State of the Note Investor's Market | Real Estate Notes Show

Episode: Note Investing State of the Note Investor's Market W/ Bob Repass & Note Expo Conference Dave's Goals and Plans: - Preparing for fall conference season and planning to attend multiple conferences - Managing a property in Alabama where borrower has been unresponsive for two months following a death - Had a property in Lake Charles that was hit by hurricanes twice last year and successfully collected insurance payout - Maintaining updated resource portal with servicers, contractors, insurance companies, and conference information Nathan's Goals and Plans: - Expects end of fiscal year in fall will bring increased product availability and purchasing opportunities - Has children in school and managing work-life balance during busy note investing season - Has multiple properties in hurricane-affected areas but none sustained damage from recent hurricane - Stressed importance of attending conferences in person for face-to-face conversations and networking Key Recommendations: - Get properly insured for properties - insurance payoffs are worth the investment despite claims challenges - Attend note investing conferences despite time and cost commitments - face-to-face conversations are invaluable - Prepare borrower management strategies for coming shift in government assistance ending and forbearance plans expiring - Monitor updated resource portal and portal tools to prepare for anticipated market changes in next 6-12 months - Balance compassion with business requirements when dealing with borrowers in difficult situations (death, financial hardship) Topics Discussed: - Summer seasonal slowdown versus fall market acceleration and fiscal year-end opportunities - Hurricane impacts on properties and insurance claim processes - Borrower management challenges including non-responsiveness and grief situations - Upcoming expiration of government forbearance programs and eviction moratoriums - Fall conference season and the note investing market outlook for next 6-12 months Guest Insights: - Bob Repass (Colonial Funding, Note School, Note Expo): Market differs from 2008 because real estate values are strong, but equity will be eaten up by accrued interest if forbearances extend 12-18 months without payments - Larger banks and capital funds unlikely to foreclose first due to reputational risk - will push distressed loans down to smaller capital funds for borrower retention or foreclosure work - Growing opportunity in rental property note investing as market dynamics shift from government assistance ending you [Music] this is dave putz from jkp holdings as i'm sure you're already aware we provide some great tools resources and available assets we have a great facebook page and a facebook group within the facebook group you can post questions get answers and see the latest information in the note space east coast or stress note investing we also have events inside the facebook group of our previous and future facebook lives we have a resource list that has agents attorneys servicers and whatnot where you can turn to to get information you need to contribute one resource and then check your email for direct link our available assets can be great gained by filling out our nda simply fill it out and we will review it to give you access our weekly facebook lives and webinars are held on youtube you can access it through our website at jkp holdings slash webinars you can also sell your note and let us know more about the information by going to our sell my note at jkb holdings we have a great due diligence platform where you can go there provide information on property and we'll give you data agents and local rental comps consulting if you have questions about a specific deal or questions about notes that you want one-on-one conversation feel free to reach out to us and last but not least check out our beginner video series you know it depends on the school board we've got our school board starts on the first the other school board starts uh day after labor day but whatever yeah all works out in the end well bob i appreciate you coming on here tuning in and checking out what we got going on um and being part of what we're we're trying to do is keep that knowledge and experience with people so they can know where to turn for information we're in conference alley now time to jump in and get your hands dirty introduce each other swap information and just get out there and network awesome i appreciate you guys having me on and i look forward to seeing you in a couple months at node expo yeah you bet thanks so much bob 20 videos all there for you to review check out watch again and ask questions we look forward to having you join us dave putz here from jkp holdings alongside me as always mr nathan turner hello hello all right so nathan summertime has come around us involved us escaped us i'm not sure how much i like all that stuff going on um but at this point i feel that i hate when summer best we thought last week about this but it brings up a new wave of interesting stuff going on um the fall brings probably my favorite weather for me in jersey um it's not too hot it's it's really really nice um but it also brings that time of hanging out with the kids and with the family yeah and juggling what we're doing in node space so yeah you share a little about what you're doing what's going on with you well it's it's really interesting you know you talk about the dog days of summer and it's a real thing and everything kind of slows down and business kind of slows down and then you get back into fall and and one of the most exciting things about fall is you get to the end of end of fiscal years and a lot of times that means a lot of product coming available and some purchasing that can be done which is always fun and exciting and it's good to buy new new stuff so i'm looking forward to some of that uh school started for my kids two days ago and uh you know it i i don't know how the weather knows this but first day of school all of a sudden it cools off and it cooled off a lot we've got that hurricane tail end of the hurricane it's pulling down the cold air for us and then we'll we'll warm up again next week but that made a dramatic difference for us i hope everyone's okay on the hurricane friend everything's safe and everybody's okay but it interesting is crazy because it went right past where we're at yeah it was 25 minutes or so just west of us um a lot of our friends um you know talked about how either escaped or they know somebody who got damaged by it and we got hit by sandy just you know many years ago uh feels many years ago and we got we got some of that damage too and it's just amazing to see i mean knowing that south this is almost like they are prepared for it we're just not used to it yeah yeah so it's it's i get the fact that people are doing you know dealing with what they're dealing with and it sucks because we saw houses ripped off and for us watching it from afar like watching it you know where um you know down in texas or in florida it's like oh yeah it's far fetched situation but at the end of it it's not no and especially when you've got interest in those states um hopefully everyone's well insured and hopefully the insurance works the way it's supposed to and everyone can get back to normal as quickly as possible but it's uh certainly a time where it's there's difficulty in there anyway you know it sucks but on the note space did any of your properties get hit by this stuff anything going on with that no i was okay i've got a few uh down in the area but nothing close enough where there's any damage or anything so that was that's good i did have that last year i had a property in lake charles that got hit twice last year about a month apart i got my insurance payoff for that and we've done our insurance uh podcast here and so if you need a reminder on that go let's go watch that one but it's well worth it to be insured so insurance is a crazy thing because we always have a debate you know do we insure not sure um because a lot of times all that yeah like yeah claims being held claims not being held um a lot of times i don't feel it's worth it at times but you know luckily we haven't heard from any of our borrowers on any issues except for some small things um that they're probably not going to find claim on it um like thankfully yeah so yeah for us it's just been a weird scenario um and we're kind of hoping that things kind of calm down but we're still in hurricanes this is a little time period where we're dealing with stuff oh yeah um yeah and we're dealing with people you know we're dealing with actually the field right now of borrowers passing away yeah in the you know how do you juggle that you know where do you go with that where do you how do you handle that um how much do you push how much you not push yeah um we have a property in alabama and the borrower is like taking two months to respond to things and it's like okay listen i understand grieving process but if i was bank of america where would i be you know we have a heart but we have to be thinking you know kind of stuff yeah um we're also preparing for the change of shift of what's going on in the world of money coming into borrower's hands to pay their bills and all these forbearances and some of that pushed off where do we go with that you know and how do we handle that do we help people i mean i help people in juggling that kind of conversation well and what does that help look like is that uh does that help look like a bailout or does that help look like uh you know help getting into another place where they can actually afford you know yeah there's all kinds of ways you can look at that yeah we're also going into uh to conference season yeah looking forward to that so conference season has always been there i guess what point but yeah at the same time we never like it don't last week we've never been that excited so we're excited about two things right now the shift of the market that we don't know what's going to look like in six months and the ability to kind of reconnect with everybody and talk right so i think the combination of two is exciting to see how everyone's gonna play it how is everyone gonna handle what are they gonna do about that yeah so interesting enough the state of the market right now is very very interesting um we're coming