Is Office Really Doom & Gloom, Residential to Commercial Investing, and More (Office Hours)

Tyler hosted his Office Hours livestream where he answered questions about commercial real estate, discussed his boutique hotel development challenges, and gave away prizes to viewers. He shared his optimistic outlook on the office sector bouncing back and advised that partnering is best for first-time commercial developers.

Get commercial real estate coaching, courses, and community to jumpstart your investment journey over at CRE Central: www.crecentral.com

Key Takeaways:

• Tyler is optimistic about the office sector and believes it will bounce back in 5-10 years as existing office buildings are converted or torn down. He thinks this will lead to a lack of supply.

• Tyler is developing a boutique hotel project and will be documenting the process to share monthly updates. This could provide useful insights for others interested in similar projects.

• Tyler fired his original contractor on the Salt Ranch project and had to get his attorney involved to get permits transferred to a new contractor. This highlighted potential issues with permits being in the contractor's name.

• Tyler sees potential in industrial, flex, and neighborhood commercial real estate in Nashville, particularly in undervalued areas like East Nashville and Madison.

• Tyler gave advice on wholesaling commercial real estate versus residential and partnering for first development projects.

About Your Host:

Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.

Episode Transcript:

0:00

This episode of the commercial real estate investor podcast is brought to you by cre launch Pro. This online commercial real estate program is designed to take you from beginner to pro commercial real estate investor with access to all of my courses, our online community, and monthly group coaching calls. Learn how to confidently buy your first commercial property today at www dot c r e launch pro.com. Welcome back to the commercial real estate investor podcast live from the condo group Studios here in Nashville, Tennessee, back with another episode of office hours. This is the live stream that I do here on YouTube, every Tuesday at 8:30am Central Standard Time to answer whatever questions you have around commercial real estate. If you're interested in getting started, or you have questions about financing your first project or how you should go about renovations, anything like that, feel free to jump in on this livestream, get some free one on one coaching with me. And we'll see what we can do for you. Today is gonna be a bit of a different day, we're actually doing a giveaway in this live stream. So the rules for the giveaway, all you have to do is comment in the live chat. So this is only really going to apply to YouTube and Instagram because for whatever reason, those are the only live comments that I can actually see. So if you want to enter, just drop a question, leave a comment, do something in the live chat. Let's go through some of the prizes that we're giving away today or that you could give away today. And I'll actually share the random selection wheel at the end of this episode. And we'll dive into what we're talking about a 30 minute one on one coaching call with me access to my beginner's guide to commercial real estate investing course, an underwriting spreadsheet of your choice, one month of group coaching, a hard copy of my book open for business, a membership to our commercial real estate Discord server. And something new that I haven't really even announced yet. But Tyler AI, we've been uploading all of the content that I have been working on over the over the, you know, five plus years of commercial real estate to create just a little commercial real estate investing chatbot so that you can kind of talk to me, or my ai 24/7. So that's what we've got on the docket for today. If you're interested in joining the giveaway, just drop a comment in the live stream.

2:23

Looks like we're getting a few comments already. Oh Chad. What's What's up dude, Chad Markham used to just jumping in to say hey, Chad, hope you're doing well. Man. We need to catch up soon.

2:33

Max is saying You're the man Eddie brought. Good morning. Good morning, guys. You're the man Max. Edwin, what's up Tyler? What's going on? Everyone, appreciate you guys jumping in and hanging out. Am is saying good morning, everyone. All right, well, let's get into it today.

2:51

So this afternoon, pay attention, we're going to be releasing another story of the deal. It's my favorite series here on YouTube. And it's on a project in Nashville. That is honestly one of the coolest projects we've ever gotten the tour not only because the building is amazing, but the story behind what is going on with that project is amazing. The rustle by Michael Walker over at anchor investments, it's a church and historic church converted into a boutique hotel. Phenomenal project, we go into all of the details on it, from how he found it, to how he funded it, and how much money he's making every year and what he is doing with that money. So highly recommend checking that out, especially if you're interested in doing something a little bit bigger than Airbnb, right? If you want to do a multi unit boutique hotel, you can basically run it like an Airbnb. And that's what he's doing. That is the coolest part about it.

