We're Hiding A Lot' — Why Commercial Real Estate Could Be The Next Financial Crisis | Chris Whalen

So I think the market trends are the most important. You want to go, as Wayne Gretzky says, you want to go to where the puck's going, you know, not where it is, right? Where do you find this knowledge and should you hire someone? You don't need anybody. No, no. Realtors are generally idiots. So my suggestion is that you just do it yourself. And go to things that, you know, are macro-based. Hey guys, it's Alex for another Millennial Money. And today I'm with Ken McElroy. Rich guy advisor and the reason why Robert Kiyosaki is crazy successful in real estate. Today you're going to learn the top five things you need to know to get started with your first investment in real estate. I kind of want to start off with, which will tie into what we're going to get into later, but basically your background and what your first investment was like to how many you have now and how many deals you've done with Robert. So I was super confused at a university. I barely got, you know, to school. My parents never graduated from college. So you know, I got there through sports and when I first got out, I didn't really know what I wanted to do. And I ended up, while I was a senior in college, managing an apartment building. And you know, the guy's like, hey, you know, free rent. I go in, you know what I mean? So literally that's how I started. So I got on site and I was managing and I didn't know what I was doing. But I grew up doing a lot of construction, so I knew how to fix stuff. And I also knew that people needed to pay rent and if they didn't, they needed to be out. So property management is not that difficult, but there's a lot to it. And so that was my very first experience around real estate. So from there, I was managing a 60-unit building and I remember like about two months into it, the owner drives up in his new Mercedes and he comes in, really awesome guy. And he's like, hey, thank you for increasing the occupancy and cleaning this place up. And I already knew how much money I had increased for him. And I just really was like, wow, like, well, I'm on the wrong side of the desk here. You know, like, how do I get on that side? You know, seriously, I had no clue. I was about ready to graduate. And so I got my real estate license, went to work for a company in Seattle, which is where I'm from, and worked for them for 10 years and learned. I managed about 20,000 apartments up and down the Western United States after I got my real estate license. And that was an incredible experience. And so at some point, I just decided, okay, I need to start owning these, right? And so I started small, like I think a lot of people should. I started with a, you know, a single home and then duplex, fourplex, eight units, you know. And now, you know, now we have about 10,000 apartments valued right around a billion dollars. So it's just been crazy. 250 employees where, you know, we build them, we buy them, we renovate them. We do, we have our own property management company. So it's been quite a journey. It's been awesome. It's been a great industry for me. You know, I've been living passive income my whole life. And so when I met Robert and Kim, you know, I was raising money. And you know, as you do, you quickly run out as you, you know, you can only save so much and invest. And so I was looking for investors and somebody introduced me to them and Robert was super clear that one, property management was super important. And most investors don't believe that. So we completely aligned there because that was my background. And second, passive income, cash flow, you know, as opposed to capital gains. And I tell you what, we just became lifelong friends after that 20 years ago. They've been investing with us. We have thousands of investors now. They've been investing with us for 20 years and it's been awesome. And that's how I got involved with Rich Dad. Yeah. And then that's one thing I love is the fact that you said you went from going to that side of the desk of just managing the properties to now, you know, investing your own, finding partners, raising capital. And so that's when you can see it can be done. Yeah. I'll tell you, it's super scary along the way. Every time. I mean, you know, I mean, you don't know what you don't know. And to be able to put yourself out there and ask questions and, you know, try to find mentors and things. That's all how I did it. I did it super organic. The Internet wasn't around at that time and, you know, you just got to ask. Yeah. And then how and how many units do you have right now? We I think we're around 7000 now. We were at 10 about a year ago. We sold. I sold about 350 million dollars worth of stuff in the last 12 months. That's awesome. And I know Robert and Kim always like give you the credit to their success in real estate because they basically don't even look at the deals and you just help them find them and they're able to give you the money so that it's not taxed and reinvest their capital gains and you help facilitate that. Yeah. It's