out with some some stuff and you guys check our youtube channel our portal's gonna have all the resources so i'm hoping to keep that up to date for everybody you know of servicers and uh contractors and insurance companies and everything else that you need in the first place concerns to ramp it up for the speed of what we may be in in six months a year yeah on top of that having the ability to know when conferences are at will also be in the portal so that you can know where to go when to go how to go and feel confident about it i know that um you'll be attending some i'll be attending some and we'll be doing some live kind of feed from there which would be awesome so stay the market interesting and conferences are there i think it's almost like a perfect storm for us right it kind of is it's it all of that is necessary and and if you think you know i've heard about conferences and yeah maybe it's not really for me man i cannot even stress enough how important it is to get out there and to talk with people and those face-to-face conversations are huge and and we've all been stuck not being able to do any of that for a long time and and we're doing our best to resume and things uh but there's really nothing like the the real thing we've said before right we i've never been a conference that i regretted going to never true even i didn't have intentions i got there and i'm like whoa this is awesome yeah so the state of the market's huge and one of the one of the people in the space that has a handle on it we've had them on before mr bob repass right from colonial funding pardon note school and running node expo but before we get into the conference talk bob what is your thought process about the state of the market right now where are you guys thinking where are you guys going and what's your thoughts well first of all dave nathan good to see you guys that was some interesting topics you covered there i'll be glad to chime in on a few of those um you know obviously it's kind of generic when we say we're coming out of you know some uh unprecedented times but you know that's that's what we have and it was interesting the point you were made making about you know what's going to happen when this government assistance pretty much stops right um and you know we've heard you know eviction moratoriums be extended and then ruled unconstitutional and reinstated forbearance plans expiring you know when this all first started and we knew there was there was mpls before depending okay yeah so it's not like everything was rosy well all they got was just pretty much a reprieve from a foreclosure action right well the initial reaction in our minds was this is going to be completely different than 0.809 because the real estate market's on fire so the values are there so the amount of properties underwater is going to be nowhere near what it was back then right right so you would think people could sell their property and pound for the loan or maybe refi you know if they somehow work through their forbearance plan however as this kicks the can down the road 12-18 months if they haven't been making payments that equity gets eaten up with the crude interest and everything else that raises that total legal balance all of a sudden all that equity protection everybody thought people were going to have we're a little bit on the fence on you know what is that really going to look like when some of these banks and larger capital funds look to move some of this product because in my opinion they're not going to want the reputational risk of being the ones to be the first ones to foreclose they would get the hey fellow no investor are you looking to learn the basics of note investing so you can get started however you don't want to spend a few hundreds or thousands of dollars and hours online on some training program have you thought about attending a notes conference however you don't want to spend the money or the time away from your family well we have a tremendous beginners video series of 20 different topics with each video being less than 15 minutes this means each video is less fluff and direct to the content visit www.jkpholdings.com beginner dash series to learn more again www.jkpholdings.com slash beginner dash series loans off of their balance sheet pushing on down the waterfall where it comes down more to smaller capital funds and let them work with the borrower to keep them home or proceed with the foreclosures so we think there's gonna be some good opportunity there yeah and you know i was listening actually um for those who are interested it's there's great information with note school um i was listening with uh one of the note schools a couple uh a few weeks back um and one of the angles that i hadn't thought of was all the rental properties and and i think i had assumed and maybe other people assumed it as well that a lot of rental companies or a lot of rental houses are owned by companies uh where you know the vast majority of those are are corporately owned the total opposite opposite is true almost three-quarters of rental properties are owned by by people not by companies yeah i mean we're you know they're mom-and-pop landlords right they have one to five rental units yeah and there's probably like you said over 70 percent of the rentals are owned by somebody like that how are they making their underlying mortgage on their rental properties when they haven't begin to pay rent right and um in last month's you know we issue a monthly newsletter and i always write some editorial opinions in there um to me i thought the cares act and getting seamless checks to people i mean that relatively was pretty smooth considering the government was involved yeah right but the rental assistance package that reminded me of the hardest hit funds it was a total cluster yeah they they allowed the government allocated 46 billion dollars and they've barely given out 5 billion of it why because they relied on state and local governments to divvy out the money so you got 50 different entities or more depending on the low points trying to figure out how to get the person who can't pay the rent the rent money and i'm like deja vu all over again they couldn't half the states couldn't get rid of the hardest hit funds yeah yeah so we didn't learn our lesson there i feel for the small landlord i mean i feel for the tenant right if they're truly have a hardship and lost their job and can't pay rent there's money available and they just can't get a hold of it so there's going to be a uh a tipping point where i think the landlords are going to get burned out and i think you're going to see some of them liquidate these properties now whether it's a nathan's point they get bought up by a corporation who wants to just accumulate properties um but their buy box and a lot of those eye buyers are not the working class people that are struggling to pay rent they're looking for some higher dollar rental properties so we'll see how that all shakes out but i think there's going to be there'll be some opportunities there and there'll be some people looking to liquidate some of their assets and i'd like to see them turn into seller finance notes and and try to sell those properties and give somebody affordable home ownership because you know if we can turn some of these and it may not be the same tenants that you know couldn't pay the rent but they can turn these properties into somebody who's a deserving homeowner that's always the option i like to see absolutely yeah absolutely say that because i think that the rentals are gonna be that hit hard situation um factor i think a lot of the single families that we dealt with back in 2010 so aren't going to be hit as much as these rental properties um and i've heard some whispers of what rental properties would look like in the near to far future it may be completely different this may be actually a push to go to that because the mom and pop investor may not be able to say listen i ain't gonna take this chance again do we think kova is gonna be around next year who knows what's gonna happen let me get out and who are they gonna sell to yeah i got a good friend of mine whose father lives up your way in in new jersey and he's got eight rental properties and they cash flow really well i was and they called me up saying hey can you help my dad he really wants to get out of being the landlord and i went through his his information and he's fortunately the people have paid the rent and he's below market rent but he's like it's just not worth the headache i need to liquidate these properties so i'm going to help him do that but he has been a a long time later he's on these properties for decades and he's just now at the point where he's like you know what even though my guys are paying i the stress of hoping on the first of the month they show up with their rent check i'm out you know he's you know retired and he's like i'd rather just cash out and he's not the only one there's a lot of people just like him all across the country that thought the rentals were their retirement yeah and other you know now they're a little bit skeptical on that so um i think you're gonna see some activity there as well yeah so a lot of a lot of opportunity forthcoming and and when and how and how much and all those kind of questions who knows we can we can guess and we can kind of pontificate but there's really no way of telling what that market is going to look like what we do know is there are a lot of those out there and and we'll see what public opinion is and how people are feeling as things go on yeah i think it's important to uh keep your finger on the pulse of what's going on and you know whether it's you know watching stuff that no school puts on their channel or what you guys put on your channel or whatever just being in the know because you're the ones who can pivot faster to know where the opportunities are the ones that are gonna one benefit not only in their business but help other people benefit and you know like i said keep people in their homes or give them a graceful exit and get them into a property they can't afford or whatever but you got to be ready because if you sit back and wait for it to come to you you're going to pass by absolutely good point you know because many people who are weary about non-performing loans 0809 10 got into it later missed the opportunity of buying all