Revolutionizing Real Estate: The Power of Innovation with Paul Viguerie

Mike Hambright (00:02.498)
Hey everybody, welcome back to the show. Today I’m here with my buddy Paul Viguerie. We’re going to be talking about innovation and adaptation inside of your real estate investing business and talk about some of the advancements in tech and relationships with more institutional players that are benefiting kind of Main Street real estate investors as well. So Paul, welcome to the show. Thank you very much, Mike. I really appreciate being here today. Yeah, glad to see you. We talk all the time about ways to work together and how your company is benefiting the real estate.

investors and historically it’s you know you guys are probably coming closer to Main Street and Main Street’s getting a little more advanced and so a lot of innovation going on I guess. Absolutely. it’s evolution right. It has to Yeah adapt or die. Right. And so here we are and and I think that what you do with your investor fuel members has been extraordinary and I’ve really enjoyed being a part of that group. Yeah. And as a sponsor I work for AltySource and it’s a large publicly traded company. We’re based in

Luxembourg, we’re on the Nasdaq and specifically I spend my time on Hubzu, is our auction platform and our marketplace. so anyway, how do we kick this off? Tell us a little bit more about yourself and then let’s talk a little bit about AltySource. So AltySource, I’ve known of AltySource for, well, obviously way more over the past few years that we’ve gotten to know each other, but even before that, a bunch of companies that were kind of getting absorbed by AltySource.

to help the real estate investing community. And you have a number of services. But maybe just tell us a little about your background, and then tell us a little bit about Altisource before we jump in. Great. Well, I feel like it dates me, but I do have a background that goes back pretty far. Right out of college, this was in the 90s, I went to work on Wall Street and worked in the World Trade Center on the floor of the commodities exchange.

where people yell and scream and if you’ve seen the movie Trading Places, know what used to exist in auction. And it was called Open Outcry. And that was an evolution from what had existed on Wall Street earlier than that and earlier in the call, before we started, we were talking about what Wall Street actually was and the Dutch occupied Manhattan and they built a wall.

Mike Hambright (02:26.19)
and to keep the Brits out of all things. They had concerns which we then later shared before. But men used to gather under a sycamore tree and trade stocks. And so that is the history of Wall Street. And Open Outcry was an earlier iteration of what we now do in large part in a more digital form. so…

From there, I ended up working for a hedge fund on their overnight desk and we traded stocks, bonds, currencies, and commodities. Did that for a handful of years before starting my own performance fund. Did that for a few decades before recognizing to a large degree, I felt that the paper world was kind of circular in that paper touched paper touched paper and wanted to have a more real aspect to my career. So it seemed like real estate was a natural fit for me.

Not only is there the life cycle of debt, which is a mortgage, there’s the cradle to grave from origination to completion of a payoff or a default, and then there’s this investor space in the middle, but it also connects to something real. So there’s always an interplay between real and paper. And so I wanted to be involved in real estate, but leverage the skills that I had learned and had from my…

earlier career. So this is the second iteration of my career or, you know, career 2.0. And so, so I’m thrilled to be in real estate. I’ve been in real estate for now five plus years. It’ll be six years next, upcoming summer. And, and I’ve enjoyed every minute of it. I met Mike just a couple of years ago when we, as a company, Alta Source, who I work for, decided to, you know, well, it was decided for us to some degree, but,

When the pandemic hit, we knew that we needed to diversify with many of our products and services. And so it brought me into this off-market world, which is enormous. I had no idea that at that point in time that this space represented one in five real estate transactions. And some people say 15%, some people say 20, but it’s truly off-radar to most, but it’s incredible.

