Ep 8: Top 5 Lessons Learned from Investing and Working in Real Estate

[00:00:00] Speaker A: Welcome to AllView360 all things real Estate Podcast. With your hosts Daniel Gutierrez and Shannon Dempsey, we explore real estate from every angle, giving you insights, tools and confidence to make smart decisions that support your future. It's time for a new perspective on Property. Welcome to AllView360. Hello, we are back. It's Shannon Dempsey and Daniel Gutierrez with all of you. 360 today we are excited to talk about the top five lessons we've learned in working in real estate and investing. [00:00:30] Speaker B: The ones we're willing to tell. [00:00:31] Speaker A: I know there's 100 million lessons but we've narrowed down to five topics I would say that have a lot of lessons integrated with them. The first one's my favorite so I guess we'll just start with that which is emotion will cost you money. And that means so many things. What does it mean to you from an investing. [00:00:48] Speaker B: I think the first thing that comes to mind is emotion often clouds judgment. And when your judgment is clouded, you're much more likely to make bad decisions. Um, make wrong decisions, have misguided decisions and otherwise just do things you wouldn't normally do when thinking normally. Well, things you wouldn't otherwise do when thinking correctly. No, that's not it either. Things. [00:01:13] Speaker A: There's nothing wrong with emotion. [00:01:14] Speaker B: No, not. Not emotion. More so how I'm saying it. Like thinking normally. Normally. Like the things you wouldn't otherwise do when thinking. [00:01:23] Speaker A: Emotion can take you out of a logical headspace. Yeah. Yeah. And investing is something where you need to be very logical. [00:01:30] Speaker B: Logical, but also not discount your gut feelings. [00:01:34] Speaker A: I can get on board with that. [00:01:35] Speaker B: Yeah. [00:01:35] Speaker A: Trust your instincts. [00:01:37] Speaker B: Trust your instincts. [00:01:38] Speaker A: Where I see emotion impact my daily experiences as far as residential real estate and resale and working with agents go is when agents. It's not necessarily the clients, it's when agents take on the client's emotion and then they communicate, negotiate, interact in a way that maybe doesn't make the most sense because they're feeling the pressure. And. And it's not rock in the stream, what Anchor in the ocean, whatever it is. I think, and I've learned it's something. It's probably the only area in my life that I become completely non emotional when I'm dealing with clients and negotiating. It's an area where that's the most important because you're not the one. It's not your role to be reactive, to be angry, to be happy, to be upset. You're the one that's there to make things saf. Steady and calm and make sense and listen and all of that. So I see a lot of agents become upset, frustrated, give in to the pressure that they're feeling and make terrible decisions. Honestly, it, it's constant. I've gotten to the point where with a lot of therapy and experience where I will flat out say to people, I did this a couple days ago. I can tell you're very frustrated. I can tell you're feeling a lot of pressure. Why don't I send you an email with the information, review it and let's talk in the morning. Yeah, I did that a couple days ago and that particular agent who was very, very upset and I, it, I had to clock that. It had nothing to do with what I was doing or with what the transaction particularly was doing. It was just her emotions were high and she's working for family. So immediately. And I've had a few agents recently that are working for family where I clock that as this is going to be a more emotional transaction on the other side for them than it is for me. And then she did, she, she paused and she said, you're right, let's talk. Tom know, she called the next day. She, she had all these reasons why she was incredibly frustrated. It had nothing to do with the transaction. And then we ironed it all out really quickly after that. [00:03:40] Speaker B: Real estate is people, industry people. Yeah. So for example, the vesting side, or even on the management side, we don't manage properties, we manage people. [00:03:49] Speaker A: Yes. [00:03:50] Speaker B: Yeah. And we invest in real estate. But at the end of the day, it's the people who make it, which. [00:03:55] Speaker A: Is something you remind the team of on a regular basis. Like it's, it's people and it's their housing. [00:04:00] Speaker B: Yeah. [00:04:01] Speaker A: It's where they're living, it's what they're doing. So things that might seem like small problems or concerns as we work through the week and seeing a lot of different things, it's everything to that