The Good Stewards Real Estate Podcast

Investing During A Pandemic

Episode Summary

We’re still marketing, we’re still running appointments (alone), we’re tracking areas that have pending sales, we’re seeing an influx in calls. All that to say, we have an opportunity to find the new price floor, extend closing periods, be extra conservative. So if you’re committed to being a real estate investor, this is where you double down, try new things and seek new opportunities during this crisis. If you want to find the bad, you’ll find it. If you want to find hope, you’ll find that too.

Episode Notes

Maintain Your Perspective:

3:15: Remember, don’t make rash decisions based on fear. If you’re looking to be afraid, you’ll find it, if you’re looking for opportunity, you’ll find that as well.

5:25: People are going to keep living. You just have to look at it from a daily, weekly or monthly basis.

8:33: Hal Elrod’s book, Miracle Morning, is a great book for those looking for perspective.

12:43: Depression is anti-people and anti-movement. So, to reverse the effects of depression, you've got to get around people. You've got to start moving.

Strategy for This Time Period:

14:10: For now, we’re not buying new rentals. We’re not trying to catch a falling knife before it hits the floor. We simply just don’t know where the floor is just yet, so we’re being ultra conservative.

16:17: Refinance! Amanada scored a 3.125% refinance on her personal property from 4%. That’s huge savings over 30 years.

18:23: Now’s a great time to learn how to find your own deals. We’re shifting our marketing to C class or lower since we believe those properties will always be in demand.

21:45: If you don’t know what to do, go out to those people who are still buying.

Cash Reserves:

23:52: It’s difficult to build cash reserves during a crisis or recession. But look into the transactional side of investing to build that up. Wholesaling or wholetailing if you can.

Our Way of Business is Shifting Slightly:

25:40: We’re reducing the 75% rule to be conservative. We’re using DocuSign and ShowMojo.

29:30: We still need to maintain properties and get them leased.

Connect with the Good Stewards:

Episode Transcription

Ryan: (00:00) The expression is you don't want to try to catch a falling knife if it's still dropping. We want to make sure we're not buying then, but at the same time, at a certain point that knife does land on the floor. So, I'm in limbo a little bit, but we're still marketing. We're still making offers. We're being extra conservative in those offers. 

Intro: (00:22) Welcome to The Good Stewards podcast, the only podcast dedicated to seasoned real estate investors who want to maximize the cashflow potential in their business. We are “buy and hold” investors with a thousand plus properties and markets across the U.S. who bring an insider's view into the nitty gritty details of real estate investing. If you're looking to develop the mindset teams and systems that can dramatically build your real estate business and network, you're in the right place.

Ryan: (00:54) Welcome to this episode of The Good Stewards podcast. I'm Ryan Dossey.

Amanda: (00:58) I’m Amanda Perkins.

Bill: (01:00) I'm Bill Syrios.

Andrew: (01:01) And I'm Andrew Syrios.

Ryan: (01:03) Hello, Good Stewards. We are in a pretty pivotal time for business markets and honestly even kind of the day to day American life right now. While we don't know the future, we're definitely in a time to kind of just assess what's going on and what's changing. So first off, we're going to talk about how to keep perspective and how we think the coronavirus is going to affect our day to day lives as real estate investors. But before we dive in, be sure to visit us at thegoodstewards.com to subscribe to the podcast and of course, make sure you snag the free copy of our eBook. If you haven't checked that thing out, it's like the most detailed eBook you will ever get for free. I actually have given Bill some grief for not selling it. So, make sure you snag that before I change his mind. Without further ado, let's go ahead and dive right in. 

(01:52) I'm kind of speaking here out of a not experience because like a lot of our listeners, I got in the market when the getting was good, right? So, I have not gone through recessions as a real estate investor. So, for people that this is new to, it's scary to, I empathize with you. I'm right there with you. Our goal with this episode is just to really show you kind of the pivots that we're making. I kind of described this to my wife. If you've ever been in the ocean and kind of got swept over by a big wave, you know at some point the tumbling is going to stop. You're going to end up on the beach and the sun is still shining. It's just figuring out what we do - while we’re tumbling.