those loans at such a cheap price that you know they could still make up for it but they missed the opportunity which is a shame i wanted to piggyback on something nathan said earlier um made a great point on exciting part of the fourth quarter's people's fiscal years are coming to an end and whether you're a bank or you know a hedge fund a capital fund you're trying to you're trying to balance your portfolio come into the quarter end of the year and if you have certain reserves or you have certain hurdles you need to maintain in your fund sometimes the only way to hit those is to liquidate some of those non-performing assets so um i thought that was an excellent uh tidbit that you shared there nathan i would have kept it a secret just you know okay um still gotta be in the know of where to find these guys and how to get them exactly but no that is one thing when we build our model is we always look in november december that we're going to have some trades that we're going to be able to have come across our desk and you know we've had counterparties over the years that we kind of just we know we're going to reach out at that point in time and if they have something we have enough of a track record we can do a deal yeah yeah yeah it's interesting to say that because you know the only way to be in the know is to be connected with people and talking and networking um now can people sit there and kind of figure things out themselves but the biggest way is to just brainstorm yeah right just to get together and just i may put a point you may put a point but all of a sudden we come up with a brand new point based on the three data points that we all shared together and go whoa guys let's just check this out right there's a big push now for the big companies to go after mobile home parks where eight years ago that was even talked about right where that's being pushed but the conversation around it new strategies ideas understanding has been pushed ten years ago notes weren't even how many sellers were there right how many funds were out doing it now look around right there's so many different people doing it it changed the landscape and the only way this happens is people communicating and networking this isn't something that one person i'll fly that they're hot figure out so i think that networking any way you possibly can social media phone calls webinars can get together in spending time deliberately working on your business instead of in the business will change your business model so one of the things we want to bring on today too is talking about node expo this has been around for a long time and the quality of the content is is is just as good as all the others but it also hits upon different aspects of no investing where you guys have a great focus on some you know several finance situations that a lot of conferences don't talk about different angles and the note school knowledge can you share a little bit about note expo and what expectations people may have sure um this will be our eighth annual node expo so we started back in 2014 um and it has continued to grow um not a surprise to everybody last year was virtual up until then they were always live and we typically had anywhere from 400 to 500 people um and it was just the buzz and the vibe having 400 people in the same area that all do the same thing yeah it could be some somebody like me that have been in the business for over 30 years to somebody who's just getting started for two or three months and you're all in the same area and you're learning from each other you're you're sharing a beer you're sharing your lunch you're sharing a snack during the breaks or cup of coffee and all of a sudden you meet somebody from canada and you didn't even know they did notes up in canada and you know you get to know nathan you know or you get to know some guy from jersey right or some old guy from texas and then all of a sudden when you have something that goes on it's like you know i'm going to i'm going to give dave a call because i know you invest in that area what can you you know and you just learn and share and you help each other one thing i like to see about the note community itself is just you know i like it when nobody thinks there's a secret sauce and i'm not going to share it with everybody right i mean we are a small niche industry you know 400 people sounds like a lot in some cases but compared to mba where there's 4 000 people walking around doing that it's not so getting to know everybody across the country that does that there's no reason for me to you know not share my ideas and my my lessons learned so that somebody else in the business doesn't have to suffer through and look you know learn the hard way right and the same thing on you know on the other end i'm not saying just because you've been in the business a long time you can't learn from somebody else because you surely can but that's one of the goals that when we started node expo was obviously we want to provide quality education and content but we wanted to create an environment where people could connect and especially this year reconnect with folks that haven't seen and just build that note community so you know at least once a year that more than likely the 10 or 12 people you want to connect with and see face to face you'll be able to do that and then on top of that is our exhibitors and sponsors because sometimes it's great that you know i go to a conference and i see nathan at the ironman or i see dave but i may never have really met my loan servicer face-to-face before right i just keep writing them a check every month or they take their money out of my check i don't you know i don't get the chance to write it until they take it first uh and i never really know them i may have talked to them on the phone or i may have been in their portal and and things but getting to put a face you know to the name and getting to know them and realize that you know there's people behind the ira companies the loan servicers the property prez uh the software platform people i mean i think that's what yeah another great benefit of an in-person type conference yeah absolutely i like the fact you said that you know even the the the seasoned investors can learn something from newbies right i've been so many scenarios where either i learned or i taught somebody that i'm like wait how do you not know this and i think and i was talking to shantius the other day and the combination was like listen there are so many nuances to our investment space that we can't learn everything right we had a whole webinar about fbi insurance right after i had a debacle not understanding stuff um texas heloc laws right or different from everyone those texts are foreclosed but you don't realize that if the heloc there there's a there's a judicial process and these little nuances you will not learn unless you're networking with people or you go through it yourself and yeah because that's not fun and you can you can avoid a lot of trouble if you get somebody else's experience and go oh good to know okay yeah yeah i'd like to see you build your own network you know through the events like node expo and um i know one of the things dave you're going to be on a panel with us at node expo just about you know how you can build your note business on social media so uh and you run a very active facebook group and stuff but when i i cringe sometimes when i because i'm in a lot of different groups and i'm like they're asking questions and not really knowing anything about the person who's responding you know what i mean as far as a uh level of knowledge right because i don't want somebody's hot sports opinion i want the truth and i'd rather refer you to it but this is the default attorney i use use him rather oh i don't think you have a chance of getting your money back you know we don't need editorial comments we need stuff like that and i think in fact you can weed through that by connecting with vendors at these events and things like that and then you can just pick up the phone and call nathan and say hey you know and then ask him this question or whatever so yeah you make a good point there's a lot of people with a lot of opinions in space but you want to listen to those people who know what they're doing and they're they're smart in that space right don't ask me about servicing right i can give you my opinion about things but i'm not a servicer right we we all have our strengths which is interesting because the network of all of us you know grows as a better person i'm stuck here you know just because someone's newer they may have that they brought into the space that we don't know about and we're not good at in that networking connection one of the things i encourage people to do is reach out to other people in other parts of the country if you have a property in their backyard and say hey listen don't call the agent don't call this person call an investor hey what do you know about this area and they're gonna say hey listen stay away from it blah blah blah can you pull me some comps they probably have an agent friend or no value what that property is so that connection can over sometimes succeed you because of having that network of people you trust i mean you go to a restaurant based on your opinion you don't go to a an agent go hey can you recommend a restaurant right so that reviews of another investor who experiences it is sometimes invaluable to me so these conferences allow you to connect with people all over the country to also know what's happening in the area hey dave i have an influx of people moving here values are probably going to go up those kind of tidbits you're not going to learn by just jumping on a social media platform but in the social media platform you have to be careful who's responding who's knowledgeable and what are they actually doing or selling behind the scenes yeah you know when we're talking about vendors too one of the most valuable things that i've uh it's kind it's here's your your cheater backdoor approach so you go to a conference one of the one of the vendors that you'll always see there is an attorney right you can call your attorney and talk to them for 20 minutes half an hour and they'll charge you 100 200 or you can go to a conference that you've already paid for go and talk to that attorney and do it for free so just just a little tip you can get