May 3, 2023 • 26 mins
Be The Bank S5 Ep9 - Face to Face
On episode 9 of season 5, Justin Bogard and Richard Thornton got to hangout recently at a mastermind!
Key Takeaways:
- Charity Auction
- Mastermind
- Wholesalers overselling houses
Resources and links discussed
- Videocast on our YouTube Channel
- ANB Funds Website - https://anbfunds.com
About the Host
Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!
Connect with the Host:
- Facebook - bethebank
- Twitter - bethebank1
- Instagram - bethebankpodcast
- Constant CashFlow - https://brightpathnotes.com/constant-cash-flow/
- American Note Buyers - https://anbfunds.com/
- Monthly Broadcast - https://youtube.com/playlist?list=PLzc944w1xydt5aLDrrEPHJhdJeDkBjjD4
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Narrator (00:01):
Interested in real estate.
How about wealth?
Well, they go hand in hand.
And here you'll learn all aboutit.
About it.
Welcome to Be the Bank, apodcast where we discuss and
debate the topics centeredaround real estate investing.
Your host, Justin Bogart, sharesinsights into investing in real
estate to create real wealth andpassive income for you and your
(00:23):
family.
He'll share stories of realestate investments done right,
walk you through the process ofowning a real estate note, and
most importantly, educate you soyou can be the bank, your bank.
This is be the bank brought toyou by American Note buyers.
Now, here's your host, Justin.
Justin Bogard (00:45):
Hello there, listener.
This is episode number nine ofthe Be the Bank podcast.
And we are sponsored and broughtto you by American NPIs.
Today we're gonna be kind oftalking about really getting
together with colleagues andpeople in your industry to kind
of how to better, uh, yoursituation that you're in with
(01:07):
your business or how you runyour portfolio.
And we call them masterminds,but you may call them something
different.
And we're gonna kind of get intothat subject matter today.
So stay tuned, Richard.
(01:28):
How are you?
Richard Thornton (01:29):
Good.
I like that, that, uh,architectural logo we got.
That's, that's pretty sharp.
I like the music.
I like the way it kind of turnsaround there and fills out.
It's kind of nice.
Justin Bogard (01:38):
It is.
It's pretty cool.
You guys can check that out onour YouTube channel for American
Note Buyers.
Mm-hmm.
.
And you look at the episodenumber nine on our Be the Bank,
uh, playlist for our podcast.
So that's how we, uh, we justrecord this and we strip out the
audio for the podcast.
Right, Richard?
Richard Thornton (01:53):
That's right.
That's right.
They don't get to see yourbeautiful view behind you nor
the grand piano behind me, youknow?
Yeah.
Justin Bogard (02:01):
, we do
the virtual screens because when
we record our, our podcast here,we're typically in our home
offices and stuff.
And, um, it's just, you know,you don't need to see all the
background that's going on.
Richard Thornton (02:12):
Yeah.
You know, I got peeled wallpaperand all sorts of stuff, like,
you know, I mean, come on.
Justin Bogard (02:16):
We've got wires hanging everywhere.
We're just com completelyunprofessional.
Nothing looks good here.
They'll never know.
Richard Thornton (02:26):
That's right.
Justin Bogard (02:28):
Well, Richard, I have run to a few people lately
that have mentioned how muchthey enjoy our podcast.
And so I think that we must bedoing a good job for a couple
people.
So
Richard Thornton (02:38):
That really got'em fooled.
One of
Justin Bogard (02:39):
The two, our two our five subscribers.
Thank you,.
Yeah.
And the millions of download,Richard, we actually had seen
each other recently, uh, about acouple of days ago from this
recording
Richard Thornton (02:53):
Face-to-face.
Yeah.
Can you imagine that?
As opposed to being just sittinghere digitally beside each
other.
Justin Bogard (02:59):
I was actually talking to somebody today about,
um, they had mentioned, youknow, they're talking about,
Hey, I know you're a businesspartner cause I've seen you on
your podcast and stuff.
And they had mentioned like, doyou go to California that often?
To, you know, to, to do businesswith them?
I said, I've never been outthere.
Yeah.
I've never been out there to seehim at all.
Said, I usually only see himonce or twice a year just at
(03:20):
events that we, that we plan ongoing to.
And at that time, we reallydon't even hang out because
we're so busy networking and,you know, that's right.
Doing what we need to do for thebusiness and stuff that we
actually don't, we don't reallyspend any real time together.
It's usually on a Zoom or aphone call.
So it's, it's kind of funny whenI see you in person, it just
doesn't seem the same.
.
Richard Thornton (03:40):
I know
Justin Bogard (03:41):
You're much taller too.
When we're on screen, we're thesame height.
Richard Thornton (03:45):
That's right.
Justin Bogard (03:45):
That's right.
Richard's like six, eight.
Richard Thornton (03:48):
No,
Justin Bogard (03:49):
180 grams soaking wet.
Richard Thornton (03:51):
Yeah.
Right.
Justin Bogard (03:52):
.
But, uh, it, it is interestingthough that we can conduct our
business and really not evenhave to have, you know, close
interaction to each otherbecause of the technology that's
available to us.
Right.
Richard Thornton (04:06):
No, that is right.
You know, my sister, my sister,my daughter works for Google and
she manages a, a team.
Mm-hmm.
.
Um, most of the, most of theteam is in, uh, Switzerland.
She's in Seattle and her otherteam members are in I think Rio
de Janeiro and I can't rememberwhere the other places are.
(04:26):
She's never met a lot of'em inper in, uh, person.
Justin Bogard (04:30):
Yeah.
It's just interesting.
Um, one of the reasons why wegot together, excuse me, I got
something in my throat, is thatwe had done a charity auction
last November in 2022 to get achance to sit in front of Eddie
Speed, one of our mentors and aguy named Cade Thompson and
(04:52):
Eddie's wife, Martha Speed, andanother guy that you all might
know, uh, his name is MikePowell and he is partners with
Mitch Stevens, the guy that, um,wrote the book, uh, the Art of
Seller Financing or the, the Manof, uh, a Thousand Houses.
I forget the title.
I I know it's, you know, hitmyself head after this recording
(05:13):
and I'm gonna be like, oh,that's what it was.
But anyways, Mitch is a very,uh, I won't say famous, he's a
very well-known owner, financer,and he lives in San Antonio,
Texas.
So his partner Mike Powell wasthere and he kind of runs
operations similar to what I dofor Richard and I's business.
Um, so we got a chance to sit infront of those guys.
Right?
Richard Thornton (05:29):
Right.
