Episode 047 - STRR - The ABC's of Acquisitions (Picking Up a Property) Part Two

 

This week, we are continuing our series on Property Acquisition.  It's a part of your Short Term Rental Business Plan.  You need to be thinking long-term and planning for your retirement, whether it's decades away or only a few months.  Holding Real Estate is something we all should seriously consider because RE is how the majority of millionaires BECOME millionaires.  In this episode, we talk about how to figure out what to OFFER an owner, otherwise known as the MAO (the maximum allowable offer).  Where do you get the numbers and how do you figure them out.

 

 

Transcript of this Episode:

Hi, this is Michelle, the master of money mindset, and you are listening to B and B dash boss podcast.

And in today's podcast, we are doing a short term rental revenue rewind and continuing our ABCs of acquisition. This is episode two. This is going to cover MAOS, which is your maximum allowable offers. And we're going to deep dive into this. In this episode. I want you to stay to remember all through the month of June, we're going to be going down our success path and picking up a property for our portfolio, whether we're renting.

And doing rental arbitrage, or we're actually buying it and purchasing it and putting something in there. We are going to be picking up a property for sure. And if you are following along, you should to conserve this your 30 day challenge, do what we ask you to do, because we're going to be moving forward.

You're going to have action items. You're going to be able to do something and actually move forward. I'll talk to you at the end of this episode. We are going to be talking about landlords, our negotiation, tactics, everything that has to do with acquiring a property. We're going to be continuing with acquisitions, but oh my gosh.

I've got something really great for you guys. I've got a couple of questions from you out there, so let's take a listen to these. Hi, Michelle. My name is Sarah Gould and I live in the beautiful state of Washington. I just started to listen to your podcasts and am about 30 episodes in. And when you first began it, you offered the 30 day challenge to get your first short-term rental going well, I have taken that step since listening to your podcasts.

Starting in a few weeks ago, I went ahead and I've turned my vacation home into a short-term rental and I have it booked solid for 90 days. I'm super excited with Airbnb. My question for you is I think I'm ready to go ahead and apply for an LLC. Is there a good website? Or a good contact that you use. I noticed that there's a couple of specially legal zoom online.

Just wondering if you had a recommendation for that. Thank you so much for giving me the courage to do this. I can't wait to listen to the rest of your podcasts. That is a really great question, Sarah. Here's the deal when you are creating your first LLC. I think the first one, if you don't know what you're doing, and you're really confused about it, you need to get somebody to help you.

One of those websites like legal zoom, they're great sites. They cost a little bit more. Obviously you're going to probably pay usually around $300. To get things done, but it's totally worth it. It's going to save you a lot of time. A lot of aggravation. If you don't know what you're doing, however, if you're willing to take the time, you can just go to your state's corporation commission.

So on our state, it would be Arizona corporation commission in your state. It would be Washington corporation commission, and there is going to be instructions on there for how to do this year. So we've got a great couple who are in our group, Jason and Carol, and they did their own LLC by themselves just doing the paperwork and the state of Texas in the great state of Texas.

And in the great state of Texas, all it cost them was less than I think a hundred dollars. It was very easy for them to do. And it was a 1, 2, 3 process, which they just followed a checklist and did, and it was pretty darn easy. They were able to save a lot of money doing it themselves. As you build, you just have to decide what you're willing to put in time wise and money wise.

It's really up to you. What I do recommend, however, because I'm not an attorney or an accountant or anything like that. So what I do suggest that when you get started in your business, protecting your assets is really, really important, but I suggest that you hire a professional, somebody who's going to help.

Make a plan and get everything set and ready for what you are aspiring to. Do you know how many properties are you aspiring to have? What types of properties are you going to be buying and holding? Are you going to be renting and just having a BNB company that goes in there and runs the businesses?

What do you, what do you want, what are you going to do with this stuff? Where are you going to put it? Are you going to put it in your personal portfolio? Are you going to put it in your retirement portfolio? How are you going to use it? Those types of questions. And so it's always good to get somebody to sit down with you and help you create a plan.

It's honestly worth that little bit of investment to get a professional. It can be an attorney. I would definitely suggest an attorney. I like working with Carolina. She's my, she's my inspiration for everything and my sounding board. And she is just so intelligent when it comes to things that, you know, just making me think out of the box.