a lot of really good um solid information and guidance for free because they're they're trying to win your business but but they haven't charged you anything yet so that's that's a good way to go and we always say don't be afraid of approaching attorneys or investors absolutely conferences i met erin quinn at one and i was like who was she and now iron queen's one of the people in the group that we talk to the most um about her questions because she's willing to talk and we talked before about this last week you know i don't care how new you are you could walk up the bob and say hey i'm joe smoke i'm new to note investing he's not going to push you away even if he was at a different conference the community is such a nice relaxed comfortable situation that approaching people in a space at a like a note expo is easy so bob who can you share a little bit about one of some of the topics you guys be covering how are you guys handling kovid and all the kind of questions that people may be having well obviously our our uh concern has been raised over the last 30 days you know as it seems like this uh delta variant is becoming more at least talked about but you know as far as covet is concerned you know we're following what goes on here in the state of texas which i don't have to tell everybody that we're probably one of the more looser states on that uh but also the hotel you know the event will be at the embassy suites just outside the dfw airport umc sweets is a well-known chain it's part of the hill brand so there's certain protocols that they put in place um but it will be in person at this time we have no intention of live streaming any of it just because we want to encourage folks to come um we will record it so if somebody wanted it afterwards it would be available um but you know we want everybody says they start asking me almost after the last notice but what are we going to talk about next year well i mean obviously if you asked that 2019 i would never would have said oh we're gonna talk about a pandemic right so we try to get the most relevant information at the time right so node expo is always the first weekend in november right so okay we're about 60 days out so we're dialing in the mpl talk the social media talk um the creative financing how are we you know how can we work with burnout landlords we're gonna have some strategy sessions on that um you had mentioned earlier dave that you know we don't just talk about you know you're not gonna come there for two days and just hear people opine on different strategies of how you can become you know rich and famous or whatever we talk about other areas i mean we talk about the entrepreneurial mindset how can you wake up every day go to your office down the hall wherever you happen to work from and just stay motivated which is another reason if you're out there working from home and you're pretty much a one or two man shop you need to be around people yeah you need to go to a conference if nothing else for a break i mean i mean you need to just get out there and you know say hello and meet new people and say hello to your old friends and whatever but you need to get out there because on one hand it's the beauty of the no business you work from anywhere right you could be sitting on the beach you could be in canada you could be wherever you want to be yeah that sounds all great and sexy but then when you realize after you know six months you haven't met any other human being you know in the note business then it's time to get out so um a couple years ago probably about five years ago we started what we call note talks so it's like ted talks except that that's trademarks so we call them no talks all right it's where people get up there for about 10 to 12 minutes and just tell their story you know inspiring the audience about you know i got in the note business and i did this or you know i was able to provide for my grandkids because now i set up a you know a college fund for them in my in the uh or a uh self-directed ira as soon as they were born so they have this and so forth so we'll hear that um people that have been working on wall street and got burned out and moved to puerto rico i mean you're going to hear a story like that um you know so we got we got things like that that we're going to hear um we have a couple accounting and attorneys like jeff watson will be there and he's going to talk about investing in your self-directed ira and how important due diligence is you know a lot of people they have money in their ira and they decide well i'm gonna buy an mpl well there it gets a little tricky when you buy an npl in your self-direct ira because you're not supposed to be actively managing that right you can make oversight executive decisions um but we all know when you buy an npl even if you only pay 20 grand for it there's going to be more cost and all that money has to come out of that same ira account so it's funny you mention it so i would say one of the nuggets i got out was sitting in jeff watson in a room and i said listen i know that iras and oh what's up i walked out learning something from that one session that i changed as soon as i went back home i didn't realize that you know personally you can't do a deal with somebody and do an ira deal with them um i figured hey listen they're not my spouse not my parent not my child we're good i had to change a lot of my deals because i had a situation where we're jb you know in a company with someone and also personally david ira i'm like so there's so many little nuggets i encourage you experience or not just listen because you're going to get the information maybe a comment is said on the side um and being around the people listening to things it's not to hang out right we're gonna hang out and go to the restaurant but but make sure you're hanging out and talking with other investors and i encourage people like we said last week sit with people you don't know see people that you know aren't familiar with and just introduce yourself but also get with people you do know you haven't seen a while and ask them what they're doing um yeah one thing we've always done at node expo is we've always had the breaks and the lunches in the exhibit area where the vendors are right so we make that the hub of the event so during the breaks during lunches and during the friday night welcome reception everybody is around there right so you're able i don't know maybe there's 10 people at a round table i think that's what you have right so i agree if you ate with these eight people on friday eat with eight different people on saturday right just meet different people and and network and and we try to keep everybody in there and then like you said at night you can go to dinner go do your own thing and whatever but during the day we try to have what we call a captive audience of course you know so that they can all get together and meet great and hear good stuff that's it that's it so um so everyone who's tuning in um bob can you tell everyone where the conference is at where located um where they can get i'm gonna post where we can get tickets from in the feed i'll post it on the youtube channel as well uh but where when is it where is it what location we're going to and um what can they expect for investors who are new walking in the front door what's that experience it'd be like for them okay well first of all it's november 5th and 6th all right we say it's in dallas texas but it's really in grapevine texas all right which is if you've ever been to the dfw airport if you go out the north exit it's like five minutes away yeah all right it's at the embassy suites there free shuttle uh probably a five dollar uber ride although these days it might be seven dollars um embassy suites always gives you a free breakfast in the morning which is always great um so it's at the embassy suites and if you were to look it's the dfw grapevine hotel um november 5th and 6th it runs from about 8 30 on friday to 4 o'clock on saturday afternoon some folks will stay over to sunday because uh dallas cowboys have a home game they're playing you know that's one that we put a w by already so oh we're hoping we say that um but if this is your first event i mean you're going to come in there and to be honest with you i mean you may be a little overwhelmed you know you go to the registration you tell them who you are get your name badge you get a a tote bag from our friends at paper stack who are sponsoring the tote bag this year and um you'll get that you'll see the exhibit hall doesn't open on friday until 10 o'clock right so we want to get you into the opening session um and one thing we do during our opening session is um we present a lifetime achievement award to somebody who's been in the note business okay so we've got somebody that probably everybody who's listening has heard of they're not related to our business to our company in any way but they're their company is well recognized anyway i can't give away supposed to be a surprise um but anyway that's how we kind of just you know talk to somebody who's been in the business a long time and recognize that you know their contribution so that's that's the way we kick it off um then we have our keynote address and this year it's going to be sean mccloskey he's from st louis he's a real estate investor he's a entrepreneurial motivational speaker i mean he's not going to get you stand up new jumping jacks but he's going to get your blood pumping anyway he's a very energetic guy by that time the exhibit hall will be open and then you'll be ready to enter that and again you may be overwhelmed there's going to be 25 30 booths to go to um but you just work your way around and you go i'm on the loan servicer i'm going to go talk to ally i'm going to talk to fci i'm going to talk to security national you know whichever other ones are there and you're just going to work your way you're going to look out for find dave find nathan uh say hello and you know you'll meet people and then you'll say hey let's grab lunch and then you go back to exhibit hall lunch sit down table and um just get to know a lot of people over two days so that sense of overwhelming will be gone within the first 30 minutes but yeah you know when you first get there just come on up and if you've been there before you know the drill so just like you have no usually have a name tag on there so