person. [00:04:12] Speaker B: Yeah. [00:04:12] Speaker A: That toilet not working is everything to that person. [00:04:14] Speaker B: Exactly. Because you don't know what else is happening in their life or even for instance, their office, their place of work. I know when. So we're here in Newport beach today in our Newport beach office. We had a new tenant coming in downstairs, chairs. They was like an 18 month build out and just extremely loud construction. [00:04:35] Speaker A: Are you talking about the coffee shop? [00:04:36] Speaker B: We're talking about the coffee shop. [00:04:37] Speaker A: We're so on the coffee shop today. [00:04:39] Speaker B: Yeah. So there'd be times where we couldn't even work. The elevators were broken, electricity was out, the H vac was out. There was Those croissants, though, worth it. Jackhammers outside of our windows there. The worst was they would be drilling into their ceiling, our floor, and it sounded like we were at the dentist for nine hours straight. And it was very frustrating. Like, I don't. [00:05:01] Speaker A: Do you have a lot of cavities? Why is that? Why is that? [00:05:05] Speaker B: Your dentist experience sounds like they're like. It sounds like what you're drilling, you're getting a tooth drilled into. That was like the sound reverberating through our entire office space. [00:05:13] Speaker A: Got it, got it, got it. [00:05:14] Speaker B: Thank you. [00:05:14] Speaker A: San Diego was great. [00:05:15] Speaker B: I don't know. Yes. So, yeah, real estate's a people person, but emotionally. [00:05:21] Speaker A: Wait, no, go back to. Why did you go on a tangent about the construction below? [00:05:26] Speaker B: Because I was so frustrated. [00:05:28] Speaker A: Because it made you emotional. [00:05:29] Speaker B: It made me emotional. [00:05:30] Speaker A: Yeah. And it cost you money. [00:05:32] Speaker B: It did, yeah. Yeah, it cost me money. Cost me. Frustration wasn't. Wasn't good. [00:05:37] Speaker A: No. Emotion does cost you money. What are other. [00:05:41] Speaker B: Oh, another thing. Real estate. I. So I originally got a real estate thinking it would be a lot less litigious than healthcare, my previous career. I was very wrong. But one of the things that one. [00:05:53] Speaker A: Of my attorneys, property management is known for being one of the. And that's the first division you built out. And that's known for being one of the most litigious real estate components ever. [00:06:03] Speaker B: Yeah. One of the things that one of my attorneys says all the time is principal is very expensive. If you do something based off principle, it's going to cost you a lot of money. [00:06:12] Speaker A: Do the right thing. Count the cost later. [00:06:15] Speaker B: But, yeah, do the right thing. It all comes down to doing the right thing. [00:06:18] Speaker A: I know, but. And. And realizing when you're being too emotional or not carrying the emotions of someone else and serving the client, serving the. [00:06:27] Speaker B: What is it? The golden rule is treat people how you want to be treated. Golden rule, platinum rule is treat people how they want to be treated. [00:06:33] Speaker A: And you threw a platinum rule at me. I like that. Okay. [00:06:36] Speaker B: That's 21st century. It's the evolution of the golden rule. [00:06:39] Speaker A: Okay. Okay. Yeah, I can get on board with that. Put it on a sticker. [00:06:43] Speaker B: Yeah. [00:06:43] Speaker A: Okay. Lesson two. [00:06:44] Speaker B: So say no is just as powerful as saying yes. That's something that I have always had a lot of issues with. A bit of fomo, but also, too. [00:06:52] Speaker A: You had a lot of issues with what? [00:06:53] Speaker B: I always want to do everything. I always like to say yes. [00:06:56] Speaker A: No. [00:06:57] Speaker B: Well, yeah, Now I went the other way where I just. [00:06:59] Speaker A: Do you think you're someone that isn't good at saying no. [00:07:02] Speaker B: I'm better at it now. [00:07:03] Speaker A: Okay, that's good. I just say yes to everything. I say yes to everything. And it's a problem. [00:07:08] Speaker B: Okay. [00:07:08] Speaker A: It's a big problem. I've had to learn to say no. When I say no, I try to justify it. I've. I've gone hard the other way too, where, yeah, now I just say no. So, and then I don't say anything else and I just kind of pause. [00:07:21] Speaker B: There's aspects of the saying no, but then also the doing no within. With investing specifically, the deals you don't do are just as important as the deals you do do. Once you buy a property, all of your options are gone. You're now the owner of that asset. It's now your responsibility to deal with everything. And then real estate isn't super liquid. It's more liquid than some, but