3:45

So, you know, pay attention for that I think it'd be dropping today at 5:30pm Central Standard Time, just look for the rustle or story of the deal in the title.

3:55

This past week has been really exciting for us, y'all know that I've been working on my boutique hotel for the last two years. And it has been an absolute nightmare. Just trying to get permits. And we finally finally got the easement that we needed from the neighbor, which, you know, we weren't told by storm water we needed until December, they've had the plans for a lot longer than that I can promise you. And so we finally got that last week, which means that they're about to release our permits, which means that we are about to get back to work on the hotel. And I'm really excited for that because we're going to document every step along the way, every single moment of going through the development of that boutique hotel and we're going to share it with you all probably going to release it and you know, maybe monthly episodes and then at the end we'll just compile everything up into one big episode and you know, have a little finale and an opening and you know, hopefully I can host everybody here and and we could have a wonderful grand opening. I would love to have a bunch of friends here for that. So really excited for that. It was another thing that we had

5:00

deal with which I thought was really interesting. So we fired our original contractor on salt ranch.

5:05

And as is typical with these development projects, and this is something you may come across so so pay attention, because you know, you could get in trouble here. Typically the contractor is going out and pulling the permits, right, which means the permits are in their name, even though it's your property, the permits are in the contractors name. Well, we had to pay a lot of money for our permits. And when we fire the contractor, the way that Metro Nashville was set up, the only way for a for us to get our money back for the permits are for that permit to be moved over to another contractor without us having to pay for it again, is if the contractor that we fired, goes down to Metro, gets the refund for the permit and then writes a check to us. Not a chance what a contractor who you fired off a job will ever do that. And I understand that it's there to protect the contractor. But we also have proof of funds that we paid the contractor that money for the permits, and we should be able to get it refunded to us. We had to get our attorney involved and he's phenomenal. If you ever need a Land Use and Planning Attorney in Nashville, reach out to me I've got the guy for you.

6:15

But it's just it's crazy that we had to go through that, you know, level of of,

6:21

I don't know work, just to get our permit rolled over. It's kind of wild. Let's see, CP is saying stance on multi unit quality office purchases, bullish on asset class or gloom and doom. You know, CPE I actually like office space, I know that there's a lot of people that are so anti office right now. But I'm a big believer that if you are willing to just stick to it, and provide a good office space at an affordable rate.

6:50

In the next five to 10 years, again, I know that that's a long time horizon. But you know, if you're investing in commercial real estate, you should be investing on a longer time horizon anyway.

7:00

If you know in the next five to 10 years, think about it, a lot of these office buildings are going to get converted into something else, or they're going to get torn down. Which means we're going to have it and there's almost going to be no new construction. When it comes to Office, there's gonna be some there's gonna be that class double A, but there's not gonna be a whole lot of of office space. Does that sound familiar to any other asset class that we've been talking about? Ad nauseam on this channel, flex space, flex space over the last 10 years, nobody's been building it. All of those developers have been focused on distribution and warehouse, warehousing facilities, it's too close to the course was being torn down and redeveloped into something new. And there's still huge demand for it. Look, you can say whatever you want about Office demand, it's always going to be there. I mean, I'm in a 28,000 square foot office building here in East Nashville, it is full, it is full. In fact, the only way that I was able to increase my noi even further was by renting out some parking spaces, which we did, and we'll talk about that in a video. But it's like, Hey, I mean, these neighborhood offices are doing well. They're doing well. So I think in the next five to 10 years, we're actually going to have a lack of office space in the market. So if you're willing to ride that storm, I think you're going to do really well in the long run. I mean, look at flexpays dude, I mean, seriously, 10 years ago, nobody cared about flex space. Nobody talked about it. It wasn't a cool, you know, hip, you know, it wasn't the girl that everybody wanted to dance with at the ball right? Now it is.