utilize that name tag to kind of look around and see if you recognize a name maybe online or servicer you talk to or just somebody you've spoken to before so just recognize things you know make sure you have business cards or some kind of way to share your information i know there's let me add let me ask you we have a node expo app so when you're there you can register on your app and you can put your name in there and you can say make it available to share so if you're on there it's kind of like a directory right but i can look up dave puts i can ping you and say dave i'm going to be at the no school booth during the break come see me and you'll have that so you'll be able to look at the role and as long as that person right you know puts their name in it we don't put it in form because some people may not want it on there but if you let folks know you can say well let me see if nathan's here and then you find him and you say nathan i'm here i'd love to meet you at the registration desk at 10 o'clock so it's kind of like a networking app it also has the agenda on there so just like oh i want to go here bob talk i better be in there by 4 o'clock or whatever so we do have an app um once you register i think about 30 days before we send you the link from downloading the app and entering your information they'll have a list of all the speakers all the sponsors it's it's a pretty slick app yeah that's awesome and guys i definitely encourage you get dinner i'm gonna be down there thursday night um i think i'm leaving friday evening or so i'm just juggling my schedule and all the stuff uh we have something sunday afternoon so i'm just trying to figure it out um get down to the night before if you can um it's a good conversation i'm sure people will get around the restaurant bar area just kind of socialize um and reach out to us um granted there'll be circles of people talking because we'll kind of be circling up i'm sure you'll see that but nudge your way in just hey guys we'll let you know if we're just talking private talk or not already but just nudge your way in and say hey guys i'm i'm bob smo and whatever i'm sally i'm new to here just wanted to get i guarantee you can get in there and talk to us it's just what it is right we just connect to each other i haven't seen nathan forever i haven't seen bob forever and we're going to talk and say hello but no problem coming in just shaking hands with us so set that up make sure you get part of it so um it's awesome bob i think that i post the link in the feed a lot of stuff so people can get in there um if you have additional questions feel free to me reach up nathan or reach out to bob all the different social media platforms are available you can check out the the event online i appreciate you coming on this friday afternoon it's actually nice in jersey it is a holiday weekend um and look for the kids going back on tuesday i know your kids are your your area texas they go back a little early tonight but my kids are out there like playing basketball and keeping busy my kids get up and go to work every day all right so uh unfortunately i'm through with the the school-age kids and uh maybe one day i'll have some grandkids that go through that but right now both both my kids are uh adults and they are living the dream yeah you know i know nathan you have younger kids too nathan your kids back in school yet or our kids started two days ago on the first so they're they're in and they're actually enjoying going back and being in person and all that kind of fun stuff so it's been good i often forget that your holidays don't merge with ours all the time insured so insurance is a crazy thing because we always have a debate you know do we insure not sure um because a lot of times all that yeah like yeah claims being held claims not being held um a lot of times i don't feel it's worth it at times but you know luckily we haven't heard from any of our borrowers on any issues except for some small things um that they're probably not going to find claim on it um like thankfully yeah so yeah for us it's just been a weird scenario um and we're kind of hoping that things kind of calm down but we're still in hurricanes this is a little time period where we're dealing with stuff oh yeah um yeah and we're dealing with people you know we're dealing with actually the field right now of borrowers passing away yeah in the you know how do you juggle that you know where do you go with that where do you how do you handle that um how much do you push how much you not push yeah um we have a property in alabama and the borrower is like taking two months to respond to things and it's like okay listen i understand grieving process but if i was bank of america where would i be you know we have a heart but we have to be thinking you know kind of stuff yeah um we're also preparing for the change of shift of what's going on in the world of money coming into borrower's hands to pay their bills and all these forbearances and some of that pushed off where do we go with that you know and how do we handle that do we help people i mean i help people in juggling that kind of conversation well and what does that help look like is that uh does that help look like a bailout or does that help look like uh you know help getting into another place where they can actually afford you know yeah there's all kinds of ways you can look at that yeah we're also going into uh to conference season yeah looking forward to that so conference season has always been there i guess what point but yeah at the same time we never like it don't last week we've never been that excited so we're excited about two things right now the shift of the market that we don't know what's going to look like in six months and the ability to kind of reconnect with everybody and talk right so i think the combination of two is exciting to see how everyone's gonna play it how is everyone gonna handle what are they gonna do about that yeah so interesting enough the state of the market right now is very very interesting um we're coming out with some some stuff and you guys check our youtube channel our portal's gonna have all the resources so i'm hoping to keep that up to date for everybody you know of servicers and uh contractors and insurance companies and everything else that you need in the first place concerns to ramp it up for the speed of what we may be in in six months a year yeah on top of that having the ability to know when conferences are at will also be in the portal so that you can know where to go when to go how to go and feel confident about it i know that um you'll be attending some i'll be attending some and we'll be doing some live kind of feed from there which would be awesome so stay the market interesting and conferences are there i think it's almost like a perfect storm for us right it kind of is it's it all of that is necessary and and if you think you know i've heard about conferences and yeah maybe it's not really for me man i cannot even stress enough how important it is to get out there and to talk with people and those face-to-face conversations are huge and and we've all been stuck not being able to do any of that for a long time and and we're doing our best to resume and things uh but there's really nothing like the the real thing we've said before right we i've never been a conference that i regretted going to never true even i didn't have intentions i got there and i'm like whoa this is awesome yeah so the state of the market's huge and one of the one of the people in the space that has a handle on it we've had them on before mr bob repass right from colonial funding pardon note school and running node expo but before we get into the conference talk bob what is your thought process about the state of the market right now where are you guys thinking where are you guys going and what's your thoughts well first of all dave nathan good to see you guys that was some interesting topics you covered there i'll be glad to chime in on a few of those um you know obviously it's kind of generic when we say we're coming out of you know some uh unprecedented times but you know that's that's what we have and it was interesting the point you were made making about you know what's going to happen when this government assistance pretty much stops right um and you know we've heard you know eviction moratoriums be extended and then ruled unconstitutional and reinstated forbearance plans expiring you know when this all first started and we knew there was there was mpls before depending okay yeah so it's not like everything was rosy well all they got was just pretty much a reprieve from a foreclosure action right well the initial reaction in our minds was this is going to be completely different than 0.809 because the real estate market's on fire so the values are there so the amount of properties underwater is going to be nowhere near what it was back then right right so you would think people could sell their property and pound for the loan or maybe refi you know if they somehow work through their forbearance plan however as this kicks the can down the road 12-18 months if they haven't been making payments that equity gets eaten up with the crude interest and everything else that raises that total legal balance all of a sudden all that equity protection everybody thought people were going to have we're a little bit on the fence on you know what is that really going to look like when some of these banks and larger capital funds look to move some of this product because in my opinion they're not going to want the reputational risk of being the ones to be the first ones to foreclose they would get the hey fellow no investor are you looking to learn the basics of note investing so you can get started however you don't want to spend a few hundreds or thousands of dollars and hours online on some training program have you thought about attending a notes conference however you don't want to spend the money or the time away from your family well we have a tremendous beginners video series of 20 different topics with each video being less than 15 minutes this means each video is less fluff and direct to the content visit www.jkpholdings.com beginner dash series to learn more again www.jkpholdings.com slash beginner dash series loans off of their balance sheet pushing on down the waterfall where it comes down