I'm buying an Apartment Complex Part 2

本站添加: 2026-05-12

[00:00:00]We're going to Tallahassee, baby, because they found us a deal. And today, we're going to go look at our next property and see what's it all about.

[00:00:11]WE'RE PARKED NEXT TO GRAND CARDONE.

[00:00:14]WE'RE BIG SHOTS TODAY.

[00:00:16]>> Don't tell him about the deal we're going to go look at or he might try to steal this.

[00:00:20]>> You know, I have flown on him, especially in the army. I'm not a big fan of them.

[00:00:32]He brings out the millionaire nice little cart and wait till he sees what the hell we're pulling out of there. You put ALL THIS SHITTY EQUIPMENT IN MY PLANE.

[00:00:41]>> Come on, guys. Let me ask you, is this the first time you've ever seen people pull plumbing equipment out of a jet?

[00:00:46]>> Nope. Not really.

[00:00:47]>> Nope. What's the weirdest thing you've ever seen pulled out of a jet?

[00:00:52]>> Dogs.

[00:00:53]>> Dogs.

[00:00:53]>> Dogs. Oh. By themselves.

[00:00:55]>> Yeah. Like no passenger, just the [ __ ] dog.

[00:01:00]>> Ned Roberts here with RPH Multif Family Group of Marcus and Milichap. I'm here with Ben Mala. We've just arrived. This is a real estate military mission and we got all the troops right there. We're going to this building and that's going to set us up with a good deal. Got our buddies from Tampa Bay Plumbing here.

[00:01:18]They came all the way with all their equipment, but today to us they're not plumbers. Today they're doctors and they're going to give this building a colonoscopy. And you know what? Run one on Ben, too. While you're at it, my sons have finally smartened up and they're hiring me to consult. So, I'm going to come out to the property. We're going to assess the situation. We're going to look at what we're paying, how much money we got to put into it, where our numbers are going to be at once we stabilize it, and how much value add can we add.

[00:01:54]Some people come here to get educated.

[00:01:55]Vincent came here to get medicated.

[00:01:57]>> It wasn't a total loss. Look where we're at now.

[00:02:02]>> All right. So, here we are. Today is probably the most important day of buying an apartment building. Why?

[00:02:09]Because today we're evaluating what do we need to do to this place to get it right. That's why I came prepared. I got my expert contractor here. He's going to come in here. He's going to figure out everything we need to do. We got management here. Paulie, he did a great job in the other building he's at now.

[00:02:24]>> What are you going to have cars way out there and then if they get blocked?

[00:02:27]>> What are you talking about?

[00:02:28]>> We're going to have parking stops put.

[00:02:30]Ben, >> fine. All right, fine. My god. You're making a big deal about [ __ ] >> I'll pay somebody to get it get it get it out.

[00:02:36]>> But he's ready to move on. He came in.

[00:02:38]He got busy. He got the place done. And now he's ready to move on to the next project because who knows how many jobs we got left in his old ass.

[00:02:47]>> Not even one. You ain't retiring yet. As long as you're breathing and walking, you're working.

[00:02:56]>> So, Ben, some of them they have a fan right here and you push the button and the fan blows the air out, which is really >> no ceiling fan. I don't understand this drop ceiling [ __ ] >> Yeah, they >> all the units have this >> access to plumbing.

[00:03:11]>> Not all of them.

[00:03:13]some of a lot of them, >> but it don't cost us [ __ ] to come in here with new panels.

[00:03:20]>> I mean, it's good for access, you know, cuz you can easily access all the pipes and everything and it's pretty inexpensive to come in and replace these.

[00:03:29]>> It's just the problem is it sucks up moisture, Dad.

[00:03:32]>> Yeah. All right. So, because of the AC issue, I mean, it may be kind of tacky, but I don't think so. If we just >> We just have to run the damn molding.

[00:03:41]>> Yeah. with the wire from an outlet >> and run it there.

[00:03:45]>> Honestly, what I would do is you wouldn't see it. I tuck it in the wall cuz that's sheetrock. It's going to come out and I'll just tie it into the power and I'll do a pool cord. Your biggest problems are this [ __ ] No baseboards.

[00:03:57]Okay. It makes it look tacky. We got to throw baseboards. And this corner is nice, but in every other apartment, this is separate separated and ugly. It needs to be all molding.

[00:04:09]>> Yeah. Maybe a quarter round. Yeah, >> maybe just some quarter round. Not We don't want to go crown and all.