So we met at a, at a gottogether for a mastermind, um,
tail end of last weekend overthe weekend.
Mm-hmm.
at about 20 peopleor so there.
And the idea behind yourmastermind, for those of you who
don't know, is that you have abroad spectrum of people, um,
(05:50):
from a lot of different areas.
Um, uh, for instance, you've gotKade Thompson who manages a,
manages a 70 billion portfolioand he buys all sorts of, uh,
resi products to some peoplethere who are just starting out
and, and they're from, uh, comefrom different points of view.
So when one goes there, oneusually goes, um, uh, to, uh, be
(06:15):
put on a hot seat and that meansthat you go with a, uh, question
or a, a burning need and peoplewill help you, uh, to the best
of their ability resolve thatissue, whatever it has.
It could be personnel, it couldbe how to raise cash.
It could be, you know, how to,how to, uh, manage people or
virtual assistance or, orwhatever.
(06:36):
Um, but they are there, there to, uh, focus just on you for
whatever your time in a hot seatis and can be very valuable.
Justin Bogard (06:45):
Yeah.
So, so masterminds or acollection of a specific group
is, is can be very specific.
Meaning they can be people thatare pretty much at your same
level or higher or there couldbe people that are kind of a
mixed bag and we, we happen tobe in a group with a mixed bag,
which I think is, is a littlemore fun, uh, because you're
(07:05):
gonna have different challenges.
There's people like you hadmentioned that hadn't even done
a deal before.
Right.
And so they're trying to figureout what do I do next?
Right.
And there's people that havebeen in the business for a long
time, you know, like we have andwe're like, what do we do next?
Right.
So it's funny how you can havesome similarities and you can
have, you know, obviously somedisparity as well when you have
a group like that, but everybodycan kind of get a learn and get
(07:28):
a sense for what's going on inthe room.
Like, we're not gonna dive intospecifics of conversations cuz
number one, we don't have enoughtime to do that number, number
number, uh, two, you know, we,we don't need to specify
specific things.
Um, but ultimately, you know,you're, you're like what Richard
said, you know, you're trying tofind out what, what is the, what
is that you're having a problemwith today
Richard Thornton (07:50):
And what Yeah.
And maybe, uh, well, I shouldn'tsay maybe, uh, in the notes
school crowd, uh, it was pointedout to me, and I think this is
quite true, is that most peoplethere, um, are either in their
second or their third act.
Most people are in their secondact like they've gone through a
great job.
You know, they've, they're veryexperienced.
They've got 20 years ofexperience doing whatever.
(08:12):
They're a lawyer, they're a, youknow, uh, whatever.
And they wanna move on tosomething else.
They wanna diversify somehow.
So they bring those backgroundsto that mastermind and, uh, I
think that, um, really broadensthe, uh, experience and, and is,
makes it more, uh, a richerexperience.
Justin Bogard (08:32):
Yeah.
Cuz the whole group benefitsfrom their, their specialty,
from their, from their Act oneand their life or act two.
That's a good point that theybring up.
So
Richard Thornton (08:40):
There's, yeah, we, we met one fellow, um, who
was very knowledgeable.
He was a, a taxation attorneyand, you know, we had all sorts
of questions for him.
.
Justin Bogard (08:48):
Yeah.
Richard Thornton (08:49):
And he was very helpful.
Justin Bogard (08:51):
.
Yeah.
Like e every, everybody addsvalue, even if they've not done
a deal before because they havesome sort of experience in their
life that they can, they cansay, Hey, blah, blah, blah, I
learned this from my previouslife because it could pertain to
somebody.
Like, like, we're building abusiness, right?
And we don't have all theanswers to everything, but we,
we know the, we know how ourspecialty, right, our sp our
(09:12):
special hammer, we know how touse the special hammer, but we
may not know how to, you know,run a company around the special
hammer.
So that's really what benefitsus is because we can hear from
people that have a 60 billionportfolio and how they run just
a huge Wall Street firm versus,you know, somebody that's on a
smaller level that has, youknow, a few hundred, uh, loans
(09:32):
that they manage in theirportfolio.
And you can see somesimilarities and disparities on,
on how that works and how youcan jump and, uh, and get into
the game and, and g go for ahigher level, uh, if that's what
you wanna do.
So it's always interesting.
Richard Thornton (09:46):
Right.
And so, Mr.
Bogard, yeah.
Tell us something that youlearned over this weekend from
the mastermind.
Justin Bogard (09:58):
Well, I, I kind of knew this going into it, but
it's also nice to be what Iwanna say.
Um, re it's reinforced that someof the things that we're doing
that we were pretty confident inthat are the right things to do.
Meaning the path that we chosedown, the way that we're doing
things, the how and the why andthe what.
(10:22):
We got a lot of re um,reassurance from some of our
mentors that that is the, theright way to do things.
So it's like, okay, take a deepbreath, exhale, okay, good.
We're running down the path theright way.
And there's a few things that wedidn't think about.
Um, again, I don't need to getinto specific things, but, um,
uh, what I'm trying to say isyou can be focused on one thing,
(10:46):
especially when you're running acompany and you can miss out on
some of the details or notunderstanding the full scope of
where you want to go.
So vision is really important,understanding where are you
trying to get to?
And that's something that'soften gets lost by
entrepreneurs, my, myselfincluded.
And you kinda have to step backfor a minute and go, wait a
minute, where are we actuallygoing?
(11:08):
And how are we trying to get toit?
It's, it's easy for you and I tofigure out how to get from point
A to point B sometimes, you know, we have to go, you know, make
a left, make a right, we have togo up, we have to go down, um,
but we really, where is it thatwe're trying to go?
And so once you kind of dialthat in, everything else kind of
lines itself up.
And so that's, that's some ofthe things that I had forgotten.
(11:31):
Um, you know, figuring out whenthis, in this world that we're
doing with the fund is, you know, where are we trying to go with
it?
What's not just one year out,but what's kind of the fifth
year out and what does this looklike and how are we graduating
to the next level so that our,the way that we get there, you
know, we're, we're prepared forit and we're running in the most
efficient direction that we can.
Richard Thornton (11:50):
Yeah, I think that's a good point.
Uh, and I was actually speakingwith one of our, um, fund
investors, uh, earlier today,and he was talking, um, about,
uh, actually, uh, reinvestingthe, the funds and if he did
something over 10 years or howmuch would he have and what
(12:10):
could he do with it?
And I, I finally said, you know,he, he wanted to sort of pin me
down to one specific thing thathe could do.
