austin. From wins, losses, horror stories, and tactics for optimizing your business, Mike and Dan take a real uncensored deep dive into the ins and outs of running a full time real estate investment and wholesaling business.

Mike DeHaan: [1:15] What's going on, guys? Welcome to this episode of the Collecting Keys Real Estate Investing Podcast, Mike and Dan Show. I am Mike DeHaan here with my cohost, Dan Austin. If this is your first time here, this is our Wednesday show where we talk about our business, all business, real estate investing, and everything in between, or whatever distracts our fancy this week. So welcome.

Dan Austin: [1:37] Welcome. Welcome to our show.

Mike DeHaan: [1:38] Welcome to our show. So anyways, it is the this is the first show we are recording after the New Year. I guess when you guys listen to this, it will be a week or so into the New Year. So by now, if you're like the average person, you will have given up on your New Year's resolutions and decided that you'll do those next year or

Dan Austin: [1:55] at another point in your life. You already canceled your gym membership.

Mike DeHaan: [1:58] Yeah. Right. I know. Not gonna I'm not gonna lie. I've been seeing some of the videos I feel opposing. I'm so grateful that I have a garage gym. To not have to deal with Oh, that

Dan Austin: [2:05] my goodness. Yeah. So much. I haven't gone to a public gym in dude, I don't know how long. I kinda wanna go back, like not right now, but I've been thinking about this. Maybe I should go do some drop in workouts at some gyms just for the social aspect of it. Yeah. Like, I haven't yeah, it's probably been six years since I've been doing That's a public

Mike DeHaan: [2:22] a long time.

Dan Austin: [2:22] Maybe more than that.

Mike DeHaan: [2:23] I like going to public gyms, like, specifically when I travel. Like, going to like random gyms and miscellaneous places. I always feel like it's a good way to get like a general view of like the fitness culture Right. In the area. Or that may or may not exist.

Dan Austin: [2:36] Yeah. I just think it's like nice to like meet other people.

Mike DeHaan: [2:39] Yeah. Other adults. But mean, it is good networking though. Like, especially if you go to like a boutique gym.

Dan Austin: [2:45] So like

Mike DeHaan: [2:45] when I used to coach at a at a CrossFit gym, you can meet like legitimate people. Especially if you go to the like midday classes, like the like 11AM or like 12AM class or 12PM classes. Because you're going there with the people that have the freedom to go to a workout class in the middle of the day. Yeah.

Dan Austin: [3:04] They're the doers that can afford a boutique gym Yeah. That now have the ability to prioritize.

Mike DeHaan: [3:10] Exactly. And it is always either the like moms, like stay at home moms with like new babies and they're squeezing it in. Right?

Dan Austin: [3:16] And then they have the real estate card.

Mike DeHaan: [3:17] Yeah. Their real estate agent. Exactly. Yeah. We had

Dan Austin: [3:19] that too. Mom's real estate part time real estate agent.

Mike DeHaan: [3:22] Yeah. It's always either that or it's like the business owners, like the dentist, like the people with money that can be like, yeah, my office is closed right now and I'm just gonna go do this thing. And I made like good connections back in the day, because I was started in real estate when I when I worked at the gym. I mean, that's how I met one of the realtors that we've worked with several times. Mhmm. That's how I've met it's like one of our main private investors that we've used for several deals now all came from the gym. Totally. And those are connections that, you know, are purely just made in that environment.

Dan Austin: [3:53] Did you meet our bookkeeper at the gym?

Mike DeHaan: [3:55] Yeah. Actually, I did. Yeah.

Dan Austin: [3:57] There you

Mike DeHaan: [3:58] go. See?

Dan Austin: [3:58] I can't remember how you met him. So Yeah.

Mike DeHaan: [4:01] Yeah. It's funny. I think I met him at the gym once, and then I stopped going to that gym shortly after that, and then just like connected with him more down the line, and just like different

Dan Austin: [4:11] Dude, I love that guy so much. I wanna call my men at one time. I think there's something there. Think there's something there. I'm gonna I'm I'm gonna build a relationship based on that.

Mike DeHaan: [4:21] That's not how it went at all. Basically, I had my friend group that was all connected to gym, and he kinda like worked into that at some point, because he vibed with all the other people. And then he just started showing up to other stuff that like the group was doing, and then we hit it off. Go ahead. He was the rando.

Dan Austin: [4:36] He was the rando. Was. He the rando. Rando. Like this guy.

Mike DeHaan: [4:40] Yeah. So anyway, New Year's resolutions, fitness resolutions aside, we are hot on trying to figure out our business resolutions for the year. So we've started to do some big things. We've hired a business coach. We had our first like kickoff meeting with him yesterday about all the shit that we need to figure out to really start growing our business and getting away from the hustle culture that we sort of have. Because if you guy if you guys follow me on Instagram at mike underscore invest, you might see all these videos of me like going to Africa and like doing all this stuff. But what you guys don't know is every time I do that, and the only reason I can't do that is because Dan is tied down with two children, and he has no freedom. So he can't if you follow

Dan Austin: [5:23] me on Instagram at investor man dan Yeah. You will see me walking random properties that are flooded in two inches of water.

Mike DeHaan: [5:31] Yeah. Right. You will see nothing but disasters. And then once every, like, six month post, you'll try to, like, do some influencer thing, and then we'll do it again for another six months. So it'll be great.

Dan Austin: [5:40] Dude, my Instagram is prime. You guys are gonna follow me. It's the shit.

Mike DeHaan: [5:43] Well, you said

Dan Austin: [5:43] a I have the best.

Mike DeHaan: [5:45] You're starting to use AI now. You don't have to do it at all anymore.

Dan Austin: [5:47] Dude, that was legit. That AI stuff, I'm not I'm gonna stop talking about it because I'll just talk about the rest of it. That is just like ridiculously cool.

Mike DeHaan: [5:54] Yeah. Well, I mean, it is crazy though, honestly. Because like, you know, like, it's gonna completely change the entire media and copywriting story. We've already talked about this over the last couple weeks, couple times. But just like any sort of social media content, like, right right now, you could have a business Instagram that you never even touch. You don't even have a team for. You just need to have a VA and access to one of the AI things, and they will be able to do 95% of it.

Dan Austin: [6:19] Just regular posts for it.