Andrew: (02:38) Dad, you went through the Spanish flu, right? 

Bill: (02:43) Yeah.

Ryan: (02:44) Was it the Black Death?

Bill: (02:47) Yeah, World War One. I was right there in the big one.

Ryan: (02:44) Who all was there with you at the signing of the declaration of independence?

Bill: (02:59) Thanks guys. Wow. Now, I do have something to feel anxiety about.

Ryan: (03:04) Anytime my in-laws are in town, I'll be like, wow, that person's old. And they're like, they're like our age. I’m like, oh, close. Foot in mouth. So, first things first, is going to be to really keep your emotions in check. We talked about this a little bit on the previous episode. Amanda kind of spearheaded that point of just not making rash, panic, fear-based decisions and really kind of making sure you have some margin in there, in kind of your own mind. So, if you are looking for things to be afraid of, you're going to find them. If you're looking for opportunity, you're going to find them. If you're looking for hope, you can find it. I think this is really one of those discipline things. And I'm speaking more for I think myself than anyone here of, maybe you shouldn't be on social media constantly right now. Maybe you shouldn't constantly be calling family members so you can just like get each other worked up and then, call them back 20 minutes later because you found something else new and terrible.

(04:15) So, I think it's really just making sure you have kind of the self-control, but you're also kind of building in that margin and operating off of facts, not fear. My feelings are like, well, I don't know what's going to happen. The facts are people are still buying properties, people are still selling properties. We've actually seen an influx in calls. And we're going to talk a little bit later in this about kind of some things to do to keep yourself and staff safe and all of that.

(04:50) But I think it was Bill who originally told me this - “Hardship does not discriminate based off of socioeconomic status or what your assets look like”. Rich people get divorced, big companies go under. Just because it's a high-end property, it doesn’t mean there's not issues with it. In the same way, just because the coronavirus is going on, it doesn't mean people aren't moving for work. It doesn't mean babies aren't being born. It doesn't mean people aren't retiring. So, people are still going to keep on living and I think as a business you really do just have to look at the facts on a daily, weekly, monthly basis. It's easy to sit here and be like, oh, my gosh, nobody's going to pay me rent. Well, let's wait and see. Right? Like, that's not going to benefit you or anyone to live in that space.

Amanda: (05:51) Well, specifically, if you are out there listening to what everyone is saying, companies are being really understanding right now and saying like, we're going to pay you, we're going to figure out a way to work at home. We're going to do this. The government is making sick leave option of pay. Obviously, that's not going to just hit your bank account immediately. But people are verbalizing that. When you're seeking out your information, make sure you're also looking for the good information that's out there too. 

RYAN: (06:22) I Googled “Coronavirus Good News” the other day because I think all of us could use a little bit of good news. And it was funny, one of the things that popped up with some basketball player got diagnosed with coronavirus.

Andrew: Kevin Durant.

Ryan: I was like, well, I guess people just don't like him, if that's good news. I got like Kevin is sick…

Amanda: (06:42) No symptoms but has coronavirus. 

Bill: (06:46) Right. Yeah.

Amanda: (06:46) I think that’s good news.

Bill: (06:47) Knowing yourself in this kind of circumstance. And when we went through the great recession, 2007-2008, what I noticed about myself, I really am not a stock guy, I guess fortunately right now, but I changed my websites that I was looking at and cnbc.com became huge because I was watching the stock market go down during that period of time and I just kind of fill myself with negative stories. And this time I'm trying to stay off of that website, although I have it up on my computer right now.

(07:23) But I kind of know that about myself from the past. Like this is, I do not want to fill my mind with more negative stories. There's plenty to go around out there. I want to be careful because what goes in really affects you. And, if I was to say anything, you should be out of doors. You should be taking walks. You should be doing your meditation or prayer on a regular basis. That tends to skip out the door as well because you think you got to get up fired up in the morning to do everything you can do to…

Ryan: (08:00) You can’t work this away.

