The Truth About Short Sales: Expert Insights from David Randolph

Mike Hambright (00:00.92)
Hey everybody, welcome back to the show. We’re gonna be talking about short sales today with David Randolph. He’s an expert on the short sale market and I know what short sales are, but we’ve been talking a little bit ahead of time and there’s some things that I didn’t know that he shared with me. And if you think you know what they are too, I think you’re gonna learn a couple of things today. And we’re gonna also talk about what’s going on in the market. Like how common are these today? I didn’t think they were that common right now and that’s wrong. So David’s gonna share that today. So David, thanks for joining me.

TheDavidRandolph.com (00:26.384)
Hey, I’m really glad to be here, Mike.

Mike Hambright (00:28.11)
Yeah, excited to talk short sales. It’s one of those subjects that comes and goes. It seems to kind of be a little more prevalent during down markets. When I started in 2008, they were everywhere. And of course, every realtor in town overnight became a short sale expert. But we all know that’s not the case. Or wasn’t the truth, at least. But I’m excited to talk about this today. Before we get started, maybe tell us your background, a little bit about your background and how you became an expert in short sales.

TheDavidRandolph.com (00:54.776)
Yeah, no, I’d be glad to tell you about what I’ve done in real estate. I started back in 2009, and yeah, was the wild cowboy days back then. They’re foreclosing left and right. The only problem was I’ve been doing it for 15 years now, so nobody sent me the memo to quit. So I kept doing them, and now I’ve gotten really good at it. But that’s when I started, my wife and I started together.

Mike Hambright (01:11.534)
Yeah.

TheDavidRandolph.com (01:17.878)
And basically, I’m a rehabber. I rehab five to 10 houses a year. I’m not a big, super syndicated type.

you know, company or a bunch of funding or something. Everything I do is with my own funds. And so I do rehab like 10 houses a year. One of the claims to fame that I really like about that side of me and my experience is that all my houses that are renovated and put on the MLS for sale, all those here in St. Louis, Missouri, which is where I live, under $265,000 or less, those have all sold in seven days or less, at list price or

higher for 15 years now. They’re drop dead gorgeous. It’s totally amazing. Now that’s not that exciting because I’m making 50 to $150,000 gross profit on each house. That’s the exciting part. You know, these are just $250,000 houses, Mike. And so the part is, know, how do you do that? You know, it’s not selling them fast. It’s how do you make that kind? Well, that method of buying is short sale. So for 15 years, I’ve been working

Mike Hambright (02:16.014)
Yeah.

TheDavidRandolph.com (02:24.824)
with homeowners. These are not on the MLS. It’s not with a real estate agent. These are helping a homeowner out and then negotiating directly with the bank. That’s what I do is I am the buyer and the negotiator on the short sale with the bank. So that’s how I bought my houses over the years. I also moved into another business model that I have called hard money lending. Okay, so I am a hard money lender. I’ve got about three and a half million dollars in cash in my IRAs just laying around

And so I didn’t know what to do with it. So I became a hard money lender So I do lend it out but my heart’s to help the new rehabbers out there Not really for your experience people here Mike you you guys are top-notch, know, and they got money You know wherever they need it, but my heart’s to help that little guy get started So I give them the money to buy it to fix it the points the monthly interest payments all the money They pay it back when they sell the house give my contractors material supplier skew numbers goes on for like two more pay

I want them to be successful. That’s a business model. The other business I have is I’ve been teaching people for five years now how to do short sales. And that’s really the exciting part and the things that I like to talk about here, is how can you as investor, new or sophisticated, be able to do short sales in this market? What does that look like? And so I try and help people all across this country. Mike, it is a federal process. A lot of people don’t understand that.

Short sale is identical all across the country. Someone might say, but Dave, what about judicial and non-judicial states? I’m like, yeah, well, that’s fine. That only affects your marketing. It does not affect the actual bank negotiation. So a lot of people don’t understand that. Like example, Missouri, Texas, Georgia, it’s like 21 days till foreclosure. Like you got to move fast. In Florida and Illinois, judicial states,

then there it’s much longer. So in Missouri, I send my letters every three days. In Florida and Illinois, I’d send my letters like every three weeks. That’s all that changes in a short sale process. anyway, to wrap that up on my background, yeah, I’ve been teaching people now for five years and I’ve got students all across this country doing short sales right now.

