
Show Summary
In this episode of the Real Estate Pros podcast, Boo Maddox shares his journey in real estate, discussing his family’s influence and his successful career in Salt Lake City. He highlights the current market trends, emphasizing the demand for new construction due to a housing shortage. Boo also outlines his vision for the future, focusing on investment strategies and the importance of understanding market dynamics. He discusses building a successful real estate team and the unique aspects of the Utah market, providing valuable insights for investors.
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Investor Fuel Show Transcript:
Michael Stansbury (00:05.688)
Welcome back to the Real Estate Pros podcast. I have with me today Boo Maddox out of Salt Lake City, Utah. Boo, how are you, sir?
Boo Maddox (00:19.342)
Doing well sir, how are you? We got past the technical difficulties, but we’re here.
Michael Stansbury (00:23.032)
Yes, sometimes you just gotta roll with it, figure it out, and we did that. Folks, thanks for again joining in. This is the Real Estate Pros podcast brought to you by Investor Fuel. help real estate investors, service providers, and real estate entrepreneurs, 2 to 5X their businesses to allow them to build businesses they’ve always wanted and live the lives that they’ve always dreamed of. Boom Manix.
Tell me a little bit about your origin story in real estate over there in Salt Lake City. Why picked real estate as an occupation? How did that begin? Tell us.
Boo Maddox (00:57.44)
I wish I had a better origin story. It started at a young age. This is the only thing that I’ve ever known. My dad, when I was born, he was bagging groceries at Macy’s, worked his way up to being the night shift manager. My grandma at the time, my mom’s mom, was a escrow officer and said, hey, I think you got the makings to be a really, really good title marketer.
And so he went into that and then after doing that for a couple of years, this is back in the day, Mike, where you still were hand delivering checks to different agents and builders and developers when a deal closed. He dropped a check off on a developer’s doorstep and he peeked at it before and he said, that’s more than I make in a year. And he handed it to the developer and the developer said, thanks. And threw it in the desk. And at that point he’s like, okay, I got to figure out what these guys are doing. So that, that started him down the course of being an agent. Then it got him to being a developer. And now he runs the biggest builder here in the state.
And so I was raised around it. I don’t know anything different. This is the only thing I’ve ever known. I tried to go to college. I enrolled three separate times thinking I’m not going to be in the family business. And then at the time I was a loan officer and it was the first month that I closed a million dollars. And I looked at my paycheck and I said, you know what? I might not love this, but I like this a lot. So did mortgage lending for three years at the age of 21 until I was 24. And then I switched over to selling for the home builder that he worked for. While I was there, I averaged 94 transactions a year.
You don’t get to be selling 94 houses a year. My biggest year ever was 204 transactions. And what I realized is that I could make a name for myself by working with investors. And so I would say probably about 20 to 30 % of those sales were to owner occupied. But the large majority of the units that I was moving was to investors that were both here locally, mom and pop investors buying something for the first time. And I eventually ended up working and helping a couple of these bigger hedge funds out of back East come in and purchase.
one of the purchases was about 25 single family homes in one of the communities. So for me, I’ve always loved the investment side of it. It was fantastic to work with them. And honestly, some of those years where I was making really, really good money, it was awesome to have those, some of those investment properties that I purchased myself to depreciate some of my income. So big fan of investment across the board. huh.
Michael Stansbury (03:05.238)
Yes, depreciation. Yes, that’s right. So if you’re do well in this industry, you gotta do well with the thinking through of how you protect yourself and buy those assets for depreciation. I love it that you’re, and I’m a big fan of nepotism. I’m a big fan. I have two sons and there’s nothing wrong with it. I think we grew up in this time where they were like, yeah, that’s not a good thing to do. And I’m like, wait a minute. If you grow up in an industry,
Boo Maddox (03:22.867)
Hey.
Michael Stansbury (03:33.342)
and you’re basically schooled by it. You’re schooled by watching your mom and your dad or whoever, you got family in the industry, who better to represent people and help people than somebody that’s been doing it since they were eight years old or something like that.