less liquid than most. So worst case or best case scenario, you're 30 days to get out of the investment and also to a ton of money given the high transaction cost of real estate. So the deals you say no to are just as important as the deals you say yes to. When you're evaluating those deals, ensuring that you really know what you're doing, you feel confident, you've done your sensitivity analysis, you've modeled out what you're doing, why you're doing it, and that, that is, that's something that will stand the test of time and that it's not only you thinking it. A grad school professor of my Professor Sussman, if you're watching like this, Professor Sussman would always tell us like this is a field of dreams. Just because you build it doesn't mean anyone's going to come. I mean that's the reality. [00:08:24] Speaker A: I think that's so sad. [00:08:26] Speaker B: I think builders now are more reasonable and they're also sophisticated enough to not build things that people wouldn't come. But you see, for instance, when they like new high end apartment buildings in not so great areas of town, they build those. In order to build anything right now, it has to be a plus. You have to be able to charge so much for rent to accommodate for the astronomical building costs that we're experiencing right now. So you have to build a plus product in order to be able to generate the rent needed to cash flow any development. But when you look at those investments or when you look at those developments, I mean they have movie theaters, they have bowling alleys, they have one, one of them in Santa Ana that the. [00:09:06] Speaker A: One Andy moved Into. [00:09:07] Speaker B: Yeah. Has a physical therapist masseuse like this. [00:09:13] Speaker A: I'm trying to get that. [00:09:13] Speaker B: This is resort. Yeah. But you have to build those things in. In order to be able to charge enough to make it make sense and get the people in. [00:09:22] Speaker A: We're not in the era of the rec room anymore. [00:09:24] Speaker B: To get the people in who are. Who will then be willing to live there because of the issues with their shrouding community. [00:09:30] Speaker A: Agreed. Another time or another example of saying no that I've kind of. I haven't been that good at it, but I have more experienced friends that are celebrating these moments is saying no to a client or knowing when a client's not right for you. [00:09:45] Speaker B: Yeah. [00:09:46] Speaker A: Because you're chasing the. You're chasing the building your business. You're chasing what's going to bring in money. And then you get to this moment that you have to literally say no, you're not for me. And you're signing off on a monetary loss banking on the gain of your emotional. [00:10:01] Speaker B: Well, oftentimes that goes into the 8020 rule. That client is going to take 80% of your time and be, per this rule, 20% of the revenue. But realistically probably 2% of the revenue and 80% of your time and 99% of your headaches, heartburn, anxiety and everything in between. [00:10:17] Speaker A: There was with Lindsay, there was one like I remember a few times of her saying no that and then it made complete sense and I watched her kind of build that muscle and one particular situation sticks out to me that I really learned from that. She said no. We talked through a lot of her say like, you know, it wasn't an easy no, but it was a true, true no. This isn't going to be a good fit. And then I followed on the back end what that particular address ended up doing. Yeah. And the no was the best decision she could have ever made. [00:10:44] Speaker B: What happened? [00:10:45] Speaker A: Like they sat on the market for a long time. I think they switched agents a couple times. Like it would have just been a no financial gain at the end of the day with what the commission based does financial loss. It seemed like it probably would have been a disaster emotionally. A total time suck of everything. So that was. I've taken that with me and. And really gone. You've said no to clients that maybe are a good fit for you and your personality. They treat you a certain way and then when you see how they're treating your staff and the team. I've watched you say no, this isn't a good fit anymore. Just for that reason alone. Yeah. And that's a monetary cost, but an emotional time gain. [00:11:23] Speaker B: Or even setting the boundaries. We. I have had clients come and say, well, I'll only work with you because of this, or I refuse to do this or that. And it's like, okay, you know, I appreciate your honesty. Thank you for being upfront. This isn't going to work. We wish you the best. [00:11:36] Speaker A: When you have those conversations, I'm like. [00:11:38] Speaker B: Yeah, we wish you the