Yeah, it was a crazy day. we did a lot today. What's up man, Hey can see you again. How's everyone doing? Nice to meet you all.

Thank you pleasure to meet you today. We are in Colorado Springs and after this we're going to Aurora to check out the suburb outside of Denver Colorado We're going to compare the two areas and I think this is the first time this sucker's sitting in ice, so it'll be pretty cool to see how we take off. You have about 500 000 residents who live here 478 000 The exact poverty rate is 10.9 median income a little higher from what we saw in a reading reading was somewhere around 26-ish thousand per capita median income here: 33 890 so 33 890 bucks, households just over about 65. somewhat similar to about your national average.

so see what Colorado Springs has in store? Then we're going to Aurora Okay, isn't that place more expensive? It's about the same. All right, Maybe it's a little bit. I Have to say first impression: I See a lot of newer construction, new developments, new subdivision. Looks like we're coming up on potentially a newer school here.

I mean so far, everything looks 2 000 plus now I like 2000 to 2008 builds because they're just old enough to find crappy ones. but they're new enough to find fantastic structures. So I'm very excited about what I'm seeing here so far. and quite frankly, if I'm going to go into a winter wonderland I'd rather want newer construction also because they're substantially.

How do I say that? Better insulated have substantially better insulation, and uh, and you get less drafts, less energy outlay. So big fans so far this will be interesting. Hi you pleasure to meet you! Thank you so much for being a member. Really appreciate it.

Oh that's awesome! Hey how's it going? Pleasure to meet you all. Absolutely Hey pleasure to meet you The father Nice to meet you. That's awesome my business partner and the reason why I'm real estate. Oh that's so perfect.

Thank you so much thank you for that! I I'll tell you if I was just coming from the airport. It looks like a lot of recent development and growth out here. huh? It's incredible. Yeah, some of the areas we go to we don't see that.

Uh, and and I think we kind of want to be investing in places where there is growth. Most people you'll find here come here somehow related to military so they're either PCS here or they have family that was here or they moved here and then they were stationed somewhere else and then come back. A lot of Va buyers then yes. Lots Okay, that's awesome.

Wow, that's incredible. Okay, well let's take a look let's see what we got. Thank you I Already pulled keys I was ready. Oh thank you for that and so you work and then in real estate as well.

I Uh I was in real estate for about 30 years. Oh good for you. Getting prepared for that. Oh that's awesome.

That's amazing. A lot of military out here and uh, how about rental wise? Uh, a lot of longer term rental common rent out the whole house as long as you have a good price point. Yeah, single family rentals are highly desirable. Okay, good, yeah, yeah yeah.

I Was in another market and they mentioned the only rentals they do are room rentals and we like long-term rentals. Hey, by the way, in case you're wondering why I'm traveling for Real Estate It's to really become the best expert in all these various different markets. For Househack.com that's my real estate startup. We're currently raising money at a one-to-one valuation for accredited investors and if you invest before the months end and you get some extra bonus warrants which are kind of like call options to invest more in the future, If you want to don't have to learn more about that at this station, Househack.com but come April or May here in 2023, we should be opening up this investment round to non-accredited investors through a reg A which will be very awesome and we hope you join us in.

We'll be raising money at a one-to-one valuation. Which means for every dollar we raise, that's the valuation of the company. So for example, if we raise 50 million dollars, the company is worth 50 million dollars. so you're really not suffering any kind of brand or company dilution.

This is really rare when you're looking at a startup. Uh, so we're super excited to be able to offer a company and Investments and shares into the company at that one-to-one valuation Now once that fundraise closes, if our cash flow projections go the way we're looking, we might not have to raise money again for quite a while. Maybe not even until we IPO at some point in the future and knock on wood. We're really excited about the prospects for the company, so we'd love to have you aboard on the journey.

Just go to Househack.com to learn more. This is the early 2000s I'm Eric at the sheet over here. So let's see. this is number One 2002.

4.95 and 2002 When when would uh, or what would you be able to rent something like this out for Twenty Four hundred? Twenty four? Nice. Okay, uh. and then backyards. What's pretty typical out here? This about this size.

They have five. Six thousand square feet or so for this area. Yeah, yeah, yeah, it's fairly typical you can find we have a lot of lot differentiations. Okay, so in a lot of the track communities, you'll find yards similar to this gotcha.

Okay, and what? um, do you find there are a lot of tenants who want larger or is this about right? I prefer this size maintenance wise. Yeah, yeah. mostly they want a place for their dogs to go run. We have a lot of dogs.

Okay, okay, gotcha. So so you definitely want to buy policies? Yes, okay. Is pet red normal out here? Okay. Gotcha pet deposit non-refundable and then a monthly veteran Got it? Got it? So um, map wise? What could you tell me sir? Because Colorado Springs Pretty large.

It's Huge. Yeah. 595 square miles. Oh my gosh.

So if you go, go in here. The area that we're looking at is going to be. This basically starts: Constitution Avenue where between powers and Mark Shuffle between Constitution and Dublin is what I call The Sweet Spot Oh really okay this. Square over here this rectangle.

this rectangle that's fantastic. Good neighborhood, good renters. lots of homeowners. Lots of Home renters.

HOAs This one is in an HOA that's an annuals like 160 bucks a year. Oh wow, but they're really on top of maintaining the communities. Yeah, exactly. Now what was the law you said? Constitution Yes.

Okay and then down here, is it just a little more expensive or less expensive? No, it's that's where you start getting into a little bit. Colorado Springs From south to North yes goes in income. Uh, okay. so your higher income is up north and the hospitals up north gotcha.

We have a lot of new development up north and out east. Got it? And then what about going West? Downish Downtown is starting to gentrify. Okay, uh, Ivy Wild is gentrifying Stratton Hills There There's a lot of access to Fort Carson on the south side of Colorado Springs so you'll see a lot of stuff there. and then on the other side on the map where you go over here to Widefield Fountain You have a lot of military buyers and Runners Got it? Got it? Got it? Price wise? How does this compare to where we are now? Less less okay.

and then I Imagine. Of course, if you go downtown the maybe the near the main, that's expensive. That's huge. Uh, do they do short-term rentals over there at all? Okay, Okay, yeah.

Colorado Springs proper when you're within City Limits Yeah, your short-term rental legislation is really tough right now. You have to own the home. Okay, and you can't be within 500 feet as a bird flies from the next. Airbnb Oh, so it's a dog.

