Sales Strategies in a Falling Market

On April 2, 2020, Next Level Mastermind hosted a roundtable discussion with real estate investing rock stars Doug Hopkins, Chris Eymann, Jeff Henry AND Ryan Pineda. They discussed the current sales strategies they are implementing during the worlwide coronavirus pandemic. If you enjoyed this call and want to learn more about Next Level Mastermind visit our website at http://www.nextlevelmastermind.com

Transcript

spk_0:   0:00
Hey, guys, welcome to the titanium vault. I'm your host, R. J. Bates. In today's episode, we're bringing you sell strategies in a falling market presented by next level mastermind this Webinar Waas, moderated by Ryan Robson. It also had myself Cassie Dawson, Jamie Willie from next level on it, as well as Doug Hopkins. Chris, I'm in Jeff Henry and Ryan Pineda. In this episode, we go over the changes that we're making in our cells strategies, A CZ. Well, as you know, with being a couple of weeks in the cove in 19 Pandemic, the changes that were making as a hole in our operations and how we're trying to survive during these times, we'll see you guys next week.

spk_1:   0:41
Hey, welcome, you guys. This is, Ah, Week three of our kind of doom. Call Siri's. And I appreciate everybody jumping on to be a part of this. And thanks for the panels for jumping on to give a brief introduction of who you guys are in the rent. Dive right into things and see if we can help some people out. So those of you watching that I've been on for multiple weeks, you'll notice that we kind of have a whole refresh of the panel, and we did that for a few reasons. But one of the reasons we did that is the four people that are joining incident are all people that I know personally. And there, people that I call ultra high performers. And what I didn't define that as is, and I have seen each of these guys do this is they adapt superfast to change and with things changing like almost an hour earlier daily basis. Right now, having a Panelist like them on the call that can show you how they're changing what they're doing is really gonna help you. You know, the other thing I really appreciate about these guys is they're not afraid to invest in self improvement. I mean, I would guess, Ryan, you probably spend somewhere between 30 and 50 grand a year on self

spk_4:   1:45
improvement. Absolutely. Yeah, I dropped a lot of coin. That's last year.

spk_1:   1:51
It's gonna help you, right? And I think everyone on this call, we've never met a mastermind. We've met through some kind of coaching program or something, and that's something that really sets this panel apart. Is they invest in themselves for times like this. So I'm gonna go with one of my favorite people first. And that's Chris Simon. You know, you're my favorite people, Chris.

spk_6:   2:11
Now, I know that, but I appreciate it. Thank you.

spk_1:   2:14
Know your stud. So he is literally a giant in our industry here in Phoenix, and I don't mean that because you're really tall. How tall are you, Chris?

spk_6:   2:21
67 But I thought that's what you're referring to.

spk_1:   2:26
So he does 300 deals a year and 400 hard money loans. But let me really put some perspective on this. He does 300 deals a year from his cell phone. I mean, he literally buys and sells deals from his cell phone all day long, which allows you to travel the world with Hamas.

spk_6:   2:45
Yeah, it's Ah. I mean, we all I'm sure we all do this like as long as you get your service in yourself. Phone, You're off you go. Right. Except for right now,

spk_1:   2:54
huh? So the next Panelist ago is Doug Hopkins. And Doug, like Chris has been in the industry since probably the nineties. Right, Doug, Somewhere in there,

spk_3:   3:05
I was licensed in 94 started doing going on the courthouse steps in 99.

spk_1:   3:10
Yeah, and I think, Chris, that he started in 99. So between the two of them, Doug said he's either flipped or sold over 15,000 homes and 20 years. And I really appreciate having Chris and Doug on this call because they give us a perspective of what a downturn could look like if we're headed that direction and what it looked like in the last last downturn. And, you know, Doug is also known for being on a show property wards. I bet that you probably get asked about that a lot, right,

spk_3:   3:35
Doug? Yeah. Yeah. It was fun times back then. Uh, it wasn't I'm glad I did it. It was, uh, something that it sucked. When we're actually doing it. Filming is not

spk_2:   3:48
a TV show is not fun, but, uh, none of it's in the bank. It's pretty cool. Beauty of my kids was part of part of American, uh, called the Culture American culture back in the cage.

spk_1:   4:04
Yeah, that was a really cool show. And Doug's really known for today at least. What I know you for is you are amazing. at TV commercial advertising. We might talk about that a little bit. Like what? Yeah, Ryan Panetta. Many of you on this call probably know Ryan Ryan was a professional baseball player and he quit baseball that come in flip houses in Vegas and Ryan's amazing investor. I learned a ton from you. What I love about you, Ryan, is you're not afraid to put yourself out there and get about as much free content to help people as possible. If you're not following him, follow him on Instagram. You've got a really cool bug. Flip your future. What's the kind of premise of that book that people would learn from if they read it?

spk_4:   4:44
Man, it gives you a dizzy on how to flip a house and everything from funding it. Managing contractors rehabs, figuring out what it's worth. And, um, only 60 about 2 to 3 hours to read. So pretty good for anyone.

spk_5:   4:58
That's my kind of read. Just so you guys No, no, no.

spk_1:   5:04
You sent a long text messages and she won't reply. E

spk_4:   5:08
And I just want to say, you know, I appreciate you guys having me on here and, you know, being a part of next level has, you know, like like we had talked about earlier. We, uh, you know, spend so much money on education and other things, and people pay me to teach him and all this other stuff as well, Like for me. Anyways, I've gotten so much value for so little money that I spent to be a part of this group, like, so Thanks, man.

spk_1:   5:34
We appreciate that. Definitely appreciate that. And I definitely didn't want to forget to mention that you run a true book C p a firm, which is kind of cool. So you do the accounting for investors out there. So if you look for someone, help your accounting reach out to Ryan?

spk_4:   5:48
Yeah. We're getting all those those grants and loans right now. So you guys better apply quick. They're gonna

spk_1:   5:54
I save Jeff for last because Jeff Henry and I share Sherry a special moment. We had a Michael Jackson dance off contest into makeup together. I have a little video that I'm gonna show up Jeff dancing right now. Everybody wants to see it.

spk_5:   6:09
Oh, my God. You do. There

spk_1:   6:12
is. But he did win the contest, which was pretty cool. So now Jeff's dad, What I like about Jeff He's there are husband and wife. Team him in his wife, Belinda, And we were quite Becky, and I reported enough to go on vacation with them this last year. What was cool is we're at this family mastermind and where you bring your kids super fun. And Jeff brought up the fact that he's no longer going on appointments and he's closing all on the phone now. And everyone kind of like thought he was nuts, right? Cause belly to belly is that big argument led. Bella, you get a better deal. And luckily, you perfected that Jeff and couldn't be better timing right now, I'm sure we're gonna talk about that today, So let's let's dive right into it before we go into some of the kind of thing before we go into some of the sales strategies. I want to hear from some of the guys that were part of this market before. What do you guys seeing that similar to how things went down in 2008 and what today looks like Chris and Doug.