really it didn't start that way. I mean, they were super diligent, you know, before when we first got together, they were going to the properties with me, understanding the numbers and you know, but then, you know, after a couple of years, then you kind of build this trust in this relationship. But you know, in the beginning, they were very diligent on, you know, and I think that's what happens a lot of times is people throw their money around, you know, and they can get burned. OK. And you mentioned earlier that you sold a couple of units of your units. Why is there a specific reason? Yeah. Well, so real estate is a timing thing. So, you know, you have to get everything set up. So what I mean by that is you have to have your capital together, your debt, your equity, your property management and all those kinds of things set up. But then you don't want to buy just like anything when things are high, you know. So, you know, by, you know, you buy low, sell high. Exactly right. So, you know, I bought a lot of stuff and, you know, 06 to about, you know, 2012. And you know, and we paid, you know, great prices for all that stuff. And I don't know if we're at the top, but it's close enough for me. And we've made enough on our properties that we decided to, you know, take some chips off the table, if you will. And as my buddy said, it's like, you know, you never go broke by making a profit. So, you know what I mean? So, you know, some people really try to time things. Nothing wrong with that. But, you know, we're the signs to me look like the cycle might be peaking. And so we just decided to sell, kept our golden goose, kept the rest. And so I'm glad you touched on that because I know market trends can be important. And so that kind of jumps into a question that I was going to ask later. But my issue with kind of timing things is, for example, we were always waiting for a crash to happen, right? A lot of millennials are like, when is the next crash going to happen? And we've been constantly hearing this year, this year, by the end of this year. And it never comes. So it's like, I know personally, I don't want that to stop me. But then what do I do if it's a seller's market? The question, right? Like, I get that question. It's the right question. First of all, it absolutely is the right question. So they're on to something. The reason they're asking that question, your generation, you know, my kid's generation, all my employees, two thirds of the workforce today are millennials. You know, I get it. It's because they've never seen one. Yeah. Well, they were too young, right? Yeah. I mean, there has been one, but you look at the last crash. It was 12 years ago, right? So I mean, you know, we, nobody was really investing then. So, uh, the, the, there are, there are still deals to be had. Trust me, we're still doing stuff. There are a lot harder to find. You have to be a lot more experienced to know what to look for. Uh, but the right time to buy is definitely after a crash. You know, you want to, when there's blood in the water, the problem with that timeframe though, I will let you know is everybody's freaking out. So the banks are freaking out and everybody's freaking out. So there's no money, you know, even investors. So why would you buy now? Like, so it's the opposite, you know, everybody's waiting for a crash, but trust me, I bought during crashes and there's, you know, there's not a lot of money flowing around. People are like, Ooh, I'm going to hold what I got and, you know, kind of live through this. So there's, you know, there's psychological barriers on both ends, right. On when it's high and when it's low. Yeah. And so for me personally, I know that it's, this is a barrier for me because I, I remember last year I mentioned to you that I did want to start investing and I found the property and everything was right, but it's scary because to think that I might put money onto this property and then what if next year there's a crash? So you mentioned about finding the resources and things like that. How do I get educated? So that doesn't happen to me. Well, I think you got to take a look at what a crash does search first of all. So what happens during a crash? People move to rentals. Yeah. And so that's what happened the last one, you know, so that's a good thing if you're buying rentals, but if you're buying them too high, you know, it's not a good thing. Right. So I was just, I met with a guy yesterday. He's from Mexico and they're doing a bunch of stuff in Argentina and Spain and they bought some property in old town Scottsdale. He paid 3 million bucks an acre. I was like, Oh my gosh. Like, and I started putting the math together and I said, dude, you're not going to make any money. Like your, your rents have to be over $3,000 a month. And that's just not what the market supports. And so it's math, all of it's math, the, the land plus the buildings plus the rent, you know what I mean? And so if you understand, you have experience and you can kind of ask those questions, it all starts to make a lot of sense. You know, it really does. And so there