The Real Reason the Best Deals Never Hit the Market
Most commercial real estate investors are fishing in the same crowded waters.
They're refreshing Crexi, scrolling LoopNet, and competing against dozens of buyers for the exact same deals. Then they wonder why everything feels overpriced and nothing pencils.
The reality is that many of the best opportunities never make it to the public listing sites.
In this week's Office Hours, I'm breaking down how off-market deals actually get done, why brokers quietly shop their best opportunities to a small group of trusted buyers before ever listing them publicly, and how you can position yourself to get access.
I'll also walk through real examples, including a Chattanooga office tower I bought for $1.8 million and sold 15 months later for $4.6 million, plus an off-market RV park sourced by a member of the CRE Accelerator that's projected to grow from a $1.5 million acquisition to more than $5 million in value after a turnaround.
If you're tired of losing bids, competing with everyone else for the same listings, or wondering where experienced investors are finding deals that never seem to hit the market, this episode is for you.
What We’ll Cover
Why the best deals are marketed, but not publicly
How broker preview lists work and how to get yourself on them
The three channels where off-market deals actually live
Why listed deals often leave little upside for buyers
How to identify and approach tired sellers
A direct outreach strategy that still works in commercial real estate
The story behind a $1.5M RV park that's projected to be worth $5M+
How I sourced one of my most profitable deals through a single Instagram story
What brokers look for before adding investors to their inner circle
The biggest mistakes investors make when searching for off-market opportunities
Get commercial real estate coaching, courses, and community to jumpstart your investment journey over at CRE Central: www.crecentral.com
Key Takeaways:
The best deals aren't hidden. They're marketed privately before they ever hit Crexi or LoopNet.
Brokers send their best opportunities to a small group of trusted buyers first.
Most investors are competing for the same public listings, which drives up prices and lowers returns.
The three best sources of off-market deals are broker relationships, tired sellers, and direct outreach.
Specializing in one asset class makes it much easier to uncover opportunities.
Many sellers value certainty and simplicity more than squeezing out every last dollar.
Off-market deals often create the biggest value-add opportunities.
Success comes from consistency, relationships, and being ready when the right deal appears.
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:
Tyler Cauble 0:00
There's a myth in commercial real estate that the best deals aren't marketed, they're not sent out to the MLS, to Cruxy, to LoopNet, and that's kind of true, but it's also not, it's a complete myth, the best deals are 100% marketed. You're just not on the list. And so today we're going to talk about how those deals are getting done, because I'm sure you've seen it. How are all of these transactions taking place? How are all of these investors buying commercial properties that I never even see hit the market? I never get the opportunity to bid on it. We're going to talk about why they never hit the market, and how you can actually get on those lists, all of that, and more on today's episode of Office Hours. This episode of the Commercial Real Estate Investor Podcast is brought to you by my CRE Accelerator Mastermind, where you'll get access to my step-by-step investment blueprint, essentially a library of resources on how to invest in commercial real estate. You'll get connected to a supportive community of other commercial real estate investors that are doing projects just like you. You'll get personalized coaching and feedback from me every step of the way. Go to www.crecentral.com to learn more. Welcome back to the Commercial Real Estate Investor Podcast, I'm your host, Tyler Cobble, and we are live today from the Cobble Group Studios in Nashville, Tennessee. For the real reason, the best deals never hit the market. All right, let's dive on in. So, here's a deal that you will never see on Crack C, on Loop Net, whatever. You guys have probably heard me talk about this deal before, but this was Newell Tower. If you're watching on YouTube, you get a nice little visual. If you're on the podcast, you're just gonna have to trust me on this one. This is a nine story office tower that we bought for $1.8 million in Chattanooga back in 2021 and I sold it in 2022 not even 15 months after we acquired it for $4.6 million think about that, 4.6 million from a $1.8 million purchase. Now we had spent about $600,000 on this building for our plans on demo on carry costs, whatever. All right, so our all in basis was about 2.4 million, give or take, so you know, we walked away with about $2.2 million in profit in 15 months on, you know, a pretty decent project. Now we were planning on holding this deal for quite a long time, and you're probably sitting there thinking, well, hell, those numbers are insane, and they are. I mean, it's one of the craziest deals that I've ever done, but the reason that we were able to do a deal like that is because it was off market. We found it off market before anybody else, any other investors got the chance to try and bid against us or bid it up. I had posted on Instagram, I mean, this is how crazy the story is. I posted on Instagram, you know, I might have had 15 or 20,000 followers at this time. It, you know, I've been intentional about growing my audience there. That I was driving through Chattanooga that day on my way to Atlanta to go look at some projects, and that, you know, I wanted to, I wanted to see some things. If anybody knew of anything off market, you know, reach out. Let's, let's make it happen. Well, one of my followers screenshotted that that that Instagram story shared it with one of his buddies in Chattanooga, who reached out and ended up setting up a tour that day to go get three different properties, and one of them ended up being this deal that we put on our contract. I think we had it on our contract literally the next week. This deal is actually the reason why we bought Peerless Mill, you know, the contractor that did the demo for us on this. I asked him if he knew of anything else interesting that we should look at in Chattanooga, and he said, actually, I do know another one off market. So that's how we bought Peerless Mill, that was also off market, never had the opportunity for other investors to bid against us and to fight us for that deal, so it was never listed.
