Rate Drops, National vs. Boutique Brokerages, 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:

• Potential Interest Rate Drops: There is speculation that interest rates could drop by 25-50 basis points by the end of the year, which could impact the commercial real estate market.

• Competing with Larger Brokerages: Smaller, boutique brokerage firms can compete with larger national firms by focusing on smaller deal sizes, niche markets, and providing personalized service. Joining a broker's mastermind can also help develop strategies.

• Wholesaling Land Deals: Wholesaling land can be a viable option, but it's important to ensure there is significant "meat on the bone" for the next buyer to justify the wholesale markup.

• Finding Off-Market Opportunities: Sending targeted mailers to property owners in specific zip codes can help uncover off-market value-add commercial real estate deals.

• Partnering for Ground-Up Development: When partnering on a first-time ground-up development, the focus should be on learning and de-risking the project, rather than maximizing the profit split.

• Importance of Local Market Knowledge: Understanding the unique needs and gaps in a local market can help identify the highest and best use for a commercial property.

• Choosing a Commercial Brokerage: Joining a commercial-focused brokerage, rather than a residential firm, is crucial for properly learning the industry and gaining the respect of larger investors.

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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Are you looking to take the next step toward investing in commercial real estate? But don't know where to go. Siri central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals, whether you're a beginner or looking to take your career to the next level. Cre Central has the resources you need. Visit www.crecentral.com to learn more. Welcome back to the commercial real estate investor podcast live from the Cabo group studios in Nashville, Tennessee, where commercial real estate isn't easy, but we're making it a little bit more simple, because I'm teaching you how to do it. We're teaching you how to invest in commercial real estate. Here's the thing, if you got, if you got, if you have the formula, if you have the steps to take, commercial real estate, is not that difficult. It's just you got to shine a little bit of light on where the shadows are. This is another episode of office hours where I'm going live and answering your questions around commercial real estate. Jump into the live chat. Take advantage of this time. It is for you, not for me. I don't enjoy hearing myself talk as much as some of y'all may think that I do, considering I have a podcast and go live multiple times a week. So interested to dive into whatever questions you all have today. Question of the day today, do you think we'll be seeing interest rates drop this year? Let me know your thoughts in the live comments. Want to hear your your input. Do you think that interest rates will be dropping by the end of the year? I mean, signs are pointing towards yes, we're probably going to see some sort of drop. But is it? Is it 25 bips? Is it 50 BEPS? Is it 75 BEPS? Who knows? I guess we shall see, uh, while we were waiting on those comments to be dropping into the live chat, I'm going to go ahead and catch you up on what has been going on in the past week. So I'm so y'all, if you tuned into my office hours last week, you got a bit of an update on what was going on at the peerless mill, the city meeting, all of that fun stuff. The mayor tendered his resignation on Thursday this past week, he has decided to step away and the Mayor Pro Tem, basically, the head of the Council, has now taken over as the mayor of Rossville, Georgia. So that's good news, right? I mean, it's unfortunate that it had to come to that, but now it's going to be a lot easier for us to start working on this project and getting done what we need done. So really excited and optimistic for the future there. I'm currently working on a self storage asset here in Nashville. Really excited for that one. We're hoping to put that under contract this week. Pretty great price per door, which is which is fun. But here's, I'm using an investment strategy, and once we close on it, I'll be happy to share with you all in a little bit more detail, but I'm partnering up with an owner occupant. So if you go out and you find businesses that need space, that are also interested in possibly controlling their own destiny, partnering up with an owner occupant is a great way for you to buy deals at maybe not as great of a price as you would if you were just coming in as an investor, because, you know, you have a tenant in hand that's willing to sign a lease, and they can kind of game the system, right? There's, there's a handful of businesses out there that, of course, could benefit from being involved in a self storage facility that don't necessarily have to worry about market rates or market vacancies when it comes to those assets. And I know that's a little bit vague, but I will share more in detail with you when we close. Planning on closing that by the end of this year, so hopefully January, you'll get an update on what that looks like. This past week, I was in Memphis for the Memphis investors group. I gave a talk on Thursday night, taught a four hour class on commercial real estate Saturday morning. Phenomenal event. It was really cool. We I think we