Why Real Estate Vs Bitcoin Is NOT Even Close

So the million dollar question is can you retire faster on real estate or bitcoin? And with all the craze over crypto, we're going to break down why we think real estate is the better investment and what Ken really thinks about crypto. This is a dicey woe today because there's gonna be a lots of activity on this, you know. So I always go back to, for a FIP we have bitcoin. I want to be clear on that we're not against it, but you know, I go back to the three things that all money or currency needs, and one is is it a store of value? I don't believe, so I think people would argue with me on that. Two is it a unit of account? And three is a medium of exchange? And I know that. You know, George Gavin did this great video. If you guys haven't looked at go check it out on his channel. He went down through Argentina with bitcoin and with gold and with cash, and he was trying to use bitcoin. And so I'm not against it at all, but at the moment it's not necessarily something that I would stake my future on. And and you know, I look at it kind of like a stock. I think even though people would probably upset with me for saying that, But that's how I see it. I see it as something that is you know, a lot of people pile on and and and it, and it grows in value based on the dollar being printed, and you know, all these all these different things are going on, and they're all valid. Don't get me wrong. But at the end of the day, what would I rather have? Would I rather have, you know, gold coins in my pocket, or would I rather have bitcoin? I'd rather have gold coins. I'd rather, you know, I'd rather be able to go to another country and exchange that for euros or or whatever, the pesos, whatever I want, even though I'm sure a lot of people would disagree with. Me there, Jerry, can you play clip one please. There's a reason why real estate has created more millionaires than any other asset class. Now with that said, I have bitcoin too, I have crypto as well. I think you should be in every single asset class. But to say that crypto is better than real estate from a holistic standpoint, I disagree. I really disagree. Maybe it might be better from an appreciation standpoint, where you're gonna be able to enjoy more appreciation over time, because bitcoin is more volatile, so you'll be able to enjoy a bit more appreciation, but at the same time you can get a lot of depreciation. It could absolutely lose value as well. And you don't get cash flow from crypto currency unless like you're hedging it or something like that, and that always goes up and down. It's not consistent income all the time. So I thought that was interesting because that is generally what we're looking at here. So let's start breaking down real estate versus bitcoin. So let's first look at the volatility. Well, it's all right. So so bitcoin, as we all know, is fluctuate quite a bit during the day, and real estate's basically pretty dumb, like it's long, there's lag periods. I think that you can get in and out of it quicker. Well, let me put this way. You can say, oh, bitcoin quicker, but but you're not gonna get you don't have to you don't have to do it on a you know, on a on an as needed basis quickly. In other words, you know, if you if real state prices are going up or you can you can exit. And it's not as liquid, of course, but it's certainly less volatile for sure. Yeah, and I think that what he said was interesting. So it isn't about appreciation because a lot of people are gonna look and they're gonna say, well, if I bought bitcoin in twenty twenty versus real estate in twenty twenty, I made more money with bitcoin. That's true if you sold in if you bought in twenty and twenty and you sold right now, you would make more money with bitcoin. But is that really a retirement strategy, because you know, even in the stock market, when you're getting into different stocks, there are ones that are more volatile, there's ones that are more stable, and you don't put your whore portfolio into the volatile ones. And certainly as you the older you get, they start to put you in more stable assets because what they don't want is a huge drop before you retire, because then you might not be able to retire. So if you're just looking at appreciation, you have to look beyond appreciation into more stability of the asset versus the fertility of the asset. Well, what does appreciation really mean? Doesn't mean just the price goes up, Because the thing about real estate is I always go back to will somebody lend against it, and you know, when you're looking at real estate, the bank takes it as collateral. And I understand with stocks and stuff you can do margins, but you know the banks you don't need all your money, and you know the banks will take because it's real assets as collateral. So real hard assets is always kind of That's going to be my theme for today is if you're going to do anything, diversify and hard assets and what are those. That's water, that's old, that's silver, that's oil, that's real estate. You know that that's timber. Those are real, tangible, real assets, and they're not as sexy as Nvidia or bitcoin or anything like that. And I think a lot of people use that arguments as you know, as they start to compare it. Now that it's over one hundred thousand, I get it, I completely get it. But what about when just a year ago. Well, and you know a lot of people are young right now they're like listening or they're really invested in bitcoin, and they're like, you're just a boomer, like this is the way the future. You know, these are this is the gold of the new generation. I was their. Age, I