She's so amazing. And so I love having her to bounce ideas off of, but if you don't have somebody like that, I mean, there are people, that's their job. They are professional. And they help people set up their businesses and just get a blueprint of where you want to go. I guess there's a guys out there now who are doing these things called blueprints.

And I'm always like, that's interesting. I wonder what the blueprint looks like, because they are willing to send you a blueprint for free. And I'm like, I'm going to see the blueprint. I want to know what the blueprint looks like. It's nice to have somebody, you know, set you on course and make sure you've got everything.

But in the meantime, Believe me, you don't need that right away until you get a little bit of money rolling in. It's definitely good to have it before you start acquiring a bunch of properties or to know that you've got it set up. It's kind of like those bank accounts. When you're first getting a bank account, you're like, okay, I want to make sure that I can pay bills from this account and that I can take pictures of my receipts and put them into folders that will be kept in different files for all these different things for my accountant.

At the end of the year on my book. Those are types of things that you like to set up ahead of time. And it's basically the same thing. It's just having those things up ahead of time. But it's a great question. And guess what kudos to you because holy cow, you filled those properties in 90 days too. I am like amazed.

So you went out there, it took the 30 day challenge and then just did. That's so freaking awesome. Do you know how many people just kind of sit on their hands and wait for the perfect moment is like waiting to have kids. There's never going to be a perfect time to have kids just pull the trigger. Guys, kudos to you for pulling the trigger and like just executing and it's hitting the bulls-eye baby 90 days straight.

I mean, this is going to be quite a year. Let's just keep going. Let's make this year and all the next, the best we can possibly be. Let's just be super awesome citizens. And really the compassionate capitalist that we are meant to be. There was a really good book by rich Devoss called compassionate capitalism.

Compassionate capitalist or something like that. It was a really great book. I read it a long time ago and it's one of the reasons I really do love capitalism when it works well, it works well. And so kudos to you, Sarah, for the wonderful, wonderful win the win of the week. We're going to give you the window of the week.

Bump. Okay. Let's get into talking about these landlords and the negotiation tactics that we have with owners of property. So last week we talked about how and where to look for these properties, right? So you can look for them pretty much anywhere you can use real estate agents. You can use Zillow, you can use letters, you can drive for dollars.

You can knock on doors for neighbors. I mean, you can do a ton of things, finding these properties. What are you going to do when you start making offers on these? Well, you got to know your numbers. Okay. First thing you gotta do is know your numbers, know what the rents are in that area, and you want to know what your properties can make too.

You've got two different reasons for going in there. Is to have a short-term rental property, but the other is to buy the property. And when you're buying the property or renting the property, you've got to know what the long-term rent prices are. So you have to know both of those when you go in. So we're going to use the properties that I'm negotiating on now, as an example.

Few months ago, we bought a property in Tucson, and now we're in negotiating on a couple of more of those properties in the same exact area, which is really great because why, because we've already got a property in there running, and we know what we're making on it. Number one. So we know what we're going to make every year on the short-term rental side.

So we're like, okay, boom, we got that income. We know it's a good place to buy. And we're ready to buy another. Number two, we also know what the longterm rents are in that area. And in that area, the rents are about nine 50 to $1,100 a month. And this is for a one-on-one. So we're going to average that out and just say a thousand dollars a month.

That's what our average long-term rent would be. Okay. So we're going to use the 1%. And that's when we're just looking at properties. So if we know that the average rent in that area is about a thousand dollars a month, we can go around and look for properties that are about a hundred times greater than that.

So a hundred thousand dollars. So if the rent is a thousand, just add a couple more zeros, right? So that means we don't want to pay more than a hundred thousand dollars for that property. Now that's really hard in some areas. But if you are really into buying properties, you know, that that is going to be your goal.

That's going to be your a V vehicle though. Your after repaired value, that's going to be the, be all end all after you put everything into it, closing costs and everything, right. That's going to be that number. So we look for properties that are less than that. And in that area, I think the one that we picked up in Marge was.

70,075, a thousand, something, something around there and it needed a little bit of work. So we ended up putting less than 20,000 into it. Um, while with the furniture and everything, I think it came to 20,000, but before the furniture, when it was just the property itself, uh, I believe it was last. So we had some equity left in it and that's what you're going to want.

You're going to want to look for something. And I always say 30%. In some areas you can only do 20 that's the best you can get. So what we want to do is look for price that's around 70,000. That gives us a 30% Kush, right. Or 80,000. If you're in an area with 20% Kush, now this may be per unit for you guys.