8:31

I mean, you just you hear about it everywhere. So it's awesome. I love it. Let's see, Jeff has said good morning, brother just dropped into support and learn me something. Jeff, what's going on, man? You and I need to get on a call. My buddy Jeff is

8:47

talking about starting a podcast for medical doctors investing in commercial real estate. So I think that would be a really good podcast. And you guys, if he ends up doing it, I'm going to tell you guys what it is so y'all can go support him. So Jeff, good to see you, buddy.

9:05

John is saying I've only wholesaled five residential buildings. How hard would it be to wholesale commercial real estate YouTube recommended you? Well, John, I'm glad to hear YouTube is putting in some work for me. I've been putting in some work for YouTube over the past four years. So that's awesome. Wow, we're actually coming up on my four year anniversary on youtube. That's kind of wild. It's like literally next week or the week after.

9:28

Okay, so it depends on what you're trying to do. Now, if you're going out and you're finding off market commercial real estate deals and you're kind of taking them as a pocket listing. And you're going around and pitching them to a very strong list of investors that you have, you could probably get paid a fee. It's similar to wholesaling. But what I don't typically recommend when you're wholesaling, commercial real estate is like going out and putting it under contract. It's very different from residential real estate. Commercial Real Estate just takes a lot longer to close. There's so much more involved when it comes to due diligence you've got to deal with

10:00

Financing about a bit more, you know, you can't really most people are not willing to close in cash. There's just too many risks, you know, when it comes to environmental and things like that.

10:10

But also,

10:12

you know, hard money just gets really, really expensive when you're talking about 789 figures of purchase price, right? So nobody really wants to spend that money, it's fine. When you're buying a 200 $300,000 house to flip, you can do hard money, it's not that big of a deal. So in commercial real estate, typically, what I recommend is going out, finding the deal, negotiating terms off market, maybe getting an LOI executed, and just being upfront with the seller, they're like, look, I'm gonna go, I'm not the buyer, but I'm gonna go find you a buyer that fits these terms. And, you know, I'll do everything I can to make you happy. So that's what I would recommend wholesaling, commercial real estate is a very different beast, you're dealing with a totally different level of buyers and sellers in product really. So

10:54

hopefully, hopefully, that helps. John Snell is Good morning. Good morning.

11:00

umalas says such good content, I appreciate that. It's always fun to get to do these live streams. I love them. CP is saying absolutely agree. Thanks for sharing your perspective. Absolutely. I mean, look, everybody loves to just, you know, ragging on office space right now, I don't think that office space really deserves it. I mean, I really don't, maybe I'm wrong. But I'm in this every day. And

11:21

office space is doing just fine. From from what I'm saying. Now, I'm not in San Francisco, right. I mean, if I was in San Francisco, I probably have a very different opinion. But you've got to take everything that the news sources say with a grain of salt. Because look at how big the United States of America is. I mean, come on Texas is like bigger than Germany, right. So just because something is struggling somewhere in the country doesn't mean that the entire country is saying that it doesn't mean that it's just that way, generally across the board.

11:50

Chase is saying developing light industrial flexpays versus buying existing case by case or what's your take.

11:57

So Chase, it depends on your knowledge and experience and your skill level, to be honest with you. If you've never done anything, before, I highly recommend just buying existing space, there is enough of a learning curve in commercial real estate with, you know, owning and operating these deals. That if you throw in the learning curve of also developing ground up on top of that, it's very, very difficult. I'm not saying that it's impossible. But there are, you know, some steps that you'd probably want to take, if that's the case, right? You probably want to JV with somebody that has been there and done that, and can financially support the deal and knows how to navigate civil engineering, architectural and design permitting, dealing with contractors, you know, bank draws all the fun stuff, right?