And I said, look, it's reallywhat your goal is.
If you wanna make this, uh, ifyou want current income, if you
want long-term income, if youwant to, uh, if you're in an
industry that's got lots of upsand downs and you want to smooth
(12:31):
th that income, uh, you can doanything you want, uh, given
what your goal is.
And that makes it very, thatmakes you behave today very
differently than you mightotherwise, depending on what
your goal and goal is.
Justin Bogard (12:48):
So what I, I have some things in mind that, that I
wanna mention, but I want tohear from you as well.
Cause I'm gonna ask you the samequestion is from your
perspective, and this is goodbecause for the audience, if
they don't know us already, youknow, Richard is more sales and
marketing and then Justin isbasically more operations, so
more inside the office andbackend type of stuff.
(13:10):
So from your perspective andwhat you were trying to gain out
of the insight from thismastermind that we went to,
what, what's something thatstuck out that you said, you
know what I, that, that'ssomething I didn't think of that
I wanna focus on?
Richard Thornton (13:22):
Well, would be , I'd have to answer several
things.
I'd have, you're right.
Justin Bogard (13:26):
Just pick one
Richard Thornton (13:27):
.
Yeah, just pick one.
Um, because obviously there's,uh, my function is both
generating deals to do, but alsogetting investors.
So getting the money to do it,you've just got the very easy
job of laying back there and,you know, operating
Justin Bogard (13:42):
.
I'm in a cot back here justhanging out, waiting on the red
phone to ring.
So right
Richard Thornton (13:48):
Now, California, you can't hit me.
No.
Um, I, I'd say that it was, uh,the general consensus that we
are finally coming into a betterperforming note market.
I mean, it's been pretty dry forthe last three or four years and
(14:09):
Uhhuh pretty hardto generate, uh, that stuff.
So that's, that's, um, good toknow.
Uh, because I think especiallyfor what we're doing with the
fund, um, it means that we're inthe right place in the right
time.
Okay.
Um, it's generally a good timeto, uh, raise money, although
you've got a lot of people whoare sitting on dry cash cuz they
(14:31):
really don't know where placeswhere, um, the markets are
going.
So it was good, good to hearother people say those.
I had sort of guessed it, but ifthat seems to be the general
consensus, I think it adds alittle bit of validity to what
we're thinking.
Justin Bogard (14:48):
Yeah, so, so some of the things that we learned,
um, about some projections that,that may may or may not happen
in the future just just frompeople's experience and what
they hear from other largercompanies and stuff.
But it, it was interesting tonote because we had been seeing
this very often too, and this isstuff that we've mentioned on
our podcast as well, is that thewholesaling market, uh, for
(15:11):
example, in the Midwest here, Ilive in Indianapolis, so there's
a lot of wholesalers and a lotof Midwest properties.
Um, it's, it's a fight to getdeals and because there's so few
properties still and there's somany wholesalers trying to go
after the same deal at the sameway that they try to get the
(15:32):
deal, meaning, you know, it'slike a cash offer, right?
You really don't have any tricksup your sleeve besides saying,
I'll give you X for it.
Uh, Mr Wholesaler number twocomes over, I'll give you x plus
one for it.
You know, it's like that, thatis the battle right now.
And the wholesalers that reallywin are the ones that can figure
(15:52):
out this owner financing trick,right?
Where they can buy the propertyand ask the seller to carry back
terms for them because they'rereally, they're gonna be really
flexible.
And what's interesting to noteis that one of, one of the guys
in, in the mastermind thisweekend, you know, he's pretty
well known in his area for doingowner financing and creating
(16:13):
owner financing and they'rebasically fed up with trying to
figure out how to make thesedeals work that they're just
trying to sell him the leads and say, Hey look, you
closed the deal because Iobviously my cash offers are not
working with these people.
And uh, here you go, you take'em.
So then he's able to basicallytake these leads with zero
(16:33):
marketing effort and just close'em with, you know, owner
financing transactions.
So it's just kind of interestingto hear that, you know, other
markets are pretty similar to usto where it's their wholesaling
is just just a war.
Right,
Richard Thornton (16:46):
Right.
And, and that puts us, as youjust said in different words,
um, in the perfect place becausethat's exactly what we're
offering through the fund.
We're we're talking with them,we're working with, uh,
different wholesalers and, andsellers direct, uh, and helping
them create the mon uh, createthe, the financing and then we
(17:08):
can buy that financing, um,ourselves.
Uh, and so any of you out therewho are listening who, um, would
like to focus on that, we're nottalking about sub twos, uh,
although you can do that.
We're just talking aboutstraight, uh, deals where if you
can't make the numbers quitework under a first, then you
structure it as a first and asecond and they carry back the
(17:28):
second.
I mean, this is pretty basicstuff for us, of us, those of us
who are in the field.
Yeah.
But a lot of other people don'tknow this.
They, they have no ideas how tostructure one of these deals.
Justin Bogard (17:40):
One, one of the cautionary tales that I have to
throw out there, Richard and I,I don't think I've talked to you
too much about this because I, Isee more of it and, and I
already know what, what youwould say about, about the deal
we we're kind of in alignment onit is some of the times we'll
get wholesalers that'll come tous and they have a property they
have under contract and thenthey want to, they have a
(18:00):
borrower that they have to sellto owner finance the property.
So basically they're trying tobuy the property for cash,
they're trying to resell theproperty at the same time on
terms, and they're trying to usethat end buyer's down payment as
part of the sale to give totheir seller.
And then also have someone likeus buy the note at the same time
so that they can just bake, youknow, their cash transaction and
(18:23):
get outta the way.
The, the problem that we'reseeing, and I think it's only
gonna get worse with somewholesalers, is that some of
them are not understanding thevalue add and they are
overextending the value of theproperty by trying to over
refinance the property.
Now we always tell people, youknow, premium financing, you
(18:45):
know, premium service provides apremium financing, meaning if
the house is worth one 10, youknow, you can sell it like for
one 12 with owner financing orone 13 or maybe one 15 you, but
you can't sell it for two 20.
Right?
Right.
It it's the same house.
Nothing has been done to it.
You can't overextend thefinancing on it and expect
somebody like us to buy that.
(19:06):
We're not gonna pay 160,000 fora$220,000 note when you bought
it for a hundred thousanddollars.
Like, and done nothing to it.
Like it's not, it's not gonnawork.
So we're starting to see peoplethat are just, and I was giving
obviously a very, um,overzealous example there, but
we're seeing some wholesalerscome up with these numbers and,
(19:26):
and I just, I can't believe thatthey have an end buyer that's
willing to pay, uh, that much inowner financing for a property
like that.