So that might mean that if there was a two bedroom, that it would be twice as much, it would be 2000 a month. And the property itself, the cost of the property itself, the ARV, would it be around $200,000? If it's a three bedroom, it might be, you know, you might do it by unit, but you have to find out in your area what you go by.

Some areas go by square footage, not our areas. They don't go by square footage. Just depends on the area that you're looking in, what the prices of the houses are compared to the price of your rents. That's the ratio that you have to know in your area. And you have to be very aware of, and that's what you're going to play with.

But in Tucson, we're playing with 1% number because we know we've been able to do it over and over and over again. We are going to look all around that neighborhood for houses that are for sale. Now, what's really crazy is there's a lot of houses for sale in the nineties. There that's fine and dandy if they're in the nineties, if they're all fixed up.

Right. But do we want a house? That's all fixed up. Well, maybe you do. Maybe you don't want to work on anything, but honestly, I like to do a little repair myself and I like to. All the equity into the property that I can. So I like to get it for a good price, fix it up for a good price and have a bigger chunk of equity at the end.

And the equity is the difference between the ARV and what you pay for it. That's the equity. So when you have a house and you have a mortgage on your house, there's the value of your house and the mortgage on your house. The difference is your equity. So if you have. Of $500,000 house, but you only have a $300,000 mortgage.

Then you have 200,000 in equity there, you can sell your house and make 200,000 would go into your property. That's the equity. So we're going to look for an equity chunk of 30% a push, right? Because we know we can in that area. Now we find the property and we start talking to the owners, hopefully we're talking to the owners guys.

So we've knocked on doors. In my case, I'm knocking on doors and I'm contacting these people myself. What I usually do when I find an area like that, like the one we're looking to buy in, because I have one already in that neighborhood, I can just look up those addresses right on the county tax record website.

And I look. All the property addresses. And I find out who owns them and I send them a little postcard and I send them a little postcard and I send them a letter. I send them all kinds of information and I keep doing it and I keep doing it and I keep doing it. And if I can, I might even try to get their phone numbers.

I might even try to, you know, knock on them door if they live close to it, if they live close to there. But the people that I am looking for, don't usually live in the property. Most of the people. I'm not looking for somebody whose lives there and to kick them out of their own house and make an offer on their house.

I mean, if they're happy and they live there, I can knock on their door and say, Hey, I'm looking to buying this in this neighborhood. If you know anyone who's selling, please give them my number. And if they are even thinking about it, they'll let me know that. But I, I sure don't usually pursue people who live there unless something is going on, you know?

You can, you absolutely can, but this is how we contacted all the people in this area is we had already purchased in that area. So we knew all those prices, right? Not only that we knew all the addresses because we were already in that area. So we just went to the county website, looked up the owners and we started sending out postcards and letters to the owners.

It's not too expensive. You know, what is it? 50 cents a stamp now or whatever. So what, so these people are going to call you and if no one calls you, no worries. You can start knocking on doors, because like I said, some of them will live in the area, but some of them will not. And if they don't, where do they live?

Do they live around? And if they don't live around there, then definitely it's going to be letter time. You may look for people's phone numbers, but they don't usually like you calling them, especially if they're older people. If they've owned it for a long time, older people. And when I say older people, I mean people in their sixties and seventies and stuff, they give freaky when you call them, because they're like, who gave you my number?

And they don't realize that a lot of stuff is just public. It's out there on the web and you can get it super easy. It just pisses them off that their information is out there. How did you get my information? It's like, well, actually it's right there on the, uh, county website. They don't like that at all.

So don't piss them off, send them letters and believe me, they will call you because if they want to sell they'll call. And if they know somebody, sometimes they'll call people are just very helpful that way. So we get a phone call from one of the people and says, yes, I'm interested in selling. Here's my.

Price and they give us a price of like 110,000. Well, I'm so glad you know your price, but let's take a look. See, let's go look at the property and see what we're talking about here. And I never, even if, if somebody is way over, like if they came to me and said that it was 150,000, I would explain to them that they ARV in that area is only a hundred thousand.

But if they come to me at 110,000, believe it or not, they're close. That we can start negotiations right then, because when I walk in, chances are I'm going to find a lot of stuff that needs to be done with that property. And I'm going to show them here's what all these properties in the area closed.