Mike Hambright (04:46.338)
what I’ve learned in these last few years in knowing Mike and the investor fuel members. yep. And tell us about Altisource. So I know you have a number of companies and Hubzu, the auction platform is probably for me and a lot of my circles, the most well-known one, but you have a lot of other tools as well or businesses, I guess. Sure. So I can rattle through them and maybe that’s the best approach versus a deep dive. But if you were to think about the very beginning, as I said, the cradle piece, we have the largest mortgage cooperative.

cooperative in the country, which is called Lenders One. And the members all get together and it allows for pricing efficiency and networking. And they do many cool things. They have a credit agency. It’s the first company to have a credit agency. And it was kind of like a monopoly, but it turned out there was no reason for it. And now we have a credit company. But then we also have an insurance division. We have a group called Trellix that originates mortgages.

And we do have a valuation group called Spring House and a title group called Tidal. We’re involved in construction risk management with a company called Granite. And then moving into the default side, we have AltaSource Field Services that does property preservation. And these are with defaulted properties. And then we have a workflow platform called Equator that agents tend to use and it helps.

them with that workflow. And that has been a great platform that’s actually adapted to the SFR space and now investors use that platform. It’s great. And then brings in the world that I focus on a day-to-day basis, which is primarily Hubzu. And Hubzu is also supported by our 50-state brokerage solution called RHSS. But Hubzu, just to give a little background on it, was the first marketplace

of significance starting in 2009 and it’s been wildly successful. It’s sold over 280,000 properties. I’m sure we’ll be at 300 in short order. And at the point in time when it started, to think that you could sell real estate over the internet was unthinkable. But it worked and sometimes you’re rewarded for being first.

Mike Hambright (07:06.606)
And so at this stage, we have over 2.6 million buyers on the platform. It’s extraordinary. while our historical background has been in default properties, when the pandemic hit and produced, the government indicated that we needed to have foreclosure moratoriums, a lot of our inventory essentially was turned off. And so that’s where we diversified and

I met Mike on this off market space. so we now do retail, off market, and next week, commercial. Yeah, that’s amazing. Yeah, the auction platform. It’s interesting because when I first started in real estate, so back in 2008, let’s say early 2008, my wife and I went to a couple of foreclosure auctions and we never bought anything at the auction. Like we just didn’t know what we were doing.

In Texas, you’ve to take a pocketful of cashier’s checks. And so we’re like, somebody going to rob us down here? You’re worried about all those things, right? Because they didn’t have a name written in yet. They were just like blank checks, literally. But for us, we ended up quickly pivoting to just figuring out how to do marketing and go direct to seller. But there’s a whole world out there of houses that are buying and selling on the auction. And it’s evolved a lot over time.

There’s another auction platform that a lot a lot of years ago. They allowed us to sell For a brief period they allowed us to assign deals on the platform and it was like some special agreement You know and then now we’re able to do that with you. I’ll come we’ll come back to that later, but it’s interesting that For some of us were like hey I can make the most money if I sell on the auction and so for people that buy direct from seller sometimes They’re like well, it’s hard for me to buy from that platform, but I can sell on

But there’s also, obviously, you can’t have a seller without a buyer. So there is a market there. And I think a lot of us as real estate investors feel like we know who all the buyers are, we know how to market our deals, but there’s a whole world out there that primarily would rely on the auction platform. Absolutely. We have 2.6 million of them on your platform. Yeah, and some of your members.

Mike Hambright (09:24.12)
quite a few of your members actually buy on our platform and they shared all their different strategies they use to purchase a home and the types of homes they’re looking for and when they like to bid. It’s really amazing to see how people use the platform. But one common denominator for the buyers is that always, and I’ve been hearing their stories for years, is that they always say they want a property. So we’re talking about buyers, but…

they think they won the property. they don’t say I bought a property on Hubzu, they won the property on Hubzu. And I think it’s this competitive spirit that kicks in when you’re competing and bidding against other buyers and you win the auction, you’re the high bid that is accepted. Yeah. Maybe you could tell us like who buys properties on the market? it, I mean, there is some benefit to, I mean, we’ve done it in many ways, the hard way, like.

We’re out running around town, driving across town, meeting with bunch of sellers, making lots of offers to get a very small percentage of them approved. And then there’s some nerd sitting at his computer pushing buttons and buying properties in his boxers, right? So anyway, know that’s just obviously, you know, not everybody’s doing that. Plenty of people. But what I’m saying, it’s way easier to do that from a coffee shop or somewhere else. There’s pros and cons of all these things. But who would you say is the avatar of your primary buyer?