Yeah. Wow. So if you're outside of City Limits you don't have that. Is this outside of civil? No, this is all within.

Okay, so outside would be then more. County essentially. Yeah, and even over here you'd have a tough time on. Airbnb Yeah, I Don't know why it's desirable.

Yeah, it's close enough to the airport, but it's still not going to be a big Runner Yeah, yeah, that's not a big priority for us right now anyway. mostly because I think of Airbnb is going through a little bit of a bubble personally. I Found them. Do you see that out here too? Okay, so um, just so you know our goal, I've actually McKay probably gave you a little bit of a heads up.

There it is I lost you for I don't see that far. Yeah, uh. our goal is uh, by start buying, probably second half maybe Q4 into 2024 and uh, single family something we can fix up, add value and buy distress property, upgrade it. run it long term? Yeah, Bingo.

So you got seven to ten years? Yeah, yeah, the goal for us. Also, if you're very good, nailed it. The goal for us is really to really get to know the area so well so that when you call or text and you're like it's coming up, we can make a decision right away. Uh, we don't want to sleep on and think on it, we want to buy.

We want to actually be able to close deals regularly. So that's cool. So okay, so uh, would this be how how would you compare this to sort of your typical this is uh, you said uh, square footage wise 2500. Okay, so a little larger.

probably this basement that that's adding the square footage. that's adding square footage. Your basement square footage is worth less. Okay, yeah yeah.

Is it usually completed by the Builder Or do they just give you drywalling? It depends? Okay, you can. It's usually an options options so see it sometimes, sometimes not. When we're flipping, we're like we run an analysis on whether or not to complete the basement based on Arv. and Rental what else is going on? Are people doing separate rentals at all for those? or uh, like, uh, like separating the basement? Like yeah, like renting to a separate a second family Or okay, common or not.

really because rents are very expensive for this town. Got it? Got it? Okay, so you skyrocketed? Yeah, so uh, more. Just one family for the whole property essentially is common. Unless you can separate the entrance.

Okay, you have a separate entrance. You can separate it and run it out Somewhat like a duplex. but you have to do a 110 volt stove. Uh, gotcha.

Okay, is that because they don't want you to permit? Yeah, gotcha. Okay, all right, got it. So probably not as common then. okay, not as common.

Okay, okay, that is. No, you're not as no. Yeah, Yeah, exactly. 110 stove.

Wow. Just one time even heat. Yes, yes, it's just two burners instead of four. Oh okay.

okay. okay I guess that makes sense. Um, okay. cool.

Great. So uh. 2002 Great. I Imagine, uh, do you do you ever get I mean um, these are comp shingle out here.

These roofs. yeah, they've got a cup shingle. and with the weather I mean potentially sometimes you get some roof leaks or whatever if we find something moldy. Yeah.

I Love it. I Eat it up. Hail damage every two five years. Insurance covered Yes premium is a little higher than yes Yeah.

Property taxes out here. not bad. Okay, not like one percentage plus friends. Yeah, okay.

if you ever take which side you're on, uh, do you get earthquakes out here or any other? No, no, no, no, no earthquakes. No termites. no terminal. Divinity Okay, very very rare on termites.

It's only if we import stuff from California The Californians Bring them over. Okay, okay, got it. Not like it was in LA that's for sure. Yeah.

Oh, this is an interesting fiberglass enclosure. this is. See, it's another designed fiberglass enclosure that's incredible. Somebody really so that really cares about their shower over here.

Uh, all right. cool. So basic 2000s here. So you you said uh oh hi? there live Kevin Who are you this is John John is my right hand.

He was my pleasure. Oh that's awesome. Nice. Uh, garage up here I Imagine finished garage out here okay and probably age them.

Check it. I Mean this is incredible because I mean this is really for families. This is so perfect. Uh, just the amount of space that you get down here and so they wouldn't ordinarily finish this or this tracked.

Yes, this is. this is normal. on a finished basement. you usually have a living space and then one to two bedrooms and a bath.

Gotcha gotcha. Okay, okay yeah, pretty moved and ready over here, so it gives you 2002. little laundries down here. Okay, yeah, then you wouldn't have laundry upstairs again unless.

yeah. Okay, so single families? What neighborhoods do you all usually see the a lot of the flips happening in? Is it in this seems kind of square you're gonna look at? Those are usually lower in neighborhoods? Pikes Peak Park Okay, um, not necessarily Rental got it? You wouldn't want to go long term there. We've flipped a few in this area. Okay, it's more far and few between.

huh? uh. Usually foreclosures. Oh good. You can get okay.

We would love those. foreclosures are awesome. Any anything uh that y'all won't want and you're looking for an easy buyer on for, uh, that can pay a little bit more than the flippers that's us. So.

But yeah, if it's flippable, it's probably something we we'd like. Yeah, it's cool. You get playgrounds out here. House over here with playgrounds.

A lot of a lot of space. See, these are all so easy to calm. You know a lot of people that look at homes like this and they'll say oh, they're they're not. Uh, they're not unique enough.

They don't have exactly the trauma. It's nonsense. Uh, you you? This is the easiest stuff to comp to know if you're getting a good deal or not when when you could easily say hey there 30 of these others that have sold the same floor plan makes it so easy to. Value Yeah, go to Yeah yeah.

it. It seems much newer than O2 So even the weather they get out here, it's well kept. Uh, the paint jobs are phenomenal for 20 20 years old and I I don't even see a bad paint job I mean I've been through plenty of 2000 neighborhoods that have nasty paint jobs already. Yeah, I mean you find the moldy house on this street because you could buy it blindly, right? So something over here that's a hoarding mess or a disaster I can I could buy without even seeing it because once you know the area, it's so easy and that's how you can really scale, understand exactly what your where your area is, know how quickly I can rent it out to whom I'm going to rent it out, What policies to have for property management makes it so easy.

And then you just repeat: I Love any kind of disaster that's covered by insurance, as long as nobody gets hurt, then I get a new product. Uh, a question for you with the properties that y'all flipped out here. Uh, what? what was the condition of that was like? uh, terrible to. We didn't do anything and we sold them.

Good for you? Okay, terrible out here? I mean what? what are you generally looking at for? Terrible flip to the studs? Okay, okay. new electric everything all the way at the top. Oh nice. Okay, so plenty of opportunities.