Cuz I know that we're not gonnabuy it for that because the
numbers just aren't, are justunrealistic, but
Richard Thornton (19:38):
Right.
And I, it's fair to see that.
Um, so something else along thatsame line in terms of a slightly
cautionary, uh, a wholesalertalked to me yesterday and what
he wanted to do was bring ahouse to us that was totally un
renovated.
Mm-hmm.
sell it to, he wasgonna have a 10% down payment,
but he said, look, um, thisguy's in the trade, he's a
(20:01):
plumber or whatever and he wantsto do a lot of the work himself.
And now, um, that way he'll sortof earn his equity into that.
Um, and I told him, I said, look, uh, I understand this fellow's
in the trade, and this is notwhat I'm gonna say is not
directly applicable to yoursituation, but, um, it's, it's
(20:22):
what the world is and that wewon't buy a house un unless it's
a livable right now, comfortablylivable right now.
Um, we won't buy that housebecause, uh, one of the, um,
mid-size pension funds, or notpension funds, I'm sorry, um,
wall street com companies got introuble a number of years ago
(20:46):
for doing just that.
They were selling houses topeople, uh, on down payments and
saying, you fix it up.
And they got taken to courtbecause the people in the end,
uh, did not have the money tofix it up and basically were
left for the place that they,they couldn't live.
So we have to be very carefulabout that.
We have to make sure that aplaces, if we buy something
(21:06):
that's not being renovated rightnow, it has to be just as good
as any seller finance deal thatwe've ever seen and, uh, not
need any rehab at all.
Justin Bogard (21:16):
Yeah.
The deals that I'm morecomfortable with are actually
the non-owner occupant dealsthat are like that to where
they're, there is a true fix andflipper that that is their
business model, but they just,instead of them getting hard
money for the house, they just,they get owner financing for it.
And I, I'm a lot morecomfortable with those and than
an owner occupant that's tryingto live there, that has to live
through e rehab because I've,I've been one of those, those
(21:39):
guys that have done it beforeand I'll call myself an idiot
for doing it because it's.
It's, it's tough.
I mean, it, it takes three timesas long when you live in the
property trying to renovate itand it does when you don't live
there and are renovating
Richard Thornton (21:51):
It.
Right.
Right.
So, I mean, you just have to bekind of careful about doing
that.
Um, let's talk about some of theother things, uh, that we
learned.
I think that the generalconsensus is that we're not
going to go into a hugerecession, we're gonna go into a
little bit of a dip.
(22:11):
Um, and, you know, withoutgetting too specific, uh, I
think also the general consensusis, is that rates, while they're
somewhat high right now are areprobably gonna lower after the
next 12 months or something likethat.
Would you agree with that?
Justin Bogard (22:27):
Yeah.
We, we don't really know howmuch, but we, I think, I think
we can all agree that it's notgonna go up, right.
I think we're all saying, Ithink they'll go down a little
bit.
They may go down a lot.
We, we don't, we don't know yet.
Uh, we'll see a trend after awhile, so let's give it another
year and see where we're at nextspring and then kind of know,
okay, it looks like we'retrending back maybe the way it
(22:48):
was around the four or 5%window, or maybe it just stays
where it's at right now.
We don't really know, but we allagree that it's not going up,
Richard Thornton (22:54):
Right.
So while people may see fewerdeals being refied out of their
portfolio, um, that, that mightpick up a, again, if, if rates
go back down.
But the good news as opposed to,uh, 2008 is that people have a
lot of equity in their houses,right?
So they have a lot moreflexibility.
(23:15):
They don't have a gun to theirhead.
They may not have the rate thatthey want right now.
Um, but things aren't that badand things probably aren't going
to get that bad.
Justin Bogard (23:25):
This is a time where you have to be cautious in
times like this.
Uh, when you're underwritingdeals, when you're buying real
estate, um, people that getthese houses under contract,
remember how much skin and theyhave in the game, they, they
typically don't have any skin inthe game.
Uh, wholesalers often want to dothing, do things with noth with
no skin in the game.
They just want, wanna use theirhustle, find a deal and flip it
(23:47):
to somebody else notunderstanding if they're giving
somebody something of goodquality.
So there's a lot of greatwholesalers out there that do a
great job and you know, there,unfortunately there are some
that, that don't do a good job.
So just watch out, be cautious.
Uh, my radar is up very, veryhigh right now because I've seen
what I'll call some bogus dealscome in front of us and you just
(24:09):
gotta stay disciplined and staytrue just because you're hungry
for a deal, don't buy the firstone that comes to your, to your
desk.
Right?
You want, you want to find onethat's the right quality and
meets all of your metrics thatyou're trying to accomplish.
Richard Thornton (24:22):
Is that what that little pointy thing out of
the back of your head, is thatyour radar?
You said your radars
Justin Bogard (24:26):
Up so
binging, bing, bing, bing, bing.
Richard Thornton (24:29):
I've been wondering what that is.
Justin Bogard (24:30):
That's right.
It's growing.
It's growing every day.
Richard Thornton (24:33):
That's right.
So, but, but let's talk about atypical deal that we might,
might accept and that is, sure,there's a seller finance deal
that we're all used to that'sgot a year or, or two years of,
uh, payment history on it.
Um, but there's also a lot to besaid for the deal that's got a
at least 20% down, um, and hashas a good renovation to it.
(24:56):
What's a good renovation?
I mean, the kitchen's completelydone, the baths are done.
Maybe the roof's done, theoutside of the house is painted.
In other words, it looks nice.
So somebody has skin in thatgame, if they put 20% down, uh,
and uh, they have a good rentalhistory before that or, or
something of that sort.
Um, that's a deal we'll do.
(25:17):
And I think that's, that's, um,a good solid deal.
Justin Bogard (25:20):
Yeah.
Rent, um, no, I was gonna sayrent ready?
Move in.
Ready.
That's, that's a little, littledifferent than rent Ready.
Right.
Move in.
Ready.
Yeah.
Richard Thornton (25:27):
Right, right.
Justin Bogard (25:31):
Yep.
Richard,
Richard Thornton (25:32):
No, go ahead.
I was tr I was trying to thinkif there's any, I don't think of
anything co cautionary.
I was trying to think of some,some good, uh, sort of factoids
that we, uh, we got outta there.
Justin Bogard (25:42):
Here we go again, man.
Of a thousand words, making upstuff on the spot.
I like it.
All right.
This is episode number nine.
