New Book? Avoiding Multifamily Deals, The Numbers on Resi Construction (Office Hours)
This episode of Office Hours dives into the two books I’m working on, why I’m avoiding any multifamily deals right now (and you probably should, too), the numbers that make residential construction work, and more.
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Key Takeaways:
Tyler is taking a sabbatical from mid-December to mid-January to recharge and plan for the new year.
He is working on a book about commercial real estate investing and companion materials to help visualize deals.
For 2024, Tyler is interested in smaller neighborhood commercial properties, industrial/outdoor storage, flex space, and some residential construction.
He thinks now is not the best time to invest in multifamily due to high prices and low yields. Cap rates need to increase more before it makes sense.
Covered land plays that cash flow are appealing investment opportunities.
Networking, mailing lists, and leveraging one's platform are effective ways for investors to find deals without using expensive services like CoStar.
About Your Host:
Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.
Episode Transcript:
0:00
This episode of the commercial real estate investor podcast is brought to you by cre launch Pro. This online commercial real estate program is designed to take you from beginner to pro commercial real estate investor with access to all of my courses, our online community and monthly group coaching calls. Learn how to confidently buy your first commercial property today at www dot c r e launch pro.com. Welcome back to the commercial real estate investor podcast live from the cowboy group Studios here in Nashville back for another office hours episode. This is actually our last office hours of the year. If you have any questions about commercial real estate, that is what this is for. It is a an open forum for you to jump in to the comment section and ask whatever questions you may have about commercial real estate and get some free one on one coaching. We won't be picking this back up until probably sometime around mid January. I'm going to be taking a little bit of a sabbatical. Some of y'all may know that I do this every year. It is the best way for me to get recharged focus on a couple of other things during that time and get ready for the new year. So let's see Duke duke says Say good morning Tyler and Carmelites Let's dominate I love that coprolites been thinking about finding a nickname for the audience coprolites. It might be but y'all let me know, let me know in the comments.
1:21
Really excited for some updates today. Before we kind of dive into any questions you all may have had our first team sales meeting for the brokerage this past week. You know, that's that's one thing that I'm being very conscientious of moving into the new year is becoming a better manager. I have historically been the sales guy, the lead guy on all of these projects, and the only way that I can continue to scale my business is if I kind of take a step back, empower my team and manage and coach them as they go out and handle everything this past year has been the first year that I actually haven't done any brokerage deals, my team has handled 100% of that, it's been really awesome to see them step up, take everything on and watch their businesses grow as well. So part of that means that every Wednesday I'm having 30 minute one to ones with all of my brokers. So the meeting starts at 8am. They go until I guess around 1030. And then we have a team meeting together. So I'm in meetings every Wednesday from 8am until probably 1130 or noon. But it's good. It's fun to get those updates fun and get to coach everybody and see the progress that everybody's making every week. over the break. Some of y'all may know I've been working on a book on commercial real estate investing for the past couple of years, it has been a lot of work, a lot more work than my first book, which was just on leasing commercial real estate, that first book was a I wanted it to be something that somebody could read in two or three hours that either wanted to learn the leasing process or was a small business owner. And then they would at least have an understanding of how the process worked. So that they could hire the right people to make sure that they are on the right path.