more to smaller capital funds and let them work with the borrower to keep them home or proceed with the foreclosures so we think there's gonna be some good opportunity there yeah and you know i was listening actually um for those who are interested it's there's great information with note school um i was listening with uh one of the note schools a couple uh a few weeks back um and one of the angles that i hadn't thought of was all the rental properties and and i think i had assumed and maybe other people assumed it as well that a lot of rental companies or a lot of rental houses are owned by companies uh where you know the vast majority of those are are corporately owned the total opposite opposite is true almost three-quarters of rental properties are owned by by people not by companies yeah i mean we're you know they're mom-and-pop landlords right they have one to five rental units yeah and there's probably like you said over 70 percent of the rentals are owned by somebody like that how are they making their underlying mortgage on their rental properties when they haven't begin to pay rent right and um in last month's you know we issue a monthly newsletter and i always write some editorial opinions in there um to me i thought the cares act and getting seamless checks to people i mean that relatively was pretty smooth considering the government was involved yeah right but the rental assistance package that reminded me of the hardest hit funds it was a total cluster yeah they they allowed the government allocated 46 billion dollars and they've barely given out 5 billion of it why because they relied on state and local governments to divvy out the money so you got 50 different entities or more depending on the low points trying to figure out how to get the person who can't pay the rent the rent money and i'm like deja vu all over again they couldn't half the states couldn't get rid of the hardest hit funds yeah yeah so we didn't learn our lesson there i feel for the small landlord i mean i feel for the tenant right if they're truly have a hardship and lost their job and can't pay rent there's money available and they just can't get a hold of it so there's going to be a uh a tipping point where i think the landlords are going to get burned out and i think you're going to see some of them liquidate these properties now whether it's a nathan's point they get bought up by a corporation who wants to just accumulate properties um but their buy box and a lot of those eye buyers are not the working class people that are struggling to pay rent they're looking for some higher dollar rental properties so we'll see how that all shakes out but i think there's going to be there'll be some opportunities there and there'll be some people looking to liquidate some of their assets and i'd like to see them turn into seller finance notes and and try to sell those properties and give somebody affordable home ownership because you know if we can turn some of these and it may not be the same tenants that you know couldn't pay the rent but they can turn these properties into somebody who's a deserving homeowner that's always the option i like to see absolutely yeah absolutely say that because i think that the rentals are gonna be that hit hard situation um factor i think a lot of the single families that we dealt with back in 2010 so aren't going to be hit as much as these rental properties um and i've heard some whispers of what rental properties would look like in the near to far future it may be completely different this may be actually a push to go to that because the mom and pop investor may not be able to say listen i ain't gonna take this chance again do we think kova is gonna be around next year who knows what's gonna happen let me get out and who are they gonna sell to yeah i got a good friend of mine whose father lives up your way in in new jersey and he's got eight rental properties and they cash flow really well i was and they called me up saying hey can you help my dad he really wants to get out of being the landlord and i went through his his information and he's fortunately the people have paid the rent and he's below market rent but he's like it's just not worth the headache i need to liquidate these properties so i'm going to help him do that but he has been a a long time later he's on these properties for decades and he's just now at the point where he's like you know what even though my guys are paying i the stress of hoping on the first of the month they show up with their rent check i'm out you know he's you know retired and he's like i'd rather just cash out and he's not the only one there's a lot of people just like him all across the country that thought the rentals were their retirement yeah and other you know now they're a little bit skeptical on that so um i think you're gonna see some activity there as well yeah so a lot of a lot of opportunity forthcoming and and when and how and how much and all those kind of questions who knows we can we can guess and we can kind of pontificate but there's really no way of telling what that market is going to look like what we do know is there are a lot of those out there and and we'll see what public opinion is and how people are feeling as things go on yeah i think it's important to uh keep your finger on the pulse of what's going on and you know whether it's you know watching stuff that no school puts on their channel or what you guys put on your channel or whatever just being in the know because you're the ones who can pivot faster to know where the opportunities are the ones that are gonna one benefit not only in their business but help other people benefit and you know like i said keep people in their homes or give them a graceful exit and get them into a property they can't afford or whatever but you got to be ready because if you sit back and wait for it to come to you you're going to pass by absolutely good point you know because many people who are weary about non-performing loans 0809 10 got into it later missed the opportunity of buying all those loans at such a cheap price that you know they could still make up for it but they missed the opportunity which is a shame i wanted to piggyback on something nathan said earlier um made a great point on exciting part of the fourth quarter's people's fiscal years are coming to an end and whether you're a bank or you know a hedge fund a capital fund you're trying to you're trying to balance your portfolio come into the quarter end of the year and if you have certain reserves or you have certain hurdles you need to maintain in your fund sometimes the only way to hit those is to liquidate some of those non-performing assets so um i thought that was an excellent uh tidbit that you shared there nathan i would have kept it a secret just you know okay um still gotta be in the know of where to find these guys and how to get them exactly but no that is one thing when we build our model is we always look in november december that we're going to have some trades that we're going to be able to have come across our desk and you know we've had counterparties over the years that we kind of just we know we're going to reach out at that point in time and if they have something we have enough of a track record we can do a deal yeah yeah yeah it's interesting to say that because you know the only way to be in the know is to be connected with people and talking and networking um now can people sit there and kind of figure things out themselves but the biggest way is to just brainstorm yeah right just to get together and just i may put a point you may put a point but all of a sudden we come up with a brand new point based on the three data points that we all shared together and go whoa guys let's just check this out right there's a big push now for the big companies to go after mobile home parks where eight years ago that was even talked about right where that's being pushed but the conversation around it new strategies ideas understanding has been pushed ten years ago notes weren't even how many sellers were there right how many funds were out doing it now look around right there's so many different people doing it it changed the landscape and the only way this happens is people communicating and networking this isn't something that one person i'll fly that they're hot figure out so i think that networking any way you possibly can social media phone calls webinars can get together in spending time deliberately working on your business instead of in the business will change your business model so one of the things we want to bring on today too is talking about node expo this has been around for a long time and the quality of the content is is is just as good as all the others but it also hits upon different aspects of no investing where you guys have a great focus on some you know several finance situations that a lot of conferences don't talk about different angles and the note school knowledge can you share a little bit about note expo and what expectations people may have sure um this will be our eighth annual node expo so we started back in 2014 um and it has continued to grow um not a surprise to everybody last year was virtual up until then they were always live and we typically had anywhere from 400 to 500 people um and it was just the buzz and the vibe having 400 people in the same area that all do the same thing yeah it could be some somebody like me that have been in the business for over 30 years to somebody who's just getting started for two or three months and you're all in the same area and you're learning from each other you're you're sharing a beer you're sharing your lunch you're sharing a snack during the breaks or cup of coffee and all of a sudden you meet somebody from canada and you didn't even know they did notes up in canada and you know you get to know nathan you know or you get to know some guy from jersey right or some old guy from texas and then all of a sudden when you have something that goes on it's like you know i'm going to i'm going to give dave a call because i know you invest in that area what can you you know and you just learn and share and you help each other one thing i like to see about the note community itself is just you know i like it when nobody thinks there's a secret sauce and i'm not going to share it with everybody right i mean we are a small niche