Creative Financing – The Perfect Storm

 

[00:00:00] Mike: Hey everybody. Welcome back to the show. I’m really excited today. I have my buddy Eddie speed. We have this little joke that where we see each other more online or at somebody else’s event or in some far off land than we do right here in our hometown, because we live in the same market. But, um, we’re going to talk about buying on terms today.

And Eddie is. Like the godfather of buying on terms and, uh, investing in notes and things like that. But for single family investors, he’s sharing a lot of knowledge with us today about how to turn those deals, that you’re throwing away into a kind of turn that trash into treasure by using creative finance.

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I’m glad you’re here.

Hey, Eddie, welcome to the show. Are you doing? Yeah. So good to see you, buddy back. I’m going to see you in a couple of days at investor fuel. So a little little pre-meeting meeting, I guess. Yeah, that’s it. So you and I have been talking for a long you’ve known each other for a long time. We’ve talked about this, uh, this opportunity has existed forever, but, um, where the market is right now with just a massive amount of this kind of shadow inventory and defaults that are piling up.

And the fact that there’s been a whole bunch of cheap, uh, interest rate mortgages out there, those stars are kind of aligning for. Uh, active real estate investors that are generating a lot of leads and throwing them away right now, [00:02:00] if they’re not using creative finance techniques, right. That’s it.

Eddie: Well, I mean, you know, there’s a shortage of listings at the moment.

This things are down over 30% and so real estate investors are fighting in a market where there’s. Every other person on the street has a business card, says they bought houses and you know, that’s a problem. And then, uh, and your guys who you tend to attract the best guys really, but your guys are still having to fight for price.

Yeah. So the, the idea is, is just look at your garbage can. Right. If you were buying a house and you’re going to wholesale it, or for whatever reason, whatever your strategy is to buy it for cash at a discount, then of course keep doing that. But what happens with your rejected offers and your trashcan gets.

More and more full. Yup. What do you do? So you and I is, you said the Tobi audience, you and I have known each other a long time. We’ve run enough [00:03:00] circle of people that I would call. I’m a note guy, but you guys are Ninja real estate investors. I mean, you, you played it at the highest level and I didn’t, there’s a good circle of people that you and I know in that space.

Yeah. Not sit around there and listen, sit around the masterminds and stuff and listen, and I just sit there and think, you know, the guy’s telling me essentially that his conversions are not what they were for the obvious reasons that we just said. Yep. This was even before the virus, but the virus only made it

Mike: worse.

Yeah. The sell a sellers market usually makes it harder to buy for investors. Plenty of people are thriving right now, but it does make it more challenging in any market cycle where it’s a sellers market.

Eddie: Well, anytime you have people that figure out how to crack the code, they’re thriving. Yeah. So what I had to do was go take the one thing that I had seen more than anybody else in the whole country and say, how can I help you apply that [00:04:00] unique knowledge to your business?

So, heck I’ve been buying seller finance notes since 1980. Close 50,000 deals. God knows how many I’ve looked at hundreds of thousands. And so the one unique thing Mike, that I brought to the table is I’ve seen about every seller finance, crazy structure. You can imagine, right? To the point where they sorted it sorta became puzzle pieces.

To me, just like what? Just like some of the things that I watch it, you figured out like your puzzle pieces. That, to be perfectly honest with you, it’s just foggy to me, but it’s totally clear to you. Right. And so in my little unique area, this, these became puzzle pieces. And so the idea was this, to be fair about it, you’re, you’re sitting across the table, you’re trying to buy a house from somebody.

If they could just call the local realtor, they wouldn’t be calling you. There’s something, there’s something about the deal that needs a house buyer in the deal and not traditional brokerage list and sale. [00:05:00] Right. So, so. So, but the guy is listening to the real tourist price and trying to get the real estate investor to play at that game.

Well, that’s not going to work right. Well, maybe it could. So the idea becomes I can pay your price if you let me pay for your equity over time. Now, the, now the art of the deal is what the heck does that mean? Right? I mean, there’s, there’s. There’s components of what you would agree to within the loan documents, right?

No personal guarantee, no corporate guarantee, right. Or refusal to buy your note at a future date. So they’ll wake up one day. Trust me, they will, they’ll wake up one day and w and, and, and want to sell their seller finance note at a discount. Why not? Why aren’t you, the guy that gets to buy your own note, right?