12:44

If you have done this before, and you've done a lot of you've bought a lot of existing, you know, wide industrial, and you know exactly how to operate and run these on a day to day basis. And I would say yeah, I mean, if you want to increase your yield, developing is the way to go. Now, it's tougher these days than it was two or three years ago, just because construction costs and development costs are so much higher than they were. And also interest rates are high. But that being said, cap rates are still low. And so buying existing spaces more expensive than it was. So I have always preferred buying existing, especially if I can get it in a very distressed situation, right? Like it's almost completely vacant, or it's really old and worn down. And just doing renovations. At least in Nashville, getting a renovation permit is a lot easier, typically, than getting a ground up development permit. We're not having to deal with as much on the regulatory side. So it makes my life a little bit easier. So that's that's typically what I would recommend. They can just say hi, first time why Viken thanks for joining us, we have a lot of fun here in the live streams, you should come back more often.

13:52

Max is saying I agree the best time to invest is when no one else wants the asset. And therefore you can acquire office at a significant discount. Couldn't agree more. Right? Like when everybody is afraid of something who was at Warren Buffett says that invest when everybody else is afraid and be afraid when everybody else is investing? It's so true. Like look at Bitcoin, for example. Right? I mean, a couple of years ago you had everybody talking about it was like I mean my mom was talking about Bitcoin, right? I mean, at that point, you know, it's it's over inflated. It's not a good market.

14:26

I mean, for all of these people to be talking about Bitcoin, I was like, something's not right here. Right. And so I ended up selling off my bitcoin and guess what happened? It absolutely crashed now, yes, it's come back. But how long is that gonna last? I mean, there, you know, we could talk about you know, Bitcoin all day and the efficacy of it and whether it's actually a good investment, which I don't believe it is, and I don't think it is actually an investment. But you know, that is what it is. So invest when other people are scared because you're gonna be able to get a discount. There's some dude out there that is terrified. That is what

15:00

100% Convinced that office space is never coming back. And he's gonna have to sell his building for basically the cost of the land for somebody to come in and do anything with it. And if you are the right investor to take advantage of that situation, you will win big time. Big, big, big done. Frank is saying, Hi, you mentioned that you're getting your GC A while ago, was this primarily for the residential projects you were working on? Or do you find that it will help in commercial as well? Great question, Frank. So

15:27

it will be for both. I think, one, it's just good to have the like formal education of anything, right? I mean, I'm a big believer that yeah, you can learn on the job. But sometimes just having the formal sit down, read through a book, have an instructor education is a different beast. It's sometimes it's not helpful at all. I mean, I went through a commercial real estate development class after I had already developed my first project. And I was like, this class sucks. I mean, I won't say what class it was here. You know, to be fair, it's been like seven years now. So, you know.

16:01

I think that as far as getting my GC and moving forward, I'm tired of dealing with contractors. Most contractors are terrible. They're not good communicators, and they're, frankly not good at their job. And you can be not the best at your job. If you over communicate about everything, and you are good at everything else, right? If you're like, look, yeah, I messed up, I'll admit that, I'll take care of it fun.

16:27

Most contractors are not that way. In fact, they they mess up, and then they try and blame it on you and say it's not their fault. And I mean,

16:35

it's an absolute nightmare.

16:37

Trust me, I have hired and fired many contractors in my day. So I'm just getting tired of dealing with it. To be honest with you. The boutique development firm that I worked for when I first got started had its own GC in house. And while it's not perfect, it's a whole lot better than it is to just hire a third party. I mean, one thing about it that GC is now in the office every single day, having conversations with the project manager, the development team, the leasing team, the sales team, whatever it is. So it just makes this the processes a lot easier. And I don't know, just so much better.

17:11

If you're just tuning in with us, now we're doing a giveaway today, the rules have been pinned in the live chat.