I love the question and the answer is somewhat nuanced because it’s evolving and changing. So currently we know four to five of the buyers on our platforms, a platform used to pay cash. So they’re cash buyers. So that typically is indicative of an investor. But one in five is using financing. And as we have shifted in…

the direction of, and it’s not that it’s changing, it augments, it’s an addition, but as we’ve brought in more retail type properties, these are primarily purchased by owner occupants working with an agent. We now have 700,000 agents on the platform and they’re getting pre-qualified and it’s the agent that’s actually doing the bidding on behalf of the client. so that number keeps going down.

Mike Hambright (11:43.502)
So what was maybe 82 % now becomes 78%. These are general terms, but it keeps shifting down as we bring in different inventory. so I like to use the word voluntary sale and an involuntary sale. Historically, we have been engaged in selling properties where it’s an involuntary sale. A retail property or an off-market property is a voluntary sale. So as we shift,

towards more voluntary sales, you’ll find that that ratio will go down. I do feel that in time, like today, 2 to 3 % of all real estate transactions are in auction, some form of auction. The adoption rate has been essentially complete in the default space. But the trend growth is higher.

we’re gonna go from three to six to nine and keep going as this auction begins to look more like an exchange because people are desiring liquidity. so as that moves, you’re going to definitely see probably an even split between those that use traditional financing and an investor. It’s just.

it’s just going to happen. It’s just going to take some time to get there. Yeah. And there’s more and more people that are just going to do this for their retail listing. They might just list their home for sale on an auction platform versus going a more traditional route. And maybe they still use agents and things like that. And they have to, I think, for now. But for the most part, there’s more people that are not investors that are traditionally just going to buy and sell houses on auction. I truthfully, I’m licensed, so I’m going to like, I’m going to.

jab realtors a little bit here. But the reality is, I think at this point, and I know for us when we’ve looked at properties on the MLS, because we bought our land for our ranch, and we look at stuff, we usually go find the stuff that we want to see, and then we contact an agent to kind of help us get access to it. But we kind of are self-shopping most of what we want. I think most people are looking on Zillow or Redfin or something. They’re shopping in the neighborhood they want to buy in, and then they’ll find a… And maybe they have an agent, but they’re usually doing a lot of the heavy lifting up front.

Mike Hambright (14:09.238)
on their own, would you agree with that? Unequivocally. Yeah. And that we know that with certainty. Right. And we have a program, which we refer to as the Broker Affiliate Program, that allows for brokers to use HUBZU to market their properties. And they engage in what we refer to as a dual path, where they perform their traditional marketing, which they’ve always done. And then the plat- then-

The property is on the MLS and through Hubzu and because Hubzu and it has RHSS, we’re on all the MLSs and then we’re also broadly syndicated and then we have our 2.6 million buyers and then we’re proactively looking for likely buyers that are not on our platform. And so there’s a lot of tech that’s involved and to create maximum exposure. But what we’ve learned

is that their synergy, it’s not an addition, it actually becomes multiplicative. So if those are combined, meaning the agent, the MLS, the syndication, Hubzu, and our proactive marketing, that achieves the best results. Yeah. So an agent would list a house for a seller, and they would say, instead of saying, here’s how you submit an offer, they’re saying, go to the auction site to put in an offer.

Yeah, that and so on the MLS it actually says, know, know see hub zoo That’s a lot of the foreclosure Deals were kind of back in the you 2008 to 10 or whatever and then all the details associated with the asset the home and or you know That you can contact this agent to see the property and then there’s a lockbox and

So it’s then there on the platform and then one of the things that’s great is that it’s able to disclose compensation in a way that the NAR lawsuits have somewhat prevented. So it brings a level of transparency to, and this is good, which is good, you want transparency so people understand what they’re purchasing and what the parameters of the deal are. And so we’re able to provide all that.

