The Good Stewards Real Estate Podcast

What The Pandemic Means For Us

Episode Summary

The black swan event we’re witnessing has a lot of people on edge. We need to take this time to focus our efforts on our business and work with what we can control. We’ve seen significant market shifts before and come through them, now is the time for us as leaders in our business to adapt, become antifragile and avoid making emotionally-charged decisions.

Episode Notes

General COVID-19 Discussion:

5:50: This is not our new normal. This is a very temporary situation.

7:55: You don’t want to make rash decisions that are going to affect people just because you yourself are anxious. 

What is a Black Swan?:

12:10: A black Swan is an extremely unlikely event or unpredictable. Like 9/11 for example.

What Black Swan Events Bring:

15:30: The first thing that goes away in an economic crisis is the ability to get credit. So it’s critical to have cash reserves.

19:51: If our residents lose their job and have been great for us, we’re going to work hard to keep them.

25:40: Remember that there’s always going to be value with the assets we’re buying. People are always going to trade cash for something of value.

27:01: Stewardship Properties is not thinking about the worst case scenario right now. We’re planned financially out 12-18 months in advance. 

Connect with the Good Stewards:

Episode Transcription

Andrew: You're not really a real estate investor unless you're cash poor. That's mostly a beginning thing. Building reserves, like it's, it sucks having money that's dead. That's not doing anything. But having that money for the rainy day when you need it and also to jump on opportunities when there's no lending. Cause the first thing that goes away in an economic crisis is the ability to get credit.

[00:00:23] Intro: 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 US, 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 net worth, you're in the right place.

[00:00:55] Ryan: Welcome to this episode of the good stewards podcast. I'm Ryan Dossey.

[00:00:59] Amanda: I'm Amanda Perkins.

[00:01:00] Bill: I'm Bill Syrios

[00:01:01] Andrew: and I'm Andrew Syrios.

[00:01:03] Bill: Welcome to be with the Good Stewards this morning and an odd time in our history. Our nation is obviously going through some real tumultuous experiences financially and otherwise. But do check us out at subscribe to our podcast and we're going to have a lot of practicalities coming your way in terms of how you face down a looming recession and as real estate investors or people who wanting to get into the real estate market, thinking about, how they should think about the balancing their financial commitments and their savings, et cetera, we'd like to get into all of that. So. COVID-19 is upon us and we want to respond.

[00:01:48] So I bet we all have a story to tell. Mine is, quite interesting kind of the world turned on this axis for me. I was, with my wife. we took a quick trip to Las Vegas actually, and it was, March, first weekend of March. what was just a couple of weekends ago. And, at that point, Vegas was humming. we were there at the Bellagio. We went to shows, but we, we Ubered around. I asked people how it was going because of course this was on the horizon, but all of a sudden, you know, the, well, they were saying, you know, our business is down. As a matter of fact, somebody told me it was down 14% at the Bellagio at this point. I asked the Uber drivers how things were going. They said, well, the weeks where the week was slow. But the weekend picked right up and it was just as good as, you know, normal type of thing. Little did we know that within two weeks, the entire strip would be shut down. All the casinos, shut down virtually all of them. the Pack. 12 championship with the woman's tournament where the Oregon ducks were a primary, you know, they were a powerhouse team. We got to see them. The second to the last, game, they played, against, Arizona. And little did we know that they would only play one more game, and then the pack 12 tournament would be shut down and then the men's tournament would be shut down. The NBA would be shut down on and on and on. So I don't know if others of us have some, just to me, this has been obviously a disconcerning going from that reality to the present reality that we have and the implications of that.

[00:03:27] Amanda: Well, I was, last Wednesday. I was in Oregon and I was planning to head to Mexico, Cabo, for vacation that I really needed, but my family wasn't coming with me. And Wednesday night was when the NBAs shut down. And, There was something else that happened big that, Oh, Oregon's schools maybe? Nope. They hadn't closed yet, but anyway, 

[00:03:51] Andrew: That's when Mexico announced that they were going to build a wall in the United States, was going to pay for it.

