What Are YOU Buying in 2024, Breaking into Brokerage, and More | Office Hours
Each week, I'm going live at 8:30am CST for my "office hours" to answer your questions about commercial real estate on the show. Let's hear what you'd like to know when it comes to brokerage, investment, and development!
Get commercial real estate coaching, courses, and community to jumpstart your investment journey over at CRE Central: www.crecentral.com
Key Takeaways:
Value-add investments across various asset classes like self-storage, mobile home parks, industrial flex, and retail. Insights on evaluating locations for self-storage facilities and the benefits of luxury storage garages.
Medical office space as a relatively stable commercial real estate investment.
The importance of being relentless when trying to break into the commercial real estate brokerage industry. Tyler recommended networking, informational interviews, and following up persistently to get a foot in the door.
Developing a comprehensive commercial real estate brokerage course that launched in fall 2023.
Plans to expand The Cauble Group brokerage to new markets in the Southeast over the next 2-5 years. He will be partnering with local commercial real estate brokers, offering them up to 49% equity in the new branches.
Cauble shared his experience with a challenging $18 million acquisition that required creative financing and persistence to complete. He stressed the importance of conservative underwriting, proper planning, and having the right partners when undertaking complex commercial real estate projects.
Upcoming Events and Courses:
Cauble will be hosting a workshop and property tour for CRE Accelerator members in Nashville in October 2024. He is considering offering in-person classroom courses in the future based on listener interest.
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:
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Welcome back to the commercial real estate investor podcast live for another round of office hours. here at my studio, the Carlyle Group studios in Nashville, Tennessee, looking forward to diving into yours questions today around commercial real estate commercial real estate investing anything you got, that's what this is for it is Office Hours. I'm your professor are always terrible pretend to be and happy to dive into any questions that you've got, what to know, what kind of real estate? Are you interested in investing in, drop that in the chat, I want to hear what types of commercial properties you are investing in. As we are diving into today. Got some really interesting updates from the past week. So I wanted to say we've been talking about doing an event this fall. And I am going to do an event this fall but it will be exclusively for the CRE accelerator members. And our commercial real estate conference is going to be this spring, I wanted to make sure that we had enough time to do it properly. Because it takes a lot of work to pull something like that together. So wanted to say because I know I had said hey, save the day. We're doing something in October. We're going to try and do something in October. We're just going to do something for my serie accelerator members here in Nashville on October. It's gonna be fun. We're gonna go tour some of my properties. We're gonna do some workshopping, masterminding probably have some speakers coming in and hanging out with us for the day, and of course, enjoying some of the sites only you can see in Nashville. So it'll be it'll be good. I'm dropping this question in the live chat. That way we can pin it and hear more from you guys. So what types of care are you interested in investing in this year? Me personally, I'm still open to kind of anything I love value add, I still think that there's a lot of opportunity in that field. We're actually looking at some owner occupied opportunities here in Nashville, I might buy another building for one of the companies. Because why not? I mean, those are great ways to do commercial real estate came into saying I would love to learn about storage units. I love self storage. The thing that you've got to be careful about with self storage today is the market that you are investing in, is it oversaturated there's a lot of people that have been developing a lot of self storage units over the past really five years, probably five to seven years. And you gotta be careful with it. But if you can find pockets that don't have oversaturation, oh my gosh, self storage facilities crush it Brent is saying multifamily Brent I'm sorry to hear that man hopefully we can bring it to the white with this channel. I'm just messing with you I haven't invested or had any interest in investing in multifamily since around 2018 That's about when the cap rates went so low that I didn't see the value in really taking on the risk anymore but if you've got access to really really cheap capital, as in you're a private equity fund or a hedge fund or something to that extent then multifamily probably still makes sense because you can go for lower returns. See Martini is saying multifamily and storage but somehow stumbled into two mobile home parks see now mobile home parks are interesting to me. Right actually like that asset class. The reason being it's similar to multifamily and storage, but it's not oversaturated yet right. Could it get there in the next couple of years? Absolutely. There's a