Tyler Cauble 4:05
No brokers ever touched it, and that's how some of the best deals get done in this industry. So, here's how most investors are hunting for deals. They're kind of picking over all of the same opportunities, right? If you're going on Crexi and LoopNet, you know what the phrases Loopnet is where deals go to die, and I would say that's 80 or 90% true. You could still find some pretty great deals on there. I've bought deals off of LoopNet, or that were listed on LoopNet, but here's the thing: everybody has access to that, literally everyone, every single person. If you have access to that data, so does anybody else, so you're fighting with all of these other potential investors. Now, there's also, you know, broker and email blasts, right? But here's the thing, if you're on a broker blast again, you're probably one of 500 you know, if you're on my list, you're one of 1500 or 2000 investors, or I'm. Right, brokers, they get the email at the same time, right? So you're still competing with a lot of people, even if you're just on the email list. Now, I'm not saying don't do all of this stuff, I'm just saying it's a little more competitive than you probably think it is. And the networking events, right? If maybe you're going out to networking events to try and find these deals, and I think that you should be doing all three of these, but going to a networking event and just asking for deals can be pretty tough, right? Because by the time that you see it, chances are pretty good everybody else on that buyers list already has to, right? So it's not necessarily the worst thing in the world, that's how the market works, right? It's the best thing if you're on the sales side. Obviously, you want everybody to see the deal. Typically, I mean, depends on the deal. Sometimes it's actually better if you don't take it to market. We could talk about that another time, for sure. But there's three reasons that listed deals leave nothing on the table. Number one is bid compression, and we all know this, right? It's a competitive process that eats at the spread before you ever underwrite a deal, you know. Look, we are investors, we have to get a return on this, but if you're like me and you're a professional real estate investor, or you want to be, chances are good you're not a doctor making seven figures a year that just needs to shelter income, right. You're probably like, I'll never forget this. My uncle is also a residential real estate investor here in Nashville, and one of his neighbors came up to him because they knew that he invested in real estate, and the neighbor was a doctor, and he told him, he's like, man, I got a great deal on this on this residential real estate investment, it's such a, it's such a phenomenal deal, and my uncle's like, "Oh, great, how much are you cash flowing out of that? And he goes, "Oh, I'm not, I'm having to pay a few $100 a month towards the mortgage, but it's a great deal. And think about that, like that oftentimes is who you're competing against, somebody who is willing to pay $300 a month into a deal because somebody else is living there and paying a majority of the mortgage, he's a doctor, he doesn't have to make cash flow off of this today, and that makes it a very different deal for them. They can pay more than you can, and that's how bid compression works. They can just pay more than you can. Of course, there's adverse selection. The easy deals get listed right. The interesting ones really, really don't. I mean, if you think about that, like some of the coolest properties, some of the biggest deals, some of the best opportunities, they just never hit the market because the seller may not want them to hit the market. There's also sensitive reasons as to why deals may not hit the market, right? Like, if you've got a hotel, you probably don't necessarily want all of the guests to think something's going on, right? Or, or maybe you, you just don't want your tenants to know that anything is going on, right? So, it just may not hit the market.