Well, you got to write it in the agreement or you’re going to find out that I’ve realized I’ve made a lot of real [00:06:00] estate investors mad. You know why? Because I bought 50,000 seller finance notes. I bought the note they wanted to buy because they were the payer. Yeah.

Mike: Well, most real estate investors, especially the wholesalers and even rehabbers.

We’re generally looking for fast, relatively fast money. Right. We’re not, but we’re not looking for long-term stuff. Right. Initially, but I think most of the people that are more veteran they’re like, I’ll give up short-term money for long-term money. Cause now we just want to, we want the dream that we thought we were signing up for originally, which is not active today.

Money as much as it is mailbox type money. Right?

Eddie: Yeah. Wealth is everything. I mean, yeah. And here’s the thing about it. When, when, when we see a real estate investor that comes to us and says, I need money today. Right. We’ve got little phrases money today, money tomorrow. So we’ve heard this a million times, right.

Figuratively a million, but a lot. Right. So understand. It’s like, okay, I can show you how to do that. If you [00:07:00] learn how to structure the deal. And where it’s, if you say, I have got to make somewhere close to a wholesaler’s margin today, yet I still would like to keep future income people say, well, that’s impossible.

Not necessarily, right?

Mike: Yeah. So w we’re talking, let’s talk a little bit about the opportunity that’s kind of coming up. I think, you know, Guys like you and I we’ve been talking for years about this. Market’s due for a correction because it hasn’t been due for a correction for years, but it seems to just keep plowing forward, but kind of behind the scenes, as you say, behind the curtain, there’s some bad stuff happening and it’s, it’s literally just a matter of time before start stuff starts on unravel.

And I think anybody that’s in the know here is shocked that it hasn’t happened yet. Right. So talk about kind of what’s going on without. Scaring everybody, you guys better be sitting down, but now, um, but let’s just talk about, because this creates an opportunity, right? So it’s not, I’m not trying to, trying to say like curl up in a ball in the corner and start crying right now.

It’s like [00:08:00] prepare yourself for this opportunity as a real estate investor. Well, and I

Eddie: think that’s the point, right? The point is, is first of all, if you’ve got any inventory, you need to get rid of, get rid of it. I had some stuff that was some old foreclosed properties and some stuff like just some old drippy kind of stuff.

And let me just tell you something, we got rid of it because the bulls are out right now and the, and the fools are out, so to speak, right? I mean, they’re, they’re wanting to buy and everything’s good. It’s a good time to get rid of any problematic property and rentals or whatever that may be. Now you may want to settle or finance them.

But it’s a time to get rid of them. Have any problems. Now, listen, I fully understand that. What I say is going to sound crazy. Okay. And the only thing I can say to you is, um, I. Spend an inordinate amount of time doing sort of [00:09:00] state of the industry market conditions all the time, because I find myself particularly addressing higher volume, real estate investors, telling them things that they, that they’re not looking at.

Now, let me tell you something. It is not ingenious work. If you, if you, if you watch housing wire, DS news mortgage report, you can get online. And these are all reports that come out. You, Mike, you know, this, they come out on a daily basis. Yeah. Right. The us census Bureau has some pretty amazing information.

So, so, um, so all of these things that we do, I don’t have to be the ultimate scientist to go figure it out. I just have to pay attention to what people are giving us on a, uh, basis, the mortgage industry right now in the real estate industry or on the two of the widest. They’re the widest apart I’ve ever seen.

In my 40 years in the business, the real estate industry says, Oh my God, look at this. [00:10:00] There the, the, uh, houses, the, the, the increase in property values is the best. It’s been in 15 years. That was a headline the last week. Okay. The mortgage industry on the other hand has dropped the people that can qualify by a mortgage by over a third.

Right? So the mortgage industry says we ain’t going for this. Right. We understand there’s a shortage of listings. We understand there’s, they’re fighting in the front yard to buy a house. But Mike here is a, here’s a fact, okay. 17 million households did not make a mortgage payment or a rent payment in January.

Wow. So that’s problem.

Mike: And that’s, uh, let’s say that that has that’s. Is that the total default rate or is that cause there’s probably some new ones in there and then you got some old ones that haven’t paid for a while. [00:11:00] So, yeah,

Eddie: so, so, so what I’ve kind of seen is this, if you were a marketing expert. Okay.

But I can tell you that the data of the hobbyist landlord. Is it that, that guy’s bleeding bad? Yeah. That guy’s really bleeding and there’s 17 million album, 17 million houses owned by a guy that owns five houses or less. Wow. Three quarters of them manage. Yeah.