lot of influencers that are out there talking about mobile home parks, and really preaching to you know, anybody that anybody that will listen how great of an asset class they are, and they're not wrong. It's a pretty great asset class. So I do love mobile home parks. But you can't go wrong with multifamily and storage to no use for a name. I love that name. Saying industrial flex. I love industrial flex. What an asset class. super popular. I'm actually going down to Alabama, this upcoming Friday to spend time with one of my students. He is he's been developing flex buildings ground up and he's got a very unique approach. He actually goes all out He makes sure that they've got the best lighting, the best landscaping, the nicer looking buildings. And you know, a lot of investors or developers out there will tell you, you know, just try and do it as cheaply as possible. Well, what Marcus is doing is pretty much the exact opposite of that. And he is getting some phenomenal tenants, they are running up really fast. And it's a really interesting way to go. Robinson, USMC is saying retail properties, I love retail. I mean, here's the thing, you know, retail went through its revitalization. I think that retail needed a kick in the tail. After the the Advent, really, of Amazon or the arrival of Amazon on the big stage, retail had kind of gotten stale, you know, they've been the same thing for a long, long time. And now, if you if you compare retail today, to retail, 10 years ago, not in day, it's almost like different industries, it's so much more interesting and fun to go shopping today than it was 10 years ago. And it's probably because my mom is not making me go shopping anymore for school clothes. That was always the worst case and best place to learn about evaluating location for storage units, that's a great follow up question came in. So here's, here's what I would do is I would start studying the market and figuring out, I mean, go to Google Maps, right type in self storage facilities, and a market that you're interested in, and just see where they start to pop up. And you can start to look at it from a 135 mile radius. But you know, self storage units tend to be hyper localized. So if there, if on the map on Google Maps, it looks like there's, you know, just kind of this pocket, that doesn't seem to have anything going on, that's probably where you want to go and invest, we pull up my little handy dandy whiteboard here. And I'll kind of show you what I'm talking about. So, you know, let's say you've got your city here, interstates kind of all going out, you know, every which way, right. And if you go in, and you search for self storage, and you see a unit here, and you see a unit here, you see a unit here, and one here, but for whatever reason, there's nothing in this area, but then there's units here, then I would go and look in this area and see what's going on. Right because you know, bear with me, I know I'm not an artist by any means. But I enjoy showing things a little more visually. So that could be your opportunity. Now, what I would do from there is go in and see if you can find some potential sites and find a couple of self storage management companies that will actually do a market evaluation for you. More often than not, if you've got a good relationship with them, and you are actually a serious buyer or developer, they will go and do those, those market analyses for you because they want to get your business. So that is one way to double check and make sure that you know where you're looking might be a good place for self storage. So just don't buy anything that's on top of everything else. Let's see Jack is saying what are some of the best ways to enter into commercial real estate from the broker side online certification programs, mentorships, et cetera? Who Okay, well, 12 weeks to break into care, which is a class that I'm teaching with Logan Freeman just started at the beginning of July. So unfortunately, enrollment is closed there, I'd say that's one of the best ways because we're doing that we do that. I mean, that was free this year. So as far as like breaking into the brokerage side, you really got to learn and and the problem is, you know, I don't want this to be some sort of self plot, we're building out a commercial real estate brokerage course it has 106 lessons in it. And it's unlike any other brokerage course out there, because it has 106 lessons in it. If that sounds overwhelming, that's because brokerage is it's just it's very intense, you have to learn a lot. And the more that I dive into putting this course together, the more I'm starting to look at it going well, we have to add this you have to have this too, you have to have a general knowledge about this. So that'll launch hopefully, you know, this fall, keep an eye out for that. But as far as you know, like education goes, you've got YouTube, it's free. I mean, we put out a whole bunch of commercial real estate content on this channel for absolutely nothing. We just ask for your eyeballs doesn't hurt if you like, share, subscribe, whatever. I mean, that's always great, right? Because it lets everybody else know that you're liking this channel. The other thing podcasts, right? There's tons of podcasts out there now. I mean, when I was first getting started, there was almost nothing. Of course, there are a few books. There is. Gosh, what is that book?