had like 70 or 80 people. There some in most in person. We had some on Zoom, because of the tropical storm hit that night, which made it very interesting and very fun. And then about 21 people that showed up to the class on Saturday. That was the first full, like, four hour class I've ever taught. I have to say, I was a little bit nervous that I was going to run out of material before I ran out of time. And it was the exact opposite. I spent, you know, probably two or three hours putting together a slide deck with 176 slides in it, and we only ended up getting through about half of it. So I was like, Man, I could teach a full eight hour class on this, and it's basically intro to commercial real estate, how to fund, how to find and fund commercial real estate deals. Great time. Really enjoyed meeting everybody. Got to enjoy some nice Memphis barbecue with with the the. The MiG board. Can't wait to get back out there and talk some more about commercial real estate. This week, I'm headed to Houston. I'm going to be giving a talk. I'm going to be talking about a case study on flex space development, and then I'll be on a panel for flex space at Hamza. Always, flex space network event tickets are all sold out, so unfortunately, you're probably hearing this too late if you haven't already bought tickets to go to that but really excited to be getting out there and talking flex space for a couple of days. Hobbs puts on some great events. So really, really excited to be involved and be getting out there just a great group of people. And I mean, hey, if you specifically want to get into ground up flex space development, you should go check out his program. He's got some pretty good stuff going. Pretty good stuff going on there. All right, let's jump into the live chat and see what everyone has going on. Rob is saying, Good morning, Tyler. Great coaching call yesterday. Appreciate it, Rob. Thanks for jumping the live chat, man. So Rob is one of my students in the Siri accelerator mastermind. I feel like we did have a great call last night. You know, typically we'll have students that will submit deals for review, or they'll submit topics that they want me to dive further into, like, you know, seller financing. I did a 20 minute presentation with you know, scripts and you know pros like reasons benefits for a seller to do seller financing so that my students could go work on seller financing deals. And last night, it was just, it was a light night. We had like 30 people in the call, but the two deals that were submitted were by a student who ended up going out of town, and so he was like, Hey, can you bump me to next week? So we just kind of, you know, freefalled it. I guess you could say it was just jumped out and let the let the wind carry us wherever we went. So it was a great call. I really enjoyed it. JJ, is saying, Good morning, good morning. JJ, glad you're here. Edson is saying rates will drop, nothing a bit. I'm seeing rates in the five to six range. Yeah. I mean, I've got one of my students in the Siri accelerated mastermind is actually doing an SBA 504 loan right now on a car wash that he's buying, and his interest rate is like close to six, which is pretty surprising, right? I mean, we haven't seen that in a little while, so kind of nice to see interest rates maybe starting to chill out of bed. Colin is saying, How can you assess if a property for sale has a fair cap rate? That's a great question, Colin, and it's, and it's that's a pretty tough question to answer, to be honest with you, because it really depends on your local market, the condition of the property, the credit of the tenant. It's as much of an art as it is a science. But I kind of broke this down, actually, in my class with the Memphis investors group, if it's a national credit tenant, high quality building. You know, you're probably sub 6% cap rate if it's a regional credit tenant. And again, this varies wildly, right? But this is just a good rule of thumb. If it's a regional credit tenant, then I would say you're probably in a 6% to 7% cap rate, right? That's somebody with five to 10 locations within your area. If it's local credit tenant, you're probably 7% plus. And again, it's going to vary wildly, depending on a lot of different factors. Of it, that's a good rule of thumb, and should at least get you started there. JJ is saying 60% plus chance of a 50 bips cut and 30% plus chance of a 25 bips cut tomorrow. I love it. We're getting 60% chance, 30% chance. We're getting scientific with it. Really hope it's the former. I mean, it'd be great to get a 50 BEPS, you know, decrease in the rates. It's basically half a percent, if you're not familiar with with bips or basis points. But, you know, I, I would love to see it. I think it's, I think it's gonna spark the market. The only thing that I'm worried about is, I feel like, is it ripping the band aid off a little too early? I'm not an economist, you know? I'm not the person that can really dive in and say, you know, whether or not the economy is ready for a drop in interest rates. It seems to me like it's not. But again, there's a reason I'm not the one pulling the strings and Jamie diamond is Mike is saying cobble for Mayor 2024 Absolutely not. I think I would make a great mayor, but oh my gosh, that would be just miserable to deal with props to our politicians that are good and actually work on behalf of their constituents, because I know it's a lot of work when you're actually doing your job.