Mike Hambright (04:45.484)
Yeah, and I’ve, I’ve known in my mind, I knew it short sales were for a long time. I know we’re gonna talk about some stuff today that I didn’t know is new to me. And so I think a lot of people that are listening right now are gonna hear a few things they haven’t heard before. There’s obviously been some things that have happened in the market where you know, some know that some folks have gotten into trouble, and there’s a right way and a wrong way to do this. So we’re going to talk about the right way today. Of course, everybody should do their own homework as well. So maybe you could just start off by telling us because I think your definition is different than what I what I would typically think is

What is a short sale? Just start off with that.

TheDavidRandolph.com (05:16.836)
Well, you know, if you ask 10 real estate investors that question, what is a short sale, they’d all would give pretty much back this exact same answer. Even your sophisticated investors, I’m sure are thinking right now that they’re saying the short sale is, hey, it’s when you owe more than what it’s worth, right? That’s the typical definition. The homeowner has a loan on the house and they owe too much money on it they can’t pay it off if they try to sell their house. Well, that is actually,

That’s dead wrong, Mike. Here’s the definition. It’s going to blow your mind. OK, the definition of a short sale is you miss one house payment. That’s the real definition. And here’s why. It’s because you cannot do one. You cannot do a short sale unless you have missed one payment. So for me, as the short sale expert, short sale entrepreneur investor, I am seeking and looking for someone who’s missed a house payment.

I can then do a short sale on that. Now you’re to go, whoa, hold on Dave, what about equity and all these other kinds of factors? Look, totally irrelevant, Mike, totally irrelevant. Equity is in the eye of the beholder, is it not? Okay. Right. And let me back it up with statistics. So my background is engineering, by the way. And so I’m a data junkie nerd. And so I’m just going to quote Black Knight, which was bought out by ICE. That’s a you know, mortgage, you know, statistical type company.

And they did this 30 year study all across America for 30 years, all those foreclosures. They studied them and they took all the homes, Mike, with 40 % equity, 40%. They could have snapped their fingers and sold it on the MLS easily. But what happened instead was one third, 30 % went to foreclosure anyway. Mike, that is your short seal. That’s our definition. You need to be there to help that family out. You need to help…

be there to help them be able to save their credit and pick their life back up. That’s a short sale. It’s not related to equity.

Mike Hambright (07:18.562)
Yeah, so is a short sale these days, I because you’ve just said something that like I’ve always associated with, if you would have asked me for a definition, said, I would say it’s a bank that is willing to accept a payoff that’s less than the value of the loan, but that’s not what you just said. So I think another myth that I thought was true, which I think you told me upfront was not, so let’s talk about it, is that there’s less foreclosure activity going on.

right now because people have so much equity in their homes, they could just put it on the MLS and sell it. But that doesn’t mean there’s not distressed people. tell us a little bit about what’s really going on these days, like in terms of for, I mean, short sale activity.

TheDavidRandolph.com (07:56.4)
Yeah, well, what you just said was actually wrong, Mike. Sorry to say that to the host of the podcast, but that’s not… Right, the equity’s got nothing to do with why there’s no short sales. Here’s the reason why there’s not short sales. And I have this verified from bank contacts. So if you go back to March of 2020, you remember that thing called COVID and there was that disease thing, and then there was that CARES Act thing, and then that moratorium thing.

Mike Hambright (07:59.502)
Yeah, that’s why that’s why someone brought it up. That’s why I want to bring it up.

TheDavidRandolph.com (08:23.216)
And basically we had homeowners didn’t have to make their any of monthly payments. OK, because everything was shut down for 18 months, no house payments. Well, at that time, in June of 2020, I started getting LinkedIn messages from attorneys, from foreclosing attorneys. OK, and they’re saying, hey, Dave, would you show me how to do real estate? And I’m like, oh, you’re the bad guy. What do you What do you? And I said, no, no, Dave, they fired my butt. I’ll be I’ll be safe on the pot.

They fired my butt, okay? I don’t have a job and I want to get into real estate. I’ve always heard about it. So anyway, the point is all these attorneys across the nation were laid off because law firms, they’re cheap. Now I can say it, my son’s an attorney. Law firms are cheap. They laid them all off. So now we lost all of our foreclosing attorneys. Now come along and take that with the situation that you had people that were coming in, like in the political situation with being able to

not have to foreclose on them. And so what happened was you had people that got laid off so they didn’t have anybody there to do the mass title waiver foreclosures. There weren’t enough attorneys. Now every month, they have increased since the moratorium ended. Every month, roughly every month, so we went from nearly zero foreclosures increasing every month, but there were no attorneys to do it.