industry you know 400 people sounds like a lot in some cases but compared to mba where there's 4 000 people walking around doing that it's not so getting to know everybody across the country that does that there's no reason for me to you know not share my ideas and my my lessons learned so that somebody else in the business doesn't have to suffer through and look you know learn the hard way right and the same thing on you know on the other end i'm not saying just because you've been in the business a long time you can't learn from somebody else because you surely can but that's one of the goals that when we started node expo was obviously we want to provide quality education and content but we wanted to create an environment where people could connect and especially this year reconnect with folks that haven't seen and just build that note community so you know at least once a year that more than likely the 10 or 12 people you want to connect with and see face to face you'll be able to do that and then on top of that is our exhibitors and sponsors because sometimes it's great that you know i go to a conference and i see nathan at the ironman or i see dave but i may never have really met my loan servicer face-to-face before right i just keep writing them a check every month or they take their money out of my check i don't you know i don't get the chance to write it until they take it first uh and i never really know them i may have talked to them on the phone or i may have been in their portal and and things but getting to put a face you know to the name and getting to know them and realize that you know there's people behind the ira companies the loan servicers the property prez uh the software platform people i mean i think that's what yeah another great benefit of an in-person type conference yeah absolutely i like the fact you said that you know even the the the seasoned investors can learn something from newbies right i've been so many scenarios where either i learned or i taught somebody that i'm like wait how do you not know this and i think and i was talking to shantius the other day and the combination was like listen there are so many nuances to our investment space that we can't learn everything right we had a whole webinar about fbi insurance right after i had a debacle not understanding stuff um texas heloc laws right or different from everyone those texts are foreclosed but you don't realize that if the heloc there there's a there's a judicial process and these little nuances you will not learn unless you're networking with people or you go through it yourself and yeah because that's not fun and you can you can avoid a lot of trouble if you get somebody else's experience and go oh good to know okay yeah yeah i'd like to see you build your own network you know through the events like node expo and um i know one of the things dave you're going to be on a panel with us at node expo just about you know how you can build your note business on social media so uh and you run a very active facebook group and stuff but when i i cringe sometimes when i because i'm in a lot of different groups and i'm like they're asking questions and not really knowing anything about the person who's responding you know what i mean as far as a uh level of knowledge right because i don't want somebody's hot sports opinion i want the truth and i'd rather refer you to it but this is the default attorney i use use him rather oh i don't think you have a chance of getting your money back you know we don't need editorial comments we need stuff like that and i think in fact you can weed through that by connecting with vendors at these events and things like that and then you can just pick up the phone and call nathan and say hey you know and then ask him this question or whatever so yeah you make a good point there's a lot of people with a lot of opinions in space but you want to listen to those people who know what they're doing and they're they're smart in that space right don't ask me about servicing right i can give you my opinion about things but i'm not a servicer right we we all have our strengths which is interesting because the network of all of us you know grows as a better person i'm stuck here you know just because someone's newer they may have that they brought into the space that we don't know about and we're not good at in that networking connection one of the things i encourage people to do is reach out to other people in other parts of the country if you have a property in their backyard and say hey listen don't call the agent don't call this person call an investor hey what do you know about this area and they're gonna say hey listen stay away from it blah blah blah can you pull me some comps they probably have an agent friend or no value what that property is so that connection can over sometimes succeed you because of having that network of people you trust i mean you go to a restaurant based on your opinion you don't go to a an agent go hey can you recommend a restaurant right so that reviews of another investor who experiences it is sometimes invaluable to me so these conferences allow you to connect with people all over the country to also know what's happening in the area hey dave i have an influx of people moving here values are probably going to go up those kind of tidbits you're not going to learn by just jumping on a social media platform but in the social media platform you have to be careful who's responding who's knowledgeable and what are they actually doing or selling behind the scenes yeah you know when we're talking about vendors too one of the most valuable things that i've uh it's kind it's here's your your cheater backdoor approach so you go to a conference one of the one of the vendors that you'll always see there is an attorney right you can call your attorney and talk to them for 20 minutes half an hour and they'll charge you 100 200 or you can go to a conference that you've already paid for go and talk to that attorney and do it for free so just just a little tip you can get a lot of really good um solid information and guidance for free because they're they're trying to win your business but but they haven't charged you anything yet so that's that's a good way to go and we always say don't be afraid of approaching attorneys or investors absolutely conferences i met erin quinn at one and i was like who was she and now iron queen's one of the people in the group that we talk to the most um about her questions because she's willing to talk and we talked before about this last week you know i don't care how new you are you could walk up the bob and say hey i'm joe smoke i'm new to note investing he's not going to push you away even if he was at a different conference the community is such a nice relaxed comfortable situation that approaching people in a space at a like a note expo is easy so bob who can you share a little bit about one of some of the topics you guys be covering how are you guys handling kovid and all the kind of questions that people may be having well obviously our our uh concern has been raised over the last 30 days you know as it seems like this uh delta variant is becoming more at least talked about but you know as far as covet is concerned you know we're following what goes on here in the state of texas which i don't have to tell everybody that we're probably one of the more looser states on that uh but also the hotel you know the event will be at the embassy suites just outside the dfw airport umc sweets is a well-known chain it's part of the hill brand so there's certain protocols that they put in place um but it will be in person at this time we have no intention of live streaming any of it just because we want to encourage folks to come um we will record it so if somebody wanted it afterwards it would be available um but you know we want everybody says they start asking me almost after the last notice but what are we going to talk about next year well i mean obviously if you asked that 2019 i would never would have said oh we're gonna talk about a pandemic right so we try to get the most relevant information at the time right so node expo is always the first weekend in november right so okay we're about 60 days out so we're dialing in the mpl talk the social media talk um the creative financing how are we you know how can we work with burnout landlords we're gonna have some strategy sessions on that um you had mentioned earlier dave that you know we don't just talk about you know you're not gonna come there for two days and just hear people opine on different strategies of how you can become you know rich and famous or whatever we talk about other areas i mean we talk about the entrepreneurial mindset how can you wake up every day go to your office down the hall wherever you happen to work from and just stay motivated which is another reason if you're out there working from home and you're pretty much a one or two man shop you need to be around people yeah you need to go to a conference if nothing else for a break i mean i mean you need to just get out there and you know say hello and meet new people and say hello to your old friends and whatever but you need to get out there because on one hand it's the beauty of the no business you work from anywhere right you could be sitting on the beach you could be in canada you could be wherever you want to be yeah that sounds all great and sexy but then when you realize after you know six months you haven't met any other human being you know in the note business then it's time to get out so um a couple years ago probably about five years ago we started what we call note talks so it's like ted talks except that that's trademarks so we call them no talks all right it's where people get up there for about 10 to 12 minutes and just tell their story you know inspiring the audience about you know i got in the note business and i did this or you know i was able to provide for my grandkids because now i set up a you know a college fund for them in my in the uh or a uh self-directed ira as soon as they were born so they have this and so forth so we'll hear that um people that have been working on wall street and got burned out and moved to puerto rico i mean you're going to hear a story like that um you know so we got we got things like that that we're going to hear um we have a couple accounting