Mike Hambright (16:25.974)
And whether you’re a retail buyer or seller or an investor, you typically, especially let’s say a seller, like it’s proven that you’ll sell the property for hire on an auction platform, right? So that’s a, proven is a strong word. And I’d like to preface, we do have some, every home that we’ve ever sold on Hubzu, we collect data on.

And so we’re able to go into every market and see how what our performances look like. You how long did that on average take to sell and what and we use a reserve, which is a number that we don’t disclose on the platform, but it’s a number that that is it’s likely that the seller would accept. And then we we then take the final sales price and compare it to the reserve price. And and with that, we’re able to say, we’re strong in this market.

you know, it’s significantly higher and robust, then we know, wow, that’s a great market for us. And we, at this point, are able to sell on any market. And we’ve learned that across 50 states plus the territories. But with our larger institutions, and this is primarily with, you know, involuntary sales or defaulted properties, they give us scorecards measuring our performance. And what we have learned

and we see it time and time again, is that when an agent takes a property, it’s placed on the MLS, and then HUBZU as an overlay forces buyers to compete, we’re able to sell for, and this is a net of cost number, on average, 4 % higher than if the agent was to try to sell that property on his or her own. So there’s a…

an advantage to using, it’s sort of like technology. We were discussing intellectual capital. so technology often is some version of intellectual capital. You want technology to support a human. You don’t want the human to support technology. And so HUBZU is one of these great technologies that supports the human and it allows the human to perform better. So if the human continues to do

Mike Hambright (18:49.826)
what he or she always has done and utilizes HUBZU to enhance what they’re already doing and the performance is better and the sale cycle times are condensed, it’s better. And that’s why I think this is going to grow and again, 3 % becomes 10%. At some point, adoption kicks in. Right, right. I know it’s interesting because when you look back now and you see how we didn’t use, you could look back and see there’s a whole bunch of things that we used to not be able to do, but now we can.

And it’s just evolution of that happening. So one of the things is when you and I first started talking, I said, look, one of the biggest needs that you’re missing out on is the ability to assign deals on your platform. So there’s a whole bunch of wholesalers out there that don’t actually have title to the property yet. And you guys ultimately figured out a way around that. There’s some legal stuff that has to happen and a few other steps that have to happen. But us having that conversation opened up a new opportunity that didn’t exist before.

Yeah, so I’ll go back. I saw you on stage at a note conference and I was listening to you and I thought, I’ve got to meet him. But I was in the back of the room and I didn’t have any idea who was speaking. And then you and I were on a call randomly later and I found out it was you. I’m like, oh, you were the one I wanted to meet. so because I knew that there was an opportunity in and around these assignment contracts. Because in my background, I did trade futures.

And if you think about a futures contract, there’s an expiration date. And so when you have an expiration date, and the future is typically an option to buy, right? Yeah, it’s simply an option. And that’s it. And then it connects to an underline. And there’s a deliverable date. And so in my world, you could buy corn futures and then someone’s showing up with corn. And not exactly, but you could do it with Golder. But in this case, you’re creating

a futures contract, is nothing more than an assignment contract. And it’s just the words change. But the deliverable is the house. So you have an underlying. So there’s implied value. And so there’s all these great fancy ways to price this stuff on Wall Street. Like Black-Scholes model will allow you to price a call or a put option by looking at, you know,

Mike Hambright (21:13.752)
how volatile the market is, how the underlying market is, and how many days till expiration. And so an assignment contract is very similar in that on day one, the first day the wholesaler gets that assignment, they think they’re holding gold. The last day that they’re holding that contract, it’s really starting to look like brass, or it’s silver to lead. whatever it is, it’s not as valuable because it’s

the contract’s going to expire. If they haven’t assigned it. If they haven’t assigned it yet. And so so it’s a very interesting market in that the house is the same. It’s the timeline associated with the assignment period that’s changed. Right. And so so what we needed to do was from a legal perspective. And Michael remind me that this took a little while.