3:08
Commercial real estate investing on the other hand is a little more intense, and there's a lot more that we've got to go through. So I've actually been working on this book for probably going on about three years now, wanting to make sure that it is the best book out there on commercial real estate investing. So hopefully over the break over the next 30 days from December 15 to January 15, I can pull enough of that together to start bringing in an editor and getting that book going, started working on a companion book for it as well, you know, ways to visualize commercial real estate investing. So really looking forward to what we can do there. There's no other book out there like that. And to me that there's a lot of opportunity there with a series potentially around that. So definitely stay tuned in the new year for
3:55
the new books. I mean, I'm hoping that those were done in 2024. Y'all can hold me accountable for that. Because I have been saying that for a couple years now that I would be done with this book. But it's
4:08
writing is a lot more intense. But it's funny, like I have no problem writing, you know, one 2000 word blog posts, but when it comes to a book, especially one that can be all as encompassing as commercial real estate investing, you know, it's not as easy as just sitting down and writing it, you got to really think through and plan and I think my last book was around 20,000 words. So you know, basically 20 blog posts worth of content. I have a feeling that this book on commercial real estate investing is going to be somewhere closer to 50 to 100,000 words, just because of the amount of content that has to go into it. I'm
4:46
also going to be working on some courses. You know, we've got the beginner's guide to commercial real estate investing out there. But you know, I've gotten comments from you all that we would like to see a triple net investing course and some other courses like that. So we're
5:00
actually working on outlining the course on investing in Triple Net Properties right now, based on the amount of feedback I've gotten from everybody on flex space and the videos that we have been doing on flex space, I would imagine we should probably put a course together on that. And doing a brokerage course as well how to get started as a commercial real estate broker and all of the right things to do. One because it'll help as I grow my commercial real estate brokerage team. There'll be something very, you know, hands on that I can give to them. Well, I guess hands off that I can give to them that will train them through the ways that we like to approach brokerage. But then, of course, we can give it out there to anybody that's interested in getting started as a commercial real estate broker because there's not a whole lot of educational opportunities out there. And I feel like with as high of a barrier of entry, as commercial real estate brokerages. If somebody could take a course, learn how the process works, and then start applying to brokerages with that experience that knowledge already in hand, it'll probably make your life a whole lot easier. So that is, that's what we're going to be doing there. So I'll be working on that over the break as well. Dukes is saying I did a multifamily training this weekend Grant Cardone said right now is the time to start to buy. I was under the impression that the commercial markets will be affected most by mid 2024.
6:21
That's a good question. I mean, so
6:25
one, you know, always look at these and say, Okay, what is Grant Cardone trying to sell? You know, is he tried to get you to invest in some of his deals? You know, what is his reasoning behind saying right now is the best time to buy? I don't agree with that on multifamily. I do not think that right now is the best time to buy. I think that cap rates have not gone up enough. I think that interest rates have not come down enough for the yield to make any sense. Y'all have heard me talk about multifamily before in this podcast. And I think that the opportunity is relatively tapped out.
6:59
Because of what has been happening in the market over the last 10 years, most of these properties have already been renovated. There's not a whole lot of additional value add to be had. We're at the most expensive that apartments have ever been.
7:12
And in both in terms of both rental rates, and pricing, so it doesn't make a lot of sense to me right now. I think that I would wait. Again, that's not to say that there's not going to be an opportunity in the multifamily world in 2024. I think that there will be some distressed sellers. I think that there will be some opportunities that pop up that make a lot of sense. I think the market as a whole though, is is very difficult to make any sense of so yeah, Dukes is saying that's exactly what I was thinking.
7:44
I mean, I would just hold off on multifamily. I'd wait until some deals start popping up. I wouldn't be buying multifamily right now unless I found something and an 8% or 9% cap rate. It just doesn't make sense to me. And I'm sure that there's other more sophisticated multifamily investors out there. I'm not the most sophisticated multifamily investor, I'm sure that there are some out there that say, you know, hey, once a hit 7%, we're buying everything, that's great. But to me, the the amount of work that goes into that type of project compared to the amount of returns that I have to get in order to justify spending my time on it. It's got to be an eight or 9% return. I mean, that's why historically I have loved commercial real estate.
8:25
There are not as many buyers in that market. There's not as many people that really understand it, as well as
8:31
as well as the multifamily world. I mean, think about it there. You know, every other episode on bigger pockets, talks about multifamily. Every, you know, Guru out there talks about multifamily. Most people when they're wanting to get into the commercial side of things, they started multifamily. So you just get you have so much competition.
8:51
And there's not a lot in the commercial world. So it's very easy for us to find eight or 9% cap rate deals that don't require a whole lot of effort or a lot of capital. I mean, that's the nice thing about it. Right? I mean, if you're buying a 150 unit apartment complex, you're probably spending
9:09
1520 plus million I mean, depending on the condition, right? I mean, you could go buy a hotel to convert into apartments and spend eight or 9 million or you could be buying, you know, the the absolute high end works property, new construction in your market for probably 100 million.