I have talked to the banks and they have said we’ve got a backlog of delinquent loans but we can’t get them processed because the banks don’t have the attorneys. That’s the reason why. So the banks have confirmed it from two banks I know internally that they say they’ve got all these people and it’s over two million by the way. It’s over two million delinquent loans in this country which by the way with the new elections and now we see data coming out the shadow number finally got released of six million okay.

Mike Hambright (10:18.045)
wow.

TheDavidRandolph.com (10:18.51)
Yeah, the shadow number, which I knew that to begin with, but the official number was 2 million. It’s actually 6 million. And so you’ve got a lot of people back there, but there was no way to actually do the foreclosures on it. So it didn’t have anything to do that they had equity in the property. You’ve got people not making their payment. If you had equity, what do you do? You sell your house and you take the equity and pay your loan off. Well, there’s 6 million people that haven’t done that. And there’s various reasons. There’s other reasons too.

Mike Hambright (10:35.959)
Yeah.

TheDavidRandolph.com (10:48.026)
you know, why this is happening. You know, a lot of people say, well, look, Dave, there aren’t any short sales, like you said, maybe because equity. Well, that’s not really relevant, you know, to the banks can’t foreclose if they wanted to. And the other one is they can refinance, right? So we’ll look at three. Well, you can’t refinance if the loan interest rate doubled. OK, so that’s now out. OK. And so then the other one, you know, there is if you don’t have a job, you can’t refinance either.

So these are all short-sale situations that are sitting out there under the radar because there are no attorneys to foreclose on. And that’s kind of very little deep hidden truth here that people don’t realize.

Mike Hambright (11:28.354)
Yeah. In your experience, David, are banks less willing to accept a short sale if they have more equity in the house? if they’re like, you know, it seems to me like it seems to me that banks have a little more cushion now because of people like I think they’re in the last downturn houses truly were upside down and they were just walking away because they could. So are banks more or less likely to accept a short sale when they

perceive that there’s more equity in the house.

TheDavidRandolph.com (11:59.226)
Well, okay, let’s just talk about the equity and the real equity that’s there. You’ve mentioned it several times. Let’s just look at the data. If you take all the loans of those 2 million loans, now there’s really 6 million, but the official statistics are 2 million. And if you take all the people that are what are called 90 days late or more, one third of those are at negative equity.

to begin with, okay? And that’s by the pure definition of, you know, owing more than what it’s worth. As you know, in any real estate transaction, you lose about 10%. If you look at that quantity of the 90-day lates, it’s about 60 % are truly no equity. So they don’t have any equity. So maybe 40 % might have equity. So don’t think of the broader market. Let’s look at the market of the homeowner that owns the house. Those houses are well known.

be 60 % underwater by your traditional definition. They have no option but to do a short sail.

Mike Hambright (13:00.814)
Okay, okay. And as compared to when you first started this, which was right around the time that I got started 2008, 2009, and there was a lot more foreclosure activity and a more, I think that you probably would know the numbers way better than me, but lot more, seemingly a lot more in default at that point or kind of during that last market cycle. The banks, I would assume, are more efficient now with being willing to process.

short sales and have better processes there. Is that true or not? mean, what’s the bank’s motivation? How does the bank’s motivation and I guess maybe process compare now to what it did during the last kind of downturn?

TheDavidRandolph.com (13:41.872)
Two things, the answer is no, they’re not more sophisticated. Well, the reason is because they weren’t doing any of them. So a couple things have happened. With the election year stuff that went on, there are many ways to stop the foreclosure date. So it was politically incorrect for them to foreclose. Because of all the way, like,

Mike Hambright (13:45.398)
Yeah, shocker. They need a little doge in their life, maybe.

TheDavidRandolph.com (14:10.768)
So each loan type is a little bit different. So when you kind of talk about the equity and things that can happen, look, I’m just going to tell you some secret numbers, okay? If the loan is a conventional loan, the bank will take very often between 45 and 55 % of the appraised value.

