Creating Your Buy Box, Insurance after Hurricanes, 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:

• Importance of getting everything in writing, even with trusted partners, to avoid legal issues down the line.

• Value of being involved in local programs like Leadership Nashville to network and learn about the city.

• Launching a new 2-minute video series on YouTube to provide quick, focused commercial real estate education.

• Emphasizing the need for new commercial investors to treat the transition from residential as starting over, and be open to continuous learning.

• Recommendations for finding flex space opportunities by surveying local brokers and analyzing market data.

• Expectation of significant increases in insurance premiums nationwide due to the impact of hurricanes.

• Highlighting the effectiveness of mailers as a strategy for finding off-market commercial properties.

• Advising aspiring real estate developers to gain experience by working for an established development firm first.

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:

Tyler Cauble 0:00

Are you looking to take the next step toward investing in commercial real estate? But don't know where to go. Series 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 cobble group Studios here in Nashville, Tennessee, for another episode of office hours, where I'm diving into your questions. Whatever questions you have on commercial real estate, we will answer them live here Tuesdays, 8:30am Central Standard Time. I mean, look, commercial real estate's not easy, but it is pretty simple, and you know how to do it, and that is exactly what I am here to teach you. Uh, let's see. Let's dive into what's been going on this past week since I last spoke to you all. It has been an interesting week, for sure. Had a deposition all day on Wednesday, which was a lot of fun, literally, 9:30am until 5:15pm we were at an attorney's office hearing from a former partner of mine that stole a lot of money from me, and it was a very interesting conversation, because his his MO the entire time that we've been going through this lawsuit is to deny that I was even involved in the project, which is hilarious, considering, during discovery, they handed over even more evidence than I had that I was involved in this project. And then he decided to change his tune and say, basically admit during the deposition that I was a partner, that I did have some shares in this deal. Here's the thing. This is the first deal that I ever did. It was with a partner, a mentor, that I definitely trusted, probably a little too much. So what I would recommend, and I didn't get anything in writing, right? This was back in 2015 I didn't have the money to get an operating agreement done. I wish I had borrowed the money to make that happen. So you guys hear me talk about that all the time. That is the reason why I always say, Get everything in writing. Doesn't matter who it's with, doesn't matter what it's with or what it's regarding. Make sure that there is something in writing somewhere that confirms it. Fortunately, we have a bunch of text messages and emails, which in the state of Tennessee, is considered a contract. So it's anyway. It's just interesting. I mean, it's a beautiful thing watching a really good attorney ask a line of questions, because you can, if you understand where they're headed, you can kind of see what the trap that they're laying. My former partner did not see that one bet, which was really great. I mean, it was beautiful to watch. Really interesting. It's an unfortunate part of being in commercial real estate. You're just going to be involved in these lawsuits and depositions and dealing with attorneys. And you know what? It's just it's a cost to do in business. I tried not to do business with people like that, obviously, but unfortunately. You know, when there's money involved, you just, you can't always control that. So just something you got to be prepared for. We had the leadership Nashville opening retreat this weekend, which was phenomenal. Some of you all may know that a couple of years ago I was I went through leadership Nashville. They select around 40 or 50 people every year to go through this special program to learn more about the city and how it works. Right? So you've got government, media day, you've got Education Day, business day, Arts and Culture Day, quality of living. It's really, really interesting. It's such a phenomenal and amazing thing that's that's put on here in Nashville. And last year I get to serve on the logistics team. So I actually got to go back to all of the classes, all of the days, and serve the last year's class. And now I'm officially a, I guess, an unemployed alumnus. So I got to serve on the opening retreat committee and and welcome the class of 25 as they were getting ready to go through the program. So phenomenal weekend. Really cool to see. We always kick it off of and mount Eagle, about an hour and a half away from Nashville. So we had a good time. It was, it was very enjoyable. Let's see. Oh, first Preds game of the season. Come on, you guys. Know, I'm a