Yeah, there's like there's opportunities. We love construction. So good. great awesome.

Thank you for that! Yeah I Imagine you all have good construction connections too. All of them so we don't even need to talk to anyone else. We just yes. I Love it, Love it.

We'll see you at the next one. Yeah! I mean this? That's it's so important to uh, connect with people. And and it's not just one time, it's we gotta. We keep coming back.

Uh so far I'm I'm really impressed I I Did not know much about Colorado Springs and I like this so far. yeah it was a crazy day. we we did a lot today. Yeah for all of you guys that watching are watching, he actually has as much energy as you see on camera.

Well thanks for that. So uh, shout yourself out, what do you do? Yeah, my name is Jessica Johnson and I'm the co-founder of Smartcoach.com so we hope coaches and course creators scale their company through social media. Awesome! Wow, super cool! Thank you so much for coming out and you get to hold my uh, my dad's uh, new puppy as of in a couple weeks from now. How is it so cute? Perfect way to end my day.

Oh wow. this one a little larger yard and they added a shedding back. What's the age of this one? This one is a little newer. Oh six, oh three, oh three.

Okay, only you? Yeah, okay and uh similar. HOA I Imagine the guy's got a semi truck in his backyard. This one does not have HOA in this location. No.

HOA here. That explains the semi truck. Yes, uh. okay.

so uh. this is updated that's not original. Yeah, and that's okay. I Mean once we know the neighborhoods, it's easy to know like okay, this is.

This is typical. a fixer version of this is going to be the same layout and everything. Um, what percentage in these neighborhoods would you say are renters compared to homeowners? like 50? 50? 75? I would say 40 runners. Okay, okay, yeah, so probably about average statistics? Sure, Yeah, Yeah, No, that's okay.

Yeah, all right. interesting. So uh. okay, so up upstairs here actually looks like potentially no bedrooms up here.

Just sort of garage. Is that pretty typical? In Colorado you get a lot of upstairs? It's sort of some living entry area in the bed sound. That's not abnormal. Okay, okay, uh.

and do people expect basements out here? Is that pretty typical? Generally there's basements. not always. But so this one might have a basement, but might not. This one has has an unfinished basement.

Okay, so that's through one of those doors. and then we have the upstairs. Okay, we'll take a quick peek. Yeah, they put my favorite.

That is quite interesting. They put the shag carpet up to the side. I've never seen that before. Generally you'd have a wood trim molding here.

That's normal here. Wait, it's normal to do carpet up the side. here. Are you serious? It's a Colorado Springs Discovery How fascinating.

I I was just thinking how my if I ask my carpet installers to do that in California they'd look at me like I was crazy because I've never seen this before. It's actually convenient. Good point. Yeah, that's interesting.

Very very cool. Okay all right so four bedrooms up here. Pretty typical early 2000s right? I see I love this I see I want more properties that have like old medicine but like that feeling drug because it's so cheap. see that looks bad but it's 30 dollars to replace in like 10 minutes of Labor a little bit of caulking so you get some of it here right? You get sort of like the cracking of the you need a little bit of the mildew in there and then what you need is the original carpet.

If they didn't paint it carpet it could have been away. could have been somebody and they did the boob lights. That's good. All right.

good. Six panel door is pretty classic. early 2000s on that side. Master Masters are separated.

yeah that is nice. So these are the brushed nickel hinges over here. Master bath over here. walk-in closet, little office snook almost over here for the work from home.

Great Yeah this is a pretty typical this is typical Colorado Springs Huh yeah I like it. This is a This is a typical 1990 through 2010 Home Perfect. Yeah, Simple. Yep, yeah.

and then uh. fixer versions of this and then we're we're just we're buying them. Uh, your versions are super easy. they're about 20K 20K yeah I'd get them right back up and something that looks nasty.

What do you think? you can usually pick those up for the nasty ones? I It depends on where I get them from. Sure of course. so usually you can get them and again, we're getting ready to go into a harder Market Yeah, yeah, so more typical of what is on the dollar. But yeah yeah.

I'd say right now you can probably pick them up 3 30ish 330ish. Yeah. and they're in these mid-fours neighborhoods. Yeah, yeah, that's that's okay.

Great. we'll next one. Thank you. Two things: Kevin Yes.

Drain spouts. Yes, they're required. They're required. so who would forces the VA lender requirement? Oh yeah, and everything they're flip up I've never seen them hinged before.

That's cool for the snow. and if you see the grading from the house yeah, you have to have a grade away from the house for VA lindability. Keep that going to get our VA value. I'm actually impressed with how good the exterior of all of the homes look.

Uh, I Would think with the weather that you would have more of an impact on them, but for 20 year old neighborhoods they look really good. so that's great this neighborhood we were saying as we walked in. no, uh no. HOA So you're seeing a little bit more uh I think Freedom including that one semi truck that we saw.

It's interesting that you always notice that you always generally know right away if a neighborhood has an HOA or not. Uh, it's it's a it's like a little property manager for you like uh I mean look I'm all for the motorcycle, but you know it's kind of doesn't belong there. it's a showpiece. I Also like how how much customizability they have in all these, but they didn't get no.

HOA So you don't have the pre-approved color schemes. That's why you're getting so much variability here. It's actually nice though. People see people care about their homes here.

Uh, even without the HOA why don't these ones look weathered? I Mean that's what I'm saying. Yeah, well maybe they just have I don't know. Yeah, you know. I I have not figured out that answer.

but yeah, more custom kind of landscaping. You're gonna get more of that and uh, non-hoas Usually you're supposed to go through HOA approvals for exterior modifications unless you're mean and you don't. Hey, you might not know this yet. but I've got some incredible programs on building your wealth.

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The all of the the we package these together they they will sell. Yeah, no concern about that. Um, but yeah. I mean you blend this so you know if this is a if you're at four and a half Caps or 4.1 caps then you know you merge that with some five and a halfers.

Uh and uh. you just become an expert at the management in each area and you get some kind of Blended cash flow right? right? And then of course, if you want to expand to the east coast, you know certain areas, you're going to get more of those six and seven percent. But but then you're sometimes dealing with no appreciation. Here's your trailer, followed by Jeep on the side of the yard, followed by RV semi-truck RV RV trash cans sitting out here.