[00:04:15]>> Obviously, we're doing floors.

[00:04:17]>> Don't look at this unit.

[00:04:18]>> Yeah, I know. This is This is what we're doing.

[00:04:20]>> Don't look at this unit. I got to new countertops. White wash or replace the bottoms. Most of them are replaced.

[00:04:26]Every vanity is a replace. Everything is a replace. I mean, honestly, if we're going to go that far, we should just replace. Tops we might be able to get away with, but a lot of them are like eaten up on this [ __ ] Is not is not nice. This is rampant on the property.

[00:04:40]This is just horrible. All this because and once water gets in there, this thing warps and the wall doesn't.

[00:04:47]>> So that's rampant. And then >> we need to add another exactly. Thank you. A skinny >> a little skinny and an upper.

[00:04:54]>> Yeah. You know how much that little cabinet cost at 90 to make them or something.

[00:04:57]>> 400 something.

[00:04:59]>> We'll just do a blank. We'll just do a blank. We'll put a countertop and blanket.

[00:05:03]>> Fine.

[00:05:03]>> What's that box for?

[00:05:04]>> Uh that was the old uh fire, I believe.

[00:05:07]Yeah, >> there's no fire systems here, right?

[00:05:10]>> No, >> which I'm That's why I'm waiting on Were we able to get a copy of the actual fire marshall report from >> They looking for it. They were looking for it.

[00:05:18]>> No dishwashers. No dishwashers in the concrete or anything like that. No dishwashers.

[00:05:22]>> What do you think about that?

[00:05:23]>> You do have room to add a dishwasher here.

[00:05:28]>> No, you just you can, you know, kids don't have a lot. If you give them uppers, then you don't need a lot of bottoms, >> right? So, you can put a little dish here. Huh?

[00:05:37]>> Counter space would be nice.

[00:05:38]>> They did a pretty good demo unit here. I mean, the unit is the unit, right? But you're going to want snacks out like they have. You're going to want pictures of the property playing in the background. You're going to want nice waters in the refrigerator in case. So, somebody's Look at that. I mean, this is actually they're doing it right. Okay.

[00:05:57]This is how you want to do it so that you can have all this stuff. There might even be an ice cream in there. See, I used to do an ice cream. Okay.

[00:06:06]All right. I mean, just so does you just want to fill the unit to make it look like somebody lives here to make it people to imagine what their apartment would be like when they move in, right?

[00:06:16]So, you want to organize it, not have a bunch of junk in it, make it look contemporary, nice and and and neutral.

[00:06:22]No flashy colors. Everything neutral, cuz somebody might not like lime green, you know? So, everything neutral, grays, browns, whites, things like that. We're buying this property and we're going to need to find some really good staff.

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[00:08:00]>> Where'd they go? Upstairs.

[00:08:01]>> Yeah, we're going all the way up, guys.

[00:08:03]>> Oh my god. Where's the elevator?

[00:08:06]>> Oh [ __ ] There goes my knees.

[00:08:11]Why is there a hump in this?

[00:08:14]What causes hump like that? It's just settling or >> No. So, what happened, Dad, is underneath it, the pan has rusted. Okay.

[00:08:22]And then water gets in between it. And when water heats up, it creates vapor.

[00:08:27]And that vapor is pushing and and rusting and it's just it's popping.

[00:08:31]>> What are we gonna do?

[00:08:32]>> I'm gonna fix the pan underneath. I'm going to crack this up and repport it.

[00:08:35]>> So, this has to be reporter.

[00:08:37]>> Yes.

[00:08:40]>> That [ __ ] up. Rock told me. No, I'm just kidding.

[00:08:43]>> See, this is what I'm talking about. And then this is a major like settlement from the roof. I don't know if it was caused from the roof leaks from prior.

[00:08:52]We know we need roofs. I need roofs.

[00:08:55]That That's >> This is the one building that does not have the newer roof, >> right?

[00:08:59]>> So, this is what we have to do.

[00:09:01]>> I I highly recommend >> dishwasher.

[00:09:03]>> Dishwasher. I >> I agree.

[00:09:04]>> With a counter on top of it.

[00:09:05]>> Yes, sir. See, that's what we need.

[00:09:06]>> Yeah. Let's get the fan. Yeah.

[00:09:08]>> Yeah.

[00:09:08]>> It's got to hide the wire better.

[00:09:09]>> And then this is We got to buy a bunch of these. I need 181 of these things.