Tyler Cauble 7:58
It's better to quietly shop that off market, and then, of course, there's the marketing tax, right? Sellers, sellers price the cost of going wide, you pay for the auction, right? It can get very expensive if they're going to do it that way, but again, what's best for a seller is not necessarily what's best for a buyer, and sometimes there is this middle ground where buyers meet sellers off market, and it can really, really work. I mean, we've, we've been able to negotiate some pretty phenomenal deals for both sides, because you know, maybe a seller just wanted a deal done quickly, they didn't necessarily need. I had a had a meeting with a seller yesterday, and I thought what he said to me was really interesting, because he was talking about a deal that he did a few years ago, where he got a deal, probably I think it was two or $300,000 under what the buyer had paid for it 12 years before, and you could clearly see, like, yeah, obviously it was probably worth more than what he was able to buy it for, and the seller probably could have taken it to market, and what he said to me was really interesting. He was like, you know, being on the other side of it now, and having as much wealth as I do, you start to realize the last few $100,000 don't matter. I was like, that's a really interesting perspective. Really interesting. Sometimes people just want an easy deal. They don't. They want to do a deal with somebody that they know is going to close, that isn't going to haggle with them over everything. They don't really care about the last few $100,000 I don't know, something to think about. So, here's three legs for you to actually dive into and find off-market deals. This is where they actually are. The preview list, right? That's the call that you're not getting, right? That is the list that we need to get you on. That's lane number one. Lane number two are the tired sellers, the owners who refuse to list. That's kind of like the story I was just telling you guys about, that that owner didn't want to list, he just. Said hey, here's the deal, if you want to buy it, take it, and, and my friend took it, and then lane number three is direct outreach, go and find them yourself. Now, you could, of course, have a broker do this on your behalf, and you could work on monitoring how they're going to go about doing it, but that's a pretty great way. I found some really, really good deals just doing direct outreach. I think it's such an overlooked approach in commercial real estate, because everyone and their grandmother is sending out mailers in residential real estate. I mean, it's insane how many texts and phone calls and hard mailers, whatever you get in the residential world, and I can tell you, I think of two times in the last eight years that I've been investing in commercial real estate that I've gotten actual like direct mail, somebody reaching out off market, trying to buy one of my deals, and I think that's pretty impressive, like that stands out to me, because it has happened so few times. The nice thing about commercial real estate, and I know I'm going off on a tangent on this, I just.. I really love the direct outreach and direct mail approach. Nice thing about this is that every single deal, regardless of whether it's hidden in an LLC or whatever, it's going to have a mailing address, right. So, there's the actual property address, you go to the tax records, you can find the mailing address. I mean, nine times out of 10, that's going to somebody of importance, right? Probably 99 times out of 100 because they have to get mail for that property somewhere that somebody can receive it, right. That's for where tax bills get sent, that's for where utility bills get sent, whatever. So, if you're going in and you're sending mail to the mailing address, chances are good it's going to a decision maker. Now, if you hand address that, it's going to look very important, right. So that's more of a sniper approach, not a shotgun approach, but it works all right. Let's talk about the preview list.
Tyler Cauble 12:09
This is lane number one. Brokers do not list the best deals, at least not at first. They preview them to 510, 20 buyers, right. My preview list is probably about 50 to 100 people, depending on the type of deal that we're doing. I've got a deal that we've just previewed out to about 200 investors that'll be hitting the market next week. Right, so the top clients see it first. Brokers protect those long-term relationships. They like, here's the thing, think about it at the most basic sense of what this is. Brokers get paid commissions, which means they only get paid if a deal closes, which means that they are highly incentivized to send deals specifically to the buyers that they know are going to close, because that's how they get paid, so that's why they're going to go out and see if they can just get it done really quickly and easily first. And this is why some of the top brokers only work with, like, a handful of people, to be honest with you. I mean, it's pretty amazing. Number two, they preview the preview round closes most of their inventory. If the first 20 want it, no listings going live ever, right? I mean, if we get an offer this week on that deal that I just previewed, then I'm not listing it. What's the point? We're getting everything that we need without having to take it to market, without having to announce yet that it's actually even happening, which can be good for both the buyer and the seller, and then, of course, just being on the list, you got to have capital ready. You got to, you have to have closed a deal before. You got to be easy to work with. You've got to be willing to give feedback. I see, like, if you ever get on a broker's list and they send you a deal and you don't contact them and tell them all of the reasons why the deal doesn't work for you, so that they can better understand what you're looking for, and just communicate with them. They're probably going to stop sending you deals. I've had plenty of buyers in the past that have said, "Hey, I want to look at all deals that fit this criteria. I'll send them those deals, and then you never hear back from them. Like, okay, hey, checking in, wanted to see this deal, according to what I know about what you want to buy, checks all the boxes. Now we're not interested. Thanks. You know, keep looking. Okay? Why? It's from what I understand, it checks all your boxes, and then they just don't give you feedback. Well, guess what? I'm taking them off the damn list. I don't have time to chase somebody down and get them these great deals if they're not going to buy when I send them to them, so think about that. Like, put yourself in a broker's shoes. If you had a deal and you were going to take it to market and you wanted the best opportunity for it to close and make you a commission in the easiest way possible, what does that buyer profile have to look. Like that's what you, as the investor, need to mold yourself into, right. So, here's the thing: you're not missing out on these deals, you're not missing them completely, you're just not on the list, right. Every broker has a list. So, lay number two, tired sellers, owners who won out without ever really going public, and that doesn't necessarily mean, like, oh, I'm just tired of dealing with the property, it could just be, hey, I'm just ready to move on. All right, that doesn't necessarily mean that they're in a distressed situation by any means. It's like the story of my buddy earlier, who got that deal for a few $100,000 under what the guy paid for it a decade prior, just ready to move on. I think that guy was leaving Nashville. He was like, "Ah, I don't really care how much you want to buy it for. So, number one, they could be operationally tired, of course. I mean, we see that all the time. Commercial real estate's not easy.