Mike: And they’re the type, you know, my, my property management company, they have a workout process.

They say, well, we could, uh, you know, here’s how to get some government benefits, which I’m totally opposed to, but when it’s my money, like if I can get it, I’m going to get it right. But the individual landlord is just having late night phone calls with tenants and feeling bad for them and, or can’t do anything.

You didn’t

Eddie: have a system. He didn’t have a system when he started, he didn’t have a vetting process and he sure doesn’t have one now. So to me and you, and I’ve had this conversation more than once. If [00:12:00] I were looking for the one customer to go chase, it would be a landlord to bound terms, right. You’re saying, well, heck daddy, that doesn’t make any sense.

Has he, he’s going to ask me that I’m going to owner finance and I’m going to be committed to make payments to him. And I don’t know when I’m going to start making payments, getting payments. Wait a minute. Why don’t you just write it in the agreement that you don’t owe a payment, unless you’re getting a payment.

Mike: It’s kind of funny. Cause you know, most of my career has been. Pretty straightforward, kind of fundamental real estate investing, but I I’m a finance guy. My wife used to work on wall street as an investment banker. Like we’re fairly savvy in that regard, but we just, it’s just not what we were taught and not what we learned upfront.

And we just stuck to our guns. But if there was ever a time to be in the creative finance space and monetize those deals, you’re throwing away now is the time. And if you said like, you know, uh, whatever you can imagine. You can do, if somebody agrees with it, whatever terms you can come up with, like, you know, you don’t want to get [00:13:00] too crazy, but like you said, well, what if the terms are, and I have a few friends that are doing this, now you owner finance it to me and I’m going to pay you now in the event that, that it’s vacant.

I’m going to take all this burden on of trying to make sure it’s full because we’re both going to be bleeding, but I don’t pay you unless I get paid.

Eddie: Yeah. Most people that listen to this, they’re like, Yeah. Well, I listened to this guy say this, but the truth of the matter is I’ve made offers where they were going to owner finance all their equity and they wouldn’t agree to it.

Right? Well, two things, I would say way less than 50% of the time. Do I get them to owner finance all of their equity. Right, right. It’s more likely Mike, that we do a tweener. I get a private first. Or even the bank first, although I don’t get borrowed money from the bank, but, uh, you get a private first and the seller carries a second.

Hmm, yup. And then you in, depending on how much [00:14:00] money you give him, you can defer when you even start paying him, forget the interest. You don’t even make payments for three or four years, depending on how much money you give him up front. Right. Right. Right. So all of a sudden then you can accelerate paying down the first.

You see what I’m saying? And you start, you know, kind of blending it together and people say, well, all this stuff gives me a headache. I know sometimes doing stuff that gets you rich makes you think,

Mike: you mean getting rich. Isn’t an easy, you know, you gotta, the thing is, is you gotta, you gotta, you gotta sharpen your pencil a little bit and find ways to get creative now.

So, uh, I have, we have some notes that, uh, we’ve owned financed some rentals and we’ve got some sellers owner financed to us. I wish I had used that strategy way more. We, I was just talking to my wife, Lindsey, uh, after lunch here. And she said we have three payments left on a deal that, um, it was a little bit of a messy one because the woman owner finance it to us and then she died.

And then there was a bunch of problems with her, her airs and stuff like that, which we had to dredge through. And. But, [00:15:00] um, you know, it was an amazing deal. Like we bought a house with no money out of pocket and we funded the rehab. She owned it free and clear, and she said she didn’t need the money right away.

And she appreciated that she was going to get a return on that over over 10 years. And unfortunately she didn’t live for 10 years, but, um, it was a great deal for us and she believed it was a great deal for her. So there’s lots of opportunities out there. One thing that surprised me when you were, when we talked here, it was actually at our Christmas party about, I don’t remember you shared a number, but just how many of those landlords.

Um, yeah, so, and for them, you know, if they’re looking at it, because what they really wanted was mailbox money, but that’s not what they got when they bought a rental, they got a nightmare. But what they really could get is mailbox money. If you structure

Eddie: this right, have enough equity carry financing.

That’s what I’ve always said. Like this is a different customer than the 2008 customer. It was over leveraged. So yeah, uh, urban Institute who, you know who they are and we, we scrape a fair amount of data from them and they, uh, they’re the ones that, that went [00:16:00] through the whole waterfall. So there’s, um, call it 17 million houses, 17 million houses.

