He Had $36 Left | How Adam Hunt Built His Real Estate Company

Today's guest is Adam Hunt. He is a commercial broker and developer out of East and Houston. I've been in the industry for a little over 10 years. Ironically, I started through a fluke of accidents. Not intentional either. I did not want to be in real estate, believe it or not. In 2015, I completely ran out of money, $36 left on a credit card. 72 hours later, I was a leasing agent. When they hired me, they accidentally

gave me admin access so I could see the books. And I remember they brought in $430,000 a month rental income. And I remember looking at property tax. property tax was like $32,000 a month. Payroll for that month was 28,000. I was like, well, they pay more in property taxes than they do in payroll, you know. But then I looked around and I went, man, there's only six people in this office. Holy [ __ ] six people

bring in $400,000. And from that moment, I was like, I got to figure this out. 2018, I have my like apartment locating, selling material, and then this is how I get basically like bludgeoned into construction. We did those projects. I built them, paid for everything out of pocket, and then the clients didn't pay. So, you shell out a quarter million bucks to finish everything, then they don't pay. We sued them. We won the suit. It took

3 years. >> Where do you see yourself in 10 years? >> That's a good question. >> Welcome to another episode of Pick Up the Phone Podcast. My name is Suyanas. I'm the CEO of Vancom.io. I specialize in marketing, sales, and artificial intelligence for uh real estate and roofing companies. This is Adam Hunt. He is a commercial broker and developer out of East End in Houston. Thank you for being here, Adam. >> Thank you for having me.

>> Absolutely. Absolutely. So, uh, so who is Adam Hunt? Oh, you want to go to the Who is Adam Hunt? >> Um, yeah. I mean, I've I've been in the industry for a little over 10 years. Yeah. >> Uh, ironically, I started through a fluke of accidents. Um, not intentional either. I did not want to be in real estate, believe it or not. >> I tried to avoid it for for a long time. Yeah. >> I

was in direct sales since I was 18. And then I think in 2015 I completely ran out of money. Had $36 left on our credit card. >> Yeah. >> And a buddy of mine got hired at an apartment complex that we worked in sales together and he's like, "Hey, the clients just walk in the door." >> Mhm. >> What do you mean? Yeah. They walk in the door. I'm like, "You don't have to cold call anybody.

You have to like find them." They're like, "No." I'm like, "How much should they pay you per person?" They're like, "200 to 300 bucks." I'm like, "Oh, and there's base pay." Well, I'm like, "Oh [ __ ] really?" Like and I know me like my collision ratio back then was like 30 40%. So I was like every three people so I was like 100 people walk in the door daily, right? >> Yes. >> So uh 72

hours later I was a leasing agent. >> Um >> and this was when >> 2015 >> and you're hauled. >> I'm 30. Oh, back then I was 2015. 7 years ago. 25. >> You're 25. >> 25. 24. >> Wow. So just out of the blue. >> Yeah. Freak accident. Didn't want to do it. Um, what kept me in it was when they hired me, they accidentally gave me admin access. >> Uhhuh. >> So I could see

the books. >> And I remember it was a 400 unit community. They brought in $430,000 a month in rental income. >> And I remember looking at property tax. Property tax was like $32,000 a month. Payroll for that month was $28,000. I was like, "Wow, they pay more in property taxes than they do in payroll, >> you know." But then I looked around and I went, "Man, there's only like six people in this office, >> right? Holy

[ __ ] Six people bring in $400,000. >> Wow. >> And from that moment, I was like, I got to figure this out, >> right? That's that's a good story. That's a great story. Great start, huh? >> Yeah. A lot of turbulence. >> So So, um I'm I'm guessing this kind of gave you that that itch, right, to like want to pursue this a little bit more as a career and be able to do this uh

as a professional. Then >> to be honest, I wanted to get out like ASAP. like literally like within the week because I was the number one sales guy in two weeks. Yeah. >> And then they're like, "This is weird. Like, how are you doing this?" My first sale that I did there, I walked into the manager's office, "Hey, he's signing up. Uh, he's getting a two-bedroom. Here's done." She looks at me and she said, "Hey, do

the application." I'm like, "No, you fill it out with him. He's leasing. He moves in Friday." I went over the other client. So, I went back, came out, came back 20 minutes later. They're still doing paperwork. I knock on the assistant manager's office like, "Hey, here's 1,500 bucks cash. He's moving in in 10 days. Miller, we don't take cash. I'm like, you didn't say that. So, he got the cash from the guy right then and there.

>> Yeah, dude. GTFM. >> Yeah. >> Get the [ __ ] out of there. >> Yeah. >> Let's go. >> But, um, yeah. So, my thing was like, so, so obviously that's my background with sales, right? So, I'm there and I'm like, what do you mean I have to be here 9 to6? >> Yeah. >> So, I would negotiate. I was like, hey, if I do one sale, can I leave? They're like, no, >> maybe if

you do two sales. >> Yeah. >> So, then I started doing two sales a day. Yeah. >> So I came back, hey, I did two sales today. Can I leave now? They're like, no. I'm like, oh, I don't know if I can do this. So, so while I'm The irony is like I'm doing the leasing just to see what what's going on and everything. Actually, I got into day trading at the moment. >> Yeah. >> Back

then. Yeah. Yeah. And years later did really well with it. But but yeah, I was always like, how do I get out of here? Right. Right. I was just like like literally waiting for the moment to get out. >> So your background is in sales. Do do you have So how did you get started in sales? My family's been in direct sales since the late 80s. >> Okay. And what does that mean to direct sales? >>

Um either multi-level marketing or selling direct to consumer sales or building sales organizations, right? >> Mhm. >> And like for example, uh roofing when you go out, that's direct sales. That's version of it, right? Where just or if you build the organization, what we would do, we would build the organization that would go hire those sales guys to go do that activity and then create the volume, >> right? So my family's been involved in that since

the late 80s. Um and I grew up around that environment, right? So I was always like, hey, how do you build an organization to go out and sell and create volume? That's always been my my mindset and uh well switched obviously over the years, but it was always based sales driven completely. Build sales teams. What's your baseline revenue? What are you chasing? >> So you grew up in this? >> Yeah. >> Yeah. Got it. Got it.

