MFM Live: The Ins and Outs of Real Estate Investing

We have special guest(s) Bethany Smith talking about a recent 40-unit apartment building she purchased in Arizona and Mr. Ed Modzell talking about his 1300+ apartments and going over a property he just sold in Atlanta that he and his wife were self-managing.

VIDEO TRANSCRIPTION
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this business grow this business and
02:00
have some people who are doing this
02:02
business every day that have a lot of
02:03
apartments behind them holding you
02:06
accountable this will be for you tonight
02:10
we have two special guests miss Bethany
02:13
Smith it’s her birthday today fantastic
02:16
thank you for being here and even a
02:19
little bit more special than that just
02:21
recently she closed on the 40 unit
02:23
apartment deal somewhere in that
02:24
neighborhood and then we had mr. Edmunds
02:27
ell who just sold one of his apartment
02:31
buildings into quite a few apartments
02:33
he just went full cycle on a building
02:36
that he actually moved out of state to
02:38
manage a wealth of information he’s
02:41
going to talk about the good things the
02:43
bad things the highs and the lows
02:45
everything’s he’s experiencing today
02:47
once or the day he sold that thing and
02:49
might have been might not have been
02:50
happy to walk away from setup for the
02:55
call first 20 to 40 minutes or so we’re
02:58
gonna have Bethany and Ed talk when I
02:59
get a little bit of QA back and forth
03:01
but any questions that you have drop
03:03
them in the comments on this platform
03:05
and we will be asking them questions as
03:09
we go and we would be having a large Q&A
03:12
session at the end we’re going to talk a
03:15
little bit about the coronavirus how we
03:17
think it’s going to affect the market at
03:19
the end of this call what we can expect
03:20
as landlords what we can expect as real
03:23
estate investors do we see that there’s
03:25
going to be an abundance of opportunity
03:27
maybe money’s going to be pretty cheap
03:29
we’ll see how everything plays example
03:31
we’ll talk about that in a little bit
03:33
and then we’ll dig a little bit deeper
03:34
into the mastermind at the end of this
03:36
call and with that being said I have two
03:39
of the best business partners and I
03:41
actually consider Bethany my business
03:43
partner she is a fantastic person that
03:45
makes this thing happen but two of my
03:48
business partners and I’ll let them
03:49
introduce themselves mr. Farris Moussa
03:51
mr. pouchy a lot of apartments awesome
03:55
people these are people that you want to
03:57
hang out with and these are why these
03:58
individuals are my business partners
04:00
take it away fellas awesome thanks
04:03
thanks garrison super happy to be here
04:06
my name is pawel chi if you don’t know
04:08
who i am i got the one that got the
04:11
chance to start this meetup about two
04:13
and a half years ago and certainly grew
04:15
it from you know what it was back then
04:17
was just a small group of people meeting
04:19
and now we just added a ton of momentum
04:22
had a ton of crazy leadership and vision
04:25
and so the meat of the tips or
04:27
like taking off way farther than where I
04:29
thought it’s gonna be so far as
04:32
investing in real estate I’ve been
04:34
investing in real estate for I don’t
04:36
know about about five years but I’ve had
04:39
my first apartment building three years
04:41
ago and since then have added apartments
04:45
every year now I’m up to about a
04:47
thousand units total and always looking
04:51
to add more so a little about me Ferris
04:55
you want to give a little intro about
04:56
yourself yeah slowly so for those either
04:59
don’t know me my name is Faris Musa I
05:01
have a company called disrupt equity we
05:03
are based here in Houston we run the
05:06
Houston Meetup and you know disrobe
05:08
equity itself we have properties we have
05:10
us 300 units under management throughout
05:12
Texas and Georgia it’s kind of our other
05:15
markets I know that’s one of the markets
05:17
that ends in he’s going to probably
05:18
speak to that as well and you know I
05:20
guess my backgrounds actually software
05:22
so for those who don’t know I came from
05:23
used to work at Microsoft and had a kind
05:25
of a software background and you know
05:27
got into real estate almost accidentally
05:29
fell in love with it and kind of the
05:31
rest has been history since then and so
05:33
you know met with Powell and Garrison
05:35
and we’ve been rock and rollin with MFM
05:36
so and exciting with them and the rest
05:38
of our team as well that you know I’m
05:39
sure most you guys are familiar with and
05:41
so I guess before we kind of kick off
05:44
today’s call I know coronaviruses on
05:46
everyone’s mind so we figured we’d go
05:47
ahead and just kind of talk to them
05:48
briefly right there’s a lot going on I
05:50
mean here at Houston they just announced
05:52
a little bit ago that they’re basically
05:53
shutting down all the all restaurants
05:55
and pubs all right except for takeout
05:57
and you know and I think there’s just a
05:59
lot of uncertainty and there is or I
06:01
don’t think anyone has the answers right
06:03
I know garrison mentioned at the end of
06:05
the call we’ll have Q&A and we’ll
06:06
definitely open that up to coronavirus
06:08
and any other topics right so it can be
06:10
kind of a mix of topics questions for
06:11
and in bethany as well as rotavirus or
06:14
what are people doing you know i know
06:16
personally that you know there’s kind of
06:18
personal things i’m taking care of as
06:19
well as the business side it’s on the
06:21
business side i mean we spent the entire
06:22
day at the office just working through
06:24
plans and initiatives for each of the
06:25
different properties and so definitely
06:27
lots to go through we’re happy to talk
06:28
through that towards the end of the call
06:30
so I guess with that said I think Powell
06:33
do you want to go ahead and kick us off
06:34
with baby you know introducing Bethany
06:36
and
06:37
and then from that end Beth you guys
06:39
gonna do it yourself a little bit more
06:40
in-depth yeah sure
06:42
and one thing before we get started
06:45
totally I’m going to introduce Bethany
06:47
and just really quickly but we want to
06:52
let you guys know that we are going to
06:53
hold some Q&A after this really quickly
06:54
so if you have any questions make sure
06:56
that you’re writing them in in the chat
06:58
for Bethany or or forehead
07:00
yes or proportions we’ll start for top
07:02
down on the chats for those who they
07:04
don’t know so that’s definitely the best
07:05
place to start you know and then we’ll
07:07
go from there
07:08
yeah absolutely so just real quick I met
07:12
Bethany about about a year ago and when
07:16
she was coming out and coming to round
07:18
two a lot of our meetups that we’re
07:19
having and then I asked her pretty
07:21
quickly after that she’d like to join
07:23
our leadership team and like to help her
07:25
organize that and she has taken off I’ve
07:28
done a great job with those for the