17:18

Basically, all you have to do is comment or ask a question in the live chat. This only applies to YouTube and Instagram, for whatever reason, those are the only comments in the live chat that I can actually see. Sorry, LinkedIn, Twitter, Facebook, I guess you'll just have to deal with it. Or come join us on YouTube. So yeah, jump in, we've got a whole bunch of really cool prizes that we'll be giving away today. We've got a lot of names in here now. So it's going to take me a minute to add everybody do it. But we'll, we'll do it. We'll do it here at the end.

17:47

Am is saying what emerging trends or innovations do you foresee shaping the future of industrial and flex commercial real estate over the next decade? So I actually don't feel like

17:59

the building's themselves are going to change very much. I really don't I mean, I think that at the end of the day, you know, flex and industrial is kind of it is what it needs to be right now. Now, I'm not, you know, a super innovative inventive person, when it comes to building design.

18:18

You know, I think that there is certainly something that could change and maybe it makes it more efficient, whatever.

18:24

But I think what's gonna happen is, it's, we're just gonna get better tech, right, we're gonna get better at logistically planning out last mile delivery, we're gonna get better at making sure that each driver has less downtime, we're gonna have, you know, automatically driven, you know, AI driven vehicles, right, that will just be so much more efficient. I think that's where the true innovation is gonna come in industrial over the next 10 years. I don't necessarily think that the buildings are going to change. You know, one thing that you could start to see and we are seeing it now is multistory industrial buildings that have some pretty serious

18:59

freight elevators.

19:01

Because, you know, we've been talking about this a little bit already. But, you know, most of the flex space has been close to downtown historically, right? For many reasons. It's it was cheaper, but also the access to the entire city is pretty unparalleled.

19:15

Problem is there's now higher and better uses, but at what point does it actually make sense to not tear flexpays down for an apartment building, when you could tear that building down and build a multi storey flex building? With a freight elevator? I mean, you know, that could be pretty interesting. Right? So there's there's things like that that I think could change, but I don't think that we're going to see anything. Absolutely crazy.

19:38

Jorge said, Good morning, Tyler. Hey, buddy. Just got my first check from cold calling for an investor in Chicago. Thank you for the encouragement and inspiration. industrial commercial real estate rocks. Hooray. That is awesome, man. Congrats on getting your first commission check. That is killer. Man. You know, not everybody has the guts to go out there and cold call. So kudos to

20:00

You,

20:01

it will set you apart and you will make good money doing it. I promise. So keep keep up with it. That's awesome to hear man. Thanks for the update.

20:10

Jake is saying What's your advice from making the leap from small residential new construction flips to commercial development, not seeing the long run momentum in residential accepted maybe land rezoning and development?

20:23

Dig? It depends. I mean, I actually liked the new construction residential arena.

20:28

We're gonna be getting into it here soon. I think that the problem that a lot of people have with new construction residential is that

20:35

they treat it like a commodity, right. And if you're in if you're trying to cut corners, I'm not saying that you're doing this at all, it's just holistically what I see across the market. If you're trying to cut corners and deliver the cheapest house possible, in order to just sell it quickly, and move on to the next one. You know, it's kind of like what we've been talking about with what's going on with Airbnb is there's no differentiation, there's nothing that makes your product better than anybody else, you know, you're basically a commodity, that's a race to the bottom.