You got that guy's got an ice cream truck he parks in front of his house. This guy's got I don't even know what that is. that little flat thing RV or whatever. Yeah, whatever.

And then and then he had another RV in the back over there. Yeah. and then you get the crazy colors. pretty typical in a non-hoa That's very much what you will generally see is in the non-hoa you start seeing wildness and that that the problem is that gets worse over time.

That doesn't get better over time. So when these 20 year old neighborhoods start turning into 40 year old neighborhoods, you're just compounding that effect because you got all the RVs sitting around outside. so everybody wants an RV outside and that sort of becomes the standard and it attracts more of that, uh, customization of the outside in non-standard ways and potentially lowers rents over time. So if I had to pick between the two neighborhoods I would almost always pick the HOA neighborhood.

Of course, if I get a really good deal of the non-ag08 info whatever I'm going to look. Am I going to say no to it? No, but I'm gonna keep that in mind for my my long-term investing strategy. The Commercial: Builder Builds An area do they have? Can they have the HOA or what is the like? Who determines if it's gonna have an HOA Uh well usually commercial buildings have an Owner's Association so it's kind of like an HOA but they just call it an OA and that's for common area maintenance. It's like commercializing like a commercial.

Builder comes in and builds 50 track homes. Does that Builder maintain the right to have an HOA Oh, that's a negotiation with the city. Uh, what They think the desirability is what the market is like so some cities will require Melloroos assessments which are almost feel like another HOA assessment. Uh, the the nice thing about sort of like tax assessments and HOAs for the Builder is they can really Pawn off responsibility and rules on on them.

Uh but uh, you know it has to be an A A standard in the area right? A selling feature for a lot of neighborhoods is no HOA because home buyers have this impression that they don't want HOAs So a lot of Builders will actually call it a selling feature not to have an HOA and then uh, you know when they do have an HOA they usually start the dues out low, but that could be rigged because HOAs are non-profits and they spend what they need to. so if they run out of money, they just raise the prices. This is what not to do. Overpay for real estate and try to flip it for a profit by collecting the six percent fee.

That's how you go bankrupt in a recession. Gotta Have Insulation if you're gonna buy real estate Open Door Didn't seem to care about that and now they're this close to bankruptcy. closed door soon. That'll be nice because they need to like fix their lock box information.

Oh yeah, I yeah I mean I I'm not very optimistic about their whole business model so uh yeah. and it'll also make it easier for for other people to buy properties that need work when when they're gone because they're overpaying for everything. Oh this is cheap. Yeah? I'm sorry, no that's good.

It's fine, it's true. Yeah, yeah. okay yeah. so this is more of your your Cheapo rental grade.

Uh, you've got uh, really basic job on sort of the cabinet work. Not a surprise. you can see sort of the unfinished painting. uh you've got uh you know it looks like it almost sort of like a blow and glow blow and he didn't even do the inside over here.

But yeah I mean this. I don't even know that they primed these cabinets. You've got sort of just a single quick little throw up of paint over there. so the cabinets look terrible.

This, honestly, the cabinets look so bad, they could have potentially even just left them as the uh as the original cabinets. Uh, and because now you get a buyer and what you're doing is every buyer opens the cabinets and you look at this, you go, oh, this is like sticky and gross and grimy and just sends a signal to a home buyer that whoever was owning the property. Open Door Uh, it doesn't really care. Uh, so you know, Interestingly something like this.

oh my gosh, yeah, there's no. they even got rid of the the sub over here. the the subfloor of the cabinet basically uh and uh. and you can see what probably happened is the bottom of the cabinet rotted out.

you've got a little bit of uh, you know, you know, Gunk and nasty coming out over here at some of the drain lines, and you can see some of the bubbling up of uh, of sort of the back paneling which generally used to cover up the holes during construction. and so that sort of implies you had a little bit of water damage over here, so they just decided to cut out the bottom of the cabinet. In fact, I could see sort of how the water almost flooded down over here. Uh and uh yeah.

Rather than actually fix it and put in a new floor which you could do pretty easily over here, it's kind of decided to cut it out, which is quite interesting. You got some new linoleum over here, sort of your your classic uh, paint and linoleum and the cheapest carpet possible and put it back in the market. Not a big fan. Yeah, this house has been listed for 119 119 days.

Well I mean hopefully 50k. eight thousand dollars? That's it. Oh, that's dumb. yeah.

I I it's a yeah. Okay I mean janky. So this this is a wrap and this is an old formica top. That what they did is to try to class it up, they wrapped it.

Oh there you go. You could see the uh, the edge of the wrap right here. So this is just a foil that was thrown over. this didn't the edge of the sink.

So now you get water sitting over here. when you're doing dishes, it goes in between the cabinets and mildews again and it's just uh it. Like this is just an example of uh, you know, generally you don't want to buy when people are doing funky stuff like this because every turn it's just nasty, multiple different, uh, grimy kind of colors and stuff it like if this had some some nice mold in it'd be great. That's all that's the last thing you need.

So unfinished garage over here. Actually these look pretty easy to finish out here. You know? I'm gonna find if you could get more rent to finish this, you could probably finish this out for a couple. Grand put in a nice fluorescent light, epoxy the floor and I mean you could classy class up this garage pretty quickly.

Would you get more rent? Uh, like finishing out the garage? or maybe not. No, not on here. Okay, all right, yeah, then it's not worth it. That's it.

It all comes down to rent. If I can get more money with rent, we'll do the garage. But otherwise, yeah, all right, we'll take a quick peek upstairs. you can see the old color over here.

I Still find it very interesting that this carpet is so normal up here because it makes it very difficult to trim the paint. uh, and so you can see the old paint color which is this nasty orange followed by what looked like a yellow or vice versa. uh and uh. And then when they did this, they clearly had their uh carpet guy coming before the painter which seems remarkably dumb, but whatever.

I mean this is It's so simple. You know you could take one person in an hour and have them go around with a cloth and clean up this mess. but look, this is grimy. it's nasty.

I used to do that in my listings I'd go around and just take a paper towel, clean off the top, scrub over the yeast because this is gross. Uh, just if you take the face plate off, turn the power off plenty of times I've taken a wet paper towel and I undo the face plate and I start rubbing it to clean it and all of a sudden getting Zapped But the stuff I used to do anyway. it's like a straw. Oh, this is more of a concern so they didn't add.

uh, this is an oil-based paint door that originally had an oil-based paint and the the paint is peeling right off. so if you had a dog that scratched it all, the paint would just come right off the doors. So they should have used an oil-based primer which they didn't but yeah, no I mean something like this, it they should have. They should have cleaned it up right? This is where the sheet of drywall kind of ends here and here.