are tons of good deals out there. You know, I, I personally think the most, it's the most exciting time for millennials to start businesses, you know? And so while it's great to have investment properties and all those kinds of things, it is a timing thing. And so, but there's no time better to start businesses, you know, you can do it on your phone with an app. And I mean, you know, you can be anywhere you want. You can be in Thailand and run a company in the U S it's awesome time. You guys are really coming up. Yeah. We have a lot of opportunities and I'm really thankful because some people say it might be harder for us, which there's debates to, to justify both. But I really do think it's an incredible time, especially because we have resources. If we do want to invest as opposed to back then, where there was barely any of this knowledge. And that's why I also love your book because it's my favorite book by far, because it is, it really is the ABCs of real estate investing and it makes it very simple. And so I kind of want for viewers, maybe if they haven't read any of these books, what's the first thing that someone should look for when they're investing in a property? Well, yeah. So what I think of a lot of times what happens with people is they, they invest in a house or a property or land or something like that. And they don't really understand the bigger picture. So, and I'll just give you a bunch of examples. So the market is much more important than a property, the market itself. So right now, Phoenix, Arizona is on fire, right? It's growing like crazy. There's people moving here. There's cranes in the air and all that kind of stuff. The reason that's happening is because we had over 300,000 people moved to the state of Arizona last year. That's the reason period. Yeah. Okay. So that created demand on everything. It created demand on housing. If you're buying, it created demand on the buy side. If you're renting, it created demand on the rent side. If you're buying a car, it created, you know, it doesn't really matter. Like, so, so you just, you just got to look at population trends and demographics. Right. So, and conversely, you can go to another city that, you know, people are exiting. Right. And these, these, this information's everywhere. You know what I mean? Yeah. I mean, U-Haul does a great deal on this. You know, they, how many U-Hauls are leaving and how many U-Hauls are coming and that's out on the internet. So there's all these, this great information of people turning in driver's licenses, getting new ones, all these demographics that you can actually see. So, you know, you wouldn't want to invest in like Detroit, right. Because right now that they're having, you know, all the jobs moved away from there and you know what I mean? And that's the Midwest is also not, not very vibrant in my opinion. Yeah. You want to go as Wayne Gretzky says, you want to go to where the puck's going, you know, not where it is. Right. So, so you want to kind of. So I think the market trends are the most important and and the population trends, employment trends. And when you're searching this market, would you say it's best to maybe do it on my own since it's my first time or hire someone? Because I know that, for example, when you had your first property, you already had the knowledge of property management and you had your real estate license. And so for example, I just finished my real estate course and I just wanted to know, yeah, I'm excited. But where do you find this knowledge? And should you hire someone? You don't need anybody. No, no. Realtors are generally idiots. I'm telling you, it's just the truth. You know, they're, they're working for tips and they just get listings and that's what they're focused on a lot of times. Now I've met some really, really smart ones, but generally they're just taking people's listings and putting them up on the internet. So my suggestion is that you just do it yourself and go to, go to things that you are macro based, you know, like, like for example, in two weeks I'm going to an economic conference about Arizona. It's, it's going to talk about, you know, what each city's doing, how they're trying to attract businesses, et cetera, et cetera, et cetera. Right. Okay. That's meaningful to me because you know, as the cities impose tax and impact fees and all the kinds of stuff that can be resisted, you know, as, as like the state of Oregon, I'll give you a great example. State of Oregon just passed a rent control law period, the whole state, which I get it, like things are becoming expensive and rent becoming expensive. I totally get that. What do you think is going to happen to the people that want to buy an Oregon or invest is who's going to invest in Oregon now in the rental side, right? Nobody from wall street. So now what's going to happen is there's not going to be enough economic development going on because they're going to restrict their, their income. Right. And so, so these are things that are happening all over the place. You know, I'm not bashing Oregon for passing a rent control law. I'm just