John Hyman wrote it I do not know the name of his book, but I think it was you know, something about commercial real estate brokerage getting started in commercial real estate brokerage or something to that extent, look up John hymens book. One of the first books that I read when I got into commercial real estate, and it is a phenomenal read. And let's see, as far as anything else goes. I mean, Jack just be relentless. So that's something I'm going to talk about here in a minute. I'm actually updating some of our internal documents some of our founding data arguments, the paperwork off of which we live, you know, breathe and die by. and relentless is going to be one of our core four tenets be relentless. When it comes to getting a job in this industry, if you're not relentless, there's no point in even trying. And what I mean by be relentless, is go out there and reach out to every single broker in your market. Reach out to every single one, ask them all out for coffee, buy the damn coffee, and just interview them. Right? Just ask them. What has your experience been? Like? What do you enjoy? What do you not enjoy? What should somebody like me that's just wanting to break into the industry? What should I know about it? Is there anybody that you would recommend that I should talk to next? That could help me get a foot in the door? Right? It's those kinds of conversations, and you've got to have 100 of them. I mean, I've seriously I've had buddies that have had 50 plus interviews like that before they finally got a job offer. And guess what? They're absolutely crushing it now. And I bet you if I had them sitting right next to me saying, was it worth having 50 conversations? They'd say, Hell, yes, absolutely. It was worth all the time and effort that I put into that. So that's what it takes, is just being relentless. I mean, think about it. You want to really impress a commercial real estate broker who is a high powered sales rep, kill the follow up, crush the follow up, send them you know, give them a call, shoot them a text message immediately afterwards, send them an email 24 hours later, just saying, hey, just thinking about this part of our conversation, really appreciate our time, send them a handwritten thank you note that made you just go on a campaign, treat it like a campaign of I'm going to make sure that I'm getting a foot in the door with this person. And I'm gonna do everything that I can to impress them. Because guess what he's going to look at that and say, Damn, I should have Jack come do this for my clients. Like he could do all of this follow up for my clients so that I can get more business, right? And so you kind of show them like, Hey, here's the value that I could bring to the table. I know, I went off like really deep on Elon, but I'm really passionate about sales and breaking in and getting a foot in the door. And getting into brokerage. I mean, getting into commercial real estate brokerage was hands down the best thing that I could have ever done. Before I move on to the next questions. I know we've got a bunch dropping out, I want to update you guys on some of the stuff that I'm reworking. Like I said, we're updating our core for what I'm calling the core for our four tenets by which everybody in the company will live, eat, breathe die by. And that's because you know, the cowboy group is growing, it's time to grow. It is time for us to get out of Nashville to expand across Nashville and start growing, right. So I've already identified two markets that we're going to expand into in the southeast in the next two years. And in the next five years, I've got three more markets. On top of that, it's time for the combo group to start going to all these other markets. And so I've been working on putting together the plans for what does that look like? Because I can't be in every single market, we're going to have market partners. So I'm going to be partnering with commercial real estate brokers in these markets in the southeast, they can earn up to 49% equity in that branch. And we're going to be bringing all of our marketing, branding, you know, the whole shebang behind us. And it's going to be a lot of fun. I'm really excited about him. And selfishly, that gives me the opportunity to then expand my commercial property management company to those markets, and then also expand my investments to those markets, right, because if I have a team that is boots on the ground, I might end up being the brokerages best, best client, which you know, is good and a bad thing, right? So markets would be a great thing. But you know, it's, it's time for us to start growing. So I've been really reflecting and spending a lot of time, you know, reviewing