Rich with cars is saying Rhett's rates will definitely drop this year. The true question, question is, by how much will it drop by the end of the year? I say 50 basis points by EOI, yeah. I agree. I mean, I think, I think, I think 25 to 50 basis points is what's realistic. It's interesting because we're in an election year. And, you know, while they say, of course, you know, the Fed is, is totally unbiased. And you know, I mean, and I agree with that they probably are, I don't think that the Fed necessarily cares whether you're a Republican or a Democratic presidential candidate or. President, but I think that with it being an election year, there's just a lot of pressure to do something with interest rates from both sides. Allison, saying, Good morning. Tyler, good morning. Allison, thank you for joining us. Glad you're here. Edson, saying, question, I do a lot of commercial mostly local business owners selling. How can I compete with the bigger brokerages like Marcus and Millichap? They get the bigger retail centers triple net to sell? So Edson, that is a great question, because that is exactly how I got started in commercial real estate. When I started the cobble group back in 2018 I had been in the business for four and a half years, and I said, You know what, I'm not a corporate guy. I'm gonna go start my own thing. And I knew right off the bat, not a chance would I ever be able to compete with CBRE, with JLL koshman and Wakefield Colliers, you name it, right? Because there's just a different program, but you can compete with them in certain ways, right? So what I ended up doing, one is focusing on one to $5 million price points, because most of those bigger firms, they don't like to mess around with them. They don't make as much money. Their splits aren't as good, and it's it's just not worth their time, right? Because if you've got a, let's say, $100,000 commission, you've probably got two or three people on your team. Let's say you've got two people, right? We'll be generous. Well, 50% of that $100,000 is going to the house. So now you got 50 grand, then you've got two people on the team, which means that $25,000 each to those brokers. Well, I mean, if you're flying solo and you want to go make a $25,000 commission, 3% go sell an $830,000 building. That's it. But in order for them to make $100,000 commission, they have to sell a $3.3 million building. So they basically have to sell three and a half four times the deal size in order to make the same amount of money as you as a boutique broker. So focus on where they can't focus. The other thing was, you know, I niche down into East Nashville, right? The bigger guys didn't want to deal with it, because, again, most of the properties over here were just smaller, right? You didn't have a lot of the, you know, 1020, $30 million properties. And, you know, you can compete in different ways, right? And so, so that's really what we focused on, and then also just quality, right? I mean, experienced investors know that when they go with a boutique brokerage firm, they're probably going to get treated a little bit better, right? But it depends on the broker, right? That's the thing. Like, I've got buddies that are at national firms. I mean, you see them here on the at the brokers roundtable. We got Jesse and Chad that are both at national, international firms, really. And those guys crush it. They actually take care of their clients for whatever reason. More often than not, I tend to see more complacent brokers at corporate jobs. So I mean, it really is, on a broker by broker basis, it's tough to judge a brokerage, right? I know that's not necessarily what you're asking, but that's how you compete with those guys. And the thing is, too, like Marcus and Millichap those guys, you know? And this goes for a bunch of the triple net investment sales groups. They're based out of different cities than where they're trying to sell, you know. So you can say, I know this area better than they could, right? I mean, you can kind of turn everything into a positive, okay? Marcus and Miller, chap is bigger than me. Well, I'm smaller, which means I don't have to take on as many listings as a commercial real estate broker in order to have as profitable, if not more, a more profitable year, which means that you, Mr. Landlord, are gonna get more attention from me. Landlords love that, come on. Turn everything into a positive and also join the broker's mastermind. We are launching that in October, where we're going to dive into more of that type of stuff. Right? If you want to learn how to earn a million dollars in commissions, keep a million dollars in commissions, and then invest a million dollars in commissions. Because the entire reason we get into brokerage is to use it as a stepping stone to become an investor or developer. Join the brokerage mastermind. It's just brokers mastermind.com. And join the waitlist. We've got a lot of people on the waitlist already. We only have 50 spots. Michael is saying I have a lead that's selling 78 acres of land for $2 million I do know another developer bought a similar sized lot in the same county. Would it be possible to wholesale it? How would you work it? Yeah, I mean, it's totally possible to wholesale that. I