Including mine. And so I've got a property in there that close for 40,000 less than what they want. They don't know that that was my property, but I do. And I know when I closed this one just closed two months ago and it only closed for this much. You're about 40 grand off of what you think this is. And let's take a look, see you need this and this and this.

And we give them all the list of all the things that need to be fixed in that property. So that's what we're gonna do. We're gonna walk through the property. With them or with somebody they give us. So they might give us, you know, maybe they've got a realtor, maybe they've got a friend who lives close, but they're going to help us walk through the property.

And we're going to make a list of all the repairs that need to be fixed. Everything. This is good to do when you have somebody with you too, like you have a maintenance guy or a contractor that you work with, both of you are going through and making a list and having discussion while you go through. Let them show you too.

I love letting the homeowners show me what is wrong. It's like, show me where you have any problems fell. Literally, especially older people. They're very honest. They'll say, oh, we've had some issues with the roof here. Here's where we had some downs. This door doesn't seem to shut, right? This, you know, this floor is not level here.

There's a leak under this counter. We just can't seem to get there. And there's like a moldy smell under there. And I mean, they'll tell you all kinds of things that are wrong with the property. So this is a really great time for you to just listen and take notes. And then I like to go and sit with them.

Hopefully I can sit next to them somewhere, not at a table across for them, but I want them to, you know, I'm there having fun with them. Uh, Cody, Sperber one of my good friends and mentors. He's the one who really taught me how to do wholesaling. And he's really awesome. But Cody used to say, get a glass of water from them, really get them to be in the host mode because they will be talking to you and getting to know you.

And I love that. So when you're in there, you know, ask for a glass of water and then really just start talking to them about kids or dogs or things that you have in common. Find your common name, reality, and really start to be a little detective. Do yourself a favor and listen, don't be the person who's so worried about what you're going to say next, that you're not hearing what they're telling you, because you want to know why they're interested in selling.

You want to start conversations and really hear what they're saying? Are they having financial troubles? Do they need to move? I mean, what's going on? Is somebody sick? What do they need? Because your whole job, when it comes to negotiation, And we're going to let Maria do a negotiation show for you so we can get really heavy into negotiations, but your whole job when you're negotiating is to make it a win-win.

Although Maria hates that sane, she goes, there is no such thing as win-win, but I believe there definitely can be a win-win. I want people to walk out feeling good about the price I paid them, and I want to walk away feeling good about the price I got. So to me, that's win-win but Merissa is, there's never a win-win, you can only be the one who wins, but I want to make sure that I'm taking somebody and finding out why they want to sell that property.

And I'm giving them the best price I can give them while still making it profitable for me. Like I'm not going to overpay for a property ever, and I'm going to get the best deal I possibly can, but I'm going to make sure that it's deal, that we can both live with. So that's kind of how I feel about it.

Again, we're going to have Marie on the show and she will talk to you all about negotiation. She is definitely a really good negotiator. She gets prices really down low, but when it comes to working with people, I don't feel as comfortable as she feels getting people down. Banks businesses. Um, when I go bidding on auction.com, I have no qualms about getting the prices as low as I can possibly get, but I don't mind paying a little bit more than she does when it comes to other people, just depending on, you know, why are they selling?

I want to know why they're selling, and I obviously want to get the best price I can possibly get on them. But not at the detriment of someone else. Right. I'm going to pop in here for a moment just to let you know that we do have Maria's negotiation interview and that will be aired on the 19th of July.

So write that down because it's definitely going to be a doozy. You are going to love it. She is amazing and negotiations. And so I'm going to add it here and put it in on July 19th on that. You'll be able to hear what everybody else got to hear, what the group got to hear. It's amazing to listen to Maria and her negotiations.

So I had to pop in here just to let you know that that is coming up July 19th now back to the episode. So that's when the negotiation comes into play, you're going to start talking about numbers or you're going to start by talking about why they want to sell. Then you're going to list all that stuff.

And you're going to say, Hey, you know, you can do it while you're there. If you're really good with numbers, but if you're not just say, you know, we're going to have to leave, go out and get a coffee or something. We're going to work on these numbers and crunch them. And then we're going to get back to you.

Now it's up to you, whether you want to meet back in person with them, or you want to talk over the phone, but I always like doing everything in person. I'm one of those people that if I can read someone's base, how they're feeling or what they're thinking. It's so much better for me to be in person, but I know that there's a lot of people out there who don't mind talking on the phone.