Are you uh are you from Houston or where you from originally? >> Uh born here but raised in Mexico City. So uh >> how did that happen? Uh well my mom's from Mexico City so yeah my dad did an oil and gas for a long time and so they met many many years ago but yeah I was born here then we moved back we were there for maybe till 2000 back to the states in 2000. >>

How old were you when you came back? >> Seven six and a half. >> No kidding. Nice. So so that's why you go back to Mexico City so often. So you have family over there? >> We have family basically. All my family is there. >> Got it. >> Yeah. We have property. We go out. I mean, it's just I mean, my mom I call it coming in and out. We'll go for two weeks, come back, we'll

swap. >> Yeah. >> Right. >> That's great. That's great. Um, so you started your career in real estate as a leasing agent. Um, walk me through what happened next. >> That lasted maybe six or seven months. >> Uh, a broker walked in the door and handed me an invoice for $5,700. And I said, "What the hell is this?" And >> he said, "These are my three commissions. Mhm. >> What do you mean three? Made $5,700 for

three sales. >> He's like, "Yeah." And I'm like, "Dude, I did 16 last month." >> I did less than that. >> Yeah. I made like $200 a ticket. Then they taxed me. So I made $133 and I only made $2,200 in baseball. I'm like, I made $4,200. I did 17 sales. He did three. So obviously I had, you know, whatever. Gave it the the thing that I asked him, "Hey, how does this work? Told me." He's

like, "No, I just bring the person. That's it. You just brings the person." Yeah. >> He's like, "Yeah." So, at that time, I was selling SEO. I said I was always selling stuff. I was actually selling SEO to that same company. I had a meeting with vice president of sales. Um, ironically, he was the XVP of Hilton, but this for finger company. And, uh, so I lined up the meeting. I was selling them SEO because I

realized that they had I was like, it doesn't make sense to me that they're willing to pay so much money for outside clients, >> right? Okay. So, how do I monetize this into SEO marketing because our websites like all of their online presence just sucked to be honest back then? >> Yeah. >> Right. And the guy that I was running the deal with basically was going to give me a fraction of of the revenue that would

that would come in. And then it dawned on me. I was like, wait, why am I solving this company's problem >> when they're willing to pay this much? I was like, screw that. Let's threw the SEO to ourselves. We'll get the volume and then they're going to pay me 15 $100 a ticket. >> Yeah. >> Oh my gosh. Yeah, look, you know, it sounded great in theory and uh yeah, like two or three weeks later, I

was out of there. I just boom, quit. I left >> um a friend of ours, well, actually the SEO company behind my back started building the model without me with another broker that I knew. >> Yeah, it's really shitty. >> And then they built the model, which pissed me off. So, or so I thought, right? So, I was like, h they built it, whatever. They tried to hire me for like two months. >> Yeah. >> Then

finally I was like, "Did you really build it?" I knew the value of it. Right. >> Right. Like, "Yeah, we built it." >> Yeah. >> So, I went, they didn't build. >> They didn't build it. >> So, it was an SEO for what? >> For uh >> What kind of trial? >> Apparently. So, basically grab the the tenants and then they then grab those tenants and then sell them. >> Potential potential tenants. >> Correct. >> People

that are looking to lease. >> Yeah. Once they apply, they would pay 100% commission. >> Yeah. Okay. >> If you uh if you're a realtor, right? If you bring >> So that was the thing is did you grab an SEO company, you merge it with the brokerage. >> Yeah. >> And then you pump the volume. >> Right. >> Right. But this is like 2015. This is very early in in most days. >> That would have been

a great time to start especially in the SEO space. >> Yeah. So >> in theory it worked and it didn't, but they they didn't build the model. So then I got into I got >> So you got to leasing. What happened? What happened next? You started doing a bunch of leases for people. >> Yeah. So we did apartment locating. We started Apartments of Houston. >> Uhhuh. Uh we basically started with a team of three agents that

I started with >> and we built that. We were the first guys to do we were talking about earlier uh to do video back then and it was nuts because like no one had a stabilizer, no one had video like cameras, nothing. They didn't know anything. >> Yeah. >> So we shot the uh I remember cuz for two or three weeks we're like dude what do we do to to get traction? Because you know back then

the thing was Craigslist right? You publish on no hits, Facebook no hits. We're like what do we do man? And a buddy of mine, obviously was on our team, went out, he recorded one video. >> Yeah. >> Published it on Facebook and he he published it at 9:00. He called me at 11. It had 57 shares with like 14,000 views. >> Wow. In two hours. >> In two hours. This 2015 I picked I was like, "Hey,

this is it." >> Yeah. >> Right. >> Yeah. >> Like that was it. It was the clear indicator. So, so then we thought we we were like obviously we have we found it's video it gets traction and then you'd think the leads would start coming in and everything like hey let's put some ad spend on this thing and I was like whatever >> but we got like two really crappy leads. >> Yeah. >> From paid ads.

>> Yeah. But it was like it was just us experimenting in 2015. >> Yeah. But still just two leads, >> right? >> We're like that's it. >> Yeah. >> Like this blows. But you know like up here and they're like and then we published like three or four four more videos and same thing but then it started slowing down like man like >> and then uh we discovered Instagram >> so we started testing it and then

we started realizing hey the engagement rate on Instagram is extremely high. Yeah. >> Like we would literally like it was comical. We would follow somebody, send them or they would follow us, be like, "Hey, thank you for following the smiley face, just like actually man, none of the AI stuff. It's just all manual." And he'd be like, "Oh, yeah, of course." And then, "Hey, well, obviously you're shopping for an apartment, right? That's why you followed us."

You're like, "Yeah, actually I am." >> Yeah. >> You got him. >> Yeah. Easy. >> And so then they're like, "Hey, immediately, "Hey, what's your phone number? That's one." And you get them on the phone and then you book an appointment within 24 48 hours. >> Easy. they're converted. >> Done. >> So, it was it was wild because there's such a rapid um engagement rates an engagement rate back then that's just didn't exist. >> So, you

did you did a whole lot of that. >> Yeah. We did hundreds of leases. Yeah. >> Literally. I mean, we did that from like 2015. I shut it off in 22. >> Yeah. >> Um but yeah, it was it was a great time. We we made decent money off of it. >> Um >> obviously some bottlenecks with management companies not paying on time. That was really our big uh >> I feel like Yeah, that's always the

biggest bank point. >> It was and we we tried to systematize it and we did manage to get a couple management teams to to follow the system that we had. >> Um but still it's the velocity just wasn't there. >> Yeah. >> Right. At least for for what we wanted to do with it and the amount of infrastructure we wanted to set up. >> Yeah. Nice. So what happened next? You shut it down in 2022. >>