spk_3:   7:09
It's gonna start.

spk_6:   7:09
You want me to? You go on I'll finish. How's that?

spk_3:   7:13
All right. Sounds good. Uh, you know, the uncertainty in the market is the number one thing that I'm seeing right now There is. There's for me. It worked. It compares to what happened after after 9 11 in 2001 where there was so much uncertainty and everyone just stopped what they were doing. Uh, and I've seen that in the, uh, in the wholesale world. Not so much, especially in Arizona. Not so much in the, uh, in the regular retail side. So it's it's it's similar but different. Um, right now, I think I have 18 regular listings, of which 13 or 14 or pending right now. And as soon as we put something on the market, it's selling and multiple offers now. That's not to say someone were falling out because people are losing their jobs or the you know, the news gets worse and and they just, you know, the uncertainty gets to the buyer, you know, buyer's remorse and backs out. That's been happening quite a few times, but we put him back on the market. They seemed so real fast again. Where I've really seen it, though, is the hard money funds have been drying up. Ah, lot of lot of hard money. Cos are stepping back and taking out, you know, out of the business. But I buyers. I mean, they they disappeared overnight. All of them

spk_2:   8:38
had words. Uh,

spk_1:   8:41
almost all at the same time, right? It was like

spk_6:   8:44
a

spk_2:   8:44
base within days of each other. So there's a lot of opportunity calls left right about, you know, people that got the contracts, cancer about him. But the numbers that they were closing at were so much higher than what we're going to pay right now because of that uncertainty. And nobody knows where the market's gonna go in 60 year, 90 days. I mean, we haven't seen a dump yet. Really? On prices s o. You know, like it happened in 2008. You never knew where the bottom waas that was. This area part of it. Right now we're I think we're still in the everyone's just trying to figure out where this could go on. Now you know how long it's gonna last? You know, summer comes if it comes and goes of the economy is gonna be. You wanna jump back But if it lasts a year, then we're talking more like 2008. I think you know, it just depends on how long this thing lacks last. And how many people would get affected.

spk_3:   9:55
My opinion, Yes. What

spk_6:   9:58
do you think S o? I agree with a lot of what Duckman said. We're just kind of. I mean, we're only three weeks, four weeks into this thing. We're kind of still in the first any, like, we don't know why. Um, my not even being in the bottom of the first, obviously, if a vaccine were to come out tomorrow, everything will be a okay, even if they even if they say yes, it's got a vaccine, but we gotta produce it, and that's 3 to 4 months. But, um, you know, you've seen all the money drive not just hard money lenders to all non Q m. Stuff's gone. So anybody out there that was, you know, selling, you know, originating mortgages and selling them off to some of these, you know, the second area are most a lot of hard money. Lenders had learned howto tap into the secondary market, so there were a lot of Q m stuff a lot of Reynolds stuff. 6.5 stuff. All that has disappeared in the last two weeks. And then you got You know, if they chase tightening down, it's ah, it's guidelines that would go from, like, 5 80 That's 6 40 for F A J mortgages. So that's gonna tighten down just on the net. I'm just, you know, the first time home buyer, Um, you know, and then everybody tells me the secondary market is all over the place. Said, Oh, you know, So they just keep twisting it tighter. You know, Jumbo's had seen five and 10% down. Now it's strictly 20. So the speaker just tightens and tightens and tightens. And as the money gets less and less and you know Doug said it hard, my lenders like some of the big hard money buyers, and nationally, Pier Street, you know, Turek, Turek. All these guys are just, uh what your capital like, all these guys were buying hard money loans from people all over the country, and they just stopped. And then you look at that open door offer patent Zillow's. That wasn't, you know, the CEO probably going. I'm gonna stop. That was probably more like the money going. I'm going to stop Not not, actually. Open door over batter. Zillow. The money behind them saying Nope. Gonna stop the money right now. So, um you know, as the money tightens up, the market will tighten up. You know, if it Ah, And if it keeps going that way, then you'll see prices start to dip. So

spk_1:   12:18
what's interesting about that? By this last year, PPC was one of my main strategies for marketing. And I would say half the calls I got. People already had offers from open door offer patterns. Alot are you know, for those of you with the eye buyers in your mark, and I think all of us almost called, probably have the eye buyers in our market with them leaving. How is that changing your you know, your conversations. And what do you guys seeing Mary sing a major change?

spk_6:   12:43
Well, that's what you I think that's why this was so we had an inventory spike of about 30% like a two week time friend. I don't know if you guys watch the inventory, but I I think most of that was just I buyer cancellations and then just picking up the phone and calling the their local Egypt. Hopefully they'll call Doug, but, you know, I think and then obviously the Airbnb ease that we're seeing a flood of those. Come on the market, you see, you tell and you see a nice South Scottsdale on the stage. You like hope. Yet that was an Airbnb.

spk_1:   13:16
Jeff and Brian. What do you guys seeing? What the eye buyers you market? They're backed out And you guys seeing changes in kind of cellar behavior, and

spk_4:   13:24
I'll go first. Um, I love it, man. Before, Like you said, every time we get a call like I do TV with Doug, um, I've dug same exact commercial, so you guys will have to, like, do a A B test. Which one you like? Better by anyways? Um,

spk_1:   13:41
Doug is looking.

spk_4:   13:44
I know that Well, Doug, no, it's commercial has performed way better over time. So how can I even compete? Elikann do is steal it. So, um, anyway, it's like when we would get these commercial calls they would always have is a low offer. And it was like, man. Okay, whatever. Like we're gonna have to just either beat him with a relationship. And you know the intangible stuff, like helping a move. Rent backs like all those things. Uh, now it's like, Hey, you don't have any other offers like there's no Zillow. There's no door. There's nothing like here's the practice and literally, I'm one of the only guys buying right now, so if you don't want to take it like I get it. But this price today may not be the place two weeks from now. You believe me? Look at what's happened these last two weeks. And so, um, you know, it's it's interesting to see the difference. Now. You know, I'm noticing a couple of things when I look at inventory. You know, a lot of us are either tracking inventory, you know, basically just actives divided by the spell last 30 days. That gives us how many months of inventory we have, and we've seen a spike of very similar to what Chris said. Like 30%. Um, it's gone up in some cases more, but the actual homes for sale haven't changed much. Really. What's happening is we're just having less pending sales than before. So, like for instance, in Vegas, I was just checking it. Think we add, like 5500 actives single family and we had around 3000 pending sales. So when you put those together, you have about 8500 total homes. Well, before all this happened, we would have maybe 4000 actives and 4000 pending ZX. It was like he had one month of inventory, right? But, um, overall, the amount of homes available on the market is still the same. So we're not seeing sellers flood the homes for the market with new homes, Um, which is burned by an investor. I like seeing that because if I saw that just thrown was dumping their home on the market, then prices are for sure gonna shoot down. But we're not seeing that. We're just seeing Les Hommes going to contract.