So it's simply up to you again, we're going to have Maria out here to do a whole negotiation show, and that will be really good because she is excellent when it comes to negotiations. So when you get back to your coffee place or wherever you're going to crunch your numbers, you're going to take your arm, your after repaired value, which is the a hundred thousand.

You're going to subtract what, you know, you can have an equity, you want 30% equity. Maybe you want 20% at the end of this after closing cost, blah, blah, blah, whatever you can walk away with and feel happy about. And then you're going to go backwards from there. So let's say you're talking to a neighborhood where you're going to have your all-in price of 80,000.

Right? I like to go for a lower price, like of 70. And the reason why is I know after I put all my furniture in there, That it's probably going to be closer to that 80 anyway, so I'm going for the 70, but if you want to go for the 80, you go for the 80, I'm going for the 70,000 and I'm going to start taking costs away from there.

And I'm going to make a really low offer. Let's say, you know, their kitchen had to be fixed the bathroom. Let's just say that after all my repair costs are taken out of there, my price is going to be $60,000. So I'll go to them with a price and it's not going to be an even number. I always use a weird ass number with little numbers of, again, you know, instead of 60,000, I might say $59,837 and 22 cents.

You might come up with a number like that, but that's not where I'm going to start. And that's not where you're going to start. That's where you want to end up. So you're going to start even lower than that. Because wherever you start, you're going to go up. They're going to go down. Got it. Okay. Because when you come up with a number like that, but you think you just calculated the crap out of it.

And so they're like, oh my gosh, they've really got this down, but there's a reason. And then you want to come back to them and tell them, I'm gonna have to put new cabinets in. I'm gonna have to put new countertops or whatever, the flooring and all the different repairs. You're going to tell them all the repairs and the cost of those repairs.

And you're going to literally have every single thing you can possibly have. All laid out for them, for what I need it for. I'm going to have to replace this, this, this, and this. I'm going to have landscaping. I'm going to have HOA handover. I'm going to have this, I'm going to have this and all these closing costs and blah, blah, blah.

So now you've got your price. You've worked out your negotiated price with them, and now comes in all the back and forth, back and forth, back and forth. You're going to see what they need, what you need and you're going to have to meet, right. You're going to have to negotiate and remember no doesn't necessarily mean, no, it just means this isn't the right offer.

So come back again, say no, you don't like that number, but here's why. Remember to do those pauses. Maria has these wonderful pauses that she does. When you put that number out there, you give them the number and then you shut up because you want to hear all the things that they're going to say to you.

Right? And then also what she does is this wonderful bit where she says is that the best you can do so. Let's say you've been negotiating for a while and you're like, okay, what is the absolute lowest? You can go and sell me your house. And they'll come back with a number. Let's say that number was, uh, 78,000.

Right. And we wanted to play closer to 70. Right. And then we plus we've got expenses because we're going to have the repairs that came off of that. So we want to go a lot. And when they say 78 or actually regardless of what they say, whatever they say, when, when they say that, just make a scrunched up face and goat.

Whoa, is that the best you can do? And let them answer, let them answer. Is that the best you can do? Because I would love to buy this house, but I really need it for less, you know? And so that's the look you want to give them, but you're just going to say, is that the best you can do? And let them come back, then just be quiet again and let them come back with something because they may or may not talk themselves into this.

And a lot of times people are willing to sell, but they come up with these dream numbers. And then when they realize that that's. A good number, you know? Right. Because I'm going to start showing this guy like right away. When I give him my price, I'm going to say, well, for the first part, I know that you think that the value of this house is this much, but the after repaired value for this house is actually this much.

And I'm going to show them why I'm going to show them all the comps in the area and tell them what their property is really worth. But then I'm going to let them know too that that's the after repaired value of the property. And since it needs this list of, uh, repairs, we're going to have to deduct this and this and this and this from it.

And so we're going to make sure that we, we get them down closer to the price that we want with all the things that have to go into that. So that's negotiating with the landlords and the owners. Now a landlord is quite similar, right? A landlord when we're negotiating for the rent. I don't go too far with this one, because I know for the most part that if a landlord puts their property out there, if it's been out for months and months, they've got it overpriced.

And for the most part, most things rent out rather quickly, especially in the areas I buy. So you don't have a lot of room to negotiate on the rents, but you do have some. So if I want a place and it's in a good neighborhood, I don't try to negotiate with lenders. I try to get them to say yes to me and my business.