best of luck. Some way we could help. And some of them leave and good luck to them. And some of them are like, okay, just kidding, I'll do what you want me to do. [00:11:46] Speaker A: So call us if you ever want support when you're doing that, because it might feel wrong in the moment, but it's definitely the right decision. [00:11:52] Speaker B: But it's also right for the other person too. Like, there's genuinely sometimes where we're not the right fit. We can't deliver on what they want. And sometimes what they want is just undeliverable. [00:12:02] Speaker A: Yeah. That's their problem, though. [00:12:03] Speaker B: Yeah. I don't feel bad, but the. I. I've definitely gone through it, and especially earlier in my career when we said yes to everyone and spent, you know, way too much time, resources and emotions dealing with people who I never, ever should have worked with. [00:12:16] Speaker A: It's a hard lesson to learn. [00:12:17] Speaker B: Yeah. [00:12:18] Speaker A: So take that for what it is. If you want to say no, you feel like it doesn't work. [00:12:23] Speaker B: Yeah. [00:12:23] Speaker A: Say no. And then that's it. [00:12:25] Speaker B: Yeah. [00:12:25] Speaker A: Yeah. Don't justify it. Okay, the next lesson. 3. Details always matter. Duh. It feels dumb to say out loud, but there's so many times that for me, the details are discussed and then I don't take time to put them in writing, or the other side doesn't take time to put them in writing, or it's. So it's all happy, happy, go, go. Everyone's on the same page. And then when it comes down three weeks later, where's that EV Charger? Where, you know, where's. Who's handling the landscaping? So details in our world are everything. I feel like people fall away from that. [00:12:59] Speaker B: Well, it's also to understanding the level of detail, because some people glaze over things and think that that's detail without really understanding what goes into things. And like real estate, any real estate, especially in Southern California, it's a really large transaction, really large implications, both good and bad. And if you don't understand and respect the details, I think you're doing a disservice to yourself, your clients and Everyone involved. [00:13:28] Speaker A: Do you remember with your Wildwood purchase that agent? Because I have not had this happen at all. But I think about it a lot since this moment. So that was 10, 12 years ago. She issued us notice to perform 24 hours before every contingency release. Do you remember that? Yeah. Have you had anyone do that since? [00:13:45] Speaker B: Only 2021. [00:13:46] Speaker A: Only 2021. That she was one of the most detail oriented. Like she rocked the walk. Any word that she spoke, she backed up. I remember her. Robin was her name. [00:13:56] Speaker B: Yeah. She was also wonderful. Borderline. I mean, I personally wouldn't ever transact with her again. [00:14:05] Speaker A: Oh, I would. I think about her a lot when I'm like, I get why she did that, but it takes those moments like she just was ahead of all the details. [00:14:13] Speaker B: She also said that I looked too young and too foreign to be able to invest or to afford the home. [00:14:18] Speaker A: Foreign. [00:14:19] Speaker B: Yeah. [00:14:19] Speaker A: Did I miss that? What was I doing? [00:14:21] Speaker B: Oh, and also too. There's a lot of details in between. But she. I. It's not how I operate. It's not how I would practice. She was, I think, very old school. But also too like we were doing everything we needed to on our side of that transaction. I think she was approaching it in a very aggressive, slash borderline unprofessional way. [00:14:43] Speaker A: Well, we need to talk more about that over cocktails or something because I have a different perception of that transaction. But I get what you're saying. But details. She was detail oriented. [00:14:52] Speaker B: Yeah. Apparently. Can be bad. Yeah. No, but you're very detail oriented. I don't think so. The transactions I've done with you, I think still some of the most organized of any of the transactions I've had anyone else help me with that scares me. Nonetheless. You are. But it's all in the details. One number, one comma. Like even, for instance, I come from my previous background of health care surgery. Specifically, where you mess up one thing, you mess up an R versus an L, your right or left death, like you're cutting off the wrong limb. You're operating alongside of the body. There's a lot of implications. So the details really, really do matter. And also to how you present the details. Presenting it in a way that people could easily understand, comprehend and act on them as opposed to making things complicated, convoluted or difficult. That doesn't do anyone