Tyler Cauble 15:58
Everybody thinks that it's a completely passive thing, and it can be to a certain extent, but you've got to have the right systems and processes in place, and if you haven't done that, if you don't understand how to do it, or if you just always self-manage, you're going to be worn out by the day to day, like it gets, it gets tiresome, you know. It's, I think it's always funny, you know, because I personally have all of the interview calls for members that want, or for people that want to join the Siri accelerator mastermind. Right, like I personally handle every single phone call, and I always think it's funny when people come in, they're like, "Yeah, I want to, I want to self-manage my deals. Like, I really, you know, want to jump all into it, because you know, one out of 10 investors that says that to me actually ends up doing it and enjoying it. I'm not saying it doesn't happen, right? Like, I have a property management team too, but I can't stand the management side of things. Like, I don't want to run stuff by myself. That's why I built up a team and got myself the hell out of there. It's, it's miserable, and it's funny. I always tell people, like, hey, enjoy that while you're feeling it, because you know you're very quickly going to want to get yourself out of the day to day. Then there's a state inheritance, right? I mean, look, if someone passes away, they hand it off to their family. Typically, that family doesn't want to deal with it, or they don't understand how to deal with it, right? They don't know how commercial real estate works, they don't want the investment, they want the money, right? So the family might want to sell quietly, just divvy up the proceeds, and be on their way, right? This can be a pretty good way for you to approach estate planning attorneys, because they handle all of this stuff for people, right. There's a property that I've been looking at that the owner passed away a little over a year ago. It hasn't gone through probate, apparently, and it's still in this owner's name. I've reached out to the estate planning attorney a couple times, actually, to let them know, like, "Hey, I'm very interested in buying this. If the family doesn't want to take it to market, they don't want to pay real estate commissions, bring it to me. I'll pay you a fair market rate. I will pay for the closing costs, so the family doesn't even have to worry about it, and we'll close this quickly. I mean, think about that. For the attorney to be able to go to the family and say, 'Hey, we don't even have to take it to the market. Here's what we can get for it. Here's what it's worth. I think we should take this. We're going to save you six or 7% on closing costs, just because this guy said that he's willing to buy it, like that's a pretty good opportunity, and a pretty good deal for them, right? So they don't have to drag on with, will this buyer close, won't they, you know, whatever. If I don't, of course, they could then take it to market, but at least then it hasn't been sitting on the market for 120 days, and for whatever reason, you know, like, you know, buyers start to get spooked, like, is there something wrong with this property? Why, why is nobody, why is it, why they're not closing on it? Or they could just be aging out with no succession.