But you’re a publicly traded company. It’s funny because entrepreneurs were just, you know, shoot and ask questions later. need a word for a company that’s a little bit different. it. We need to… I came out of corporate America, so I get it. We needed to cross the T’s and dot the I’s correctly. Right. And that’s the legal landscape is different in each state. And it’s also constantly changing. So it required a lot of standardization and then being proactive in…

in being conservative to some degree and to accommodate that change and then monitoring for the change and then staying on it to create a compliant solution that allowed for us to market these assignment contracts on our platform, which we did. It took a little while and there were several iterations of it, but at this point we are there and it’s quite good. And so with every contract, we’re able to get it on the MLS.

It’s not required in all states or in many, but we are able to offer that, which is significant. And then each state has little differences with what’s required with a purchase sale agreement and the type of language that needs to be in these agreements. But we’ve been conservative, and now we have a solution that works. And one of the great things is, I would say over the past few years,

Mike Hambright (23:37.248)
is what’s gotten harder for investors is the Dispo side, dispositions. It’s gotten, because a lot of wholesalers have gone away. Or there’s, you know, this has always been a thing, is people get leads, like I’m in Dallas and I get a lead and I really operate in the DFW market. Somebody will call me from DFW, but they’re like, I inherited the house I grew up in, and it’s in Kansas City. And typically I would be like, I’m sorry, we don’t buy there, you know, go Google somebody else or whatever, or I can share it with somebody that I know there. And now it’s like, well, I have a

easier way to dispo houses with the hub zoo platform so I could put my deals on hub zoo without that’s the problem is I don’t know I don’t have a list of buyer I don’t have a list of buyers in Kansas City per se if I’m an investor which you guys do we do yeah so it’s interesting when we first met you indicated that that the off-market space was primary primarily sales and marketing and in fact I think that it’s in reverse order marketing than sales because you’re in

You’re trying to first get an assignment contract on a property and then you’re needing to sell that. so disposition does become a very big factor and many in this space have big teams to support the sell of assignment contract or property. so Hubzu is the outsource solution. And I think that’s why it’s going to be a game changer in this space because there isn’t another

that actually handles the sales piece. And so your staffing requirement for Dispo is a fixed cost and we’re offering a variable cost solution. And doing so where rather than having a team of people working one-on-one over the telephone, our platform forces people to compete and produces the sale.

rather than one-on-one, maybe you have a skilled negotiator and maybe you don’t. And yet, with our transparent platform, if there are 20 people that want a property, it really doesn’t matter. The negotiation is happening right in front of you and animal spirits are kicking in and people want to win the property and so the winner takes all. Yeah, yeah, that’s awesome.

Mike Hambright (25:58.27)
Yeah guys, we’ve created a relationship with Hubzu that allows you to list your assignment deals. Now there’s a couple of extra steps you have to do so you want to talk to them before you even get your contract. But we’ll tell you in a moment like how you can contact Paul, how you can contact Hubzu to actually assign your deals because there’s only a couple people and I’m one of them that has a relationship like this to allow you to do that. So I’m excited that we’ve been able to pull that off together.

It’s been really fun. It’s been a journey for sure. we’ve learned a lot in the process, but I do, it’s been worth it every step of the way. And it’s been really interesting because we’ve had to build this solution by listening to you as an expert in this space, which I did not have direct experience in this space other than my background in finance. And so bringing this solution to market has been a lot of fun.

So let’s talk a little about tech. Where is tech going from here? mean, you guys are on the forefront of a lot of technology for this industry. Where do you see things evolving over the next three to five years even? With tech, three to five years seems long. Yeah. Well, let’s just say the next year or two even. Every time I have a great idea, I share it with my wife. And she always responds, if it doesn’t have a button, don’t pursue it.

meaning like you’ve got to just press a button because it needs to be easy. And I’ve listened to that and I’ve always thought of that as it relates to whatever tech solution there is. It needs to be simple for the user to create an enhanced user experience. And so where tech goes, I believe that time is condensed with technology. So…