huge Preds fan. We actually moved seats this year. I used to have four tickets. We moved down to two, which I'm kind of honestly bummed about. I had four tickets because I was like, You know what? This is going to be great. I'm going to bring friends with me all the time. I'm going to bring clients, you know, whatever. There's a couple things that went wrong with that. First of all, I'm a huge hockey fan, and so for for me. If anybody ever asked me to go to a game before I had season tickets, it was like a Hell, yeah, I'm dropping everything. We're going and so, but most people don't have that opinion on it. So it's, it's very interesting. I've had, you know, friends or clients cancel the day of from going to these, these games. And then, you know, here's the other thing. I kind of realized this towards the end of last season. I kind of wanted people to cancel it because then, you know, my girlfriend, Lina and I, we got to have basically a seat buffer between us and everybody around us, and we got to just focus on the game. So I decided, You know what, it's time to renew. Let's not get four seats. Let's just go down to two. Since she and I love just watching the game the whole time. So it was, it was good game. I mean, it was, it's a preseason game, and we lost, of course, we played the Carolina Hurricanes. So not exactly a phenomenal start to this year's season, but we're really excited for what's, what's what could transpire. We've got some phenomenal players that we traded for in the off season, and it's hands down my favorite thing to do in Nashville. If you ever come to Nashville, you ever visit, try and do it during hockey season and go, go get some tickets. There's not a bad seat in the house. It's always a fun time. Yesterday, we also recorded, I'm trying out a new series here on YouTube, and I want to know what y'all thoughts are when, when we start to release this, but I'm doing a two minute video series, right, something that's just quick, punchy to the point teaching you guys on one, you know, smaller aspect of commercial real estate. And, you know, my thought was like, you know, hey, when you go and search on, you know, certain topics, sometimes you just want a small, two minute video that literally just shows you that thing. And that's it, right? None of the fluff, none of the you know, well, hey, here's some other things you should consider. Not saying that my videos have fluff in them. Gotta believe they do. But you know, we have a 10, 1215, minute video on Triple Net investing, right? That's because I'm going into the pros and cons, and here's how to structure your release, and here's how to do this, that and the other whereas, you know, we'll do a video here on, you know, what are the downsides of triple net investing, and it's just a very quick, two minute video covering that. So once we start to release those, I think that will be in the next 30 days. Give or take, I would love your thoughts on them. Hopefully you guys like them. Last night, we had our group coaching call for the Siri accelerator program, and we were diving into one of my new students. Her name is Kate, diving into her Buy Box and working through the buy box. And that's something that I think is so important for every commercial real estate investor to work through. And her biggest question was, you know, is my buy box right? And the answer is yes, of course, whatever your Buy Box is, your Buy Box is right. But it is important to think through why some aspects of your buy box are the way that they are right. Why do you think that that price per square foot makes sense? Why do you think that you know, absolute net leases or what you have to go for. Everything depends. It depends on your current situation. And you know, my comment back to her and and to the group as a whole is really, you know what your Buy Box is, a living, breathing document. It's basically your your your thesis, right as you're going in and looking at these investments, you're going to have a theory as to what Buy Box is going to be best for you and what you've got going on, and it's important to be open to changing that, right, and be willing to, you know, be flexible with the terms that you've got going on there. So that was a lot of fun. Let's get into some of the comments here. Now see what we've got going on. Oh, by the way, question of the day, what is your Buy Box? I want to know, What are y'all looking to buy what? What are the the level of details that you've got into in your Buy Box? Because that's what you're going to share with commercial real estate brokers as you're going out there and and and searching for properties. That's what you're going to share with other investors as you're going out and trying to raise capital. It's important to have a Buy Box pulled together. It's basically your 32nd elevator pitch on who you are and what you've got going on. Team Paul is saying luxury custom home builder in Houston, looking to enter commercial what is a good entry point and how to best use my experience in residential building and apply that to commercial investing? That is a great question. Paul,