[00:04:01] Amanda: My husband was really nervous about it happening, but I decided to throw caution to the wind and hop on the fight and go down to Mexico on Thursday and. In four nights that I was gone, it felt like the sky fell and it was really unsettling to be away from my family. obviously a lot of anxiety just in being home. It's, it was surreal to come home through and go through customs and do all of that thing, you know, like not wanting to be next to people. The guy sitting next to me on the airplane, of course, coughed for the whole way home on me. And I felt like one of those people who's a germaphobe, who I happen to live with, my husband, and I felt what it felt like to be him in that moment because,

[00:04:44] Ryan: so he's just locked you in a room for the past two weeks.

[00:04:49] Amanda: He's willing to still be around me, but nobody else will. And, it was honestly, it was. Easier to be. It's easier to be home and dealing with it than it was to be out of the country, and it is so weird, and I've just been like my constant, what's coming out of my mouth is let's not panic. Let's just hit the pause. Let's not try to make really rash decisions that are going to affect us in the future. The whole country kind of needs to. Be on pause. We need to be kind to each other are a lot of us that are in industries that are going to survive a little bit better than those restaurant workers that are being shut down and that sort of thing. And so, you know, those are just the kinds of things that you think about. Like. We didn't lose all of the money out of our bank account from one day to the next. And so we don't need to act like we did. And so it's just, it's something to be, that's what, that's my constant message. Just take a deep breath. We all just have to pick up the pieces when we get to the end of this. We've seen other areas that have been under quarantine and they are starting to pick back up and have business as usual. This is not our new normal. This is a very temporary situation, I believe.

[00:06:06] Ryan: I mean, I was, I was reading, I think even in, you know, we were on of people talking of kind of, you know, life, going back to business as usual, buddies going out fishing and talking, you know, it was kind of, it was kind of a weird few months. I think for me and for my company is we've always kind of had the. The slogan of things normally aren't as, as good or as bad as they initially seem. Right. I remember, bigger pockets at one point was testing a notification feature where they were gonna ping every single bigger pockets member, with a notification and they wanted to test it with my answering service CallPorter, Hey, we're gonna, we're gonna hit whatever it is, you know, 500,000, a million people. With a notification that CallPorter members get a discount on your services. And we were like, this is gonna, this is going to change our business. And that notification dropped. And we got one client who was like, Oh, Oh, that was disappointing. You know? At the same time, we've had these, other times where it's like, Oh my gosh, it feels like the sky is falling. But it's like you'd take up. Step back, you take a deep breath and you know, it's, it's truly in my experience, stuff really isn't as, as bad as it normally seems. I'm not, you know, downplaying the severity of what's going on, but I'm saying from the, I think emotional stress, fear standpoint that, you know, social media kind of has our countries swimming in. It's probably a good idea to take a break. It's probably a good idea to not have the news on 24, seven, my wife leave and be like, Hey, you've, you've already checked that today. Like, let's do something different. Like, okay, that's fair.

[00:07:49] Amanda: I deleted all social media off my phone and like unsubscribed all my news things. So if I need to look at it, I can go search for it. But yeah. I can't, I want to not be, I don't want to be responsible for making really rash decisions that are going to affect people negatively because I was feeling anxious about conditions that were happening today because this is not our new normal. This is a temporary situation and we've never seen anything like this before. So it's so unsettling. But. I, you know, we have projects going on...

[00:08:24] Andrew: The black death

[00:08:29] Bill: Ebola in Africa,

[00:08:31] Amanda: We have projects that are going on, and I don't want to just screech them all to a halt and then realize the consequences of putting, you know, the construction workers out the trades out. You know, when we have planned to, you know, we have the resources plan to do these projects. And I, I don't think this is forever. This is just for a little bit so that we don't overwhelm our medical service.