Yeah. But well that ran the entire time. And so at 2015 when I went to set up this company, Apartments of Houston at a brokerage, they were supposedly an investment brokerage in my opinion or not, >> but um and uh a guy there happened to call himself a builder and he also wasn't a builder back then, but so he basically talked me into building a home. >> Yeah. >> Right. Out in Sunnyside. >> Yeah. >> So

I went out, bought the land. It was 15,000 bucks and then he asked me to raise 20 grand. and I raised $120,000 within like 2 or 3 weeks and I came back. I'm like, "Hey, land's acquired, permits are bought, blueprints are ready, they're approved, by the way, and here's the money. I I just need you if you're partners on this to bring the 20,000 bucks." >> Mhm. >> He's like, "Oh, what am I going to live

off of?" What do you mean, what are you going to live off of? You're you're you're a builder and you're also an agent. Like, >> yeah. >> This is supposed to be extra income. >> Yeah. >> So, he backed out. >> Yeah. >> Yeah. So, I I sold that track to another builder and I think I sold for like 32,000 bucks. That was my first deal. Literally, I flipped some land with some permits, some blueprints, made

like 12,000 bucks off of it. >> And I just that's basically what got me started into the space of buying property, building. Um, >> then what was that? >> When was that? Yeah. >> 2015. >> 2015. It's >> like the winter of 15 when I I bought that property I think in October 15. >> No, no kidding. So or or 10 years ago. >> 10 years ago. >> Oh [ __ ] >> Yeah. >> I wish

it was that many years ago. >> Yeah. See? So So you've been doing this now for 10 years. >> Decade. Yeah. >> A decade. Got it. So uh so what have you done in the last decade? >> Oh sh So yeah, we did that. Um we've done a lot, man. We've built spec homes, done a lot of new construction. >> What was what was your what was your second deal after that? Oh, after that, um, I

had a friend that was an architect and I don't even know how this happened. He had a a builder friend that he knew. >> Yeah. >> And that guy needed construction materials. So, next thing I know, I'm selling lumber. So, I'm selling frame packs, right? So, I get bills back said, "Hey, it's sales." >> Yeah. >> So, hey, how much do you pay? So, he would take give me the takeoffs, right, at Home Depot over the

84 lumber. And so, I'd grab that and then I had another supplier and basically we, you know, I knock it somehow was able to knock it down. I don't even know how. Honestly, now that I think about it, that supplier would knock it down and I'd make like two $3,000 a ticket. But I would sell these frame packs. >> Yeah. >> And then while I'm already there, I'm like, "Hey, I've already sold you three or four

frame packs like in the last, you know, 60 90 days." Well, obviously you're building these things. What else do you need? He's like, "Oh, I need countertops." So, the next thing I know, I'm selling countertops. I'm selling cabinets. I'm selling like everything, dude. You know? >> Yes. >> And and the irony is they're actually saving money, which was the funniest part to me. And we were making money off of it. >> Yeah. So, I started meeting

a lot of builders unintentionally through me just on the side selling construction materials. So, it's funny because I'm like still doing 15 to 20 leases a month as a locator. I'm still doing apartments in Houston. I'm still like selling all these materials. >> And in 2018, I I got caught in a sandwich. And that's actually where it really turned into construction was I sold that investment firm supposedly needed was flipping like three Harvey properties to an

investment group out of California in New York and um hey do you have any builders? I'm like yeah I have obviously didn't sell materials I have XYZ that Right. So I broker a deal with these guys to they run construction you know for the for the flippers or whatever and they do their deal. Right. So I'm like, man, how do I get paid? Like, I know what I'm going to do. I'm going to sign the contract

and they're going to partner in with us. >> So, I signed the damn contracts. >> So, they start to demo the properties. >> Sign what contracts? >> The construction contracts. >> The construction contracts with who? >> With the client. So, you know, my way not cut out of the deal is going to broker it. So, I'll sign the contract, right? >> And I'll keep the contractor at like in a in a in a JV agreement. >>

Yeah. Yeah. Supposedly, they never signed it. and um or they what? Well, whatever. And um and then they'll fulfill the buildout, right? And I get my portion, I cut out of it, right? A 50% on the net. Well, the problem is after they do the demo and they halfass framed the property, they walk, right? So, next thing I know, oh god, I have three fully stripped buildings and I just signed a contract and the the I

remember the day the the client's called like, hey, so what's the update? I'm like, and I'm standing there, there's nobody there. I'm like, uh, and I'm just calling radio silence. Right. >> Yeah. >> So, next thing I know, I had a literally >> So, wait, wait. This is like how many like how many deals in like your second, third deal or what? >> This is this is 2018 of my like we're just going down the story

like apartment locating, selling material. And then this is how I get basically like bludgeoned into construction. >> Yeah. >> Cuz I' all I've always done is sell. I'm always brokering deals. >> Sorry. So, you see an opportunity, you're with a client, and you're saying, "Screw it. I'll sign the construction document, the construction contract, because I'm going to JV with the contractor who's going to do the actual build out, and I'm going to get 50% of this

deal." That was your mindset, right? Yeah. >> So, okay, everything's going great and then boom, this guy just >> stops showing up. >> Stop showing up. >> And he's already been paid his draws. >> Everything or >> up to that point? >> Up to that point. >> Or probably there's probably he he took construction material. He stole like 20 $30,000 per job. >> Yeah. >> Right. So, at this point, we're like, yeah, I'm 30 in their

hole per job. So, I'm 90,000 in. That's I'm like, [ __ ] Like, my portion's gone. Yeah. >> Right. I'm aware. I'm like, all right, at least we'll break even, right? >> Yeah. >> So, uh so we finished the projects. Somehow I I learned how to build these three properties all in one go, right? Which also the nightmare of like all in one. Like when I mean to the stud, like to the stud, like there's not

it's like a just a frame. Yeah, >> they they they threw down foundation and they just put up >> the remodels. The remodels strip the building. >> Oh, I thought you meant I thought you meant it was a new construction. >> Oh, that would have been easier. Yeah, that would have been so much easier because then you just follow the roof pits. >> Oh, I see. >> No, the whole remodels these guys had like no plans.