my sales team doing personality tests, diving into, okay, what what about this person's personality has made them successful? What about this person's personality has made them successful? And how can we go and duplicate that? Because I've got five brokers that work for me in Nashville right now. And it's time to get to 10. Right, there's there's too much work that we have that comes in from YouTube that comes in from the podcast. I mean, it's it's amazing, right? You know, since I started this channel back in 2020, we now have clients from all over the country that call me and say, Hey, Tyler, I want you to help us, you know, buy a triple net property in Florida. Or, you know, Tyler, we you know, we're developing a property we need you to help us you know, just make sure that we're doing it right. And it's really cool to get involved just in deals that way. Yeah, cool. Well, that's that's pretty much all the updates that I really wanted to give you guys. Let's jump back into your questions. So no use for name is seeing what area in Alabama I'm pretty sure it's alabaster. If that sounds familiar, it's not far from Birmingham. That's where we'll be. This Friday diving into we'll be doing a story of the deal on on one of my students project so it's going to be a lot of fun. I'm really excited to see it. Eddie is saying good morning Tyler interested in value add Eddie, a man after my own Heart right not even picking an asset class, it's like I'm just interested in value add, give me anything that I can add value to. And we're making money. I love it. Tabs and curtseying, higher quality flex space and luxury storage garages, no office or bathroom 15 by 50 feet. I love that. So we actually had a client couple years ago that was looking at doing these luxury storage garages. And they're basically flex buildings, right? That are that are essentially garages with a loft, that's kind of it, they typically have the bathroom, they have industrial style lighting, they may have a mini split, it's nothing crazy. But I mean, it's, it's a luxury storage unit, right? You know, a lot of people call them you know, like your, you know, it's for your toys, right for guys and their toys. So you're parking your nice cars in there, you know, we had actually modeled out what it would look like to have hydraulic lifts in there. So you could stack two or three cars into one space. They're really neat. I mean, I love the idea. We just haven't found the perfect property. In my opinion, we had one here in East Nashville, but I was like, you know, it's East Nashville. I feel like most of the people that are gonna have the toys are gonna be on the South side of town. Because I mean, one there's more money on the South side of town. But two people in East Nashville don't really care about the flashy stuff like people on the South side of town do. It's just, you know, just culture of the town. And, you know, if you want to go hang out, you know, and have your have your man cave, you got to be closer to the guys that have all that stuff. Because they want to be able to be a five minute drive from their house so they can get over there and see their toys, smoke cigars in the loft, whatever it is. So I love that idea curtain. Ryan Jensen is looking at medical office space. I love medical office space. I mean, that is that is one of the few pieces of commercial real estate that I would say you could probably be bullish on 24/7 Doesn't matter what time of day time of year, time of the economic cycle. I mean, as long as you're buying it, right medical office space is one of those just industries where a lot of people are going to find a lot of security in the type of tenants that are there. Chase is saying good morning, we're going to get my first commercial real estate investment this year in light industrial iOS. Love it Chase, that is a great way to break into commercial real estate, I'll tell you what I mean, the light industrial properties are relatively easy to manage, if you're just coming in, and you've never been in commercial real estate before. I mean, talk about like low maintenance tenants, right? I mean, look, if you want a low barrier of entry to get into commercial real estate, like if you're intimidated about how to get started as a commercial real estate investor, start with small industrial or industrial outdoor storage, because those tenants are well maintenance, they pay good rent, and there's not a lot that you're gonna have, there's not a steep learning curve on those units. So it's gonna be easy for you to pick it up and learn and you're gonna get a base, you're gonna get the confidence to then go off and buy whatever kind of commercial property you want.