It is sponsored by American NoteBuyers.
I'm Justin Bogart and this isRichard Thornton.
And until next time guys, wewill see you on episode 10.
Richard Thornton (25:58):
All right.
Take care.
Narrator (26:03):
Thanks for listening to Be the Bank.
We hope you learn something fromtoday's show.
If you enjoyed this episode,please rate and review us.
Plus check out our channel onYouTube and follow us on
Facebook and Twitter at Be TheBank and on Instagram at Be the
Bank Podcast Be The Bank issponsored by American Note
Buyers.
Thanks again for listening.
Interested in real estate.
How about wealth?
Well, they go hand in hand.
And here you'll learn all aboutit.
About it.
Welcome to Be the Bank, apodcast where we discuss and
debate the topics centeredaround real estate investing.
Your host, Justin Bogart, sharesinsights into investing in real
estate to create real wealth andpassive income for you and your
(00:23):
family.
He'll share stories of realestate investments done right,
walk you through the process ofowning a real estate note, and
most importantly, educate you soyou can be the bank, your bank.
This is be the bank brought toyou by American Note buyers.
Now, here's your host, Justin.
Justin Bogard (00:45):
Hello there, listener.
This is episode number nine ofthe Be the Bank podcast.
And we are sponsored and broughtto you by American NPIs.
Today we're gonna be kind oftalking about really getting
together with colleagues andpeople in your industry to kind
of how to better, uh, yoursituation that you're in with
(01:07):
your business or how you runyour portfolio.
And we call them masterminds,but you may call them something
different.
And we're gonna kind of get intothat subject matter today.
So stay tuned, Richard.
(01:28):
How are you?
Richard Thornton (01:29):
Good.
I like that, that, uh,architectural logo we got.
That's, that's pretty sharp.
I like the music.
I like the way it kind of turnsaround there and fills out.
It's kind of nice.
Justin Bogard (01:38):
It is.
It's pretty cool.
You guys can check that out onour YouTube channel for American
Note Buyers.
Mm-hmm.
And you look at the episodenumber nine on our Be the Bank,
uh, playlist for our podcast.
So that's how we, uh, we justrecord this and we strip out the
audio for the podcast.
Right, Richard?
Richard Thornton (01:53):
That's right.
That's right.
They don't get to see yourbeautiful view behind you nor
the grand piano behind me, youknow?
Yeah.
Justin Bogard (02:01):
we record our, our podcast here,we're typically in our home
offices and stuff.
And, um, it's just, you know,you don't need to see all the
background that's going on.
Richard Thornton (02:12):
Yeah.
You know, I got peeled wallpaperand all sorts of stuff, like,
you know, I mean, come on.
Justin Bogard (02:16):
We've got wires hanging everywhere.
We're just com completelyunprofessional.
Nothing looks good here.
They'll never know.
Richard Thornton (02:26):
That's right.
Justin Bogard (02:28):
Well, Richard, I have run to a few people lately
that have mentioned how muchthey enjoy our podcast.
And so I think that we must bedoing a good job for a couple
people.
So
Richard Thornton (02:38):
That really got'em fooled.
One of
Justin Bogard (02:39):
The two, our two our five subscribers.
Thank you,
Yeah.
And the millions of download,Richard, we actually had seen
each other recently, uh, about acouple of days ago from this
recording
Richard Thornton (02:53):
Face-to-face.
Yeah.
Can you imagine that?
As opposed to being just sittinghere digitally beside each
other.
Justin Bogard (02:59):
I was actually talking to somebody today about,
um, they had mentioned, youknow, they're talking about,
Hey, I know you're a businesspartner cause I've seen you on
your podcast and stuff.
And they had mentioned like, doyou go to California that often?
To, you know, to, to do businesswith them?
I said, I've never been outthere
Yeah.
I've never been out there to seehim at all.
Said, I usually only see himonce or twice a year just at
(03:20):
events that we, that we plan ongoing to.
And at that time, we reallydon't even hang out because
we're so busy networking and,you know, that's right.
Doing what we need to do for thebusiness and stuff that we
actually don't, we don't reallyspend any real time together.
It's usually on a Zoom or aphone call.
So it's, it's kind of funny whenI see you in person, it just
doesn't seem the same.
Richard Thornton (03:40):
I know
Justin Bogard (03:41):
You're much taller too.
When we're on screen, we're thesame height.
Richard Thornton (03:45):
That's right.
Justin Bogard (03:45):
That's right.
Richard's like six, eight.
Richard Thornton (03:48):
No,
Justin Bogard (03:49):
180 grams soaking wet.
Richard Thornton (03:51):
Yeah.
Right.
Justin Bogard (03:52):
But, uh, it, it is interestingthough that we can conduct our
business and really not evenhave to have, you know, close
interaction to each otherbecause of the technology that's
available to us.
Right.
Richard Thornton (04:06):
No, that is right.
You know, my sister, my sister,my daughter works for Google and
she manages a, a team.
Mm-hmm.
Um, most of the, most of theteam is in, uh, Switzerland.
She's in Seattle and her otherteam members are in I think Rio
de Janeiro and I can't rememberwhere the other places are.
(04:26):
She's never met a lot of'em inper in, uh, person.
Justin Bogard (04:30):
Yeah.
It's just interesting.
Um, one of the reasons why wegot together, excuse me, I got
something in my throat, is thatwe had done a charity auction
last November in 2022 to get achance to sit in front of Eddie
Speed, one of our mentors and aguy named Cade Thompson and
(04:52):
Eddie's wife, Martha Speed, andanother guy that you all might
know, uh, his name is MikePowell and he is partners with
Mitch Stevens, the guy that, um,wrote the book, uh, the Art of
Seller Financing or the, the Manof, uh, a Thousand Houses.
I forget the title.
I I know it's, you know, hitmyself head after this recording
(05:13):
and I'm gonna be like, oh,that's what it was.
But anyways, Mitch is a very,uh, I won't say famous, he's a
very well-known owner, financer,and he lives in San Antonio,
Texas.
So his partner Mike Powell wasthere and he kind of runs
operations similar to what I dofor Richard and I's business.
Um, so we got a chance to sit infront of those guys.
Right?
Richard Thornton (05:29):
Right.
So we met at a, at a gottogether for a mastermind, um,
tail end of last weekend overthe weekend.
Mm-hmm.
And the idea behind yourmastermind, for those of you who
don't know, is that you have abroad spectrum of people, um,
(05:50):
from a lot of different areas.