07:30
leadership and also has done a
07:33
tremendous job in terms of her own real
07:35
estate investing and so Bethany if you
07:38
want say hi real quick and then I’ll let
07:40
me get a chance to introduce ed as well
07:42
as so everybody I’m Bethany thank you by
07:47
the way yeah birthday happy birthday off
07:49
Lily and Edie at mozella
07:51
a guy that I met several years ago I met
07:54
through a program that we were both part
07:56
of and that we we’ve been involved in
07:59
and Etta’s guy that has been on each
08:02
coast and has done a tremendous amount
08:04
of stuff in terms of investing on the
08:07
passive side investing on a GP on the
08:09
active side has a wealth of knowledge
08:11
and in doing that it’s been doing it for
08:13
a while and has a ton of fun of units
08:15
itself and we’ll get it to the actual
08:17
numbers of everything but ed you want to
08:20
say hi real quick hello ed you’re
08:28
talking we can’t hear you
08:36
right and you’re mutating hey yeah hey
08:40
guys
08:41
yeah we’re working there okay sounds
08:46
good so why don’t we get a chance to
08:48
have you guys introduce yourself so
08:49
Bethany and Ed if you just take the two
08:51
minutes give us kind of like where you
08:53
are where did you start from
08:55
and then where are you now in terms of
08:57
real estate investing and just it was
09:00
kind of a two-minute intro of like you
09:01
know kind of how you got started we all
09:03
right now I want to start with you
09:04
Bethany sure so um my interest in real
09:09
estate started my husband and I first
09:11
got married we had a getting kind of an
09:15
echo everybody hear me okay
09:17
yep you’re good um my husband I had a
09:22
rental property in South Georgia about
09:25
half an hour from the Florida border it
09:28
was our own home we we lived in it for
09:30
about a year as a foreclosure so got a
09:33
good deal on it had to do a lot of work
09:35
to it we weren’t anticipating renting it
09:37
out like neither of us came from from
09:39
families that had been in real estate
09:41
investing or anything like that but we
09:44
kind of got the bug for it at that time
09:46
initially like oh we could do some work
09:49
to a property and rent it out and
09:51
cashflow I think we’re cash flow in like
09:53
150 bucks a month so we thought we were
09:55
hot stuff for that and kept that rental
09:58
for about eight or nine years that we
10:01
really didn’t do much in the real estate
10:04
investing space for another like seven
10:07
years after that but that kind of that
10:08
kind of peak that kind of got us our
10:11
foot in the door I guess a little bit
10:12
and piqued our interest in real estate
10:14
investing in general so we also read
10:21
Rich Dad Poor Dad by Robert Kiyosaki or
10:25
Richard Kiyosaki his book around that
10:28
time too and we had that rental property
10:30
and that goddess you know we learned
10:31
about the cashflow quadrant definitely
10:35
recommend that book anybody hasn’t read
10:36
it so that’s where our interest in
10:39
initially started and then fast forward
10:42
to a few years later I worked in
10:46
education for the next few years I was a
10:48
tutor for an online company in English
10:50
and essay writing for college students
10:52
and my husband was pursuing his career
10:55
in the military to be an aviator
10:57
be a pilot and so the real estate
11:01
investing interest definitely took a
11:03
backseat during those years we really
11:04
didn’t touch it again but then the
11:06
opportunity came up about three years
11:08
ago to buy a property in Arkansas and
11:12
its outside a Little Rock and it kind of
11:15
functions like a four-plex it’s it’s
11:17
essentially a vacation rental for
11:19
military folks and so that again kind of
11:24
kicked up our interest in real estate
11:26
investing again to you know use a VA
11:30
loan to purchase the property live in it
11:32
do a little bit of work to it put a good
11:35
property manager in them in place and
11:36
then move on and at that time I was
11:40
working for a residential real estate
11:43
company team with Keller Williams and I
11:47
was working for them remotely but the
11:49
team was based in Utah so I did live in
11:53
Utah for about one year during the time
11:55
that I worked for him we’re one of the
11:58
top teams in Utah County we’re all women
11:59
I was pretty proud of that I was the
12:02
director of operations for the team and
12:04
we had a lot of investor clientele
12:08
probably about 25% of our clients were
12:12
investors and they were they were buying
12:15
small smaller stuff and duplexes
12:17
four-plex is that sort of thing but I
12:19
really gravitated towards working with
12:21
the investors and really really like
12:23
them you communicating with them and
12:26
working with them because they were just
12:27
very methodical they were not emotion
12:30
driven and you know they could buy a
12:33
property without seeing it in some cases
12:34
and I just like their approach and
12:37
obviously saw that they were making you
12:40
know in most cases making good returns
12:42
on their money so that really piqued my
12:45
interest again into investing in real
12:48
estate so rewind probably about a year a
12:53
little over a year ago now back in
12:56
December of 2018
13:01
20 19 20 18 my husband started digging
13:05
around in the multifamily space again
13:07
and found Grant Cardone and started
13:10
following Grant Cardone and his
13:11
investing education and stuff and some
13:15
of you may not like grant so much but
13:18
learned a lot from him and and what he
13:22
does and long story short got plugged in
13:24
with a Facebook group and then got
13:26
plugged in with rod khalif’s and rod
13:29
Cleaves group most of you are probably
13:31
familiar with his boot camps and went to
13:33
a boot camp and Tampa about a year ago
13:36
January and let met a lot of you that
13:38
are on this call there and so last year
13:43
was a lot a lot of learning a lot a lot
13:47
of networking tons of networking and a
13:51
lot of getting out there and getting my
13:56
hands dirty a little bit awesome where’s
13:58
the where’s the deal that you just
14:00
bought where’s what what market is that
14:02
located and how big of a deal is it it’s
14:04
in Arizona and Tucson which is southern
14:07
Arizona and it’s 36 doors how long have
14:12
you owned it as of right now since
14:15
December Oh
14:20
go ahead mom no that’s awesome
14:23
that’s awesome thank Stephanie we just
14:24
wanted to get a quick intro and then
14:25
we’ll get into some of the questions
14:26
we’ll ask you a little bit how about uh
14:28
Edie give us a give us a little
14:30
two-minute intro kind of like where you
14:32
were you started but where you are now
14:34
you know and look know where you’re
14:36
investing down okay so my wife and I
14:41
started investing the first multifamily
14:46
we bought was a five family in 1980 and
14:51
then we went the wrong direction I like
14:54
to say we went to you know duplexes
14:59
triplexes and singles and you know we
15:03
just dabbled in that for many years and
15:06
I guess you know what Riley says about