Mike DeHaan: [6:20] So like, all of a sudden, lot of these people, especially like these text based social media things, like there are people that have legitimate social media followings that always just do like the little carousels or like the different like tweet posts or things like that. They never actually create any videos. Like, know, they'll post like a meme or whatever. But you could very easily have that account now that is run by a VA and a chat. Yes. And they

Dan Austin: [6:44] might be a naysayer, like, well, everybody likes to watch TikTok videos. Well, guess what? They have video AI now They do. That they can create a a whole, like, conversation with the computer. I know. And it's a person talking, an actual video of a person talking.

Mike DeHaan: [6:58] Dude, so the but that thing, so the the this other one we saw recently, yeah, it's it's like the what do they call it? The deep fake, right? They've marketed and made a product. Like you and me could go, and you just like send them these, like there's like video of you, and these like photos of you from these different angles, and they create the virtual version of you. You can go and type in the script. And then what it does is they like give you a script of that you have to read. So it hears how you pronunciate all the different sounds. And then it just goes and like you can make a video of you. Does it

Dan Austin: [7:31] cost money to do that?

Mike DeHaan: [7:32] It's not. It's no, it's not that expensive. I wanna say it's like a $100 a month.

Dan Austin: [7:35] Oh, you have to pay reoccurring. I was like, it's I thought it was a one time fee and then you could have your deep fake. $100 a month sounds bad if I can run my Instagram. I'll just get Maria to do all my scripting, and then just like, all my posting, and have somebody else type it into the AI chat and make it work.

Mike DeHaan: [7:49] Well, think about it. They want a $100 a month and freaking HubSpot wants to charge me $800 a month to have a CRM. Like that is a no brainer. No way. Stupid. But it is crazy though, man. I don't know what's gonna come with all this stuff. I saw actually saw this thing though that was really interesting where the two things that are gonna happen with AI that people are saying is one, it'll change basically the entire like creative sphere in ways that we never understand yet. And two, the buzz that is currently around it is gonna make so many casual investors lose their ass when they start throwing money into these fake like AI companies Oh, that god. Yeah. Are jumping in with these different IPOs or all this sort of stuff that like are just riding on the bus. Because that happens with every sort of trend. Right? Absolutely. I mean, even with like legitimate companies, honestly. So like you look at every like in COVID, stay at home fitness was a huge trend. Right? Peloton went public. That was like the hottest thing was Peloton went public. Have you looked at Peloton's

Dan Austin: [8:53] that was a shit.

Mike DeHaan: [8:54] Have you looked at their stock recently? It's like down like 90 Yeah. Six

Dan Austin: [8:57] It's dead Yeah. Basically. Yeah. And they stopped manufacturing because they were so screwed up. Like, they literally stopped manufacturing.

Mike DeHaan: [9:04] Exactly.

Dan Austin: [9:04] Which are one of our tenants has a Peloton. Was like, dude, that's more than your monthly rent. I know. Right? But I was like, I walked in, was like, do have a Peloton in here?

Mike DeHaan: [9:12] Yeah. It's not

Dan Austin: [9:12] a nice unit.

Mike DeHaan: [9:13] Yeah. But like, but point being is the fundamentals of a lot of these companies will be poor, and people ride on the hype train They'll be the Peloton. Yeah. And they don't understand how to actually analyze the finances of the business, the story of the business, everything behind it. And lo and behold, you know, I I say casual investors, meaning anyone that isn't like a hedge fund, is a casual investor. Even if you're a Pretty much. Yeah. Even even if you're a, like, quote unquote sophisticated venture, you're accredited, you you know, have like a wealth advisor, those sort of things that says you should do this, and you go into these like fad businesses, these fad investments, AI is gonna be the next one that starts to bite people as all these companies start going public.

Dan Austin: [9:52] Yeah. Because they're just be well, because right now, like, there is application, but if you're not paying attention, nobody looks at the application. Yeah. There's not enough hype around it, but now, there's gonna start getting a lot of hype around it, just like Bitcoin and all the other

Mike DeHaan: [10:04] Exactly.

Dan Austin: [10:05] Crap that we saw. Now, we got guys like SBF, who is, by the way, pleading not guilty, but his girlfriend pleaded guilty.

Mike DeHaan: [10:12] Yeah. I I know. I saw it.

Dan Austin: [10:14] Well Interesting.

Mike DeHaan: [10:14] I mean, surprise.

Dan Austin: [10:16] Sorry. That just popped in my head, but, like, that is important news.

Mike DeHaan: [10:19] Yeah. Surprise. I mean, you take a look at her and anyone who honestly thought that she wasn't gonna fold under pressure, like, could just Alright.

Dan Austin: [10:25] She's a nerd. She's a total nerd. She's not my like, what do you call that like, ride or die? She's not a ride or die. Yeah. Not one bit. Yeah. That but SPF dude, like, that dude's like, no, I'm not guilty.

Mike DeHaan: [10:37] I know. That whole that whole FTX thing is just crazy. And then, it's funny because, like, as he was starting to get prosecuted, he also found out he doesn't have any money. Like, you know, he doesn't know where it all went. He didn't even have a $100,000 in his account. Just post a $250,000,000 bail. So Well, did you

Dan Austin: [10:53] see how he did that? So he actually didn't pay 250. That's what I thought. So his parents basically leveraged their $4,000,000 house, which I think they're down in Stanford area, Palo Alto. I don't I don't know exactly where they live, but like, it's probably like a little one bed, one bath, like, shitty little house, because they're professors, right? Who knows?

Mike DeHaan: [11:13] They're Stanford professors, they're probably making like fat money, dude.

Dan Austin: [11:16] No, you're right. You're right. But for the area, we're, know, I'm just trying to balance it out, right? Yeah. For the area. But you're right, they probably do make $7,800,000 a year as professors, which is ridiculous. But they leveraged their home, they were at basically leveraged it, they didn't actually pay 250,000,000.

Mike DeHaan: [11:30] So they just like put up their Which

Dan Austin: [11:31] house is of the whole scam of the thing. Exactly. All they had to do is like, I think they had to put up their house, and then they had some other folks, other people unlisted that actually helped. And so, I'm sure there's a whole another conspiracy behind who helped do that, but they didn't pay the full $2.50. They just had to post like 10% of that.