Um, uh, for instance, you've gotKade Thompson who manages a,
manages a 70 billion portfolioand he buys all sorts of, uh,
resi products to some peoplethere who are just starting out
and, and they're from, uh, comefrom different points of view.
So when one goes there, oneusually goes, um, uh, to, uh, be
(06:15):
put on a hot seat and that meansthat you go with a, uh, question
or a, a burning need and peoplewill help you, uh, to the best
of their ability resolve thatissue, whatever it has.
It could be personnel, it couldbe how to raise cash.
It could be, you know, how to,how to, uh, manage people or
virtual assistance or, orwhatever.
(06:36):
Um, but they are there, there to, uh, focus just on you for
whatever your time in a hot seatis and can be very valuable.
Justin Bogard (06:45):
Yeah.
So, so masterminds or acollection of a specific group
is, is can be very specific.
Meaning they can be people thatare pretty much at your same
level or higher or there couldbe people that are kind of a
mixed bag and we, we happen tobe in a group with a mixed bag,
which I think is, is a littlemore fun, uh, because you're
(07:05):
gonna have different challenges.
There's people like you hadmentioned that hadn't even done
a deal before.
Right.
And so they're trying to figureout what do I do next?
Right.
And there's people that havebeen in the business for a long
time, you know, like we have andwe're like, what do we do next?
Right.
So it's funny how you can havesome similarities and you can
have, you know, obviously somedisparity as well when you have
a group like that, but everybodycan kind of get a learn and get
(07:28):
a sense for what's going on inthe room.
Like, we're not gonna dive intospecifics of conversations cuz
number one, we don't have enoughtime to do that number, number
number, uh, two, you know, we,we don't need to specify
specific things.
Um, but ultimately, you know,you're, you're like what Richard
said, you know, you're trying tofind out what, what is the, what
is that you're having a problemwith today
Richard Thornton (07:50):
And what Yeah.
And maybe, uh, well, I shouldn'tsay maybe, uh, in the notes
school crowd, uh, it was pointedout to me, and I think this is
quite true, is that most peoplethere, um, are either in their
second or their third act.
Most people are in their secondact like they've gone through a
great job.
You know, they've, they're veryexperienced.
They've got 20 years ofexperience doing whatever.
(08:12):
They're a lawyer, they're a, youknow, uh, whatever.
And they wanna move on tosomething else.
They wanna diversify somehow.
So they bring those backgroundsto that mastermind and, uh, I
think that, um, really broadensthe, uh, experience and, and is,
makes it more, uh, a richerexperience.
Justin Bogard (08:32):
Yeah.
Cuz the whole group benefitsfrom their, their specialty,
from their, from their Act oneand their life or act two.
That's a good point that theybring up.
So
Richard Thornton (08:40):
There's, yeah, we, we met one fellow, um, who
was very knowledgeable.
He was a, a taxation attorneyand, you know, we had all sorts
of questions for him.
Justin Bogard (08:48):
Yeah.
Richard Thornton (08:49):
And he was very helpful.
Justin Bogard (08:51):
Yeah.
Like e every, everybody addsvalue, even if they've not done
a deal before because they havesome sort of experience in their
life that they can, they cansay, Hey, blah, blah, blah, I
learned this from my previouslife because it could pertain to
somebody.
Like, like, we're building abusiness, right?
And we don't have all theanswers to everything, but we,
we know the, we know how ourspecialty, right, our sp our
(09:12):
special hammer, we know how touse the special hammer, but we
may not know how to, you know,run a company around the special
hammer.
So that's really what benefitsus is because we can hear from
people that have a 60 billionportfolio and how they run just
a huge Wall Street firm versus,you know, somebody that's on a
smaller level that has, youknow, a few hundred, uh, loans
(09:32):
that they manage in theirportfolio.
And you can see somesimilarities and disparities on,
on how that works and how youcan jump and, uh, and get into
the game and, and g go for ahigher level, uh, if that's what
you wanna do.
So it's always interesting.
Richard Thornton (09:46):
Right.
And so, Mr.
Bogard, yeah.
Tell us something that youlearned over this weekend from
the mastermind.
Justin Bogard (09:58):
Well, I, I kind of knew this going into it, but
it's also nice to be what Iwanna say.
Um, re it's reinforced that someof the things that we're doing
that we were pretty confident inthat are the right things to do.
Meaning the path that we chosedown, the way that we're doing
things, the how and the why andthe what.
(10:22):
We got a lot of re um,reassurance from some of our
mentors that that is the, theright way to do things.
So it's like, okay, take a deepbreath, exhale, okay, good.
We're running down the path theright way.
And there's a few things that wedidn't think about.
Um, again, I don't need to getinto specific things, but, um,
uh, what I'm trying to say isyou can be focused on one thing,
(10:46):
especially when you're running acompany and you can miss out on
some of the details or notunderstanding the full scope of
where you want to go.
So vision is really important,understanding where are you
trying to get to?
And that's something that'soften gets lost by
entrepreneurs, my, myselfincluded.
And you kinda have to step backfor a minute and go, wait a
minute, where are we actuallygoing?
(11:08):
And how are we trying to get toit?
It's, it's easy for you and I tofigure out how to get from point
A to point B sometimes, you know, we have to go, you know, make
a left, make a right, we have togo up, we have to go down, um,
but we really, where is it thatwe're trying to go?
And so once you kind of dialthat in, everything else kind of
lines itself up.
And so that's, that's some ofthe things that I had forgotten.
(11:31):
Um, you know, figuring out whenthis, in this world that we're
doing with the fund is, you know, where are we trying to go with
it?
What's not just one year out,but what's kind of the fifth
year out and what does this looklike and how are we graduating
to the next level so that our,the way that we get there, you
know, we're, we're prepared forit and we're running in the most
efficient direction that we can.
Richard Thornton (11:50):
Yeah, I think that's a good point.
Uh, and I was actually speakingwith one of our, um, fund
investors, uh, earlier today,and he was talking, um, about,
uh, actually, uh, reinvestingthe, the funds and if he did
something over 10 years or howmuch would he have and what
(12:10):
could he do with it?
And I, I finally said, you know,he, he wanted to sort of pin me
down to one specific thing thathe could do.
And I said, look, it's reallywhat your goal is.
If you wanna make this, uh, ifyou want current income, if you
want long-term income, if youwant to, uh, if you're in an
industry that's got lots of upsand downs and you want to smooth
(12:31):
th that income, uh, you can doanything you want, uh, given
what your goal is.
And that makes it very, thatmakes you behave today very
differently than you mightotherwise, depending on what
your goal and goal is.