Why the heck is that Mike? Why don’t they take 100 %? They don’t Mike. That’s what people don’t understand. The banks are looking at something completely different than what we’re talking about. They’re looking at how many non-performing notes they have. They’re talking, we’re looking at fiat currency. There’s a lot of back door reasons that the banks are actually looking at. And good example is if you have too many, so I’ll do it this way. You take a homeowner, they stop making their payment. Okay. Now what happens is,

Well, let’s just talk about banking. You give the bank a dollar, okay? And they’re able to go out and lend $15. It’s called fiat currency. It’s the American system we live by. You give them a dollar, they give you a toaster oven, and the bank gets 15 bucks from the Federal Reserve and they lend it out. So what happens in a short sale, Mike, is that’s a non-performing note. That reverses. All that goes backwards upstream. That, say, $100,000 loan.

That means the bank’s got to take a million and half dollars off their books. They can’t lend out. They go crazy with that because that’s terrible because they want to lend this at car loans, auto loans, house loans at six, seven, eight percent. They can’t. They would much rather take, say, 50 grand so they can turn right around and lend out 750 to the general public. So don’t be thinking about equity. Don’t be thinking about praisals. Think about what the bank is looking at, why they accept.

Why would a conventional lender accept 45 to 55 % of the appraised value? It’s because they’ve got to get these loans off their books. If they get too many of them, the whole, you remember that Silicon Valley Bank thing some time back? You get too many of those, they get shut down. They get all their tools and kicked out of the sandbox. You don’t get to play in the sand anymore. They lose their license. And so that’s reasons why…

Mike Hambright (16:14.798)
you

TheDavidRandolph.com (16:19.758)
that they will accept much less than what you might think is equity on the house.

Mike Hambright (16:24.12)
Okay, and you just gave a quote there for conventional. So how about FHA? How does that compare?

TheDavidRandolph.com (16:30.244)
Well, I’ll tell you what, I do have to be super careful and always look up, you remember in New Jersey those drones and so we’re not live, are we Mike? We’re not live, right? Okay, good, because if we were, I don’t want to tell you this number because we could get zapped by the, you know, by the government or whoever’s got, so write this down, FHA is 88%. So they do this appraisal, okay, and they’re actually one of the very few, you know,

Mike Hambright (16:37.902)
you

We’re not live now.

Mike Hambright (16:46.124)
All right.

TheDavidRandolph.com (16:59.28)
loan types, FHA, Fannie Mae, VA, Freddie Mac, FHA is one of the few loan types that does a full appraisal on the property. The others do what’s called a broker price opinion, but FHA does a full appraisal and you think, well, they would want to get the appraisal value. No, they’ll take 88 % of that number. So right there, you got a 12 % kicker for you, just right there. Now, if you wait 30 days, it’s 86%. Wait another 30 days, it’s 84%. So write that down and duck.

Mike Hambright (17:27.928)
Yeah. So said another way you can get the best deals on conventional short sales is that.

TheDavidRandolph.com (17:28.368)
because we just gave something.

TheDavidRandolph.com (17:35.918)
Yeah, really, think so, yeah. mean, FHA is the toughest one. You’ll make the least profit from those because they are doing a full appraisal. That means that that guy’s being paid a lot of money to spend a lot of time to determine what the truest possible value is, okay, with it and stuff. But then you can do things like dispute it and then show the bank that that was a bad appraisal. So there’s a lot of steps in process. It’s actually quite fun to do a short sale.

with it. And so, you know, there’s a lot of ways you can then get that value down by showing that there are errors in that appraisal itself.

Mike Hambright (18:11.65)
Yeah, yeah. So when I in the past, I truthfully, I’ve done hundreds of deals. I don’t think I’ve done any short sales. Now that doesn’t mean we didn’t partner with an agent or somebody that was a short sale quote expert to go try to work a deal for us. And they just never made any of them work. So probably was user error just from being involved with the wrong people. But I believe there’s a lot of real estate investors that generally, I mean, I obviously you sell training for this and you help people with it as well.

that would rather just hand it off to somebody to kind of negotiate that for them, right? It could be an agent, it could be a short sale expert, it could be, or maybe they train somebody on their team. But I think historically most investors are trying to hand that off to somebody that can go do it on their behalf. So what are the different ways that people can do this? Should they learn how do it themselves or should they outsource that to somebody else that can kind of do it on their behalf?