mean, you know, I wouldn't, I wouldn't try to buy land today and then flip it. If you can wholesale it. That's the easiest thing to do. Banks are very wary of just having to finance on something that's not income producing scares them, you know, let's be honest, it's scary to them. So, yeah, if you can wholesale it, man, just wholesale it would 100% do that, put it under contract, go, you know, get some renderings put together. Maybe go ahead and pull the trigger on a survey. You know, do some of the things that anybody that's gonna buy. From you is going to have to do anyway, just so you can kind of show it off a little bit more, right? Because if you're coming to me and saying, Hey, I've got 78 acres of land, but you don't have a survey, I'm like, Okay, well, there's not really much for us to talk about, then, you know, we'll probably move on. But go get a survey done, you know, just so that you have something pulled together and then see what you can work out. Yeah. Yeah. I mean, I would, I would also look into what the other parcel sold for on a price per acre basis to make sure that you could wholesale it for enough. Here's the thing, like, if the land is worth $2 million you have to get it for significantly less than $2 million to justify wholesaling it. Right? You couldn't go get it for 1.8 and then wholesale it for 2 million. Because a developer is going to look at that and go, Well, I mean, it's more difficult to have you involved as a middle man. I could just wait until this expires and then buy it for 2 million. But if you can get it under contract for 2 million, and it's worth two five, and you're in, you mark it up 100 to $200,000 right? There's like, 300 to $400,000 of meat on the bone there for the incoming buyer, then it's worth working with you, right? That's the biggest thing is just make sure that when you are approaching a wholesale deal, you're approaching it intelligently and thinking about how much meat is left on the bone for the next guy. That's a great strategy to deploy, no matter what type of commercial real estate you're doing, no matter where you are, right? So we had this discussion when I was in Memphis this past weekend. Fodi, who is one of the investors there, you know, he's adamant about making sure that there's meat on the bone for the next guy, and so am I. And so what that means is, like, if I underwrite a deal and I can get myself to a 10% cap rate for $10 a foot triple net, but let's say markets $14 a foot triple net. I mean, I could list all of those spaces for 14 I could justify it based on the market rate, but I bet if I listed it for $10 a foot triple net, it's going to lease up that much faster. I'm going to cover my debt service better, and we're going to get some really good quality tenants, right? It's just gonna go a lot faster. I would rather fill it up faster. Then that leaves $4 a square foot of meat on the bone for the next guy who's coming in to buy it, which means that they'll probably pay you a decent amount more for that property than it's technically worth based on a cap rate, because there's so much room for growth, you're still getting the 10% cap rate spread, whatever that profit is going to be for yourself, and then you're making it, making sure it works for the next guy. So, all right, Colin is saying, how do you measure if a property's cap rate is accurate for the tenants currently occupied? Well, I mean, here's, here's the thing Colin like, there's, no, it's, it's not like, like, there's a set metric on cap rates, right? It's not like a thermometer where you're like, Okay, it's 78 degrees, right? Like, it's not objectively 78 degrees when it comes to the cap rates, right? They're very subjective. You could look at a property and say, I'm willing to pay an 8% cap rate for this property, and I could look at that exact same property and say, I'm willing to pay a 7% it kind of all comes down to what you're willing to pay, what the upside is, what you're willing to figure out there. So I mean, the biggest thing to figure out whether you're paying good cap rates or not is one, either get really close with local appraisers in your area, or two, get really close with local brokers in your area who will be able to provide you with those comps so that you can go and review them and make sure that you understand, really, what the cap rates, what the going cap rates are. G is saying, Good morning, Tyler. We need a coffee appointment ASAP. Yeah, I know. Gee. I think I thought we had something on the calendar, but I think ended up having to reschedule it. But happy to happy to make that happen. Man, what's your best source to find off market value, add commercial real estate. Best source, man. I mean, we still do this to send out letters, right? Go, go to the tax records, pull, you know, whatever properties you like in your I mean, I typically do it by zip code, because I'll buy anything within certain zip codes, like 372063720737216, and 37115, that's East Nashville and Madison, right? So I will buy anything in those areas. So we just pull every single commercial property off of the tax records, and we'll send them letters, right? And it's worked out very well for me. I have found, I mean, there was a building that I bought for $430,000