spk_7:   16:08
Yeah, I'm pretty much every similar to Ryan, and I definitely agree with that for us. We're actually seeing more wholesalers right now, um, rich and outsource to J. B. A lot of more deals made because they're buying pool has, you know, dried up a little bit. And we're now because we have a different buying strategy were able to disable a lot more deal. So Arjun TV deals have been skyrocketing just because of this situation. Um, and we're really not seeing that much. Um, fluctuation with the inventory, like, you know exactly what I was saying here in Tampa.

spk_1:   16:47
Yeah, I think that's a good sign. I mean, I I know that it's a positive sign, but I kind of agree with Chris. It feels like we might just be in the first inning. The rest the A innings look like, I think that's that crystal ball that nobody really has. You know, everybody joins these calls hoping to know what the future looks like. And I'm not sure anyone on this panel is willing to say I'm not sure anyone knows what the future looks like. You know, the the economists that apparently know what they're doing that predicted three million unemployment claims or whatever this last week and there was double that amount. I mean, that's crazy. They can't even get it right. So I want to kind of walk through the lifecycle. Thanks for giving us kind enough to open your markets. Appreciate. I guess I want to walk through life cycle of a deal and kind of talk first about how your marketing is changing right now. What you are changing. Well, your message looks like. And then what your sales approach looks like and how you're even doing sales with shelter in place. That's the kind of first talk about marketing, you know, whoever wants to speak first cam. But how is your marketing change? What changes are you making major changes to your marketing the last couple weeks?

spk_7:   17:56
So for us, um, we've basically hiring more cold callers. More people are home. So we're reaching reaching out, um, vehicle phone. And we're also doing targeted direct mail marketing pieces. Um, we have we have a little more sympathy now. Empathy, shown empathy and based on our conversation because of the situation happening. So we're trying to build report massively in the beginning for Marco color standpoint, and then we transition strictly over to our acquisitions, said to lock up the deal over the phone. Now, what they're doing is immediately, you know, building report. You know, see how if everyone staying safe, you know, they're going through the entire process with them and letting them know that you know we are still actively buying it here in the Tampa Bay area. We're still one of the few that are able to do everything. Virtually so are our title company is still working virtually so We just reassure them that we could still run through his entire process. Virtually were also let him know. Hey, we don't even have to send out because typically will send our call a runner to actually take pictures. So we don't have to even do that no more. We can weaken, send them a gift card just for having them take pictures for us and will reward them just taking pictures. Eso these little things that we're we're adding into our repertoire to, um, you know, still make them feel comfortable and safe at the same time and still able to, you know, get a deal on the contract. I

spk_0:   19:24
do, Jeff, you know, I love what you said there, though, right at the beginning and the fact that you're hiring more people to cold call like you're making an adjustment to capitalize on the changes that are happening where I think kind of the the story that's being told to all of us right now is is that, you know, the economy is hurting unemployment. People are being let go. I've seen people talk about the fact that they're laying people off. And, you know, I was talking to Ryan about this Saturday and I said, I haven't even had those thoughts yet because I feel like to Christmas point. We're still in the first inning like I wouldn't even have that. That hasn't even crossed my mind that I would let people go. It's more about how can we adjust of what's happening to this point? So I appreciate the fact that you brought up the fact that you're changing to cold call more often because people at home that's making adjustment rather than kind of buying into the fear that, hey, we're not gonna be able to find deals and we're not gonna be able to dispose deals. So let's just cut payroll. So I appreciate you bringing up. I just want them

spk_7:   20:34
way, actually, just hired a disabled person as well, to handle strictly R J v deals. Like I said, R J V has in flux. So now we hired him strictly on commission. We just let him know. Hey, look, we can't pay you salary right now until the situation, you know, stabilizes. But will you come on board with a high percentage of commissions? So we're paying him, you know, 20% commission now, um, just toe to come on board. And he's a He's a rock star salesperson. So I think for us was really we wanted to, you know, maybe double down a little bit and hire more people and then bring him on. As you know, the adjust, their pay scale a little bit Thio to ride this wave with us.

spk_4:   21:19
I'll say one thing for us to is if someone asked Gary showing houses. Um, you know what sellers live in there and all that. So some states are obviously a little more strict than others here in Vegas. Like we could still go Joe house and all that stuff. So we kind of instructed, um, all of our sales guys myself included, and all of our realtors that are brokerage's that eh? You know, let it be known with the seller right out the gate on the phone call of what your expectations are gonna be. So there's no awkwardness, so we say, Hey, Mr Seller, just so you know, for your protection and ours, we're going to practice social distancing. So here's what it's gonna look like. We're going to stay six feet away from you. We're going to be wearing gloves. And if we have mass to say, we're gonna be wearing masks. If you can turn on all the lights, open all the doors, the less things that we have to touch, the better. And it's gonna be awkward. But I just want to prep you for it so that you know, we can protect you. And, um, you know, the people in our companies that sound good and they're like, Oh, my gosh, that's so great. So if you guys were struggling to get into a home, that's how you get into a home if you want to. Now you can close it over the phone and do all that. But, I mean, I'm a believer that appointments are always going thio, you know, get you a better deal or more likely, make a deal. But not so, um, that's kind of sums up doing to, um, you know, ive the seller's doubts about people coming in their homes.

spk_1:   22:49
But what working methods exchange trying. Have you adjusted? Gone deeper on one. Got rid of some?

spk_4:   22:57
Yeah. So, like I said, we were doing TV with Doug, and we've decided to spend more on TV because everyone's stuck in their house watching TV. So I'm like, I'm gonna advertise on the news. I'm gonna be on the place is everyone's eyes are glued and so everyone else don't want, You know, everyone else wants to pull back. We're gonna go jump in. So that's what we've done. Um, the other thing that we've done is reach outs or realtors and title companies. And we've said, Hey, all these other people are backing out. Get us up. We're buying. You know, if you got an open door back out or another fire back now, we'll save the deal. And we've already bought three like that that are, like, really good deals. Constance

spk_1:   23:36
s free marketing, right? I mean, that $0 marketing,

spk_4:   23:39
euro dollar marketing, and if prices remain the same Well, making a lot of money, But we'll see.