Boo Maddox (03:46.747)
Yeah, and I used to tell people when I was in there selling with them, I would tell them, hey, my first job here was not sitting in an office, sitting in a cushy model home and saying, hey, you should buy this house. My first job was digging sign holes in the front yard. Before that, I was moving furniture back in 2008 when the model home was the only thing that could sell. My dad would give me 10 bucks and a pizza and say, hey, need all the furniture moved across the neighborhood. And so for me, I was never going back. I’m a firm believer, though, Mike, that nepotism does one of two things to kids. It either completely royally screws them over
and they turn into deadbeats, bums, or they go my way and say, okay, I gotta sell 200 houses in one year for everybody to think I’m legit at this. There’s no in between with Nepo babies.
Michael Stansbury (04:16.215)
Right?
Michael Stansbury (04:24.104)
Yes, that’s right. I like hey you go you know what? Yeah, NEPO babies. It’s a it that is that that’s a really good way to look at it because your people’s eyes are on you Is he gonna be as good as his dad was or his mom was? And you know, is he gonna earn it? I’ll never forget To have a sports broadcasting analogy, but I don’t know if you a big baseball fan But there was an old broadcast for the st. Louis Cardinals name was Jack buck
Boo Maddox (04:36.838)
Uh-huh.
Michael Stansbury (04:50.368)
and his son Joe Buck who is the NFL guy and does all that. But people gave a hardest time, but Joe was just as good as his dad, if not better as a broadcaster. But then there was this other guy, Harry Carey had a son, and Harry Carey, he was not as good, not as good, just terrible. So I like your analogy, it makes sense.
Boo Maddox (05:10.439)
That’s what I’m saying. It either screws them up or it turns them into psychos who have to announce Sunday Night Football for 25 years in order to try to convince not even just everybody, but maybe themselves that they are actually as good as they think they are.
Michael Stansbury (05:21.772)
That’s right.
Yeah, it’s a good motivator. It’s a good motivator. So I think one of the things that’s interesting about you and what we talked about earlier in the pre-show, we have a pre-show folks, just to kind of tell you how the sausage is made, where we talk a little bit about things before the broadcast, but people invest in Salt Lake City. How are they investing? Why are they investing? What’s the hook now? And what is the product that is most attractive right now in your market?
Boo Maddox (05:51.642)
Yeah, so in our market, we’re seeing this massive push to new construction. Utah is one of those states where you have 90 something percent of interest rates that are locked under 4%. On top of that, Utah is also an interesting spot because we’re about 40,000 homes short for what our current demand is. And so the only way that we are going to be able to get those units is by new construction. And so you’ve seen a lot of these national home builders. You have my dad’s home builder that’s the number one in the state. You’ve seen all of these home builders kind of say, hey, we want to go and get a bite out of Utah because they
don’t have enough units, you have kids that are not moving out of the state, and you have a bunch of these big companies that are seeking tax relief and Utah is willing to grant it to them. And so you have this influx of people while you also have big families that don’t leave the marketplace. So like for example, I’m the oldest of six kids, every one of those six kids all live within 20 minutes of where they grew up. And so for a lot of people that are looking at Utah, that grew up here, they’re thinking these prices are too high.
when you have people that are coming in from San Francisco that are seven minutes away from Adobe and they’re paying 450 for a townhome, they’re thinking this is a steal. This is an absolute bargain. This is a discount compared to what they are used to in their marketplace. And so I push new construction really hard here. We have the number one real estate team here in the state. We push new construction really hard with any investors. Why? Because right now in this marketplace, new is cheaper than existing.
Michael Stansbury (07:19.032)
Wow, how does that even happen? So my natural bent is labor is very expensive, materials are very expensive, but the market is so hot in Salt Lake City, the houses that have been built since 1975 are more expensive than a… So apples and apples though. if I’m building a 4,000 square foot,
house in Salt Lake City, is it going to be less than a 4,000 square foot existing?
Boo Maddox (07:52.141)
Well, so if you’re, yeah, what we’re talking about might be two separate things, right? What you’re talking about is building a home for yourself and for your family. That might not necessarily be, because that’s a one-off. What I am talking about is the investment strategy of going after these builders, these production builders that have to hit numbers, otherwise shareholders start to yell at them. So these guys have come in and they’ve dropped and invested hundreds of millions of dollars into real estate. And in order, there’s a number that builders use. It’s a number called the hurdle rate.
Michael Stansbury (07:58.028)
Yes. Right. Yes.