They own five houses, one to five houses. And they own it, their individual name. So they’re not, they don’t even, they’re not sophisticated enough to own it in an LLC or a Corp or anything like that. They’re not my cam bright. Okay. And, um, three quarters of them self manage. 60% of them paid cash. That’s a crazy number.

Yeah. I wouldn’t have bet that in a million years, in fact, you and I have some mutual friends that have excessive experience in the turnkey space and, and they said, show, send me that data set of this data over there. Like, Oh my God. Yeah, I can’t believe that’s true. And I’m like, I know it’s, it’s just data.

I

Mike: think it’s so cheap. [00:17:00] Why would they pay cash? You know, but I’ll be honest. I’m the same way. I have a ton of equity in my rentals. I know I could refinance them for cheaper, but I just, you know, it, this is going to sound crazy, but then I’ve got the burden of keeping that money busy. And I don’t, I just, you know, it’s just where I’m at in my business.

I just like, it’s one more thing on my plate that I don’t really want to deal with right now. But, um, yeah, or there’s a lot of people that inherit a house they grew up in or, you know, and it’s free and clear and they didn’t refinance it. They just said, well, I don’t really wanna sell it. Let’s just rent it out.

You know?

Eddie: The other thing is Mike don’t feel like terms deals have to be all free and clear. I mean, there is some percentage of deals that we carve up for students, of course, the free and clear, but, but way more than 50% have some debt. Yes, you can do a sub two. But then there’s other ways to structure where you even pay off the existing mortgage and you don’t have to do it sub to sub two can work, but I will tell you that I’m real structured in sub two deals that I help students do.

And [00:18:00] it’s got to the stars have to align incorrectly. Yeah.

Mike: So let’s talk about who bought because a lot of people think, well, Rates are really low. Why would somebody buy on terms and probably pay? You know, I know your rates differ all over the board. Most of my owner finance terms are, are 9.9, 9%, right?

Under the 10% threshold, I have a lot of kind of C grade properties. Are there, you know, a little bit lower in properties that we’ve owned or finance. I know that’s not your model per se, but who buys on terms and who needs to pay a higher rate and can’t get qualified. For a 

Eddie: the idea is I have found that I can buy a far more superior property than the typical seller financer.

And the reason I do is one simple reason. My blended interest that I pay when I’m buying is, is below market conditions. Okay. So I can control the property with inordinately. Good [00:19:00] financing. You’re your buddies in the apartment and the, in the storage facility business would call that your capital stack.

Right? So, so I’ve used a, kind of a wall street concept to pursue this. So I buy under a good financing terms. And so when I sell, I’m selling a little better house that the customer’s not going to pay 9.9% interest. Right, right. But let me just tell you something. Um, and non QM loan rate today is about 7%.

Hmm. Non-qualified mortgage loan. Now, by the way, they almost became non-existent in the beginning of the pandemic and they’ve come back a little bit, but not excessively. One third of all loan originations for the last many years has been a non QM loan. So not everybody qualifies for Fannie and Freddie.

Mike: Yeah. That’s interesting. A third. I wouldn’t have guessed that.

Eddie: Here’s what’s happened, the mortgage industry [00:20:00] coming in and they called it the mortgage credit availabilities, the mortgage banker thing. You can Google it. And so you can look at this graph and it just, and it’s the, uh, it’s the percentage of people that are, that they now will underwrite for a conventional mortgage.

So what everybody goes well, that can’t be true. The mortgages were crazy last year. Hey, hell yeah. They refinanced a bunch of perfect people. 70% of the loans they were making were refiled. Hmm. Wow. So the, the, the, the loan production business, if you were just looking at new purchases, it was not what people thought it was.

Yeah. And, and so, and, and the mortgage credit availability meant that they were financing. Perfect people. I don’t know about you, but I’ve got good credit. I know you have good credit, but I own eight different companies. Yeah, I’m going to refi my personal home and I’ve got good credit and I will about 35% of what my house is worth.

No kidding. I’m going to do a Fannie Mae [00:21:00] refi. They like, uh, uh, we can’t do this. You’re like, what are you crazy? So understand th th th th like, they, they don’t like self-employed. Right. And they don’t like multiple company owners, self employed. Now I, I don’t know. I’m sure there was something quirky about our stuff, but I’ve talked to another other people.

I mean, listen, I wouldn’t be a substantial credit risk if I own 35% of my house and I have an 800 credit score.