Let's see, Robinson is saying, Tyler, are you going to be offering classroom courses down the road? That's a great question. So I actually am, I didn't think that it's something that I would consider doing. But I have been asked to come down and teach a two day class in Memphis. This fall, I think sometime in September. So we're gonna go down there and test it out. And if it goes, well, then I don't see why we wouldn't keep doing it. You know, especially if I can do it here in Nashville, like selfishly obviously, if I don't have to travel be great. But yeah, I mean, I would love to love to do some in person stuff. I mean, one because I get to meet people, but to you don't get to meet people, right? Like that's one of the best. That's why I always say like take the CCI M classes in person, take them in person because you're going to learn the same material either way. But if you do it in person, you're gonna meet the contacts and you never know where those could go. So highly recommend that so yeah, Robinson let me know what kind of classes that you would like to do in person or what kind of workshops and we'll definitely take note of that love to love to hear your thoughts. chases saying awesome advice, man. I appreciate it. Chase. Thank you so much. I try. I try my best. Rock buys cash flow. Do you know anything about condo conversions? I know a thing or two. Yeah, we've been involved in a few. We actually did a video on one that we were involved in. I think it was literally like how a condo conversion saved this deal. I mean, it was I can't think of the exact title but I'm pretty sure condo conversion is in it. It was one of my good friends did a condo conversion he was originally going to do multifamily upstairs with retail on the ground floor. The numbers wouldn't work they couldn't get you know an institutional buyer interested because it was like I want to say 16 units of apartments and three retail spaces to retail spaces. So it was small, like perfect neighborhood project and And when they counted it out, they ended up making like, I don't know, four or $500,000 more. So it was a big swing. So highly recommend that I love condo conversions. I mean, you got to do them. Right. Right. There's a very specific way to do it. And there are a lot of nuances you have to keep in mind. Right? I mean, if you're if you're converting, like a hotel and condos? Well, I mean, it seems easy, right? Hey, every room is already got a bathroom, everyone was already you know, it's a studio, blah, blah, blah. They're not separately metered. Right. Like, it's just little things like that, where it's like, okay, well, how are we going to handle utilities? Then? You know, so Yeah, as long as you think about them, right? I mean, they can be great deals. Stevan Stephens, what do you are Stephens? Sorry, what do you have to do to be a certified general contractor in Tennessee. So I am going through that process, or it's on my, it's on my books, to be going through this process this year, to get my GC license. So really, it's it's, you've got to sit down and take a course. And again, it's probably something that I would do in person. Now, everybody says that this course is really just a prep course for the exam. Unfortunately, you don't actually learn a lot about general contracting, which, you know, to me is frustrating, like, I genuinely want to learn. So can I have a class that would teach me actually how to do construction instead of just having a look at these books, but whatever, that's neither here nor there. So you sit down, you take that class, and then you take an open book exam. And there's a few other qualifications, right? I mean, you've got to have a certain amount of cash in the bank, you have to have a certain amount of experience. But if you if you check those boxes, it's relatively straightforward. So I would I would definitely look into that if you're interested in doing them. kokis casinos saying own large lot and revitalizing small town want to do a ground up small mixed use building best brick and mortar businesses and 2024 Ooh, best brick and mortar businesses and 2024 to lease. So I mean, if we're talking about retail, it's tough. So, okay, here's, here's the thing. I'm one thing you'll learn about me, Koki is I'm not a big corporate guy. I love small businesses, I will champion entrepreneurs, till the day that I die. And I say like, go for just cool, small businesses that want to have that want to make a difference or make an impact or do something differently. Right. That's what I love. I mean, check their financials, of course, make sure that they're gonna be able to afford it. But to me, like, dude, vape shops. I mean, I had a guy text me at nine o'clock last night asking me if I would rent a space to him for a vape shop. And I'm like, Dude, this is not the kind of text I want at nine o'clock at night. Absolutely not put, you know, just I'm not a vape shop guy. I'm not a pawn shop guy. I mean, pawn shops can be fine. Really, what I'm going to say is like advanced check cashing like, they're, they're just stealing from people, in my opinion, taking advantage of people that don't have the means. So there's more tenants that I wouldn't necessarily lease to, you know, like, think about the businesses that you don't even go to anymore? Like, first