21:04

So what I'm doing right now is I'm looking at, you know, different neighborhoods with a Nashville saying there's a gap between, you know, 1 million and $2 million homes and the 18 120 200 square foot Ranch, that's a very high price per square foot. But there's nothing that has like the 4000 square foot finishes, and an 18 120 200 square foot house. So to me, I'm looking at that. So I mean, I had this this thesis, right? So I go out, and I check in. And I'm like, You know what, there are a couple of comps that are showing us like they're getting higher prices per square foot, their days on market are fewer than anybody else. And they're crushing it. So somebody has also already tested us out, I don't have to be the first one. And here we go. So that's that's my thought on the residential market. However, getting into commercial real estate, I mean, it depends on what you want to do. Right. I love neighborhood commercial, I think it's a great, great sector

22:00

of the market, I think it will always be strong. And they're also manageable deal sizes, right? I mean, there's the you know, there's where we all aspire to be in there. And there's what's actually realistic for us to do right now. And building a three tenant strip center is a phenomenal project. It's smaller, it can be very profitable, and it's manageable. It's you know, and you can always hold on to it for the long run, and make some good money on him. So I think, keep your eye out there for you know, any potential projects you could do that.

22:32

You know, that are that are smaller, and just, you know, kind of start to dip your toes into it.

22:38

JC Anthony's saying no experience in developing flexpays only experienced in residential construction and flips, erring on the side of parting with someone for the first one. Thank you, sir. Absolutely. I think that's the best thing you could do. Go out and find somebody to partner with that has been there done that they have the experience, they can hold your hand through the entire process. It'll make your life so much easier, I promise.

22:58

He's also saying be greedy when everyone is fearful and fearful when everyone is greedy. Yeah, that might actually be the Warren Buffett quote. That I mean, come on. It's a good one. It's and it's very, very true.

23:10

Peter, great touching base yesterday. Yeah. Good to talk to you, Peter. Appreciate you reaching out, man. I have a saying I never paid too much for a piece of real estate. But the ones I didn't buy cost me a fortune is a great segue. It's It's so true. And I mean, I would add to that, too. I mean, the some of the ones that I didn't buy could have cost me a fortune.

23:30

If I didn't do my due diligence properly. It's It's funny, sometimes the deals that you don't buy are, are the best deals.

23:38

For multiple reasons. I mean, one, you're always gonna have like rose colored glasses looking back being like, oh, I should have bought that.

23:46

You know, like, I always thought when I first got into commercial real estate was like, I'm never gonna sell a property. All of the old guys that I talked to, they always say, I wish I never sold that. But the next question is okay, but what did you do with the money when you saw that? Oh, okay. You compounded at 10x Over the next 10 years, because you kept, you know, selling properties and 1031 exchanging into something more like better? I mean, kind of hard to argue against that. Yeah, sure. Maybe that property is worth a lot more today compared to what you sold it for. But you also had exponential increases in your equity. So it's, it's funny.

24:21

But yeah, I mean, there are some deals that I've passed on where I was just like, Man, I really should have done it really, really should have done it. There was a house that I almost bought back in 2020. I was about to put it under contract, and then the pandemic hit, and I was already kind of nervous. It was a $650,000 house. I mean, I was a single guy at the time. I didn't need a $650,000 house, but it was just an awesome house and I knew it was going to appreciate and I got nervous, and I ended up not doing it.

24:48

And just because of the market like I mean honestly, I didn't know if I was gonna be living on my mom's couch the next day, right like commercial real estate gets really weird and down markets like what we saw during COVID. Fortunately, it didn't do that and I didn't have to move in with mom.

25:00

I'm so we're all good. But

25:03

that house today is now worth over $950,000. It's been four years. I mean, what the hell, I should have bought the damn house. But I mean, also could not have known that

25:16

real talk with Joe says saying, Am I the best? Does that count? Yeah, you're the best appreciate you joining us.

25:25

Eddie is saying my contractor has got more expensive, but I know he will get the job done happy to pay him and sleep better at night. I mean, that's there's something to be said about that, in my opinion. Like, if you find a good contractor, oh, my gosh, do everything you can to keep them happy. I mean, give them all the business in the world don't negotiate their prices, just make sure like if they're that good, where you don't have to, like worry about if they're doing everything, right.

25:51

I mean, try and buy in and become a partner with them, because they are going to be very good contractor for the long run. You know, the problem that I've always found with contractors is like the good ones move on so fast.