15:09
dabblers right so we just did a
15:12
part-time as we’re
15:14
growing our careers in our family I was
15:17
in the TV industry in New York you know
15:23
a lot of different TV shows and about
15:28
five years ago I retired early from my
15:33
position as a chief engineer and decided
15:38
to kind of get back into real estate
15:41
doing flipping which was the craze and
15:45
probably still a little bit of it but
15:49
and I did that for a couple years and as
15:55
a person up here is named it’s Chris Orr
15:57
so he’s a pretty big Multi Family Guy
16:00
and you know him speak about the
16:05
multifamily and you know I guess I
16:08
caught the bug and I invested with one
16:12
of his students John Cohen with Toro
16:18
Group they’re also very big right now I
16:20
don’t know how many properties they have
16:22
couple couple hundred million dollars
16:25
worth I guess and I did two passive
16:30
investments with them it was really only
16:32
a little over two and a half years ago
16:35
and I did one in one week a week later I
16:40
did another one and I said you know what
16:43
I want to do this so I decided to switch
16:46
over and after 30-something years in
16:51
real estate I thought I knew everything
16:52
but I said I enrolled in a couple
16:56
coaching programs I did three of them
16:58
rapid-fire and I ended up with a rod
17:01
cleave which I still you know still
17:06
affiliated with today and after I wanted
17:11
to those first two limited partnerships
17:14
I picked a market which was going to be
17:18
my my my farming area that I was gonna
17:25
really get to know because I’m from Long
17:27
I
17:27
not too many multi families here
17:30
basically weighed before we before you
17:32
get it how you actually chose the market
17:34
let’s keep me give me an idea where you
17:37
are right now
17:38
like where do you sit right now how many
17:39
units LP units how many that are you GP
17:42
i mediate you anything like that where
17:44
are you right now okay
17:46
i guarante a smith at the beginning but
17:49
i did write it down here so I was in 3
17:55
LP investments one of them we just
17:57
solved which leaves me with 586 units on
18:02
you know two properties and I mean I was
18:06
in a GP on one two three four five
18:10
properties make that six properties and
18:17
we just sold one actually I say one of
18:20
my partner’s on here drew Taylor
18:23
hopefully he was happy with that and so
18:28
I had 714 yeah we got 674 of those left
18:35
awesome awesome so I don’t leave the
18:38
operator on one of them the rest just GP
18:42
you know lending a hand here and there
18:45
money raising due diligence boots on the
18:50
ground various different things like
18:51
that sir we can get in moving forward I
18:56
am looking to be more on the operation
19:00
side let me ask this question for both
19:05
you since you know you’re both in you’re
19:10
both live and operate in different
19:12
markets or have done operated in
19:15
different markets and in a different
19:16
markets so maybe you could talk about
19:18
how you choose a market right so I know
19:21
Bethany you operate in a different
19:24
market than where you live and you’ve
19:25
done that as well and and different
19:28
challenges you go through about choosing
19:29
the market and things like that I think
19:31
it would be helpful to have you guys
19:33
explained how you actually chose a
19:35
market and why you would choose
19:36
something maybe where other than where
19:38
you live
19:41
hoping to you Bethany yeah so for me I
19:45
live in California north of LA a little
19:48
bit and I knew I did not want to invest
19:50
in California for a few different
19:52
reasons but high pricing lower cap rates
19:55
landlord laws etc there’s a few so I
20:00
really just targeted states that I knew
20:03
I could drive to if I needed to in a
20:05
pinch like if for some reason the
20:07
airlines shut down cause the coronavirus
20:09
was like no I I didn’t foresee that but
20:12
you know if you need to like for some
20:14
reason get up and drive I’m a little bit
20:16
of a control freak so I wanted to beat
20:18
close enough somewhere that I could
20:19
drive if I needed to so that kind of
20:22
narrows me down to a few metros over
20:24
here on the west side you know Vegas
20:26
Arizona Boise Idaho I grew up in that
20:30
was one market and some one market I
20:32
keep an eye on Salt Lake City lived
20:34
there for a couple years so yeah that’s
20:36
basically how I know what specifically
20:39
made you choose Tucson vs. Phoenix or
20:42
Las Vegas etc so the network connections
20:46
so knowing did you have did you have
20:50
boots on the ground in that in that
20:51
market um my business partner
20:55
essentially had an asset there already
20:57
and so and I was targeting that market
21:00
and so we met up in an event after
21:03
having met initially on Facebook and it
21:07
was just it was a good match and we
21:09
enjoyed working together and I was able
21:11
to bring value to his team basically to
21:15
have the time energy and resources to be
21:17
able to look for a deal so that was huge
21:20
to leverage a power of a team and try to
21:23
plug into a team and offer what value I
21:26
could to them so that I wasn’t trying to
21:30
branch out on my own
21:31
honestly I don’t think I ever like would
21:34
have wanted to go in a market I don’t
21:37
know like extremely well by myself you
21:39
know just let it go yeah absolutely
21:41
that’s a beautiful thing about
21:42
multifamily real estate compared to
21:44
single-family real estate that’s
21:46
something we talk about when our most
21:47
recent mastermind call is how this is a
21:50
team sport and surrounding yourself with
21:52
the right people will really help you
21:53
grow and succeed
21:55
business and Bethenny’s a proven prodigy
21:59
of that how about you add to talk about
22:05
how you chose your market and I sure got
22:08
a couple markets yeah well first off I
22:10
don’t know if anybody can relate to this
22:12
but three years ago when I first became
22:19
kind of a where multifamily and that I
22:22
could actually possibly get into it you
22:25
know I thought it was the craziest I you
22:31
know I would never think of investing
22:34
outside of my own state I couldn’t even
22:37
see that as happening but since I said
22:41
we don’t have any multi families that I
22:42
could afford or you know you know that
22:46
makes sense up here in Long Island I I
22:49
first you know picked three states North
22:53
Carolina South Carolina and Georgia and
22:57
I just felt that that was you know too
23:00
overwhelming and I wanted to go out and
23:02
do a tour of the area and I you know I
23:06
said not as ridiculous so I just focused
23:09
and I looked at a map and I looked where
23:13
Atlanta was had never been to Atlanta in
23:16
my life
23:16
maybe I’ve flown through there I don’t
23:18
know but if you draw a big circle around
23:22
Atlanta it looked like all the states
23:24
that I wanted to invest it Tennessee you
23:28
know North Carolina South Carolina
23:31
you know maybe Alabama so I picked I
23:36
picked Atlanta I thought about the
23:39