Mike DeHaan: [11:48] Yeah. God. How far is this gonna get before the dude gets Harvey Weinstein? No. No. Harvey Weinstein. What's I

Dan Austin: [11:55] don't know. What's his Epstein? Harvey Weinstein. On.

Mike DeHaan: [11:57] That's the wrong that's the wrong one. Before you get before you get Jeff Epstein. Don't know where Harvey Weinstein can wrap the rapist. Well, Epstein's Jeff. A

Dan Austin: [12:04] But it's gonna be all Jeff. Yeah. Get all get hang himself off of a bed that he's taller than. Honestly. But he sat down and hung himself. That's just how it works. That's exactly how it works.

Mike DeHaan: [12:16] Yeah. Just sat down and hung himself. Yeah. Yeah. Yeah. He I don't

Dan Austin: [12:19] know if he'll get that. I don't know. We'll see. I mean, yeah. Because I think he'd be dead by now if if they wouldn't have let him post bail. They would have made sure that it did happen so he could Epstein himself.

Mike DeHaan: [12:28] I mean, it I don't know. Like, it it all depends on how stuff starts to come out in the wash too, because it's it's highly possible that, you know, I don't know what's going on in the background. They're just like, oh, you know, just keep this part under wraps, and it won't kill you. And if you like if he becomes like the the scapegoat for it, right, of all the other stuff, then who knows? But yeah.

Dan Austin: [12:49] Here's what I think. Here's what I think. What happened is if guys like you and me would have built a $10,000,000,000 company in our just like we're building our company now, we're like, I think this is how I do it.

Mike DeHaan: [13:00] I don't

Dan Austin: [13:01] know. Can we use QuickBooks still?

Mike DeHaan: [13:02] We're not

Dan Austin: [13:03] like, he's using QuickBooks. Right? He's like,

Mike DeHaan: [13:04] I think, you know, a little loan here,

Dan Austin: [13:05] a little loan there. He just did it on a scale that was illegal.

Mike DeHaan: [13:09] Where he's hanging out with, like, Tom Brady and all these other fucking Exactly.

Dan Austin: [13:12] And he's taking and he's unethically taking investors money and, like, just loaning it to himself to buy weird shit. But, you know, like, I feel like I wouldn't have been able to manage that scheme one bit. I feel

Mike DeHaan: [13:22] like you could. I feel like you have self limiting beliefs, Dan. You gotta believe yourself a little bit more.

Dan Austin: [13:28] Guess so. Yeah, but Anyway Good for him. Yeah. Good for him. He's out on bail. Big news.

Mike DeHaan: [13:33] How do we even get on this topic? I don't know. The f I feel like FTX is old news too. By the time this comes out, everyone's gonna be so over that. But this is current real estate news that I do like though, is oh, it's tough for the pop culture realm. Sorry, this is a business show last time. But I I thought about this specifically because with triple net real estate, everyone's always like, you get high quality tenants, and your triple net real estate is like the best that you can get, right? It's just like like they always I forget the term that they use, but it's like for the super high performing companies, they're like, you know, get like a Walgreens or like an emergency room like that, that's

Dan Austin: [14:05] break resistant. And Nordstrom's.

Mike DeHaan: [14:07] You know?

Dan Austin: [14:07] Good anchor tenant or Exactly.

Mike DeHaan: [14:09] Facebook. Everyone wants to have like a Facebook building. But, all the people that own the Twitter offices are now getting wrecked as like, I saw that Twitter has stopped paying rent in both their San Francisco office and their Seattle office, and it's now being evicted.

Dan Austin: [14:27] They're probably like, we don't have any employees working here. We're just gonna stop paying.

Mike DeHaan: [14:31] Well, yeah. I mean, it makes sense. I mean

Dan Austin: [14:32] There was a sub headline to that. I don't know. I didn't do my research. Fact check me on this one, please. That they are actively renegotiating their leases. And I don't know if in that said Elon was like part of that, which I would be very surprised if he was. But basically, with the way I interpret it was they're actively renegotiating their leases, and they're like, we're not paying you.

Mike DeHaan: [14:53] Yeah.

Dan Austin: [14:54] I mean, but like Stop us.

Mike DeHaan: [14:56] Yeah. Well, like, what are they gonna do? Like, especially, they're gonna sue them for us. So like, right now, so they owe about $200,000 in rent for their San Francisco place. Okay.

Dan Austin: [15:05] Which is probably one month. I guarantee it's like one month.

Mike DeHaan: [15:07] Probably. And they'll just like, you

Dan Austin: [15:08] know It's an entire part of a building. Mhmm.

Mike DeHaan: [15:10] Yeah. And they'll sue him for $2,000. He he doesn't give a shit. He's worth like a 150,000,000,000.

Dan Austin: [15:15] Right. Well, and it's I don't know. It is interesting though, because like, you can't evict them. Like, are you gonna evict them?

Mike DeHaan: [15:21] I think it's like any other process. So, I guess, how do you even evict a triple net tenant? I would assume it's the same process where you issue a You just notice lost to pay or vacate. Yeah. Do they have the same sort of rules? No, you can't go and shut off the power because people

Dan Austin: [15:35] use that space. You know? But also, are you really going to evict them if there's a chance they're gonna start paying again? Because nobody's gonna rent that office space right now.

Mike DeHaan: [15:44] So, that brings up a great question about industrial and commercial real estate that I've never understood. Right? Whereas, you're right. Because like, they will never stop. They'll never like, no one else will ever pay that rate. Most people don't wanna move, you know, it's gonna be very hard to find a tenant for that. So at what point does it even make sense to pursue action against them? And this is something that, like, when it comes to commercial real estate and industrial real estate, that I have never understood because, you know, they always say you get these good tenants, all sorts of stuff. But you put so much weight into the fact that you believe that these companies will be around for the very long term. Because even if you

Dan Austin: [16:22] Especially if you're signing a five or ten year lease with built in rent increases and all that.

Mike DeHaan: [16:25] Exactly. Right? But even if you Yep. Know, you have that lease in place and they don't perform, that is so much more catastrophic than It is. You know, like a like a home tenant. Right? Like a house tenant.

Dan Austin: [16:38] Right.

Mike DeHaan: [16:38] And I don't it's funny. I think that just maybe it's just rare enough that triple net investors don't even necessarily consider that an option.