so a good entry point for getting into commercial, I think, in general, is something that's relatively similar to what you're already doing, right? So, you know, don't go off and build, you know, a million square foot manufacturing facility, right? Because that's a very custom type of commercial real estate. I would go for something that's in high demand, right? That's going to be relatively easy for you to go through and and work on, right? And that's probably going to be flex space or some sort of lighter industrial today, right? Because if you can build a home, you can like, especially if. You're doing luxury Custom Homes, you can definitely build industrial or flex warehouse space. So I think that's a good entry point. It's relatively inexpensive compared to some of the other types of commercial real estate that you could be building, and there's a lot of demand for right now. So you know, everybody on this channel that has been following me for a while knows I'm a big fan of those types of assets. So highly recommend that. Joe is saying dislike people that let greed get to the best of them. Why can't we all win together? Dude, I 100% agree. Like, look, there are more deals out there than you could ever possibly do on your own. Why do you need to go and try and screw other people over just to make another dollar? That's so ridiculous to me. But hey, man, there's a lot of those people out there. Evan's saying, Is there a typically acreage? Is there a typical acreage, amount of wetland you try to stay below for a new construction commercial project? Yes, the typical acreage I try to stay below in terms of wetland on my property, is zero acres. Of trying to stay away from wetland altogether. Fortunately, Nashville doesn't have, like any wetland. We do have flood plains you have to be aware of. And you know, it's it just complicates it. In my opinion, if you live in a market where there's plenty of other land, then I would say, just go find something that's a little bit easier, right? It's like buying something that's unentitled and going through a rezoning process. Why not just spend a little more time trying to find something that's already entitled? Because there's a lot less risk involved in that. But I mean, it depends, like, if you're in Miami, you may have no other choice, but you got to just deal with the deals that have hair on them now. So could be worth it. So, yeah, that's what I would say, is, I would, I would stay away from wetlands. But if you have to, then maybe it can count towards, you know, part of your green or open space, you know, credits or requirements, depending on where you are. Jay, what's going on? Man, he's saying, Good morning. Tyler, where can you find rental comps for multifamily? So multifamily is the only instance in which I do recommend that you get costar. I'm not a fan of costar. I have my own reasons for that. We won't go into it here, because they're incredibly litigious. But when it comes to data and cops, they actually have correct information when it comes to multifamily, because they own apartments.com. So that's where I would go. Jared Sullivan say, Good morning. Tyler, good morning. Jared, good to see you, man, right now my Buy Box is smaller multifamily properties in Austin suburbs, looking for seller finance deals. I love that. I would, Jared, I would, I would dial that in even a little bit further, let me pull up the buy box from Kate last night. I'll kind of walk you guys through some because this is the typical buy box that I recommend that my students put together, and it's going to have a handful of things that we cover that's always just good to have at least an idea of how you would approach it. So price, cost per square foot, right? So, yeah, I mean, you could be in the one to $5 million range, but maybe you're not going to go over $100 a foot or over $80 a foot, right? Do you want some sort of value add component or not? What is the stabilized cap rate you would like to achieve incoming occupancy, age of the buildings, term if you're looking at like commercial leases, like the number of years on on the lease, and what type of leases you've got right? Are they modified, gross, full service, triple net, etc. What type of tenants do you want in place? Do you need national credit? Or could you look at regional or even local credit tenants? And then the, you know, you've already got the market, you've got the asset type. So, yeah, man, I think that's a great little Buy Box. Austin is growing like crazy. And, man, if you can find some, some seller financed, you know, multifamily in the suburbs there, you'll be doing pretty well. Jeff is saying, hockey isn't a real sport. Jeff, you're done. You're kicked out of the group, no longer, no longer a student of mine. He's saying, Oh well, just kidding. Question, what's your take regarding jumping on my local economic development corporation committee? Any experience good or bad with that type of thing? Jeff, I think that's a great question. Man, I would, I would highly recommend it. Why not? Why not get the experience? Why not go meet the people and why not see how the process is run? Because when it comes to something like that, it's only going to benefit you, as you, you know, blossom in your commercial real estate investment and development career. I think it's, I guess, a great idea. I think we need to have a conversation now about hockey. Let's see. Leveraged VA is saying two minute videos. Great idea. Awesome, awesome, awesome. I will I appreciate that we'll have them out here probably in the next 30 days. So I'm excited to see what you guys think Jay is. Saying this is going on right now. Jay, I'm not sure what you were referring to as going on right now, but yeah, this live is happening right now, literally, as we are speaking, if that's what you're asking about, I am live leverage. VA is saying, Tyler, big fan. Keep up the great work. About to start my workout. Enjoy your week. Phil, Bill, thanks for joining us. Man, appreciate the kind words. Thank you for coming out here. Joe is saying, and also have a good workout. Joe is saying, what struggles Do you commonly see new commercial investors face? Everyone talks about the good. That's a great question. New struggles that new commercial or like common struggles that new commercial real estate investors face? One is, is understanding the capital stack. You know, when it comes to commercial real estate, the the way that the money is done, necessarily, the business is very different. You know, if you're a residential investor, oh, I mean, some of these investors that are savvy on the residential side are used to putting, like, zero to 10% down in their deals. So that's often a sticker shock. Is, oh my gosh, you have to come up with, you know, 20 to 30% down on this deal. Yeah, you do, because the banks just view it as inherently more risky. That being said, it's the upside potential is significantly higher. That's why some of the wealthiest people in the world will still put up with putting down 20 to 30% of their deals. As far as, I mean, you know, look, you can go out and raise capital for them. I think on the operations side, that's a big piece that new investors don't necessarily think about like, you know, you don't necessarily have to increase rents on every single deal you do in order for you to increase the noi, and therefore the value of the property. You could just streamline your operating expenses, right? Get rid of anything that doesn't actually serve you. Get rid of things that are maybe, you know, bloated in terms of expenses. Try and trim your expenses down where you can, because every dollar you save could come back tenfold, depending on how you've got it structured. The other thing that I would say is, you know, not. I mean almost being too rigid in some ways, or or trying to come in from a, let me phrase it this way, when you first got started as a residential real estate investor, you read all the books, you listened to the podcast, you went to the seminars, you joined the groups, right? And I see a lot of investors think, Oh, I've already done that, so I don't need to do that. Getting into the commercial side of things, that's not true at all. Residential and commercial real estate might be in the same industry, but they are two different sides of the same coin. I mean, it's, you know, y'all have heard me use this analogy before, but it's like hiring an environmental attorney to represent you in a DUI case? Yes, both attorneys, both went to law school, two totally different types of law you would never hire that person to do that. It's the same with residential and commercial. And you know, they're, they're, they're very different. And so you know, when you're making the switch from residential to commercial, treat it as if you're starting over again, right? Read the books, listen to the podcast, watch the YouTube videos, jump in on my live streams and ask whatever questions you have. I'm happy to answer them for you. Go to the seminars, you know, whatever it is, do everything you can to learn, because it's very different. And here's the thing, and I say this on my my Siri accelerator student onboarding calls it's it's important to know what to do right in commercial it's almost more important to know what not to do wrong right, because commercial real estate has incredible upside potential, and a lot of these deals, even if you totally screw everything up, as long as you buy it right or you approach it from the right angle, you'll do just fine. But if you do it wrong, or you just don't know what, you don't know, there's potential there for you to lose a lot of money. And so I have seen that, so just set the ego aside. Get back to learning. It's always good to be always learning. Joe

