1 00:00:02,060 --> 00:00:05,540 (Transcribed by TurboScribe.ai. Go Unlimited to remove this message.) Welcome to the Business Credit and Financing Show. 2 00:00:06,020 --> 00:00:08,460 Each week, we talk about the growth strategies 3 00:00:08,460 --> 00:00:10,260 that matter most to entrepreneurs. 4 00:00:11,000 --> 00:00:13,620 Listen in as we discuss the secrets to 5 00:00:13,620 --> 00:00:16,400 getting credit and money to start and grow 6 00:00:16,400 --> 00:00:17,240 your business. 7 00:00:17,460 --> 00:00:19,820 And enjoy as we talk with seasoned business 8 00:00:19,820 --> 00:00:22,680 owners, coaches, and industry leaders on a variety 9 00:00:22,680 --> 00:00:25,700 of topics from advertising and marketing to the 10 00:00:25,700 --> 00:00:28,140 nuts and bolts of running a highly successful 11 00:00:28,140 --> 00:00:28,720 business. 12 00:00:29,020 --> 00:00:31,340 And now, to introduce the host of our 13 00:00:31,340 --> 00:00:35,320 show, financial expert and award-winning author, Ty 14 00:00:35,320 --> 00:00:36,020 Crandall. 15 00:00:37,160 --> 00:00:38,540 Well, thanks for joining us today. 16 00:00:38,580 --> 00:00:39,660 I'm super excited you could be here. 17 00:00:39,780 --> 00:00:41,860 Look, today we're diving into commercial real estate. 18 00:00:41,920 --> 00:00:42,960 We're actually gonna be talking about how you 19 00:00:42,960 --> 00:00:45,660 could actually build long-term wealth through commercial 20 00:00:45,660 --> 00:00:47,320 real estate, investing in commercial real estate. 21 00:00:47,500 --> 00:00:49,940 And with us today is the foremost expert 22 00:00:49,940 --> 00:00:50,880 on this topic. 23 00:00:51,020 --> 00:00:53,260 He is the king of commercial real estate. 24 00:00:53,600 --> 00:00:55,460 He also happens to have my name, Tyler. 25 00:00:55,640 --> 00:00:56,960 Tyler Cobble is in the house. 26 00:00:57,260 --> 00:00:59,100 He's actually a commercial real estate investor, author, 27 00:00:59,180 --> 00:01:02,120 and speaker dedicated to helping entrepreneurs, business owners, 28 00:01:02,140 --> 00:01:04,900 and investors basically build long-term wealth through 29 00:01:04,900 --> 00:01:06,760 strategic property investments. 30 00:01:06,960 --> 00:01:08,860 Now, as the founder of Cobble Group, also 31 00:01:08,860 --> 00:01:13,700 Parasol Property Management, Hamilton Development, and CREcentral.com, 32 00:01:13,800 --> 00:01:17,100 Tyler's actually built a vertically integrated ecosystem supporting 33 00:01:17,100 --> 00:01:19,620 every stage of commercial real estate journey from 34 00:01:19,620 --> 00:01:21,840 acquisition all the way through to development, to 35 00:01:21,840 --> 00:01:24,180 management, to marketing, and education as well. 36 00:01:24,440 --> 00:01:25,840 So through the Cobble Group, he's known for 37 00:01:25,840 --> 00:01:29,680 transforming the underperforming properties into high-performing assets 38 00:01:29,680 --> 00:01:32,760 and guiding clients through value-driven buying, selling, 39 00:01:32,940 --> 00:01:34,120 and leasing strategies. 40 00:01:34,620 --> 00:01:38,100 His companies actually focus on operational excellence, innovative 41 00:01:38,100 --> 00:01:41,960 development, and redevelopment, and also community enhancement projects. 42 00:01:42,040 --> 00:01:43,960 He's actually the author of Open for Business, 43 00:01:44,260 --> 00:01:47,180 The Insider's Guide to Leasing Commercial Real Estate, 44 00:01:47,500 --> 00:01:49,540 and sought after speaker and content creator as 45 00:01:49,540 --> 00:01:49,720 well. 46 00:01:50,040 --> 00:01:50,720 Tyler, what's up, man? 47 00:01:50,780 --> 00:01:51,580 Thanks for joining us today. 48 00:01:52,000 --> 00:01:54,000 Ty, man, excited to be here. 49 00:01:54,080 --> 00:01:55,340 It's always great when you get a named 50 00:01:55,340 --> 00:01:57,460 twin, especially that's in the world of finance 51 00:01:57,460 --> 00:01:58,620 and building wealth. 52 00:01:58,820 --> 00:02:00,920 So excited to be diving into this conversation 53 00:02:00,920 --> 00:02:01,380 with you, man. 54 00:02:01,540 --> 00:02:02,900 I love commercial real estate, been doing it 55 00:02:02,900 --> 00:02:04,760 for over 12 years now, and it's changed 56 00:02:04,760 --> 00:02:05,120 my life. 57 00:02:05,180 --> 00:02:06,040 So I think we're gonna have fun today. 58 00:02:06,560 --> 00:02:07,320 Well, I agree. 59 00:02:07,460 --> 00:02:09,160 And let's start at the beginning because commercial 60 00:02:09,160 --> 00:02:11,720 real estate can involve so many different things. 61 00:02:11,820 --> 00:02:13,620 So when we're talking about commercial real estate 62 00:02:13,620 --> 00:02:15,920 from your perspective, what is involved in the 63 00:02:15,920 --> 00:02:17,760 commercial real estate world that you run? 64 00:02:18,340 --> 00:02:20,220 Yeah, so a lot of people like to 65 00:02:20,220 --> 00:02:23,340 lump multifamily, like apartment complexes, into commercial real 66 00:02:23,340 --> 00:02:23,540 estate. 67 00:02:23,620 --> 00:02:24,440 I actually don't. 68 00:02:24,540 --> 00:02:26,300 I'm more of a purist in my definition 69 00:02:26,880 --> 00:02:29,540 because commercial at its core is commerce, right? 70 00:02:29,560 --> 00:02:30,340 It is business. 71 00:02:30,540 --> 00:02:34,320 So think office, retail, industrial, and hospitality. 72 00:02:34,740 --> 00:02:36,460 You can throw multifamily in there if you 73 00:02:36,460 --> 00:02:37,400 really want to, right? 74 00:02:37,560 --> 00:02:40,180 But it's basically anywhere that people or you 75 00:02:40,180 --> 00:02:42,660 are not going to necessarily live, right? 76 00:02:42,680 --> 00:02:44,540 And that's what I love about it because 77 00:02:44,540 --> 00:02:46,120 we're not having to deal with the drama 78 00:02:46,120 --> 00:02:47,460 that you can often get with a lot 79 00:02:47,460 --> 00:02:48,220 of residential tenants. 80 00:02:49,280 --> 00:02:51,160 So yeah, that's how I'd look at it. 81 00:02:52,280 --> 00:02:53,980 So what are you doing in real estate? 82 00:02:54,080 --> 00:02:54,940 Are you buying? 83 00:02:54,940 --> 00:02:56,500 It sounds like you're doing everything across the 84 00:02:56,500 --> 00:02:56,700 board. 85 00:02:57,020 --> 00:02:58,140 So are you going out and finding the 86 00:02:58,140 --> 00:03:01,180 right properties, buying them, and then ultimately leasing 87 00:03:01,180 --> 00:03:01,580 them out? 88 00:03:01,640 --> 00:03:02,620 Are you flipping them or are you doing 89 00:03:02,620 --> 00:03:03,720 a little bit of all of the above? 90 00:03:04,220 --> 00:03:05,240 Yeah, a little bit of everything, man. 91 00:03:05,320 --> 00:03:06,520 So when I first got started back in 92 00:03:06,520 --> 00:03:08,420 2013, I had just dropped out of college. 93 00:03:08,520 --> 00:03:10,620 I got a job offer as the in 94 00:03:10,620 --> 00:03:12,440 -house broker for a development firm. 95 00:03:12,480 --> 00:03:15,000 So I came in and learned how to 96 00:03:15,000 --> 00:03:18,560 find tenants, lease properties, manage properties, how to 97 00:03:18,560 --> 00:03:22,220 put projects together, how these developers really looked 98 00:03:22,220 --> 00:03:24,480 at these investments so that I could go 99 00:03:24,480 --> 00:03:25,480 and do them on my own. 100 00:03:25,820 --> 00:03:27,880 So when I left that firm back in 101 00:03:27,880 --> 00:03:30,160 2018, I started the Cobble Group, which is 102 00:03:30,160 --> 00:03:31,680 my commercial real estate brokerage. 103 00:03:31,800 --> 00:03:33,840 We then, six months later, started a property 104 00:03:33,840 --> 00:03:34,660 management company. 105 00:03:35,140 --> 00:03:37,080 And then in 2019, I actually started raising 106 00:03:37,080 --> 00:03:39,640 capital and doing our own deals. 107 00:03:39,760 --> 00:03:41,740 So since then, we've acquired about $75 million 108 00:03:41,740 --> 00:03:45,440 worth of assets, largely industrial followed by some 109 00:03:45,440 --> 00:03:46,400 retail office. 110 00:03:46,600 --> 00:03:49,060 I'm building a 350-unit self-storage facility 111 00:03:49,060 --> 00:03:49,660 right now. 112 00:03:49,660 --> 00:03:54,180 We're launching our 48-room hotel here in 113 00:03:54,180 --> 00:03:55,220 Nashville in March. 