Justin Bogard (12:48):
So what I, I have some things in mind that, that I
wanna mention, but I want tohear from you as well.
Cause I'm gonna ask you the samequestion is from your
perspective, and this is goodbecause for the audience, if
they don't know us already, youknow, Richard is more sales and
marketing and then Justin isbasically more operations, so
more inside the office andbackend type of stuff.
(13:10):
So from your perspective andwhat you were trying to gain out
of the insight from thismastermind that we went to,
what, what's something thatstuck out that you said, you
know what I, that, that'ssomething I didn't think of that
I wanna focus on?
Richard Thornton (13:22):
Well, would be , I'd have to answer several
things.
I'd have, you're right.
Justin Bogard (13:26):
Just pick one
Richard Thornton (13:27):
Yeah, just pick one.
Um, because obviously there's,uh, my function is both
generating deals to do, but alsogetting investors.
So getting the money to do it,you've just got the very easy
job of laying back there and,you know, operating
Justin Bogard (13:42):
I'm in a cot back here justhanging out, waiting on the red
phone to ring.
So right
Richard Thornton (13:48):
Now, California, you can't hit me.
No.
Um, I, I'd say that it was, uh,the general consensus that we
are finally coming into a betterperforming note market.
I mean, it's been pretty dry forthe last three or four years and
(14:09):
Uhhuh
So that's, that's, um, good toknow.
Uh, because I think especiallyfor what we're doing with the
fund, um, it means that we're inthe right place in the right
time.
Okay.
Um, it's generally a good timeto, uh, raise money, although
you've got a lot of people whoare sitting on dry cash cuz they
(14:31):
really don't know where placeswhere, um, the markets are
going.
So it was good, good to hearother people say those.
I had sort of guessed it, but ifthat seems to be the general
consensus, I think it adds alittle bit of validity to what
we're thinking.
Justin Bogard (14:48):
Yeah, so, so some of the things that we learned,
um, about some projections that,that may may or may not happen
in the future just just frompeople's experience and what
they hear from other largercompanies and stuff.
But it, it was interesting tonote because we had been seeing
this very often too, and this isstuff that we've mentioned on
our podcast as well, is that thewholesaling market, uh, for
(15:11):
example, in the Midwest here, Ilive in Indianapolis, so there's
a lot of wholesalers and a lotof Midwest properties.
Um, it's, it's a fight to getdeals and because there's so few
properties still and there's somany wholesalers trying to go
after the same deal at the sameway that they try to get the
(15:32):
deal, meaning, you know, it'slike a cash offer, right?
You really don't have any tricksup your sleeve besides saying,
I'll give you X for it.
Uh, Mr Wholesaler number twocomes over, I'll give you x plus
one for it.
You know, it's like that, thatis the battle right now.
And the wholesalers that reallywin are the ones that can figure
(15:52):
out this owner financing trick,right?
Where they can buy the propertyand ask the seller to carry back
terms for them because they'rereally, they're gonna be really
flexible.
And what's interesting to noteis that one of, one of the guys
in, in the mastermind thisweekend, you know, he's pretty
well known in his area for doingowner financing and creating
(16:13):
owner financing and they'rebasically fed up with trying to
figure out how to make thesedeals work that they're just
trying to sell him the leads
closed the deal because Iobviously my cash offers are not
working with these people.
And uh, here you go, you take'em.
So then he's able to basicallytake these leads with zero
(16:33):
marketing effort and just close'em
financing transactions.
So it's just kind of interestingto hear that, you know, other
markets are pretty similar to usto where it's their wholesaling
is just just a war.
Right,
Richard Thornton (16:46):
Right.
And, and that puts us, as youjust said in different words,
um, in the perfect place becausethat's exactly what we're
offering through the fund.
We're we're talking with them,we're working with, uh,
different wholesalers and, andsellers direct, uh, and helping
them create the mon uh, createthe, the financing and then we
(17:08):
can buy that financing, um,ourselves.
Uh, and so any of you out therewho are listening who, um, would
like to focus on that, we're nottalking about sub twos, uh,
although you can do that.
We're just talking aboutstraight, uh, deals where if you
can't make the numbers quitework under a first, then you
structure it as a first and asecond and they carry back the
(17:28):
second.
I mean, this is pretty basicstuff for us, of us, those of us
who are in the field.
Yeah.
But a lot of other people don'tknow this.
They, they have no ideas how tostructure one of these deals.
Justin Bogard (17:40):
One, one of the cautionary tales that I have to
throw out there, Richard and I,I don't think I've talked to you
too much about this because I, Isee more of it and, and I
already know what, what youwould say about, about the deal
we we're kind of in alignment onit is some of the times we'll
get wholesalers that'll come tous and they have a property they
have under contract and thenthey want to, they have a
(18:00):
borrower that they have to sellto owner finance the property.
So basically they're trying tobuy the property for cash,
they're trying to resell theproperty at the same time on
terms, and they're trying to usethat end buyer's down payment as
part of the sale to give totheir seller.
And then also have someone likeus buy the note at the same time
so that they can just bake, youknow, their cash transaction and
(18:23):
get outta the way.
The, the problem that we'reseeing, and I think it's only
gonna get worse with somewholesalers, is that some of
them are not understanding thevalue add and they are
overextending the value of theproperty by trying to over
refinance the property.
Now we always tell people, youknow, premium financing, you
(18:45):
know, premium service provides apremium financing, meaning if
the house is worth one 10, youknow, you can sell it like for
one 12 with owner financing orone 13 or maybe one 15 you, but
you can't sell it for two 20
Right?
Right.
It it's the same house.
Nothing has been done to it.
You can't overextend thefinancing on it and expect
somebody like us to buy that.
(19:06):
We're not gonna pay 160,000 fora$220,000 note when you bought
it for a hundred thousanddollars.
Like, and done nothing to it.
Like it's not, it's not gonnawork.
So we're starting to see peoplethat are just, and I was giving
obviously a very, um,overzealous example there, but
we're seeing some wholesalerscome up with these numbers and,
(19:26):
and I just, I can't believe thatthey have an end buyer that's
willing to pay, uh, that much inowner financing for a property
like that.
Cuz I know that we're not gonnabuy it for that because the
numbers just aren't, are justunrealistic, but
Richard Thornton (19:38):
Right.
And I, it's fair to see that.
Um, so something else along thatsame line in terms of a slightly
cautionary, uh, a wholesalertalked to me yesterday and what
he wanted to do was bring ahouse to us that was totally un
renovated.