Boo Maddox (08:20.994)
The hurdle rate is how many units do they have to sell every single month to make those stock shareholders happy? So what that means is that if you go get a unit from these builders that is two years old that is hitting the resale market, it might be listed at let’s call it 465 for easy math. The same builder is still in the community, still offering something brand new, still offering something that has a warranty on it. Their price is going to be probably 455 to 460. But on top of that,
For instance, the builder that I’m showing as soon as I’m done with this phone call is offering a fixed 499 % interest rate plus a 3 % concession to use to buy down your interest rate even further. Why are they doing that? Because they have to sell 12 units in that neighborhood every single month to keep their shareholders happy, where if I’m listing a two-year-old townhome from the same builder 15 doors down on a different street, I have to price it to sell one.
Michael Stansbury (08:55.298)
How about that?
Boo Maddox (09:14.017)
And so that’s where the strategy can really come in. If you can lock in an interest rate that is about one and a half to two points below what the average is right now, plus a 3 % concession that can do a two one buy down to get you at 2.99 in your first year, it gives you time, it gives you options, it gives you the chance for the unit to appreciate over those two years. And that’s why new is cheaper than existing right now in certain situations.
Michael Stansbury (09:39.832)
So, but you mentioned earlier that Utah the whole state of Utah is you said 97 % of the homeowners have a 4 % or lower interest rate on their home or 94 % yeah
Boo Maddox (09:46.784)
I think it’s 94%. Yeah, 94 % have a 4 % or lower rate locked in.
Michael Stansbury (09:52.78)
How about that? the culture in Salt Lake City is less transient than most places. You got people coming in, but you don’t have people going out, is what you’re saying.
Boo Maddox (10:02.312)
Yeah, that’s a big reason why these tech companies are relocating here is because we would people would graduate here. They would go out and do a three or four year contract with a Google with an Adobe with a company like that. And then they would move back home. And what they notice is these people are moving back home and taking less money to move back home and be close to everybody. And so they said, OK, that’s fine. We’ll move to. And so you have these tech companies that have come in. It really started about 10 years ago, I would say. And and now it’s
I feel like at least once every six months to a year, there’s another big name that’s announced something coming to Utah.
Michael Stansbury (10:39.276)
Well, because here’s what I know about Salt Lake City and I’ve only been there once, so this is not a very good, you know, I can’t really speak with any authority, but it’s very, here’s what I get, very family friendly and a lot of, so it was, when I came and visited, my wife and I, it was very, it was super clean and it was super family friendly. We went downtown, we looked at all, know, we basically just,
Just were amazed at how many families were around and doing things together and that didn’t happen necessarily in my town in Memphis Big families. Yeah. Yeah
Boo Maddox (11:14.856)
And big families too, Mike, big families. I remember going and visiting both of my parents are transplants from California. Whenever we’d go back out and visit them, they would look at us and they’d say, all of the kids yours? And I didn’t know what that meant at 13 years old, walking around with my five siblings. I didn’t know that we were weird in a Los Angeles or a San Francisco market. Here in Utah, I was the average. I was the norm. Six kids, five kids, seven kids, eight kids was very normal.
Michael Stansbury (11:26.381)
Yes.
Boo Maddox (11:40.222)
and they all stay here. So if you look at Utah’s growth, about 62 % is organic growth, 38 % is from out of state.
Michael Stansbury (11:40.992)
Right?
Michael Stansbury (11:48.588)
How about that? Yeah, I have a buddy of mine that’s got 12 kids and I’ve got four kids and he just looks at me and goes, man, that’s just a good start. That’s a good start. Four kids is a good start. warm, yeah, exactly. So with that being said, you mentioned you had six siblings. Are they also in real estate or what does everybody do? Where are you in the birth order by the way? Cause I’m always curious about that.
Boo Maddox (11:58.149)
Yeah, warm up season’s done. Time to really buckle down.
Boo Maddox (12:14.384)
Yeah, so I’m the oldest and I have two brothers below me and then three sisters. The other five all do something with the family business. I stepped away about a year and a half ago just to go do my own thing.
Michael Stansbury (12:27.713)
wow, okay. Alright, and you’re the oldest one. You’re the prodigal.
Boo Maddox (12:28.656)
So I’m the black sheep of the family.
Boo Maddox (12:33.948)
I’m the trouble child. I’m the one that was like, hey, this is a really good thing. I’m gonna go do my own thing for some reason.