Bill: (08:01) You can’t. You just can't. But what you can do is you can keep a hopeful positive attitude. We are in this together. Amanda mentioned in the last podcast about being kind to each other, do unto others as you would have them do unto you. I think everybody are up and down the economic scale and, in every industry, if we could remember that, you might be asking your lenders, you might be quoting that to your lenders, others might be quoting that, your residents might be quoting that to you.

(08:33) So, be careful about ruts you get into. One book and person I would encourage you to look up is Hal Elrod who wrote the Miracle Morning. And, his first brush with absolute darkness was when he got hit head on by a driver on a freeway and he died three times before he was resuscitated completely after he was hell of act out of that wreck. But interestingly enough, it was his second brush with death that took him down a lot further. After the first one, he had so much support. Family members coming to the hospital and this and that. Lots of people around him and that really helped him get through.

(09:29) But the second brush with death was a financial one when he got his coaching business going. He got a little notoriety. People were paying him. He had a business. He had just bought a house, spend money on very various things. He was out a little bit. And then the financial meltdown hit of 2007 and 2008. He lost a lot of his coaching students. There was nobody who came around him anymore like when he was in a hospital bed. He got very isolated, went into big time depression. This is worth looking YouTube up - Hal Elrod. By the way, his third brush with death is when he got an aggressive cancer that he's also been through. So, think about cancer. People are dealing with cancer in this situation right now. There are…

Ryan: (10:18) My wife's grandpa goes in for chemo today.

Bill: (10:22) Yeah, there are worse things out there then what you're going through. But regardless, be careful not to isolate yourself or get into a…

Ryan: (10:31) I would also throw out, this is I think a really, really good time for us to get kind of off our screens a little bit and make sure our neighbors know that we care about them. Especially if you have elderly neighbors or things like that. I mean a simple note of, “Hey, if you need anything, I'm here”. 

Bill: (10:52) Notes might be better than a visit. In case if you have a fever.

Ryan: (10:56) Absolutely.

Andrew: (10:57) Don’t go walk up and start coughing on them.

Ryan: (10:58) Don't go to your local nursing home right now. But I'm saying if you have a neighbor you know of that you know is elderly and alone, leave them a “Hey, if you need anything, here's my phone number” is huge. Right? I mean, that just shows them, hey, they're not alone even if they feel like it right now. 

Amanda: (11:13) Well, and we have with a lot of our private lenders, just because of normally the people who have money to lend are people that are more of a retirement age, reach them out, just honestly, just so they know that we're here and we're responding to them and doing all of that. They're actually not that nervous because they've beat or they've been through ups and downs in the market cycle. And this is so new. It's not… We are weakened until things changing. And like I said, people are out of money right now and that sort of thing. So, we're really new to this. And so just like getting through that and just even like, I'll check in on them then they'll check in on me and I'm like, if you need anything that's not related to private lending, feel free to ask me. 

(12:02) Like I can drop things off at your house or do whatever. And I'm not meeting them in person. I'm mailing them paperwork. Normally we'd meet up in person because I like that face to face. But I told them, I have a small child. I have recently been out of the country and traveled in airports. It's probably best that I'm not around you because there is a certain age of people that are more susceptible. And they're going to feel really isolated. I talked to a private lender yesterday who's just like, I'm so bored. I'm like, yeah. And I was like, well go outside, the sun is shining. She's like, I know, but I really love my house but I'm really tired of my house right now. 