26:03

That they, they they become their own developers, right? They eventually get to a point where they're like, why would I third party this for other people, when I could just start doing it for myself. I mean, that's the it's just it's this never ending cycle. Like, every commercial real estate contractor starts out as a tenant improvement, like build out contractor, right? They're going into these retail centers and whatever, and they're building it out for these tenants. Well, that's phenomenal, right? And if they get really good at it, then they're like, well, these are only $100,000 jobs, 200,000 hour jobs, I want to move into the big things and then they you know, get an groundup new construction and then move on. And then you have to go find another tenant build out contractor again. It's a big, big pain.

26:43

To say good morning, thanks for sharing your knowledge with us. Absolutely. Ted happy to do it. Dana sells. Now she's saying is there any state you wouldn't want to pursue an investment in California? Hands down? Hands down California don't even have to think about it.

26:58

So great question. You know, the it's funny, the majority of investors that we were represent at our brokerage firm out of California, not a single one of them wants to invest in California. They are all getting out of that space. They're all selling properties in California and getting out.

27:17

Now, obviously, people are still buying in California, and I get that. But there's there's multiple things about that market that I don't understand. One, it's overpriced. Like, yeah, the weather is great, the weather is awesome. It's probably the best weather in the United States, you couldn't even argue with it, especially if you're talking about, you know, the San Diego area. Let's be honest, weather in San Diego is pretty great.

27:38

I'm not gonna pay 40% and taxes to live in San Diego. It's just not how I want to operate my life to everything is so overpriced. I've got buddies that invest in apartment complexes in LA that are buying at 1% and 2% cap rates. You're not hearing that wrong 1% and 2% cap rates. That means if they pay all cash, they might get 1% or 2% cash on cash returns. It is horrific, and I would never do that. But they do they do really well on it. They lose money for like five to seven years. And they flip it to the next guy who loses money for five to seven years. And then he flips it to the next guy and it always appreciates. But nobody's making any cash flow and you're really hoping that you're not going to have to sell that in a down market, which I mean, come on man.

28:28

Hope is not an investment thesis. For me at least.

28:32

Dennis thing if you weren't a commercial real estate, what would you do? Oh, gosh, I probably mean construction. I mean, that's what I was gonna do before I got offered a job in commercial real estate. My grandfather owned a construction company. I was working for him as a project manager. I really liked building things. I mean, if y'all are following me on Instagram, I just posted you know, I spent over 20 hours this weekend working on an outdoor cookshack And, you know, it's basically a 20 foot by 40 foot 14 foot by 40 foot pavilion outdoor, you know, pole barn opener pole barn,

29:04

you know, and I built the furniture for it like I just love doing that stuff. So yeah, I'd probably be in construction. Alright, this is probably

29:13

got gosh, we got a lot got a lot of questions. What apartment buildings have extra space, they can always build storage units to add revenue. Could you name a few ways of increasing revenue in unique ways for other commercial products? Sell parking spaces, right? You can industrial outdoor storage, pretty much anything. You could always add vending machines, people love vending machines. You could do like if you're in Texas covered parking because it is hot as hell. I mean, come on. I mean, the Dallas had like a 30 day run last year where it was like 110 degrees every day, or at least over 100 So if you have you know covered parking, you could charge 5200 bucks a month extra for it, because people were just willing to do it

29:56

trying to think of what else I mean there's there's so many different ways like if you

30:00

started throwing out certain types of products, I could probably start rattling things off. It's tough for me to just come up with anything off the top of my head. But hopefully those few ways help you.

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Jeff has said, gotta give yourself grace on those things you simply can't control and shift perspective to anything else that benefits you at any given time. On to the next opportunity with a clear mind couldn't agree more, Jeff? All right. Meg has the last comment. So let's say good morning, What trends are you seeing in commercial real estate in the next few years? Where would you invest in commercial right now in Nashville?

30:30

Trends? Gosh.