Midwest like Cincinnati Columbus
23:42
Indianapolis but since I’m getting old
23:47
most those old people don’t like the
23:50
cold anymore and I’m from New York and
23:52
I’m getting tired of the cold so I
23:54
wanted to be down you know I thought
23:56
olanta was a little warmer in a winter
23:58
but I made a mistake there but it is
24:01
pretty nice weather down there for the
24:03
most part on the ground
24:08
I didn’t have any boots on the ground so
24:10
what I did was okay so going back to
24:14
2017 you know I did what everybody tells
24:19
you to do you go in a loop you find all
24:21
the brokers I start calling brokers I’m
24:24
doing that for like a month and a half
24:26
and then I picked the time in the future
24:30
let’s say three weeks in the future four
24:33
weeks in the future and I start telling
24:34
everybody you know the old fake it to
24:38
you make it yeah I’m gonna be coming
24:39
down to Atlanta next time I’m coming
24:41
down there was probably in about three
24:43
weeks I never said I was there before or
24:46
anything else but you know when you talk
24:49
like that it sounds like you come down
24:50
there every so often so I’m a my wife
24:55
and I went down there for a week it was
24:57
kind of like you know a vacation F
25:01
business trip and we lined up
25:06
appointments for breakfast lunch and
25:10
whatever else we could fit in there and
25:13
during that you know I met maybe 10
25:18
people and luckily I met some real good
25:22
people and I and it just mushroomed
25:27
snowballed whatever from there and I
25:31
decided okay I’m gonna come down here
25:33
every six weeks four to six weeks the
25:38
first time I stayed in Buckhead the next
25:41
time I stayed in Stone Mountain so I
25:43
pick a different area each time and I
25:47
think I went down there oh and one one
25:50
time and I highly recommend this I
25:53
forget the name of the convention but I
25:56
just happened to go down there I didn’t
25:58
even plan I just lucked out but it was a
26:01
big convention I was mainly for
26:05
professionals you know like a broker’s
26:08
property managers it was the middle
26:10
market Farish you know that one middle
26:14
market something or other
26:16
yeah middle market farm
26:18
yeah I meant yeah so I actually want to
26:23
i want a hint on something you said a
26:24
second ago right so we do the same thing
26:26
about staying in different areas and so
26:28
a big part of real estate is getting
26:30
familiar with your market right so and
26:33
first of all you made a mistake go in
26:35
Atlanta and we’re already in Atlanta so
26:37
we got that one taken care of you know
26:38
go figure different marketing it’s a
26:40
team sport right you know it’s a
26:42
friendly rival in one day you know we
26:43
talked to that one day we’ll do a deal
26:45
together right but the thing that I
26:47
shall wanted to note is that whenever
26:49
you go to your market stay in a
26:51
different area every time right that’s
26:53
something that we were bad about at
26:54
first but whenever we go out there now
26:56
you know we do the same thing one time a
26:57
big buck head one time we’ll pick you
26:59
know called state we’ll pick all over
27:02
just to really help us familiarize
27:04
ourselves because guess what and these
27:06
big metros there’s tens of thousands of
27:08
deals right and the more I can kind of
27:10
know different pockets the better I can
27:12
make you know understand a deal whatever
27:14
just kind of send to me blindly and so I
27:17
guess with that said I want to maybe
27:18
transition over to to maybe let’s do a
27:20
quick lightning round and this is to
27:22
both Bethany and Ed I’m gonna ask the
27:24
question you guys are going to just say
27:25
the very first answer that comes to mind
27:26
is that work alright so well let’s let’s
27:31
give this let’s test this all right so
27:33
favorite color blue orange
27:36
all right good set alright hardest part
27:39
of the deal
27:41
property management finding it all right
27:45
hardest part of the closing process
27:54
[Music]
27:55
dealing with non-responsive people and
28:03
ed ed it was smooth sailing so his
28:04
people are very responsive so and you
28:06
know let me know about your investors
28:08
definitely look forward to said raise
28:10
the capital yeah well mine was a small
28:15
deal on that
28:16
and we raised it in one day and how to
28:20
turn some people away all right all so
28:24
then what’s the biggest fear before
28:27
getting into a deal knowing that you’re
28:32
not gonna lose your due diligence money
28:35
or how much was it on that deal not that
28:41
much but I’ve been in a deal where I’ve
28:42
had like getting over that fact yeah do
28:45
enter 50 hard about the name what was
28:50
your hardest part yeah HP of the for
28:53
Gideon biggest fear yeah I was kind of
28:59
just like can I do this basically I
29:01
think for me like for you yourself
29:05
because this is very fresh in my mind
29:06
have you know kind of transitioning into
29:08
a new industry basically you know it’s
29:10
just kind of uncharted territory so I
29:12
was a little bit like you know am I
29:15
really cut out for this can I do this
29:17
the first thing that we were doing was
29:20
like a couple months before the one that
29:22
I did and we had a pull out of it after
29:25
our due diligence walkthrough now we
29:27
didn’t lose a lot of money but we lost
29:30
seven thousand dollars and you know to a
29:35
lot of you folks there that’s probably
29:37
just the cost of doing business but when
29:40
you lose it on your first deal it’s kind
29:42
of like it makes you think and me and my
29:46
partner who garrison remembers her Emily
29:50
we you know we walked away with our
29:54
tails between our legs and we said let’s
29:56
go to Memphis I hear to some good deals
29:58
there so we went there for four days and
30:00
I got that out of our system and came
30:04
back to Atlanta kept looking so that was
30:06
your first is that right that was your
30:09
first deal it was the first one yes all
30:12
right being it as being an operator yeah
30:15
mm-hmm so then our next push you know
30:18
hardest part of property management well
30:23
I know one thing that I really learned
30:24
that I made a mistake on I don’t know
30:26
maybe I can use that as good as I felt
30:29
with my
30:30
pretty manager the one thing I didn’t do
30:32
and I recommend highly is that you get
30:38
references from the people from the
30:40
property manager you’re talking to and
30:42
check those references yeah I’d agree
30:48
with that and also to add keeping on
30:52
keeping on top of them like staying
30:53
consistent not just assuming okay there
30:56
you know doing a great job and
30:57
everything well they may be very well
30:59
intentioned there may be something
31:00
that’s slipped through the cracks a
31:02
little bit too you know and unneeded
31:05
expense or something that’s come up and
31:07
they didn’t okay with you so just like
31:09
being consistent to you know check in
31:12
and follow up with them to make sure
31:14
everything’s running like you wanted to
31:16
I have another important thing I want to