we signed a lease. It appraised for $650,000 right? That's a pretty good deal all because I sent out like a $2 letter, right? Highly recommend that it's a great way, it's a great way to just find some great deals. Mike. Mike Glenn, what's going on, man, Hi, Tyler gobro, here. Good to see you, Mike. Look forward to meeting you at the flex boot camp later this week. Likewise, yeah, man, come grab me. Say, Hey, let's, let's grab a drink or something. I'm going to be there. I think I'm getting in early Thursday morning and then flying back Saturday morning. So looking forward to it. I mean, it's, it's gonna be a fun event. I always learn something too. I mean, that's the fun thing about these commercial real estate events, is that you're. Never too experienced. You're never at a certain at such a point in your career to where there's something you're not going to take away, right? I mean, just having some conversations with people, dude, there are people doing some really interesting things. We were talking about that on the coaching call last night, right? We found this, this group that's doing some really interesting just like coworking for flex space, type of type of things with their their properties. And, you know, I was looking at it, I was like, that's why, in this mastermind, we take a more generalized approach to commercial real estate. Because basically, what they have done is taken the the the technology that they're utilizing in co working space, and off it in the office world, and they're combining it with the demand for flex space. So it's like, yeah, but if you only focused on industrial you might not ever come across that. I think it's super important as an investor to be very well rounded. Evan is saying bot land for flex, an experienced investor wants to partner, but that would be 5050, seller of the property would help me get the first building up partner with who has experience or seller so I keep the most money? Ooh. Evan, that's a great question. So here's the thing, if it's your first ground up flex development, it's not about the money. It's, yes, you want to make some money, but it's not about the money. I promise you. It is all about who are you going to learn the most from and who's going to make sure that you're protected the most? My first ground up development, I didn't have to put any money up. I didn't have to sign on the debt. I got 10% profit share for finding the deal, putting it together, doing all the sweat equity. Hell of a deal, hell of a deal, right? And I know you're probably looking at that going well, yeah, but it's only 10% Yeah, but what I learned working on that deal is worth tenfold, if probably more than that, honestly worth way more than what I would have gotten paid on that deal, because that experience allowed me to go do everything else that I'm doing today, plus you get to add that to your track record. So at the end of the day, I think it's who is going to to be able to teach you the most, and who's going to be able to de risk this first one for you, because the first one is the most important. You don't want to lose money on your first deal, right? Because then it's just, I mean, does it happen? Sure, but it's probably that might discourage you from doing another deal, and you should never allow that to happen. So that's my thought. Is it's not even necessarily about the money, it's, it's who has the highest likelihood of getting this done the right way, and who has the most future potential value to you, right? I think that. I think that matters too. Corey is saying, Good morning from Honduras. Well, buenos dias, that's awesome. Corey, thank you for joining us. From Honduras. Good to see you again. Tyler, appreciate the insights into the industry. Anytime, man, Thanks for Thanks for joining us. All right, let's see. Rob is saying, Do you think the rate drops are going to bring in more deals of the commercial real estate supply increase in the market? That's an interesting question, because, like, I can see both sides of the coin to where rate drops would bring in more deals. Because then all of a sudden, sellers are saying, hey, it's good time to sell. I could also see a lot of sellers saying, Hey, I'm actually just going to refinance while I can, and strike while the iron is hot, and try and keep this, this deal, because it's, you know, I mean, hey, property is going up in value. It just goes up in value over time, right? So, I mean, I think that that's, it's interesting. I actually don't know. I would think that it would increase the volume of sales, but I'd be curious to see how many people just refinance and say, Actually, I'm not going to sell this. I'm going to keep this thing donnawag is saying, Good morning. Can you talk about your process for thinking through highest and best use for a property? What factors do you consider? What resources and data do you dig into? I appreciate that question. I mean, here's the thing, I just do, a bunch of mushrooms. Go sit in the woods. No, I'm just kidding, although that's not a bad idea. So when it comes to ideation around properties, I don't really know where my inspiration comes from. I think I'm naturally just a little more creative. Grew up in Nashville was, you know, I was never a songwriter, but I grew up playing, you know, and writing my own songs and just being creative musically. And so getting into commercial real estate was was very uncreative at first. And so I think I just kind of slowly found ways to add creativity in my day to day. You know, when I sit down and look at a property, I mean, like, if we're going to object, like, there's a lot of subjectivity that comes with it, right? Like, there's intangibles that's hard to even discuss, right? Like, the wash is one of those, like, very intangible product projects. I would not have come up with that idea had I not had my ear to the ground. Uh, on the brokerage side of things, right? Because I was listening to what restaurants were saying they needed, and I went and found a way to serve that objectively. You can look into a neighborhood and just see what they have what they don't have, right? I gave this example in my class in Memphis, but we pulled up all of the Starbucks that were in Memphis, and I said, you know, if I was opening up a coffee shop, I could, I mean, you would naturally think like, hey, maybe we don't go near here, but you might actually want to go right next door to a Starbucks, because they've already determined that that's exactly what that neighborhood needs. So, you know, it depends on what you feel the area needs, right? I mean, that's the great thing about being a local real estate investor, is that you kind of get to dictate it. So for example, when I first started working in East Nashville, one thing that I noticed right off the bat from my friends who had kids, they would say all the time, there's no dental office. There's no kids dental offices in East Nashville, we have to travel across town, it's like, Oh, that's interesting. That's never something I would have thought about. I looked it up, and sure enough, zero dental offices specifically for kids in East Nashville. So guess what we did? We went out and we found a couple like, we found a kid's orthodontist and in a kid's periodontist dentist, right? I don't know, to put into East Nashville, because, I mean, there's an easy sell for everybody, right? So sometimes you can kind of just look at like, what's the actual gap? And then sometimes it's more of like, what do you want? What do you want to put into the neighborhood and push forward, right? Like with the wash. You know, a lot of people were when we first announced. So they were like, where's the parking? There's no parking. Jokes on you. I hate cars, and I didn't want to waste my property with parking spaces that are going to sit empty the majority of time. And we also didn't need them, so I decided to push forward a little bit of urbanism with that property. And guess what? It worked pretty well. So I don't know that's my take. Carl is saying, love it. Appreciate it. Carl, thanks for joining us. Man. Robinson San Tyler, I am the only one doing commercial real estate in my office. Should I stay put or go to a big commercial brokerage? Robinson, doesn't matter to me whether you go to a big commercial real estate brokerage or a small commercial real estate brokerage, but you should be at a commercial real estate brokerage. Here's the thing one, I believe that commercial real estate is like a language. The only way that you are going to properly learn and understand it is by fully immersing yourself in it. You can't do that at a residential or a residential firm. You have to do that at a commercial brokerage. Two if you want the respect of other commercial real estate brokers and if you want to work with bigger investors, you have to be at a commercial real estate brokerage, right? I don't know a single private equity firm now, I'm sure that there are some out there that will but I don't know a single private equity firm that's going to call a Keller Williams agent to represent them on a shopping center instead of JLL Cushman and Wakefield CBRE, right, because you've got these firms that are massive, that specialize in that, that have all of the data specifically around that, and you could get that same level of experience or whatever at a boutique brokerage. It just depends on what your personal goals are, but either way, highly recommend going to a commercial, specific brokerage. Isabella, saying, Hey, Tyler, I'm trying to find a restaurant space in Nashville for my friend, but I'm not seeing a lot of options online. Do you know how I can find more spaces offline? Great question, Isabella, so it's really tough, like restaurant space in Nashville is one of the toughest things to find when it comes to just vacancy in the market, because there's just not a lot of it, and a lot of these deals get done off market, where you'll never see them. Biggest thing you could do is to just integrate yourself within the the industry. Get to know the commercial real estate brokers that specialize in those deals. Right? My brokerage team does a lot of those off market. Oh, Haas partners does a lot of those off market. There's a couple of other groups. I think foundry does some, and I know Sagemont does some. You know, those are some of the brokerages here in town. I would just start calling them. Those are probably your best bet.