saying, what parameters do you look for when figuring out a market is good for flax? For example, I'm in Michigan, and there's a lot of supply of older light industrial Ooh, that's a good question. First thing to do is to just survey your local commercial real estate brokers. They will be able to tell you exactly what the market doesn't have. And here's, here's what I would do. I would just call them and say, Hey, what are you like? What types of businesses, what types of tenants are calling you all the time that you're either ignoring those calls because you know you don't have anything, or you're constantly having to tell them, sorry, we don't have any of that product available. Every single broker that I've ever talked to will always have at least one product type that they will tell you, I don't have enough of this. And that's a great start. Those guys are on the front lines of commercial real estate investing. And if they're saying, hey, you know, we don't have enough of the, you know, we've got plenty of the white industrial space that 10,000 square feet or higher, but we don't have anything that's under 5000 feet, there you go. You know, that's a pretty good indication that maybe you should go build something that's less than 5000 square feet. Right? The other thing is to just look at, you know, what available Flex Properties are there, and see, you know, one, how long are they sitting on the market? But two, what's actually available compared to how big your market is, right? If there's a lot of vacancy, yeah, probably not. Don't build in that market, right? But if it looks like there's one or two properties available, there's probably, you know, some something there that says, hey, these properties are in high demand. Now, you still want to do your market research, but look, when it comes to determining where to put a flex space, I like to be as close to interstates as possible, as close to, you know, central downtown as possible. It's not always possible, just considering how expensive land can be, but as long as you have strong interstate access, that's really all that matters. They don't need visibility. They just want good spaces. Jeff is saying, I'll come out there sometime during the season and see if you change my mind. Lol, appreciate all that you are contributing to do here. Brother, appreciate you. Jeff, yeah, man, come on out anytime it's, you know, look, you don't, you don't have to be a Preds fan or a hockey fan in general to have a lot of fun at those games. It's just a it's just a good time. Seriously, best thing to do in Nashville, F O, R, S O is saying, How much do you see the hurricane Milton affecting insurance premiums nationwide? I mean, I think it's going to be devastating for insurance premiums nationwide. You know, the hurricane Helene. You know, you've got insurance companies that are already meeting with North Carolina, and I think that this was happening before, but now they've got an even stronger case. They were meeting with North Carolina to talk about raising premiums, I think 42% on average across the state. So there's some places on the coast of North Carolina that we're going up like 100% and some I think Asheville was going up like 20 or 23% I think it's going to be a lot higher after Hawaiian. So I think it's going to go up quite a bit. I think that you might see some insurance companies that get acquired by bigger insurance companies because they're going to go under, I don't know how the insurance companies are going to be able to to pay out everything. They're going to have to pay out honestly in order to stay solvent and and adhere to, you know, their responsibilities, right? I mean, there's gonna be a lot of damage. Here's the thing. I mean, Helene was bad. Milton's gonna be infinitely worse, because, you know, everybody was cleaning up from Helene, and I didn't think about this until yesterday, but everybody's pulling furniture and stuff out of their houses to get it out for mold, which means that you're setting a bunch of potential projectiles out on the street. So now those winds are going to come through, pick up those sofas and slam them into the next house. So it seems like it's going to be a lot worse in terms of the damage. So I think that it is going to go up quite a bit. I don't know what that actually looks like, but I can't see insurance premiums staying the same, and I think that they're not going to be able to charge enough in Florida alone to make up for this. So it would make sense to me that premiums across the country are going to go up, which will be interesting to watch, right? Because then you're going to have a lot of people that are going to start getting into this. Well, I'm going to self insure mentality, and we've got a lot of a lot of investors that are already at that point of I'm just going to start self insuring my properties. So what happens? Does the government step in and start backing these insurance companies? Will another private company find a way to solve this problem? I don't know, but it will be very interesting to watch. Robert is saying a Joe, it is always a challenge to see everything when it comes to value add, having contingency in place is critical. Yep, couldn't agree more, that's super, super important. Always nice to have an a, b, c, d, z, plan if you want Joseph is