Dan Austin: [16:45] They would have to on like a I would like imagine this like a strip mall or not I don't know whether that would be like a strip building, or like you have like eight or nine defined spaces in this building, kinda like a strip mall. Right? Yeah. Well, I don't know about you, but like, there's a lot of small businesses. I think they're gonna be really good and they go out of business within 12

Mike DeHaan: [17:03] Totally.

Dan Austin: [17:04] And so, they're like, they they're going vacant. Right? Like Yeah. And so, I think you would have to, at least, at some level, account for that in your risk factors.

Mike DeHaan: [17:11] I think you'd think so. But like, that's like small businesses. What about like places that are, you know, that like a grocery store? Or they they have like a Yeah. Well, I mean, in our in our town, we have a Lowe's. They used to be an old Lowe's, and the the the like, they built a new Lowe's in the freaking lot next door and moved over there. And now we've had this empty building for like years? Five years? Longer?

Dan Austin: [17:32] Way more than that.

Mike DeHaan: [17:33] Yeah. Like for empty.

Dan Austin: [17:33] A decade probably.

Mike DeHaan: [17:34] So that that property is now worth nothing because there's no tenant.

Dan Austin: [17:38] Based on the based on the income. Right? Yeah. There is no income. Yeah. Yeah. You know? Yeah. What do you do with that? Yeah. You're absolutely right. Yeah. Because you you would have to basically expect to be vacant for long periods of time because it takes the leasing is so much longer.

Mike DeHaan: [17:50] Yeah. And well, and the thing that I don't understand with this is because most of the people that we know, when they're buying properties like that, their goal is to do, you know, whether it's an industrial property, it's a it's a like commercial multi family property. Their goal is to do some sort of value add, hold cash flow for a short period of and then exit through some sort of sale or refinance. Like, not that many people are planning to hold it forever, especially because with the fluctuating finance rates, it's not it doesn't cash flow if you get bank loan. Like, you have to use private investor money. So you have to have an exit to pay those people off. And the thing I have never understood so we have a property, like, very close to where we both live right now, that is a new build apartment complex. They're trying to sell for like $7,000,000 at a three cap. Right?

Dan Austin: [18:34] Yes. And it's the ridiculousness of that is, if you just assume basic loan terms Mhmm. The NOI doesn't even cover the debt service. And we know, like, I don't know about you, but I don't know anybody that's paying cash, $7,000,000 for building, because it doesn't make any sense, because the ROI for somebody that has that much money to invest Yeah. Is so poor on an asset, on a real estate asset, that nobody does. I don't know anybody that just pays cash for multi million dollar investments on the commercial side of things. They're always getting debt service. Exactly. And they're generally the same terms. They're similar terms. Right?

Mike DeHaan: [19:06] Correct. Even if they're syndicating money, they're still going and getting debt. But my point I was gonna make is, when times are like where they are right now, where stuff is not aggressively growing, you don't have every other dipshit who's jumping in trying to now syndicate money to buy multifamily and commercial assets, What is the exit strategy for all these people that are touting on Instagram stuff that they are still buying? Right. Because it's not like it's not like a house. A house, you can go and you can get a net you can get like a homeowner that's gonna buy it, and is gonna live in it for the next thirty years, whatever. It's their own thing. You do not have an exit strategy with commercial real estate at all. You have to find the next dipshit that thinks that they're gonna do. Be able to finish the swimming pool, or add a tennis court, and squeeze like another, you know, point 5% of cap rate value on the thing. Right. But when the husband can't do that anymore because of the rates, like, don't have an exit. So, what the hell do you do? You just wait and hope it gets better?

Dan Austin: [20:02] Yeah. It's challenging. I think, yeah, especially like like you're saying, most people in the realm of, I guess, the people that you would know, that are doing these things, they have to do a value add or like a repositioning of the property. Like an apartment building, generally speaking, you can't reposition it, it's an apartment building. Yeah. You either can increase rents, decrease costs, or somehow like add units or garages, you know what I mean, something like that to where your NOI is increasing overall through compression of of costs or increase of of actual income. Even that, like, the $7,000,000 place we were looking at, I was like, okay, maybe this this is more of like a a class, like, mid rise building, I was like, I could see you condoing this out.

Mike DeHaan: [20:42] I was

Dan Austin: [20:43] like, it doesn't even make sense to condo it out, you'd lose half your money. Yeah. So, like, there's no repositioning of that that property, so you're right, at a three cap, you're basically looking for somebody that's like, I have a shit ton of money and I need to park it here and I'm just going to collect 3% return on this money Yeah. At a time when the cap rate spreads don't make any sense to do that.

Mike DeHaan: [21:01] Yeah. Because I could put

Dan Austin: [21:03] my money elsewhere and at least make six. Yeah. Or I could just go, this is where I I did a little bit of research on this a while back, is like, you have to look at the risk free rate of the treasury bond Uh-huh. And why would you invest in anything else that is less than the risk free rate of a treasury bond? Because the treasury bond is considered the risk free rate, unless you think the US government and the US dollar is basically gonna disappear in a period of time that you're investing in it. Yeah. Like, which we know where inflation's at, and I don't even what is what is the TBOC rate right now? Can you look that up for me? Jared Jared, our producer.

Mike DeHaan: [21:35] Jared, we just named Jared.

Dan Austin: [21:37] I thought we had a live producer named Jared.

Mike DeHaan: [21:39] No. I mean, maybe we should. But, yeah. I mean and something too. Like, maybe we're just completely ignorant on this. Like, I like, we must be. Feel Probably a little bit. Like a little bit, for sure. So, if we are hard, please hit us up in the DMs and be like, you guys are fucking idiots. And give us come on the show and have a conversation. Come on our Wednesday show where you can just have like a straight conversation about this. I would love to hear about why we are wrong, and why like, what honestly are your exit strategies buying these commercial style assets right now, when there's no other idiots out there to buy your property that, you know, you're probably ever paying for. Because I that's in the game for the last three years. And I say idiots out of love, we are also idiots who are real estate investors, you know, are about to lose our ass on one of our own deals. So shit happens.

Dan Austin: [22:22] We are idiots. Yeah. We're selling a deal at a loss. We had two properties flood in a week and lost to three hot water tanks in a week.

Mike DeHaan: [22:30] Yeah. That sucks. We just three hot water tanks? I know. Yeah. What are they?