So, I had to like on the spot like >> So, basically three flips basically. >> Yeah. All at one go. >> Yeah. >> But like they're all like they're all six figure buildouts. So, that's why I'm like [ __ ] like >> six figure buildouts. >> All of them. >> Each one. Yep. One was like 3,800 or 4,000 square feet, two stories in the morning. >> Got it. Got it. >> Yeah. >> Because these were the

the Harvey properties. >> Yeah. Yeah. From the storm. >> So, these are just high-end homes. >> Yeah. And the other thing is they're all it's it's they're nice property, so you can't go in there just put cheap stuff. >> So, did you buy them, you know? >> No. No. >> I I s That's what I said. I I signed the construction contract off of the the property owners. >> Got it. So So, it wasn't flippers you

were working for. It was labor funds. Uh-huh. >> So, they bought the properties. Our brokerage at the time, I'm not going to say their name. >> Really terrible idea they had. They talked a bunch of funds into buying Harvey homes >> to flip. >> Yeah. >> And then the properties obviously didn't sell what they promised or anything like that, right? >> So, so yeah, that's what happened. So, they talked to buying high-end homes, like homes that

were like 8 900,000 like, "Oh, for 400 grand now, half a million now. Buy it. You'll make your money back." >> Yeah. So, the funds were basically the clients. Got it. Got it. Got it. Okay. All right. It's full picture now. >> Yeah. Yeah. >> I wasn't understanding at all. >> Cool, man. So, that was your that was kind of like your intro into developing property. This was in 2018 now. >> Yeah. I mean, the intro

was that first property I got, right? But um like >> Yeah. Yeah. Active construction where I'm on there with them every sing Yeah. So, we did those projects. >> So, how was that? What happened after the guy showed like just stopped showing up? >> I built him. >> I built him. Paid for everything out of pocket. >> Yeah. Um, and then the clients didn't pay. All right. So, imagine you the funds. >> The funds. >> Yeah.

Yeah. So, you shell out a quarter million bucks to finish everything and they don't pay. >> Why not? >> Different disputes that they had. >> Yeah. So, one of them legitimately stole money like completely flat out. We sued them. We won the suit. It took three years. Um, so what happened? You You have You said a quarter mill. >> Yeah. And those things I ate it. I I ate it. >> So, but I mean you uh

you still had you can recuperate it once you sell the property, right? >> Not my property. I'm a contractor. >> What do I put on it? >> No, we on one property. We released the lean cuz our broker pressured us into like, "Hey, don't worry. They're good for it." So, we released the lean. They don't pay. And they actually stole them and the lender stole money cuz during discovery the HUDs came back and and the funds

were dispersed that they said they didn't have. >> Mhm. Right. Um, yeah, really crappy situation. Um, >> yeah, most people would quit at this time. >> I know. >> Most people would be like, "Screw real estate. I hate that." >> No, we got to the end, we finished it. And then I I remember one one of my good friends, one of my best friends actually, he's with us today to this day in company. We get to

the end of it and he's like, "Hey, uh, so what are we going to do next?" >> And I go, "We're going to keep building." >> Yeah. >> And he's like, "Why?" Like, think about it. Where else can we make this kind of money? I get it. We lost quarter million bucks, but like yeah, we do apartment locating, but like really making like 15 20 grand a month off of that. How many apartment leases do I

have to do to make back my quarter million bucks? >> Yeah. >> It's going to take too long. >> Yeah. >> Let's keep building. >> Mhm. And that's what happened and kept building. >> Yeah. So, is that how you got full into construction now? >> Pretty much. I just get sucked into it. Apartments of Houston for me goes on the side. I've still had a team of like three to four agents live at 1.6 six, I

don't even know. And they basically, you know, we had two businesses running, apartments Houston, partner locating running or anything agency related because they'd also sell properties here and there, whatever. >> And then on my side, straight construction. >> Correct. >> Mhm. >> Um, yeah. Less. >> So, um, so what was your first profitable construction, uh, construction project then? Um, so sales I I get a call from a good friend of mine who was a broker and

he represented a investment group out of uh West University. >> Uhhuh. >> And um so we had a couple other like little deals here like anything we did after that we always made money off of, right? But yeah, we make 10 20 grand off of it. It was it is what it is, right? But like the actual like what got things really moving was so they call us for a 12-un apartment complex to go quote remodeling

two doors. >> Well, actually it was one door and then they're hey take two, take three. By the end of the conversation within the hour they gave us all 12. >> And while we're there I basically asked hey what else do you have? Well I'm glad you asked. You know we have this other building across the street so we get that too. What else do you have? >> He's like well we're actually have these other buildings

on the street that we're doing. We need to cut them in half. We need to demolish half the building and then do 2500 foot uh two-story additions. >> Yeah. >> Because we're going to build student housing, >> right? >> So, they had multiple of these through the neighborh like 30 days, we had a couple million dollars worth of contracts with them. We like literally locked up uh the work on all of their portfolio and we ran

that project for I think seven to eight months. We did, you know, really well with it. Um, deck less. What about your first development? >> Um, I guess first property that I I mean, we've always made money off property. The first flip we ever did, it was already pre-sold by the time we bought it. So, we had the buyer lined up, uh, I think we bought it for like 217 cash and then we sold it for

$3.89. Yeah, it took us like 88 days to build, but it's just, you know, like I was not the fastest. I'm not, but it was actually it was really nice. We did a lot custom work for the guy, but yeah, I mean that was decent. And then stuff that we've developed. Um, I mean, we've done a lot of like, you know, we do a lot of builder rent these days, but I mean, they all make money,

so it's just Yeah. >> So, now you're into doing these builds rents. >> Um, let's talk about that. How does that how does that process work? In what sense? >> So like pick an angle out of it. >> Uh so what's your model? You're um you're Adam Hunt, right? Hunts commercial. >> Uhhuh. >> What's the name of your company? >> Hunt commercial and housing. >> Hunt commercial housing. So you have Hunt Commercial and Housing. And what's

your strategy? Do you go and and uh raise capital? Are you uh where are you getting your financing? Like how does all your operation look like? Right now? >> We do not raise capital. uh if we take it, it's very private, very few individuals. There's maybe only two or three active people in our deals. >> Um that maybe take 20 to 30% of our volume. So, it's very Yeah. >> Um at the same time, basically what

happened with our model was I've always been really good at finding opportunity or finding properties that make sense for us, right? Um we were basically, excuse me, buying I got tired of flipping houses. I was like, "Hey, cuz at the end of the day, after you flip everything, the money just goes away." >> Yeah. >> Like, whoever whoever tells you that they're going to keep it, >> to me, flipping a house is a high high-end job.