Bill: (12:43) Depression is anti-people and anti-movement. So, to reverse the effects of depression, you've got to get around people. You've got to start moving. Hal Elrod tells a story about how in his deepest moments in that financial crisis, when he didn't have anybody visiting him, he kept himself, his house went into foreclosure, etc. He talked to a friend and the friend said, the thing you need to do is go outside and run. You need to go on a run. And he said, no, no, I've got a lot of things I need to take care of, but running right now is not one of them. He says, absolutely, you stop what you're doing now and go for a run. And that was the beginning of his new day of hope. And that might be what you need to do is you might need to take running. Now for me, God is a gosh awful thing to think about. But…

Ryan: (13:39) Maybe take up Jazzercise.

Bill: (13:43) I'll get my videos out, my Jane Fonda videos out. Those are classic for…

Ryan: (13:49) A friend of mine shared something that was like - Day six of quarantine: There's a girl who lives with me. It's my wife. She's actually pretty nice. That's funny. All right, so let's ahead and move on here a little bit. So, where I'm really at, I don't know, my role in real estate investing is finding good deals and helping other people do the same. So, I really think that's what we're trying to figure out and feel out is where is the new floor?

(14:20) I've heard such wildly different opinions on how this is going to affect real estate investing from, “Nobody's going to trust the stock market, real estate prices are going to skyrocket” to “Well, real estate prices are going to drop just like they did in 07-08”. So, I think the important thing as a real estate investor is maybe pivoting your strategy a little bit. So, for instance, right now I'm not buying new rental properties. I'm really not trying to buy flips. If I'm buying something, it's maybe going to be a hotel that I'm going to be really in and out of. Ideally, I'm trying to just strictly wholesale to still run a business. So, I think the expression is you don't want to try to catch a falling knife if it's still dropping. We want to make sure we're not buying then, but at the same time, at a certain point that knife does land on the floor. I'm in limbo a little bit, but we're still marketing. We're still making offers. We're being extra conservative in those offers. We have active listings on the market that we've actually seen an uptick in showings in. Like listings that kind of really weren't getting much that have now an uptick in traffic and interest. We haven't had any wholesale buyers or any deals we've had. We haven't anybody pull out on anything.

Andrew: (15:36) We did have one pull out on a deal mostly because of this, but we have not seen a down tick in rental or things like that. 

Amanda: (15:47) Mortgage rates are so good. Better than they've probably ever been. And that's going to, I mean, if the banks can close those loans, that's not going to hurt the market.

Ryan: (15:58) No, I mean I have friends in lending that are like, this is the best time of their life. Like they're just, they're raking it in hand over fist. I mean, even one of our employees in Indianapolis is refinancing his personal house he bought a year or two ago. He's gone from like a 5.25% down to like a 3.25%. 

Amanda: (16:17) I pulled the trigger on a 3.125% like 10 days ago. And then a week later they weren't making any more loans because it was too many. And I was at a 4%, but a 3.125% for 30 years? That's a lot of money.

Ryan: (16:34) That saves you some money.

Bill: (16:35)That’s awesome Amanda. I didn’t know you did that.

Amanda: (16:37) And they didn't require an appraisal. They didn't require a lot of things, so...

Ryan: (16:42) Yeah. So, I mean, again, I think this comes to running a business based off of facts, not your feelings or your fears. I run a community with over 90 investors in it that are all going direct to seller and every single day people are sharing awesome, good new real estate news. From raising new private money to one guy had a house he was going to keep and move into and the neighbor was like, hey, I'll buy it from you for $50,000 more. He was like, well, okay.

(17:16) It's been interesting to see like, yes, there's definitely turmoil. People aren't super comfortable, but I know hard money lenders that are still lending. They've maybe decreased their loaned value by 5%. But they're still doing business. So, for us, in any economy, I've kind of taken this from Bill, he uses the concept of dollar cost averaging. We're looking to buy good deals on the most accurate up to date data that we have and monetize those properties any way we can. Now right now we are focused on obviously filling any vacancies we have with the best people we can find. And then finding the best deals that we can find. And I used this analogy in a previous episode, but if I have a $100 bill, can I sell it to somebody for $90? What about $85? What about $80? At a certain point it's, well, yeah, of course. I'll take that from you.