Historically, we have run seven-day marketing windows. That’s the norm. And then we do them back to back. we have our performance stats to suggest that we sell one in four properties in the first seven days. Then it jumps to 42 % of the properties by day 14 and 62 % by day 21. It’s all nice. It’s all fine. People want instant gratification today. And so I could see…

Mike Hambright (28:15.394)
that the timeline associated with creating at least a contract that will go to sale will be condensed. Then every aspect of that, we had a paper world going into the pandemic of 2020. And what changed was digital solutions. Now they have remote online notaries and then they have

digital mortgages and so everything has gone or is going digital and so it’s not so paper slow. we’re bringing this world in a computer centric manner very quickly. The speed associated with how long it takes to do something is changing rapidly. And I think in my mind,

and you said three to five years, I’m going to touch on our currency because so much of our conversation is based on the numerator and not on the denominator and I spent decades on the denominator. And so I do feel that the denominator is changing under our feet without us realizing it. Blockchain technology will absolutely be a part of.

currency going forward. And there’s a problem in my mind as it seems like these first forays into using blockchain have been even less connected to reality. So I think that we’re going to have asset-backed blockchain technology currency in somewhere in the next three to five years. I’m probably.

early in even having that conversation. But it is superior and trackable. mean, we see Doge today, you know, cleaning things up. it seems like there’s a lot of ways to clean up. You get a currency that’s asset-backed and trackable. So we don’t need a team of people to, you know, suddenly. And then there are algorithms that make sure that everything lines up and there’s not

Mike Hambright (30:34.036)
know, waste in different directions that are connected to, you know, political, you know, wins. I’d say that that is going to be the biggest change in the next three to five years. And I’ve run on with this one. But but we’re going to adapt on the technology side to create a high, high, high end customer solution and customer experience. Yeah. And then the denominator is going to change radically. And I think that that will happen, you know, in short, you know, few years. Yeah, it’s an interesting space for sure.

One of the things that you guys have enabled or helped enable for sure is when I was coming up, I mean, I was a local market guy buying everything in DFW. And when I started my podcast in 2012, which we’ve done, you know, coming up on to somewhere between 1500 and 2000 interview podcasts are in the early years, you know, there weren’t very many people that were market agnostic. And now there’s a lot of people that are market agnostic, but it really took technology and it took folks like you guys to say, Hey,

I can go buy on an auction platform from a lot of sites and I can sell on an auction platform from anywhere. But also now you have renovation services. I don’t know how to renovate. It would be a nightmare to go figure out how to renovate a house in any other market outside of DFW for me, especially some other state. And so now you have services for that, right? So I think it’s really allowed people to buy and sell houses from anywhere in the world. You have to have a laptop or a phone, I guess.

and be able to literally set up renovation services and lots of other things from anywhere. It’s really opened it up to people that could even literally have full-time jobs and other businesses and things like that and be able to do this on the side instead of a dedicated focus just on this because the tools are all just, as your wife would say, a button click away, I guess, right? Yeah. And I think people always said real estate’s local. And maybe that’s true of the asset. But that isn’t true of the buyer anymore. One of your members.

has never seen a property he’s purchased. purchased his 50 properties a year. He’s never seen them prior to purchasing them, and he buys them online. And then he renovates them remotely, and then sells them remotely. I mean, his entire business is run, you know, remote. And he, at one point, told me garage. He lives in his office in his garage. Yeah, he said that he had a, there was a property he wanted to buy, and it was just around, down the street from him, and he…

Mike Hambright (32:57.326)
he thought about going to look at it, he said, no, never looked at a property, I’m not going to do it. And he didn’t look at the property. But we now have, we’ve combined Granite and Field Services to create a great renovation team. And so people are able to use our renovation group across 50 states, and it’s a phenomenal solution. yeah. So Paul, I teased a little bit earlier, there’s the ability now for investors to sell a assignment deal, probably they have under contract with

that plans to assign it on your auction platform, which allows them to tap into buyers that they probably don’t know or have on the list now, and most likely sell that for a higher price point than they’d be able to do on their own. So I know right now, how do folks do that? I know we kind of have an exclusive opportunity here. And so you can’t just go to the Hub Zoo site and post it, right? You have to go through, right now you have to go through you, right? Right. Yeah. So how do folks reach out to you? Well, I’m on LinkedIn. So Paul Viguerie.