31:19
throw in there like but with property
31:20
management a big problem I had was the
31:24
maintenance staff on two different
31:26
property managers that I had a fire one
31:31
was more incompetent than the next I
31:33
would say institute some I would want to
31:39
see some sort of feedback from the
31:42
tenants where where they put in a work
31:44
order I would want to look at what that
31:46
feedback was a questionnaire from the
31:49
property manager sent down to the tenant
31:53
they get it back and I would want to
31:55
have access to look at that and that to
31:57
me that would tell me a lot we had a lot
32:02
of teeth repeat work waters like over
32:06
and over and over again men know this is
32:09
important I mean we actually we just
32:10
pulled up something called product
32:12
called happy Co to help us assess the
32:14
condition of every unit turn going in
32:16
around and so it’s actually definitely
32:18
everything is captured pigeons are
32:21
taking documented and we can also ruin
32:23
checked purchase order so that’s creep
32:24
out won’t be done right it right into
32:26
this so this is a process but I mean it
32:27
makes you that much more efficient okay
32:30
next question favorite animal horse
32:37
horse Bethany
32:39
I have a cat and a dog so I have to be
32:41
neutral on that we want people I get to
32:44
know you
32:44
that’s an important question all right
32:47
hardest part of asset management
32:55
stay on top of all the details yeah
32:59
totally I agree that and getting an
33:02
attorney turn it into a cat chapter in
33:04
business really and Ed Sween aligns well
33:09
with that reading between the lines okay
33:14
give an example why do you say that
33:17
curious other than the story there
33:22
sometimes the the financial it
33:26
[Music]
33:29
if you’re not asking you know the
33:32
reports that they give you I mean I had
33:36
access to you know at folio and and so I
33:40
did my own reports but you know the
33:43
property manager may give you some
33:45
reports but not tell you everything um
33:51
and all right number one tip when
33:54
talking to a broker be responsive and
34:00
courteous and someone that they like be
34:04
likable yeah give feedback
34:09
on the deal okay um let me think what l
34:15
have a question uh-huh so there’s a lot
34:18
of folks on this call
34:20
thanks Paris hi everyone
34:23
that have not taken down their first
34:25
deal so if you had to look back at the
34:28
first time he took a deal right what was
34:32
the biggest thing uh what’s the best
34:35
piece of advice that you can give to
34:36
folks on this call to take down my first
34:38
deal Network your pants off okay so what
34:43
does that look like not literally
34:46
don’t take your pants off so so what is
34:58
that what does that look like you go to
35:00
meetups you go to personalize probably a
35:05
little different than most but the way I
35:07
got my foot in the multifamily circle
35:10
was through a Facebook group initially
35:12
so I didn’t go to an event first thing
35:14
goes through a Facebook group and the
35:18
Facebook group does does a lot of live
35:20
videos just little challenges like a
35:22
book reading challenge or fitness
35:24
challenge kind of just an overall theme
35:26
of like self-betterment personal
35:28
development but then it’s focused on
35:29
apartment investing and I wanted to get
35:33
to know these people because they were
35:35
doing deals and new people that were
35:37
doing deals and so to to connect with
35:41
them was meant I had to do Facebook live
35:44
videos and those were kind of
35:47
nerve-wracking at first you know be like
35:50
shaking and stuff on the camera but you
35:53
can’t even really tell but you know
35:56
everybody’s always like oh my gosh I’m
35:57
so nervous and you really can’t even
35:59
tell but yeah that was huge people got
36:03
to know my face you know I go to events
36:05
and they’d say oh I know you I watch
36:06
your Facebook live videos and like I
36:08
don’t know you cuz you don’t do Facebook
36:10
laughs but yeah so that was that was for
36:14
me how my business partner kind of got
36:17
to know me and
36:19
that whole know like trust factor and if
36:21
someone’s willing to get on a Facebook
36:23
live video that shows they have you know
36:26
a little bit of guts and they’re okay
36:27
with let maybe seeing they’re not so
36:30
perfect world and and having something
36:33
to say and then and then to if you’re
36:35
you know combine any not with a
36:37
challenge factor like doing a challenge
36:39
for work out or whatever it was really
36:42
good timing for me tubes my husband was
36:43
deployed at the time so I was alone a
36:45
lot and it was just nice to have another
36:47
community outside of my you know
36:49
physical communities I have here where
36:51
people were holding each other
36:52
accountable we’re doing little
36:53
challenges together and where I could
36:55
commit to something and then this group
36:57
was kind of helping keeping me
36:59
accountable but you know I decided to do
37:01
it commit to do it and then see it
37:03
through that was kind of a clear almost
37:05
like a job interview type scenario you
37:07
know kind of looking for people that
37:09
will perform on that and my husband I
37:12
used that and in group up for his
37:14
business really am I know no you’re good
37:19
you’re good so so so let’s look at this
37:30
pattern right so you you you had an idea
37:33
right you made a decision you made a
37:37
commitment and then you took action
37:39
that’s the actual steps in the formula
37:41
regardless of how it looks like to you
37:43
those are the actual steps in reality so
37:48
everybody takes a look at that see where
37:51
you actually fall down and that in those
37:52
actual steps thanks Bethany Edie if you
37:55
had to take a look back way back when
37:58
when you had first started tell us about
38:00
how you first started yeah I knew you
38:02
said you fell into this thing but let’s
38:04
let’s talk about that let’s dissect that
38:06
a little bit okay are you saying like
38:11
the first multi-family how you would
38:14
well so so it’s it’s more about the
38:17
there’s a bunch of people on this call
38:18
we want to make sure that they take on
38:21
their first deal so what yeah what
38:22
advice could you give you or to yourself
38:25
back in the day or to the folks on this
38:27
call okay well then it wasn’t how long
38:30
ago okay
38:32
even better raisins if I advice like me
38:36
too we hear it all the time
38:39
I have a good team okay what does that
38:41
mean have a good team okay have a good
38:45
team to me means who are the people that
38:51
are gonna help you take down a property
38:53
you’re gonna need an attorney
38:54
mm-hmm okay start looking for somebody
38:57
that you resonate with you know you know
39:01
go to lunch with them whatever you know
39:03
a couple times you’re not gonna find a
39:06
deal overnight if you if you do that
39:09
that’s great I guess it happens
39:11
sometimes you’re gonna need an insurance
39:13
person you know find them ahead of time
39:18
who else are you gonna need you’re gonna