[00:08:55] Andrew: I mean, it's been interesting to watch 300 million plus people become preppers overnight and

[00:09:01] Ryan: You know the preppers feel real good right now though.

[00:09:04] Andrew: Also, it's like if you're going to like preppers, don't, you don't need a prep for everything. You get guns and ammo and then. You can just take what the other prepper. Okay. Anyways, wrong podcast. Wrong podcast. but no, it's also. I don't the toilet paper thing, like, I wish there's a, I should have invested in big toilet paper before. Understand that one. I mean, I understand the liquid gold thing, you know, the hand sanitizer, but, toilet paper. I mean, that is not an essential, there's other options. We won't go into that in detail. but there are other options. It is, it is certainly, I mean, I would say, I'd say one of the things to look at with like. Just watched the film contagion yesterday, which was interesting.

[00:09:51] Amanda: Why did you watch that...

[00:09:52] What is wrong with you?

[00:09:53] Andrew: First of all, this movie was absolutely horrible.

[00:09:56] Ryan: Andrew's like not feeling anxious.

[00:09:59] Andrew: No, it's actually bored me to death. It was, it had like, they went with tell instead of telling like one good story, we'll tell 20 bad ones. It was. It was based off the H1N1 the swine flu and it's interesting how I barely even knew that one was, that was obviously smaller than that. Well, it ended up effecting 60 million Americans, but that ended up being substantially smaller, or I don't even remember people talking. I mean, a little bit like I heard about, Oh, I think when our younger brother, my younger brother, you know, Mark get it. I think he did. I don't even know like that.

[00:10:28] Bill: I'm not sure.

[00:10:29] Andrew: How much did it affect it? But. I mean, everything about it was, was all over the place. Like the panic started after like a million people who had already died. That's when, when the stores started getting raided and things like that. I think one of the things, just watching it, how they assumed a massive pandemic would go, and I want as much that make believe pandemic was far worse than even what we're dealing with now. is it's hard to predict the future. You don't know exactly what's going to happen. And, you know. We could, you know, we've, I've had discussions with people saying like, the economic fallout will be substantially worse than, than the virus itself. you know, people die from recessions, generally speaking.

[00:11:09] So there, I'd say one of these, it is a temporary thing. It's not going to be a forever, but. It's hard. People can't deal with uncertainty. I would suspect people, if we just said they were going to be 1 million deaths, probably a very, very hot, bad case scenario that would actually be comforting people if they actually knew what was going to happen. And so I think some of the things is just getting comfortable with knowing that you can't know what the actual, what's going to happen.

[00:11:35] Ryan: Welcome to business.

[00:11:36] Andrew: There is going, there is uncertainty. This is business in general, especially now. There is always going to be uncertainty and it's something that you have to become a little bit more comfortable with. And also I think with regards to uncertainty, the best way to deal with it. Is basically making your company antifragile as best you can. And it is. Antifragile is a concept that comes from the seem to love. He was the guy who popularized the concept of black swans, which is ironic because we're basically dealing with a black Swan right now.

[00:12:07] Bill: Why don't you tell everybody what a black Swan is?

[00:12:10] Andrew: A black Swan is an extremely unlikely event or unpredictable. Then that radically changes things. So like everyone thought there used to be a saying in Europe, like. It's something about a black Swan. Cause there were only white swans, like you're likely to see that as a black Swan cause they're, they don't exist. And then, I don't know where it was Australia or somewhere, they found black swans. And so it was like, okay, this is something that your previous history hadn't. hadn't, Shown any possibility of you had no evidence that this could even happen? things like, 9/11, or for example, would be one of those. This could be, well, I mean, we certainly have had pandemics before. There was swine flu, SARS bird flu whatever, but we weren't prepared for, we weren't expecting something of this magnitude nor this effect on the economy. another example would be like, Lots of economic models were based on this, economic model. There was a massive crisis that led to the, Asian financial crisis that was started by this company called longterm financial management. I think it's called longterm, longterm capital management. And they created this incredible, really complex formula to measure the economy, like the markets and stuff like that. And they base off five years of data. Now if they'd gone back further, they would have included other sorts of data, but because they, based on five years, if they actually won the Nobel prize for it and economics, which says something about the Nobel prize in economics, because as soon as this crisis hit, they collapsed. They had to be bailed out. It basically spiraled out of control and caused a lot of, especially East Asian, Southeast Asian countries, to just go into complete tailspins. And this is in the late nineties same thing happened more or less with this over-reliance on modeling. And, for the 2008 financial crisis, there wasn't the only reason there was the, the, Ninja loans and, and teaser rates and the fed keeping the rate too low and all sorts of other reasons.