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I mean, I think that I think commercial real estate is going to continue to move towards more of a node system where, like, you know, you've got the downtown neighborhood Well, everybody that lives in downtown wants to live work and play there. Everybody that lives in East Nashville wants to live work and play there. Everybody in Woodridge, Houston, and you know, Bellevue, whatever, they all want to live, work and play in their neighborhoods, they don't want to have to travel. I mean, Nashville is not alone in the sense that it is a city that has zero transit capabilities. Right. So it's just miserable to commute.

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I think that we're gonna continue to see those nodes build out to where, you know, it's kind of like Atlanta, like, if you drove 30 minutes outside of Atlanta, you'll still see towers, right? They just have random, you know, basically like, mid towns 30 minutes away. It's kind of wild. If I was going to start investing in commercial real estate in Nashville, I would say.

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I mean, I love East Nashville. I'm so biased, but in my opinion, it is hands down still the most undervalued market in Nashville. I'm a big fan of Madison. I think that Madison is the second most undervalued market in Nashville. Goodlettsville river gate is very interesting to me, you'll notice I'm going north. The reason that I'm doing that is everybody in their grandmother has their eyes south of the river, which is downtown, green hills, Brentwood, Columbia, like that whole i 65 South corridor.

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Nobody's paying attention to the north side. And if you think about that, people were willing to pay 500,000 Plus, to live out in Columbia and commute to Nashville every day. That sounds miserable to me. I could never do that. However, 500,000 would buy you in a mansion north of town, and you'd have a 20 to 30 minute commute instead, if not less so. That's it. All right, we got to get to the drawing. I know some of y'all are probably anxiously awaiting that beat up just saying what time you start these broadcasts. I'll tune in there 8:30am Central Standard Time, every Tuesday. All right. I am going to have to take a couple of minutes to figure out

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how to copy and paste everybody's names into this picker wheel. This is going to take me a minute. So y'all bear with me while I do this

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all right

33:19

I'm gonna have to get an assistant to help me do this next time. Probably be a lot better to have somebody filling this out as I'm going through it instead of me just having to do this at some point.

33:30

It's a good

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year. Peter.

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I'm getting y'all in here I promise.

33:58

GE is said Hey, what's up man? Haven't seen you since commercial real estate school.

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I'm gonna drop your name in the chat because I can't tell by your last name or by your by your screen name. who that is. We'd love to catch up. I mean, hey, if we were at school together, let's let's catch up.

34:17

Cliff, I'm sorry. You're asking me how to find equity partners or debt partners. I am out of time technically on this

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live stream. I'm just going to drop everybody's names in here.

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So unfortunately, you'll have to drop that in the comment section and I'll get back to it. Let me share my screen.

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So here we are.

34:40

Why is it not sharing my screen

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there we go. All right. Everybody's names on there. Let's roll it and see who wins today.

34:56

Man that has negative very annoying sound. I hope y'all can't hear that.

35:02

Looks like it's John.

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Let's see that is

35:11

John Linsky talking about wholesaling some residential real estate wanted to get into it. Alright, let's see what he wants.

35:19

Okay, this is

35:23

John. Let's see what you want buddy

35:34

there we go man. Got a month a group coaching. Awesome. Well guys, thank you for joining us here on the Office Hours live stream. Let me know if you like doing this giveaway and some of the things that we're giving away. Maybe we can start doing this every week to make it a little more interactive for everyone. John shoot me a DM on Instagram. It's at commercial in Nashville. I'll get you hooked up with one month of group coaching with my group coaching team. And we'll take it from there. Appreciate you all for joining me. We'll see y'all in the next one. This episode of the commercial real estate investor podcast is brought to you by cre lodge Pro. This online commercial real estate program is designed to take you from beginner to pro commercial real estate investor with access to all of my courses, our online community and monthly group coaching calls. Learn how to confidently buy your first commercial property today at www dot c r e launch pro.com