Uh, this is just normal sort of Maintenance of a house over uh, the 20 something years that's been here which you could tell they don't really care about I mean even the paint drips that you have over here. I mean it's low, low effort, low quality work. Uh, but yeah I mean this is something that's uh, that's your seam at the end of your your drywall and your bull nose. Well uh, bullnose is generally what we call this right here, but you have the edge trims, uh and uh, you sort of Peel back the drywall that's there mudded again and maybe add some flexible silicone caulk.

So that way when that joint flexes again, it doesn't re-crack the drywall. but uh, not not concerning enough for this age to worry about just normal settlings the way I would look at it. Yeah, it's a good question. What is the average cost? It's you know I don't even know what this thing is listed for, but it seems like it's somewhere mid-force But uh, um, we'll ask when we're downstairs.

Um so they added some new baseboard here I Like the larger baseboard, uh, they left the old paint right here. really shows. Again, not paying attention on the work that was done. Uh, see.

this is why I Love Open Door Listings: There's so much to talk about. They painted around the smoke detector instead of taking it off to to, actually you know, give you a nice finish. uh goodness. gracious face plates missing.

Over here for the switches. I Mean this just looks nasty. This is supposed to your bathroom. They didn't even do the caulking around the tub so you kind of get a little bit of that crustiness, mold over there and mildew in the corners.

Uh, I Mean really? What they tried to do is paint carpet, formica. The countertops didn't even bother making the cabinets nice and they called it a look at it Russ I Mean this is a 25 light fixture completely rusted over here. It's just nasty sending such a nasty signal to home viruses. I I Pity the person who ends up buying this property because they're gonna be so disappointed unless they they notice all this stuff.

But it's just gross. That's the way to describe this one. Gross? No. I wouldn't touch it.

Oh yeah, we'll check it out. How much was this one? Listen, this one is a 1640 square foot for 417. What's this neighborhood usually worth? It's probably 380 379. No, that's the right price ish for a bigger house for the basement.

Got it? And so this square footage? you think maybe 3.99 then 390 390? Okay, and then uh, this this before they fixed it up as if this was a fixer. What? Low threes? Yeah, basically. yeah. yeah, before they pretended to fix it up, right? Yeah yeah yeah, this is.

this is pretty bad. Uh, but again I would still say this house right now if they want to sell it, they need to drop it to 365. yeah, with the condition that it's in the quality innocent. And if it were more of a fixer-upper where you walk in and you're looking at a cash buyer 320 Low three.

Okay, okay, got it. Yeah, that's just what you get with the basements. I Think really basements? you? You turn them into uh, playrooms? almost? Uh, you got linoleum down here I Mean I Know it's funky, but it's kind of normal in your basements to have funky utilities that you end up seeing around, so not too terribly abnormal to see that and then your laundry is down here. I Just like basic things, I Mean the valence is missing, right? I Mean that's easy, right? These are simple things that they could have done.

but then again, uh. I Don't think the listing agents will really, uh, are putting in too much effort on this one here packs Plumbing for the build? Uh, I mean this is. it's all relatively newer construction, so it's really hard to mess this kind of stuff up. Uh, although it appears it kind of still may have been able to mess this.

I Mean this is just ridiculous I mean just even the way this is fitted, it's almost like you're blowing your your dryer vent right into your home right here? This is ridiculous. It should be the other way around. It should be screwed down and in place. I Mean it's just again.

It's just sort of the janky work that it's been done over here. So the everything they've touched sorry, don't look at it, don't even know thing coming out of it. Oh, we don't want to know. Yeah, stop asking questions, just stop looking gross.

Okay, how many days have you worked here? counting? Today is your last. What would you call this part of? Colorado Springs Stetson Hills Stetson Hills Okay, Awesome. Uh, you. you clearly know what you're doing.

Thank you so much! Please let the world know how to get in touch with you. Hi I'm Amy Jones You can reach out to me, go to Realestatebusinessadvisor.com and phone number in case you want people to call me. Oh sure, there's a contact button at that website Realestatebusinessadvisor.com Okay, we'll put that up on Street Realestatebusinessadvisor.com That's the easiest way to get in touch. It's the easiest.

Okay, Perfect. Perfect. We will always always get in touch with your agents the way they want to. Because remember, you want to make sure that you build relationships.

So that way when there are good deals, they know you close your deals and you all can work together for the long term. That's always the goal. Thank you so much it was a pleasure. Absolutely.

Kevin Thanks Wire and that is awesome. Why electrical? What does it do? Next time? Make sure you can't stay so long. No, you don't like them. See.

that's what you guys know. I Got I Gotta clickbaited. Now one of the things you notice in this neighborhood is you do have Town Homes over here. Sometimes that can give you a little bit more rental competition.

When you're that close, you have a little bit of a less homogeneous neighborhood. It's not necessarily about bad thing, it's just something to observe. You got a little bit more competition that tends to be a little lower price, so they're going to be comparing those to you often. Maybe those don't have the yard, so maybe it is a different family, but it's just something to consider.

Another thing is, you might have noticed as soon as I said oh, who's that vendor over there? They're like, don't hire that person. Now that's oftentimes because real estate agents have a lot of experience working with vendors. They know who to call, whom not to call, and sometimes knowing who not to call is even more valuable. My name is Cameron James You can find me on YouTube Cameron James Amazon FBA or Cameronjames.com It was awesome! Man, it's a heck of experience.

I Learned a ton. So you Amazon FBA So people want to learn from you? They can do that, correct? Yep. So building your own branded products, getting them on Amazon FBA Doing this all from your laptop. You can just scale it, travel around the world, and it's all.

What does it take for someone to get started? About five to ten thousand to get started. You can start with lower amounts but just easier time. Okay, five to ten thousand make your own branded products that eventually create a whole brand line. Get it off Amazon Fe as well to eventually sell out business too your channel one more time.