Michael Stansbury (12:42.456)
Yeah, well, sometimes, hey, listen, that’s okay, but you grew up, you’re, I understand that a little bit, you’re still in the family business, you’re just not formally in the family business, so.
Boo Maddox (12:50.876)
Yeah, so we can still have the conversations, but it’s been nice to remove the family element just a little bit
Michael Stansbury (12:56.254)
Yeah, that’s good. And so being the older brother of six siblings, that had to teach you some leadership skills, right?
Boo Maddox (13:07.439)
I would hope so. I would hope so. I hope they’re a little bit better than they were when everyone was looking up to me then. But yeah, I would say that the leadership skills has really picked up. We started a team last year that had five agents on it when we opened this office. We’re now up to about 65 to 70 agents in just over a year. So it’s been really fun to flex some new muscles, I would say.
Michael Stansbury (13:09.388)
Yeah.
Michael Stansbury (13:24.664)
How about that? Yeah.
Michael Stansbury (13:30.934)
Well, so, Boo, where are you going? Where you feel like, so it sounds like you’re doing very, very well. You got investors and obviously you’re doing other residential real estate and you’ve got some investments yourself. What does your vision look like for the next two or three years? You seem like a guy that probably has it mapped out a little bit.
Boo Maddox (13:50.084)
Yeah, I like to think so, I, know, plans are funny. They change based on what happens. So for me, what I really want to do is start working with some of these smaller builders to help bring their product to the market. I think there’s a massive need for more builders in the state. have a bunch of nationals that kind of run the show here. I think we need some more local homegrown favor. And I think that that’s probably where my investment investing is going to go to. If you look at what has happened to the capital requirements for these builders over the last three years, as interest rates went up.
and demand went down, they are not able to bring on the amount of units that they want to. So for me, where I think there’s a massive play to be had right now is in, don’t even know if it’s debt raising, but helping raise funds to get these builders up and off the ground and taking some equity in a couple of their communities and just taking different pieces of the pie as we start to close stuff. I think that’s my investment strategy. I have enough units right now that are cash flowing. We bought them at a great time.
It’s, you saw when you buy investment properties here, you’re buying for the long term. You’re buying because you think that the market still has a long room, lot of room to climb. And so for me, it’s buy and hold more than anything here.
Michael Stansbury (15:03.362)
I was just talking to a lady recently and she was a New York real estate agent, had a boutique place. She’s been in the business for 25 years. I asked her, I said, what is real estate investing in New York like? And she said something like, very striking. She’s like, you know, people buy buildings over here, they don’t buy them for, they don’t, here’s what she goes, she goes, they don’t buy them for themselves and they don’t buy them for their children. They buy them for their grandchildren. I was like, wow. So they’re buying there for that longterm type.
Boo Maddox (15:20.121)
Hahaha
Michael Stansbury (15:32.216)
of investment. She said yes. She goes, I’ve done multiple trade restrictions. Yeah. It’s built different and it shocked me too because I was like, okay, all right. Well, that doesn’t compute with me, guess, logically only because it’s not my market. I don’t know how to do that. But again, it’s all about that other tier of wealth that they have that they’re thinking through that way.
Boo Maddox (15:34.914)
That’s a different level of wealth. That’s a different level of wealth there. Buying for your grandkids is built different.
Boo Maddox (15:58.711)
Well, I think that’s what makes real estate so beautiful. I think that’s what makes it so fascinating to me is that the reason people are buying in my marketplace, Mike, is entirely different than the reason they buy in yours. I tell every investor that I sit down with, let’s just partway as friends right now if your goal is cash flow. If your goal is cash flow, then I have other people across the United States and Alabama and Tennessee in totally different markets than what you’re going to be buying here in Utah because Utah you are buying for
depreciation and you’re buying for the appreciation of the asset. My opinion is that Utah is going to see somewhere between 5 to 10 % appreciation if not every year, every 18 months for probably the next 5 to 10 years, which to people like me that grew up here feels disgusting. Like I said earlier though, to people that are moving from Silicon Valley, they feel like they’re still buying at a discount. And so that’s what I think makes it so cool is that the reason somebody buys in New York is different than Memphis, is different than Salt Lake City.
Michael Stansbury (16:46.059)
Yes.