TheDavidRandolph.com (19:02.766)
Well, yeah, I think there are a lot of what are called flat fee companies that will negotiate the short sale. And they’re all my friends, okay? There’s just not a lot of short sale people, so we’re all friends with each other. They just have a different business model. They get paid a flat fee. Some are $3,000, some are $5,000. The really good ones are maybe charging like $10,000. And so you pay them that flat fee, and that’s really great. But what happens is that they don’t have the motivation

to make the $150,000 profit on the house that I do when I’m negotiating it. So they’re going to come back to you much sooner and say, hey, here’s, just give you an example. There was a, there was a house, okay, where the loan was $204,000, okay? The bank initially came back at 196, okay? Now in a flat fee situation with most of those, you know, real estate agent or companies in a flat fee, either way, would have come back and said, well, Mike, you know, they’ll take 196,000.

you know, would you accept that? Are we done? Can I get my fee? Because I get my fee no matter how hard I work. Is that good enough for you, Mike? And they’re going to then push you into that. You’re going to maybe say yes. OK. And that was great because it was sold for $275. OK. So you might have been happy. OK. However, if you look at that address, OK, for me, 1 Torianne Drive, St. Peter’s, Missouri, go look it up. I bought it for $29,600.

Yeah, can you believe that? So I teach you to be the buyer and the negotiator because of that reason. Now, I tell, you know, lot of people come to me, they don’t want to learn what I teach them. So I say, great. You know, if you don’t, please at least take it to my friends at the flat fee company so that the family doesn’t go into foreclosure. Mike, have, we’re at work. Look, we’re doing this to help families. This is why my wife and I started doing this in 2009. How, we could have done anything in real estate, free and clear tax liens.

Mike Hambright (20:50.979)
Right.

TheDavidRandolph.com (20:58.519)
We wanted to help families out as a way to actually step in and help families. So if you’re not going to learn to do the short sale yourself and you’re not going to learn to make $150,000 and you don’t want to make profit on that and pay taxes on that, then at least give it to a company that can save them from foreclosure and stuff. they don’t make the kind of profit because they either don’t have the training that I’ve developed for myself over the years.

or they are working on a flat fee no matter how much work they do. So there’s two ways to do it. I’m specifically only teaching you to be the buy-in. Now, can you hire someone on your team to do that? Certainly you can on an internal company basis. mean, you need to be sitting on the beach while the people are working for you. That’s our concept, and that’s what I teach. Matter of fact, in the one-on-one coaching program, that’s exactly what it is, is I’m training the people that you hire.

Mike Hambright (21:31.128)
Yeah.

TheDavidRandolph.com (21:55.29)
you know, to be able to do that, okay, you know, for you. So you can definitely hire it out, but just you have to the right techniques to teach them all.

Mike Hambright (22:03.628)
Yeah, it reminds me of when people are asking for hiring somebody to help them with their taxes, I usually say, most CPAs are form filler outers and pretty much anybody can do that, but the tax strategists are the ones that are worth paying the most because they have a vested interest in helping you save the most. so whenever you have a CPA that talks about, well, we don’t want to do this in case we get audited. Like I don’t want to get audited, but I’ve kind of found the people that are like,

Well, if we get audited, here’s what we’re gonna say, this and that and this and that. And so they’re not afraid to get audited. I mean, I don’t want, we’ve been through an audit before. I don’t wanna go through that again, but you don’t want the folks that are so safe that they’re just trying to check the box, fill out the forms and not get the most, not work as hard for you as you would.

TheDavidRandolph.com (22:45.52)
Yeah. Well, and those those flat fee companies are about volume. OK, you know, they’ll do a thousand short sales.

That’s just ludicrous in my mind, okay? You’re just processing paperwork. You’re not really looking at strategies and techniques and systems. each one of the lenders has a different amount they accept, and there’s just different ways to do the short sale. There’s different ways to stop it. Right now, I can stop an FHA foreclosure, okay, and I call it postpone it, because stop’s not a real word. And so you can postpone that foreclosure just four days before the foreclosure date, okay?

system and a way to do that. On a Fannie Mae loan, if the homeowners loan is Fannie Mae, I can stop that just two days before the foreclosure date. And VA is even easier with a single phone call. I can stop a VA, postpone a VA foreclosure the day before on VA. And so there’s a lot of different techniques out there that you need to be aware of, you know, to do that because, you you don’t want, you have to stop the foreclosure in order to do the short sale. So a lot of people kind of misunderstand that.