Cameron James Amazon FBA or at Cameron James at YouTube see your K C and no E in Cameron So C-a-m-r-o-n James uh YouTube a little higher, higher level of a question. but I Feel like a lot of investors will also have this question. We obviously see that Open Door Listing has been severely neglected and to the point where it's like eighty thousand dollars over asking price. It was very poorly remodeled I Feel like it was just lost on a spreadsheet somehow and just not taken care of.

How is house hacking to make sure that properties don't fall off spreadsheets like that or just become like a single little line item? What? I Believe open doors. Problem is is you have too much layering of uh management so I would guess you have Executives who almost never visit these markets. You need the boss to be in the markets that you're working in all the time. There's a reason Walmart flies their VPS of the entire company around.

private on their own Walmart private jets. As much as possible, the executives have to be there seeing what's going on. You've got to cut out middle management. You just saw 20 of Facebook staff get laid off because they're tired of of the middle management getting in the way because now everybody's pointing the finger at everyone.

So how do you avoid that from happening? You avoid that from happening but making sure that you have top level in the markets. uh uh, and being aware of your inventory, right? and actually visiting your inventory seeing what's going on if something's not moving for sale within a week, we already know there's a problem. It's either the price or it's the property. Uh, so something's either wrong with the property like maybe there's a dead mouse in the event register uh or something stinks I Don't know something's wrong with it or it's the price.

So every seven days there should be an audit. Why is this property not selling? Now we're not flipping homes, so the question for us would be, how do we prevent properties from sitting on the market as rentals? Well, it's the same thing. it's price or condition. Why is something not moving? Price or condition in this? Open Door Example: It's both.

Now they can fix the problems or they can cut the price to compensate. They should probably do a combination of both. But what you probably have is this this tiered management structure where again the corporate executives are are dancing around on their IPO and their billions of dollars. Uh.

and and they don't care about the individual homes anymore. That's evidenced by the end product of almost every single Open Door listing we go into. Uh, that's been my experience. I I Would I would go as far as saying 100 of the open door listed homes I've been into have been crap.

Uh, and and so uh I think there's a massive disconnect between the upper brass uh and then the bottom the the actual properties. but then you probably have what they've My guess is they probably have a manager at the state level, a manager at the county level, a manager at the the city level, and you've got these four or five different managers and nobody's actually taking overall responsibility. I Think you got to cut out levels and uh, either people actually handle their work or they get fired. Uh, and that's clearly what's not happening here.

There's some form of complacency, uh, or they're not training properly entire. It's also entirely possible that the executives at Open Door don't actually know what they're doing in real estate and that they lucked into an appreciating Market created a company at the bottom of the last cycle or clueless about how to manage real estate. And and so now you're in a position where uh, the Market's falling and and they don't know how to deal with hard times and they don't actually know how to sell real estate. So now, uh, now now they're burning billions of dollars of market cap and investor Capital Because they're incompetent in real estate.

That's unfortunate, but that's also the capitalistic way of weeding out bad businesses and people who don't know what they're doing doing. How's that for an answer? I Think that's brilliant I Think the bigger from it was the seven day audit. Seven days. Every seven days you look at the properties back.

why isn't this rented and you know the Avery You know the you probably know the actual house that that you bought or you've been to it and you can point out or you get a matter report of the current condition I Think a seven day audit would be really key? Yeah, and I mean it's It's really. Ultimately, it's simple I mean if you do a a matterport 3D scan when you go to rent it out. Uh, you don't even need to do a rematch report after seven days. Because see, the beautiful thing is if you have that seven day mindset stuff doesn't break after seven days.

the smoke detector batteries start going nasty after three months or six months right? Then you start getting the the grime and and people's Footprints and and people leaving trash and not dealing with the toilet right if you. if you move quickly. uh and you don't let properties stagnate, they usually don't Decay that fast. Anyway, you know you get all the spider webs and uh, you know the dead animals or insects with properties sit so you can avoid a lot of the condition proper problem if you actually renovate it properly and then move quickly.

Uh, in this case, they're actually failing on both ends. They're failing on having the proper condition which a lot of the things I pointed out in that house you might actually not even notice in a matterport, but you can notice instantly in person because you're getting that well the real life. HD Look and up close Vision on it. But yeah, by far you think you hit the head on the nail nail in the head seven days.

If it ain't moving, there's a problem, price or condition. If we follow a formula, we don't even have to think about the condition. We know if the property was renovated to our condition, its price Colorado Springs was awesome. Very impressive.

You have a tiny little bit on the lower side of potentially cash flow relative to some of the areas and I think that's because the desirability seems to be so high I Believe you're probably trading into More appreciation. You've got a lot of development still going on, but the growth seems to be there to support that where the rental demand is relatively. High Obviously as with every Market we go to, much more research to be done. This is just initial Recon But I Have to say, very impressive.

With what I'm seeing here, this is clearly a growth style city rather than a survive style city or a Decay style. City Now that's not to be insulting to any other cities. but remember when you have cash flows that are say 10 caps, you're often in Decay Cities Seven caps to six caps. You're often in stagnant cities.

Four five caps. That's where your growth is and less risk in a growth. City Because not only do you have that further upside of appreciation, but you don't face as much risk of potential depreciation. And I'm not talking about the tax benefit.

I'm literally talking about increased illiquidity. which means it's harder to sell or rent out your property. which is bad because you want liquidity. You want things that flow.

rent quickly, lower vacancies, sell fast. That's what you want. But you also ideally want the value of your properties to go up. not down.

That's the point of real estate, after all. Okay, what is happening? There was an hour and a half of air traffic to get into. Colorado So why do you own a private jet? It's a change on a dime. We're going to Arizona Baby.

Two homes in Gilbert Two homes in Mesa And guess what? Because we develop those relationships, we have an agent that's ready to work with us already. Got four listings and we're gonna go see them. That was about a half an hour worth of work and we're ready to go to a new city. Easy.

Simple. So you're saying we were 20 minutes away from where we're going to go, but they've got a potential actually two hours of traffic of air traffic to get in hour and a half I think is the current quote. So instead we're going to start trekking towards home, but we'll stop in another. Market We really like and explore some real estate there and we have an agent that knows us.

You know we don't have to explain the criteria. Again, he knows us. so he's already setting it up. He moved appointments for us because he knows we're so serious.

Hell yeah! See, that is a good agent. Thanks McKay Hey, anytime, let's do it all right. You were the first person to Shadow me coming with a World of Warcraft hoodie I Love it I Grew up playing Wow this is amazing. It's not even printed I mean it's well, it's like it's like something a druid would wear and that's what I was a Torin drew it.