would be saying the same thing. I completely get it. You know, I'm I've got thirty forty years of wisdom on you, and you just don't see it. So that's okay. I'm not going to challenge you. If I was their age, i'd be doing bitcoin because guess what, they don't under stand real estate. Don't understand the tax advantages and the cash flow and the passive income. And we have friends that by the way, we're not against bitcoin, by the way, I think everyone should have some, but you know, to base your strategy on it, no, right, Yeah, we have friends. That have made a lot of money. Yeah I still are, yeah, absolutely, but they also lost a lot of money. People don't talk about that. What about all those coins and all these heat you know, what are those things called? Jerry to eat that the ETFs? So I don't know the coins all coins, but there's all kinds of these things. There are spin offs, right, and so nobody ever discusses that. Also that don't forget there's two banks that went down as a result of this, So you. Know, yeah, Jerry, can you play clip too please? Real estate prices are collapsing compared to bitcoin twenty ten. It took eight hundred and ninety seven thousand bitcoin to buy a three hundred fifty thousand dollars home. In twenty fifteen, it took eight hundred and seventeen bitcoin to buy that same three hundred fifty thousand dollars house. Today, it takes thirteen bitcoin to buy the same house. As this process continues, we're going to be looking at one bitcoin to buy a home than a half a bitcoin to buy home in the next cycle. What you're saying, Drew, is that you're looking at a two undred and fifty k bitcoin in twenty twenty five to twenty six. I'm feeling that way. Yeah, I like you. I'm feeling that way. Well, Ry and you love it when we it feels like yeah. Again, good points right, like you guys, gotta be careful here. Well, here's the thing though, is I agree with him. You know it really was. You know, bitcoin price is going up faster than the price of real estate. What you really can't Yeah, like everything, of course it is. But the end of the day, when he says, I'm feeling like it, and that's the problem is there's no real The one thing we know about real estate is there's more stability in it because people need housing. People don't need bitcoin. They have it. There's value in it because people say there's value at it, But there's value in housing because people need housing and they're always going to need housing. Got listen. I what people are saying, it's they're gonna keep next year's gold. Like it's not gold is gold. Gold is physical gold you could put in your pocket. And maybe it's like an et F which is gold. Uh an etf is is a derivative of gold, but it's that's the same. But there's way more ETFs than there is actual physical gold. So I I uh again, guys, I'm we're talking about, you know, stability here right, Like I understand it. These young these young guys that I'm sure they're but at the end of the day, this is about diversification. So you should have a piece of bitcoin like we do, some gold, some silver, some hard assets, some real estate, some stocks, some bonds. You know, this is about diversity because all of those have cycles, and you just want to make sure that you're not too heavily in. This is not an either or, it's a both. But of the two, I would much rather have real estate. And of course, right now, are we happy that bitcoin's going up, of course, but I'm I'm not gonna bank my future. On it, right and then you also have more control or thrill. You know, if you sell bitcoins you have a fairly big tax. I get that, But also the use. That's the thing for me. The use is if you're going to have you can't And I know there are people that will take it, but right now, it's not a medium of exchange. It's not a store of value. Period. It's just not it's just a it's just something that people are jumping on right now, and it's going to skyhig. I hope it goes to a million. I'm just telling you guys, like I hope all of you make a bunch your money in this, but it is completely speculation at this point. Well show how real estate gives you control. Well, for me, it gives me control because one the bank will lend against it, Two it cash flows. Three I get massive tax advantages from it. For I'm completely protected with insurance which the tenant pays for asset protection. There's just on and on and on and on and on. It's just you know, this is the tortoise in the hair story. That's what this is this is real estate is the tortoise. It literally is slow and steady, and and again it's not either or either. So I want to be I want to be clear. I'm not against bitcoin. I just think that real estate is a far better, far better. So can you talk about cash flow and retirement? Sure? Well, think about what what you guys want. This is the same story, rinse a repeat. You know, my sister is a great example of somebody. She just started buying these single family houses and then her tenants pay them off for her, and she was a bookkeeper her whole life, slow and steady cash flow from the rent just paid off the house and now she owes it free and clear. She's got cash flow and and also tax free. That's the other thing, because the I R S gives you depreciation to be able to wipe out a big chunk of your taxable income now it's deferred, to be clear, doesn't go away completely unless you sell. So you know, I like things that I like cash flow. This is a capital gain versus a cash flow strategy. That's all this is. This is the difference between a flipper, Like if you're going to flip a house in a year, then you're probably better off doing bitcoin. But but if you're a long