And that's a little bit different because they're renting to me as a business and they have to sign an addendum. And that is where the negotiation is going to come and play with a landlord because. They may not want to do business with you. They just want a regular renter in there. That's what they're used to dealing with.

And so you're going to have to talk them into working with you and how we do that a lot of times is, you know, just with our incentives, it's like you're going to have less wear and tear on the property. You're not going to have the maintenance calls because we take care of it. We're going to pay the insurance on this for you.

I mean, we come up with our list of things that we offer them. And then sometimes I just give them six months rent upfront and that makes them super happy. And we don't need to do a lot of negotiation after that. Negotiating with landlords is on a different front. It's just an order to get them to rent you as a business owner and buying.

You're just going to try to get that price of that house down as low as you can possibly go again. We're going to get Maria in here and she's going to teach you all kinds of negotiating skills because negotiating. Number one, I mean, it's critical to negotiate and Marie's got a whole hour seminar that she does on that.

So maybe we can talk her into doing the hour seminar for those of you in our membership group, and maybe doing a little bit of a podcast to get the rest of you kind of up to scale. Okay. That's our podcast for this week and I've got some homework for you. Okay. So once you listen to that, you're now familiar with negotiating.

So I want you to find some people to negotiate with that's right? Most of you know, this, if you've ever tried to do it, but when we go out as investors to get a property, we don't get a yes. Every time we talk to somebody, we don't even get a yes, every five times we talked to some. Maybe every 10, I mean, but when you start out, it's a lot less, it's like one every 20, sometimes one, every hundred.

Right. But you get better and better at looking at the numbers, looking at the situations that people have and just kind of feeling, getting a feel like, does this feel good? Do I think I can negotiate this and work it out. So as you get older and better at negotiating, your odds of getting a yes are going to increase, it's just going to increase.

But when you're just starting out, we always said to make it in your head, just say, look, I'm going to get it. Yeah. One out of every hundred times I negotiate it. And I know that sounds like it's a huge number, but if you think of it this way, if you're going to make a 50,000, that means every person that you talk to is literally worth $500.

So every time you talk to somebody, you think to yourself, this is $500 going into escrow. This is $500 going into escrow. Is this $500 going into escrow? Even if they say no, And then when you get the, yes, that closes the deal and you're probably going to make $50,000 off that deal. Right. And that's the whole deal.

And you, you made $500 escrow out of all the people that you talk to. That's kind of how I talk myself into it. It's just, it's just a way to trick yourself until you start getting better and better and better. At negotiating and you really want to know you want a no at the beginning, because if you get a yes right away, then you didn't go low enough.

You have to start low. So you want to get nos and you want to work your way up, but you want to know your numbers before you go in so that you end up, you know, if there is such a huge gap that you can just walk away. And no that well, that didn't work out next. Okay. And next is a really good word to know when it comes to negotiation.

So this week and want you to find yourself some properties, and I want you to get at least five nos this week, at least five, and that's one a day for five days. And that gives you the weekend off. Or you can just do it on the weekend and do all five in one day or, well, you probably won't get five in one day, but you can get two in one day and make sure that you're doing all your due diligence beforehand, that you're checking out all your rental prices.

You're going on air DNA, seeing how much you can pull in, but we're always buying and negotiating on a long-term rental price, just in case the shit hits the fan. And they say, okay, We can no longer have short-term rentals in this area. You always want to buy with several options and several exit strategies.

And that means we always, by looking at a long-term price, not a short term rental. The rest of it that we make when we do put a short-term rental is going to be just icing on the cake. Okay. Icing on the cake. So that's your homework for this week? On Monday, we've got John Jonas from online jobs dot P H.

He's going to tell us all about virtual assistants and I really suggest that you listen because John is amazing. I've got his. I suggest you get his book. We're going to have that in the link on the website for you. And we'll continue with this next Friday with the ABCs of acquisitions. And I think acquiring your properties.

I mean, it's the number one key crucial thing. Now, this whole episode was all about buying and negotiating the property. There's also a negotiation that goes on with the landlord, and I'm going to make sure that I talk about that next week because negotiating with a landlord is a little bit tricky, but it's a lot.

Make sure you tune in next week and I'll make sure I add that in there. If it's not already. Okay. You guys have a great day, have an awesome weekend. God, bless you. Go and grow.