spk_1:   23:45
Chris, I know. Last time you and I spoke, you were heavily cold calling realtors and kind of developing that. However, you change your marketing up with everything that's going on and what are you doing?

spk_6:   23:55
The work. You know, I'm different than I don't do a lot of Director seller Markley. I'm kind of the wholesalers wholesaler here in Phoenix. You know, um so it's just kind of we're kind of more reverse engineering it at guys calling, basically going through the buyer's list and just say, Hey, what do you still buying? And then once that if they give me an area of price range or something like that, um, you know, I can generally match what I mean. I see there's 100 host cell e mails every day, and they don't have buyers for him. So I'm really just going find the buyers, and going out on that one will fit to that guy. And I just network my 3 to 5 grand into that deal.

spk_1:   24:42
Yeah, and those of you that are listening, I think people here pull selling, and they think the only model is to go directly to cellar and then go find a buyer to buy. That wants to flip it, but there's a lot of room in between in that pipeline that you've been able to figure out to make money. Doug, this is This is your time to shine and talk to us about what marketing you're doing. I'm sure you're probably doubling down, tripling down on TV, right? What are you doing?

spk_2:   25:07
Yeah, we've been Souto holding commercial, and I just cut it. In fact, today's the

spk_3:   25:12
first day it's airing Just saying that we're still goodbye. You know that a lot of it news has talked about the eye buyers and they've disappeared, and a lot of people were under contract, and now they're not anymore. So we kind of ah ah changed up the commercial. We're going to split, test it against the regular commercial, Uh, just to see if that creates more emotion on and gets the phones to ring a little bit. Ah, little bit more there. Actually, the phones are leads are substantially up. Um, the, uh, getting the sellers too. Yeah, we're talking about comparisons to a one or a way to earlier. I see a lot of comparisons to, uh, you know 07 when it took a while for the soldiers to come around that yes, it's really true. your house is not worth 300,000 anymore. It's now worth 2 50 and in a month it's gonna be worth it to 40. And then three months it's gonna be worth 200. Yeah, and you know, it went so fast back then. And, uh, people didn't have time to catch up to where the bottom was falling. And by then we were too far gone. So, uh, it's gonna take a little bit of wild. We've been in such a heart market for so such a long period of time that it's gonna take a while to get those really good, juicy deals that you know you're gonna be able to either wholesale or take down and a very, very secure in the number that you paid, especially if it's ah, loner close of escrow. Um, we're doing that and and and also a lot of people on social media every day. So I think it's a good time to start to start ramping up the Facebook and Social Media's part of your business. We've never been that heavy on social media where we're gonna be getting on there and doing that significantly more and trying to grab a lot more people as people turn from television into Netflix and streaming instead of television. So, uh, you know, we're gonna catch catch the people that don't watch TV anymore.

spk_1:   27:25
So I've got a question. This is kind of a selfish question, and maybe somebody on this call will get some benefit out of this. I've never advertised on TV. I've always been I mean, it's like doing something that just seems like this huge hill toe accomplishes this big wall to get over. Give it, give it kind of those listening And me kind of a very basic what that looks like, what it entails, what it costs. Like What is that world look like?

spk_3:   27:51
Well, I'll kick your butt if you get on TV, man waits a market, brother.

spk_1:   27:58
I would do it in New Mexico. Are you in your tracks way Flip About 60 deals a year in Mexico.

spk_2:   28:07
You got it. Nice to know, you know, it's you could do, you know TV you could do is as little as you want her as much as you want upped it. You know, I've been doing TV since probably doesn't know it's a 67 years somewhere in there. Um

spk_5:   28:28
and we

spk_2:   28:29
started out at seven. Maybe 7 10 Probably about 10 grand a month. And now we're, you know, between California and Arizona. Where at 1000 month. Uh, it's not Maur. And, uh uh, that brings it. Probably about what? Private detective kilos a month. So But we took a while to get started. It's a number like that. Unless you had, I think the Wall Street behind you over the Wall Street guys at the shop. But, you know, we just we crank it up for that. And I think you started out smaller. Didn't you grow it a little bit as it as time goes on up there in Vegas?

spk_4:   29:19
Yeah. I started this year in January. We spent about 15 grand the first month, and then I was, like, innit? Spent 15 again. And then in March, I was like, Let's double down. So I think you spend, like, 20 or 25 in March.

spk_1:   29:35
What makes you like it? Give us the juice, right? And what? Why is if somebody's in a market? That duck could help out? Do it with what? Walk us through what the The exciting part about it was for you. Um

spk_4:   29:47
I mean, the leads are just They're motivated, right? I mean, you don't call a TV commercial unless you're motivated. So, um, I think they're a different level of lead compared to texting and the cold calling and the outbound stuff. Um, you know, I also like it just because for us anyways, um, it works a good with kind of brand recognition. Um, I mean, on the guy on the commercial now. So people recognize me and self, I got an appointment. Um, like, they think I'm famous for some reason. But, you know, it ends up, it ends up playing well for doing a deal that, like, I want to do a deal with this guy. And

spk_1:   30:24
I think you were famous before you went on TV. Ryan, just so you know,

spk_4:   30:28
not not to a normal person. So just, you know, I actually had dug film one for us, too, because we're going to split test. I was gonna see, like Okay, how will it be a Doug does it versus me doing it, But you know Doug's partner, Daryn like, now we're just sticking with you. So, um I think I would have stayed at the same budget had not all this happened because it's like, Well, ads are cheaper now. And you have, like, double the people watching. Everyone's in Corden, see? So, like, it makes sense. Toe double down

spk_1:   31:04
assisting. No, I appreciate that. And I, uh, thanks for sharing that, Jeff. Walk us through what? Closing on the phone looks like. And I know that's a kind of marketing method you really focus on. You've been doing it for quite a while. I mean, you transition over this way before any of this happened. So for those teach people in the call what that looks like,

spk_7:   31:25
yeah, absolutely. We did. We did the traditional way of going on the door to door appointments, and we realized we started getting a lot of deals being lost. And we lost, like, 75 K and deals in January and February, Uh, last year. So that's when we switched and, um, switch our time model up. It was scary. At first, I'm trading our entire team to actually, no goats strictly live and and a lot of deals virtually. Um but once we got over the hump and that that fear factor? Um, it was it was all golden. We had the biggest ah, third quarter and second and third quarter from right after that. And so for us, it's it's we use cold call. And so once arco color transitions, they transition directly to our acquisition. So it reaches our entire floor and whoever is available, we'll pick up alive and, well, we pretty much do like a warm transfer. So, like, the co cola will say, Hey, you know, I have Michelle on the line. Um, she's interested in hearing on offer. Um, and we'll go ahead and live, transfer it, and right there we go into our entire scripts, and we just let him know that, you know, we're not where investors we're not gonna be looking to purchase every single home. We do work with a team of agents. Um, which we do. My wife is an agent, so she's here. If you need to list your property, we can also list your property as well. I'm just setting the expectations in the front end, um, letting them know that we're not gonna be buying every single home so they can, you know, shoot that out the door if they want a $1,000,000 for their home and there's only 200 grand. So we let him know that right up front and we just followed the entire flow and we literally have ah, doctor signs straight up. So we send them the contract immediately while they're on the phone with us. We go through the contract while we're on the phone with them and we lock up that deal while we're on the phone with them. So we try to do everything in one call.