Dan Austin: [22:35] Didn't tell

Mike DeHaan: [22:36] you about those. No. What the fuck?

Dan Austin: [22:38] Yeah. Just shit, you know, just shit popping up.

Mike DeHaan: [22:40] I just thought you were skimming off of our bank accounts, but I guess we actually have legitimate costs. That's good to know.

Dan Austin: [22:45] Yeah. All those handwritten invoices, those are just me taking money out of the bank account.

Mike DeHaan: [22:49] Yeah. Austin Plumbing. I was like, this looks highly suspect.

Dan Austin: [22:52] Wow. Does he have an LLC on it?

Mike DeHaan: [22:55] Yeah. Yeah. But anyway, back back to your t bonds though. So it says two years, four point two five, five years, three point eight eight, and ten years of four point one three. So So that's really weird that there there's an inversion. But yeah.

Dan Austin: [23:10] So why would you go buy a

Mike DeHaan: [23:11] property at three cap? Exactly. You wouldn't. Like, especially something that's brand new that, you know, has no value add potential.

Dan Austin: [23:18] There's just no value add or repositioning.

Mike DeHaan: [23:20] No. I mean, you go increase rates, rents maybe, but even then, like, that's kind of like the hairy thing right now. And who are you gonna do? You increase rents? Are you gonna sell it to some other dumbass who wants to buy it for a three cap? I know. Yeah. Like And

Dan Austin: [23:32] I can assure you, you're not gonna increase your rents right now.

Mike DeHaan: [23:34] No, you're not.

Dan Austin: [23:35] So, not gonna happen.

Mike DeHaan: [23:37] Yeah. Anyway, so I don't know. It's just something that I've been I've been pondering a lot is I mean, we're gonna, like, pursue some projects like that. We try to buy stuff relatively distressed. But like, that's one thing as our network has grown, I've started to meet more and more people, and we started to have more interviews on these podcasts with these different syndicators and things like that. I'm just like, people don't actually want to stress stuff. Like, their idea of distress is like, oh, like, countertops are kinda shitty, and we're gonna like throw those in there. And we're gonna like, you know, fix all the we're gonna make give them all new windows. Like, that is a distressed property, it has old windows. I'm like I mean, I guess if you can get a deal that's that good with just those things, but that's not really I mean, I don't know. I just feel like those times are gone. You have to actually be buying big stuff for it to make sense or not. Like, like, big big problems for it to make sense.

Dan Austin: [24:23] Yeah. And who wants to buy a big problem?

Mike DeHaan: [24:25] Exactly. Yeah. And especially right now, there's also Probably the

Dan Austin: [24:27] average person.

Mike DeHaan: [24:28] So anyway, but yeah. So I've been thinking about that. And then, I guess, with our business wise, we work we're just sort of trying to figure out our our SOPs and like our general growth for things as we're moving forward. And I think that the New Year's, especially right after the New Year's, is a good time to sort of prep to start doing stuff, going into it. Because like, I know we found sellers are starting, you know, sellers have been waking up actions before Christmas, and starting to respond a lot more to marketing. Buyers are coming out with like their new goals. And our view has been, if you can prep, I guess, like the processes right now, when it's still a little bit slow, should've been doing some of the holidays anyway, working on finalizing stuff. So when things start to take off here over the next week, two weeks, three weeks, it'll be will be in a lot better spot as opposed to trying to run around, like, with our chickens to their heads.

Dan Austin: [25:15] Yeah. If you don't do it now, you're not gonna do it the rest of the year.

Mike DeHaan: [25:17] Totally.

Dan Austin: [25:18] Because you're so you're just so busy. Yeah. You know what I mean? And I mean, we already kind of are busy. I mean, we just for, one client one partner, I would say, alone, we have what do we have, like, five in escrow. They're gonna close in January, and I was just talking to him yesterday, and I was like, yeah, man, let's kick ass this time we get February filled up with closings too.

Mike DeHaan: [25:33] No kidding.

Dan Austin: [25:33] You know, that's just one that's just one of our partners, and so, like, he's gonna be busy as hell. Yeah. He's flipping one of them, he's wholesaling some of them, and he's, I think, taking down one of them. Right? So, like, he's got a lot to go. So, it can happen fast.

Mike DeHaan: [25:45] Mhmm. Yeah. It happened super fast. I mean, well and that's kind of the crazy thing too that I think just represents the way that the market's been on the last little bit. It's like December do we have any closings in December? I actually don't think we did. I think we had everything got pushed back. We have eight right now in January.

Dan Austin: [26:00] Yeah. Yeah. We had we did have some, but they got pushed out to January. Right? Yeah. So

Mike DeHaan: [26:04] Yes. We currently have eight on the docket. We actually got another one signed around today, which will probably be closing be very beginning of February, if not in January. So all of sudden, we're at nine. So we went from being in like leisure zone when we're trying to get everything figured out to all of a sudden. So I guess from everything is closing between January 16 and January 27. So that's eleven days we're gonna have nine closings, I think. No, eight closings. It's gonna be crazy. Here's It'll be wild.

Dan Austin: [26:35] Yeah. It's gonna be wild, man.

Mike DeHaan: [26:36] So Yeah. But yeah. It's it's definitely I think that the motivated seller side though, and the and the buyer side is gonna start to pick up here really quickly as we get accustomed to And renew

Dan Austin: [26:50] Yeah. And we are all sitting there back kinda last the last half of last year kind of thinking like, yeah, you know, buy and this what a lot of people were saying, a lot of markets was like, you know, buyers aren't ready to, they want too big of a discount, and sellers aren't ready to accept that discount, but I think we get into 2023, we start having more alignment between buyers and sellers on that, And we have people that are still doing stuff, have settled out, and they're still doing stuff. Like, just last week even, got, I think, two people reach out and be like, hey, what do you got? Like, what do you got? Mhmm. Like, local here. And so there's people that are hungry, they're looking for something, and those are the real people you're gonna do deals with at twenty twenty three.