any favors. [00:15:43] Speaker A: Agreed? [00:15:43] Speaker B: Yeah. [00:15:43] Speaker A: Lesson four. [00:15:45] Speaker B: Your team is everything. Your team, your network, who you work with, who you know, who you don't work with. [00:15:50] Speaker A: Yeah, we don't like them. We said no to them already in lesson two. [00:15:53] Speaker B: Yeah. [00:15:54] Speaker A: Who we don't work with. Your team is everything. That is something I've always lived by that, like, that's. I. It's always about who I surround myself with. I'm someone that takes on everyone else's emotions and I mirror everything. So that's always been super important to me. I have realized with real estate, you think of a real estate team, it's your buyer's agent, your listing agent, all of that. That's not true. I've had a team as a solo agent around me the whole time. I've been a part of teams. Your team is your transact coordinator. Your team is the property manager. You refer your routine. Your team's the carpet cleaner that you use. It's all about building that network of people around you. And that's what I would consider your team. Yeah. [00:16:34] Speaker B: Oh, it is. [00:16:36] Speaker A: What's your team? [00:16:37] Speaker B: I mean, all of it. It's your team and your whole network. Because as you get larger, whether it's just in sheer volume, geographic, whatever it is, no one single vendor oftentimes is able to handle, at least for us, for all of our transactions, all of our repairs, all of our inspections, all of our maintenance. So we try to build a large team that can. Because at the same time, like, we don't have the Oprah effect where they, we onboard them, give them so much work that we, like, put them under. So we want to build a large team and a team that knows, like, hey, you might not get every job, but you're going to get a lot of jobs. And we want to work together to improve together. So you giving us feedback. Us giving you feedback, sharing experiences, ultimately just providing the best value, making sure. [00:17:25] Speaker A: They know they're part of the team. Yeah. That their, their input is important and. [00:17:29] Speaker B: Ensuring that having that shared vision of what the end result needs to be and how we want it to look. [00:17:34] Speaker A: Yeah. Sometimes the, the vendors that I choose to work with, they might not necessarily be the top performer in the actual field that they're in, but they're. They align with how I treat my clients. So their customer service first, and then I watch the other part come into play. [00:17:50] Speaker B: But it's not about being the largest or being the number one in the market. I've had the opportunity to work with, you know, some of the number one real estate agents in the country in Southern California, and I talk to them and it's like, it's not impressive. Like, you gotta do it. [00:18:06] Speaker A: It is impressive. It's not impressive. It's one of the most impressive, impressive things. [00:18:10] Speaker B: That's what they were able to. The volume that they're able to generate, but also to not align with how I do business. [00:18:17] Speaker A: Yes, yes, I get what you're saying there. Or to me, it becomes impressive when they branch out and continue to do what they're doing that really is on their own because they're capable of it. [00:18:27] Speaker B: What do you mean? [00:18:28] Speaker A: So number one, you're with like a really top brokerage or a big brand and then like in San Diego, our number one sales office for years and years and years, like as long as I can remember, is a small team. It's not, it's an individual name. It's not anything that I think anything outside of the country maybe you would look for. Okay, what's the biggest brokerage? Was it. No, like it's their family name and they've been number one year over year over year, significantly higher than everyone else. So. [00:18:57] Speaker B: But you've told me about them and you say when you speak with them they're friendly there. [00:19:02] Speaker A: Yes, that's, that's my point. So it's like exactly there. You wouldn't. He's at all the showing, she's at all the like you, you interact with them and it goes beyond, it goes beyond the brand and it's all about their team and what they're doing. [00:19:16] Speaker B: And I've spoken with and worked with some of those TV real estate agents and they're great on tv, but in person it's like, I don't want to work with you. [00:19:26] Speaker A: Just kidding. [00:19:27] Speaker B: No, because of their, their attitude. [00:19:28] Speaker A: Yeah, agreed. [00:19:29] Speaker B: How they approach things is just not in line with how I want to do business or how I want to run my life. [00:19:35] Speaker A: Yeah, but your team is in line with everything