So who are you? What do you do for a living? Well I'm a Nut hell of Droid. oh he's Alliance Yep, that's right and um I Also, I'm a creator of Viewers.com Okay A your your creator viewers, the application view viewer. what does that do? It's an experienced Cloud which is pretty much an experienced Note Taker for your product experiences or company experiences. Oh that's really cool.

Okay so you go to view like you're looking at a view and then ert.com correct and so what can you do with that and so it's It's a it's a free note taker app. try it out and see and also subscribe to Mice and roaster and YouTube channel where we covered gaming and Technology Nice! Kevin is awesome. Ah thanks. So what so you so you game on your channel too Correct? Oh that's awesome! Hey thank you so much for being out here I Really appreciate it.

Thanks Kevin Thanks We made it to Arizona This is our second time in Arizona that's a good sign for Arizona We're at the Mesa Gateway Airport and now we're going to Mesa and Gilbert let's check out some homes. Good to see you again. Thank you so much! Of course this is exciting! Hi there! Hey pleasure to meet you. Absolutely! This is the crew today.

All right Real estate. Let's knock it out. Let's do it. It's about as cold as it gets here.

So perfect. Good to see you again. So excited to be back! Yeah thank you for that a little later in the day. but hey, you know what? This is cool.

Literally, it's yeah. cool. How long did you did you stay late last time? No uh no. we were out by filming by four or five.

Yeah, yeah, exactly. yeah. So what's up? I Was just looking at the rental market. Oh could we throw you a mic? Oh you already got.

Geez, you're so on it. Uh, thank you. Uh, what's up with uh I was just kind of scrolling on. like rentals.

It seems like there are quite a few rentals available, right? Yeah, Is that because people just who are trying to sell or like I'm just gonna rent her? What's going on? Bingo Okay, yeah, that's it because a lot of the flippers, especially like the newer ones that got caught with them. Yeah, yeah, now they have hard money loans that are due and so now they have to turn them into rentals and refinance and laws. Yeah, Three finance. And then some of the hard money.

Um, people too. Yeah, yeah, they're telling them they're like giving them like 30 to 60 days to do so before they take the loan back. Yeah, right right. So they have to show like it's either being rented or right.

We got some cash flow here, some stability or whatever. Got it? Okay, so so they're probably will be a little bit of like a temporary decline in rents. probably the longest prices. Okay, okay, well that's fine, we got time.

we have patience, so it's just interesting. So I mean I want to keep an eye on that inventory number and I imagine probably toward it's the end of the year it'll start dropping again a little bit. But what do you think I do? And like when you guys were driving here from the airport you saw all the big warehouses that are being oh my gosh so much being built even when we flew in. I'm like right, the new build, New build, New build new build.

Yeah it should be a lot of new jobs. Yeah exactly. So that's like this: East Marriott East Mesa area is like a Hot Topic because it connects to Queen Creek the northern part of it and so like there's a ton of Apartments getting built up out in the Queen Creek area. So I think like after you get through the flood of yeah yeah flips, current rental inventory and the open doors and all that.

Okay, got it. Uh, and somebody moving out here, why would they choose here over Gilbert Let's say just because it's closer to their work, just because of all the um jobs that are coming into this particular area. Like all the commercial buildings that are being built, got it? got less commute he's here to Gilbert for 25 minutes actually if you take the new highway yeah you get there in like 10 to 15. Oh that's not bad.

Yeah in fact, actually you could probably get there in 10. So this new highway is only a few years old, so before you had to take the service streets from Gilbert all the way to here and I would take 20 25 minutes. I See now with the new 202 that loops and connects right into Gilbert, you can get in there in 10. Nice.

All right. Yeah, so it is an interesting, uh, amount of, well, a lot of new rentals coming. Yeah, so we'll kind of have to watch I think that's probably going to be in prices also for not only rents but also sales prices are going to Trend down at least for another six months? No. I think this area has a little bit longer to go? Yeah, yeah and then, but that is a good point with all the construction new, commercial construction being built, right? Jobs? Yeah, like jobs are going to come too, right? So the demand for this housing eventually will catch up.

Sure, and the jobs are here, but that could be 12 18 months on the road. Yeah, it's okay. I mean we. But the nice thing is we have time.

We could start buying somewhere else and eventually buy here one side. I Like it once. I find stability. You know that's the time.

Yeah I Get I Get nervous about speculating on further out. Yeah, yeah, do you know what what jobs are going in I mean I know the facilities are being built? Um or is it not yet determined who they're gonna lose? They already have like, um so footprint? Yeah. Is the the people that actually have the um, they're the name of the Phoenix Suns on their arena in downtown Phoenix Okay, okay, they're out here. um and then you also have the tech Yes.

And then you also have like, um, like the wheat dispensaries as well. Ah, okay, they're coming out here. Okay, good to know. All right.

Yeah, you definitely get the square footage out here. Oh I'm messing it up. Nope. a lot of three-way switches today.

There we go. Okay, yeah, I mean this is incredible. So you get 18 1850 square feet 2012 built. Uh, I Mean there's there's really nothing ever that would be structurally wrong with these things.

Uh, you go out back. this is. this is roughly what I remember in Gilbert too I Think your parents had slightly a bit of a larger backyard, but they were also on the cul-de-sac Yeah. and then they hear those screens again that we remember with the heat.

the sun reflectors. Okay, yeah. okay. and then they threw the turf back in here.

Yeah, I mean there's there's. like there's nothing to worry about on properties like this. You know it's just can you find one? that's the area so you are speculating on the growth. Okay, all right, okay, that sounds good, huh? Fancy.

Oh, and you got a little Loft over here. That's kind of a funny. Is that like a loft? Yeah, yeah, it probably was like an optional fourth or something. It's like yeah, okay.

the singles and be like oh easy. Yeah. exactly another 700 bucks a month, you know? Yeah, exactly the traditional house hacking house hack night mode activated after dark. Yeah, so is it.

This is an earlier build? Yeah, this one's early 2000. Yep. And then it's backs up to the golf course too. It had that beautiful view.

Yeah, it had the sunset shots. So uh, out here it seems like they're a lot less rentals available. Yeah, because here's the thing about Gilbert Yeah is not okay. Did you go to downtown? Gilbert Last summer did we go to downtown? I Don't think no.