>> And what I mean by higher risk, high-end job in the sense that you spend $200,000 buying a property, you spend $50 to $60,000 fixing it, maybe 80. By the time you have holding cost, you're 300,000. If you exit at 400, which is not going to happen today in today's market, but back three or four years ago, it would, you made 40,000 bucks. If you spent six months on this property, five months on this property, you

made $4,000 a month. Either screw anything up, you're underwater. And And then you can't live off I mean, I can't live off four grand a month. So you have to run two or three. >> Yeah. >> Right. Yeah. >> And so I got I got tired of the model, right? At the end of the day, like you're on a never-ending treadmill in my opinion, in my experience, right? There's other guys that I've seen that they have

systemically scaled it. Yeah. Or in other marketplaces where I'm like, "Okay, that makes sense. You're doing 10, 15, 20 properties at a time." Mhm. >> I get it. >> Makes sense. >> You systemized it, right? For the model we had >> did not work. So, >> yeah. >> I don't like it either. >> Yeah. >> So, because Yeah. It's just too too tedious. And because we had we really were builders >> Mhm. >> before we got

into the flipping business or whatever, I was, hey, how do I get back into like very specific heavy duty construction? and I'll say, "Hey, I'm going to start hunting down two to four unit deals uh where I get a little better valuation, but they're very construction specific where I know nobody else can do the project." >> Yeah. >> Right. So, it would allow us to hunt deals down with 40 45% margin. The problem was, how do

you find them? >> Mhm. >> Right. So, we'd get like four to six of these a year, but after that, they're very good for building your personal net worth. They're very good on paper, but you can't build a company off of it, >> right? >> It's not enough. You need more >> to run a company. If you want to have an actual organization, payroll with project managers, accountants, staff, you can't do it off hunting deals like

that. You can do it as a oneman show with an assistant. Yes, you absolutely can, right? >> Um, but for for me at least, what I was like, hey, I don't want to do this forever. >> All right, that's another thing. >> I've been doing this for 10 years now. So, how do we make this a little bit more systematized? And the decision was I I don't want to find opportunity, I want to create it. >>

So how do I do that the next? So I need to create a model and that's where the decision, hey, let's go into build to rent. >> So that way if I can find the right land for the right value, it matches our cost and I can get the right rental income against it and I can get the right debt lined up. If those four or five variables all match, >> we execute. If they don't, don't

touch it. >> Right. >> Right. And then the question then becomes, hey, if if we do it, if it works for one, how does it start to look like when you start scaling it? Hey, what if I build four? What if I build 10? What if I build 20 this year? Hey, do I build them one at a time? Do I build them two at a time? Do I build them four at a time per track?

>> And that's kind of the evolution that we've been uh going through this last um about a year that we've been building the model out. >> Nice. Do any partners in your business? >> We have a really good friend of mine, one of my best friends actually. Yeah, I have a partner in one of our companies. Nice. That's awesome. So, so what does your organization look like now? You said you mentioned you have like um accountants,

you have all these people, I think, uh realtors. What is what does your organization look like now? >> Um we're to be honest, we kind of run like a family office. >> Yeah. >> Right. In in that sense. So, uh there's probably seven or eight people in the office full-time, >> right? Uh they're all on payroll and they all have their functions, right? We have a property managers, we have uh controllers, assistant accountant, project manager, second

project manager for rehabs. Um and then other pieces and then obviously everything else depending on the role for like for example um commercial real estate. We have two commercial real estate agents. That's all that they do. >> Yeah. >> Right. They don't do anything else. >> Right. >> Um and then obviously the flurry of subcontractors that we have out there. But we're always actively hiring. Like at this point, I've been hiring a new person into the

organization. I forgot we hired type of maintenance guys. Um or fresh. Yeah, we're hiring a new person probably every four to six weeks. >> Yeah. Nice. >> What could uh what kind of systems do you have in place to to onboard people to train them, get them up to speed on your processes, everything that you're >> doing? That's been tedious. Oh, yeah. Yeah. Yeah. has actually been the but it's funny because it's it's same thing, right?

Hey, how do you do things at scale? So, the first one's been like, "Hey, totally one-on-one on the spot figuring it out." Even something as simple as setting up their computers. Yeah. >> Right. The first computer I set up, I was like, "Dude, what the heck?" Like, I realized it's like one of the softwares we use runs off a server. So, then we had to go get a server. The server didn't work. So, I had to

go build the server. Wow. >> So, next thing I know, there I am, right? Like, literally, I bought your case, dude. Yeah. Yeah. So like 3 days later I built the thing. It runs right. But then the comical part is over the last like 4 months I've probably built like nine or 10 computers. >> Mhm. >> Right. And then I started realize like you know so I built the server. How do I get the first one

to talk to the server? How to build the second computer? And then I'm like after the fourth computer I went man how the hell do I have this preloaded with everything that I like? >> So then I started researching. I'm like oh yeah you obviously can can do that right. So then I set it up. Ironically, now just here's your here's your damn desktop. >> Yeah. >> Type in your password, do and it'll load your you

reset everything. Boom. Reset. Right. Yeah. So, it's uh it's having to learn that, you know, a step at a time. But, but it's funny. So, if you ask me now, hey, I need to buy 20 computers or 10 computers, set them set them up pre-loaded, I'd ask you, hey, what what software do you want? D I'd build it in Azour and then we'd deploy it. That's Yeah. which if you asked me three months ago like yeah

that's hilarious bro. So um so now you have this whole company um you have vertically integrated everything right you have your construction in house what about deal sourcing how do you how do you source for deals >> and I'll be honest it's us >> and uh it's us >> when you say when you say us who's who's us >> our firm our company >> like people in in your office basically >> yeah but 70% of the

deal >> deal deals coming in for acquisition is me they're looking >> Yeah it's is You look, >> man. It's very rare for you to So, exactly. So, how are you finding them? >> I just I look the last four. I look >> What does that mean now? I look >> like I know I'm always looking, right? >> Yeah. Like like I always look and then they just appear on my screen. >> They do. They do.