you do. [00:19:38] Speaker B: Exactly. [00:19:38] Speaker A: Okay. [00:19:39] Speaker B: But along with that, it's being true to yourself. Like there's people who only care about that and they will create teams or they'll create their own networks of probably super high volume teams. And not necessarily always the, the most valuable or ethical. Ethical value, but like you have some mega teams in San Diego that when you actually break down their numbers, it's like, oh, you have 200 people. You're essentially a, you're a marketing company that does some transactions and you talk. [00:20:11] Speaker A: Good marketing companies, but you talk to. [00:20:14] Speaker B: The agents who operate it and it's like, oh, you made $10,000 last year and you did five transactions. [00:20:20] Speaker A: That's crazy. [00:20:20] Speaker B: Yeah, but the numbers, they're huge. Like that. That to me is not what I. [00:20:24] Speaker A: Want different team vibe. There's a team for everyone. [00:20:26] Speaker B: There is. [00:20:27] Speaker A: There is a team for everyone. And your team's important. So we have Emotion can cost you. We have no is as powerful as saying, yes, we. Details matter. We have your team. And then number five is. Real estate's a roller coaster. Buckle up is what we put. But it's true, and that's something. [00:20:44] Speaker B: Buckle up, buttercup. [00:20:45] Speaker A: Buckle up, buttercup. I think that ties in with emotion, too. Like, there's a little broke agent meme going around right now that says, you know, an agent's experience when they're unfazed by anything that happens. And it's so true because, like, I used to get so worked up over the smallest thing. Now the craziest thing will come through and I'm like, oh, okay, let me call this person, like, just so unbothered. You're relatively unbothered. [00:21:05] Speaker B: I'm more so. Sometimes I look at this, I'm like, wow, I have never seen that. And like, more so kind of, I'm actually excited today. Yeah, yeah. Like, how did that happen? [00:21:14] Speaker A: Yeah, yeah. So I think it just. Real estate is a roller coaster emotionally, financially. Yeah, all of it. [00:21:21] Speaker B: The financial roller coaster component is like that. That's, I think, one of the biggest things to look out for. And also too, like, the financial component, I think does add so much of the motion to the industry. [00:21:30] Speaker A: Do you mean like, income wise or. [00:21:33] Speaker B: Yeah, income wise. Like the money you could generate, the money you could lose within the investment side. Like what. [00:21:38] Speaker A: What February could look like compared to June. [00:21:40] Speaker B: Yeah, exactly. Or your loans coming due or is going to reset and you can't refinance, or the property that you thought was going to generate X amount of revenue is actually a fraction of that and you were lied to. Now you're really upset. Or like the tenants, like, oh, gosh, on the. On the investment side of the tenants, your tenant, who gives you the soft story that, you know, they just. [00:22:01] Speaker A: Oh, I forgot about that. [00:22:03] Speaker B: Yeah, they just lost their. Their job or they had to go to the doctor and they'll pay you rent next week and they'll pay you rent. [00:22:08] Speaker A: Listen, that ties back to emotion can cost you money in one of the biggest ways because I've given into that with people. I've advocated for people that are giving me a sob story. I've tapped into the emotion and they've been the ones that have been the biggest problems. [00:22:20] Speaker B: And all of a sudden, three months later, you haven't collected diamond rent and now you go to evict Them. And then they turn from the friendly, I'm just having hard times to lawyering up and not moving out of your property for 12 months. [00:22:31] Speaker A: And suing for emotional distress. [00:22:32] Speaker B: And suing for emotional distress. Exactly. So, yeah, it's a roller coaster. [00:22:39] Speaker A: Why don't we lead with that on Emotion costs money. [00:22:41] Speaker B: Because I try to block that experience. [00:22:45] Speaker A: Yeah. [00:22:46] Speaker B: From my memory. [00:22:47] Speaker A: Yeah. I'll remind you on a regular. I guess it's cool. [00:22:50] Speaker B: But it's a roller coaster. It's fun. Like as most roller coasters are, occasionally you get on Knott's Berry Farm, where the wood plank falls and chops your head off. Remember that? [00:23:02] Speaker A: No. [00:23:02] Speaker B: A few years ago. [00:23:03] Speaker A: What's the one where the wood plank. [00:23:05] Speaker B: Remember the wood. [00:23:06] Speaker A: Montezuma's Revenge. Oh, the really wooden one. Is that still around? [00:23:11] Speaker B: It is. [00:23:11] Speaker A: I do remember