term investor trying to get cash flow, try to get passive income and prepare yourself for retirement for the long haul, taking advantage of all the tax things that the irs hands you, and and the cash flow because now you're uh, you know, if you if somebody, if somebody here on this chat can tell me, how are you cash flowing bitcoin? How about that? Anybody? How are your cash flowing bitcoin? If? Because you're not so, you know, so, I that's that's what That's what makes me sleep sleep at night. I have so much cash flow that covers everything I need. I'm not waiting I'm not getting up in the morning and looking at my my app to see how high bitcoin's gone today. You know, I'm not. So do you think though, that because it would be hard to plan for what you need to retire if you don't know how much money you have to retire. But do you think that you compared bitcoin to stocks? I mean, do you think that bitcoin's any difference than stocks? Do you think that stocks are any better than that? Nope, nope, nope, I kind of put them in the same category. In fact, I actually like bitcoin better because I think I think the stock market can be largely corrupt with Wall Street and even the you know, the whole system of taking money from people's paychecks and dumping them into four one K and then and telling them that they can invest them themselves and sticking them into mutual funds, and you know, the Wall Street game is uh, it's after the common person, that's for sure, and they want your money and they want to make commissions off it. Bitcoin is outside of the system. I love the blockchain. I love all that. I love the fact that you can do that. So of the two, I prefer Bitcoin. Yeah, and let's talk about tax benefits because for even those of you that have made a lot of money on bitcoin, you're going to run into a tax problem. So this is something good for you to know. You know, when you go to cash now and Jerry, can you play clip four? Billionaires don't want you to know. But profitability and real estate comes from a lot more than price appreciation and rental yield. Once your rental is in place, every repair you made to that property is tax deductible for the year. Appreciation a magical thing in real estate investing. When you buy a property. You can depreciate the purchase price of that property for twenty seven and a half years, which usually amounts to you paying no money in the rental income in tax. And my favorite part about depreciation right now is the bonus depreciation tax seduction that the IRS is allowing you to use right now. So if you buy a two hundred thousand dollars property in the first year, you can deduct forty thousand dollars off of your taxability. So we always recommend, you know, these kind of things for our doctors and our lawyers, but also people that have made money in bitcoin. But the problem with bitcoin is you don't get any kind of tax deduction. So when you go to cash that out, you're going to have to pay capital gains tax. Now, I know some of you try to skirt around the tax code and everything else, but if you're doing it the legit way, which is what we recommend, you know, real estate actually gives you those legal tax breaks. Yeah, that's the other thing, Like whatever whatever tax bracket you're in, you need to if you're going to exit, you know you're going to have that massive tax hit. So with real estate, we have things like ten thirty one exchanges. Like right now, we're selling two hundred million dollars with real estate right now to a big, big group, and we're one of our one of our strategies, of course, of many, is we're rolling that into a ten thirty one exchange into into new acquisitions. Then there's also the opportunity zones, which is you can defer your capital game completely, so there are vehicles that you can use for real estate to defer tax and to bump tax down the road, and and and that's I think a lot of people don't look at that. They look at how much it's appreciated. I get it. It's a completely simplastic view. You know, it's over one hundred thousand dollars, so it's getting all the rage right now. I get it, completely get it, and I love it. But it's when you compare the two, it's not even close. It's definitely something that everyone should have, though, I do believe that. So let's chat about why bitcoin is so popular right now. So Jerry, if you could play clip five. First, we're going to talk about how much easier it is for liquidity than real estate. And the difference was is that in my generation, it was real estate. I've never lost money in real estate. I've made fortunes in it. So all of these guys, my friends who are in crypto, you know. So what I told this guy, I bought bitcoin when I dropped from sixty five to fifty. He says it's going to go to five dollars. I said it might. The difference is I can afford to lose that money. Every time it looks like it's getting a little cheaper, I'll buy it. I'll buy it. I'll buy it now. Could I be wrong, absolutely, But there's one big difference between bitcoin and real estate. Bitcoin and in theory are liquid means I can get out. But with real estate the troup. With real estate, if it goes down, you're the skip of the Titanic. So I love bitcoin because I can distribute my bitcoin and gold and silver quickly. I cannot distribute my real estate not quickly, or my businesses. So those are some of the differences in that real financial education. So it's a big deal. The liquid part is a big deal. Robert's wright, he's one hundred percent right. I know he has a lot of bitcoin. Of course we have bitcoins, so he's correct. But to me, it's almost like going to Vegas, seriously, going to