9:27
But it just the yields. That's really what's important to me right now is the cash flow. How much cash flow? Are we getting on these deals compared to the amount of risk that we're taking?
9:39
I don't see it in multifamily. I see it in commercial. You know, that's why I've been talking about this for several weeks now. Industrial outdoor storage, flex space. I like one of these smaller commercial deals. We talked about this yesterday in our investors roundtable. Like what are we looking for in 2024 For me, like what I would still be buying smaller neighborhood commercial right now.
10:00
I got sent an opportunity yesterday that was $800,000 for a commercially zoned house in East Nashville. That's very interesting to me, I want to figure out how to pull that together, because it's not going to take a whole lot of investor capital, we wouldn't need a whole lot of debt. And I know that there's a lot of businesses out there that would love to rent that it's a relatively, you know, teed up, single bass hit project.
10:24
I would also be looking for industrial outdoor storage, or flex space, I think that, you know, anything that is a covered land play, right, so a covered land play, is a piece of land, that cash flows, right, it basically covers the debt covers, you know, hopefully all of your expenses and makes you some profit, and you can sit there, let the property appreciate in value, and make plans for what it will become in the future. Hopefully, everything else is building up and developing around it, there will eventually be a higher and better use, and then you can move on.
10:57
That's like what we're doing at Madison Square, right? That's a 32 acre project that we acquired in April of 2021, that we are master planning for about 1.5 million square feet of new space. So we're talking, you know, 1100 apartment units, few 100,000 square feet of office space, and some ground floor retail. But it's a covered land play, right, we're not going to actually go in and develop the entire project ourselves. We're just masterplanning selling off phases to individual developers. And the 330,000 square foot shopping center that is there today. Cash flows. So we're already returning, you know,
11:37
party returning returns, I guess I'm just trying to think of a different word to say that to our investors, they're getting quarterly distributions.
11:46
But there's a higher and better use for the land that we're you know, tapping into as we move through the project. So I love covered by in place, they're pretty great. JL was saying, Let me hold three doll hairs.
11:57
I agree, I could always use three more doll hairs. You never know what what the market is gonna bring. So you might as well take all that cash flow while you can.
12:08
So, yeah, I mean, I think, you know, moving into 24, I'm relatively optimistic. It's, it's interesting to see what's going on in the debt market. I mean, you know, I was talking with some Dell developer friends about this last week. And the,
12:25
you know, the residential real estate mortgage market is actually coming down, I had a friend that got a mortgage last week for about 6.25%.
12:34
Now, it's not dropping in the commercial world, commercial real estate loans are typically tied to prime and prime is not moving. So commercial loans have not moved at all, but it is positive to see that residential mortgages are coming down. That's one of the reasons why we're looking at getting into developing more residential construction in 2024, I think that there is still a high demand for that, I think that mortgage rates, at least on the residential side, we'll come down a bit, and there will be plenty of opportunity there for us to build houses, sell them off. Now, that's not to say that we're going to go out and build 100 homes next year, I just want to build 1234, right, you don't have to build too many, we do them right, you can get 100 $150,000 margins, on those assets. So it doesn't take a whole lot of new construction homes, if you're doing it right to, you know, have a pretty good year. That's one thing that I don't really understand about the residential market, you've had a lot of contractors and developers that have gotten into that market that are overpaying for land, and they're taking these low margins. And then because of that, they have to do even more projects, just to make the same amount of money, I would rather bide my time, wait for the right deal to come across my desk, and make more per deal. Make more on the amount of effort and time that I'm investing into a project then to you know, have to go out and do a whole bunch of these just to keep the wheel going.
14:07
Now you do get, of course,
14:10
you know, economies of scale when you're doing a lot of projects at once. But at the same time, I mean, you're having to hire a bunch of people, you're having to maintain subs more, you're having to deal with a lot of issues that come with that. And you know, there's something to be said for just working on one or two projects at a time.