114 00:03:55,420 --> 00:03:57,340 So I do a little bit of everything. 115 00:03:57,720 --> 00:03:59,040 But yeah, that's a little bit of background 116 00:03:59,040 --> 00:04:00,560 on kind of everything that we've got going 117 00:04:00,560 --> 00:04:01,220 on in that front. 118 00:04:01,480 --> 00:04:03,580 And of course, the YouTube channel, teaching people 119 00:04:03,580 --> 00:04:04,340 how to do this stuff. 120 00:04:04,460 --> 00:04:05,060 It's a lot of fun. 121 00:04:05,820 --> 00:04:08,560 Yeah, it's interesting, because most people kind of 122 00:04:08,560 --> 00:04:10,640 focus on a specialty, like self-storage in 123 00:04:10,640 --> 00:04:12,700 itself is a specialty amongst so many of 124 00:04:12,700 --> 00:04:13,480 the men's that you mentioned. 125 00:04:13,740 --> 00:04:16,320 How difficult is it to like manage and 126 00:04:16,320 --> 00:04:17,740 be good at, because you're putting a lot 127 00:04:17,740 --> 00:04:18,240 of money in. 128 00:04:18,240 --> 00:04:20,820 So how hard is it to be good 129 00:04:20,820 --> 00:04:22,560 at as many things as you're good at? 130 00:04:22,600 --> 00:04:23,860 Because you're kind of hitting a lot of 131 00:04:23,860 --> 00:04:26,740 different asset classes or property types across the 132 00:04:26,740 --> 00:04:26,960 board. 133 00:04:27,320 --> 00:04:29,420 Yeah, look, I have entrepreneurial ADD. 134 00:04:29,660 --> 00:04:31,420 I think if I had to just focus 135 00:04:31,420 --> 00:04:32,800 on self-storage, I would get bored out 136 00:04:32,800 --> 00:04:33,280 of my mind. 137 00:04:33,720 --> 00:04:35,340 But I was very fortunate when I was 138 00:04:35,340 --> 00:04:37,020 first getting started that I worked for a 139 00:04:37,020 --> 00:04:39,740 boutique firm that happened to do office, retail, 140 00:04:39,860 --> 00:04:40,700 industrial, hospitality. 141 00:04:40,700 --> 00:04:43,240 They were building townhomes and single-family custom 142 00:04:43,240 --> 00:04:43,840 homes as well. 143 00:04:43,900 --> 00:04:45,900 So I got a taste of everything. 144 00:04:46,280 --> 00:04:47,700 So for the first four and a half 145 00:04:47,700 --> 00:04:49,360 years of my career, I was working on 146 00:04:49,360 --> 00:04:50,320 it all, right? 147 00:04:50,900 --> 00:04:53,060 So I would say like, from my perspective, 148 00:04:53,060 --> 00:04:54,540 it's really not that much more difficult. 149 00:04:54,540 --> 00:04:56,300 I mean, when you look at the different 150 00:04:56,300 --> 00:04:59,700 asset classes, 80 to 90% are the 151 00:04:59,700 --> 00:05:01,100 exact same, right? 152 00:05:01,340 --> 00:05:03,000 It's the last 10 to 20% that 153 00:05:03,000 --> 00:05:03,920 has little nuances. 154 00:05:03,920 --> 00:05:06,840 And once you learn that, you can expand 155 00:05:06,840 --> 00:05:08,920 into any asset class and not really have 156 00:05:08,920 --> 00:05:09,760 any issues, right? 157 00:05:09,800 --> 00:05:12,600 So it helps make us a more versatile 158 00:05:12,600 --> 00:05:15,880 or agile investment group, because, I mean, take 159 00:05:15,880 --> 00:05:17,720 for example, what was going on in 2020, 160 00:05:18,140 --> 00:05:18,600 right? 161 00:05:19,360 --> 00:05:20,620 Office fell out of the sky. 162 00:05:21,300 --> 00:05:23,440 And if you were an office guy, you 163 00:05:23,440 --> 00:05:25,340 had a very bad couple of years. 164 00:05:26,040 --> 00:05:27,840 Well, they all had to figure out, okay, 165 00:05:27,860 --> 00:05:29,140 are we just going to ride this or 166 00:05:29,140 --> 00:05:29,760 are we going to pivot? 167 00:05:30,040 --> 00:05:31,580 And at that time, they're trying to pivot 168 00:05:31,580 --> 00:05:32,960 into something else when they're trying to deal 169 00:05:32,960 --> 00:05:34,220 with a bunch of problems, right? 170 00:05:34,260 --> 00:05:35,100 Not very fun. 171 00:05:35,340 --> 00:05:36,660 We can kind of just shut off that 172 00:05:36,660 --> 00:05:38,160 spigot and go turn on another one and 173 00:05:38,160 --> 00:05:41,120 start looking at industrial deals and not lose 174 00:05:41,120 --> 00:05:41,560 a beat. 175 00:05:41,960 --> 00:05:43,180 Same with multifamily, right? 176 00:05:43,180 --> 00:05:45,320 You see a lot of apartments these days 177 00:05:45,320 --> 00:05:48,920 have compressed cap rates, interest rates are higher, 178 00:05:49,020 --> 00:05:50,560 the cashflow doesn't make any sense. 179 00:05:50,600 --> 00:05:51,920 There's not a lot of value out there. 180 00:05:52,380 --> 00:05:53,860 If you're a multifamily guy, you've been kind 181 00:05:53,860 --> 00:05:55,520 of sitting there waiting for deals to start 182 00:05:55,520 --> 00:05:56,560 popping back up again. 183 00:05:56,780 --> 00:05:58,960 Whereas we can always kind of keep one 184 00:05:58,960 --> 00:06:02,380 foot planted and just continuously pivot into whatever's 185 00:06:02,380 --> 00:06:03,180 making the most sense. 186 00:06:03,340 --> 00:06:06,240 So it's very much, it's a strategic approach 187 00:06:06,240 --> 00:06:07,960 to make sure that we can always find 188 00:06:07,960 --> 00:06:10,860 deals and find opportunity no matter the market. 189 00:06:10,860 --> 00:06:12,540 Yeah, and I love that strategy and the 190 00:06:12,540 --> 00:06:15,160 diversification because everything you said, I've had people 191 00:06:15,160 --> 00:06:16,900 on the show that have been sitting, I've 192 00:06:16,900 --> 00:06:18,380 got friends that are sitting there waiting to 193 00:06:18,380 --> 00:06:19,600 find the right apartments to buy. 194 00:06:19,740 --> 00:06:21,580 I've got people that have lost everything because 195 00:06:21,580 --> 00:06:22,520 they were in the wrong place at the 196 00:06:22,520 --> 00:06:23,760 wrong time all the way through and the 197 00:06:23,760 --> 00:06:24,480 wrong asset class. 198 00:06:24,580 --> 00:06:26,240 So I love that you're able to not 199 00:06:26,240 --> 00:06:27,880 even pivot because you're just able to adjust 200 00:06:27,880 --> 00:06:29,280 so quickly because you're in so many different. 201 00:06:29,660 --> 00:06:30,720 Do you have one that stands out that 202 00:06:30,720 --> 00:06:32,280 you absolutely love more than others? 203 00:06:33,700 --> 00:06:34,860 Man, that's a good question. 204 00:06:35,280 --> 00:06:38,600 Right now, what I love the most is 205 00:06:38,600 --> 00:06:42,100 FlexSpace, which is basically small bay industrial real 206 00:06:42,100 --> 00:06:42,340 estate. 207 00:06:42,540 --> 00:06:44,840 Think about the types of spaces that the 208 00:06:44,840 --> 00:06:48,420 local plumber, electrician, pest control company, that's what 209 00:06:48,420 --> 00:06:49,000 they need, right? 210 00:06:49,420 --> 00:06:51,460 500 to 1,000 square feet of office 211 00:06:51,460 --> 00:06:53,160 space with two to 3,000 square feet 212 00:06:53,160 --> 00:06:53,920 of warehouse space. 213 00:06:54,160 --> 00:06:56,360 That is the type of space that so 214 00:06:56,360 --> 00:06:58,700 many businesses can take and need. 215 00:06:59,020 --> 00:07:01,540 And it's high in demand and it's relatively 216 00:07:01,540 --> 00:07:04,120 easy to manage as well as self-storage. 217 00:07:04,220 --> 00:07:05,420 Now you've got to be careful with self 218 00:07:05,420 --> 00:07:07,920 -storage these days because it has been very 219 00:07:07,920 --> 00:07:09,800 top of mind for a lot of newer 220 00:07:09,800 --> 00:07:11,640 investors for the past five or six years 221 00:07:11,640 --> 00:07:12,200 at this point. 222 00:07:12,500 --> 00:07:13,560 I mean, Ty, when I was first getting 223 00:07:13,560 --> 00:07:16,020 started, dude, you could buy self-storage facilities 224 00:07:16,020 --> 00:07:17,980 at like 15 to 18% cap rates 225 00:07:17,980 --> 00:07:19,640 because nobody wanted them. 226 00:07:19,880 --> 00:07:21,620 It was not the sexy asset class that 227 00:07:21,620 --> 00:07:22,500 it's seen as today. 228 00:07:23,000 --> 00:07:25,380 Now those same assets are in the five, 229 00:07:25,460 --> 00:07:27,500 six, 7% cap rates, right, which is 230 00:07:27,500 --> 00:07:28,080 just crazy. 