Vegas putting ten grand out there, and are the cards coming your way or not? And if they are, you're gonna make a lot. And then of course the question is that you stay in or not? Yeah, do you do you think it's gonna go higher or not? That's essentially how I look at bitcoin. Yep. Absolutely, And even our friends that are highly invested in it have an exit strategy they followed every day. They have an exit strategy because they know it's not going to keep going up and up and up forever. And listen, guys, I have friends in this game hard and and you know they're they're way into the money and they've already gotten their money back that they invested a long time ago. They're hedging on the way up that you know. We had dinner the other night for your birthday with a couple of friends that literally are watched a watch eight to ten to twelve hours a day. They're basically managing bitcoin. So we have a lot of friends in this. But it's it's a it's a it's a one trick pony. So let's discuss why else it's good. So people overseas can invest in it, which is a big benefit to them because not everybody can invest in US real estate. So the fact that they are able to invest their money not in their own currency, their government's currency, is really beneficial to those overseas. Yep. And the blockchain is incredible. I mean to me, one of the biggest things that came out of this it's blockchain, you know, but it is public. Blockchain is public, so you know, I can guarantee you the tax folks are coming after all bigcointers, right right, because there's hard or what do they call it, hot wallet, coal wallet, you know, all these different kinds of wallets and people moving stuff around. That is the next way. Well, the government is not going to let people that are making millions of dollars just out of paying taxes. Correct, right, which is which is kind of unsaid, but a lot of people are screwting that right now. And so I can even though I think one of the resists is on a roll is because of what Trump's been saying lately, right yeah, and he's obviously going to be our next president. So and but I will tell you the FED is pretty powerful and they are not going to want to give up the control of this of the US dollar, even though I completely agree that it is sliding backwards and we're printing like crazy and the world is going and crazy with us, and and and you know, we have all these other countries jumping on board and looking at different alternatives which we all know about. So I think that, uh, it's here to stay. Obviously it's a great way to move money around. But as a strategy, it should be a piece of a strategy. So let's keep talking, because you said you've meet your point very clear, okay. But also the thing about it is there's no maintenance cost over time. So you know, if somebody invested in this, they're not going to need to put a new roof on the house. They're not going to need to come up with additional money. They may or may not have to invest in it. They can just throw it in there and invest that's true. Yeah, Yeah, it's liquid and and that's it again, it's just fluctuates based on if people like it or not. But here's the biggest thing, and I think that this is the the thing with bitcoin, and this goes for people around the world and also people domestically like our gen Z of our millennials, anyone can get in because at the end of the day, we've all made our money through investing in real estate. And even the boomers have made their money through buying a house and it appreciates and then they downsize and that's part of their retirement. Gen Z doesn't have that because they can't afford homes. Real estate is unaffordable. So really, what can they invest in? What can they put their money in that is going to give them a shot at retiring, And really that's limited. And one of the things is bitcoin because it has went up so much that in the last five years, if they have put their money into bitcoin, then they have substantially increased their wealth. And you know, they kind of look at this is their way out of the system. You know, they're a way to be able to eventually retire. And I think that that's a really big deal. I can't blame them. I can't blame them for that. Yeah, I mean they're in a bad situation. Affordabilities in an all time low, and bitcoin is exciting, right Yeah. So, And I also, Jerry, if you could play clip six, Bitcoin for. Me is digital real estate? Why real estate is not owned but people because of its utility, people owned real estate to store value. Because the inflation in the field system has made real estate so expensive, it is impossible for most people to buy real estate, and therefore it's also impossible to build wealth. It's much more accessible, though, to buy bitcoin. So essentially he just sums it up there. It's too expensive for the generation, you know, the people to buy real estate, so what they can afford is bitcoin because anybody can get it, and you can put one hundred dollars into bitcoin, You put one hundred thousand dollars into bitcoin, it doesn't matter. And I think that that is the biggest selling point to bitcoin and actually why the prices of it are exploding. I completely agree. The one thing that, however, I will challenge is you know, like it or not. When you invest in Apple, there's physical products, there's a real company behind it. When you invest into Tesla or you invest in the companies, let's say on the stock side, at least you're investing in something that you know is easier for me. At least it's kind of easier to wrap your head around, like these are real products that people want, that people are buying, and and