[00:09:13]These are fans that plug in and pull the air from the living room into this room.

[00:09:18]Six panel doors. I mean, I don't want to go overboard, you know, but you see the crown mold. I mean, the baseboard in this unit, the difference it makes.

[00:09:25]>> Like this wall probably >> is sheetrock, not that panel in wood.

[00:09:28]What about texturing these?

[00:09:31]>> I wouldn't The brick is in now. It's a new style.

[00:09:36]>> Yeah, I I agree.

[00:09:36]>> It's like the what do they call that?

[00:09:37]Loft style.

[00:09:38]>> What I I agree. What I'll offer is five different colors that you can pick from and I'll accent your wall for you >> cuz that makes it look good. replace electrical outlets and then window seals. I'm a little afraid of these.

[00:09:52]There a lot of them are cracked and broken on the outside.

[00:09:55]>> Yeah, but they're serviceable.

[00:09:57]>> Yeah, they're service. Careful. These are just roller wheels that need to go in it. All these need to be cleaned.

[00:10:02]>> Look at this [ __ ] It's all [ __ ] up.

[00:10:04]>> Yeah, but as long as the windows are working.

[00:10:05]>> I mean, they don't work.

[00:10:06]>> Nobody ever uses them.

[00:10:08]>> No, they don't work.

[00:10:08]>> As long as we can fix them though.

[00:10:10]>> They don't work. But the frames are here. So right here, instead of doing a pool and all that, the biggest thing is the gate. You got to find a way to put a gate here. Close it off. It's just it's better. Trust me.

[00:10:24]>> There's a river coming.

[00:10:25]>> People are coming to look for places for their kids to stay in Tallahassee.

[00:10:29]They're having a gate.

[00:10:30]>> This one was an eviction. They skipped this morning. So I haven't walked it for anything.

[00:10:34]>> Oh, those are our favorite.

[00:10:36]>> Okay. Very good. Skip.

[00:10:43]It's not leaking. We're just going to fix it up. The >> sink's clogged. Power's off.

[00:10:51]>> Same [ __ ] Ceiling and everything. It's just a bad [ __ ] job. This tub needs to be resurfaced. And so this vanity is decent.

[00:11:01]Hard to check the power right now. Make sure nothing's leaking. Make sure there's no holes.

[00:11:06]>> What does a skip mean? Skip means that the tenant moved out without telling us.

[00:11:11]It means that the tenant was obligated to stay here for longer, but they decided that they were leaving, most likely because they didn't want to pay rent this next upcoming month or because there's so much competition out there right now, they probably got two free months down the street with zero security deposit for the same rent.

[00:11:32]That's the problem. This is normal for somebody who does not want any of their deposit back to leave an apartment like this because I charge $50 to $100 a garbage bag. Do you know how many garbage bags I can make out of that one desk?

[00:11:49]>> Okay.

[00:11:50]>> Hey Ned, I mean that's that's life safety.

[00:11:54]>> They're missing a work order that should be done. I I don't Tenants don't put those work orders in, right? Yep.

[00:12:00]>> That's maintenance management. Thank you.

[00:12:07]This one's sturdy, but not a lot of them are.

[00:12:09]>> But they all need the rot addressed >> cuz they won't be sturdy for long.

[00:12:16]>> Modern.

[00:12:17]>> So, roofwise, what do we need?

[00:12:18]>> This roof is good, which is this three buildings. You can see it basically there.

[00:12:23]>> I'm going to tell you right now, it's starting to see new one, a new one, and a new one. And there's a reason why we're seeing them popping >> because they're [ __ ] so old. They they they >> scattered if you notice. easier to replace.

[00:12:33]>> New window, new window, new window, new window, window, window, window.

[00:12:36]>> Easier to replace it. The window is a standard $300 window and you start fighting with that old ass window.

[00:12:41]>> Installation everything is going to cost you.

[00:12:42]>> Yeah. Not if you get maintenance minimum >> if they can.

[00:12:45]>> Yeah.

[00:12:46]>> Changing the window can,000 bucks. If you're interested in doing this type of stuff and buying places and fixing them up, go to benmal.com. Consult with Ben.

[00:12:55]Get me on the phone and let's see if you can do it. It worked for us. It can work for you. That's it. Go. Hey, >> princess. Come here. Come here.

[00:13:06]>> Princess.

[00:13:07]>> Hey, come here.

[00:13:10]>> Princess here.

[00:13:11]>> Come back. Come back.