Robert is saying crixy Pro allows you to pull 500 records each month, perfect for mailers. Yeah, that's a great tip. Thank you, Robert, appreciate you joining us. Man, Robert's also in the CRA accelerator. Kyle is saying great chat today. Tyler, absolutely. Kyle, happy to do it. Thanks for sharing your insights and knowledge. I'm in the final stages of closing on buying my first business with an option to buy the land from the owner. Well, congrats. Man, that's really exciting. Keep us, keep us in the loop as you're moving forward, that's gonna be really exciting. All right, last question, I know we're already over time, but Cesar, drop this in there. I want to make sure I get to it. Question for you, what resources or what platforms can I obtain resources and assistance to formulate legal disclosures for commercial real estate, specifically in iOS, Cesar, there are no platforms that you can use. You gotta hire a commercial real estate attorney. Go find a badass commercial real estate attorney. Make sure that you're protected, let them take on the liability so that you don't even have to worry about it. Appreciate you all for joining us on this episode of The Office Hours. We'll be back Tuesdays at 8:30am central standard time to answer your questions. We'll see on the next one. Are you looking to take the next step toward investing in commercial real estate, but don't know where to go. Siri central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals, whether you're a beginner or looking to take your career to the next level, cre Central has the resources you need. Visit www.crecentral.com to learn more you.