so the thing about bitcoin is like, how's it going to do next year? Like really like and who can definitively say. Right, absolutely well, And also it's eventually going to be regulated. It's not regulated really right now. And I don't know if Trump's going to be the one. To do it, which is why I love it, because I love the fact that it's not regularly well, and he might make a lot of people upset if he regulates it, you think, Yeah, so I don't know if he's going to be the one to regulate it or not. But it's eventually going to well that's the thing he might write. It might happen and then not be his choice kind of. But it will be. Trust me, guys, well, people are going to get burned. So when things are going up, it's not regulated because everyone's happy they're making money. It'll be when it crashes and people are losing money that they start to regulate it. And that's actually when the talks that regulation started, is when it dropped a couple of years ago and a lot of people lost a lot of money. That's when the talks that the push for it to be regulated started to come about. That's Sandbank and free Yeah, exactly. That's on the regulation. Now. He was the top donor to the Democratic and Republican parties, so. That was he's a poster child. He'll be forever as a demarcation point to to fraud, I guess. And and you know that is one of the risks, you know, as as all that stuff, all those different types of coins and the NFTs and all that stuff were kind of coming out. You know a lot of people lost the money, a lot of lot of money on that. And again. I'm just poundering the last time. I'm not like that. He's not against the big at all. No, I just don't be paid by one of these Like why can't you just say, like how. You're like, I just I'm by far. I just real estate makes enamele for me to sleep at night. I know that there's ten thousand people staying on our places that are paying rent, almost of all are paying rent each and every month, and they're paying off our loans, and we have lots of cash flow, and our investors are happy. And and of course even from there, I invest in all kinds of stuff, pick coin, gold, silver, tack. I'm all over the place. I'm constant looking stuff every every single week. So I'm not just in real estate. But if I'm to compare the two, I just don't think it's there's any comparison. Yeah. Absolutely, So let's hop into the questions for today. You can always become a premium subscriber where you can find your questions. Raco is asking, is it a good idea to invest big from the start? I'm looking at buying my first building and it'll be thirty two units. No, I don't think so. When you say big, though you I would. I guess I need a little more clarification on that. So I have no problem with you buying a thirty two unit, But if it's all you have and you're putting all your money into one deal, it's kind of like a bitcoin thing. Seriously, I believe in diversification, so you're better off to put a little bit of what you have into that and bring in some people and spread it around and continue to do that numerous times. So, and you know, but anytime anybody uses when you use the word big, it sounds to me like that might be a substantial part of your net worth. I don't think anybody should ever do that with anything. I'm a I always tell everybody just hit singles. Hit singles, hit singles. Put a hunder grand here, hunder grand there, hunder grand there, hudder ground there. If I if I look at my last you know, twenty one hundred thousand dollars investments, I'm probably batting around seventy five or eighty percent realistically. Uh. And so you just got to be careful because there's there's always those unforeseen things that can happen. So plus, when you start, you know, like thirty two units is a lot, like I started the one unit, and you learn a lot when you have a unit, right, you don't you learn you know the issues you have with the unit and also the tenants. And you know, I'm assuming if you're doing thirty two units, you might be using other people's money, and you know, without experience, it's gonna be hard to raise that. But b you know you're not. You're not doing it justice because you don't know how to manage the property. Like Ken started in property management. I manage my own property and now have five. You learn a lot, and I'm still learning a lot. But even in Daniel's you know her five are two or three square miles from each other. All five and there they could not be wildly more different, like the every single thing, the location, the pricing based on the locations, and we're talking about two or three mile radius. Yeah, so you know, you gotta be careful of just doing too much in one spot. For me, that's why we started going to all the different cities in Texas, and we started we went into Oklahoma, and now we're going into Nevada, and of course we're all over Arizona. Because what's going on in Tucson is different from what's going on in Phoenix, and the same thing with Tulsa and Oklahoma City and and uh Reno versus Las Vegas. And you know, every city has a different heartbeat, and even inside of the city there are different things going on. I mean, if you just look at Las Vegas, for example, there are definitely I used to live there. There are definitely areas you want to stay away from, right and there are definitely areas that are growing like crazy and everybody wants to be in and that is just the way it is. One of the mysteries for me of Las Vegas, as an example, is how dicey it is just one block off the strip. The strip is arguably one of the most expensive places in Las Vegas, in Nevada really, but then just one block off of