[00:13:12]>> Princess, >> come back.

[00:13:15]>> Princess, come here.

[00:13:18]>> Princess, >> you got to go pee.

[00:13:20]>> Sorry about that.

[00:13:21]>> Hey, that was great. Mr. Roberts, >> number one, how long ago were these new staircases put in? And can we get the copies of the invoices? We have already sent you the copies of the invoices. Uh, a lot of them were around 2017 and 2018 and they had very good pricing on them.

[00:13:38]Um, now obviously costs have gone up, but it was they they were they were reasonable. That one over there, I think there was about three or four that were completed and we've sent you all the invoices. We've also sent you all the invoices for recent window work so you and so you can know the vendor window sizes and all that.

[00:13:53]>> Okay. Very good. We will definitely be reviewing it today.

[00:13:58]>> Very good. Hey, do you like this? They painted.

[00:14:01]>> Like what?

[00:14:02]>> You like the paint?

[00:14:03]>> Yeah. Once you paint it, you got to keep paint it.

[00:14:06]>> This one? No. We found that really good polyurethane paint that we use at John's Pass now. It holds.

[00:14:12]>> This place is almost as old as I am. And for once, I think I'm in better shape than the building. So, you know, listen, it is what it is. If if it didn't need work, we wouldn't be here today. Now, we got to determine how much work does it need? What kind of money we got to pump into this place? You know, we're gonna get a nice discount. That broker is going to be very pissed at me by the end of the today. I can guarantee it.

[00:14:35]>> We got to seriously sit down and go over a rehab budget >> and see if we really want how far we want to go and what's worth going, >> right? That's what's worth going.

[00:14:44]>> Plus, the new windows are good for the AC units, too.

[00:14:47]>> Not just the brackets.

[00:14:48]>> And the new windows are good for a resale.

[00:14:49]>> I don't know how many new windows there are already, >> but you're going to drop at least 300 grand plus in new windows for this whole place. Jesus Christ.

[00:14:57]>> At least minimum deducting for the new windows and it would have been normally >> 380,000 >> installed.

[00:15:03]>> Yeah, of course. So, you know, >> but the good thing is they're easy to get to.

[00:15:19]>> Yes, sir. What's going on?

[00:15:20]>> I mean, I'm really trying to get to the Is there any possible way we can trace back? I think I don't know. He They claim he's owned it since the 90s.

[00:15:29]>> Yeah.

[00:15:30]>> Is there any possible way we could find out what the hell he paid for this place?

[00:15:37]>> I've got a certificate of occupancy we found from um when he built it. I think that was from back in like Yeah. He built this place in the '9s.

[00:15:50]>> Yeah. Now I can try and find the deed from when he um >> I really really want to know before I come back and try to retrade this guy.

[00:15:57]>> All right. Let me get on it right now.

[00:15:58]>> You can do All right. Thanks.

[00:15:59]>> Yep. Okay. All right. Bye.

[00:16:00]>> Bye.

[00:16:01]>> I mean this Listen, let's face it. This place is built is almost as old as I am.

[00:16:06]Okay. So, this place is built in, you know, early '7s. Eventually, everything old has got to be rehabbed. It's just like human beings. You know, Paulie might need a damn uh heart uh transplant soon. I don't know. They say they putting them in, they're taking them from pigs now and they're putting them in people. I think he'd be the perfect person for the pig heart transplant.

[00:16:26]>> The tin >> kind of looks like a pot belly pig to me. Uh, you know, it's just like anything else. When things get old, you got to keep rehabbing it and bring it up and extend the life. We're going to take this older place. We're going to extend the life in it by making improvements.

[00:16:41]Value add. We're going to take something old and make it compete with something new. That's what you do. But so far it's a pretty quiet atmosphere except for that dog barking. No, Little Ben was going up the stairs. I was doing the first floor, right? I open the door to the apartment and there's a blowup doll laying on the floor like this, right? So I come running out. I goes, "Call 911.

[00:17:01]Call 911." Right? And then he comes running down, right? Who knows CPR? I go, "Who knows CPR?" He pushes the broker out of the way. He comes running down the stairs, runs into the apartment, and there's the blow up the hall.

[00:17:11]>> And you still blew it.

[00:17:12]>> All I know is he got me that day.

[00:17:15]>> I did take CPR. did take CPR at one point. I am like certified.

[00:17:20]>> That's how he picked up girls.

[00:17:22]>> And that was at the student.