Tyler Cauble 18:51
I've also seen aging out with, like, this no succession doesn't necessarily mean that they don't have kids to pass it on to, it could just mean that the next generation doesn't want to run it right, it could mean they have no kids at all, right, and maybe you know they want to leave it to their niece or nephew or whatever, or sell it, you know, and give the money to charity, right, so you could be a good option for them to buy it, so that they could then have the cash to go do that, I've also seen, you know, sellers that have two or three kids, they don't have a portfolio that you know is divided up easily, and they just want to sell it and give their kids the cash, because they know it's just going to cause a bunch of infighting, right? So think about that, like generally in commercial real estate, there are owners that don't necessarily want a sign out front, especially if you've got tenants, especially if you have guests, whatever it is, you don't want to spook people into thinking that something's going to change with a new buyer, so you don't want to put a sign up out front. And then there's lane three, which is direct outreach. We talked about this a little bit, of course, it's one of my favorite. It approaches, for sure, pick one asset class, right? Get specific: RV, parks, flex, neighborhood retail. Just have one investment thesis. That doesn't mean that you can't invest in other types of commercial real estate, but when you're, when you're doing direct outreach, pick one asset class, pick one market, and that should be a market that you can drive to in maybe 90 minutes, like it depends on on your personal approach, what you want to deal with. I mean, for me it was, it's literally a 15 minute radius, like all of my properties are within a 15 minute radius. I'm lazy, dude. I don't want to have to drive across the river here in Nashville to go check on my properties, everything is with it, like I even live within that 15 minute radius. It's amazing. I can't even, like, you want to talk about building up the right lifestyle, go invest within a 15 minute radius of where you live, makes it super easy. So, pick one market, then pull the ownership list. You can go to the county records and get this stuff for free. You don't have to go and pay for it. You can literally go to the county and say, "Hey, I want a list of all the, you know, property owners that own, you know, this type of real estate in these zip codes, and they've owned it for seven years or more, whatever it is. And you can download it. I mean, I've shown you guys how to do that on Metro Maps here in Nashville before. Every county typically has some sort of tax database. It could be your GIS records. You may have to go down to the courthouse and get this, but there is a way for you to go and pull this for free. And then just start the conversation, send out the letters, do the calls, do the drive-bys. You're going to get a lot of no's at any given time. 5% of those properties are willing to consider something, so if you send out mail to 1000 right, 5% of that is 5050. properties are willing to entertain something. Now, that doesn't mean that they're going to say, "Hey, I'll take a reasonable price for this. It could be ridiculous, but that's 50 opportunities for you to do something. We've got a member of our group right now that's working on a pretty crazy deal, it's an RV park that was sourced through direct outreach. They're gonna buy it for one and a half million dollars, and by the time that this member of the - it's a member of the mastermind - by the time that she is done repositioning it and just implementing her operations, it's gonna be worth over $5 million Now it takes a specialized operator to be able to do that and turn that around, but again she found it off market, and that's why there's so much margin baked into this deal.
Tyler Cauble 22:32
Now that's not to say that every single deal you come across will have that opportunity, but it's there. That's how you can create deals like that. So biggest thing first, she picked the asset class, RV parks, one thesis, one focus, not just, hey, I'll take a look at any commercial deal in my entire city. All right, she picked a region that could work, the southeast, for something like RV parks, you can't just say, hey, I want to invest in Tennessee, you really need to be able to look at, you know, a larger area, and that's fine, but she made the call directly. I mean, that's the biggest thing. No broker, no intermediary. She specifically talked to the owner and very quickly realized, like, how big of an opportunity there is in this deal. And guess what, this is a combination, because she had the direct outreach, but she also found a tired seller that doesn't want to operate it anymore, that doesn't want to have to adhere to what it takes to run a modern RV park. So, if you're looking for these off-market opportunities, you should have capital ready to deploy, all right, especially if you want to get on these broker lists. It's always good to disclose how much cash you have and how much cash you have access to, right through either a line of credit or through, you know, your banking relationships. Prove to a broker why you should be on their list. Ideally, you've closed one or two deals, even if you're just a minority partner on it. Add that, that's your track record, right? Maybe you can wait 90 plus days. You can talk to owners directly, like that is the way. Like, those are the criteria that you need to have for this. Patience is a virtue. I bought a great deal back in 2021 off of a mailer that we sent out, it probably took 45 or 60 days for this person to call us back, and we closed within three months. I mean, great, great deal. But here's the thing, this is not for you if you need your first deal in the next 30 days. First of all, that's not going to happen. If anybody ever tells you that you can get rich quickly in commercial real estate, they're lying to you. This is a long-term approach. This is a marathon, not a sprint. You can build up a tremendous amount of wealth in this business if you do the right things the right way over the long haul. All right, if you don't have capital lined up yet, you're going to fall. Flat on your face, you're going to get presented an opportunity, and you're not going to be able to take advantage of it, and you'll probably never get a second opportunity. All right, if you're still trying to pick an asset class, you're not in the right place yet. You need to have that dialed in, so you know exactly what you are doing, and you are ready to go as soon as that opportunity arises. And look, if you need a broker or an attorney or somebody else to do all the talking for you, probably not a good opportunity for you, right? So make sure that if you're going to take this approach, you can handle the conversations, you can speak intelligently enough about what you want to do to where a seller says yes, this is the person that I want to sell to. All right, off market is not harder. It really isn't, in my opinion. Finding and negotiating and closing off market deals is substantially easier than on market, because you're not competing against hundreds, if not 1000s, of other people. It's just a different approach, and you have to know how to go about doing it, so hopefully this conversation today really got you understanding the best ways for you to approach that. All right, the best deals are not hidden, you're just not in the room where they are happening. So fight to get on that list and make sure that you are approaching the owners directly. It's very easy. Send a mailer, send 10 a week, 2030, a week. I used to send 50 a week, because I would just do 10 a day.