[00:13:56] But, there's one of the reasons to be careful with like these models saying, you know, you know, 50 million people or whatever gonna die. They don't know. Nobody knows. We just know that we need to be careful at this time. But making yourself antifragile means that you can. You can basically take advantage of black Swan events because. He does, he, he outlines three different types. There's fragile companies will break. Those are the companies that like, you know, AIG or, or most banks wildly over leveraged during the financial crisis in 2008. And they just collapsed. And then baked a big ma, you know, daddy, mommy government to come bail them out. like, and then, or you could be robust, which you survive these things. Or it can be antifragile. We actually thrive in them and one of the key things is, should be, is one, two. I mean, one of the big things for being anti-fragile in, in uncertain environments is to keep relatively high cash reserves. Savings accounts it this individual. Don't live beyond your means. I mean, this is more for the next one. I mean, if you're already in this situation, you're already in this situation, but keeping high cash was like living below your means. If you have like living your dream now requires paying every penny you have and more hoping that you'll get that raise or something like that, that's not worth it. Scaled back...get to your dreams later.

[00:15:20] For your company. I mean, obviously small businesses, you're getting started, you're going to be cash poor. I, we've said before, real estate investment, you're not really a real estate investor unless you're cash poor. That's mostly a beginning thing. Building reserve, like it's, it sucks having money that's dead. That's not doing anything. But having that money for the rainy day when you need it. And also to jump on opportunities when there's no lending. Cause the first thing that goes away in an economic crisis is the ability to get credit. And so if you have the ability to jump on those with cash, that is a huge, huge benefit. Building a stable of private lenders. Some of them will actually be ready to jump in with you. you're going to lose some. In, in economic uncertainty cause they don't want it. They want to put their money in a savings account or under their mattress, but having a large number of them ready to go and then like, okay, you don't want it. You don't want it. But you do. We can jump on this big project, maybe partner on it. so lots of contacts with potential lending sources. This is one of the reasons we don't settle for dealing with one bank. We want, we have, I think 11 different banking relationships who've given us loans in Kansas city because we know in an economic crisis we're probably going to lose eight or nine of them. Maybe there's two that will stick with us.

[00:16:27] Amanda: I have an example that happened yesterday. We have a, an apartment complex in Eugene and it performs at over 100%, of value. Like we don't have a vacancy factor there just because other fees. So it's really solid performing apartment complex. And I've been working with a bank on refinancing it and I really already had a green light. And then, I think the lending officer I was working with got overwhelmed and he sort of went dark for six weeks. So picks back up last week. And you know, they have all of our information, we have a great relationship with them. And I get a call at the end of the day yesterday and he says, talked to the underwriter and this is just not going to fit our model right now. And I said, a fully performing apartment complex that we've owned for 15 years that doesn't fit your model. And he goes, yeah, underwriter...

[00:17:21] And I, I mean, I didn't ask the question, but the answer is they're not making any loans right now because. Everyone's scared. And so these are the kinds of things that are like crippling. This is the kind of thing that cripples down the future because it's like you're going to pull everything back, which is what the banks did the last time, and then nobody can get a loan. And then here we go all over again. But this is a building where historically since we've owned it for 15 years, people pay their rent. We know what the costs are on it. It is a no brainer. Of a, you know, it's not something we're trying to reposition. It's not something that we're trying to put a bunch of rehab into. We've already paid for all of it. We're just trying to refinance because the loan on it is old. And here we are.