Right. Like people are like, "Hey, you find stuff on the MLS all the time." >> Yeah. >> Agents don't know what they have. They mislist stuff. They mispric it. They make mistakes. Yeah. >> Right. The other thing is when I say I look is I kind of know everything that's listed actively around us at all times. It's really weird. I know when it goes off market. I I know when if we're interested in it. >> I

know when it comes back. I know >> cuz you're focused on a niche market, right? You're you're only in east uh east end of Houston, right? >> Yeah. But well, there's other sub markets I'll take a look at just for like we were very active back in the day in Oak Forest. Yeah. So like I anything in section 1917 18 we'd know what pop bond you know what >> about a year and a half ago I

stopped looking. Yeah. I say right but in in when we're doing deal with Yeah. >> So would you say you find most of your deals on the MLS then? >> Half at the other like the last four deals I box the neighbors. >> You what? >> The neighbors. >> Yeah. >> What do you mean? >> Cuz we bought all the properties so they come to us now. Hey, you bought this and I see that you built

it. It looks really nice. Uh would you buy our properties? Yeah, sure. >> Nice. Neighbors are coming to you. So now you um what's your niche whenever you're looking at like a return on on the the lot value, you know, the uh the bill cost. What uh percentage of rental rates are you looking for? So like a 1% 2% of the I I don't really look at that cuz the rental rates deflated right now. We know

that. So, typically what we'd like to have once it's all said and done is we need to be we need to be able to exit at a 35% 35 75 65 35 uh loan to value. So, if we can do that and the debt sustainable through the rental income and there's still a couple hundred uh per door, we'll do the deal. If that those two metrics are not feasible, even if we can sell it at a

profit conceptually, we won't touch it. We we do not want to be at the mercy of the market, right? That's my So, a lot of people say, "Hey, I want to be at the mercy of the market. I want to sell my property. What am I?" No. If I can't like It's going to sound if I can't sell it back to the bank. >> Mhm. >> And make money. We don't want to. >> So, that's why

you're you want to be basically all in at 65%. >> Correct. Yeah. >> But sometimes it it our spread might be we might refi and get some cash out. >> Probably another like 5 to 10% we can talk into. >> Yeah. Yeah. Yeah. How are you financing the deals going in? Hard money? >> No, we have a different I mean we have literally different institutions we work with, right? So hard money is probably the last resort.

>> Mhm. >> Right. Um but it's it's like small commercial banks who were talking about >> different small banks, small lenders, private lenders, large funds, too. It just depends. We've worked with the same guys for many years now. >> And what I like to tell lenders are, "Show me the buffet. What do you have?" >> Mhm. and like literally just give me your matrix and I will look at the matrix and how rigid are are you

to this I actually prefer that they're rigid because they're rigid to the matrix and I can build a model around the matrix. So I typically we reverse engineer like the criteria of a bank >> and if it looks good then we'll engage with them >> and uh and then it applies to specific deals >> right? So like for example all all of our multif family rehab like one through four goes to one bank. All of anything

that's five door plus goes to another bank. Anything that's new construction was going to one bank right now for the construction aspect of it but now is going to another or two other companies that we've we >> How do you decide who to send it to? uh based on who pays you the most favorable terms >> terms criteria uh can they get it done how fast are they uh how reliable are they right like for example

like we had one organization that I committed maybe 13 projects to >> and I met with them a year ago and I was like hey this is what we're going to do and this is the model and uh ironically they did make a mistake because they told us a criteria that wasn't factually true that actually was harder to do what we did had he double checked. >> Yeah. >> It would have made the entire model easier.

>> When you say when you say a model, Adam, um you know, for the people that are looking at this podcast right now or listening to it, what what do you mean by that? >> The financial model of of the actual deal, right? So, part of it's how do you acquire the land, right? So, what's the cost of the land? How much down payment are you putting in the land? What's your holding cost? What's the rate?

What's your cost of the acquisition just in the land aspect, right? Then you go to, okay, what is it? Am I going to redevelop this land? How am I splitting it up into parcels? Do I have to build a road? Do I have to do infrastructure? Do I need civil engineering? So, you got to model it out. Hey, when I'm here, how am I paying for that? Do I have a loan lined up? That's going So,

is my loan just for land or do I have infrastructure set up? >> Right? Do I have the construction financing set up uh to now actually build the structure when I'm done? Do I have time to sit on it or do I need to pay off the bank immediately? >> Right? Uh what are the terms on that? And then, hey, am I going to keep it? So it sounds like a lot of if and or kind

of >> Yeah, there's a lot of variables and that's why >> you build this entire model from A to Z. >> How do you build it on Excel? What do you >> different spreadsheets literally? >> Yeah. Got my little engineer brain working. I'm picturing all of this kind of >> because you're also jumping through several loans, right? >> Right. You have your acquisition or bridge loan >> sometimes for the most part depending on the institution then

you'll have construction financing. If you don't, then you need to line up construction financing to buy that debt. >> Mhm. >> Right. But there's also another cost so you have another closing. >> Mhm. >> Right. And then you need to also exit into your refinance. >> So you have to for my two or three loans through this entire process or unless you get like a mini perm deal which is some like Prosperity used to do these

back in the day. These do like mini perms where they'll help you they'll finance the acquisition of the property and then they'll put you on a 5year mini perm slightly higher rate for a little bit. Mhm. >> But the problem is you cut out all the closing costs >> cuz it's just one loan. Like they And the reason they call it a mini perm is cuz it's the Yeah. So you basically buy it and then through

the entire process you get to the end, they'll give you five years. It typically balloons. Yeah. >> And then you can exit into perm debt. >> Got it. I like those loans. Those are really good loans. I think typically what like small commercial banks are the ones that that can make those happen. Huh. Yeah. So when you say you have like two three loans I mean typically it is the acquisitions right it's the acquisitions um which

is the bridge loan right and then the the second one what's the second that you mentioned construction loan >> it depends on if the institution does horizontal financing and that's actually one of our things we've had to navigate through different institutions it's are they willing to lend on the land without the infrastructure without the plats without the civil engineer >> most banks won't >> yeah most you have to own the month. >> Correct. Which is silly

because then it's a catch 22. So, how do you own the land? >> Yeah. >> Right. Some other banks will. So, it just depends on how you you structure yourself, right? >> Yeah. >> Um, >> how do you prefer How do you prefer to work with? Like, do you prefer to work with a bank that can just give you the financing for the land and the construction or >> I don't mind. I mean, uh, it seems

like it'll be better, right? I mean, then you don't have two closings. >> Yes. But you also lose the new valuation on the development work, right? So if you buy something for 200,000 or 300,000, you put $50,000 into it, cut it up, that track of land's not worth half a million to 600,000. >> Mhm. >> Which ironically, you can lever. >> Yeah, I see. I see what you mean. >> So if you keep it vertical, it

might require a larger upfront cash commitment. >> Yeah. >> Right. Because then the you know, but but they'll also factor that in. and they're like, "Hey, so when they do their appraisals, they'll basically see, hey, okay, this is what it's doing." So, so that's you have to have that back and forth dialogue with the institution and to make sure that their their the loan at least who's on credit committee and who the loan originator is understands

those processes, >> right? Because if they do, then you have a home run. It's just copy paste, rinse, repeat, right? If you don't, you get into a lot of uh variations where they don't really know how to navigate it, >> you know, or they might have misinformation where the institution actually says, "Yes, we are willing to do that." >> Yeah. >> It just wasn't explained correctly. >> I see. Got it. So, most of your deals now

are in uh East End. >> Yeah. >> Okay. >> Like 90%. >> 90%. What uh what are you primarily building out there now? Right now we are doing new construction duplexes. >> Duplexes. >> A bunch of duplexes. >> Yeah. >> Yeah. How many How many you guys building right now? >> Actively there's 13 in the pipeline and then uh probably another six lined up. So >> yeah about what 19 or so build. >> Nice. Pretty nice.