saying the facts are the facts. Money goes to where it needs to go. And the minute the government steps in it, you know, it, it creates a barrier. That's why, you know, uh, you know, San Francisco and LA, the reason or, uh, you know, um, New York, the reason why those markets are so expensive is because you have a lot of people with very few rentals period. So it's the same everywhere. So, you know, if, if you're trying to buy something on the outside of town, you know, a mile or two, you know, outside of the city core, you know, and there's no renters and it's your own fault. Right. So you want to try to be where the jobs are and pay a good price. You know what I mean? And that's something I love too, because I mean, you, you actually study before moving into any location, correct? And I, that's brilliant because maybe that's something our viewers didn't think of before. And so let's say once you've selected the market, what's the next step after that? Yeah. So once you're like super pumped about a market, like, you know what I mean? Like there's all kinds of great things happening all over this country. I mean, you know, big stuff's going on. So once you've kind of identified, okay, this is, you know, this is happening, then you start getting into the economics around it. So for example, is there a housing shortage? You know, there may or may not be right. So if there is, then that's the opportunity. Okay. We're going to really go hard down on that. You know, I own a bunch of self storage units, for example. You know, when we look at where we're going to put a self storage, we obviously want to put them where others aren't right. You don't want to be across the street and down the road. You don't want, you don't want six options on one main road, right? It's pretty common sense, right? But you go five miles this way or 10 miles this way. It might be an amazing spot. Same, same sub market. You know what I mean? Same thing with office buildings, which we own or same thing with apartments. So, so you got to kind of take a look at that. And then from there, if you know, you know, if we're trying to buy something, it's just math, you know, rents minus income or rents minus expenses, equal NOI, you know, net operating income. And I have that in the book. Yeah. And if, you know, if that is super positive and you put your debt on afterwards and there's cashflow, it's a go. So for me, it's always cashflow based, you know, if I'm going to put, you know, 10 grand down or a hundred grand down or a million dollars down, it doesn't really matter. I always look at what's the property going to produce for me or my investors, you know, because it all boils down to return every single time. So it's just math at that point. So it's basically location, location, location, and then comes the math, right? Yeah. But at this point, then would you say I should be working with a professional? Oh yeah, yeah, yeah. Now I say that kind of tongue in cheek. You, what you want to, if you're going to invest your money, in my opinion, you need to understand who you're investing it with and you need to understand the questions that you're asking. I think that's the biggest problem with the financial services and the wealth management people. You know what I mean? They just scoop people's 401ks and they scoop people's retirement money and all that stuff. There's nothing wrong with that, but those people don't even know what they're invested in. They just get their quarterly statements and you know, they either went up or they went down, right? And then they meet with them once a year. It's ridiculous, really. And so you got to take an active, you have to be very active on your own investments, period. And you have to understand it. So if you're going to invest with a guy like me, you have to be able to ask all those great questions. And you know, so your viewers here, you know, they're going to, they're going to have more knowledge than somebody that isn't watching. You know what I mean? So really important. And then I think that's something I love too, because we sometimes say that being an employee can be a negative thing, but you were an employee while receiving your education because you were working in the right environment. And so I really think that is key because for example, in my family, we do investments together. And so I'm able to learn from that. And while also working at this company, get that education so that I can be prepared if the market does crash or any of the other problems that you mentioned before. And so I think that's actually why I want to also link in the description of your books or your channel, because you have a YouTube channel and I see how much education you provide our viewers. And so I think that's something that we should all start off with too, the education, not just the professionals and the more, like, of course, all that's important, but finding those resources. Yeah. Listen, if you love what you do and you're an employee, continue to do it. That's not the issue. The issue isn't quit your job and go do something that I've never believed