(18:15) So, I think for me, if I was a flipper or a buy and hold investor, maybe you're not going to wholesale, this is by no means a go out and wholesale podcast. But I think this now is a good time to figure out how to find your own deals. If you're a flipper, you're just going to want to get better deals than a wholesaler maybe he's going to give you. If you're a buy and hold guy and you're buying for cash flow, you're just going to want to get the best deal you possibly can based off the data. And we're just kind of auditing that on a weekly basis. What's selling? If you have MLS access, you can see this kind of stuff - What's going under contract, what price points are moving, what stuff isn't moving, what stuff's reducing. I think it's really looking at it. And for us, I think we're going to trend down market a little bit in our marketing and in our acquisition efforts. In my opinion, C and below asset classes, I think people are always going to be looking in that price point. It may be a little bit harder to sell something, but if you've got a deal for $25,000 that pulls in $800 a month, somebody going to want it. 

Bill: (19:32) I think what you said about comps essentially is you've got to throw out comps that aren't like a week old.

Ryan: (19:40) And you can't go back six months anymore.

Bill: (19:39) Yeah. It doesn't matter what it sold for even a month ago. It doesn't really matter. So that's what's really difficult about such a market as this is that this is currently a falling knife. And just like the stock market people thought, or at March 6th…

Ryan: (20:00) It’s on sale, it's a good time to buy now.

Bill: (20:02) Today is the 18th of March. You'll get this podcast later than that. But people thought a week ago was a great time to enter back into the market world. They were wrong. They were trying to catch a falling knife. It is tricky because you hate to not catch the knife at the bottom of its downward movement. But you've just got to make those decisions. And in the real estate market is the same way. And it needs to make sense obviously from a cashflow point of view at this point. 

Ryan: (20:33) Yeah. If you're buying for appreciation right now, you're an idiot. I will say on the comp note something that we're doing that's maybe unorthodox now. We're looking at what's pending and when did it go pending. So, if I'm in a particular zip code, I can look on the MLS of what went under contract there and even just the past few days and just reach out to those brokers - Hey, we're trying to understand kind of what the market's doing. I've got a property I'm looking to sell in this neighborhood, would you mind telling me what you guys pended at? That's going to give you pretty good data of what the market and what people are comfortable paying right now. 

Bill: (21:12) Yeah. Good point. The more you can talk to people who are in the business on the ground doing deals, the more you will have a sense of the market. All you can do is all you can do. And I would obviously suggest, getting your ear to the ground. 

Ryan: (21:31) I would also say to be persistent right now. Everybody loves the story of like Walt Disney was turned down 5 billion times before he got his “yes”. We've had guys in our group that one lender pulled and another lender has said, oh, I'm going all in on real estate right now. Let's go. So, you get a property under contract and your regular people don't want to buy it. Go ask some other people. Go find the circle of people that are still buying. I do think it will be a little interesting to see because I was talking to somebody else, I know about, everybody who is like, oh, I can't wait for the new crash. I'm just going to go on a buying spree. Yeah, you talk a big game, let's see if you walk it. So, hopefully all of those guys will put on their big boy pants and get after it.

Amanda: (22:18) Like if we wanted to pivot a little bit, like if you're looking to take advantage of this time in the market or do whatever, where do you need to be to make yourself look bankable? Or maybe you don't have the reserves, what things can you put in place to move yourself forward in this environment? Like would you have advice towards that? Maybe Andrew? Like what would you do if, say you didn't have reserves in the bank, and you wanted to try to move forward at a time like this? 

Andrew: (22:55) Well, I mean, I think if you don't have reserves in the bank, the first place to go is to other people you know have reserves. Like, there are other private lending possibilities. This is going to be hard time to find private lenders for the first time, but if you've got successful relationships that you’ve already built, I mean, there's certainly, there are some people that are probably going to be scared off. We're going to want to wait and see. But that's not everybody. So, it's just going to talk to them. It's probably worth getting on the phone with them and seeing where they're at. Be the voice of reason. Don't aid the hysteria or the panic or anything like that. But yeah, I think other than that, it’s probably low-cost solutions. They are the best. Like wholesaling options and things like that. Building cash reserves is sort of a long-term play when you have it, these types of situations is much easier to weather them, much easier to find opportunities after them.