And then or you could find me through altisource or through hub zoo and My email maybe we could Put this on the podcast sure you say it. We’ll put that we’ll put it in the notes I’ll spell it but Paul paul dot Vigory a lot of vowels V as in victory IG you e r I e at altisource a LTI so you are CE

So paul.vigory at altisource.com. We’ll put it in the show notes too. So yeah. Yeah. So folks, I’d be happy to talk to you about how we can help you get your assignment contracts on the platform. We did at first, you know, open up the doors to the wholesalers and they were

They came coming. They were sending properties. it quickly re- Well, there is a process, right? You have to have, the seller has to be aware. They have to give permission to sell out the auction and things like that, right? They have some authorizations to sign that you guys, know, there’s a little bit of a, there might be an extra step in there. Yeah, there’s an extra three steps in there. But provided we can align your business model, and I’m not trying to change anything, but truly from a contract perspective, there’s…

Mike Hambright (35:13.912)
There’s some things that can be done with the PSA, Purchase Sale Agreement, that protect you more and allows for an authorization to market on HUBZU. And it needs to be signed and needs to be disclosed what we are doing. For many wholesalers, they often look like an agent of whoever is on their investor list. And so if it’s a hedge fund, then they’re just checking

You know, they’re actually sourcing properties in a lot of ways to fit someone else’s buy box. And they probably pass on many good investment opportunities because it doesn’t check the box of the hedge fund. And so in our case, we have hedge funds and 2.6 million buyers. So you’re checking someone’s box. A good deal is a good deal. And you shouldn’t pass up a good deal because it didn’t check some buyer’s box. And so

Regardless of how big your spreadsheet of buyers is, think ours is bigger and more engaged. And we do a very good job. Yeah. And there’s something to be said for scarcity. mean, scarcity sells, right? And when you know that it’s on the auction platform, know other people are seeing it. You see that little clock ticking down. It does something to people. Like, they don’t want to miss out on a deal. Yeah. And that’s very important. I think there’s FOMO. Yeah. FOMO kicks in.

You know, and we’ve seen it before, we’ve seen where there’s a property, say a defaulted property, you don’t get a bid. weeks, like you’re like, what? No bid. One bid, and then it’s a bidding war. you’re, thought, how did this happen? It’s a little bit like fishing. I’ve been fishing before, you don’t get a bite and then the school of fish comes in and then every rod bends. And so all of a sudden, it can go from nothing to, you know, through the roof.

in minutes. And so we’ve seen that happen too many times. And so it just took one. Yep. Awesome. Well, Paul, thanks for sharing some time with us today. Mike, this has been a pleasure. And thank you for everything you do with Investor Fuel. And we’re super excited about the relationship with Hubzu. And just look forward to great things in the future. Yeah, I appreciate you too. So everybody, hope you got some good value from today. mean, tech is moving fast. So if you’re trying to pretend like you don’t have to evolve in your business because of technology, you’re going to get left in the dust.

Mike Hambright (37:40.088)
The good thing is, is you don’t have to go figure this all out. There’s services like AltySource that have a lot of amazing different services from renovations to being able to buy or sell properties on the platform, the Hubzu platform that is. And so, and of course lots of communities to be a part of like Investor Fuel to kind of learn about all these tools and sometimes get special access to tools that you wouldn’t be able to get otherwise. So, appreciate you guys for joining us today. Again, if you want to assign deals on an auction platform, this is kind of unheard of, we’ve created a special relationship. So just reach out to Paul, we’ll put his…

Contact info in the show notes there and he can kind of tell you how to get that done So appreciate you guys a bunch. We’ll see you on the next show. Thank you

Awesome.