saying you are based I hope that's a good thing. If so, I appreciate it. Thank you, Joseph. Let's see Chris, do you have a method for finding off market commercial, doing virtual driving for dollars, going through maps, or do you mainly do the mailers? Good question. So I I've never done any virtual driving for dollars. I am very I'm a very picky investor. I like to call myself a lazy investor. So I invest within my neighborhood for the most part. So everything that I own, the majority of what I own, is within a 10 minute radius of this office that I'm sitting in right now, which means that I can very easily drive past everything that I want to buy or everything that I have bought every day. So for me, driving for dollars is literally driving to and from work, right? It's like, let's just take different roads to work every day and see kind of you know how things are looking. I could see how you could do it virtually. The problem with Google Maps, though, is that they don't update all the time, and so you might have something that's old, that may not be, you know, completely correct. Mailers are great. Mailers work incredibly well in commercial real estate. I say that all the time, and I don't think that anybody has actually taken me up on that. If you have, if you have listened to me, and you've started sending commercial mailers out to anybody, and you've started finding deals. Please let me know, like I would love to hear your story, because I talk about it all the time. It's incredibly successful for me, and I don't think anybody takes me seriously when I say that mailers are phenomenal. Because on the residential side of things, everybody and their grandmother is sending out mailers. You got the yellow paper and you got, you know, whatever all this other stuff is, and so people's inboxes are just over loaded with, you know, junk mail, whereas on the commercial side, nobody does any of that. I mean, I don't think I've ever gotten a letter from anybody trying to buy any of my commercial properties. I've gotten some of those really annoying text messages from residential wholesalers thinking that my commercial property is residential and they want to wholesale it, and when I tell them the price that I would take, they never text me back again, which is actually a pretty good, pretty good way to get them to stop bothering you. But yeah, I mean, it's that. It's networking with commercial real estate brokers. It's networking at random events. It's, you know, getting out and talking. I mean, you know, the social media thing has been phenomenal for me. I mean, I found some amazing deals just by talking about it, right? I mean, that's, that's how this whole thing started. Right back in 2016 2017 I started an Instagram channel, or Instagram page or account, whatever the hell you want to call them. I started that just to show the behind the scenes of commercial real estate and start finding clients, right? And so that worked out really well. And I mean, you know, I even posted on my story one time driving to Chattanooga and found a deal off market, right, was under contract the next week. So it makes it really easy when you, when you your entire circle is in commercial real estate, and, you know, I've got wholesalers and contractors and brokers and other investors and, you know, developers, residential agents, whatever it is, everybody in my rolodex that I'm constantly reaching out to and talking to and having those conversations with, because guess what, they're going to come across something that's a great fit for me, And I don't have to, I'll buy it. You know, Chris, for your mailers, do you try to target distressed commercial or just blast them out to everyone in your buy box area, everyone in my Buy Box, because you never know. I mean, you know, worst case scenario, it's too nice. And I get to meet an interesting investor, right? Like somebody that might be able to again, refer me to another deal or introduce me to their neighbors. Who knows? So I'll typically say, hey, look, I'm gonna, you know, mail every 10,000 square foot building or under in this zip code, right? Sit them with a mailer once quarter, once a month, whatever it is, and it's a good way to stay in touch. I mean, look, I've had people call me like, 18 months after sending a mailer. People keep them Joe's saying, actually getting ready to send out a mailer for some industrial land. Do you typically just send letters of intent or blind offers? Actually don't send either, because I think that it looks a little spammy to be sending an offer, because I think a lot of people know nowadays that it's not a real offer that, or you've just got to spend a ton of time making sure that you're researching every single property that you're sending one of these on. And so I just say, hey, let's, let's get a call. I'd love to come by and see the property and put together an offer, if it makes sense for both of us. Said is saying, Hey, do you think the best way to become a real estate developer is to work for a real estate developer development firm for several years? Several years before starting out on your own. Absolutely hands down, the best way to learn is to go work for somebody else and get paid to learn while watching them do it, you'll also meet a lot of great people on the way, and it's great way to do it.