Mike: Yeah. But that ain’t, they’ll lend to somebody all day long. Not to take anything away from anybody. That’s like a assistant manager at a local fast food restaurant. That’s had their job for a few months and you know, could lose it tomorrow.

Right.

Eddie: But, but yes, but here’s the truth. The average credit score for a conventional mortgage today is, you know, like seven 80. Hmm. Wow. And, and the average down payment for a conventional mortgage is 19% down. Wow. Okay. Let’s see Pete. That’s what [00:22:00] you get. You can, you can like Ellie Mae is a good resource.

I’m not telling you guys to go do all this research. You want me to go do it? Cause I’m still going to go do it. But, but these are like national sources that tell you what the real stats are. And it’s not generally what people think that it is. So all that means Mike is this. I call the guy that needs seller financing, a penalty box buyer.

He’s a good guy. He’s just not bankable and what’s bankable today is excessively tougher than what was bankable a year ago. So what, what do I serve as if I’m going to sell or finance somebody on the resale? I’m that outlet that provides financing for him to have home ownership. So we then have to be a tenant, right?

Right. Yup. Yup. Wait a minute. If I can get 20% down, Mike, doesn’t that? Give me upfront money. Of course. Exactly.

Mike: Yeah. Yeah. And the cool [00:23:00] thing is, is the money that’s in the financing over time. It just adds up so fast. You all know, even with a cheap mortgage, if you were to truly finance your house and pay it off, even at, you know, 5% over 30 years, you’re paying probably two and a half, three times what you really paid for the house, just because of all the interest.

So what that, what that adds is a lot of meat on the bones for us as real estate investors, to be able to play with the deal. Right.

Eddie: You know, I came up because that started a long time ago. Right? 1980. I came up in the business under a little different culture. And so there’s sort of a culture today of a little bit of, you know, microwave.

I want it now. I want it all now. And that kind of thing and stuff. And I come up in the business where my father-in-law said, if your net worth is not growing faster than your income, you’re going in the wrong direction. And that all sounds kind of silly and old school and old fashion. Until you wake up and realize that you could do a deal that could pay [00:24:00] you for 20 or 30 years in the future.

And you just do that 10 times a year. And now you got some, yeah, no

Mike: doubt, no doubt. And the, and the truth is, is there’s a lot of real estate investors that probably a lot of you listen to this right now that have deals. You could use creative financing techniques with build your net worth, build your CA your cashflow.

And right now you’re saying, ah, they wouldn’t take our offer. Close the lead. Right. We’re throwing it away. And this isn’t a, this helps offset your marketing costs because right now you can, you know, you’re not monetizing as many as you could. If you get a little creative,

Eddie: there’s a smart young man. That’s, that’s in your mastermind.

And we were visiting outside. Nice young man. And we were visiting outside, uh, at one of your meetings and I was there and, and he goes, you know, Eddie, I’ve listened to you and I’ve tried some of that, but he said, they just won’t take my offers. And I kind of had a long pause and I looked at him and I said, do you think you’re saying it the right way?

[00:25:00] Mike: Yeah, we do have a lot of preconceived notions. Right. You know, what’s interesting to me is even, even a lot of people that are in my, in my mastermind or in my circle of people that I know that, um, have only been in the business for two or three years. Maybe, and they’re crushing it by, in 50, a hundred houses a year.

And then you’ve got some old dogs that we know that have been doing this for a couple of decades and they just stopped. Like this just doesn’t work anymore. And you’re like, well, You did you, is it not work anymore or are you not innovating and trying to find a way, are you getting into your head? Right.

Because a lot of new people have come up and they’re crushing it and they don’t have all these preconceived notions. I, once I, one time I was that guy in 2008, everybody had some skeletons in the closet, bad habits, preconceived notions. And we came in and didn’t know anything and we cleaned up, you know, and I think there’s a lot to be said there about.

How you can keep your head clear of these preconceived notions of that doesn’t work anymore and say, well, it does work. Just how do you, how do you pivot a little,

Eddie: listen, I’m a [00:26:00] specialist. I don’t know a 50th about buying houses, you know, seriously. Right. I understand lots of concepts, but you understand some excessively deep things.

Right. So I’ve always been the creative finance guy that helped the real estate investor. That’s kind of been the, the role that I’ve taken on since at least 1990. And I taught this is what I understand and I have, and I’ve started realizing that. You know, when we go through processes and show people, case studies and show them this way, and you could structure it this way and you could do this and you can do that.