14:27
So that's kind of how I'm feeling. Looking forward to the break here soon. It's gonna be nice. We got a lot of press games coming up in December doing a little bit of traveling going down to Texas my my dad's side of the family has a ranch about an hour and a half west of Dallas. So gonna get out there spend some time working cattle, which I grew up doing so really excited to get out. I love working with my hands. It gives me a good opportunity to shut off my brain because that's pretty much all we do in commercial real estate as use our brain so it's nice to kind of just shut that off and
15:00
and get physical with the work. And then just booked before we went live here, booked my flight and hotel to Vermont, the end of January go into a mastermind up there. And we're going to be there for a few days working with some other business owners, a lot of them are in real estate on planning for the year, what we're going to be doing, you know, y'all know, I've already set my goals for 2024. I've already been working with the team. But I love surrounding myself with other people that are like minded that are hopefully, you know, better off than I am. I mean, that's the great thing about this mastermind that I'm in is that it's abundance. For those of you who are familiar with that, it's that there's a lot of people in there that are so far beyond where I am, that it's awesome to get to hear from them what they're planning on. You know, I was on a call yesterday. But these brokerages, they're doing $450 million a year, you know, we're aiming to do 80 million next year. So hearing somebody do 450 million, I'm like, Cool, I need to talk to this person and figure out exactly how they got to that point so that I can continue to grow my brokerage to that point, I think that the more that you surround yourself with people that are doing that stuff, the more likely it is to happen to you. So I love it. Let's see Colin saying thoughts on developing multifamily units that aren't one bedroom and two bedroom, larger units or micro.
16:21
Colin I, I'm not a big fan of larger units.
16:27
I've always enjoyed the micro side of things, I just think that there's so much more opportunity there, they lease up so fast.
16:36
Larger units have not been as popular, especially since the advent of build to rent. Because now if you're wanting to rent a three bedroom apartment, you're competing with a three bedroom house, that's probably not going to be that much more expensive. And people are probably going to choose a house any day. Micro units. On the other hand, I love them, I would choose micro units over your average size unit. Any day,
17:01
we did a project worked on a project called Sol Hana, here in Nashville, and it was a 126 unit motel to apartment conversion. These units were 216 square feet, I mean to put that in perspective, that's like the size of the studio that I'm in, it's not that big, really, really small. And we signed 126 leases in six months.
17:26
There's a lot of demand for that type of product. And it's inherently affordable, which is what I like about it, you don't have to worry about going through light tech, or dealing with any of the grants for your funding and your your capital stack. You can do it at market rate and make it make sense. So big fan of micro units.
17:45
Anthony saying good morning, Tyler. Morning, Anthony, as a percentage of your sale price on a new construction home, how much should a developer pay for the dirt? Great question. So it's I use a five times lot cost. It's basically 20%, right of your overall sales price. That should be your total price for the dirt, and the horizontal. So the horizontal is your site work right vertical is the actual construction of the home. So if you buy a lot for $50,000, and you have to put $50,000 worth of work into it, to get you in your water, your sewer utilities, whatever, you should be able to build a $500,000 home there.
18:29
Now, that doesn't mean you know, you can pay, you know $50,000 For a lot 50,000 for site work. But if all the comps in the neighborhood are 300 grand, it's probably not going to work, especially based on a price per square foot basis. Maybe you can build a bit bigger home, but there's there's a balance to work out there. If the comps in the area. Typically what I'll go look at is new construction sales comps. So if new construction is selling for 500,000 Then I'll go look for whites that are you know 50 To $100,000 Depending on how much side work they need. $50,000 a pad is a lot for site work in some areas and in other areas. It's it's nothing it's going to cost a lot more than that. So it all depends.
19:12
Duke's is saying what is the best way to find deals costar is very expensive and LoopNet is basically what real estate brokers or buyers don't want.
19:21
Yeah, I mean, you know, I'm not a fan of costar. We have not been members of costar loop net since 2020.