spk_1:   33:23
That's a big deal. Anybody else doing that?

spk_0:   33:28
Yeah, we do that. That's actually that my preferred method of closing deals. And I kind of succumb to the pressure of going on appointments a while back and and it just it doesn't suit my personality type. And I'm in charge of acquisitions and I'm just like Jeff. No, I wanna walk it up right now. I even got a phone. But to Doug's point that he brought up that he feels like this is somewhere to 2007 where people are not made the seller's air, not making the adjustments to the value of their house coming down. I think it's gonna get very important for for people like myself and for just team to make an adjustment to that, we're not gonna be able to lock down those properties on that initial phone call with an unreasonable cellar, Right? So now that makes follow up that much more key to that strategy and and really the being a little bit softer with how we make our offer, where we're kind of trying to explain why we are where we are and we're not as hard as we were. Maybe in the Pasqua's what my feelings are. 23 weeks ago, we had no leverage as a buyer. That's kind of how I felt. Then I feel like right now we took all the leverage back, right? And so at this point time, we we make our offers. But we have to be a little bit more empathetic about their situation, and it might take 2345 follow ups of that offer, just continuing to explain why we are where we are. You know, maybe people don't understand. We all big. It's common knowledge that Zillow and Open Door and Redfin they'll went away right but to a normal seller. They might not know that anymore. And they might have to go out and find out the hard way. Unfortunately, this just happened in my neighbor. My next door neighbor just literally moved out of this house and was like, Yeah, Ziva was closing on the house and and then he called me and let me know like a Zillo just backed out and he literally moved to another state. And he's in that situation now, so he can't sell the maid because I'm offering too low and so nice in this awful situation. And so it just takes a lot more nurturing than I think it might have taken mine and just teams a couple of weeks ago. And just I

spk_2:   35:56
think that follow up is gonna

spk_0:   35:57
be huge for teams like us

spk_2:   36:00
that do everything virtually anyways.

spk_7:   36:03
And you bring up a great point because that's exactly what we're doing. You know, since I formed another

spk_2:   36:09
company called Real Cycle Automation, which were, we literally build

spk_7:   36:14
out automation Sze just like that. So we built that automation and part of our team. So our follow up system is I think it's truly key eso Once they do come in our funnel in our rodeo, we literally if if we can't lock it up right then then we give him Ah, warm offer follow up. So we'll follow up with them for 14 days, which automatically gets sent out. So a triple to get sent out, automatically texting them an email in them and given them great value about our company's. So we go over our core values and the e mails we also tell him are are are literally our steps off. How refined, virtually and what's great about it allows us to go into other markets. You know, right now we're in the Tampa Bay market. We're in the Philadelphia market now. We just launched in Washington. So now we're in the Washington market. So being able to do that virtually, uh, locking up over phones helps us grow into multiple markets. So if we're in the market right now, going through a depression and prices dropped, you know Tampa might not be affected, whereas another market might be affected, so we can just switch our whole model into another market and still be ableto lack of deals.

spk_5:   37:25
So I have a really quick point to make or question asked. Whatever. So we've had to do a lot of r. J mentioned we had had, um where we kind of had a hybrid, Hughes, actually, the best person, uh, closing over the phone. So I actually in the one that kind of lane towards the I like to close out an appointment. So, um, we've had to really change, like, our lead intake forms and things like that. Um, Jeff, since you guys are are doing what you're hiring all these cold colors, Have you had a Just that all I know you were really doing a lot of this, but I think that's one big adjustment for us is you know, I've been working on over the past couple weeks is getting better about making sure, like everybody gets to se r J's level it closing over the phone. Have you had to, you know, change any of that with your new sales trainings? Like, I'm I guess I'm We're asking on the on the training portion for these people.

spk_7:   38:25
Um, so art, I mean week, we literally do. Ah, coaching calls every single day. Um, how we're closing on the phone. So we go through a lot of rebuttals as well. S o will randomly post rebuttals in chat or if they're in my office, one team is in my office. I'll randomly walk by and say, Hey, um, you know the price is too high, you know, or something like that. And well, they'll eventually start learning all the rebuttals. And that's how we're able to over come over ejections a lot quickly. And some trained my entire team, even the cold callers. They go through a rebuttal training as well, and so I think that's beneficial. So when they're on these calls and they're calling, they they have, like all that under their belt so they can just reach out and say, OK, I know this Reba because I practiced this so many times it comes like flowing for me. And, um, I don't know that that's what we're doing with Our team was constantly training, and we do a lot of Scripture and every day, every day

spk_0:   39:25
in situations on the rebuttals. Jeff, Um, is that something that you you want each member of your team coming back with a similar response, or are you leaving that open to like their personality type and allowing them to kind of be a little bit more organic and natural,

spk_7:   39:46
absolutely 100%. So they follow their own John Martinez. This call. So you know, it's a lot of it about their personalities, and so they take it to their personality and how they contain lor building that report with that client. And so that's how they're you know, they're still in there. Rebuttals, um, our our acquisition guy who literally say, you know, I can appreciate that, you know, um, I see that you you want to you want to go on on a cruise and you want to sell your home, you know? No, he'll Taylor just like that and just, you know, So that's how he works. He just listens to very listen very closely to the cellars and then kind of tailor their rebuttals based on that, you know, like on typical one that he gets a lot as you know, I need a consult. My wife and he was like, and you know, you just told me about your wife, You know, she works at the doctor's office. You know, I I can definitely appreciate you know that. You know, she's she's helping the community out and things like that. So I know she has a tough job, but, you know, maybe we can get her in a three way and we can, you know, kind of figure this out together. You know? Do you think her her issues will be the price or maybe the process? Or maybe it's just me, you know, and kind of go into that situation. So I I definitely require them to tailor to theirselves, not just be. Here's the script. And here's the rebuttals and tell him exactly this.