off, I would say, if you don't go to them, probably shouldn't lease to them. Right. That's, that's one reason why my commercial real estate investments have been relatively successful is because I put businesses in there that I selfishly want to go to, right. So like, well get the wash. You know, I did five micro restaurants in a bar. Well, every single space, there is something that I personally tried and I wanted to go to, and it worked out, right. Like, I don't think that I have the tastebuds of my generation. But I figured if I like it, and I enjoy it, other people will, too, you know, and but if it's something where you're like, ah, that's just not something I would really go into, or I would shop at, probably just say, Hey, I'm not gonna I'm not going to hang out with those. So, Steadman, I saw your question again, I just answered it. Probably not even five minutes ago. So what'd you go back and check? It might be around like the 1920 minute mark. Sorry about that. I saw that you. You asked on Instagram that asked again on YouTube. Robinson has sent classes on the process of commercial real estate brokerage and underwriting properties. course would be great. keep us in mind. Absolutely. I mean, I think it'd be fun, right? Just going through the process of like, hey, let's, let's put a bunch of deals together. Let's evaluate them. And, you know, we could do like real life case studies, you know, break everybody up into small groups and everybody work and fight and present, you know, which, which deal do you think is best and why? And, you know, I mean, that'd be fun stuff. Yeah, I would love to do it. I mean, let me let me see what we can do. Maybe we'll add those onto the docket for 2025 do some stuff in person need to get the need to get the online course launched first, because that will have a whole bunch. I mean, that's basically the curriculum, right? I mean, if I If I go through that process, I mean, it is an in depth curriculum. Like I said 106 106 lessons, and it's not even done yet. Alex learn Spanish just saying 26 viewers and only six thumbs up. Ahem. I love it. Yeah, come on. There's 2026 viewers in here. Only six thumbs up. Let's go, guys. Let's get that up. Appreciate it, Alex, thank you for doing that. Yeah. So I mean, that's, that's pretty much all the updates I've got, if you guys don't have any other questions, I mean, we could just hang out and stare at each other for a few minutes. But it's I'm looking forward to getting down to Alabama here pretty soon. On Friday, we'll be down there filming that hope you guys checked out the salt ranch update video that we put out yesterday. That is something that I have, I have wanted to get to you guys for two years. I mean, we we were originally going to document the entire process. And then we got so sidelines so hard by Metro Nashville, and in the permitting process. I mean, I go into it in the video, but what a nightmare. It was an absolute nightmare, having to deal with some of that stuff. And that's, you know, I mean, one thing that you're always going to get from me on this channel is honesty. Like that video is a perfect reason as to why you should never do a development on your first deal. Why You Should Never overleveraged a development, why you should always partner with people that know what they're doing, if you're going to do development, the only reason that that that deal is fine. Like we're fine. In fact, property values have appreciated so much in the last two years that we are I mean, that combined with hotel rates going up, we're probably gonna make more money than I originally underwrote. We're fine, because I paid cash for the wind. I had no idea what we were getting ourselves into. I was running into the woods blind. Right. So I don't know if if this is a clear open path, or if there's thorn bushes everywhere, we'll see. And unfortunately, there were some thorn bushes. And now we're on the clear path now. But, you know, if, if we hadn't paid cash for the land, if I hadn't underwritten So, conservatively, that deal could have gotten completely sideways, and the absolute worst way. So I don't know cautionary tale, I think, you know, I,
I just always think you should be careful. You know, some people love to say, oh, you know, go and try and get 85% loan to value and put as much debt on it as possible. And, you know, put none of your money into it. I mean, the way that I think that you should look at the equity stack is that as your security in the deal to make sure that you don't get this taken away from you or foreclosed on or you know, I mean, even worse, the bank calls it and then they come after you for the personal guarantee, right? That that equity helps at least make sure that if something bad happens, you've got some sort of leverage in there. And it keeps your debt service coverage ratio lower, which I mean, come on today. That is everything. Let's see, Robert is saying Do you have any more details on the CRE meetup in October? Robert, I do not right now. We are planning on dropping a form into the WhatsApp group, either today or tomorrow. And then we will be sending you an agenda here pretty soon. So we'll be getting started sometime on Friday morning. It may be late Friday morning just to kind of allow people to get into Nashville. And then we will