Mike DeHaan: [27:24] Yeah. Absolutely. And and I will also say that now that realtors I would say, like, all the weekend realtors have been shaken out. Right? Like, they've gone back to their jobs that they had before 2021 or whatever the hell they were doing. Right. But the realtors that are still around, they have learned how to, I guess, like, make offers on these deals for, like, with the current interest rates, you know, asking for concessions, you know, trying to get creative with different stuff so that buyers are still able to get into these more higher price point properties. We're seeing a thing that's really come right now. We actually might be about to accept an offer on one of our places for this, where they're asking for concessions on the deal that would essentially bring their payment down low enough that it's like a it's a much lower rate, but then the way it's all structured is because they're gonna have less money that needs to go towards their down payment. They're gonna like be able to afford it for get approved for more or whatever the hell it is. But because of that, I think flipping, especially if you're in like kind of that starter home price point, is probably gonna start getting much more enticing to people, like to investors. So that's something that you should probably start to work into, especially like if you think that whole tails work into your different, I guess, like underwriting scenarios that you're looking at, your different access strategies, bringing back some general flips and some whole tails. But I would absolutely stick to like the starter home price point. Like avoid getting into anything luxury right now, because I think that's still gonna limit people. But, I mean, there's still a housing shortage everywhere.

Mike DeHaan: [28:50] There's a bunch of people that still wanna buy their first home. And Right.

Dan Austin: [28:55] And they still have jobs because the jobs are still pretty strong. It's just that rates. Like, rates are like right now the only thing that is the hiccup in residential real estate that I The could

Mike DeHaan: [29:06] job market's insane. Like, honestly. Like, it is what do we I think we're at record low unemployment, and we listed a a job listing just the other day. I had 87 applicants within the first twelve hours and I shut it off. I was like, what is happening?

Dan Austin: [29:20] It's crazy. You know? Which is honestly though, like, what I would not think would be the norm because there's so many jobs out there that people would be just like, no, I'm good, Doug. Yeah. You know what I mean? Because we're at record unemployment, so why would you why would we get so many job applications? But I'm wondering because it's specific to this role though, maybe there's some wholesalers that don't have Act Managers anymore.

Mike DeHaan: [29:41] And that might be why, yeah. Well, I mean, like, we are we are a virtual business, right? So that appeals to people. And then, I mean, we are we do plan to offer people better pay, like, it's not like McDonald's, right, where they make a minimum wage. Right. So, like, that definitely sounds to people. And I think that's a thing that you're seeing a lot is, you know, they always talk about like the wage stagnation. People are Right.

Dan Austin: [30:03] More sess That's true.

Mike DeHaan: [30:04] More sensitive to that now than they have been in the past because they have learned that maybe they are getting screwed a little bit by their employers. So when you come and you have a job that is virtual, and it's gonna allow them to make potentially more money than they're already making, I mean, that's gonna be very enticing to people. Because like, I will say that I've talked to other people, and they all have, especially service related jobs they're trying to fill, they can't find anyone.

Dan Austin: [30:26] Right.

Mike DeHaan: [30:26] I also think that most people now, just the general vibe is they're like, I don't have to do service jobs anymore. I can do a virtual job that is more than that. Right? Has more upside than

Dan Austin: [30:37] that. Yeah. I think service jobs are tough and then that on the trade side of things and construction, they just don't know how to do it. Like, you can't just go be a plumber or electrician or go build a house, like, if you haven't had that skill set, you're not gonna just go do it and a lot of people aren't willing to go and do the hard part and be the new guy in that trades. Yeah. So like, although there's a shit ton of plumber demand, but like, they can't get out it takes five years or four years or whatever to build a plumber. Mhmm.

Mike DeHaan: [31:03] Isn't it crazy that that used to be like So

Dan Austin: [31:05] they have to go through their apprenticeship.

Mike DeHaan: [31:06] Yeah. Right. That that that used to be the job that was like, oh, if you can't go college, you're gonna go be a plumber. God, man. That's so insane. If I

Dan Austin: [31:13] had to redo it again, I'd either be a dentist or a plumber.

Mike DeHaan: [31:17] Yeah. You don't wanna be a dentist, dude. Yeah. I think you have the fine motor skills for it anyway.

Dan Austin: [31:20] Oh, come on, buddy. The fine motor skills?

Mike DeHaan: [31:23] No. Most people don't. No. Why my

Dan Austin: [31:25] Look at this. Look at this.

Mike DeHaan: [31:26] At this. One of my good friends is a dentist.

Dan Austin: [31:27] The fine motor skills.

Mike DeHaan: [31:28] And he said that's what weeds out most people is not that it's not their desire to learn, it's the fact that they don't have the fine motor skills to do like actual dental work.

Dan Austin: [31:35] Yeah. I definitely don't. I don't have the fine motor skills, but I'd lie my way through it.

Mike DeHaan: [31:39] Yeah. You lie my way through it. Yeah. Right. But oh, the plumber thing. Yeah. So it's funny. I I remember back in high school, there was this kid. He was a real dick bag. But someone was I remember someone, it was not me. Someone was making fun of him because his dad was a plumber. And the kid's like, yeah, my dad's a plumber, and he makes $85 an hour. What the fuck does your dad do? And I remember sitting there thinking about that, and I was like, shit, plumbers make $85 an hour? And that was a was a lot. Right? Right? Then it's funny because I knew that this this guy was making fun of him. His dad, worked in some office doing something super basic and definitely made less money than that. I'm like, dude, that dude's dad now, if he's not in prison, probably makes like $300 an hour in Bozeman, Montana as

Dan Austin: [32:23] a plumber. Dude. Well, then that's the other thing is you can own your own business, and the $85 an hour does go to 300. Because we plumbers in our town, the companies that will charge $300 an hour, so you know the company's skimming off the top of that, and they're probably not paying their guy all 300. Yeah. So there's a lot of opportunity. Yeah. And the best part about that is, I saw a meme the other day on the interwebs, that was like, the worst part about growing up is realizing how stupid most adults are. Yeah. Honestly though. Totally. And in alignment with that of like, how uncool their jobs are when they go to work, they're just an idiot. Totally.

Mike DeHaan: [32:54] You know, it it actually is crazy. I I remember like being like a kid and going to do, like, I don't know, random things. Like, you know, you go to like Hawaii and you go like zip lining. Or you like or like going and getting on like a bus, you know. And you have absolute faith that the adult that's in charge knows what they're doing. Right. And now, admit, now I get on it, I'm like I'm like double checking their work. I'm like, is the is the Uber driver sober? Like, I don't know.

Dan Austin: [33:20] Like Right. Right. Well, it's like it's like when I as an adult, I went skydiving, my first civilian skydive, and I did it tandem with this dude. What was his name? Was Trinity.