spk_1:   41:07
I appreciate you bringing that up, Jeff. You know, I think personalities of your sales people and yourself, right? If you're a single operator, assume this call is important that, you know, take whatever training you get on sales and adapted to your personality. But super super important in a market like this is, and I see it within myself. I mean, I'm really good that when I feel anxiety, my wife was telling me she hates when I get anxiety, but she likes it because she knows I'm gonna work harder and figure it out. But parts of me gets the press first, and then I kind of go go through that, like little depression, like get out and crank out of it. Where I'm going with this is you know, I think as salespeople, true salespeople, they have a lot of disruptive emotions. And what I mean by that is you're you internalize how you're feeling at the time. It sometimes you project that into the situation on the sales call and as leaders, especially a team like yours, Bigas, your chef and those listening this call when you gotta instill confidence, these people. Right now, there's a lot of scared scare crap crap that's scary out there in the world right now and making sure that your people are on their game and that they're feeling the confidence from you that they're gonna have a job that you know, if they have some destructive emotions coming in, it's gonna affect the way that they talked to Sellers.

spk_7:   42:24
I agree. And I think I think also in investing in your team as well, um, we invest in our team. We give them training courses, you know, if there's if there's a John Martinez course, or if there's a sales course that they want to attend. You know, we'll go ahead and invest that money into them, because at the end of day there an investment. I believe your employees here, your people on your team, your staff, they're an investment. You want to invest into them. Um, and we also let him know that, you know, they're just not riding this wave, and you're just in the number. You know what? I want you to grow

spk_0:   42:54
with us as well.

spk_1:   42:56
Doug and Chris, are you guys, like, with your teams and people that work with you? I mean, what are you doing and kind of keep people's, um, it's funny. The work comes to me in Spanish animal, but it's like their their confidence level. How do you keep them motivated?

spk_3:   43:10
Well, you know, way we're pretty early on, we had everyone's working from home. I made that decision probably two weeks before, uh, two weeks before we had to kind of do that before really blew up just cause I kind of saw this thing come and we've been tracking it for a while. Um, and you know, when deals were falling out or we had to re negotiate and take less and most of my intake in and, uh ah, guys distribute the houses, you know, they're all based on on percentages of the of the take and and so their pay went down a little bit on that, and ah, the way I keep him kind of motivated and not getting down in the dumps is by saying, Listen, this could be a huge opportunity. Look at that. Look at how the landscape of the buy of the buyers have changed in such a small period of time to change so dramatically over such a small period of time. And I've been through this. And if the worst happens and guess what, get ready because you're gonna make making more money than you know what to do with. Because I remember a wait and and nine and 10 and 11 and two and I mean it was insane. And we're buying and buying and buying and guess what? Where? I'm a heck of a lot more ready now than I was back then. Ah, you know, a lot more experience. Uh, and a lot more avenues to thio. Fine property is not only a trustee sales. If that happens, if you get a vote of foreclosures again, but also direct the cellar and and, uh, every prop every avenue that we could possibly can. So the opportunity if if the worst hits which you know, everyone's scared of it, I actually don't believe it is. I don't think that this is gonna be a big is is what A lot. You know, 50% of people think there's gonna be It's gonna be the worst thing ever, and 50% of them that still thinks it's It's kind of a joke and its government run, and it's a whole conspiracy theory. I see it and I can I see everyone in between. I'm right in the middle and I don't know which way it's gonna go. I don't know if it's gonna come out of this pretty fast or not, but I'm prepared either way. And when we see ah, But when we see a way to adapt to do that, we can move pretty fast. And I know I know one thing. We're not shutting down like the big boys we're gonna be. We're gonna be going straight forward and moving ahead and We'll figure out a way to make it's big money

spk_1:   45:35
in it. It sounds like you get it because you've been through it. You get how an employee making 40 to 80 grand a year, like there were a lot more scared than maybe we are.

spk_3:   45:44
Yeah, and that's that's that's my message to him is it doesn't matter which way it goes. We're gonna be We're gonna be just fine. And you know, you might have to take taking the shorts here for for a little bit. But I promise you down the road, it's gonna pay off. You know, sometimes you gotta go through a little bit of muddy, come out on the other side. Even better so and every time that this has happened, that's exactly what's happened. So, uh, what, you're going through it Sometimes it's not so fun, but when you come out, the other side come out stronger.

spk_5:   46:11
I think that's something that we, you know, tend to forget, You know, in the position that we're in, usually we're pretty strong where leaders I know for myself and ourselves, team and everybody on my team. They've really appreciated those personal conversations because although we can keep our work environment good. I think we can show them the future of what we think is about to, you know, take place in our business and how we can really capitalize on that. But they're going home to all different types of things, whether it's their wife or husband may not be employed anymore. They've got kids running crazy at the house. I have investors, buyers that I've worked with for a long time, wanting to sell package deals because they're like we just too much has changed. I just wanted to offload inventory, so my point is that we just don't know what their home life is. So I think it's extra important to take that time and really sit down with all of your employees, be a CZ everybody, because they're so much change that's going on outside of just the work environment to make sure that they feel very settled about the work environment. But then let them get on a more personal level with you right now, because our job is to lead during this time and to be strong and to be motivators. And I think more than ever that a lot of people are needing that right now. So just wanted to remind you that that's really important. And I had multiple people on my team say, Thank you so much, you don't know how much that meant. I needed to hear that today. I was in a really bad spot and it was completely offside of what's going on at work right now.

spk_1:   47:42
I think your point may be the last person you want. Demotivated is your sales rep. Right? Hackle fishing person, right? Like your acquisition, people are motivated. You're screwed. I mean, it's all over. Those conversations change really fast.

spk_7:   47:55
And Jamie that that's ah, amazing. Because we're doing the exact same. We had the exact same discussion with our team. And we have, like, a little. If you guys have any issues, anything that's going on in your personal life, you know, Please reach out. Says we have an open door policy. Give us a call. You know, it doesn't have to be work related. You know, um, I think that's definitely key. And then what we're doing now we're doing every 2 p.m. We're doing a huddle virtually with our team for about 15 minutes. just to make sure that everyone is staying on top. If they have any concerns or questions, let him know that we have this time allowed it. So just go around the room and ask your questions or any concerns. Um, you know, I think that's been helpful for our team as well,