39:20
need a property manager that’s like to
39:22
me the most important one find them
39:24
ahead of time if you have a property
39:26
manager that you find ahead of time
39:29
every property you look at you could run
39:33
you know maybe not take up a lot of
39:35
their time but run the numbers by them
39:37
say hey what do you think of this you
39:40
know find out what the what the expense
39:43
norm is for that area it’s gonna be a
39:46
little different in different areas ask
39:48
them hey would you manage this property
39:51
maybe they wouldn’t you know so always
39:54
stay in touch with that the team and and
39:58
and what I do too is that over the last
40:02
couple years I have my phone full of a
40:07
lot of phone numbers of people I really
40:11
know what the hell are doing I guess
40:13
what I’m trying to say is surround
40:14
yourself with people smarter than
40:16
yourself you know if you can right now
40:21
in my phone I have numbers of people
40:24
that I don’t get in touch with them
40:28
lightly but if I have a question that I
40:31
can’t answer on my own I know I could
40:35
reach out to somebody I don’t reach out
40:40
to them every day I don’t make a pest of
40:42
myself but if you have 20 people in your
40:45
phone like
40:45
and you have a question like I mean you
40:49
know when you’re buying a property some
40:52
of the simplest thing like what day
40:56
should I close this property on okay I
40:59
have a pretty good idea and now I have a
41:01
real good idea and it may be different
41:04
than other people think but I reached
41:06
out to three people ad that had
41:09
thousands of properties and I got their
41:11
ideas and you know one of the guys
41:15
agreed would be the other two didn’t you
41:17
know we we got about we got about like
41:24
15 minutes more so we’re gonna take the
41:27
audience questions right now cuz we I
41:28
know I’ve seen a bunch and we only got
41:30
and we got some other things we got a
41:32
hit before we before we closed up so
41:35
make sure let’s go through some of our
41:36
audience questions here everything so
41:39
starting back at the top there’s one
41:47
from Jim Hartman which is I think a good
41:49
question so Bethany and and Edie if you
41:53
guys have both answered this kind of
41:55
trying answer this kind of short so we
41:57
can get through some of these questions
41:58
but how your spouse’s contribute to your
42:00
businesses if they do well my spouse
42:06
works would be everyday into business
42:08
and let me one thing I got a throne real
42:12
quick about your team
42:13
another real important person on your
42:16
team is your mortgage broker or lender I
42:20
saw you there Anton so you reminded me
42:23
of that so my wife works with me
42:29
everyday more in a supporting role she
42:32
helps me out with we been married
42:36
coming up on 41 years many of those
42:40
years up until the last two years we
42:43
didn’t work together we hardly saw each
42:45
other you know we we both traveled from
42:47
Long Island to the city to work which is
42:50
like a four hour commute but we’ve been
42:53
working together every day
42:55
but alas how about you Bethany
42:59
huge huge Onate actually God he made me
43:05
read the best of our apartment’s
43:07
indication book and was like you could
43:08
do this like you should work in this
43:10
space so while I did have the
43:12
interesting commercial real estate I was
43:14
gonna I was gonna quit my previous job
43:16
in residential and just go work for a
43:17
commercial real estate brokerage but it
43:19
was like no you should really get into
43:21
multi feel investing he’s he’s the one
43:22
that got the foot in the door with the
43:23
Facebook group and other communities he
43:26
has a knack for getting me into stuff
43:28
that at first I’m like no and then I’m
43:30
like oh okay
43:31
and then along the way we haven’t worked
43:34
together in real estate actually like
43:37
that’s that’s kind of my my thing but
43:39
our businesses have always been really I
43:42
think symbiotic is the right word
43:45
so we had a digital marketing company
43:46
last year he actually shut that down to
43:50
start a financial services company that
43:52
he’s been head up and running for a
43:53
couple months and he’s doing really
43:55
really well so our skills complement
43:57
each other and I can help him with a lot
44:00
of hissings and he helps me with a lot
44:02
of stuff so yeah it’s been huge for us
44:05
that’s good
44:06
that’s great so there’s no question from
44:09
oh man how about you Edie how frequent
44:13
should you check in on on your property
44:16
manager I assume it means and like what
44:17
KPIs do you follow with them and what
44:21
types of reports how often you chicken
44:29
how often you chicken well I mean I I my
44:33
situation was different there but I’ll
44:36
think about another property I mean
44:39
after the property is up and running and
44:42
everything is going great you know it
44:45
might be once in him once a month but in
44:47
the beginning it’s it’s definitely once
44:50
a week and in my case I had so much
44:53
going on at my property I was you know I
44:56
it was a small property but it was a
44:58
good property to make mistakes on to you
45:01
know it was 40 units and I renovated
45:04
22 of the units so that’s more than
45:06
after units and in 17 months so there
45:09
was a lot going on
45:11
so I I communicated with them daily
45:14
maybe that’s I bet Ferris could answer
45:17
that question better than me yeah but
45:20
he’s not he’s not the guest of honor
45:22
here you two are so bad how about you is
45:25
my answer hell about you often
45:27
do check in on your property manager
45:29
what kind of KPIs or what are you
45:31
looking for when you talk to them yeah I
45:33
would I would agree with that with what
45:36
ed said actually it’s been a lot of work
45:39
you know initially this first bigger
45:42
multifamily property that we have my
45:45
husband and I on the other property we
45:47
had the smaller one that’s um like a
45:49
four-plex it was kind of plug and play
45:51
like the property manager really didn’t
45:54
need much help there um but but this one
45:57
has been Mike he had a lot of crime at
45:59
our property or not a lot shouldn’t say
46:01
a lot but we had a fair amount of
46:03
nefarious stuff going on so it was a lot
46:06
of like keeping on tabs with that and
46:08
daily check-ins for sure like and just
46:11
kind of rallying the team to talk about
46:13
things you know once every few days so
46:16
and then it’s petered off to you know a
46:19
couple emails a day maybe or a couple
46:22
text messages or something like that
46:23
with this property so and then I’m
46:25
helping my business partner and keep
46:27
tabs on two other properties that he has
46:30
so those are a little less frequent
46:34
because the properties already
46:35
stabilized here’s a here’s a quick
46:38
question from Will Schuester how
46:40
valuable is the economic occupancy
46:42
versus physical occupancy which do you
46:45
feel is more important in the bank
46:50
standpoint I guess the physical
46:52