And you guys have already built it quite a bit also. >> Yeah. >> Yeah. And we have a portfolio there. So it makes it a lot easier to manage. That's one of the biggest things also with build the rent that is problematic when you're doing infill. Um typically what you perfect world you want to have a centralized location. You buy an acre and then you can manage your properties, right? >> Yeah. And you don't have to

drive around. >> Yeah. But that's you know that we're inside the city, right? So we're doing a lot of infill. So the thing is hey how do you create that ease of management um and also keep it geographically close to you at the same time? Of >> course. Yeah. Yeah. What's your goal? What's your goal? How many how many units are you shooting for? How much real estate valuation are you aiming for? >> Um I I

mean my my thing right now is I'd like to double or triple what we're doing, >> right? And then make sure that it's stable, it's self- sustaining. Uh make sure our construction team is self- sustaining, right? Make sure that our development office can just operate on its own. Uh that's really my I think if you ask me about my goals, I'm more worried about that than I am per se the properties because mathematically the properties make

sense. That was one of the things I had to learn early on or even later on is that like a good will look good on paper but what is its actual effect on the organization? >> Mhm. >> Right. So uh at this point my if you ask me what my goal is is to actually build a very stable and selfactivating self-fulfilling self-sustaining organization. >> Yeah. that can basically shift and build and develop and manage regardless of

the asset class that's assigned to go out and produce. >> So you're more worried about the actual infrastructure of the organization of the company. >> Absolutely. >> Create an actual company >> maybe in the product will >> it switches >> and a moving target. >> It's always changed. >> Yeah. I mean especially with like everything going on with our with our governments and you know and our interest rates. >> Yeah. [ __ ] Uh interest insurance,

property taxes. >> Oh yeah. Far >> multif family is getting killed right now. >> Yeah. >> You know, so uh >> yeah. So I I do think it's a moving target and I I think you're focused on the right thing, you know, by focusing on the organization by focusing on the people that are actually going to produce uh going to be able to produce everything that you're you just mentioned, right? your your uh acquisition, development, the

construction, uh the management, you have it all in house. I mean, you it's a moving target. You can do whatever you want now. Sky's the limit >> eventually. >> Yeah. So, um so then it's not so much a go of unit zone or anything like that. It's more so a go of your your organization. So, that your balance sheet, of course. Right. So, I used to always say um what is it? Musical chairs. When the song's

over, what do you actually have? >> Yeah. And that's what that's what I've learned in construction. That's what I learned when I was flipping property. That's what I learned when we did the partners of Houston. When the song's over, what's left? >> Mhm. >> And more often than not, if you did not focus on building assets, >> there's nothing. You had a great time, great music. >> Yeah. >> Great dance. You hung out with your friends,

you participated, great life experience, >> but when the music's done, there's nothing. >> Right. So that that big shift happened maybe three or four years ago. I was like no no no build the organizations build the companies but you also need to build the balance sheet. >> Yeah. So what's the goal on the balance sheet? >> It just needs to grow every single year exponentially. >> Yeah. Is there a specific number that you have in mind?

>> A million every year. Grow it. Grow it. Grow it. >> Yeah. >> I mean Yeah. >> Nice. Um where do you see yourself in in 10 years? That's a good question. Um, I probably won't live in Houston. >> No. Mexico City. >> No. No. Neither. >> No. >> No. Um, >> where you where you living at in 10 years? >> Uh, probably a collection of like probably probably like a collection of like Florida and then

in and out of Mexico City and Houston. Just triangle. That's kind of what I'd like to do. I don't want to spend a lot of time here. My my focus right now here was I wanted to leave about three years ago I was ready to leave or four years ago I did leave and I came back actually >> um and three years ago when I I came back I realized well I'm already here the problems that

I'm going to encounter in building these companies I'm going to encounter in another market anyways let's just use what I know here the market knowledge the resources that we have just to get it done here >> and in these other markets we'll decide to what level do we want to like if I like let's say tomorrow I move to Miami I'm not building a construction They hire one. >> We develop it, >> right? We'd probably broker

it, but I have no interest in like and then the management would probably third party out. >> Yeah. >> Until we like it makes sense to start bringing it in. But we've realized like I've realized it doesn't make sense. Like right now I'm building a little apartment in Mexico City, right? And like I do not interested in having a construction company in Mexico. I'm not interested in even uh being an agent in Mexico City. I'm not.

But I am interested in having a portfolio down there. >> Mhm. Right. >> Yeah. So should we like say we're building you say you're building a mini apartment building? >> Uh we have some condos down there that we're working on. >> Yeah. >> So yeah. So I usually like to say it's we're a real estate company first everything else after. >> Uhhuh. Nice. So um condos condos in Mexico City. What are you planning on doing with

them? Airbnb. >> No not a big believer in in in uh short-term rentals. >> No. >> Yeah. >> Why not? >> Uh it's like shared space, right? Samazelle said this very well obviously years ago before he passed away but uh you know you saw the the rise and epic fall of like we works and you know before that there George there was two or three other companies they they make they look good on paper but I'm

not in the hotel business as short as that right I'm not there like I'll let an operator like you ran you know if my unit's $2,000 you want to run a business okay give me 3,000 you run your business you're the operator not in the hotel business in the real estate business >> yeah it's a different game tweets around. >> It's an entirely different business model. >> Tweets around. I'm worried about a good asset, good location,

good property, and a good balance sheet. You want to do what? You want to paint it yellow and do whatever you want. That's fine. Yeah. >> Just give it back to me the right way when you're done. >> Yeah. Whatever works. Yeah. We do Airbnb. So, I have some Airbnbs. >> Oh, no. Chicken. >> Well, I own the I own the the apartments. I own the apartments. >> Got it. >> And um Well, I don't I

don't do any of the work. >> Yeah. Oh, I have people in place and uh and you're right, it is a hotel business. It's a It's a pain in the ass. >> I can't It It's good for the operator if that like I have one. >> I'm not even the >> I would say I would say like I had completely delegated everything to other people. >> Yeah. >> And so everything is just completely done for me.