spk_0:   48:38
you know? Hey, we we asked specific questions for everyone that registers for these calls. Because Davis King, right, Like, we wanna gather the information so we can cater these calls to everyone that's registering. And one of the questions that we've been asked is, how many deals are you doing per year? So we can kind of understand where the people that are registering for these webinars is at. And it looks like quite a bit of people are fitting in that, like 5 to 20 deals a year range, right, which is pretty typical right. That's gonna be the vast majority of people that are getting in on real estate investing. With that being said, you know, that means you probably are running a pretty lean team, right? And Cassie and I, we've been blessed enough to run a very large team. We've had up to 70 people employed, and we've scaled all the way down to where we're less than 10 people total across the country. And I say that because if we're now one of those lean teams and this is the message that I keep telling, everybody is but team we leaned out because we thought a correction was coming, right? We didn't know it was gonna be a worldwide pandemic that shut down the entire world. We thought it was gonna be more of a soft correction, not anything close to 2008. But we weren't. We weren't real estate of measures in 2008 right? Like I was like, early twenties, getting drunk in bars in 2008. So I didn't even know what was going on. So I needed to be prepared. And I need at one point time when we had 70 people employed, I remember like yelling at Cassie in my office. And I'm like, we're like a cruise ship, like we see the iceberg like, a mile away, and we can't do anything about it. We just plow into it, sink like I can't get anybody on the same page. We're all across the country in different time zones and it's very difficult. So we wanted lean out and it's very easy for us to make changes now and that the message that I keep telling everybody on our team is his guys. Look, we just gotta buckle down for a couple weeks and see how this is gonna play out. But I promise you that as soon as we know the direction that we need to head, we are prepared to do it no matter what the cost is because it's so few of us. We can make those changes and we could implement whatever strategies we need to do because we've done it all. At this point time, we're ready to do it and I can feel a stranger's. It is with everything that's going on in the world. The morale of our team is actually better today than it was before Everything got shut down. So if you're running a lean team kind of think about the position that you're in and the fact that you are able able to maneuver a lot easier than people with very large team, so I just want to share that because that's kind of the message that we've been telling our team right

spk_1:   51:35
now. Ryan, I want to get you in on here. What is your team look like? And how do you what? You thought so? Everything people said.

spk_4:   51:44
Yeah, our team. Right now, on the flipping side, I have a couple acquisitions, guys. One dispositions, CEO, few project managers. Right now, we do the majority of our business in Vegas, but we have some flips in Tucson and a couple in the valley, but, uh, now, everything is we have not laid off anyone. Um, you know, I've let everyone know, like my intention is to go even harder. Like, I don't I don't plan on reducing salaries or, you know, backing down or anything like that. Like I've got the team I want in. We've been kind of upper. Like we've never tried toe like scale super big, um, out the gate. You know, we, ah, have slowly grown it where we are, and we're only adding people if we feel like they're really, really talented. Um, but yeah, I mean, everyone's everyone liking it. Everyone sees we're still buying when everyone else isn't. So you know, I think our whole team's pretty confident where we're at right now.

spk_1:   52:50
So this is a good transition. And, Chris, I'm gonna throw you on if you don't mind. And it's a question that I had written down for this call. And it's a question we've gotten a couple times in the chat so far. Also on I want everybody's opinion on this. That's all this. Cox. I think it's super important for those listening. How has your by box changed? You know, talking about how important is toe have kind of a strike zone bill, where you know what your strike zone is? How is your by box changed And with the changes that have happened recently

spk_6:   53:19
Oh, um, when everything was going on, everybody was doing everything right. Mobile homes, apartment style condos, whatever. Whatever you thought you could wholesaler make money on it was you were willing to go after just cause the market was that. I mean, now you just got to stick to the stuff that people are gonna buy, right? I mean, people aren't gonna be buying dirt right now. I mean, I don't know. I mean, you guys can all throw I've been through a downturn So I know that mobile homes and apartment style condos will go to the floor and they will go to the floor fast. And first, um, I'm Doug coming, coming, um, mobile homes that we buy for 10 grand, like hundreds, like, 10 grand. Hundreds of like you. You even buy him for, like, 9500. Do you have your 10,000 r bed check and get a refund for 500 bucks? So, um, you know, it just I mean, those those two will hit the floor flasks. And I mean, I know people are still sent it to me. Will you pay for my well, like so you're by box has got to be single family. Um, you know, the stuff that people want to buy because people aren't gonna buy that odds and and stuff right now,

spk_1:   54:29
And that's great advice. And before we jump, some other people throw their opinions and feel free to just jump in any time and field questions or thoughts like I do my own Chris said, I mean, what what about your return? Or however you calculate how much you're paying? Are you trying to get, you know, is just whatever you can right now. Are you trying my deeper? Were you

spk_3:   54:45
out with that,

spk_6:   54:46
Chris? Well, so you know, like I said on the wholesalers wholesaler and I've, you know, you know, I'm usually 30 houses a month. That's kind of my number. And I could tell you I could sell between 17. 75 cents. Mike, I've sold seven deals in the last two weeks, which I'm thankful for. Like, you know, in times like this seven deals, it's not what I'm used to, but I'll take it and I'll tell you the numbers, like, got 66 67 cents on the dollar. And so, you know, I'm just telling everybody because a lot of people use me toe underwrite their stuff like a lot of these small wholesalers. You know, I probably come 50 houses a day for these guys just cause I'm kind of the disposition and I'm just like, you know, it's 200 we gotta be a 1 20 It's gotta be 60 cents on the dollar and and that's just the reality of it. And my Doug said the seller may not be there yet, but that's you know what ingested the follow ups all about because you're just gonna have to remind or keep calm and remind them that, you know, that's where it's gonna go And then, you know, you know, comping back in 08 no, 9 10 You were kind of looking at, like, if inventory starts to rise, let's just say that there is that 200 house on the market. You're like, I need to be a 1 95 maybe 1 89 9 So mine cells and not that guys. So that was the mentality back then anywhere.

spk_7:   56:09
And I think I think creating Ah, we have a drip sequence just for that, um, alone. So we're switching our strategy up, and we're buying around 60 cents on the dollar as well. But if they fall outside and they they want a lot more than we have a drip that sends out 24 21 days are actually six months are six months. They're on a drip, sequence that out, basically, just send him a text message in the email. That kind of lena touch base with them. Hey, did you sell that home yet? Did you get that asking price that you're looking for. If not, we're still able to buy, you know, and sending them a little email about the market and things like that. So we put it in, like, a little drip. So they actually can you get that message and still see if they can call back?