231 00:07:28,620 --> 00:07:30,000 There's been a lot of new construction. 232 00:07:30,140 --> 00:07:31,300 You have to be very careful where you're 233 00:07:31,300 --> 00:07:33,140 buying or building, but as long as you're 234 00:07:33,140 --> 00:07:35,660 doing your market studies, self-storage is great 235 00:07:35,660 --> 00:07:37,520 because it gives you all the benefits of 236 00:07:37,520 --> 00:07:39,080 owning an apartment complex, right? 237 00:07:39,240 --> 00:07:41,280 I mean, I've got 350 tenants on one 238 00:07:41,280 --> 00:07:44,500 property, but I don't have toilets in every 239 00:07:44,500 --> 00:07:46,580 single unit and I don't have people living 240 00:07:46,580 --> 00:07:47,320 in every single unit. 241 00:07:47,440 --> 00:07:48,540 I don't have to deal with the drama. 242 00:07:48,840 --> 00:07:49,440 It's very easy. 243 00:07:50,440 --> 00:07:52,700 Yeah, those are really, really special asset classes. 244 00:07:52,820 --> 00:07:53,940 And the FlexSpace, I don't think I've had 245 00:07:53,940 --> 00:07:54,760 anybody talk about. 246 00:07:54,940 --> 00:07:56,580 So do you, on the FlexSpace, do you 247 00:07:56,580 --> 00:07:57,880 like to buy it or do you like 248 00:07:57,880 --> 00:07:58,960 to build it or are you doing a 249 00:07:58,960 --> 00:07:59,500 little bit of both? 250 00:07:59,860 --> 00:08:00,420 A little bit of both. 251 00:08:00,620 --> 00:08:03,000 So we've got clients that we've helped build 252 00:08:03,000 --> 00:08:04,700 for their first deal, build from the ground 253 00:08:04,700 --> 00:08:05,200 up. 254 00:08:05,580 --> 00:08:07,540 And that's always a fun experience because it's 255 00:08:07,540 --> 00:08:10,020 really not that difficult to do and it's 256 00:08:10,020 --> 00:08:11,040 relatively inexpensive. 257 00:08:11,640 --> 00:08:13,880 What I've been focusing on now is buying 258 00:08:13,880 --> 00:08:17,400 older existing warehouses and just splitting them up 259 00:08:17,400 --> 00:08:18,200 into smaller suites. 260 00:08:18,760 --> 00:08:20,640 And so, for example, I've got a one 261 00:08:20,640 --> 00:08:23,140 and a half million square foot facility out 262 00:08:23,140 --> 00:08:25,560 in Chattanooga and we're just taking that down 263 00:08:25,560 --> 00:08:26,620 chunk by chunk, right? 264 00:08:26,660 --> 00:08:28,140 So we just finished out a portion for 265 00:08:28,140 --> 00:08:29,020 the self-storage facility. 266 00:08:29,240 --> 00:08:31,240 Now I've got about 50 to 100,000 267 00:08:31,240 --> 00:08:33,080 square feet that we're about to start parceling 268 00:08:33,080 --> 00:08:34,380 out for FlexSpace. 269 00:08:34,380 --> 00:08:36,860 We'll split it up into 1,000 to 270 00:08:36,860 --> 00:08:39,059 3,000 square foot units with shared loading 271 00:08:39,059 --> 00:08:41,799 docks and shared forklifts and stuff like that 272 00:08:41,799 --> 00:08:43,700 so that those types of users can come 273 00:08:43,700 --> 00:08:44,700 in and have a space. 274 00:08:44,720 --> 00:08:46,160 Because if you think about it, there's just 275 00:08:46,160 --> 00:08:47,500 not a lot of that space out there. 276 00:08:48,420 --> 00:08:52,820 Most FlexSpace, like historic FlexSpace, was really close 277 00:08:52,820 --> 00:08:54,420 to the downtown core in a lot of 278 00:08:54,420 --> 00:08:56,340 cities because nobody wanted to be there, right? 279 00:08:56,360 --> 00:08:58,180 So it was very easy for smaller warehouse 280 00:08:58,180 --> 00:08:58,880 space to be there. 281 00:08:59,700 --> 00:09:02,460 These days, you've got people that are buying 282 00:09:02,460 --> 00:09:04,100 them, tearing them down to build office buildings, 283 00:09:04,100 --> 00:09:05,900 tearing them down to build climate-controlled self 284 00:09:05,900 --> 00:09:08,140 -storage, tearing them down to build apartment complexes. 285 00:09:09,000 --> 00:09:11,920 And so, and meanwhile, all of the industrial 286 00:09:11,920 --> 00:09:14,700 developers have been focused on building bigger distribution 287 00:09:14,700 --> 00:09:17,200 facilities like what you're seeing for Amazon, right? 288 00:09:17,640 --> 00:09:20,140 And so you're having a, it's a product, 289 00:09:20,260 --> 00:09:21,920 it's kind of an interesting, perfect storm. 290 00:09:22,300 --> 00:09:23,780 You've got a product that is being torn 291 00:09:23,780 --> 00:09:25,760 down and it's not being replaced. 292 00:09:26,120 --> 00:09:28,520 So if you're the investor or developer that 293 00:09:28,520 --> 00:09:31,260 can come in and either buy an existing 294 00:09:31,260 --> 00:09:33,760 building, convert and provide this, or buy some 295 00:09:33,760 --> 00:09:35,200 dirt and build it from the ground up, 296 00:09:35,640 --> 00:09:37,540 what we're seeing is most of our clients 297 00:09:37,540 --> 00:09:41,180 are leasing these, if not before they even 298 00:09:41,180 --> 00:09:43,000 deliver it, within two to three months after 299 00:09:43,000 --> 00:09:43,620 delivery. 300 00:09:44,180 --> 00:09:45,000 Wow, wow. 301 00:09:45,280 --> 00:09:46,620 Who leases that stuff? 302 00:09:46,740 --> 00:09:48,440 Like you talk about shared loading docks, what 303 00:09:48,440 --> 00:09:49,600 kind of businesses lease that? 304 00:09:50,020 --> 00:09:50,820 Yeah, great question. 305 00:09:50,960 --> 00:09:52,880 So you could have a construction company that 306 00:09:52,880 --> 00:09:54,620 just needs temporary lay down, right? 307 00:09:54,960 --> 00:09:56,720 That maybe they're building a project down the 308 00:09:56,720 --> 00:09:58,860 street for the next six months, they need 309 00:09:58,860 --> 00:10:00,460 somewhere to store materials, right? 310 00:10:00,460 --> 00:10:03,860 Somebody you think about, someone that's staging homes, 311 00:10:04,120 --> 00:10:04,340 right? 312 00:10:04,360 --> 00:10:06,040 They have to have warehouse space to store 313 00:10:06,040 --> 00:10:07,960 all of their furniture that's not currently in 314 00:10:07,960 --> 00:10:08,300 a home. 315 00:10:08,740 --> 00:10:11,440 They can't just leave it at their house 316 00:10:11,440 --> 00:10:12,420 or something like that, right? 317 00:10:12,420 --> 00:10:13,620 They actually have to have some sort of 318 00:10:13,620 --> 00:10:15,100 warehouse space and they're typically not gonna go 319 00:10:15,100 --> 00:10:16,300 get 30,000 feet. 320 00:10:16,900 --> 00:10:18,720 You think about electric, I think of all 321 00:10:18,720 --> 00:10:23,740 the blue collars, HVAC, plumbers, electricians, you've got 322 00:10:23,740 --> 00:10:24,660 your pest control. 323 00:10:25,060 --> 00:10:27,680 Smaller construction companies, we've got in some of 324 00:10:27,680 --> 00:10:29,260 our flex spaces, just rattling off the top 325 00:10:29,260 --> 00:10:31,940 of my head, I've actually got a shaved 326 00:10:31,940 --> 00:10:35,500 ice concept that keeps all of their food 327 00:10:35,500 --> 00:10:38,280 and all of their materials and stuff in 328 00:10:38,280 --> 00:10:40,160 a little 500 square foot space, they park 329 00:10:40,160 --> 00:10:40,820 their trucks there. 330 00:10:41,240 --> 00:10:44,120 I've got a brick sales company where they 331 00:10:44,120 --> 00:10:45,920 have kind of a little showroom and then 332 00:10:45,920 --> 00:10:47,740 the warehouse has all of the materials that 333 00:10:47,740 --> 00:10:48,820 they're shipping out to the site. 334 00:10:49,160 --> 00:10:51,720 I've got clients that have high-end carwash 335 00:10:51,720 --> 00:10:52,960 facilities in these things. 336 00:10:53,260 --> 00:10:55,260 I've seen podcast studios go into them. 337 00:10:55,580 --> 00:10:57,060 You can even do pickleball and things like 338 00:10:57,060 --> 00:10:57,220 that. 339 00:10:57,220 --> 00:10:59,700 The nice thing is these types of spaces 340 00:10:59,700 --> 00:11:00,840 really live up to their name. 341 00:11:00,960 --> 00:11:01,720 They are flexible. 