19:33
You know back then I had a broker working for me that when the pandemic had decided to go back to school and become a coder, and I reached out to costar and I asked them you know if we could terminate his membership since he was no longer with us. It had renewed for an annual membership the week before. So it wasn't like we'd been using it for this whole time. I thought since I had a good relationship with the local Nashville
20:00
reps that there would be like, Yeah, not a problem at all. You know, you could just add back to it whenever you get another broker on your team.
20:07
No, they were adamant they would not do anything at all. I renewed it was I didn't even renew it was just an automatic renewal.
20:17
And they wouldn't work with me at all. And I was already on the on the verge of getting rid of costar, the data wasn't always that great. Some of its pretty good.
20:28
But I just didn't appreciate the way that they handled that. So I terminated everything. I mean, I sent them an email that day, I said, I know I've got a year left on everything. But go ahead and marked me down as terminating everything we're done. We're never using this again. And we haven't used costar since 2020. And guess what, I've had some of my best years ever. So you don't need costar to find good deals, there's a couple different ways, one, work with a broker. Brokers are doing all of the work you would need to do
20:57
to build a mailing list and start hitting them with a mailer once a quarter, I typically recommend finding 600 properties that are the best 600 properties that if you bought any of them, it would work.
21:10
Hit those 600 properties once a quarter. So four times a year. You can also cold call stop and and knock on doors, driving your markets pretty good. I mean drive through and see, you know what, what's the older looking, rundown building that's next to a bunch of new construction, you know, that person may be willing to sell. It's kind of the same residential, I mean, it is the lawn being taken care of as the parking lot being maintained. If not, might be an out of state owner and they may be willing to, to, you know, drop it and move on. So
21:42
that's kind of how I find deals. Also just using your network. I mean, I tell people on the podcast all the time, you know, hey, if you find anything in East Nashville, you find any really compelling deal in the area, give me a call, I would love to take a look at it. I've actually found quite a few deals just by posting on Instagram, just by talking about it here on the podcast on the YouTube channel. It works out really well. And you've got a soapbox, you've got a whole lot of people that can hear from you on a daily basis. Take advantage of them.
22:13
Elijah, Hey, Tyler, best advice for getting into Flex Properties warehouses 10,000 to 20,000 square feet with no money. Elijah, first thing I would do is learn everything you can about flex space. So that could be from watching YouTube videos, listening to podcasts, taking brokers out for lunch, talking to developers talking to contractors, talking to engineers learn everything that you can about flex space, network as much as you can within the industry and find somebody that is actively buying 10 to 20,000, square foot, flex space warehouses.
22:50
Figure out what their deal criteria is, and go out and find them a deal. That's hands down the best way to get into it. If you have no money, you know, I would work something out with him on the front end, like hey, if I find you a good enough deal, will you bring the end for five or 10% of the of the property, I'll sign you know, my pro rata share of the debt. But I don't have any money to put into it. But here's what I will do, I'll go out and I'll find the deal. I'll do all the work to pull it together, I'll make your life a lot easier. And I can run the asset on a day to day basis. And that's what my my, that's how I'm going to earn my equity in the deal.
23:27
Five to 10% may not seem like a lot. And a lot of newer investors get caught up on this. And think well, you know, I went found the deal, I should get 50%. If you're putting up 100% of the capital, and your balance sheet is what securing the debt.
23:45
You're not going to you shouldn't take anything less than 80 to 90%.
23:50
I would do that today. I mean, if I had an investor come to me and say, Hey, Tyler, I'm going to put up $5 million on this property and I'm going to sign on the debt. I want you to do everything, I would gladly take 10% Gladly, I will do that deal all day that's infinitely scalable.
24:07
The biggest thing is building your track record of successful deals, and getting the experience working on that type of project. Because once you've done that first deal, then other investors will see okay, they've actually done their first deal. They pull it off, it was successful.
24:26
My capital, is it less of a risk going into this deal than it was before.
24:32
So I think that that is hands down the best way to approach it. I mean, if you if you wanted to just do it on your own, you didn't want to bring an investor to the table, you would have to get really creative with how you structure the deal. It's certainly possible. I mean, I've done videos on on how to invest in commercial real estate with no money.