Mike DeHaan: [33:31] Oh, yeah. He

Dan Austin: [33:32] was hungover as hell. And I'm like, I'm putting my life in Trinity's hands right now. He's definitely smoked some weed beforehand and, like, had this total vibe about him. And I was in this small ass town in the middle of nowhere at this shitty little airport. This airplane was, like, smelled like gasoline and just I said, well, I wanna jump out of this. I mean, what's the worst that can happen? But yeah, I probably shouldn't have done that. I survived.

Mike DeHaan: [33:55] Yeah. No. It's it's funny, man. It's so interesting. Anyway, yeah, different perspectives. Added up. So kind of our time already. What what is your number one goal for the New Year, Dan? Oh. Yeah. If you had to pick your primary goal for business and personal. Buddy. I didn't even I know I did.

Dan Austin: [34:16] Yeah. I haven't thought about I would say, if I just like what's on top of mind right now, business wise is being able to delegate and hand off a lot of the work that doesn't need to be done by me, and finding the right people to do that and having confidence and trust in the people that I bring in, so that I can now work on the business and think more strategy, which is what we're trying to do right now as we set goals for the business. I would say personally, man, I don't have one thing yet, but I really would like to get out of my house and do more adventure stuff this year or just travel stuff because, you know, I have a baby and this has been a long winter and we're so we spent all summer taking care of a brand new baby and now we're going through the winter and it just kinda winter kinda sucks up here sometimes. Right? It's just kind of a bummer and so it's nice to get out. So that'll be one of my goals for 2023 is to get out and do like more shit.

Mike DeHaan: [35:08] Yeah. I think I think that's perfect. I mean, just like my personal goal is about the same. So I have a goal of once a month, my personal stuff, I wanna do something that like is outside of my normal routine. Right? Like some sort of activity, whether it's something like small, like I go Like a consistent activity?

Dan Austin: [35:26] No. Don't Or like a one time activity.

Mike DeHaan: [35:27] A one time thing. Something that's like different. That like will be like a check mark, like in my life. Like a like

Dan Austin: [35:32] a like a Like a bucket list thing?

Mike DeHaan: [35:34] Yeah. No. No. Like a bucket list. You need something dumb. Like, I don't know, go It's pretty

Dan Austin: [35:37] simple. Okay. Okay.

Mike DeHaan: [35:38] Going like go karting. Right? Like, I like to do that.

Dan Austin: [35:41] Have you never done that?

Mike DeHaan: [35:41] I have. Like, I haven't done that since I was like, you know, 17. Yeah. But I like like, I do that. And then like, the next month, I don't know, maybe we go and we go hike somewhere new. Oh, once a month.

Dan Austin: [35:51] I see what you're saying.

Mike DeHaan: [35:52] Okay.

Dan Austin: [35:52] I missed that part. You're saying, like, just try to do a new thing every month. Yeah. I like that.

Mike DeHaan: [35:56] Because otherwise otherwise, what happens is you kinda do the same shit. Like, even if you, like, have an activity that you like, like, you know, I'd like to do outdoor stuff. If we don't do something that's intentionally different, then we'll go to the same places, we'll go mountain bike same places, we'll hike the same places, we'll go hang out at the same restaurants, whatever. But if you do things that are slightly different, it changes your perspective of time. And I think it creates more, like, I don't know, like memories or just like gives you a more fulfilling sort of general feeling?

Dan Austin: [36:23] No. You're right. What is what is the guy that spoke at the champions, the Spanx husband I know. It's funny. The CEO of Spanx.

Mike DeHaan: [36:31] That's actually where I got the idea from. Itzler?

Dan Austin: [36:33] What does he call that though? Jesse Izzler, what does he call that? There's like a Japanese term for that. Kevin's law. Like the the kebab or something?

Mike DeHaan: [36:39] No. It's it's Kevin's Kevin's rule. Kevin's rule? Yep. Yeah. Yeah. It says so I actually listened to the that talk. And he says he has like a a friend of his whose name's Kevin, and that's the one that he does. But they're like parents, so they do it every two months because they got like other shit they gotta do. I don't guck you. So I'm trying to do it every month. Yeah.

Dan Austin: [36:58] Every month. Yeah. Yeah. But there was something else big he said where like every year, do one big thing.

Mike DeHaan: [37:04] Do one big bucket list item every year. Well, so not one big, one year defining thing.

Dan Austin: [37:10] Yes. That's what it is.

Mike DeHaan: [37:10] Right. So you'll be able to look back and you can be like, I don't know, I did in 2015. It's like, oh, that's when I went to Africa. Oh, that's Kilimanjaro. Yeah. That's when, you know, we started this podcast. That's when we got married. Like, whatever it is, trying to do like one year defining thing every year. And then there, Kevin's Law, is to do a something new every two months. I was gonna do it every month. And then, the third thing he said that he does for like his epic life is once a quarter, he creates a new habit. Right? And he does that all

Dan Austin: [37:43] the That's too much for me.

Mike DeHaan: [37:44] And I'm

Dan Austin: [37:45] like, can't do that.

Mike DeHaan: [37:45] I'm like, how do you know freaking habits to add every quarter? Like, that's

Dan Austin: [37:48] Could like add habits? Because like, I'll pick up some bad habits. Yeah. Right. No shit. This quarter,

Mike DeHaan: [37:54] I drink on Tuesdays. Like Right. Right. That's but that could be a good habit. I guess. I don't know. But yeah. So anyway, but my my professional goal for this year though, is I want to get the business to a point of organization where our staff no longer feels like they work for Mike and Dan, but they feel like they work for our business. Because right now, we had a good big meeting with them all this morning, and it is like, we've cowboyed this thing for so long. So much of it is in our heads, and there's definitely like the, oh, we work for these two guys thing. And we need to get away from that if we're gonna grow. Absolutely. That is my professional goal though.

Dan Austin: [38:33] No. I like that. You you articulated that better than I did on the business side of things. I like I I gotta think about that 12 new things. That would be kinda fun. Yeah. I don't know if I have the time capacity. I may have to do it every other month because I do have kids.

Mike DeHaan: [38:44] You have kids. Yeah. And then do you gotta get them involved in stuff too. Right? So but you should go listen to the the recap on the the Tribe Millionaires podcast where he talks about it.