342 00:11:01,920 --> 00:11:03,340 So if you're a first-time commercial real 343 00:11:03,340 --> 00:11:06,160 estate investor or you're just looking for something 344 00:11:06,160 --> 00:11:09,280 that is better in terms of finding tenants, 345 00:11:09,400 --> 00:11:11,140 keeping tenants, managing all this kind of stuff, 346 00:11:11,540 --> 00:11:13,620 you can put so many different types of 347 00:11:13,620 --> 00:11:16,420 uses into these buildings that the flexibility just 348 00:11:16,420 --> 00:11:19,080 allows you to really minimize your risk in 349 00:11:19,080 --> 00:11:19,400 that front. 350 00:11:19,900 --> 00:11:20,520 I love this. 351 00:11:20,720 --> 00:11:22,360 I've never had anybody come on here and 352 00:11:22,360 --> 00:11:25,040 even talk about flex space building or being 353 00:11:25,040 --> 00:11:26,780 able to buy it like what you're doing. 354 00:11:26,780 --> 00:11:28,540 You talk about your clients. 355 00:11:28,680 --> 00:11:29,520 So who is your client? 356 00:11:29,820 --> 00:11:31,640 Like are you, because you have a YouTube 357 00:11:31,640 --> 00:11:33,020 channel, it's off the chains. 358 00:11:33,140 --> 00:11:34,740 I mean, it's phenomenal to teach the stuff 359 00:11:34,740 --> 00:11:35,240 that you teach. 360 00:11:35,560 --> 00:11:36,840 So who is following you? 361 00:11:36,920 --> 00:11:38,740 And do those people become your clients for 362 00:11:38,740 --> 00:11:41,300 your teaching and helping them invest in commercial 363 00:11:41,300 --> 00:11:41,720 real estate? 364 00:11:42,300 --> 00:11:42,660 Absolutely. 365 00:11:42,940 --> 00:11:44,260 So we've got, like I said, we've got 366 00:11:44,260 --> 00:11:45,520 the commercial real estate brokerage. 367 00:11:45,560 --> 00:11:47,540 So on that front, we have clients that 368 00:11:47,540 --> 00:11:49,360 are interested in just buying commercial real estate 369 00:11:49,360 --> 00:11:51,420 that we represent, help them go find deals. 370 00:11:51,500 --> 00:11:52,440 We help them underwrite the deals. 371 00:11:52,460 --> 00:11:54,320 We help them get them closed, right? 372 00:11:54,360 --> 00:11:55,860 But then on the YouTube side of things, 373 00:11:55,860 --> 00:11:57,780 which YouTube can lead to that, of course, 374 00:11:57,940 --> 00:12:00,480 we have a mastermind with about, I mean, 375 00:12:00,500 --> 00:12:02,880 today, you know, 180 members in it. 376 00:12:03,000 --> 00:12:05,880 Now people that are interested in joining and 377 00:12:05,880 --> 00:12:07,980 I coach them through doing their own deals, 378 00:12:08,260 --> 00:12:08,500 right? 379 00:12:08,620 --> 00:12:10,840 So it's a little bit of everything, man. 380 00:12:10,900 --> 00:12:11,340 It's fun. 381 00:12:11,480 --> 00:12:12,640 So it's really cool. 382 00:12:12,720 --> 00:12:15,000 I mean, that's a by-product of starting 383 00:12:15,000 --> 00:12:15,620 a YouTube channel. 384 00:12:15,700 --> 00:12:16,700 It's not something I ever thought that I 385 00:12:16,700 --> 00:12:18,400 would be doing, but I had so many 386 00:12:18,400 --> 00:12:20,940 people reaching out to me asking for consulting 387 00:12:20,940 --> 00:12:23,160 on their projects, or, hey, is there any 388 00:12:23,160 --> 00:12:24,720 way that you're gonna start doing in-person 389 00:12:24,720 --> 00:12:26,740 events or will you start a mastermind? 390 00:12:26,800 --> 00:12:27,940 And I've never really thought about it. 391 00:12:28,440 --> 00:12:29,900 And I'm glad I did, man, because I 392 00:12:29,900 --> 00:12:32,040 learned so, I mean, think about it, 180 393 00:12:32,040 --> 00:12:33,720 people that are doing commercial real estate deals 394 00:12:33,720 --> 00:12:34,420 across the country. 395 00:12:34,620 --> 00:12:38,420 The data and access that we have, somebody's 396 00:12:38,420 --> 00:12:40,180 actively building flex space right now. 397 00:12:40,320 --> 00:12:42,160 We have their construction costs, right? 398 00:12:42,160 --> 00:12:43,340 Because everybody's willing to share it. 399 00:12:43,740 --> 00:12:45,080 I'm going to replace a roof. 400 00:12:45,160 --> 00:12:46,180 I can go to the group and say, 401 00:12:46,440 --> 00:12:47,980 hey, has anybody replaced a roof in the 402 00:12:47,980 --> 00:12:48,580 past year? 403 00:12:48,900 --> 00:12:50,020 Get all of their quotes so I can 404 00:12:50,020 --> 00:12:51,960 figure out, okay, my pricing should be in 405 00:12:51,960 --> 00:12:53,820 between 10 and $12 a foot on a 406 00:12:53,820 --> 00:12:54,600 project like this. 407 00:12:54,600 --> 00:12:56,920 It really just helps us all be better 408 00:12:56,920 --> 00:12:57,880 commercial real estate investors. 409 00:12:58,560 --> 00:13:00,440 Yeah, that's really, that's really cool. 410 00:13:00,720 --> 00:13:02,960 So when your investors, when you and your 411 00:13:02,960 --> 00:13:05,200 clients are getting money, and I know, I 412 00:13:05,200 --> 00:13:06,420 don't know if you're linked to a fund 413 00:13:06,420 --> 00:13:07,600 or not, it sounds like you started that 414 00:13:07,600 --> 00:13:09,540 way, but your clients, where are they getting 415 00:13:09,540 --> 00:13:10,860 a lot of the financing to be able 416 00:13:10,860 --> 00:13:11,600 to do their investing? 417 00:13:12,320 --> 00:13:13,020 Yeah, good question. 418 00:13:13,200 --> 00:13:14,420 I wish I was linked to a fund. 419 00:13:14,580 --> 00:13:15,520 It would make my life a whole lot 420 00:13:15,520 --> 00:13:17,400 easier, but we- I think you could 421 00:13:17,400 --> 00:13:18,700 make it more difficult. 422 00:13:18,840 --> 00:13:19,540 I could, yeah. 423 00:13:19,620 --> 00:13:20,720 Well, I was gonna say, you might have 424 00:13:20,720 --> 00:13:23,040 a boss, which I would very much struggle 425 00:13:23,040 --> 00:13:23,280 with. 426 00:13:23,760 --> 00:13:24,460 We syndicate. 427 00:13:24,560 --> 00:13:25,540 So like we raise on a deal by 428 00:13:25,540 --> 00:13:26,020 deal basis. 429 00:13:26,020 --> 00:13:27,340 We've got a few hundred investors that we 430 00:13:27,340 --> 00:13:28,200 work with on that front. 431 00:13:28,440 --> 00:13:31,480 My clients, for the most part, either, like 432 00:13:31,480 --> 00:13:33,840 we have everything from, like I've got a 433 00:13:33,840 --> 00:13:35,960 client that we, that joined the Mastermind in 434 00:13:35,960 --> 00:13:39,600 November, closed his first deal in 45 days, 435 00:13:39,840 --> 00:13:43,260 just by December 31st, negotiated 100% seller 436 00:13:43,260 --> 00:13:44,760 financing, no payments for two years. 437 00:13:44,860 --> 00:13:47,180 So like he didn't come out of pocket 438 00:13:47,180 --> 00:13:47,620 for anything. 439 00:13:47,680 --> 00:13:48,440 He didn't need any money. 440 00:13:48,900 --> 00:13:49,660 Pretty amazing story. 441 00:13:49,740 --> 00:13:51,100 That obviously doesn't happen all the time. 442 00:13:51,100 --> 00:13:53,460 All the way up to, we've got clients, 443 00:13:53,480 --> 00:13:54,780 like I've got a family office. 444 00:13:55,000 --> 00:13:56,580 It's like a new family office out of 445 00:13:56,580 --> 00:14:01,080 California where the dad immigrated here from East 446 00:14:01,080 --> 00:14:01,400 Asia. 447 00:14:01,740 --> 00:14:03,240 He bought some land in California. 448 00:14:03,460 --> 00:14:05,440 They did a vineyard, did really well, sold 449 00:14:05,440 --> 00:14:08,420 the vineyard like $120 million in cash a 450 00:14:08,420 --> 00:14:09,020 few years ago. 451 00:14:09,620 --> 00:14:11,780 And brokerage team is really just working with 452 00:14:11,780 --> 00:14:14,660 them on kind of putting together a portfolio 453 00:14:14,660 --> 00:14:15,900 strategy for that cash. 454 00:14:15,940 --> 00:14:17,520 So all the way from, I'm just getting 455 00:14:17,520 --> 00:14:19,920 started, no money, to we've sold massive businesses 456 00:14:19,920 --> 00:14:21,640 for, and we've got to figure out where 457 00:14:21,640 --> 00:14:22,380 to invest this cash. 458 00:14:23,180 --> 00:14:24,940 Well, do you do a lot with outside 459 00:14:24,940 --> 00:14:25,360 financing? 460 00:14:25,440 --> 00:14:26,320 Can I do a lot of your clients 461 00:14:26,320 --> 00:14:28,220 in the in-between, which is probably your 462 00:14:28,220 --> 00:14:28,600 average? 463 00:14:28,700 --> 00:14:30,980 Are they using commercial real estate financing to 464 00:14:30,980 --> 00:14:33,140 be able to purchase a finance part of 465 00:14:33,140 --> 00:14:35,540 it and then getting the remainder from seller 466 00:14:35,540 --> 00:14:37,180 carry notes and other sources? 