Mm-hmm.
but he said, look, um, thisguy's in the trade, he's a
(20:01):
plumber or whatever and he wantsto do a lot of the work himself.
And now, um, that way he'll sortof earn his equity into that.
Um, and I told him, I said, look, uh, I understand this fellow's
in the trade, and this is notwhat I'm gonna say is not
directly applicable to yoursituation, but, um, it's, it's
(20:22):
what the world is and that wewon't buy a house un unless it's
a livable right now, comfortablylivable right now.
Um, we won't buy that housebecause, uh, one of the, um,
mid-size pension funds, or notpension funds, I'm sorry, um,
wall street com companies got introuble a number of years ago
(20:46):
for doing just that.
They were selling houses topeople, uh, on down payments and
saying, you fix it up.
And they got taken to courtbecause the people in the end,
uh, did not have the money tofix it up and basically were
left for the place that they,they couldn't live.
So we have to be very carefulabout that.
We have to make sure that aplaces, if we buy something
(21:06):
that's not being renovated rightnow, it has to be just as good
as any seller finance deal thatwe've ever seen and, uh, not
need any rehab at all.
Justin Bogard (21:16):
Yeah.
The deals that I'm morecomfortable with are actually
the non-owner occupant dealsthat are like that to where
they're, there is a true fix andflipper that that is their
business model, but they just,instead of them getting hard
money for the house, they just,they get owner financing for it.
And I, I'm a lot morecomfortable with those and than
an owner occupant that's tryingto live there, that has to live
through e rehab because I've,I've been one of those, those
(21:39):
guys that have done it beforeand I'll call myself an idiot
for doing it because it's
It's, it's tough.
I mean, it, it takes three timesas long when you live in the
property trying to renovate itand it does when you don't live
there and are renovating
Richard Thornton (21:51):
It.
Right.
Right.
So, I mean, you just have to bekind of careful about doing
that.
Um, let's talk about some of theother things, uh, that we
learned.
I think that the generalconsensus is that we're not
going to go into a hugerecession, we're gonna go into a
little bit of a dip.
(22:11):
Um, and, you know, withoutgetting too specific, uh, I
think also the general consensusis, is that rates, while they're
somewhat high right now are areprobably gonna lower after the
next 12 months or something likethat.
Would you agree with that?
Justin Bogard (22:27):
Yeah.
We, we don't really know howmuch, but we, I think, I think
we can all agree that it's notgonna go up, right.
I think we're all saying, Ithink they'll go down a little
bit.
They may go down a lot.
We, we don't, we don't know yet.
Uh, we'll see a trend after awhile, so let's give it another
year and see where we're at nextspring and then kind of know,
okay, it looks like we'retrending back maybe the way it
(22:48):
was around the four or 5%window, or maybe it just stays
where it's at right now.
We don't really know, but we allagree that it's not going up,
Richard Thornton (22:54):
Right.
So while people may see fewerdeals being refied out of their
portfolio, um, that, that mightpick up a, again, if, if rates
go back down.
But the good news as opposed to,uh, 2008 is that people have a
lot of equity in their houses,right?
So they have a lot moreflexibility.
(23:15):
They don't have a gun to theirhead.
They may not have the rate thatthey want right now.
Um, but things aren't that badand things probably aren't going
to get that bad.
Justin Bogard (23:25):
This is a time where you have to be cautious in
times like this.
Uh, when you're underwritingdeals, when you're buying real
estate, um, people that getthese houses under contract,
remember how much skin and theyhave in the game, they, they
typically don't have any skin inthe game.
Uh, wholesalers often want to dothing, do things with noth with
no skin in the game.
They just want, wanna use theirhustle, find a deal and flip it
(23:47):
to somebody else notunderstanding if they're giving
somebody something of goodquality.
So there's a lot of greatwholesalers out there that do a
great job and you know, there,unfortunately there are some
that, that don't do a good job.
So just watch out, be cautious.
Uh, my radar is up very, veryhigh right now because I've seen
what I'll call some bogus dealscome in front of us and you just
(24:09):
gotta stay disciplined and staytrue just because you're hungry
for a deal, don't buy the firstone that comes to your, to your
desk
Right?
You want, you want to find onethat's the right quality and
meets all of your metrics thatyou're trying to accomplish.
Richard Thornton (24:22):
Is that what that little pointy thing out of
the back of your head, is thatyour radar?
You said your radars
Justin Bogard (24:26):
Up so
Richard Thornton (24:29):
I've been wondering what that is.
Justin Bogard (24:30):
That's right
It's growing.
It's growing every day.
Richard Thornton (24:33):
That's right.
So, but, but let's talk about atypical deal that we might,
might accept and that is, sure,there's a seller finance deal
that we're all used to that'sgot a year or, or two years of,
uh, payment history on it.
Um, but there's also a lot to besaid for the deal that's got a
at least 20% down, um, and hashas a good renovation to it.
(24:56):
What's a good renovation?
I mean, the kitchen's completelydone, the baths are done.
Maybe the roof's done, theoutside of the house is painted.
In other words, it looks nice.
So somebody has skin in thatgame, if they put 20% down, uh,
and uh, they have a good rentalhistory before that or, or
something of that sort.
Um, that's a deal we'll do.
(25:17):
And I think that's, that's, um,a good solid deal.
Justin Bogard (25:20):
Yeah.
Rent, um, no, I was gonna sayrent ready?
Move in.
Ready.
That's, that's a little, littledifferent than rent Ready.
Right.
Move in.
Ready.
Yeah.
Richard Thornton (25:27):
Right, right.
Justin Bogard (25:31):
Yep.
Richard,
Richard Thornton (25:32):
No, go ahead.
I was tr I was trying to thinkif there's any, I don't think of
anything co cautionary.
I was trying to think of some,some good, uh, sort of factoids
that we, uh, we got outta there.
Justin Bogard (25:42):
Here we go again, man.
Of a thousand words, making upstuff on the spot.
I like it.
All right.
This is episode number nine.
It is sponsored by American NoteBuyers.
I'm Justin Bogart and this isRichard Thornton.
And until next time guys, wewill see you on episode 10.
Richard Thornton (25:58):
All right.
Take care.
Narrator (26:03):
Thanks for listening to Be the Bank.
We hope you learn something fromtoday's show.
If you enjoyed this episode,please rate and review us.
Plus check out our channel onYouTube and follow us on
Facebook and Twitter at Be TheBank and on Instagram at Be the
Bank Podcast Be The Bank issponsored by American Note
Buyers.
Thanks again for listening.
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