We drove through Chandler We didn't go through that so like this would be a good night to go down there because you're not too far away from it. But the benefit of downtown Gilbert is because they redid it. You'll see all the families there eating and stuff. But the one thing about Gilbert a little bit different from East Mesa Yeah I can go work in Phoenix and I'm willing to travel back here I see because everything's here.

Really good schools, a little more family, exactly a little bit more Central and people are like more passionate about Gilbert and there's not as much area to build as well. Got it? Got it? So you're a little bit more limited yet you have the maybe the higher school ratings then? Yeah, yeah. I See Okay, Okay so are you renting and selling faster here and maybe sitting a little bit on the market longer towards the east? Or what would you say? Then yes, you're gonna have more Supply out there just because of the drive and plus it's You can kind of tell even when you're driving through it, there's still stuff being built and there's still a lot more land like here in Gilbert Like it's almost becoming landlocked. especially like in the central part.

Like the closer you are to downtown Gilbert the more and how close are we to downtown, right? You're two miles, three miles if that. Oh wow, you're not too far away. Okay, and uh, is it generally I mean could you generalize and say the closer to downtown the better? Or is it closer to Sandton better? Um, um, like a little bit. this is probably the furthest you want to go.

East Wise Because if you start getting into wrecker and like closer to East Mesa the less this side of the the airport. Yeah, exactly Okay, yeah and a little bit closer to the highways too because you guys took the 202 to get here. No, we took. Yeah, oh, you just you wouldn't surface streets.

Okay, okay, I was gonna say the 202. Oh, is it okay? Got it? Okay, Got it, Got it. Uh, and then um, well. what are you guys seeing in how has it transitioned in the last few weeks? Like as far as like I guess since we last saw you in January You know the weird part about it is the supplies actually gone down.

Yeah, it's weird. I have noticed that in terms of for sales? Yeah, like so I I don't know. It's like a really weird Market I can't even get a pulse on it. Same, it's like this starts and stops right? Yeah, it does that.

but then it's like people aren't like still not like jumping on stuff. Yeah, but yet the supply is still really low. Yeah and because like a few months before we were at like 20 to 21 000. and in my mind I was like oh, we're probably gonna hedge up to 25 000.

Yeah, now we're down to 15 000. Again, interesting. Okay, all right. uh yeah.

interesting marketing. Yeah I know? Yeah yeah. and you are seeing more people take, cancel their sales and try to go for rent, huh? they're doing that. Yeah, some people are just frustrated that it's been on the market for too long.

Yeah, um I think a lot of um I buyers too are struggling. Oh for sure they're like their days on the market are 100 200 days and it's getting insane right now. Okay, there's stuff Okay, well I mean that for us, that goes in the right direction so it works out all right. We'll take a quick look at this and then we'll get out of your hair all right.

So this is some crazy high ceilings we got over here. Uh yeah. I mean so so far I it's hmm this I think it's it's definitely too soon to consider the Arizona bar hit. Uh, but that's okay because we're really not planning on buying anywhere until Q3 at the earliest of 2023.

But it's possible possible that the Arizona Market might be closer to a delayed bottom. Like for example, if you have a rebound in uh in in Florida that happens in Q1 Q2 23. you might not actually see the rebound happen in Arizona until q1 Q2 2024. So it depends, but that's what we want to keep an eye on.

Uh, because we. we want to come and be like, oh my gosh, what happened to all the rentals? What happened to all the for sales? And so once once we start seeing that transition, not only in the data, but in the sentiment. both of those measures being very important. mortgage rates, local data sentiment of Realtors, and of course sentiment for buyers and and property managers.

all of that together. that's when it's my time. Hmm, these are all pretty basic over here. What do we got? Nope.

No lights, Three car garage? Okay, two, yeah here. Oh, this is gorgeous. This is nice. Yeah.

Golf Course here. Yeah. I mean this. This is nice.

They've made this really nice. It's definitely. uh, it's it's more of a developed neighborhood already. Uh, you've got the golf course limiting some of your builds.

You've got people in the neighborhood are spending a little bit more already. kind of developing and adding things you know, even just little things like this. You know, people putting their lights up. Uh, people have been here for longer.

It's a 15-year newer neighborhood. maybe 10-year newer neighborhood for me. I mean what what it looks like right now? Just kind of what. I'm seeing.

Sort of that it it we're looking to start buying. Uh, you know Q3 Q4 I'm one I Want to see how our data evolves so we want to stay in touch with you because I'm wondering if y'all might be a little bit later on on hitting a bottom like Q1? Maybe if 24. I don't know what do you think I think you're right because I think one of the big things that we're noticing now is I think because the eye buyers infiltrated so much so heavily. Yeah, they're not like giving them away for like five or ten thousand.

You're like in the hundreds of thousands. So like they bought it for six. they're like here. take it for 450.

Yeah and that's having a huge impact on us because it affects everyone else's comps because a lot of the stuff that they were buying were homes like this that were very livable. Oh so you are seeing them start cutting heavily. Yeah, Oh wow. and it's not small either.

It's like big chunks and then you have. It's funny because it's gonna kill the cops. Well that. but yeah it goes both ways because I think what happened was like with a lot of the homeowners when the eye buyers were overpaying.

Yeah, they're like yeah, like yes, we love eye buyers. Yeah yeah and now it's the reverse and it's like well you guys suck. Yeah yeah, that's interesting. Okay fire was on the edge of selling my house around and said why is my house and I just got 60k cut underneath? Yeah yeah.

as a seller sure sure. Are you lower rates? Yeah yeah yeah exactly. Are you. Are you seeing uh, the people who are selling right now? The homeowners who were selling, Are they moving and buying another? Are they renting? or what are they doing? Um, so if they're not moving out of state, yeah, they're buying again.

But one of the things that like we're telling them, is obviously you're going to give up this low interest rate. But on the flip side, the sellers are going to contribute towards your buy down on the next house. Sure, you're not going to get the two and a half percent, but you'll get you know. Let's see if we can get you into five.

Yeah, which again, that's a normal buy down. Okay, so what about um, so you're getting that where okay, Out of state? Where are they going? Um, so like a lot of them, if they're retiring, they're either moving closer to kids. which actually is like Colder Weather Which again, you know of those Yeah, like Idaho maybe Idaho Minnesota It's funny because those types