21 days in Texas, okay, well can’t do a short sale in 21 days. No, no, you’re stopping the foreclosure date. You’re postponing the foreclosure date and then you are doing the short sale paperwork and process over time.

Mike Hambright (24:07.252)
Yeah, yeah, that’s awesome. Well, I want to do want to talk about like, how do you find short sales? So, you know, we, historically, we do a lot of outbound Legion, and they just get caught in the net, right? They’re like, well, I’m behind on payments and stuff like that. But I know you have a way to kind of focus on finding those directly. So maybe you can you share a couple nuggets with us?

TheDavidRandolph.com (24:31.024)
Yeah, sure. mean, the easy, low-hanging fruit is that the foreclosure process, you know, is basically required by law to…

post the legal description in the county legal newspaper in all 4300 counties in the United States. So every single one of them has to post in the county legal newspaper. So I teach my members to go to the internet version of the county legal newspaper and get it there right there and then and mail your letter at five o’clock that day. Okay. And so you’re going to beat out all the other companies and people and stuff.

that are doing it on some other system that’s down the line. When this is, look, these are called public notices. Okay, you’re not looking under legal notice, it’s a public notice. Why? Because a foreclosure is an outcry at the courthouse steps. You want as many people to come to the steps to bid the price of the loan way up, so it has to be a public notice. You have to tell people to show up. So I teach you where and how to get that internet site and how to get the data and process that data.

to mail them. Mike, I do that too. I teach direct mail. To me, it’s as old as death and taxes. Okay, direct mail. You can pay somebody to do it. Now, can you do Bandit signs and SEO and EEEA, DDD and all these other letters out there with Mark? Certainly you can, but it’s really simple to pay someone to write letters to the homeowner. So that’s the base level, easy, low-hanging fruit way to do short sales.

Mike Hambright (26:10.358)
Yeah, that’s awesome. That’s awesome. Good stuff. So David, I know you teach a lot people how to do this. If they wanted to learn more about what what you teach and see some of your content like where can they go?

TheDavidRandolph.com (26:19.15)
Well, I have a website that’s called the David Randolph dot com and that’s because somebody took David Randolph dot com and I was heartbroken and someone said, wait a minute, aren’t you the David? Yeah. Hey, go dad. Give me the David Randolph dot com so they can go there and they get some information. Here’s the easier way, though, if they just text the word intro.

Mike Hambright (26:25.503)
Yeah.

Mike Hambright (26:31.69)
Yeah.

TheDavidRandolph.com (26:41.172)
I-N-T-R-O, intro, to my cell phone number. Every month, Mike, I do a free two-hour workshop on short sales. So they would just text intro to 636-685-2990. And just get in on that free workshop and learn about short sales. Find out if it’s really what you want to do. You have to have a heart.

to help families, you’re have to be able to pay a lot of taxes, okay, because you’re going to make a lot of money at it and stuff. And so I’ve got students all across the United States, and that’s probably the best thing for people to do and make that decision if they want to go further with it. You know, they can, you know, get, you know, communicate, you know, directly with me on my website too. So probably the two best ways to do that.

Mike Hambright (27:32.832)
Awesome, we’ll add those down below in the show notes, so guys check them out. So David, thanks so much for your time today and for sharing some insights on short sales with us.

TheDavidRandolph.com (27:40.132)
Yeah, Mike, I appreciate what you do here for everybody too. You’re gathering people in the industry that has stuff here and stuff there. So everybody out there has got a little piece that may be something that will be useful in their business. And that’s what it is about becoming a better real estate investor is taking and working with other people and their ideas. We don’t need to reinvent the wheel. All we need to do is work together and share what we know and take pieces that fit in with our business model.

Mike Hambright (28:06.028)
Absolutely, absolutely. So thanks again for sharing your insights with us today. Everybody hope you got some good insights from today. Go learn more about David and what he’s doing with short sales. You can add that to your business or I guess you could focus on that just alone if that’s what you want to do. So there’s always an opportunity. I mean, it’s unfortunate there’s a lot of people in America that are living paycheck to paycheck and not financially free like a lot of us want to be. They don’t have the mindset of the real estate investor that’s willing to hustle or do whatever it takes or maybe they just can’t.

TheDavidRandolph.com (28:09.252)
Thank you.

Mike Hambright (28:34.764)
make it happen. So I you to have an opportunity to help serve those people and make a respectable profit in the process. So, appreciate you guys joining us on today’s show and we’ll see you on the next one.