Michael Stansbury (16:53.226)
Yeah, yeah it does. Your perspective changes. I’ve been here for a while. You’ve been in Salt Lake City for a while, you know that area. We have FedEx as a hub for Memphis and so when a FedEx pilot comes from let’s say Denver or LA and they say, you know we’re gonna buy a house here, they are shell shocked at what they can buy for $750,000 because that will get you a mansion here. That will get you a really nice estate.
Boo Maddox (17:18.389)
Yeah, on some land. Yep, yep.
Michael Stansbury (17:21.054)
on some land with your chickens and all the things. they’re just, their mind is blown. And so with me, I’m like, that’s 750, that’s way too expensive for, know, I’ll never pay that. But again, you’re right. It’s about where’d you come from and where you going? And, you know, the economics change, you know, by where you’ve been located. So I get that.
Boo Maddox (17:45.557)
Well, I think that’s what bugs me about all these gurus. Every time I open up Instagram, there’s some new guru pitching some new strategy about how it’s free to invest in real estate. do this and you do that. it’s that works for a certain group. But I think that’s what I just as I’ve worked with investors from mom and pop investors to seasoned investors to these massive hedge funds that are coming in and writing checks for 18 million dollars worth of real estate. Pick your strategy. Figure out what your goals are. Figure out how involved you want to be like.
To me, my prototype client is somebody that wants to be largely uninvolved, do some of the property management themselves and play the long game. If that doesn’t sound good to you, then I would be hitting mic up and saying, okay, talk to me about cashflow, talk to me about what I can do just to plug into your services that make this very, very easy for me. But I think it has to start with identifying what your goals are. And for some reason, no guru ever leads with that.
Michael Stansbury (18:39.03)
No, they don’t. That doesn’t sell, right?
Boo Maddox (18:43.078)
It doesn’t sell. It doesn’t sell a course. It doesn’t sell the course for them. You know what I mean?
Michael Stansbury (18:47.928)
Right. And so especially at a place like Salt Lake City, which is very unique because I’m just absorbing those numbers as you kind of identified them because it sounds like a location. People that live there want to stay there. People that come to Memphis like, buddy, I’ve been here for 30 years. We’re going to, my wife and I are going to go to the Panhandle in about three to four years and that’s where we’re going to be located. But most people
And a lot of people in Memphis feel that way. It doesn’t seem like Salt Lake City is that way. It’s just like people like, hey, we leave here for a little bit, but we’re coming back because that’s our place. And so it is.
Boo Maddox (19:22.781)
Yeah, they do. also, sorry, I was just going to add, think the other, if you are looking at Salt Lake City, I think your move, what I’m going to start pushing investors to over the next three to five years is single family rentals. For some reason, there’s this belief in Utah that if you were going to a rental property, it’s attached housing of some sort, albeit condo or townhome. I think that there is a massive play to be had here on single families as rental properties, just as people continue to get priced out of the market. I think that there’s a massive pitch, a massive approach to single families because
There is very few single family rental properties here. And like you said, people move here, people grow up here and they don’t leave and they are going to need that as an option at some point.
Michael Stansbury (20:03.308)
Yep. So Boo, again, tell us a little bit about, are you involved in the brokerage at all? You have a 10 person team. What does that look like? What is y’all’s weekly, do you guys have a weekly huddle? What does the organization look like on a weekly basis, if you were to kind of give us a peek behind the curtain there?
Boo Maddox (20:25.445)
Yeah, I think one of the things that’s broken in real estate is you have too many agents that don’t do any transactions. The average real estate agent in Utah sold 2.2 homes last year. Across our 180 person team in four offices, had our average is somewhere between 8.5 to 9. So we train harder than any other team or brokerage in the state. We get more opportunities than any team or brokerage in the state. And so we I do mandatory office hours for all of my agents that are not selling more than four and a quarter every day from 10 to two.
And if that scares you away, then you’re going to hate me really, really quickly. So let’s just part way as friends now. But I think that there’s a lot. There’s too many real estate agents doing a disservice to their clients by saying, hey, I help investors. I help this. I help this. I help this. And they don’t know their head from their ass when it actually comes to selling real estate because they sell a house every seven months.
Michael Stansbury (21:14.2)
Yeah, that’s not gonna give you the knowledge and the depth that you need. So, Boof, sounds like to me that you’re a guy that you sit down and like, hey, I’m interested in real estate, I’m interested in real estate investing, and I love you’re just direct. Okay, one, two, three, if you don’t like this, hey, I don’t think I can help you, where we at? Sounds like a conversation that you’re having. I like the directness. It just, yeah.