that you should do what you want to do, you know, what you're happy with and all that kind of stuff. And, you know, can you take that and make that your own business? Probably, you know, at some point. But even if you can't, the bigger issue is, do you really want to give your part of your paycheck away through your employer, whoever they've hired to invest it? Period. And, you know, is that going to, what's that going to do for you? It's not going to do anything. You're not going to learn anything. You know what I mean? And so financial education is so important, no matter where you are. And, you know, it's so simple. People, people argue with me, you know, my house is an asset. I go, who owns it? The bank. I go, exactly. It's the bank's asset. It's not, you know, it's not yours. You might have a little bit of equity this year, but what about next year? And we've seen where that can go. And, and, and then inflation, it's so simple. And when Robert says, savers are losers. I go, so, okay. So you want to stick your money in a bank that's making less than 1%. And what's inflation? Three. Okay. So there you go. You're negative 2% a year period on just your savings. So once you start to, you know, and unfortunately school doesn't really teach that, um, you know, once you start to realize that, you know, if you can just beat inflation, all your real, if you can, if you can make 3% a year on your money, yeah, you're flat, you're basically even, you know, you get the same buying power year over year, but if you can make eight, 10, 12, 15% on your money, that takes real estate knowledge or that takes financial education. And like you mentioned, um, financial education, Robert always credits as well to the financial education, but also to his team and, um, and what you do and what all his other advisors do. And so even for a starting millennial, I know that, okay, Robert Kiyosaki, he's a millionaire, but would you even say it's important for millennials are starting off to have their team? Oh yeah. Yeah. And I think actually the bigger thing, my big, there were a couple shifts when I was your age. One was I started to surround myself with people that were better people. You know, I grew up pretty poor. And, um, and so I went back from a high school reunion recently and, um, you know, there's a lot of people that kind of stayed at that spot, you know, 30 years later, you know what I mean? So, um, what I, what I mean by that is, as you know, I got a, I got a really good buddy that, um, is a very good musician. He said, if, if you're the best musician in the band, it's time to find another band, do you know what I mean? And so that's what I've always, I've always tried to put myself around people that are a little bit smarter, a little bit better. And so that, for me, what, that's what the advisors are. You know, I honestly, I didn't know a ton about tax before I met Tom Wheelwright and he's on our team and now I'm, I'm learning a lot about tax and the same thing with Robert and Garrett and Andy, you know, they, they're teachers. And so, yes. And so that was the first thing. And so that could be your team just there, you know, as Jim Rohn says, you are your five, the people you're the five closest to period, your friends, that's who you are. Um, and so, you know, if, if, um, you know, they need to stretch you and educate you and, you know, there's this thing that goes, it's, um, your network is your network and it's totally true. I mean, that's the very first place to start with the team, in my opinion, because, and then, then just go out and start to look for mentors. I have had mentors my whole life. So I'm, I've had, you know, a mentor to, to run marathons. I've had mentors to work out. I've had mentors to help me write books. I've had mentors to help me speak. You know, I've had mentors to help me raise my family and I've never paid for one, not one. And, um, it's funny to me because when I went through school that I'm trying to teach my son this right now, he's a junior, um, and at, uh, university, you know, I'm like, use your professors. They are mentors. They are, they want, you know, no, none of the kids go in and talk to these people, you know, it just blows my mind. Right. They're standing in front of the room teaching all this stuff. I know. It's goofy, right? No, I, I did the same thing. I, you know, I'm not, I'm, I'm trying not to throw stones here. I'm just saying, I'm like, I look back and I'm like, man, these people, I look at some of them and they're so smart, you know? And, um, I ran into one that was a, um, um, you know, I had a big boy job in the Seattle area and he was one of my teachers. And I was like, I was playing golf and we got up, hooked up in the same force. And I said, I, I made a massive mistake not to meet with you more. These folks are all around, you know, whether they're your parents or your uncles, aunts, friends, your friends. In Robert's case, it was his best friend's dad. So you just gotta, you know what I mean? The resources are there. My opinion. Yeah. Getting out of your comfort zone. Be thirsty for knowledge, you