467 00:14:37,620 --> 00:14:39,520 And now a quick break to hear from 468 00:14:39,520 --> 00:14:40,200 our sponsor. 469 00:14:41,200 --> 00:14:42,860 Hey, it's Ty Crandall with Credit Suite. 470 00:14:43,000 --> 00:14:44,440 Many of our subscribers want to get the 471 00:14:44,440 --> 00:14:46,200 most money to grow their business at the 472 00:14:46,200 --> 00:14:47,180 best terms. 473 00:14:47,180 --> 00:14:49,460 Whether you're looking for startup capital, low interest 474 00:14:49,460 --> 00:14:52,140 credit lines and loans, or business credit, we 475 00:14:52,140 --> 00:14:53,120 can definitely help you. 476 00:14:53,180 --> 00:14:55,060 So give us a call at 877-600 477 00:14:55,060 --> 00:14:58,720 -2487, or schedule your free consultation at creditsuite 478 00:14:58,720 --> 00:15:01,080 .com forward slash consult to see how much 479 00:15:01,080 --> 00:15:02,780 money you can get approved for today. 480 00:15:03,100 --> 00:15:03,840 Absolutely, yeah. 481 00:15:03,940 --> 00:15:06,180 So I like to keep my capital stack 482 00:15:06,180 --> 00:15:07,260 as simple as possible. 483 00:15:07,300 --> 00:15:08,340 I'm a dummy man. 484 00:15:08,460 --> 00:15:09,800 I just like to keep, you know, hey, 485 00:15:09,820 --> 00:15:11,260 here's 25 to 30% equity. 486 00:15:11,480 --> 00:15:14,440 Let's go get a 70% traditional bank 487 00:15:14,440 --> 00:15:15,040 note, right? 488 00:15:15,480 --> 00:15:17,400 Now, some people will get to the point 489 00:15:17,400 --> 00:15:18,620 where it's, you know, hey, I'm bringing 10 490 00:15:18,620 --> 00:15:19,760 % of my own cash down. 491 00:15:19,900 --> 00:15:21,840 I'm bringing 10 to 15% of seller 492 00:15:21,840 --> 00:15:22,220 carry. 493 00:15:22,380 --> 00:15:24,040 Then I'm doing a traditional bank note. 494 00:15:24,100 --> 00:15:26,480 You can get really, really complicated past that. 495 00:15:26,960 --> 00:15:27,880 But yeah, I mean, that's one thing that 496 00:15:27,880 --> 00:15:30,160 we're constantly having to look for is where 497 00:15:30,160 --> 00:15:31,580 are we going to find our next lender? 498 00:15:31,740 --> 00:15:33,740 And so on every single project that we 499 00:15:33,740 --> 00:15:36,000 work on, it's always pounding the phones and 500 00:15:36,000 --> 00:15:39,500 whatever city client or member is buying their 501 00:15:39,500 --> 00:15:41,660 deal in, right, to find local lenders. 502 00:15:41,820 --> 00:15:43,800 But then also working with the mortgage brokers 503 00:15:43,800 --> 00:15:46,480 as well, who may already have those preexisting 504 00:15:46,480 --> 00:15:48,840 relationships and can help us negotiate better terms. 505 00:15:49,380 --> 00:15:51,320 So it's, I mean, the financing is one 506 00:15:51,320 --> 00:15:53,700 of those things that it's never a sure 507 00:15:53,700 --> 00:15:54,000 thing. 508 00:15:54,360 --> 00:15:55,720 You always just got to be working on 509 00:15:55,720 --> 00:15:55,900 it. 510 00:15:56,140 --> 00:15:57,380 Yeah, I like the way you describe it 511 00:15:57,380 --> 00:15:58,960 because you've got people that are paying cash. 512 00:15:59,020 --> 00:16:00,480 You've got people that are doing, putting no 513 00:16:00,480 --> 00:16:01,160 cash in the deal. 514 00:16:01,360 --> 00:16:03,660 And then, like you said, I've never heard 515 00:16:03,660 --> 00:16:05,540 anybody call it a capital stack, but there's 516 00:16:05,540 --> 00:16:06,660 a million ways to stack that. 517 00:16:06,760 --> 00:16:08,360 You keep it super simple, like you are, 518 00:16:08,460 --> 00:16:11,600 or then strategically piece together what you need 519 00:16:11,600 --> 00:16:13,420 to based on what you actually have just 520 00:16:13,420 --> 00:16:14,420 to put into the deal. 521 00:16:14,880 --> 00:16:16,440 So I love that phrasing, because it just 522 00:16:16,440 --> 00:16:17,460 goes to show like there's a lot of 523 00:16:17,460 --> 00:16:18,940 creativity you could do to put the deals 524 00:16:18,940 --> 00:16:19,280 together. 525 00:16:19,540 --> 00:16:20,920 How do you even figure this out? 526 00:16:20,960 --> 00:16:22,120 Like what properties you're gonna invest in? 527 00:16:22,160 --> 00:16:23,500 Because you're all over the country, I think, 528 00:16:23,540 --> 00:16:24,260 it sounds like you are. 529 00:16:24,520 --> 00:16:25,820 You're all over the country, you're investing in 530 00:16:25,820 --> 00:16:27,260 all different kinds of asset classes. 531 00:16:28,180 --> 00:16:30,380 You're buying and selling, some of it you're 532 00:16:30,380 --> 00:16:32,160 buying and keeping, then you're also building. 533 00:16:32,700 --> 00:16:33,660 So it's not even like you could just, 534 00:16:33,940 --> 00:16:35,780 I mean, like how do you even figure 535 00:16:35,780 --> 00:16:37,340 out like what you're gonna invest in? 536 00:16:38,000 --> 00:16:39,060 Yeah, it's kind of funny. 537 00:16:39,140 --> 00:16:39,980 Like when you look at it, I mean, 538 00:16:40,040 --> 00:16:41,720 when you talk about it, all right, I'm 539 00:16:41,720 --> 00:16:43,140 sitting here listening, like, yeah, I guess it 540 00:16:43,140 --> 00:16:44,480 is kind of a lot. 541 00:16:45,240 --> 00:16:46,600 But when you look at it on a 542 00:16:46,600 --> 00:16:49,160 deal by deal basis, it's really not a 543 00:16:49,160 --> 00:16:49,840 big deal, right? 544 00:16:49,880 --> 00:16:51,400 Like we bought a property out in Chattanooga. 545 00:16:51,460 --> 00:16:53,300 So I'm based in Nashville, Chattanooga is two 546 00:16:53,300 --> 00:16:53,840 hours away. 547 00:16:54,820 --> 00:16:57,700 It's 29 buildings, 1.5 million square feet, 548 00:16:57,760 --> 00:16:57,920 right? 549 00:16:57,940 --> 00:16:59,480 Like how do you start to wrap your 550 00:16:59,480 --> 00:17:00,180 head around that? 551 00:17:00,680 --> 00:17:01,900 And that was the question I kept getting 552 00:17:01,900 --> 00:17:03,700 on that property was how do you eat? 553 00:17:03,780 --> 00:17:04,599 Where do you start? 554 00:17:05,079 --> 00:17:06,619 I'm like, oh, you just, you pick a 555 00:17:06,619 --> 00:17:06,819 building. 556 00:17:07,359 --> 00:17:08,540 You know, we've got 29 buildings. 557 00:17:08,540 --> 00:17:09,859 So pick a building and then just get 558 00:17:09,859 --> 00:17:11,560 that one leased and then move to the 559 00:17:11,560 --> 00:17:13,640 second building and just kind of keep taking 560 00:17:13,640 --> 00:17:14,040 it down. 561 00:17:14,560 --> 00:17:17,119 The majority of my investments are between Nashville 562 00:17:17,119 --> 00:17:17,780 and Chattanooga. 563 00:17:17,960 --> 00:17:19,740 So we're actually mostly in Tennessee. 564 00:17:20,119 --> 00:17:22,200 Now I'm working on a ground up flex 565 00:17:22,200 --> 00:17:25,040 space development out in Austin, Texas, right? 566 00:17:25,140 --> 00:17:27,280 So that we'll be releasing that to our 567 00:17:27,280 --> 00:17:28,480 investors later this year. 568 00:17:28,700 --> 00:17:31,220 For the most part, my clients and my 569 00:17:31,220 --> 00:17:32,280 members are all over the country. 570 00:17:32,560 --> 00:17:35,260 And once you learn the fundamentals of commercial 571 00:17:35,260 --> 00:17:37,780 real estate, I mean, I actually did a 572 00:17:37,780 --> 00:17:40,060 30 deals in 30 days challenge on my 573 00:17:40,060 --> 00:17:41,860 YouTube channel where I went live 30 days 574 00:17:41,860 --> 00:17:43,960 in a row and just had random members 575 00:17:43,960 --> 00:17:45,680 of the audience submit deals to me from 576 00:17:45,680 --> 00:17:46,800 wherever in the world, right? 577 00:17:46,800 --> 00:17:48,380 We would go on LoopNet and I would 578 00:17:48,380 --> 00:17:50,580 run through my exact process of how I 579 00:17:50,580 --> 00:17:52,160 would wrap my mind around that market, how 580 00:17:52,160 --> 00:17:53,760 I would underwrite that deal and whether or 581 00:17:53,760 --> 00:17:55,240 not I thought it was worth doing or 582 00:17:55,240 --> 00:17:55,400 not. 583 00:17:55,880 --> 00:17:56,060 Right? 