And then inevitably they leave there and you’ve been to a class and I’ve seen, you’ve seen that whole thing unfold. They’re like, gosh, there was, there just were things there that were right in front of my face. I just didn’t see it. And listen, I’ve spent 40 years studying this stuff. Of course, I’m supposed to find stuff that other people wouldn’t find.

Yeah. It’s what you [00:27:00] do in your space. Absolutely.

Mike: Absolutely. So, uh, guys, I want to tell you just a moment. Uh, we’ve got Eddie, he’s doing some webinars and he’s got a book on buying on terms. It’s free. We’re gonna talk about that in just a second. Hey, would you mind just before we kind of close this down, you’ve been a member of investor fuel.

You’ve known me for a long time. Would you mind just kind of sharing, giving a little testimonial of your experience as a part of the investor fuel family?

Eddie: You know, I’ve known Mike, I’ve known you for years, but what I will tell you is this, you have a very loyal audience that all see you as an excessive Go-Giver.

You did things that the, the, the affection that your audience has for you for, for what you do for them. And you just are a giving person, um, you, by the way, you give some of the coolest gifts I’ve ever seen really seriously, but just, but just, I would just say if, if, if environment makes a difference, if you are in part of, if, if, if you w if you’re looking for an [00:28:00] environment, And you’re looking for an environment of people that have from the leader down that have a mentality of, of giving and sharing and, and not taking that’s what I’ve experienced.

Mike: That’s great. I appreciate that Eddie, by the way, we have our events next week and we’ve got a cool gift to give you out there. So you’ll see. It’s fun. It’s fun to do this stuff. You know, we just think of like, what’s something cool we can give out. So anyway, well, Hey Eddie, I appreciate you being here. So guys, Eddie, Eddie has a book.

It’s a buying on terms and the URL was kind of long. So we created a new one for you. Um, and he’s got, uh, some, some web classes coming up to where he teaches us in more detail than what we’re able to do here. Totally free. He’s got a bunch of them are coming up. You want to make sure you sign up for them though.

It’s in the link. I’m going to go ahead and give it out. Eddie it’s flipnerd.com/buying on terms. All one word. So flipping her.com/buying on terms. Can I check that and go guys, go check that out. And Eddie, what will folks learn there? In your web class?

Eddie: Well, first of all, the book is about, I believe it’s six [00:29:00] chapters.

So it gives you like five D has an intro chapter, and then it gives you five different scenarios. So you start realizing you don’t have to do this with just free and clear. They don’t have to carry all the financing you can do. You can take over an existing mortgage, there’s all kinds of other things. It starts opening your mind up.

So what I’d love for you to do, if you were. The good student is to go get the book and seriously, it’s 50 pages. Just sit down and focus on it and read it. It’s worth it. It can make a lot of money if you do it right. And then, then you’re going to get invited to a class and at the class, then we’re going to start just taking these concepts and start applying them to deals.

And obviously this is what note school is. We’re just trying to take you up so that a deal makes sense. And you, you know, uh, you you’ve been there and hung out with us and I’m grateful for you doing that. And, and you, you know, the deal we like teaching with case studies. Yep. And they resonate with people.

You can see it. It makes sense.

[00:30:00] Mike: You can put a deal, we’re all deal architects. It’s just putting it together a different way than probably what a lot of you listening to this are used to doing, but you’ll get it when you see it. Right. So it’s it. Yeah. Awesome. So that again, that’s flipnerd.com/buying on terms.

Go check that out and you’ll get access. So Eddie appreciate you a bunch. Always good to see you. My friend, excited to spend a few days with you here in just a couple more days. So everybody, I hope you got some value today. The opportunity has never been better for us as real estate investors take advantage of this kind of perfect storm that’s happening, massive default rates.

We don’t wish these things on anybody. The truth is, is for several years, I’ve been telling people that I’m building up and preparing for the next, uh, the next market cycle. And we’re pretty close one way or another. The opportunity is here. Whether it’s the virus or certainly that played a role. There’s a lot of defaulting going on right now and that’s going to unwind.

One way or another. So you have a lot of opportunity to help people serve people and benefit in the process, which is, which is amazing. So make sure you check that out. Uh, appreciate you [00:31:00] guys joining us for the show today. We’ll see you on the next day. Okay.

Mike: Are you an active real estate investor? If so, and you want to latch onto the power of surrounding yourself with over a hundred of the nation’s leading real estate investors. All committed to building stronger businesses and living richer fuller lives. You should jump on a call with us to learn more about Investor Fuel, simply visit investorfuel.com to get started.