Boo Maddox (21:33.328)
Yeah. I don’t sell people. I don’t sell people, Mike. That’s the reality of it. I’ll give you the facts and if this works, great. I will be the best option for you. If it doesn’t, then I will give you and point you in the right direction. Like I said, I think that’s what bugs me with these damn gurus is they’re trying to be everything to everybody and that’s impossible.
Michael Stansbury (21:52.29)
Right.
Michael Stansbury (21:56.096)
Right. Get me to realville very quickly. Well, Boo, as we talk through what’s going on in Salt Lake City in Utah, do you mainly do Salt Lake City, or is there any other markets that you guys dip your toe in over there in Utah?
Boo Maddox (22:14.807)
Yeah, so we cover all of Utah. have, we have, like I said, four or five offices across the state. So it doesn’t matter anywhere that you’re looking in Utah, we got you guys covered.
Michael Stansbury (22:25.602)
Okay, awesome. Well, Abu, how could, if somebody wanted to reach out to you, tell us what your handles are, where can people reach you out on the internet, where can we find you guys?
Boo Maddox (22:34.998)
Yeah, Instagram is going to be your best bet. am big fan of Instagram DMs. Boo underscore Maddox, M-A-D-D-O-X.
Michael Stansbury (22:43.32)
Okay. All right. And last question. Okay, boo. So where, I always ask this, where do you think the, is, actually this is not the last question, cause I’ll have a followup. We talked about earlier about the investing in Salt Lake City and new construction. When did that, when did that pivot happen? Is that a recent pivot?
And do you foresee a pivot is usually something that you can’t see. But you talked about earlier, like single-family rentals is gonna be probably a pivot that’s gonna happen. But is there anything that you, any other disruption that you’re like, I think this has got a good chance of happening? I always like to throw that out there. It’s kind of the Alex Jones in me to kind of figure out if people have a pulse on what’s going on out there.
Boo Maddox (23:33.388)
Yeah, so the first question really is the new construction investment strategy, at least here in Utah, here to stay. And my argument is going to be yes, because of that housing shortage that we talked about. And let’s provide just a little bit more context to this, because the 40,000 household shortage doesn’t sound like that much across the state. But what you need to understand is that a market like California to go from Sacramento to Los Angeles is a all day trip. It is a 12 to 14 hour day or 14 hour trip.
And so when we’re talking about markets, if California as a whole is 40,000 houses short, it’s very different than Utah. Utah, we’ve done a great job of bringing these people in. But if you look at where the population is centered, it’s all within about a 20 mile radius of where I’m sitting right now. So the majority of that household shortage, I would say about 75 to 80 percent exists within a 15 mile drive of a one epicenter. And so.
To me, with that shortage and with the interest rate statistic that we used earlier of 90 something percent of people being locked into a 4 % rate or lower, to me, very few of those houses will ever hit the market. So how are we going to solve our housing shortage here? It’s only through new construction. So where I think the pivot and where the play is right now is if you look at what’s happening with tariffs, and I know that no one has a crystal ball, but I do think that labor is going to get more expensive and I think materials are going to get more expensive.
So the question is, are these builders gonna take that on the chops or are they gonna raise prices? My argument is going to be that they’re gonna raise prices. And so if you’re buying in Utah for an appreciation play, how do you gain more appreciation? It’s by understanding what’s going to drive those prices up even higher. And so to me, think everybody that, that’s where I think that those massive appreciation numbers can come to play maybe even worse than what we would have already seen if it was just the housing shortage driving.
Michael Stansbury (25:23.96)
Well, Boo, that was great. It feels like you have your finger on the pulse of it, and I really appreciate that perspective. Boo, thank you for joining us today. I really appreciate you coming on. We just went over, hey, this is where you can find him on the Instagram handle. We’ll put that in the show notes as well. So if you’re going out to Utah, if you’re going out to Salt Lake City, go see my friend Boo. He’s gonna be direct with you, and so know what you want right away. Again,
It’s the Real Estate Pros podcast folks, like and subscribe. Thanks for joining us. We’ll talk to you later.
Boo Maddox (25:58.794)
We do okay?
Michael Stansbury (26:00.15)
We did great.