584 00:17:56,520 --> 00:17:58,280 So of course there's some nuances and there 585 00:17:58,280 --> 00:18:00,040 would always be a, well, I would go 586 00:18:00,040 --> 00:18:02,520 and double check the local brokers on what 587 00:18:02,520 --> 00:18:03,460 this lease rate would be. 588 00:18:03,460 --> 00:18:04,600 Or I would go and check with the 589 00:18:04,600 --> 00:18:06,020 local lenders on if you could get terms 590 00:18:06,020 --> 00:18:06,460 like this, right? 591 00:18:06,480 --> 00:18:08,860 There's always that kind of nuance, but 90 592 00:18:08,860 --> 00:18:11,560 to 95% confidence in our underwriting when 593 00:18:11,560 --> 00:18:13,020 I'm doing deals remotely. 594 00:18:13,260 --> 00:18:15,040 So you can figure it out once you 595 00:18:15,040 --> 00:18:16,460 just have those fundamentals down. 596 00:18:16,900 --> 00:18:18,900 It sounds like you're not going looking for 597 00:18:18,900 --> 00:18:19,260 deals. 598 00:18:19,460 --> 00:18:20,400 And for the most part, a lot of 599 00:18:20,400 --> 00:18:22,540 deals are coming to you, you've done enough 600 00:18:22,540 --> 00:18:24,520 out there and got built a reputation, built 601 00:18:24,520 --> 00:18:26,680 enough relationships where it sounds like a lot 602 00:18:26,680 --> 00:18:30,180 of people are potentially proposing deals to you 603 00:18:30,180 --> 00:18:33,140 or you have opportunities and then you're evaluating 604 00:18:33,140 --> 00:18:34,300 those to figure out which ones you wanna 605 00:18:34,300 --> 00:18:34,440 go. 606 00:18:34,440 --> 00:18:36,520 Is that fair to say versus your point 607 00:18:36,520 --> 00:18:37,800 in your career where you're still chasing? 608 00:18:38,660 --> 00:18:40,360 Yeah, I would say that that's pretty fair 609 00:18:40,360 --> 00:18:40,760 to say. 610 00:18:40,940 --> 00:18:43,500 I mean, typically, I mean, when I was 611 00:18:43,500 --> 00:18:44,700 first getting started it was a lot of 612 00:18:44,700 --> 00:18:48,100 cold calling, sending out direct mail like just 613 00:18:48,100 --> 00:18:51,000 between us girls is one of the best 614 00:18:51,000 --> 00:18:53,480 pieces of marketing that you could ever do 615 00:18:53,480 --> 00:18:54,160 in commercial real estate. 616 00:18:54,460 --> 00:18:56,640 It is so common in residential. 617 00:18:56,900 --> 00:19:00,560 It is totally overused that you get like 618 00:19:00,560 --> 00:19:02,360 no responses on it but nobody does that 619 00:19:02,360 --> 00:19:03,280 in commercial real estate. 620 00:19:03,280 --> 00:19:05,580 So if you're interested in investing in a 621 00:19:05,580 --> 00:19:08,280 specific zip code go to tax records, get 622 00:19:08,280 --> 00:19:09,860 a list of all the properties that fit 623 00:19:09,860 --> 00:19:11,920 that and just start sending them direct mail. 624 00:19:12,100 --> 00:19:12,740 It works. 625 00:19:12,880 --> 00:19:14,040 I mean, I've found some great deals that 626 00:19:14,040 --> 00:19:14,600 way, but yes. 627 00:19:15,620 --> 00:19:17,780 Today, I don't really have to search. 628 00:19:17,900 --> 00:19:19,220 I can't, if I want to if there's 629 00:19:19,220 --> 00:19:21,500 maybe something very specific that we're looking for. 630 00:19:21,920 --> 00:19:24,260 For the most part, it's either my preexisting 631 00:19:24,260 --> 00:19:27,980 relationships or bookers or honestly people off of 632 00:19:27,980 --> 00:19:29,840 YouTube or the podcast that bring me deals 633 00:19:29,840 --> 00:19:30,020 now. 634 00:19:30,820 --> 00:19:33,340 So if I am starting and I don't 635 00:19:33,340 --> 00:19:35,100 say it's something narrowing down to an asset 636 00:19:35,100 --> 00:19:36,660 class to at least starting might make sense. 637 00:19:36,840 --> 00:19:38,960 And then in that case, what should I 638 00:19:38,960 --> 00:19:39,480 be looking at? 639 00:19:39,520 --> 00:19:40,500 Like if I'm trying to figure out an 640 00:19:40,500 --> 00:19:43,260 asset class to get into is there recommendations 641 00:19:43,260 --> 00:19:45,140 you have to start that very first step? 642 00:19:45,860 --> 00:19:48,000 Yeah, I mean, I think the easiest asset 643 00:19:48,000 --> 00:19:50,860 class for beginners is what I mentioned earlier 644 00:19:50,860 --> 00:19:52,720 flex space or self-storage. 645 00:19:53,140 --> 00:19:55,320 Now you still need to study it. 646 00:19:55,480 --> 00:19:57,500 Just because I say it's the easiest doesn't 647 00:19:57,500 --> 00:19:58,400 mean it's easy, right? 648 00:19:59,040 --> 00:20:02,280 Those two are going to be easier to 649 00:20:02,280 --> 00:20:02,580 manage. 650 00:20:02,680 --> 00:20:04,900 They're gonna be easier to find tenants and 651 00:20:04,900 --> 00:20:06,820 honestly on the cheaper end of the spectrum, 652 00:20:07,000 --> 00:20:07,180 right? 653 00:20:07,200 --> 00:20:09,120 Like self-storage is pretty inexpensive. 654 00:20:09,640 --> 00:20:11,920 So is flex space, it's really just a 655 00:20:11,920 --> 00:20:12,460 tin can. 656 00:20:12,960 --> 00:20:16,580 But that being said, you can make a 657 00:20:16,580 --> 00:20:19,060 ton of money doing anything in commercial real 658 00:20:19,060 --> 00:20:21,120 estate if you are going to apply yourself 659 00:20:21,120 --> 00:20:21,420 to it. 660 00:20:21,460 --> 00:20:24,460 So what I tell my friends, my family, 661 00:20:24,640 --> 00:20:27,800 our members people on YouTube, whatever, is just 662 00:20:27,800 --> 00:20:29,780 pick one that you like, honestly. 663 00:20:30,120 --> 00:20:32,120 Like you're gonna be more interested in figuring 664 00:20:32,120 --> 00:20:34,320 it out and going and putting the work 665 00:20:34,320 --> 00:20:37,500 into it if you genuinely enjoy working on 666 00:20:37,500 --> 00:20:37,720 it. 667 00:20:37,800 --> 00:20:40,140 Like, yeah, can you make money in self 668 00:20:40,140 --> 00:20:40,480 -storage? 669 00:20:40,660 --> 00:20:41,100 Absolutely. 670 00:20:41,440 --> 00:20:43,540 But if you hate it and you're much 671 00:20:43,540 --> 00:20:44,800 more of a, you know, you kind of 672 00:20:44,800 --> 00:20:47,220 want the flashiness or the sexiness that retail 673 00:20:47,220 --> 00:20:48,280 has, go to retail. 674 00:20:48,580 --> 00:20:50,040 You'll make money doing either one. 675 00:20:50,660 --> 00:20:51,220 Yeah, I love that. 676 00:20:51,360 --> 00:20:53,260 I've been doing land on the side for 677 00:20:53,260 --> 00:20:53,620 10 years. 678 00:20:53,700 --> 00:20:54,100 I love it. 679 00:20:54,100 --> 00:20:55,420 I just absolutely love it. 680 00:20:55,540 --> 00:20:56,980 Ever since I first heard the concept of 681 00:20:56,980 --> 00:20:58,200 the guys on my podcast, I was like, 682 00:20:58,200 --> 00:20:58,820 I love that. 683 00:20:59,220 --> 00:21:00,520 And I love it that you're right. 684 00:21:00,580 --> 00:21:03,040 Like as an entrepreneur, you don't really love 685 00:21:03,040 --> 00:21:03,540 what you're doing. 686 00:21:03,600 --> 00:21:04,500 It just seems like work. 687 00:21:04,540 --> 00:21:05,920 But when you do, it's just so much 688 00:21:05,920 --> 00:21:07,320 fun to be able to go in and 689 00:21:07,320 --> 00:21:08,780 to go all in and learn everything you 690 00:21:08,780 --> 00:21:09,180 need to learn. 691 00:21:09,600 --> 00:21:10,980 Speaking of learning, if I'm following you on 692 00:21:10,980 --> 00:21:12,200 YouTube, what am I learning? 693 00:21:12,380 --> 00:21:13,320 Or what kind of stuff do you cover 694 00:21:13,320 --> 00:21:13,860 on your channel? 695 00:21:14,400 --> 00:21:16,900 Oh man, everything about investing in commercial real 696 00:21:16,900 --> 00:21:17,100 estate. 697 00:21:17,380 --> 00:21:18,800 So I think at this point we've got 698 00:21:18,800 --> 00:21:20,920 close to 700 videos, which is kind of 699 00:21:20,920 --> 00:21:21,680 hard to imagine. 700 00:21:21,680 --> 00:21:25,700 But everything from how to buy your first 701 00:21:25,700 --> 00:21:29,080 commercial property, all the way to like 30 702 00:21:29,080 --> 00:21:32,580 minute conversations with investors and developers, walking through 703 00:21:32,580 --> 00:21:35,840 their lessons learned, their biggest burns, the things 704 00:21:35,840 --> 00:21:38,540 that almost ended their careers and what they 705 00:21:38,540 --> 00:21:39,920 would have done differently, right? 