So it feels like I'm just the owner of the property. It's uh >> that's the way to do it. >> It's everything's completely done for me. And dude, I mean, the uh the amount of revenue that we get is double rent. >> You would off of rent. Absolutely. >> And uh and it's in South Texas. >> Mhm. >> Right off the the border of Mexico. >> Okay. >> So, I mean, dude, we have like people from

Mexico coming in all day long. It's great. It's great. It works. It's better than >> that the rental rates down there. Let me tell you. >> No, the rental rental rates are garbage down there. It's a garbage thing, right? And that's kind of what I was saying. It's like I'm not I'm not an operator. But if you're an operator and that's solely what you do, you're that's why you get your margin. >> I wouldn't be able

to I wouldn't be if if I didn't own the asset, I wouldn't be doing Airbnb. >> Yeah. >> Yeah. I'm only doing it cuz it it makes the balance sheet a lot sexier. >> I gotcha. >> Yeah. Yeah. >> I mean, in some instances like to each their own, right? Like one thing boutique hotels. Like there's actually sections of Mexico City where I would want to do not Mexico City in Mexico where I would want to

do a hotel. I've seen some of those boutique hotels in Mexico. They look wonderful >> and they um what's the website it's called? Cas Casita MX, >> I think. So, I haven't it's kind of like it's kind of like an Airbnb for Mexico and they have very unique properties on there. >> Beautiful homes >> in the strangest of places. >> Yeah. >> And it they offer experiences. >> Yeah. It's a complete world down there >> and

they charge a tremendous amount. >> Yeah. >> It's great to each their own. >> Yeah. Like I I would see it in um I'd go to Cosmill. So, I used to go to Cosmo like every two or three weeks. >> And you'd stay at the Weston. The Weston's like 250 to 325 uh a day. >> The Weston's great, by the way, if you go to the West Cosmo. It's a little little hotel. It's like 10 stories

tall. It's off by itself. Um >> it's in it's in Kosl. >> Okay. >> On the east side or on the left side. >> Where's where's Kosmo at? >> Kosl is an island facing Tanaroo, uh southern Mexico, the Caribbean, like towards Cancun, Tulum, Plan. >> I got you. >> Got it. What's your favorite area run down there? >> There. >> I spend my time either in Cosmo or >> right and they have two different vibes to

them. I used to spend I mean I lived for a while. >> Mhm. >> Um but it's it's a little bit too busy for me. I like cosmo because it's quiet and they also like they used to have they got rid of it. It sucks but uh United used to have like a direct flight to Cosml for like 200 bucks one way. >> Wow. >> So like right now I'm like hey let's go grab the two

o'clock. Yeah, >> think of backpacking. You're there in 2 hours. Like, >> yeah. >> The other thing is the taxi syndicate hasn't uh taken over the island. >> The what? >> Taxi syndicate. >> Okay. >> Uh taxi union. In Spanish, it says syndicate. >> And uh so literally from the airport to the main plaza is like $10 versus if you want to take a taxi in Cancun, it's probably like 60 80 bucks to get to your

hotel. >> Get out of here everywhere you go. >> It's It's nuts. It's not walkable either. And so that's one. Am I right? Like when I fly to Cancun, my number one mission is get out of Cancun. Like so I'll go to like Isla or something. >> And once you're in Isla, then you're fine. It goes back to being normal, right? >> Yeah. >> Um but yeah, I spent a lot of time I used to either

Islam or Cosmo. What's the difference between Islam and Kos? >> They're both islands. Uh from north to south is like 7 8 km long >> and cosmill is like I think 55 km. So it's like way bigger. They both have two different unique histories. Um I can't remember if it was Cortez or or Columbus, but it's the first island that when they go to Mexico, they get there. Got it. And it gets discovered in the 1500s

and the concisador actually left a letter saying, "Hey, anybody coming behind me, don't do anything to these people because they treated me well." >> So it has its own little thing of history down there. And there's a lot of old shrines that are that are there and there's still pyramids out there you can go to. And it's it's a really cool experience. Yeah. >> Very cool. Very cool. >> Awesome, man. Um, are you currently are you

currently hiring? Are you taking anyone? >> Yeah. >> Hired a maintenance guy like 10 days ago. We hired a new controller 14 days ago. >> What about uh realtors? Any realtors that may want to >> uh Yeah. >> Yeah. Obviously, what I'd say is uh agents that have, you know, good experience, want to basically go to the next level or just fine-tune their business. We're really good at that. Yeah. >> How to put in those systems

just from that sales background we used to have. >> Yeah. How to put in those systems, do the marketing, pipeline it. um how to even audit your own pipeline. A lot of guys don't know how to do that, >> right? >> And uh or if you have deal guys, people that want to learn how to structure deals and whatnot or just even participate in property management. >> Um we're always looking for either Yeah. staff or we're

looking for agents. They're always open to it. >> What about uh anyone that's maybe looking to invest some money >> case by case basis? >> Yeah. >> Yeah. You just don't want too many hands in the cookie jar. >> Yeah. >> Right. It it creates we we don't actually syndicate. We don't like to syndicate. >> Um and it has nothing to do with greed or profit. It's just more of making sure that you have let me

rephrase this. >> I am open to experienced partners that can do a good deal. >> Yeah. >> A lot of times what happens is you'll have somebody come in, hey, here's $100, $200,000. I want to do a deal with you. They have no experience in the street. They get into a pickled, hey, I need to sell the property. I need to get out. I need to do this. and versus like, hey, here's the long-term picture of

the actual investment, right? Sometimes I'll do a little bit of private capital. We'll pay a percentage back, but it's strictly a loan until, ironically, my partner that we have now on on a majority of our percentage of our stuff was originally our lender. So, and after the seventh or eighth deal, because we kept rolling the money, he said, "Hey, this is getting a little redundant. Why don't we just we've obviously established a relationship here. Let's just

partner." And we did that. >> Very cool. Cool. Well, anyone that's interested in uh maybe working with you or talking to you about business, how can they find out more about you? Where can they reach you out? >> Uh they can email me uh broker huntousing.com. >> Mhm. >> Or I guess Instagram adamunt on Instagram. >> Yeah, I'll send you a DM. >> Yeah. Sure. You got that easy. >> Well, uh well, thank you so much

for doing this podcast, man. I had a lot of fun. And uh yeah, we'll have to do another one in Spanish next time. Oh, we can eat that. They're good. Thank you.