that one. [00:23:12] Speaker B: And remember the wood plank. It was like he, like, fell off and it was hanging low. [00:23:16] Speaker A: I believe you. I just. Just completely did not register that that was happening. [00:23:20] Speaker B: Yeah. [00:23:20] Speaker A: Oh, my gosh. That was eighth grade. [00:23:23] Speaker B: What? So what's been your biggest loop in. In real estate? [00:23:27] Speaker A: In real estate. Being a roller coaster. [00:23:29] Speaker B: Yeah. [00:23:29] Speaker A: Just honestly, financially, like, making a ton of money in a couple months, period, and then having a few months where you don't make any money. That's the biggest roller coaster part of it. [00:23:39] Speaker B: Yeah. [00:23:40] Speaker A: Yeah. [00:23:40] Speaker B: I don't. Okay. So I. I like watching YouTube and I like watching random videos. I. It reminds me of a time when I think it was like Superman had Six Flags. [00:23:50] Speaker A: That's closing. [00:23:51] Speaker B: There's a video where the people. It was malfunctioning. The people weren't. [00:23:55] Speaker A: Why aren't you reacting to me about saying that's closing? I read it yesterday. Okay. [00:23:59] Speaker B: We're old. The people. It was malfunctioning. The people were able to get out or, like, unbuckle, and it just kept going, and they were literally stuck on it, just going and going and going. [00:24:09] Speaker A: Superman's the one that goes like this and then comes back down. [00:24:11] Speaker B: Maybe Batman. [00:24:12] Speaker A: Okay. [00:24:13] Speaker B: Batman. Yeah. [00:24:13] Speaker A: This one's closing. [00:24:14] Speaker B: Yeah. Okay. That's Superman. Yeah, I know. Batman. And they just kept going. [00:24:18] Speaker A: That's hilarious. [00:24:19] Speaker B: That's real estate. [00:24:20] Speaker A: See, I don't. I would just be on it, like. [00:24:22] Speaker B: Yeah. [00:24:23] Speaker A: Super fun. [00:24:23] Speaker B: Sometimes you can't get off. Yeah. So what was your biggest loop? I think mine, Maybe the whole industry was my biggest loop. [00:24:32] Speaker A: That's just. All of it's a loop. Yeah. That's the whole point. Just. Just be on board. Just know what you're getting into. [00:24:38] Speaker B: Know you're Getting into. [00:24:39] Speaker A: And enjoy it. [00:24:40] Speaker B: Yeah. [00:24:40] Speaker A: Be a little crazy with everyone. [00:24:42] Speaker B: Or work with people who can take the components that you don't want to deal with off your plate. [00:24:48] Speaker A: The psychos that enjoy the roller coaster. [00:24:50] Speaker B: Yeah. Yeah. And have good attorneys. [00:24:52] Speaker A: Yeah, and have good attorneys. That's. Yeah, that's the property management division. That's. [00:24:57] Speaker B: That's all of it. That's all too. Like, being prepared on the front end really helps smooth out the roller coaster. Even, like a lot on large transactions, having. Whether it's residential, commercial, having a great agent would make it go a lot smoother. And on the relarge was having a good, good attorney makes it a lot smoother. So you set expectations. You know what that roller coaster looks like, and you're prepared for it. And if that wood plank comes down, you're prepared for that too. [00:25:23] Speaker A: Yeah. Well, we hit five lessons. These were the five that we felt were the most encompassing. Is there any other specific bonus lesson that you have or that you've learned? [00:25:34] Speaker B: And not even real estate, but just in life, like, know your core values and stay true to yourself. Know what you want to do, what you don't, what is worth your time and your energy and what's not. There's a lot of vampires out there that will just suck your time and energy and say no to them. Yeah, say no to them. But for your own personal happiness and sanity, stay true to yourself and who you are and what you want. [00:26:01] Speaker A: I think that's a beautiful note to end on. [00:26:03] Speaker B: Well, do you have any? [00:26:04] Speaker A: No. [00:26:04] Speaker B: Okay. [00:26:06] Speaker A: No. I have 100 million lessons. And I think we have a lot of time over this whole experience together to share them all. [00:26:11] Speaker B: Yeah. [00:26:12] Speaker A: But I'm happy with these ones. [00:26:13] Speaker B: Yeah. Okay. [00:26:14] Speaker A: Yeah. [00:26:15] Speaker B: Thanks for watching. [00:26:16] Speaker A: Yeah. Listen, next time. That's a wrap on this episode of all of you. 360 all things real estate. If you found this helpful, don't forget to subscribe, leave a review and share it with someone navigating their own real estate journey. Connect with us any anytime on Instagram @AllView360 and on LinkedIn @AllView Real Estate. Until next time, stay curious and keep your perspective. 360.