706 00:21:39,940 --> 00:21:42,780 So there's a wide spectrum of content on 707 00:21:42,780 --> 00:21:44,840 there that is really intended to give you 708 00:21:45,380 --> 00:21:47,980 a full 360 approach to commercial real estate. 709 00:21:48,060 --> 00:21:50,480 We do property tours with investors and I 710 00:21:50,480 --> 00:21:51,840 sit down with them and I'm like, okay, 711 00:21:51,900 --> 00:21:53,100 it's called the story of the deal. 712 00:21:53,700 --> 00:21:55,140 How did you find this? 713 00:21:55,320 --> 00:21:56,240 How did you fund it? 714 00:21:56,720 --> 00:21:58,440 What were the problems that you faced, the 715 00:21:58,440 --> 00:21:59,420 hurdles you had to jump? 716 00:21:59,520 --> 00:22:00,760 What would you have done differently on this 717 00:22:00,760 --> 00:22:02,120 project if you could do it over again? 718 00:22:02,500 --> 00:22:04,140 So it's a lot of fun, man. 719 00:22:04,200 --> 00:22:06,240 And then sometimes it's just me whiteboarding, teaching 720 00:22:06,240 --> 00:22:07,040 different concepts. 721 00:22:07,300 --> 00:22:08,320 So it completely depends. 722 00:22:08,380 --> 00:22:10,240 I just try to think through what's the 723 00:22:10,240 --> 00:22:11,620 content that I wish I'd had when I 724 00:22:11,620 --> 00:22:12,860 was first getting started and that's what we 725 00:22:12,860 --> 00:22:13,280 put out there. 726 00:22:13,580 --> 00:22:14,160 You have a podcast? 727 00:22:14,740 --> 00:22:15,180 I do. 728 00:22:15,300 --> 00:22:17,240 So actually the live streams that we do 729 00:22:17,240 --> 00:22:19,540 on YouTube, we just pull that audio right 730 00:22:19,540 --> 00:22:20,980 off and send it out on the podcast. 731 00:22:21,410 --> 00:22:21,920 Sure, yeah. 732 00:22:22,040 --> 00:22:22,800 It makes sense. 733 00:22:22,880 --> 00:22:23,980 I was gonna say, if you haven't done 734 00:22:23,980 --> 00:22:26,040 that with it, it's like a huge audience 735 00:22:26,040 --> 00:22:26,480 out there. 736 00:22:26,760 --> 00:22:27,220 So that's cool. 737 00:22:27,340 --> 00:22:28,780 So with commercial real estate, where do you 738 00:22:28,780 --> 00:22:29,280 see the future? 739 00:22:29,520 --> 00:22:30,560 A lot of things changing right now. 740 00:22:30,700 --> 00:22:32,300 Like Tesla's got robots that are gonna take 741 00:22:32,300 --> 00:22:32,820 over the world. 742 00:22:32,980 --> 00:22:34,440 You got AI taking over the world. 743 00:22:34,660 --> 00:22:36,640 So how do you see that impacting what 744 00:22:36,640 --> 00:22:37,020 you do? 745 00:22:37,360 --> 00:22:39,920 Yeah, I mean, I think that if I 746 00:22:39,920 --> 00:22:42,620 knew that, I would be probably the wealthiest 747 00:22:42,620 --> 00:22:44,740 person in the world already, right? 748 00:22:45,080 --> 00:22:46,680 I mean, there's no telling, man. 749 00:22:46,840 --> 00:22:49,560 It's interesting because I think five, six years 750 00:22:49,560 --> 00:22:51,720 ago, I could have told you exactly where 751 00:22:51,720 --> 00:22:53,400 I thought everything was gonna be and have 752 00:22:53,400 --> 00:22:54,460 been very confident with it. 753 00:22:54,940 --> 00:22:56,860 I think with the release of AI, it 754 00:22:56,860 --> 00:22:59,920 really, really changes things, but it makes me 755 00:22:59,920 --> 00:23:03,440 more certain that owning physical space is going 756 00:23:03,440 --> 00:23:05,880 to be more important than ever, because AI 757 00:23:05,880 --> 00:23:08,180 is gonna take over everything digital, right? 758 00:23:08,220 --> 00:23:09,780 There's no doubt about it. 759 00:23:10,340 --> 00:23:12,000 In the past two or three years, since 760 00:23:12,000 --> 00:23:14,020 AI has really come out to the public, 761 00:23:14,260 --> 00:23:16,660 the leaps and bounds that we have made 762 00:23:16,660 --> 00:23:20,540 there, the jobs that it's already completely eliminated 763 00:23:21,340 --> 00:23:22,380 is astounding. 764 00:23:22,640 --> 00:23:23,640 And I don't even think that we have 765 00:23:23,640 --> 00:23:26,700 the full data set on what it's doing 766 00:23:26,700 --> 00:23:26,980 yet. 767 00:23:27,140 --> 00:23:29,240 And it's also not even that great. 768 00:23:29,800 --> 00:23:31,980 Like if you think through some of the 769 00:23:31,980 --> 00:23:34,420 capabilities that AI still can't do right today, 770 00:23:34,500 --> 00:23:37,600 like once those things are fixed, it's off 771 00:23:37,600 --> 00:23:38,120 to the races. 772 00:23:38,380 --> 00:23:41,060 So I think it's like the internet in 773 00:23:41,060 --> 00:23:41,680 1999. 774 00:23:42,140 --> 00:23:43,740 I don't think that we've gotten anywhere yet, 775 00:23:43,900 --> 00:23:45,820 and it'll be interesting to see what happens 776 00:23:45,820 --> 00:23:47,740 over the next three, five, 10 years. 777 00:23:48,080 --> 00:23:50,200 But people need places to live. 778 00:23:50,400 --> 00:23:53,540 They're still gonna be going shopping, and industry 779 00:23:53,540 --> 00:23:58,060 still needs to move steel, and brick, and 780 00:23:58,060 --> 00:24:00,740 wire, right, for building places. 781 00:24:01,060 --> 00:24:02,720 So that's why I love commercial real estate, 782 00:24:02,880 --> 00:24:04,220 man, and real estate in general. 783 00:24:04,440 --> 00:24:06,120 I mean, look, single family homes and apartments 784 00:24:06,120 --> 00:24:07,420 are gonna be good for all of that 785 00:24:07,420 --> 00:24:07,640 too. 786 00:24:08,040 --> 00:24:10,020 Yeah, we gotta move ICs too. 787 00:24:10,240 --> 00:24:11,480 So that's why we have Fox Space. 788 00:24:13,060 --> 00:24:14,340 What's some of the best advice? 789 00:24:14,420 --> 00:24:16,060 Somebody who's watching this right now, they wanna 790 00:24:16,060 --> 00:24:18,120 start into commercial real estate. 791 00:24:18,240 --> 00:24:19,480 They're like, wow, I never even thought about 792 00:24:19,480 --> 00:24:19,660 this. 793 00:24:19,740 --> 00:24:21,580 I never really heard about Fox Space until 794 00:24:21,580 --> 00:24:22,340 you started talking about it. 795 00:24:22,680 --> 00:24:23,980 So what are some of the first steps, 796 00:24:24,020 --> 00:24:26,040 besides following you on YouTube, that somebody should 797 00:24:26,040 --> 00:24:28,160 do to kind of start getting started if 798 00:24:28,160 --> 00:24:30,160 they might see, to explore if they have 799 00:24:30,160 --> 00:24:31,600 a real interest in commercial real estate? 800 00:24:32,160 --> 00:24:33,760 Yeah, I was gonna say, first binge the 801 00:24:33,760 --> 00:24:34,400 YouTube channel. 802 00:24:35,040 --> 00:24:36,080 So thanks for the plug. 803 00:24:36,800 --> 00:24:38,940 I mean, look, after you've started learning there, 804 00:24:39,440 --> 00:24:41,460 look at joining your local REIAs, your Real 805 00:24:41,460 --> 00:24:42,940 Estate Investor Associations. 806 00:24:42,940 --> 00:24:45,560 They're typically free, if not cheap, right? 807 00:24:45,580 --> 00:24:47,100 I think a membership for the one in 808 00:24:47,100 --> 00:24:48,480 Nashville is a couple of hundred bucks a 809 00:24:48,480 --> 00:24:48,680 year. 810 00:24:49,400 --> 00:24:51,960 And just start surrounding yourself with the people 811 00:24:51,960 --> 00:24:53,500 that are doing commercial deals. 812 00:24:53,600 --> 00:24:54,540 Now, you're gonna find a lot of people 813 00:24:54,540 --> 00:24:56,140 that are interested in just residential there, but 814 00:24:56,140 --> 00:24:57,740 you'll find, you'll be able to find people 815 00:24:57,740 --> 00:24:58,600 that are doing commercial. 816 00:24:59,120 --> 00:25:01,240 That or just start calling real estate brokers, 817 00:25:01,420 --> 00:25:04,660 commercial real estate brokers, and see if you 818 00:25:04,660 --> 00:25:05,520 can take them out for coffee. 819 00:25:05,860 --> 00:25:07,060 See if you can go pick their brain. 820 00:25:07,520 --> 00:25:09,320 Buy them lunch, buy the coffee, buy the 821 00:25:09,320 --> 00:25:09,820 lunch, right? 