Tyler Cauble 26:29
I would print them off, I would hand sign them, I would hand address them, stamp them, drop them off in the mailbox. It doesn't take that much time. I mean, it might take 30 minutes, and absolutely worth it, if you find one deal that can make you a couple $100,000 like that one deal did for me in 2021 that I bought off a direct mailer. Pretty great to be able to do a deal like that, and you can imagine that I was not upset of taking the time to send out these direct mailers. All right, all right, let's dive into some of your questions here real quick. Only got a few minutes where this one ran long. Paul and Harris, what's going on, guys? Good morning, Tyler. Besides RIAs, which are real estate investment associations, what other types of events would you recommend we attend? So, RIAs are great. I would go to the Urban Land Institute events, so ULI, great association there. I'm a member, I'm a sponsor, but they'll have typically all sorts of different events where you can.. that's where, like, that's the association for developers, for investors, for engineers, contractors, architects, like people that take the art of commercial real estate seriously. That's where you're gonna meet them. So, go join Uli. Jason is saying, 'Yo, Tyler, what's up? Jason here from Venice, Florida. Jason, what's going on, man? Good to see you here. Husny is saying, 'Sup, guys, what's up? Husny, Marcus, what's going on, man? Saying good stuff. Tyler, trading for science. How can I get over my fear with closing my first big deal, even if I underwrite the deal, but things don't work out, you know, trading the biggest thing, and I actually just released a video on this last week. I think it's titled, like, How I bought my first commercial property. Go check that video out, because I do talk about that situation exactly. Edwin, yes, ULI is nationwide. They have chapters in, like, every major city, and some secondary and tertiary cities, too, but getting over the fear of your first big deal, I got pushed into it. You know, I kind of got pushed off the ledge, and I was like, "You know what, let's make this happen. And here's the thing, for, you know, weeks leading up to it, I was like, "You know, kind of nervous, sick to my stomach, whatever. Couldn't sleep the night before closing. Went to closing and sign the papers, and I was like, oh, like, the world didn't change, it's kind of still the same, everything is the same. Okay, cool, time to get to work. So I just felt really good about going through and actually knocking the deal out, and honestly, like, it's probably like having kids, I don't have kids, but everybody says, hey, you're not ready until it's happening, right? Like, no one's ever ready for kids, like you just kind of got to do it. I'm assuming that buying commercial real estate is probably very similar to that. You just got to kind of do it, get as confident as you can, make sure that you're being conservative, buy the right deal, and take that approach. Paul and Harris are saying, join the Accelerator Mastermind. Something will always go wrong, but we still have a mentor to guide you when it does. Thank you, guys. Paul and Harris joined four or six months ago, and last night on our call, we were working on a letter of intent to purchase their first building. We've been looking all over Charleston for them, and I'm really excited to see the deal that they're working on. Awesome guys. Hey, appreciate you all for joining me this week's office hours, diving into how to go find off-market deals. I think, especially any market like today, it's very important that you exercise that muscle. Just start practicing a little bit, you know. Don't start, don't go crazy on it. Go send. 20 mailers this week, see what happens. You really need to get to probably 100 or 200 before you could say, oh, it doesn't work, because here's the thing, you're gonna, you're gonna get a 1% response rate. So send out a few 1000 before you decide it doesn't work. It does, I've proven it. It works really well. Thanks for joining me, guys.
Tyler Cauble 30:16
We'll see you next week, office hours, every Tuesday morning, 8:30am Central Standard Time, we'll be going live talking about cash flow. You guys have seen me post a video about how cash flow is keeping you broke. We're going to talk about that a little bit more, because if you're investing for cash flow, you're probably investing for the wrong reasons. Probably see you guys, you this episode of the Commercial Real Estate Investor Podcast is brought to you by my CRE Accelerator Mastermind, where you'll get access to my step-by-step investment blueprint, essentially a library of resources on how to invest in commercial real estate. You'll get connected to a supportive community of other commercial real estate investors that are doing projects just like you, you'll get personalized coaching and feedback from me every step of the way. Go to www.crecentral.com to learn more.