24:50
But it is very difficult. I guess it is there's a reason that people still you know, even the most sophisticated investors in the world still bring money to the table and they buy properties
25:00
One because you know, most sellers want to cash out, they want to walk away.
25:06
But too, if you're going to be negotiating some sort of creative financing or a JV with a seller, you're now getting into bed with somebody that you don't know very well, you've got to spend a lot of time getting to know them. And there's nothing worse than getting into a deal with somebody that you haven't seen under stress before, or you have no idea how they actually want to approach the deal. What people change, as soon as something happens, something gets stressful, something, you know, doesn't go the exact way they thought it was gonna go, people change. I've seen it firsthand multiple times with people that I have known for years. And, you know, people will get greedy, and they'll do everything they can to just take a deal for no reason. It makes absolutely no sense. But it's all the emotional side of somebody's brain.
25:53
So you can you can negotiate, you know, seller financing, right, you would have to go out and find a piece of property that has zero debt on it, in order to get a 100% seller finance loan.
26:07
But you're also going to have to prove to that seller that you have the wherewithal to make those monthly payments to increase the value of the property in order to cover them if you have to.
26:18
You know, I mean, in order to justify the seller taking on the risk of a zero down payment loan, because most sellers are willing to finance a deal with 510 15% down right better than most terms you could get from a bank.
26:33
Because they know, if you default on the loan, they can foreclose take the property back, they've got your down payment, they've gotten any additional payments that you've made, and they'll make a profit and they still get the property they can move on. But when they sell or finance 100%, they're going to have expenses, like paying for the loan docs that they're not going to have covered for a certain period of time. So they have to be confident that you're going to make at least 12 to 24 payments, probably for it to make any sense. So I think finding a partner is hands down the best approach to take, it's what I did, it's what I still do to this day. I mean, I'm looking at, you know, when I was looking at buying car washes, earlier this year, I was talking to individuals that had all bought and invested in car washes before, because I was gonna bring them in with me, I don't want to learn this on on the go. I want to make money, not lose money. So I'm gonna bring in the experts, I'm more than willing to give them you know, 50% plus of the deal, depending on what it looks like,
27:33
in order to get that experience, because then I can do the next one by myself. Or, you know, we can do all of these together. And I don't ever have to worry about learning how to run a carwash.
27:43
So there's a lot of value in having partners, make sure that they are the right partners. That's the biggest thing.
27:52
Sky animals saying you were the man, thank you for taking the time to teach us absolutely sky animal happy to do it. I mean, I've really enjoyed doing this, it's a lot of fun that you guys have, you know, really appreciate you all have become such an audience and grant me the opportunity to do this, you know, it's been, gosh, almost four years, since I started the YouTube channel, I can't believe it's been that long. Because, you know, it was April of 2020. I was looking back on it not too long ago and thinking just kind of how far it's come. You know, I started it just because I didn't have resources when I was getting started in commercial real estate back in 2013. And it's, it's nice to just get to teach people how to do this, I really enjoy it. So it's a lot of fun. And I love interacting with you all the live streams are great, because you all can jump in and we can actually have conversations usually I'm just recording videos in this dark studio by myself. And I'm watching them out into the world. The fun thing about the live streams is that we can actually have a conversation here. So this is Greg Sanders saying what's the best way to get sellers, investors landlords to trust you with the deal compared to other agents, especially if you're younger have three to four years of experience on your belt. So Sandra, I'm assuming that you're a commercial real estate broker that is wanting to land a listing, right?
29:08
Or maybe, you know, just waiting to climb. I mean, look, as a newer agent, you are definitely at a disadvantage compared to the bigger, more experienced shops.
29:18
But the one thing that those shops don't have you do is you need to do more, you are willing to put more work in, this is the only thing that you're going to be focused on until I tell people this all the time, like don't discount the newer brokers, sure, they may not have as much experience. So you're probably going to have to work on the deal a little bit more. But they're hungry, they don't have a list of investors and all of these listings and properties and all of this stuff that they have to work on. You'll get 100% Probably of their attention on your one deal. So that means that they're probably gonna go out and knock on more doors, they're gonna make more cold calls, they're gonna do more of the active side of the work than any other type of broker will. So I think
30:00
You just really lean into that. And you just say, Look, we are going to
30:05
we're going to put more work into this than anybody else possibly can
30:10
do saying tell you the best Dukes. You're the best. Appreciate you joining us.