occupancy is more important but to me
46:55
the economic occupancy I mean I was
46:57
looking at a property you know putting
47:00
an offer on one that it was 80% but the
47:04
economic occupancy was 65% you know that
47:08
pretty much killed a deal right there in
47:10
for me so very important yeah yeah I
47:16
would agree our our property is a great
47:20
find in that or this one was and that it
47:23
was being very miss man
47:24
the water bill is twice what it should
47:26
be the rents were really low there was
47:32
not much betting going on of the tenants
47:34
so anybody and everybody was being
47:37
allowed to move in so while it was you
47:41
know 96 percent physically occupied on
47:44
paper it was much lower than that
47:45
economically so yeah is here’s a good
47:50
question for Bethany when speaking with
47:54
burgers for the first time would you be
47:56
open and honest about your current
47:58
situation or would you try and fake it
48:00
til you make it when you initially reach
48:02
out the burglars and you didn’t have a
48:04
lot of experience and you were fresh and
48:06
new what did you tell them that’s a
48:10
great question because I don’t like
48:12
expression fake it till you make it but
48:14
I’m definitely if you want to educate
48:16
yourself as much as possible and be as
48:18
prepared as possible but then start
48:21
talking in the role of that which you
48:23
want to be so I wanted to be an owner of
48:26
an apartment complex and so I started
48:29
thinking about myself as an owner and
48:32
that gave me a lot of confidence to talk
48:35
to brokers like I am an owner you know
48:37
but creating that strategic partnership
48:40
with someone that was already in the
48:42
market and got his permission to
48:45
basically use him and his product and
48:49
basically be able to got his permission
48:51
to talk about us like we were already a
48:53
partnership so when I would call brokers
48:55
I would say my partner and I own a
48:58
yada-yada in this part of town and we’re
49:01
looking for this type of property and so
49:03
they would automatically take me more
49:06
seriously hearing oh they already have
49:08
something here they’re not just you know
49:10
these California investors trying to
49:13
swoop in and scoop up something nothing
49:15
about the market and what was also
49:17
really helpful was that I was I was
49:19
familiar with that market to a good
49:22
extent Tucson I never lived there but my
49:24
husband was stationed there in the
49:26
military and reserves for a couple years
49:27
so we would drive down one weekend a
49:30
month 12 hours one way to go hang out in
49:32
Tucson for the weekend and lived there
49:34
like for four weeks at a time I think a
49:35
couple times so I was
49:37
I was pretty familiar with the market
49:38
and so knowing parts of town like just
49:41
knowing major cross streets of knowing
49:43
landmarks and knowing kind of the
49:45
general orientation helped a lot to and
49:49
and you know pinpointing neighborhoods
49:51
and areas that you would want to invest
49:53
in so you could tell them you know hey
49:54
my partner and I owned a complex and
49:56
this part of town will be like oh yeah I
49:58
know where that is and give him some
49:59
landmark that’s like a little seedy bar
50:01
something where not everybody would know
50:04
what that is you know like oh yeah I
50:06
know where that is so where are you guys
50:07
you know and so it was a pretty natural
50:10
conversation how hard was it for you to
50:14
raise capital in that deal Bethenny and
50:17
Edie said his last year was extremely
50:19
easy but what was your experience in
50:21
raising capital for that 40-unit yeah
50:23
that really wasn’t my role my role was
50:26
finding property finding the property
50:29
being boots on the ground I’m the one
50:31
with the free time to be able to you
50:33
know run out there at the drop of the
50:34
Hat like I think two days after we went
50:36
under contract we had the inspection
50:38
going so and then asset management so
50:42
the investors were kind of already lined
50:46
up and waiting for something you know it
50:49
sounds like your key to success has been
50:51
aligning yourself with the right people
50:52
and building that team around you yeah
50:55
Edie what do you think about your last
50:57
year whenever you’re raising capital how
50:59
I know you said it wasn’t that hard but
51:01
what was the most difficult portion
51:02
about it raising capital and what did
51:05
you think about the general process of
51:06
raising capital one your first deal
51:08
where you were the operator of that deal
51:11
okay raising capital on the one that I
51:15
was the operator was the easy one the
51:19
subsequent ones not so easy why well
51:29
it’s you know just I guess learning how
51:33
to do do it from having your webinar you
51:39
know having everything set up you know
51:45
you’re not somebody that’s been around
51:48
for five years and as
51:50
a couple thousand units you know what I
51:55
some of the things that I used was that
52:00
telling people that I’m investing in it
52:03
myself
52:05
relying on the you know everybody it all
52:14
the GP you know maybe there were four
52:18
GPS in the group relying on all of our
52:20
experience
52:22
I mean raising money is not an easy
52:24
thing until you’ve done it for a while I
52:26
guess you know it’s something that’s
52:28
fairly new to me you know raising money
52:32
so it’s not the easiest thing in the
52:34
world when you were raising capital but
52:37
you have any individuals that promise
52:38
you promise you promise you chased you
52:40
and then all of a sudden back down at
52:42
the last minute have you experienced
52:44
that oh hell yes yes you know some of
52:49
the people that you know you think
52:51
they’re going to be investing with you
52:53
right up on until the end they can’t you
52:59
know I just keep talking to people
53:01
calling people and tell them until they
53:04
tell me yes or no and I’m almost looking
53:08
for a no just so I don’t have to keep
53:10
talking to the same people hey Bethany I
53:20
know you have to hop off this call in a
53:21
few minutes it’s your birthday
53:23
I appreciate you hopping on here there
53:25
are your contact information out real
53:27
quick just so if anyone on this platform
53:30
would like to reach out to you would
53:32
like to partner with you would like to
53:34
invest in any possible future deal you
53:36
got going on what’s your what’s your
53:39
contact info sure the the easiest way
53:42
would probably be via Instagram
53:45
anybody’s on Instagram its MF as in
53:48
multifamily
53:49
boss-lady o MF boss-lady you know and
53:56
just real quick before you hop off here
53:58
Bethany I’m so proud of you I met you
54:00
two or three years ago at a conference
54:01
I’ve seen you grow so
54:03
so far and so above and beyond that I
54:06
could not be more happy for you and what
54:07
you’ve accomplished I’m happy to say
54:09
that you’re one of my team members I
54:11
have absolutely nothing but respect for
54:13
you and your family 110 percent and
54:16
happy birthday thank you for showing up
54:18