Ryan: (23:50) Much less stressful.

Andrew: (23:52) Much less stressful. Yes. But it’s difficult to build cash reserves in. You have to look at more low-cost opportunities and there aren't as many of them. Yeah. There are going to be a little bit more challenged at this time, but that doesn't mean they're not there. And so, I would say again, if you have private lenders, get on the phone with them, see who's interested, who's not, who needs some being talked off the ledge, and look into more in some of those transactional deals. 

Ryan: (24:23) Yeah, no, I mean, I think it really comes down to just pivoting with the market. Maybe you were a flipper and you're flush with cash and it makes sense for you to pick up some cash flowing assets right now. Maybe you're a buy and hold investor and you have a few vacants that it makes sense for you to sell to boost your reserves. Maybe you are wholesaling and you've got some decent liquidity from it and maybe it makes sense for you to take down a property or two right now and go through kind of the BRRRR process. Obviously, I'd be very conservative in your numbers.

(25:02) We’re currently still using like the “75% rule” minus repairs, minus holding costs, but we'll adjust as the market adjusts. When I started 65% was the equation you used. Three weeks ago, we had people that you'd offer him 75% of ARV and they'd be like, “Ah, ah, ah, I know what I have”. Guess what? Those people were calling us back right now. Like, hey, I think I was wrong. Right? So, let's kind of hop into what we're doing a little bit differently to protect kind of the people we serve, staff and tenants. So, I will kind of start this on the acquisition side with what we're doing. We are calling anybody who books an appointment with us, chatting with them before that appointment. We had a lady yesterday that was like coughing and hack. Yeah, I think I'm kind of under the weather and we're going to go ahead and not run this appointment. We are using things like DocuSign or RightSignature to sign contracts to get things like lease’s done. We're fortunate that we have a notary on staff, so we're not even attending closings. We're just emailing in our docs. Same thing with our rental properties. We use a service called ShowMojo so people can go tore them their selves without a leasing agent there. So, I think some of those things are advantages we almost stumbled into a little bit. If you're not using ShowMojo right now, it may be difficult to start using it.

Amanda: (26:35) Well for us, so, I will just say, we're in the midst of our rent up for our campus stuff for the fall and that's all showing of occupied properties. So, we're taking a pause for a minute here because especially since University of Oregon was one of the early colleges to suspend classes and put everyone on online classes and end the term early. And so, our students, whose properties would be showing, they're not real keen on us getting into their properties right now.

Ryan: (27:10) What?

Amanda: (27:11) But everybody else that is in the campus rental market is in the same boat as us. So, we're all just going to have to hit pause for a little bit, but we're still getting properties rented. We have good videos, we have good photos, we can talk a lot to it and people are still out there looking for it. So, we're still getting some things written to maybe site on scene, that sort of thing. But we're trying to limit the amount of traffic we have into the office just to protect our staff but…

Ryan: (27:48) A nonessential.

Amanda: (27:49) But business as usual, like you can make phone calls to reach us directly. You can reach us via email and we're being in constant communications. They don't feel like we abandoned them. We're just, you know, everybody's just limiting their contact, which is what we're doing in a time like this. And it's the smart thing to do. 

Andrew: (28:07) I mean, we've implemented some policies here, like our leasing agents don't go into the property, like no handshakes, don't go into the property, the person let them walk through it. And then it goes in after just to make sure that everything, all the lights are off and things like that. For maintenance technicians, we've got masks that might be hard to get at this time and gloves. They're hard to find but if you have them, give them out if you have maintenance technicians. Implement, again, no handshakes, told residents that they cannot be in the same room as them. When they're there wear non-essential items. We're kind of putting it back where there aren't that many of those. But there are some that are like, okay, this is something that can be saved for a couple months from now and we're going to hold off on that. 