[00:18:04] Bill: There's another situation you can talk to Amanda, and that's in Dallas. We're refinancing, is it 40 some houses?

[00:18:11] Amanda: 47.

[00:18:11] Bill: 47 houses. And, we're doing it with a company because we're getting a lower interest rate. And also they will go to 30 years and we've had a, we have a 20 year amortization on it. Fortunately didn't have a prepayment penalty. We only got it less than a year ago, but we, we want to stretch out our payments and, and, become more antifragile there. That's, that was our intention. We've been working on this for a couple of months now. And it will be very interesting to see if they will pull the trigger.

[00:18:39] We've already paid $47,000 done all the appraisals on this. I think you can tell me the numbers exactly.

[00:18:45] Amanda: Yeah that's about right.I mean, it's, it's still a performing portfolio, which, you know, like for us, you know, we're cashflow industry and we have renters and we rely obviously on those rents to make our monthly obligations. We keep reserves. You know, this didn't really hit until after most of the rents had been collected in March. So, you know, like March, we're okay, what does April look like? Well I don't think it's going to be. I think a lot of people are going to still pay their rent because I think they're going to prioritize having a place to live over a lot of other things. So I'm not going to assume that we're not collecting any rents next month. I'm going to assume there are going to be people with problems and. You know, I've talked, Andrew kind of had told me, you know, like, all right, we'll just do what we'll think about what, what the banks did during the bail out last time. Well, we write some leases. We'll tack on what they owe us to. The next thing you know, this is temporary. Okay, so April they have problems. May, they might have problems too. Then they get back to work. You know, ideally at some point in May.

[00:19:51] Bill: And this, this is a really good practical question. If you're a buy and hold investor like we are, we have lots and lots of residents. We don't call them tenants, we call them residents or renters. And, the question is, let's say they do lose their job or whatever. Should we file an eviction? Now, I think the question really revolves around how they have treated us in terms of the past, because if they've been, you know, looking for an excuse to bail out on rent, or they'd beat up their place.

[00:20:22] Ryan: Post notice every month.

[00:20:23] Bill: Yeah. Then they're, I'm going to file an eviction like I would anybody else.

[00:20:27] Amanda: If you can file an eviction.

[00:20:29] Andrew: There are likely eviction freezes.

[00:20:31] Amanda: Portland put a freeze on evictions yesterday. So the state's coming in Oregon, and I assume everywhere else.

[00:20:37] Bill: Yeah. Many, many places. That's true. So you do what you can do.

[00:20:40] Ryan: Indiana will be the last, probably.

[00:20:42] Andrew: You also need to remember, you have, you need to have. You know, the same guidelines for each, each resident. So you can't, you can't treat people radically differently.

[00:20:53] Bill: Well, you can choose to, you can choose to evict who you want to evict if they haven't paid rent. That's your choice. That was not one of those, you know, discriminatory situations. But. What I'm saying here is that your resident base is precious to you. Having good residents is what it's all about and buy and hold investment. They're like gold. So if you have good residents who are affected by this situation, I would try to hang on to that resident. And as Amanda said, tack on. Do you know, figure out a way to, pay over time. You can't obviously hold on to, situations where you have numerous people are not paying rent. I'm not really saying that because you've got to do what you can do to protect your bottom line, but there might be choices that you make to hold onto good residents in bad economic times that, that, that can't pay you temporarily. Or maybe the law mandates that they don't have to pay you temporarily.

[00:21:46] Amanda: You know, just like with the banks did. You just, you know, we had told a lot of stories that aren't the truth. So the best we can do is verify what they're telling us, you know, ask them to provide us with our financial information or

[00:22:00] Ryan: Letter of termination. Bank statements.