know, uh, you have to be. And I think also another, cause I was talking to my friends before the show and I wanted to know, okay, what do you want to get out of this? Right. And they, of course you probably get this a lot, but it's, you know, they don't have money or they have bad credit. So what exactly can this person do? Like, are there other finance, financing opportunities? Who, starting off, what can I do if I don't have these resources? It's the greatest question. It's the biggest obstacle. People use it all the time. I don't have money and my credit's bad. Okay. Therefore I can't do anything. Wait. Oh my gosh. I hear that all the time. Listen, people invest money with people that understand financial education. Trust me. I started with no money. Robert started with no money. All my friends started with no money. Some of us have been bankrupt. Some of us have lost businesses. There's been all kinds of things that happen and it just is the way it is. But if, if you're, if you have financial knowledge, then that's when people invest. They invest in you. So I'll give you an example. I bought a, there was a piece of land that came across my desk, like, I don't know, three months ago, it was a residential piece on a major road in town, but it had a billboard right in the middle of it. And so everybody was looking at that, trying to build it and develop it. It had been on the market for, I don't know, almost six months. I was looking at the billboard. So I call up somebody I don't know anything about. I'm like, Hey, you know, is this a good location for a billboard? He's like, Oh my God. Yes. I go, what kind of revenues? He goes, we could probably do two to three grand aside. Well, the whole year that billboard had produced $5,000 for one whole year. Okay. But everybody's looking at it for something. So I bought it. I paid 290 grand for the thing, for the property. I hired this guy. He now, now I've got four grand a month coming in on this billboard, two, two grand aside, I put an easement around it and then I sold the land. Okay. So I just created 50 grand in passive income. I have no, I have no investment. That's financial knowledge. That's what I'm talking about. You don't need money to make money. You don't know. Maybe you don't have the 290 grand, but that's okay. That's when you go to an investor and you say, Hey, give me two 90. Here's my idea. I already met with a billboard guy, right? It's a plan. And then they're going to give you the money like that. You don't need money. And then maybe you split the deal with them. 50, 50, maybe make two grand a month. It doesn't really matter. The point is it's knowledge. It's absolutely knowledge. It's the same way with real estate, you know, apartments or commercial office. I bought a commercial office building, you know, right on Scottsdale road. You know, I paid like hardly anything for it because it was vacant and the rents were 50% under market. Three years later, you know, I've increased it by 150%. You know, it's literally financial knowledge and you don't have to be the, um, the person that does it all. You just have to find the people. Like even on my office building, I didn't know anything about office buildings, but I knew guys that did. And I made sure I had the right people, you know, helping me with it. And I've learned a lot, you know, same with self storage, you know, my first self storage, I didn't know how self storage worked, you know, I just, you just gotta go do it. Yeah. And find people that, you know, knowledge is money's made in the mind. Yeah. It's made with what you see and what other people don't see. One of my favorite stories from Kim is she, cause she was talking about her, one of her first properties. And, uh, she, what she first did was she found the property so that that way she could want it, be creative. I mean, she didn't have any money, use some credit cards, um, sold the silver that she had been accumulating. And then that, that was her first deal. And so I think you really nailed it when you talk about being creative because the opportunities are endless and they're always going to be there. Yeah. I mean, things are more expensive than they were when Robert bought his first condo in Maui, but he paid for it with a credit card. I mean, I'm telling you, right. I talked to a guy yesterday there, he was buying HOA foreclosures, which me, I'm like, that's brilliant. You know, these are people that haven't paid their HOA assessments and they go in and they clean it up and all of a sudden they have these condos and they have lots of equity. There's so much stuff to do. It's so much, so many ways to make money. People just, you know, they're like, I don't have the money. I don't have the credit. What am I going to do? And it's not the money or the credit because at some point you run out of money. And you, you know, and you can use other people's credit. And the bank also looks at real estate to pay them back. Not you. Trust me. You know what I mean? When I'm, when I'm doing a two or 300 unit building, that's 30 million bucks, you know, and I'm trying to get a $20 