spk_0:   56:52
That's what I was about to say. Jeff, You know, when that Jones just posted in there that she says she's hearing from her buyers 60% of a B minus repairs, Right. So what does this tell us? This tells us that our our customers as wholesalers are cash buyers. They now realize that they have all the leverage in the world, right, if they're still a buyer there now putting it to us and they're saying, whereas two weeks ago, it was 80% minus repairs, right now they're at 60%. So what is that? That's why I feel like now a sudden I am super comfortable as a buyer. No matter of wholesaling or flipping it. Because I'm gonna tell the cellar when I'm willing to pay. And that's what I'm willing to pay. I'm not gonna budge from it, but moving forward even if we lose the deal, whereas in the past and we lost a deal, it was game over, right? That wholesaler was gonna be able to move it. Now I'm feeling like that is gonna be a huge opportunity. Even if we lose the deal, I think it's gonna be temporarily cause there's gonna be wholesalers. They're gonna be locking these up for far too much. Chris, your pricey. And that already where you know some of your people bring it deals, you know, like, Hey, bro World changed, like, two weeks ago. I don't know if you turned on the news or not. And if we continue to follow up with those sellers, we're gonna be the guy that continues to follow up even though they're under contract with somebody else, you know? And we can continue to get those deals. That's why I think follow up is gonna be so key. Even win, They tell you. Hey, I accepted a higher offer. I think it's still key for us to follow up on those people.

spk_6:   58:30
Everything needs to be re priced. I mean, I had to re price, you know, 15 homes that were under contract. So

spk_1:   58:39
dog Ryan was you guys buy box look, like right now, How's the change?

spk_3:   58:44
Um, the higher end stuff, huh? We're still seeing, At least in Phoenix. Anyway, anything under 3 50 is still moving pretty fast, and you're still able to get rid of them, you know, fairly easily, Thio to an end user. The higher end stuff is really gonna start hurt anything. 500 up. It's gonna be harder to come by. This goes to a lot of people that depend on the stock market, and and I think the stock market going down it's hurt, hurt them tremendously. It always does whenever there's on the higher end stuff. So I'm gonna stay away from the higher end stuff, and I'll be I'll be non competitive on anything over $500,000 that that I could tell you 100% AA and And also, when I when I didn't think I took a couple of bucks in Oh, wait, not not too bad. But when I did get hurt on was land. And so, uh, I'm going to stay with what I know. And I'm not gonna buy any commercial buildings there any land because those are two things that hurt me back in the day. So I'm gonna I'm gonna stay away from that stuff, and that'll be next. If you know, it's structured housing, and then you know what goto land. Then it would go to the commercial phase of it. And so I'm gonna I'm gonna stay away from that stuff and wait for that to go down.

spk_4:   1:0:10
Thanks. Yeah. Um, you know, we're buying about 10% deeper now. Um, you know, if we were buying 80 to 85% a RV minus, repairs were now at 70 to 75 but we definitely changed. Um, the type of product we're buying, like a lot of guys here saying, um, you know, I'll still buy mobile homes, but really cheap, um, condos, single family and all that. Not buying luxury. Really? Um, and that was never really our business model to begin with. But really, I'm just trying to get into a low risk deals. That's that's our main thing, and kind of pretty much taking those houses that open door and xylan. Those guys were buying and targeting those. Um, if we can just buy whole tales that really limits our risk because we're mainly flipping, not holds telling. So when we wanna limit risk with flipping, you know, you think about it. There's three ways you can get burned. You can get burned because you misjudge a R V because your whole time and your money costs beat you up or you go way over on rehab doesn't three ways you get burned. So I want to avoid big rehabs because of big rehab, obviously can go up more, but a big rehab also can burn me on old time. You know, if I get popped for, you know, permits and they take forever, I'm gonna get burned those two ways. And then also, the longer this goes, the more I can get burned on Air B because the longer this plays out, the more likely my RV is to change. But when you're buying, Whole tells you you eliminate a lot of those risk because it's so quick, your RV is likely to be what you anticipate. Your rehab is likely to be what you anticipate. Your whole time's gonna be low. So for me, anyways, we're really focused on getting whole tails and these easy fix and flips. If anything's a big rehab. I mean, we need it way cheaper than pretty much anyone is willing to give it to us because it's gotta be so protected and patted that we're gonna do it.

spk_1:   1:2:17
No, I think that's created by sight. I've got a couple of big rehabs and Scott still dug that. Uh, I wish I did know one right now, but I gotta finish him. There's no choice. He got caught. Yeah,

spk_3:   1:2:28
that happened. That's why I didn't get into any new construction or anything like that. It's just you never know what's gonna happen with that kind of time frame, so that's why I kind of stayed away. I've always stayed with structure myself.

spk_1:   1:2:39
A lot of guys in our industry, especially in Phoenix Transit transition to new construction in the last year. Thio it's always scared me is just the fact that you can't project out 12 months. I appreciate you saying that,

spk_0:   1:2:55
Ryan. I saw an interesting question. Are more of a comment in the queue under the chat there, a general contractor said her pricing is going up to it do to everything that's going on, and so she's having a charge. Her investors Maur as the general contractor. That's something that we're not really even thinking about at this point with, You know, our cell strategies and when we're going in to buy properties is how this is also going to impact our contractors and the amount of work that they either have or don't have and how that should also impact our offers as well. So

spk_1:   1:3:32
what's interesting about that? I had a conversation with my project Mandria straight about that. And he said, The plumbers and electricians and a track our subs that are the highest price on our flips are so freaking busy right now because everyone's trying to finish the project projects as fast as they can. And I just I told you know, Hey, look, we're gonna be around when this is all over. Don't price gouge us and realize that probably two weeks, maybe a month we're gonna have no work. So give us fair pricing now. And, you know,

spk_6:   1:4:00
you're also gonna have all the commercial contractors move the residential because a lot of the commercial contractors just lost all their funding. Anybody doing t o t. I work on a commercial space or anything like that. I mean, they probably just got all their funding. Polling last two weeks?

spk_1:   1:4:16
No, no,

spk_4:   1:4:19
I think I accept. The construction costs were going to go down just because supply and demand, You know, if nobody is buying right now, you know, you have people have projects, are trying to get done, like you said Ryan. But, I mean, a month two months from now, you're gonna have to be, you know, flippers. They're gonna be naming their practices everywhere with the whole cellars with the contractors. I mean, we went from this market where the sellers were in control for so long, and then the coal cellars were in control. You know, they had all these flippers competing to buy their deals. And now the tables have turned Where the flippers are the ones that were like, All right, you know, I don't need your deal. You know, there's deals everywhere, you know? So I think you're about to see the switch.

spk_1:   1:5:05
Just got to get through the tail and get through the inventory. Well, hey, I appreciate everybody being on the call. I know we're kind of past the hour. I think we've had some really really great conversation and those that are listening, I'm sure really appreciated. Thio all my Panelist. Thanks for the call. And, uh, you know, we'll send out an e mail with all your guys Instagram accounts and Facebook. Is that the best way to get a hold of most of you social media?

spk_7:   1:5:29
G baby?

spk_1:   1:5:31
All right, eso es. This is super important. All for these guys. If you're in Florida, if you're in Phoenix, if you're in Vegas, these guys are buying. So some of your deals definitely. Thanks, guys.

spk_6:   1:5:43
Thank you.