there, it's it's not so, you know, so you got to be careful on where you're going. So I don't know where the thirty two unit is. You just got to be really cognizantive. But the last thing I would do is go big into one one property and hope. Yep, Raymond said. I signed with a realtor yesterday, and the contract says I owe one percent if we cancel before six months, and if offer is made and we don't accept, we still owe full commission. What do I do? This is on you. Yeah, you guys. This whole real estate thing's wild right now. So the the DOJ basically, as realtors, we could never before negotiate our commission. It was like we were typically paid between two and three percent from the seller, and on the listing it would say what we were paid, and so I could get my clients, we could go look at properties, and then I was paid whatever the listing said. What the DOJ said is that the realtors, now my buyers have to pay me and the seller has to pay their you know, their clients and essentially we could negotiate commissions. So this is where the problem comes in because as realtors were now led to negotiate, which means you have to sign a contract with us. Well, what a good realtor should do is sit you down and go over the contract and not have any fees like this in it. It should basically be if you buy a home, you're gonna pay me x amount of percent and we're going to try to still get the seller to pay for it in the negotiation. But if they won't, you are going to have to pay me this money. So what should he do on that? Well, well it's time, but let me get to it. So what the realtors are doing now is they are just telling and I actually had just had this happen to a client of mine. They call and they go to see a property and the realtor they get there, they're at the door and the realtor goes, hey, do you just sign this really quick and then I can show you this house. Just don't worry about it. It's a new thing we have to do. Don't go over it at all. People don't read it, so they just sign it, right, They just sign it they go see a house and now you have a realtor, so basically what and on the selling side they're doing the same thing. So basically what you did is you just sign a contract that's legally binding, so you are going to have to honor it. I mean, you can try to get an attorney involved if that's worth it. But you signed a legally binding contract that you were going to pay them one percent if you cancel. And if you looks like, if you get an offer of any kind and you don't take it, do you owe them full commission? In WHOA? So that but that's what they're doing because it's realtors. Now we can negotiate the commission. We can have contracts and we never really had that, and people don't read them so always, so I guess the lesson is always read your contract. Don't ask your realtor to interpret something you don't understand. You need you need to consent an attorney. This can be a hornets nest for the real estate commissions. Yeah, all over the place, because that's horrible that somebody is bound to an agreement where they don't buy anything. Yeah, So what happened to my clients was they They didn't want to bother me. They just want to go see this house. It wasn't an open house, so they just called the realtor that had the listing and the realtors said, yeah, yeah, sure, i'll show it to you, no problem. So they get there and then she had them sign something when they got in. Same thing, just sign this, no big deal. Well, theirs is a three month contract that they're bound with her for three months. Anything that they sell has to go through her, and if they don't buy anything, it's five hundred dollars. Oh my gosh. And and and my client's like, well, we don't want to do that. I'm like, but she did it. And she goes, well, that was my husband that signed. Can I just sign with you? I said, well no, because then if you sign with me, you now owe me my commission and her her commission, and because your husband's going to be on the house. So no, you can't sign with anybody else until that three months is done. But if I wanted to be shady, I could be like, yeah, just sign with me, because then I'm getting my commission, they're getting their commission, and it all comes out of the buyer. So I want to be clear, though, the real estate Department, of Real Estate Commission, whatever you call it in your state. The purpose of them is to protect consumer mm hmm. Period. That's why there's licensing. And so what's going to happen is there's going to be there's gonna be sparks flying. Oh yeah, there are already is going to be issues and it is going to get resolved. But it's not going to be resolved yet. It could take a year or two or however long. So you just got to see how that can happen though, Yeah, because they're going to say they were entrap they just wanted to see a house, they walked in and they didn't read it, and you know, and then there's gonna be a fight and it's gonna be ugly. Yeah, and people are gonna sign with more than one realtor. I'll sign with you, and then oh, I actually like you better, I'm gonna sign with you. I'm gonna go out and sign with a whole bunch of them, just see, even though I'm not I don't care. I'm just gonna go do it. Just well, it's just interesting. So it's one of those things that you have to be careful about right now with consumer warning. I mean. In this case, he is one percent. One percent of what probably the commission, probably one percent of what the commission was, but who knows, may. One percent of the sale price of the house. Mm hmm. What if you cancel three months and then the full commission if you don't accept an offer. But don't accept a