Robert is saying, I regularly send out mailers. How about 500 per month, working on three deals right now from my last two months? Mailers? Hell yeah, Robert, that's what I'm talking about. Man, that's I was hoping so. Robert's one of my students in the Siri accelerator, and that's awesome to see. So out of 500 mailers a month, he's working on three deals from the last two months. So that's 1000 mailers. Gave him three potential deals to work on. That's those aren't bad numbers, really. Because, I mean, here's the thing, it costs you, like, 50 cents a mailer. So you know, Robert probably spent 500 bucks. If one of those deals closes, then you're looking at 1020, $30,000 in commissions. If you're just a broker, maybe more. It depends on the size of the deal. Or if you're wholesaling it, it could be 5075, $100,000 or if you're buying it, you could be making several $100,000 there's a lot of benefits that cost you 500 bucks. All right, last one and I got a roll, uh, Texan on Cape Cod. What's up? Taylor, what do you see as the lowest hanging fruit in Syria? Nashville? In 2025 also, what cologne do you wear? I don't wear cologne. I just wear laylabo Beard Oil, which, damn it smells really, really good when it got it for me. And man, I it's, it's great. Most hanging fruit in commercial real estate in Nashville in 2025 is actually what Taylor did. Taylor converted a motel here into micro apartments. And I still think that with the affordable housing issues that Nashville has, finding these older abandoned motels and converting them into apartments is absolutely the way to go. I've got to run appreciate you guys for joining me. We will see you all next week, Tuesday, 8:30am Central Standard Time for office hours, we'll catch you all then, 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.