Dan Austin: [38:52] I did. That's how I remembered it. Oh, he actually I saw actually, I saw the talk too.

Mike DeHaan: [38:56] You saw the full talk? No, it's good. It's really good.

Dan Austin: [38:58] I watch the full talk, but that's a that's another great benefit, like, this is not a plug for GoBundance, but that's just another great benefit of GoBundance is like, there's no other way I would have gotten to hear that talk or seeing that other than being part of that and paying my tuition and being part of that group, is the just the exposure you get to things like that to where like, it's simple, but you know, had I not listened to that, I wouldn't have thought of it. Exactly. And it's coming from a pretty powerful individual. Like I said, this bank's CEO's wife, but he actually has his own business and is like a successful dude. Like, they're close to a, I think, billion dollar net worth or something.

Mike DeHaan: [39:30] She's she's worth over a billion. They're worth together, I think, like billion and and a bit. So he's he's sold several companies and done very, very well.

Dan Austin: [39:38] Yeah. Very, very powerful company. I mean, good people. And his, like, sister died, like, three days before that, he still made the event. Not that that speaks to, like, his ability to, like, he doesn't care about his sister, but, that he said he values his commitments, and he just needed to leave, like, twenty minutes earlier so that he could get to the services.

Mike DeHaan: [39:55] Yeah. You know?

Dan Austin: [39:56] Yeah. He's probably flying private.

Mike DeHaan: [39:57] Yeah. He definitely is. Yeah. But yeah. I mean, I I think that's that's a valid point though of that is the value of joining groups like that. Like, people always sort of scoff at the I guess, like the cost of things, and I guess it doesn't apply for GoBundance, and we're gonna wrap up here really quick. But paying to be around people like that, right?

Dan Austin: [40:15] Powerful.

Mike DeHaan: [40:15] It's super powerful. And also too, you're not only paying to be around the people that pay to be in the group, you're paying to be around all of their networks. And it is crazy how close we are to a lot of really big people in the real estate and business sphere just by being in GoBundance. We are like one person removed from a ton of the biggest names out there. You know, like, who wanted to like like Brandon Turner. Right? You know, Ken McElroy, Grant Cardone, like Ryan Pineda. Like, all the people that you see

Dan Austin: [40:46] Bradley.

Mike DeHaan: [40:47] Yeah. Bradley. Exactly. Right? All the people that you see out there that are kinda like the, you know, they have the BDE, they have the Big Dan energy. Right? Yes. Brought it out. We are. Like one person removed from all those. We know people that are direct friends with them because we pay to be in this in this high level mastermind.

Dan Austin: [41:05] They all have BDE, Tons of BDE.

Mike DeHaan: [41:07] It's a big dead energy. Good self. Careful. Yeah. Careful you say that. Anyway, did you get your design done? It was supposed to be live by the time this comes out. It will

Dan Austin: [41:17] be live by the time this drops. I'm waiting. It'll be here tomorrow.

Mike DeHaan: [41:20] Okay. So if you guys listened to last week's episode, we are a week behind, but you can go and get your BDE Big Dan energy shirt they talked about last week.

Dan Austin: [41:28] Limited supply only. Limited supply. Yeah. Yeah.

Mike DeHaan: [41:30] Well, I mean, we'll figure it out. We'll see if anyone even clicks on it, and then we'll go from there.

Dan Austin: [41:34] But if somebody clicks on it, I'll give it to them for free.

Mike DeHaan: [41:36] Oh, there you go. Hear that. So, yeah, for the first five people to order a shirt, Dan will give it to you for free. That's what you just heard.

Dan Austin: [41:42] Yeah. I'll I'll pay for your shirt. You gotta DM me though. Or No.

Mike DeHaan: [41:45] Go to go go to the website. Go to collectingkeyspodcast.com/be. Oh, yeah.

Dan Austin: [41:50] They can

Mike DeHaan: [41:50] just click on it. Yeah. Slash b e.

Dan Austin: [41:52] Yeah. I'll pay for your shirt.

Mike DeHaan: [41:53] Yeah. For your

Dan Austin: [41:53] first First five.

Mike DeHaan: [41:54] First five. Alright. You guys heard it. Do it. Anyways. Alright, guys. Thanks for listening. Hopefully, you got something out of this. Least you got little bit of entertainment, if it was anything super actionable.

Dan Austin: [42:05] Sorry.

Mike DeHaan: [42:05] But there's some good stuff in there. I mean, focusing on

Dan Austin: [42:07] those tests I had great time.

Mike DeHaan: [42:08] You had a great time. But please go and share this podcast with anyone who might enjoy it. Leave us a five star review on iTunes. If you do that and you send me a snap on Instagram at mike underscore invest, I will send you a free collecting keys podcast t shirt. And we actually have had a couple people that have done that too.

Dan Austin: [42:24] Nice. Which is

Mike DeHaan: [42:25] funny because like, we have a decent number of listeners compared to the reviews that we have. And I'm just like, what I feel like It's a free shirt. I feel like it should be at least like half the one, not like, you know, point like 5%.

Dan Austin: [42:39] Well, and you know what? I'll I'll say right now, because you need to wear your you need to get a collecting key shirt because one of our guys in our group, shouted to Dylan, basically got a deal by wearing his collecting keys podcast shirt.

Mike DeHaan: [42:50] You're right. He did actually. Yeah. And he also might have a private investor too, because someone asked about his collecting key shirt that he was wearing, and he's meeting with a with a private investor that wants to give him some money.

Dan Austin: [42:59] It's a good subtle way to tell people you're a real estate investor. Yep. And that's when good things come to you.

Mike DeHaan: [43:03] With a shirt that's actually pretty cool. Like, it is not super obnoxious.

Dan Austin: [43:06] It's so comfortable.

Mike DeHaan: [43:07] So anyways, glued this five star review. Send me a DM at micro score invest in Instagram. I will send you a free shirt up until we have 50 reviews. So we still got, like, 20 left, I think, to give out. So go and leave us a review, and I'll send you one. Besides that, guys, thanks so much for listening. I'll talk to y'all next week.

Dan Austin: [43:22] See you.

Speaker 3: [43:23] Thanks for listening. Please leave us a review on iTunes or wherever you get your podcasts, and check us out at collectingkeyspodcast.com for tips and guides on starting your own real estate investment and wholesaling business.