them and in lighting us with your
54:20
information yeah of course
54:22
thank you guys I learned a lot from you
54:24
Ed this is good awesome
54:28
Edie I just wanted to get through that
54:30
real quick with Bethany Edie if you have
54:32
a few more minutes you want to do a
54:34
couple rapid q and A’s are there any
54:36
cues that are in the log how we got
54:42
through we got through a lot of them
54:43
there was a couple at the end there but
54:44
for the most part I think we got through
54:47
got through as many as we could because
54:50
we’re coming up on the end here so you
54:52
want to just awesome yeah
54:54
Edie throw out your contact information
54:56
real quick for us let everyone know how
54:57
to get ahold of you sure Edie modes Elle
55:01
and it’s my telephone number is six
55:05
three one eight three four five five
55:09
eight three blow his phone up with text
55:14
messages he loves memes he loves them
55:16
everybody on the chat and my Instagram
55:22
handle awesome thank you guys so much
55:25
welcome information thank everybody for
55:28
logging into this call Ferris you want
55:32
to go ahead and give a little bit of an
55:33
update you want to talk about
55:34
coronavirus for a few minutes we can’t
55:39
if people want to I don’t have any
55:41
specific thing to talk about it and if
55:43
they do have questions are happening I
55:44
go through those okay no that’s fine
55:46
did anyone ask any coronavirus type of
55:48
questions in the log pal not that I saw
55:52
okay awesome with that being said I want
55:55
to thank everybody for chiming in today
55:57
I want to thank everybody for
55:58
contributing to our Facebook group which
56:01
there will be a link in the comments I
56:03
mentioned a little bit ago about our
56:04
mastermind we have a small group
56:07
mastermind setting very affordable that
56:10
we are just now getting ready to launch
56:12
we have introductory pricing if anybody
56:16
wants to seriously learn
56:17
working row in this business this is a
56:20
ridiculously affordable way to do it and
56:22
what a beautiful thing what the
56:24
beautiful thing is about multifamily
56:25
matches what we’ve created is ed is a
56:28
wealth of information Bethany is a
56:29
wealth of information how in fares and
56:32
myself we know our stuff we have a
56:34
couple thousand apartments between us
56:36
but when I look at the names and the
56:37
faces on this call there are some big
56:40
names there are some big names that
56:41
logged in here to listen to this people
56:44
that I’ve spoken with on stage such as
56:45
Jeff Greenberg Anton Anton Matt Lee his
56:50
wife Sondra just absolutely great people
56:53
and I haven’t spilled scrolled through
56:54
the 100-plus participants that we’ve had
56:56
but we have surrounded ourselves with
56:59
some really awesome people contribute
57:02
through the Facebook let’s go let’s grow
57:05
if anyone is interested in the
57:07
mastermind it is a way to learn the
57:09
business it’s a way to network with
57:11
individuals that you see in here on this
57:13
call all of us became friends because we
57:16
see each other so many times a month
57:18
with different calls and different
57:20
things that were involved with we really
57:22
feel like it’s a strong community and
57:24
that’s how we’ve been able to all grow
57:26
our business all become friends behind
57:29
the scenes so we’ll be we’ll be
57:32
launching more information in the next
57:34
two days about our mastermind program
57:36
thank you for logging in and nursin
57:39
could I ask a quick question for
57:40
absolutely hey has anybody seen in there
57:44
and their markets eviction prohibitions
57:48
I’m starting to see that I know that
57:51
Ashlee’s seen it in Philadelphia I just
57:54
saw it Amarillo
57:56
we can’t evict until May 8th and real
58:00
quick Jeff just as a gentleman speaking
58:02
with on stage real quick Jeff give us
58:04
your background how many apartments what
58:05
do you do what markets are you in I’m in
58:08
Ohio Georgia Arizona Texas owned
58:12
thousand units have 300 student housing
58:18
beds I’ve been doing this for about the
58:20
past ten years awesome man
58:24
in Baltimore I’ve definitely they’ve
58:26
definitely stopped all the evictions for
58:27
probably the next two months
58:28
yeah so with
58:31
any question as far as what the reason
58:33
for the eviction it seems you know they
58:36
don’t have to prove it has to do with
58:37
the virus or not well unless you were
58:39
unless you were seriously convicted of
58:42
murder
58:42
like all court cases are kind of put to
58:45
the side right now so then there’s gonna
58:46
be a big backlog later down the road and
58:48
also on top of that the mayor announced
58:51
today the the mayor of our the governor
58:55
of Maryland that he literally told
58:58
people pretty much don’t pay your bills
59:00
you will be forgiven don’t worry about
59:02
your electric bill don’t realize yes
59:04
bill
59:05
we will not shut your gas and electric
59:07
off tenants when you cannot pay your
59:09
rent we are stopping eviction court
59:11
we’re stopping right court does that
59:12
mean we don’t have to pay our mortgage
59:15
are you still gonna pay that I was
59:19
thinking that the mortgages and even all
59:21
the school cancellations I made all the
59:22
more proper taxes yeah I mean so that’s
59:29
definitely something that we all have to
59:31
think about everyone who’s on this call
59:32
that it was any rental properties I
59:33
don’t care if you have one house or 300
59:36
apartments this could affect you and
59:37
it’s something that you have to think
59:39
about and prepare your family for and
59:40
get cash heavy for and and kind of ride
59:42
the storm and hopefully you weren’t one
59:45
of the individuals who bought some
59:47
ridiculously tight properties over the
59:48
last two three years where the numbers
59:50
barely made sense because you’re banking
59:52
on that appreciation good luck with that
59:54
over the next couple months you think
59:57
about that Jack for ferrous or pal or
60:00
Anton or quarrel ever no absolutely it’s
60:05
it’s gonna be tough for next few months
60:08
yeah we’re definitely thinking through
60:13
that and just really positioning our
60:15
properties to kind of set them up you
60:17
know be as resilient as possible yes
60:22
time we are definitely see that here in
60:25
Santa Monica California basically
60:29
there’s no evictions for two months as
60:31
what we’re seeing as well I don’t really
60:34
invest in Santa Monica or California
60:35
well I do invest in some of California
60:37
but we’re seeing that so prepare
60:39
yourself be safe out there don’t shake
60:43
hands
60:43
you know elbows whatever
60:45
stay home yeah
60:49
protect yourself out there awesome
60:55
alright everybody well I think we’re
60:57
good
60:57
just when I’d let you know that we’re
60:58
doing this every third Monday of the
61:00
month so plan on doing this again MFM
61:02
live third Monday of the month thank you
61:04
everybody for showing up and we’ll see
61:07
you next month okay thank you guys thank
61:11
you guys for doing this
61:12
good night thank you