go through half of Saturday morning. Well, half of Saturday, so all of Saturday morning. And then I'm going to cut you guys loose and you get to hang out Nashville, you know, go go grab some lunch with each other, do whatever. But it's, it's gonna be fun, man. I'm really looking forward to it. We're putting everything into it. And Brittany and I have been really scheduling it out. So it'll be fun. I'll get you the details this week. Matt is saying what are your thoughts on a single tenant triple net leased office building? Mat, I could love it or I could hate it. Unfortunately, there's so much detail that I would have to know, in order to give you a proper response. I don't want to say one way or another could be a great deal, depending on the credit of the tenant and the cap rate and the condition of the building could be a terrible deal. Otherwise, I am not afraid of office buildings, office leases, I think they're great. You know, just depends on where you are. Alright, we're gonna do a lightning round, because we got a couple more questions and I gotta go. Manny, how did you determine what rate should be on the wash project? Great question. Manny. I did a market review. I called a few restaurants ask them if you know if they could afford to pay what I was thinking it would need to be. And I looked at it from a monthly basis instead of on a per square foot basis because on a per square foot basis. We were three to four times market rates on the rent per square foot. Put on a monthly basis we were far more affordable than you could find anywhere else. So that's that's kind of how we did it. I mean, I'm going to be honest with you, there were no cops. We kind of just made it up and You know, I called around and asked if people would pay it. Alex is saying, can you tell us about a challenging commercial real estate transaction you've handled in the past and how you successfully navigated it? What lessons did you learn from that experience? I can say good morning, everyone. Good morning, Ken. Oh, Alex, that is a good, good question. So probably the most challenging commercial real estate transaction I've ever done was Madison Square, which is a project here in Madison. Park 10 minutes from my office biggest deal I've ever bought $18 million 330,000 square feet on 32 acres. And at the time that I put it under contract, which was in the fall of 2020, I had $0 to my name $0. And I just knew that looking at it, it was a hell of a deal. Because when I looked at the price, it was $13 a square foot for fully entitled dirt like zone in UGA, which meant that I could build 2 million square feet on it. It was a piece of property that the city really wanted redeveloped. And so I called one of my investors. I borrowed $180,000 from him for the earnest money. And I mean, looking back, oh, my god, I can't believe I even had to do that. Like I had to borrow the earnest money. Because I had never bought anything. I think the biggest building that I bought at that time was like 2.1 million. So to put it in perspective, I sat down and I proceeded to call everyone in their grandmother to ask them if they knew anybody that could write a check for this, and ended up founding a phenomenal group out of Austin, Texas, Artesia, that ended up partnering with me on it. And I mean, that was by far the most challenging deal. One, every single lease that we looked at was messed up in some sort of way there it was scanned properly, improperly, it was missing pages. It hadn't been updated, you know, waves that tons of messes. Next, we saw in that ran the legal bill up like 30 or 40 grand, just trying to figure out what the hell was going on with the leases. Then we had to figure out our financing. We had to figure out things with our investors, the deal almost fell apart multiple times. I mean, I remember making phone calls on December 31, New Year's Eve at 10 o'clock at night to investors trying to pull this deal together. And I mean, can you imagine being like a super wealthy person getting a call from you know, me, at 10 o'clock on New Year's Eve being like, Hey, man, I need your money. This is a hell of a deal. It was it was a nightmare. I mean, almost lost, like 234 $100,000 of money. I didn't have multiple times. And we just just, I was relentless. Kind of like what I was talking about with my core for earlier. I was relentless. I wouldn't give up. It was a dog with a bone. And we ended up pulling it together and hands down the best you have ever done. Like hands down. I mean, I guess so we bought the dirt for $30 a square foot, it's probably worth over 30 $30 per square foot. So two and a half times today. We haven't done anything to it. But it's worth probably two and a half times what we bought it for. So guys, we are three minutes past and you'll know I like to be brief and cut it right to 30 minutes. But I wanted to finish that because it was a great question from Alex, I appreciate you asking. Hey, if you guys are enjoying this, please like, subscribe, share it with a friend. That is how I know you guys are liking this content and leave a comment let me know what do you want more of what do you what aspects of commercial real estate? Would you like for me to teach you more about and I will see y'all in the next one. 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