million loan. Yes. They're looking at my credit, but even if it's crap, you know, they're looking at the property. Okay. How much does this property, you know, make every month? And because the property is going to pay back the mortgage, not me. So, you know, the, the credit piece is a cop-out and I don't have any money as a cop-out in my opinion. There's always going to be opportunities. And so, um, basically wrapping it all up. I also want to know what is a fine, like the final action a millennial should take and one piece of advice you would give them. Yeah. That, well, I, at a younger age, I would have found a mentor. I think that's probably the biggest one for me is, is, you know, find somebody for me, it was my uncle. I saw he was my rich uncle, right? He, you know, you lived in Lincoln, Nebraska and, um, you know, I'll, I'll never forget, you know, I just, he just thinks differently, talks differently. You know, he was a massively successful real estate investor and had a bunch of businesses and, and he started his, his kids in business and they're super successful. And so I just was like, he was on that rich uncle. And, um, everybody's afraid to talk to. I just sat down with him and he was incredible. Yeah. Just find somebody like that. Yeah. I think, I think that's incredible because we're always aimlessly consuming content, whether it's on our phone or whatever, and we're not realizing how much information we're putting into our head. And so if we do find a mentor where we actually set, I mean, for me, it was my dad. And so I literally over the break, I'm going to see him. And so I'm setting meetings. And I thought at first it was going to be a little weird, but we told each other, we step into that room and we are no longer related. I mean, this is just strictly mentor, student relationship. And so I think what you said is just really trying to find someone, whether it's your friend, your uncle, whatever it may be, and setting time apart to study them and study. It's really not very complicated. When I was raising a family, I found a guy that had six kids that wanted to be with him. Okay. I'm like, dude, I don't know how you still have that. Like all your kids want to see you, you know, all the time and they put you on this pedestal. But I said, that's what I want. I started to meet with him once a month. That was, you know, it doesn't really matter if it's money or whatever. Yeah. It just is what it is. You just find people that are super successful in whatever it is that they're doing and go ask them. And Kenny, I just have one more question. As my mentor, what, what actually ignited you or the passion to write Return to Oregon? Orchard Canyon. Oh my gosh. And what is it about? I'm dying to know. I can't wait to read it. It's awesome. I'm super excited about this book, actually. It's generational wealth. It's a 83 year old grandfather that never went to college and thought they needed to put their kids through college. And he did. And then his daughter, you know, who's a millennial. And they are every Sunday they meet for dinner and they talk about inflation. Is college worth it? Investing. And the grandfather's perspective, you know, he's scrapped it out, you know, put together this place at Orchard Canyon that they got not long after the depression. And, you know, they survived. They survived the way that they had to survive. But he did not have a college education. And so he put his son through college. He said, you know, you know, go to school, get a good job. Well, the son isn't doing so well. Right. He's got the big house and the car and all this stuff. And so they're arguing. And the grandfather's, you know, he's going, oh, man, I don't know. Like, maybe that was such maybe that education that you got, you know, because it's super finite. And so it's a generational wealth story. And Orchard Canyon, oddly enough, is a property that I own with Robert and Kim. It's an actual it's a real resort in Sedona. Oh, wow. That's awesome. So it was easy to put the setting there. That's awesome. Yeah. And it's a working orchard work. It does. You know, it is a restaurant. It's a hotel. It's a resort. So I just pull all that in. And, you know, the people that owned it before us. That's what they did. Wow. And I think it's actually perfect book, perfect timing for our audience, because if you are wondering what to do with your life, because we know a lot of millennials don't know what to do, it's a perfect guidance. And so this could be a mentor in itself. And I think it'd be perfect for everyone. And we're going to drop the description. Make sure to get it before it sells out, because I know I'm going to get my hands on on this book and give it to all my friends, because I think it's the perfect mentor right now for where we are in life. No, thank you. All right. You guys kept asking for a step-by-step guide on how to invest in real estate. And we got you the expert himself. Now, if you're still feeling a little stuck, go ahead and grab this book and subscribe to our channel if you want to keep investing in your financial education. Bye guys.