full price hopefully it says full price offer. Make sure that's a big make sure you have that in there, just an fy I. Yeah, exactly. So Dave is asking, I'm putting together my team to vet multi family real estate. How early on do I compensate and how do I look for good recruits? So how do I compensate? So you compensate on performance and performance being something closed period. So if you're hiring somebody salary, there's more risk, but uh, you know, you got to hire them based on performance. So always, always, always, it's a sales job. They get they get paid when they close, when. You close, right, But what if they're not a commissioned person, Like what if you're like hiring a property management team to vet rents or what if you're vet rent Yeah, like you're trying to vet rents in an area. So you're trying to say, Okay, what kind of rents are in this area, and you hire a property management you know, team to help you as part of your team to do that, or any position that's not compensated. Well, they're there's a different question. But the you know, if you're going to hire a property management company, you know that's considered due diligence and hopefully you're doing it based on an actual deal that you're looking at. That's part of the process. So when we put something into ESK grow, we always hire a property management company, could be our own, but not always. And so yes, that's where they come in and they they do all that all that work. What was the second part of that question, Jerry? How do you find those people? Oh? How do you how do you find good recruits? Well, first of all, it's a local business. So you know, any you're gonna be you're gonna want to be careful that you bring somebody in that doesn't understand multifamily and and maybe it's from a different area even because as we all know, one side of the block can be very different. The challenge with this and so you know there's a number of people that are in the business, so just networking groups LinkedIn anything and everything. UH. With regard to realtors or title people or mortgage people. There's a lot of people that that are in this UH that understands certain sub markets and and I would say any and all of those people. But at the end of the day, if you know, just from personal experience, we have a team here. This is about relationships with with brokers, sellers, listing agents. That's what this boils down to. And and for us, you know, we we look at multiple deals a week and we have a full time team on it. And so this is not something uh if you just have somebody kind of driving around and smiling and dialing for you know, off of the off of the public reports that you're really not doing anything unique because everybody's doing that because they're all trying to get listings and all that kind of stuff. So you're better off, in my opinion, putting a putting a big wide net over everything and just saying this is my parameter. They need to know what your buybox is. So let's say it's I want to buy fifty units in this particular sub market, and I want to cash on cash of six or seven percent or something like that. That's you got to be really, really crystal clear. Otherwise you're just going to get a whole bunch of stuff. But put somebody on salary just to drive around and try to find you know, there's hundreds of people looking for stuff, and and I think that that that's probably not the wisest choice. So ory next question comes from Ginger, and her question is thoughts on least to own and anything you should be aware of. Well, the big the big ones, of course is how much down and then also how much they're paying per month and how much of it is going toward own. But they're pretty straightforward. I don't I don't have a problem with them, you know, especially with these high interest rates. I guess if somebody has some of these lower rates, you know, sometimes these can be really really good, you know. But if if you like the property and the seller is willing to spread out the payments over a long period of time, then I can't imagine why you wouldn't. Yeah, it can be a benefit to the tenant and to the or the buyer and the landlard the seller because the seller doesn't have to claim all their tax all at once. So they can slowly, you know, collect payments. If the buyer stops paying the way the contract's written up, the landlord keeps their property and continues to rent it. So it's really could be a win win situation. That the biggest thing is you've heed an attorney to write up the agreement. You can't do that, you know. I hate when people just wing this stuff. They just oh, I'll just put a little one sheet together, because then when things go sideways, it's not good. So make sure you invest the money to have the attorney to protect both sides write it up. The big the big one of course is let's say it's a three or four year least owe you know, the value of the property in four years. You know, that's one that's one big factor to consider, right is it is it at the time you sign or is it four years later? You know, what if it goes up? What if it goes down? Like what if they what if they put a lot of extra data on there? Like there's just a whole bunch of things that a lot of people don't think about. But I have no problem with the strategy at all. Well, usually a lot of times in those contracts to the tenant is then responsible for all repairs because it's kind of their home that they're renting tone. Yeap, which which a lot of people aren't used to renters are not used to, so that's another really good point. M Absolutely well, thank you guys for checking us out today and we will see you next Monday.