[00:22:02] Amanda: We're owed that, they can give that to us. And you know, there's going to be lots of people that reach out early. Reach out early. I mean, even people that it's not going to be asked, but people that. You know you're going to have a problem making your mortgage payment next month or whatever. Like you should probably start reaching out to your bank now or start, you know, trying to figure out another, like, are you going to have to take a loan on your IRA or 401k or that sort of thing.

[00:22:26] Bill: One strategy also might be to ask your bank if they would not require you to pay principal, but you pay the interest. So you're still paying on the loan, but you're, not having to pay principal that says, probably not for this month. Maybe it's for the next month or the month after that if you're in a dire straits kind of thing. And the one good thing about this situation, if there is a good thing. Is that we're all in this together. Everybody knows everybody's business here. Banks realize what's going on and

[00:23:01] Ryan: Banks don't want all the foreclosures.

[00:23:03] Bill: They don't want to pop the foreclosure button. That kind of thing that, you know, this is a, an economic pandemic as much as a...

[00:23:12] Ryan: One thing I'd highly recommend that Bill is kind of touching on is more communication, not less. You know, one of the, one of the guys in my group reached out to me and was like, Hey, you know, I have a flip that was supposed to sell and the buyer just got laid off and so the bank's not going to do the loan anymore. And his like deal with his private lenders. He gets charged a point a month on top of interest after like six months. And I was like, well, first thing I would do is call him and explain, Hey look, you know what the situation is. I know what the situation is. We had a good deal here, set to close, and it fell through. Here's what I'm doing to try to fix it, but you may need end up working with me here. Right. you know, more communication, not less, I think is, is key. Private lenders, banks, you know, get, get real squirrely when you start to go quiet. I mean, that's when if you want to be treated like a human being, treat the people you're working with, like a human being. If you want to be treated like a number, well, just shut down and let them, let them deal with you. So I think that, I think that goes for, you know, residents as well. I think one of the interesting things is for some of our residents. Like financially, they're actually doing better right now. You know, if you were a door dash driver or an Amazon worker, they are slammed.

[00:24:39] Amanda: Working in a grocery store working in medical services.

[00:24:42] Bill: Toilet paper manufacturing plant.

[00:24:45] Ryan: Yeah. I mean, so I think that's, I think the one thing that's unique about this is that there are. There are small businesses right now. I mean, you could have had the most awful tasting, worst meal delivery service that existed, and you have more orders than you can fulfill right now for your, you know, microwave chicken or whatever it was. Right? So I think that's one of the, one of the things to keep in mind is like, yeah, this is definitely going to affect. Residents, I mean, people who worked in retail, people who did things like, you know, car sales or travel and, and I think, you know, different markets are going to feel it differently. you know, like on the military end, if you're in an area that has military housing, civilian contractors aren't going to work right now. Right? So.

[00:25:30] If you are renting to civilian contractors. That's a problem if you weren't while you're good. So I really think it's just a matter of kind of rolling with the punches and doing, it's kind of like Bill's talked about with buying deals. We're looking at the best, most accurate data we have and making the best offers. That makes sense based off of the facts we currently have. that doesn't mean we're not going to be extra cautious. Maybe instead of offering 75% of ARV, we go down to 70% or 65% like it used to be even. But I was talking to somebody who is like really freaking out, like, sky's falling. And I was like, look. People are always going to trade cash for something of value. So if I have a hundred dollar bill, would you buy it from me for $90 what about 80 about 70 what about 45 bucks? At a certain point it's like, yeah, I'll take it. I know with us in particular, we're going down market. cheaper, lower end properties because a $20,000 duplex and a C minus neighborhood that pulls in 1000 bucks a month is always going to be appealing to someone. Right. so I think it's really just. Pivoting. And then for us, it's kind of like a day by day, week by week of, okay, are people still wanting cash offers? Are buyers still buying? And I mean, from what we've found so far, the answer is yes.