and attorneys like jeff watson will be there and he's going to talk about investing in your self-directed ira and how important due diligence is you know a lot of people they have money in their ira and they decide well i'm gonna buy an mpl well there it gets a little tricky when you buy an npl in your self-direct ira because you're not supposed to be actively managing that right you can make oversight executive decisions um but we all know when you buy an npl even if you only pay 20 grand for it there's going to be more cost and all that money has to come out of that same ira account so it's funny you mention it so i would say one of the nuggets i got out was sitting in jeff watson in a room and i said listen i know that iras and oh what's up i walked out learning something from that one session that i changed as soon as i went back home i didn't realize that you know personally you can't do a deal with somebody and do an ira deal with them um i figured hey listen they're not my spouse not my parent not my child we're good i had to change a lot of my deals because i had a situation where we're jb you know in a company with someone and also personally david ira i'm like so there's so many little nuggets i encourage you experience or not just listen because you're going to get the information maybe a comment is said on the side um and being around the people listening to things it's not to hang out right we're gonna hang out and go to the restaurant but but make sure you're hanging out and talking with other investors and i encourage people like we said last week sit with people you don't know see people that you know aren't familiar with and just introduce yourself but also get with people you do know you haven't seen a while and ask them what they're doing um yeah one thing we've always done at node expo is we've always had the breaks and the lunches in the exhibit area where the vendors are right so we make that the hub of the event so during the breaks during lunches and during the friday night welcome reception everybody is around there right so you're able i don't know maybe there's 10 people at a round table i think that's what you have right so i agree if you ate with these eight people on friday eat with eight different people on saturday right just meet different people and and network and and we try to keep everybody in there and then like you said at night you can go to dinner go do your own thing and whatever but during the day we try to have what we call a captive audience of course you know so that they can all get together and meet great and hear good stuff that's it that's it so um so everyone who's tuning in um bob can you tell everyone where the conference is at where located um where they can get i'm gonna post where we can get tickets from in the feed i'll post it on the youtube channel as well uh but where when is it where is it what location we're going to and um what can they expect for investors who are new walking in the front door what's that experience it'd be like for them okay well first of all it's november 5th and 6th all right we say it's in dallas texas but it's really in grapevine texas all right which is if you've ever been to the dfw airport if you go out the north exit it's like five minutes away yeah all right it's at the embassy suites there free shuttle uh probably a five dollar uber ride although these days it might be seven dollars um embassy suites always gives you a free breakfast in the morning which is always great um so it's at the embassy suites and if you were to look it's the dfw grapevine hotel um november 5th and 6th it runs from about 8 30 on friday to 4 o'clock on saturday afternoon some folks will stay over to sunday because uh dallas cowboys have a home game they're playing you know that's one that we put a w by already so oh we're hoping we say that um but if this is your first event i mean you're going to come in there and to be honest with you i mean you may be a little overwhelmed you know you go to the registration you tell them who you are get your name badge you get a a tote bag from our friends at paper stack who are sponsoring the tote bag this year and um you'll get that you'll see the exhibit hall doesn't open on friday until 10 o'clock right so we want to get you into the opening session um and one thing we do during our opening session is um we present a lifetime achievement award to somebody who's been in the note business okay so we've got somebody that probably everybody who's listening has heard of they're not related to our business to our company in any way but they're their company is well recognized anyway i can't give away supposed to be a surprise um but anyway that's how we kind of just you know talk to somebody who's been in the business a long time and recognize that you know their contribution so that's that's the way we kick it off um then we have our keynote address and this year it's going to be sean mccloskey he's from st louis he's a real estate investor he's a entrepreneurial motivational speaker i mean he's not going to get you stand up new jumping jacks but he's going to get your blood pumping anyway he's a very energetic guy by that time the exhibit hall will be open and then you'll be ready to enter that and again you may be overwhelmed there's going to be 25 30 booths to go to um but you just work your way around and you go i'm on the loan servicer i'm going to go talk to ally i'm going to talk to fci i'm going to talk to security national you know whichever other ones are there and you're just going to work your way you're going to look out for find dave find nathan uh say hello and you know you'll meet people and then you'll say hey let's grab lunch and then you go back to exhibit hall lunch sit down table and um just get to know a lot of people over two days so that sense of overwhelming will be gone within the first 30 minutes but yeah you know when you first get there just come on up and if you've been there before you know the drill so just like you have no usually have a name tag on there so utilize that name tag to kind of look around and see if you recognize a name maybe online or servicer you talk to or just somebody you've spoken to before so just recognize things you know make sure you have business cards or some kind of way to share your information i know there's let me add let me ask you we have a node expo app so when you're there you can register on your app and you can put your name in there and you can say make it available to share so if you're on there it's kind of like a directory right but i can look up dave puts i can ping you and say dave i'm going to be at the no school booth during the break come see me and you'll have that so you'll be able to look at the role and as long as that person right you know puts their name in it we don't put it in form because some people may not want it on there but if you let folks know you can say well let me see if nathan's here and then you find him and you say nathan i'm here i'd love to meet you at the registration desk at 10 o'clock so it's kind of like a networking app it also has the agenda on there so just like oh i want to go here bob talk i better be in there by 4 o'clock or whatever so we do have an app um once you register i think about 30 days before we send you the link from downloading the app and entering your information they'll have a list of all the speakers all the sponsors it's it's a pretty slick app yeah that's awesome and guys i definitely encourage you get dinner i'm gonna be down there thursday night um i think i'm leaving friday evening or so i'm just juggling my schedule and all the stuff uh we have something sunday afternoon so i'm just trying to figure it out um get down to the night before if you can um it's a good conversation i'm sure people will get around the restaurant bar area just kind of socialize um and reach out to us um granted there'll be circles of people talking because we'll kind of be circling up i'm sure you'll see that but nudge your way in just hey guys we'll let you know if we're just talking private talk or not already but just nudge your way in and say hey guys i'm i'm bob smo and whatever i'm sally i'm new to here just wanted to get i guarantee you can get in there and talk to us it's just what it is right we just connect to each other i haven't seen nathan forever i haven't seen bob forever and we're going to talk and say hello but no problem coming in just shaking hands with us so set that up make sure you get part of it so um it's awesome bob i think that i post the link in the feed a lot of stuff so people can get in there um if you have additional questions feel free to me reach up nathan or reach out to bob all the different social media platforms are available you can check out the the event online i appreciate you coming on this friday afternoon it's actually nice in jersey it is a holiday weekend um and look for the kids going back on tuesday i know your kids are your your area texas they go back a little early tonight but my kids are out there like playing basketball and keeping busy my kids get up and go to work every day all right so uh unfortunately i'm through with the the school-age kids and uh maybe one day i'll have some grandkids that go through that but right now both both my kids are uh adults and they are living the dream yeah you know i know nathan you have younger kids too nathan your kids back in school yet or our kids started two days ago on the first so they're they're in and they're actually enjoying going back and being in person and all that kind of fun stuff so it's been good i often forget that your holidays don't merge with ours all the time you know it depends on the school board we've got our school board starts on the first the other school board starts uh day after labor day but whatever yeah all works out in the end well bob i appreciate you coming on here tuning in and checking out what we got going on um and being part of what we're we're trying to do is keep that knowledge and experience with people so they can know where to turn for information we're in conference alley now time to jump in and get your hands dirty introduce each other swap information and just get out there and network awesome i appreciate you guys having me on and i look forward to seeing you in a couple months at node expo yeah you bet thanks so much bob.