822 00:25:09,840 --> 00:25:11,020 I mean, if you're gonna go ask somebody 823 00:25:11,020 --> 00:25:13,980 for advice or how to do things in 824 00:25:13,980 --> 00:25:16,120 their career, then you'll wanna be the one 825 00:25:16,120 --> 00:25:16,760 that's paying for it. 826 00:25:16,860 --> 00:25:19,280 But just start immersing yourself into it. 827 00:25:19,560 --> 00:25:22,260 There's also plenty of conferences out there that 828 00:25:22,260 --> 00:25:24,280 you could check out, like ICSC. 829 00:25:24,720 --> 00:25:26,260 And this may be a little too advanced 830 00:25:26,260 --> 00:25:28,600 for somebody that's just beginning, but that's the 831 00:25:28,600 --> 00:25:30,160 International Council of Shopping Centers. 832 00:25:30,320 --> 00:25:31,480 A lot of tenants go there. 833 00:25:31,580 --> 00:25:33,400 A lot of retail investors go there. 834 00:25:34,900 --> 00:25:36,900 SIOR, CCIM, those are some designations. 835 00:25:37,040 --> 00:25:38,540 It's kind of like the equivalent of maybe 836 00:25:38,540 --> 00:25:39,120 a CPA. 837 00:25:39,320 --> 00:25:40,920 I'm sure CPAs would say, well, hell no, 838 00:25:40,960 --> 00:25:41,320 it's not. 839 00:25:41,320 --> 00:25:43,860 But look, in commercial real estate, that's our 840 00:25:43,860 --> 00:25:44,800 only equivalent, all right? 841 00:25:45,580 --> 00:25:47,960 So CCIM is Certified Commercial Investment Member. 842 00:25:48,140 --> 00:25:49,280 You've got a lot of people that are 843 00:25:49,280 --> 00:25:52,060 very professional commercial real estate brokers that are 844 00:25:52,060 --> 00:25:53,440 part of that organization. 845 00:25:53,680 --> 00:25:55,060 That's probably a great place to start to 846 00:25:55,060 --> 00:25:56,660 go find you a great commercial broker in 847 00:25:56,660 --> 00:25:57,120 your area. 848 00:25:57,600 --> 00:25:59,920 And just start immersing yourself into it, right? 849 00:26:00,340 --> 00:26:02,280 Find people that are doing the types of 850 00:26:02,280 --> 00:26:03,780 projects that you wanna do and see if 851 00:26:03,780 --> 00:26:06,300 you can go spend time with them, learning 852 00:26:06,300 --> 00:26:07,820 from them, or maybe touring their sites. 853 00:26:08,020 --> 00:26:09,100 It's the best way to learn. 854 00:26:09,160 --> 00:26:10,300 It's really that hands-on approach. 855 00:26:11,020 --> 00:26:12,440 Tyler, thanks for coming on with us today. 856 00:26:13,140 --> 00:26:14,260 Yeah, Ty, thanks for having me, man. 857 00:26:14,280 --> 00:26:15,100 This was a great conversation. 858 00:26:15,540 --> 00:26:16,220 So everybody, listen. 859 00:26:16,360 --> 00:26:18,960 You wanna go to search Tyler Cobble on 860 00:26:18,960 --> 00:26:21,160 YouTube is what you wanna do, or go 861 00:26:21,160 --> 00:26:22,940 to Google and just put Tyler Cobble YouTube, 862 00:26:23,120 --> 00:26:24,780 and that's C-A-U-B-L-E. 863 00:26:25,020 --> 00:26:26,900 If you go find Tyler on YouTube, you're 864 00:26:26,900 --> 00:26:28,240 gonna find, as a matter of fact, on 865 00:26:28,240 --> 00:26:29,740 his YouTube channel, you'll see his posts and 866 00:26:29,740 --> 00:26:31,280 you'll see his 30 deals in 30 days. 867 00:26:31,360 --> 00:26:32,720 So you'll be able to access that content. 868 00:26:33,020 --> 00:26:34,340 I mean, everything you could possibly want here. 869 00:26:34,380 --> 00:26:37,000 He's got a massive amount of subscribers for 870 00:26:37,000 --> 00:26:38,400 a reason, because just like he said, if 871 00:26:38,400 --> 00:26:40,080 you're looking at the content on his channel, 872 00:26:40,080 --> 00:26:42,760 he has stuff from everything, from smarter strategies 873 00:26:42,760 --> 00:26:45,120 and getting started stuff to how I'm making 874 00:26:45,120 --> 00:26:47,460 tens of thousands of dollars on different types 875 00:26:47,460 --> 00:26:50,280 of properties, to interviews, to walkthroughs and wipe. 876 00:26:50,300 --> 00:26:52,320 I mean, everything you potentially need to just 877 00:26:52,320 --> 00:26:54,080 kind of explore the world of commercial real 878 00:26:54,080 --> 00:26:56,060 estate to see kind of, do you have 879 00:26:56,060 --> 00:26:57,900 an interest in one type? 880 00:26:58,120 --> 00:26:59,160 And then start to narrow it down to 881 00:26:59,160 --> 00:27:00,680 an asset class you can actually use to 882 00:27:00,680 --> 00:27:01,120 get started. 883 00:27:01,400 --> 00:27:02,580 And a lot of the math, a lot 884 00:27:02,580 --> 00:27:04,520 of the getting started steps, a lot of 885 00:27:04,520 --> 00:27:06,300 the, as he's mentioned, the mistakes that other 886 00:27:06,300 --> 00:27:07,700 people have made that you can learn from. 887 00:27:07,780 --> 00:27:09,320 It's literally all in one place. 888 00:27:09,320 --> 00:27:11,680 I've never found such a treasure trove of 889 00:27:11,680 --> 00:27:14,700 information on getting started launching and succeeding commercial 890 00:27:14,700 --> 00:27:16,680 real estate as what you're gonna find on 891 00:27:16,680 --> 00:27:18,320 the Tyler Cobble YouTube channel. 892 00:27:18,420 --> 00:27:20,440 So just go to YouTube, or you can 893 00:27:20,440 --> 00:27:22,340 go to Google and type in tylercobble, that's 894 00:27:22,340 --> 00:27:24,480 C-A-U-B-L-E, and type 895 00:27:24,480 --> 00:27:26,180 in Tyler Cobble YouTube, or go to YouTube 896 00:27:26,180 --> 00:27:26,740 and search him. 897 00:27:26,980 --> 00:27:28,880 You'll be able to find it, subscribe, and 898 00:27:28,880 --> 00:27:30,260 then tune into some of his content. 899 00:27:30,400 --> 00:27:32,100 Like you just start binging this content. 900 00:27:32,380 --> 00:27:33,700 If you wanna listen on the go, then 901 00:27:33,700 --> 00:27:35,520 he's got it in an audio format as 902 00:27:35,520 --> 00:27:35,740 well. 903 00:27:35,940 --> 00:27:37,360 You can go right to his bio and 904 00:27:37,360 --> 00:27:38,500 you can be able to click there to 905 00:27:38,500 --> 00:27:40,060 get to all of his other links to 906 00:27:40,060 --> 00:27:41,260 be able to access that content. 907 00:27:41,380 --> 00:27:42,820 Make sure you check it out right next. 908 00:27:42,860 --> 00:27:44,700 There's so much money to be made in 909 00:27:44,700 --> 00:27:45,340 commercial real estate. 910 00:27:45,420 --> 00:27:46,760 What I love about Tyler is a million 911 00:27:46,760 --> 00:27:48,080 things, but one of the things I love 912 00:27:48,080 --> 00:27:50,540 the most is his ability to diversify and 913 00:27:50,540 --> 00:27:51,400 move back and forth. 914 00:27:51,700 --> 00:27:53,100 You've heard so many people on the show 915 00:27:53,100 --> 00:27:55,840 that did something and failed and they couldn't 916 00:27:55,840 --> 00:27:56,460 pivot enough. 917 00:27:56,600 --> 00:27:57,540 And a lot of times they put them 918 00:27:57,540 --> 00:27:58,960 out of business and you're hearing about their 919 00:27:58,960 --> 00:27:59,640 comeback story. 920 00:27:59,960 --> 00:28:01,600 Well, he has got the ability to be 921 00:28:01,600 --> 00:28:03,120 able to move from thing to thing because 922 00:28:03,120 --> 00:28:03,720 of the knowledge. 923 00:28:03,780 --> 00:28:05,220 You get it all in one place without 924 00:28:05,220 --> 00:28:07,240 going to work from a hundred different gurus. 925 00:28:07,240 --> 00:28:08,880 You've got one guru that teaches you everything 926 00:28:08,880 --> 00:28:09,460 you need to know. 927 00:28:09,540 --> 00:28:11,560 So it all happens on the Tyler Cobble 928 00:28:11,560 --> 00:28:12,240 YouTube channel. 929 00:28:12,360 --> 00:28:13,260 Make sure you check it out today. 930 00:28:13,380 --> 00:28:14,040 Thanks for tuning in. 931 00:28:14,100 --> 00:28:14,400 Take care. 932 00:28:14,640 --> 00:28:15,080 Have a great day. 933 00:28:22,800 --> 00:28:25,900 You've been listening to the Business Credit and 934 00:28:25,900 --> 00:28:29,100 Financing Show with your host, Ty Crandall. 935 00:28:29,560 --> 00:28:31,660 Watch for our next episode to get even 936 00:28:31,660 --> 00:28:35,160 more insight on financing and growing your business. 937 00:28:35,400 --> 00:28:37,640 And don't forget to check us out online 938 00:28:37,640 --> 00:28:41,180 at creditsuite.com for even more business growth 939 00:28:41,180 --> 00:28:41,780 strategies.