[00:27:01] Amanda: And one of the things is it's like, okay, well what's the worst case scenario? Not really allowing myself to go to that place. we always are planned several months in advance, really honestly, a month to herbs or a year to 18 months out in the future financially. And that's just how we have to run our business. But I can't, once I start going to the dooms day, this is happening. It's not happening right now. And I almost fear that if everybody does start to go that doomsday, it makes it happen because everyone panicked. This is a temporary situation. We know that from watching other places that have these quarantines relaxing and opening back up. At some point we have, we pick back up where we left off and so I just, I can't, I can't go to that dark place mentally. It will, it will cripple me. It will on my ability to move on. So I have to just, I can take what my problem is in front of me. I know that we did a good job of planning ourselves out. They said for about 12 to 18 months, and I'm going to follow that plan. Until, I need to really pivot myself into a different direction.

[00:28:10] Ryan: I will say, I mean, just on, you know, stewardship as a whole, to, to their credit, I remember probably two years ago, a year and a half ago. When we started looking at cash position and realized, okay, we want more reserves on hand. So we started selling some stuff we maybe didn't want to sell. you know, we started flipping stuff that maybe we'd initially planned on keeping. And, you know, I, I think that, That you may be in that position right now of, okay, you're less liquid than you want to be. Some, maybe you've got to cut bait on a few properties. Maybe you need to wholesale a few. you know, it may be a little bit harder for you to find a buyer, but at the end of the day, if you still have something that has a great return on investment on it, there's somebody who probably wants it. So, but I don't know. I think that's just. Really stewardship's board of directors was a great thing that was done. And I think a lot of people, they need to start making that change now.

[00:29:05] Bill: Well, thank you. Thank you to Andrew for initiative and all that

[00:29:08] Amanda: I really do believe

[00:29:14] Andrew: is actually. Incredible jerk, but he's, he's extremely smart.

[00:29:19] Bill: We're going to have him on as our next guest.

[00:29:22] Andrew: Yeah. I don't think he's going to come on, but no, he's the best kind of jerk. yeah.

[00:29:27] Ryan: But he's also the worst kind of jerk that's right.

[00:29:31] Andrew: Yeah. I definitely recommend his books. Antifragile, Skin in the Game and, and Black Swan are definitely worth reading. And especially since you're going to be shut in for a while, he might as well. Get some books, you're probably gonna need to do audible or Kindle since Amazon's not going to be delivering anything but hand sanitizer and face masks for the next month.

[00:29:48] Bill: Hopefully toilet paper. I'm looking for that delivery any day now.


[00:29:53] Toilet paper is gone. Toilet paper sell for more than cash. You might as well just use $100 bills.

[00:30:00] Amanda: At the little local store yesterday, they had a ton of toilet paper. You should get four rolls for $4.79.

[00:30:08] Bill: I've, I then sent Amanda a photo that I got off of Facebook, of course, had showed somebody with an unrolled toilet paper on their spools still, and it had a day of the week or for each, a sheet for each square. So that's a way to save. I'd say.

[00:30:26] Ryan: I think my favorite one I've seen so far was a bottle of bottle of like, a box of hand sanitizers. And I said, you know, looking to trade for a 3,500 turbo diesel dually, don't low ball me. I know what I have. That's funny.

[00:30:42] Amanda: Or a chubby, chubby baby that says me after I ate all my quarantine food in one sitting

[00:30:50] Bill: we have a lot to talk about. Obviously. And we, we encourage you to come back frequently. Tell your friends about our podcast. We're going to go live on, every week starting, this week or next, and please follow us, subscribe to us again, tell your friends about us. We've got a lot to talk about in the future. How real estate investing is affected by this pandemic situation. Our country in all aspects, you think of Airbnb's, you think of people are holding lots, building new construction, a lot of questions out there. We'll try to give you some sane answers. So please stay with us and follow us thanks.

[00:31:32] Ryan: Yeah, we are basically just going to live stream you through it.

[00:31:40] Bill: Absolutely.