30:15
Elijah. Thank you sounds like a lot of options out there. I just found your channel. Yeah, absolutely. Elijah, there's there's a ton of options out there, right. I mean, that's the beauty of this industry is that deals happen, depending on how creative you can get, especially going into this next year, with where, you know, interest rates, and everything is our so I think, just get creative with it. Just put the work in, it's gonna it's gonna be a lot of work. Not gonna lie. I'm not gonna sugarcoat how much it's gonna take for you to go out there and buy commercial real estate with no money. But it can be done. I have done it before. It is it is worth it. It's just, it's a lot of work.
30:54
Hard jumping in just in time to say, what's up what's going on heart? Yeah, now we're a little bit past or 30 minutes here, but I'm gonna make sure that I get to these last two. Last question here.
31:05
Since it is our last one of the year, of course, I'm gonna be generous.
31:10
Joe sat in front of you during Homs as a vet, forget to ask, How can I send you industrial vacant land deals? Well, Joe, hope you enjoyed the event loved being there, Hamzah put on a wonderful event out in Austin, called flex space Connect. I'm going to be honest with you one of the better networking events I've ever done.
31:29
Hands down, it was great getting to meet everybody there. So you guys should definitely keep an eye out for it next year. Hopefully, I'll be there speaking again.
31:38
So if you want to send me any land deals, vacant land deals, industrial land deals anything in East Nashville, I will look at deals across the country, depending on how the deal is structured. Most of the time, what I end up doing is I come into the general partnership or into the investment as an advisor. Because a lot of the my coaching clients and people that I work with, they don't have experience in commercial real estate or they don't have the balance sheets necessary to secure the loan. So I come in as the commercial real estate experienced person that makes the bank feel a lot better about what's going on. So I will come in and partner with you JV with you on your deals. But if you want to send those to me, especially if they're, of course, obviously if there's just ones that you want to sell, shoot them over to Office at the cowboy group.com I believe that email address is also in the description of the YouTube video below and certainly in the podcast as well. So feel free to reach out there and we can we take from there.
32:41
Let's see dust group no projects under the belt seeking funds for new for unit builds of for two bedroom baths. Two baths I guess, site can have two buildings who to ask partner question mark winky face,
32:57
I would probably not be the partner for a multifamily deal. I don't know how much value I'd really bring to the table. I mean, I'm always willing to look at these deals. I'm just, you know, always upfront with you all I know enough about multifamily to be dangerous, but I'm by no means remotely past intermediate level investor on that side of things.
33:18
I would reach out to some local multifamily investors in your area and just see who'd be willing to partner with you on that. I think that there are a lot of people out there that are looking for deals right now and that are willing to get creative on it. So if you have a really good deal.
33:34
Reach out to your local real estate investors Association calls from friends, if you know any doctors call them, especially today, it's December 5, which means you've only got a few more weeks before you can take advantage of some tax write offs and depreciation before the end of the year. So there you have it for this week's office hours. I will see you all for the next office hours in the new year. Stay tuned for when that will be it's probably gonna be sometime in mid January. Appreciate you all. Merry Christmas. Happy holidays, and I'll see y'all in the new year. This episode of the commercial real estate investor podcast is brought to you by cre launch Pro. This online commercial real estate program is designed to take you from beginner to pro commercial real estate investor with access to all of my courses, our online community and monthly group coaching calls. Learn how to confidently buy your first commercial property today at www dot c r e launch pro.com
This conversation explored how Neighbor.com helps commercial real estate investors unlock hidden value in their properties through self-storage and vehicle parking solutions. It also discussed trends in the storage industry and opportunities to generate new income streams from underutilized spaces in offices, multifamily, and other commercial asset types.