(28:48) Office staff that can work from home. We've done that particularly to keep the number of people at the office low. And now you might not have an office, but if you do, you might have like, your accountant might be able to work, like our property management software does the accounting, so they kind of can work from home. Some of our other staff can either work from home on part of it. And so, we have one person coming in the morning and then leaving and working from home that afternoon. Another person coming in the afternoon, working from home in the morning. Such things like that you can do. Again, ShowMojo is good. Rently also has options. I'm not sure how hard it would be to get one of those boxes right now. And then just of course, just the base. So, those are all things that if you have a property management company, you can try to implement to try to keep less people in crowded areas, less contact with others, more social distancing, but still continue to get work done. Because I mean, we do need to continue to maintain properties and show them and get things and lease. Not everything comes with complete shutdown.

Ryan: (29:48) Well, I would say it's kind of like what we talked about in a previous episode with communicating with your private lenders. Like your tenants want to know that you're still open. People that are needing to move right now. They’re like, they want to be in a house. Like they're not wanting to be like in flux. Lease, they got a non-renewal - Hey, it's time to go. I think, it's really just kind of using wisdom, right? Like we're not letting them lick doorknobs or stuff like that.

Bill: (30:20) Just a backup and look at the bigger picture for a minute. Realize that if this herd immunity thing is correct of what they're talking about, many of us are going to get the coronavirus. Maybe as many as 40% of the population. 

Amanda: (30:36) Maybe some of us already had it.

Bill: (30:38) Yeah, very possibly. So, really this is a… I think it's a very temporary thing to say - Let's slow it down and flatten the curve is the kind of a buzzword of the day, so, we don't overwhelm our medical facilities and medical workers with huge numbers coming into the hospital. So that's what we're trying to do. We can't avoid getting this thing. So, I think this is not the black plague that all hands-on deck to avoid getting it. But we ought to be conscious of if there's anybody who's feeling under the weather, staying away from older people is I think the key at this point. And even…

Andrew: (31:14) Oh, yeah. And if anyone is feeling under the weather don't come to work.

Bill: (31:16) Yeah, yeah. But even though, many of us are going to get it. Maybe 4 out of 10, maybe 5 out of 10 of us are going to get it. So that's a huge…

Andrew: (31:28) I mean, we don't know. I mean it’s just…

Bill: (31:30) We don’t know but this is like the cold at some level. I mean the cold is a coronas. The common cold is a shape, just like the coronavirus. It is a cold. it's just a more contagious than what we're used to. And so, none of us are medical experts here for sure. But I just think the key of the day is to be careful with older folks in our population.

Ryan: (32:00) Have they tried essential oils? So, I really think the full-on kind of wrap of this is you need to keep an eye on what's going on in the market. You need to make the best decisions you can on the data that you have. Your business is still going to run. It may not be full steam ahead. You may be in first or second gear instead of sixth, but people are still going to need to live somewhere. People are going to need maintenance requests handled. People are still going to need to sell properties. And I think it's really just looking for those opportunities and connecting those bridges is as a real estate investor, that's how you're going to make a profit, stay afloat, potentially even grow out of this. I would say cautiously optimistic. We're being cautious and respectful of our staff. My answering service, we're letting everybody work from home. That's a joke because all my people already work from home. But we're really just assessing on a weekly basis, making the best decisions we can make and still trying to accomplish our mission, which is serving people in their housing needs.

Ryan: (33:22) Thank you for tuning into this episode of the Good Stewards podcast. I'm sure you liked what you heard. So, you're going to go subscribe over at thegoodstewards.com. For more info or to connect with us or shoot over any questions or topics you'd like to discuss you can do that over at the website. We're signing off for now, but we'll talk to you all next week.