[00:17:23]>> You wait for them to pass out and give them CPR.

[00:17:26]>> Exciting. Yes. Depressing. Yes. I mean, this is the time where you are exploring everything that needs to be done on the building. The the the money is made on on the buy, right? So, you make the money on the buy. You kind of already know what you're going to do, how much you're going to spend. So, I already have a number in my head that I think I'm going to be able to make. Everything that this plumber discovers just takes away from the bottom line. So, it's exciting. But, you know, I got my brother. He's going to handle all this stuff. Vincent's going to come out here.

[00:17:57]We got crews. We know how to do it. And he's going to handle it all.

[00:18:01]>> No, you're kicked out of this [ __ ] place.

[00:18:04]>> So, at this point, my job is management and his is maintenance.

[00:18:08]>> Tell me. Looks like the fiber optic guys k mother. They went straight through the plumbing line.

[00:18:15]>> Yeah, >> they bore that.

[00:18:17]>> So they don't know they hit it.

[00:18:18]>> They don't know they hit it. And so that's just going to keep blocking up and backing up and backing up. Can we get the m property manager over here and Ned and everybody so they can see the fiber optic cable that's running through my sewer system? I have never never been into a property where they did that.

[00:18:35]>> Your fiber people went right through your sewer, did they?

[00:18:38]>> Yep.

[00:18:42]Oh, >> what is the solution? The >> solution is to call them and they need to fix it. And if you send them a photo like that, they'll come out and fix it all. The >> biggest problem we have these days >> is the costs >> and materials and stuff and labor is not like it used to be. It cost a fortune now, you know, and plumbers. Let's not even talk about [ __ ] plumbers what they charge. Rip >> everything is like more than double what it used to be.

[00:19:05]>> It's true. I mean, there's no disputing.

[00:19:07]and with the tariff [ __ ] and the price of gas.

[00:19:10]>> Roofing's going up. It's all petroleum based.

[00:19:12]>> And honestly, I'm not impressed with a lot of his the tenant profile he's building. It's a C it's a very C-class to me. It's an older building, but I think because of the location, you know, you might be able to get a C+.

[00:19:25]The numbers got to work. And we got to be prepared for the worst when you're dealing with 50-y old buildings.

[00:19:31]>> I get it. Now, you ready for the bad news?

[00:19:34]>> Sure. that we're going to wait until we got him in the plane.

[00:19:37]>> Oh, yeah. Cuz then you can't really wig out or get mad. All right. All right.

[00:19:42]>> What you got?

[00:19:45]>> They're going to make me wait.

[00:19:46]>> I mean, listen. You know, listen, it's business and it's a game you play. You know, we got to play the game the best we can. He's got to play the game best he can. Okay? You're just a guy stuck in the middle.

[00:19:56]>> That's fine. That's what I signed up for.

[00:19:57]>> You know, so it is what it is. I would like you to, even though you're not going to want to, I'd like you to go back to him and say, "Listen, you know, I came out there and took a real hard look at it. I started calculating what it's going to cost me to bring that building back to life and and changing the tenant profile is definitely going to be a priority of ours."

[00:20:16]>> Now, you want me to do windows.

[00:20:17]>> We're not going to >> I didn't know he wanted me to do windows. That's like half a million dollars >> cuz really this is their deal.

[00:20:23]>> Sure.

[00:20:24]>> But I can't I got to set them up for success.

[00:20:26]>> Uhhuh. Um, I would be prepared to go hard tomorrow or today. 8 million in cash, quick deal.

[00:20:36]We'll close the thing as quick as he wants. I'm just saying go to him with that. Say, listen, it's a bigger rehab than they thought. The market's coming down and um >> he will go absolutely bananas.

[00:20:46]>> I know that, but they cuz he's a probably because I can see where he runs his properties. But maybe he'll come back and we can maybe meet somewhere that we can hard done tomorrow. Give me clean title and get the [ __ ] out of here.

[00:21:02]>> You agree, Ben?

[00:21:03]>> I agree.

[00:21:04]>> You agree, Vincent?

[00:21:06]I'm just saying sometimes you got to piss people off to get them to play ball. The only thing that place has going for is is the location. And uh we definitely want it. You know, we're in a 1031. It's not going to make a major difference on a 1031. I mean, that's what I'd like you to do. Or if you want my lawyer to do it to keep you out of the bad being the bad guy.

[00:21:25]>> That's fine. I'll do it.

[00:21:26]>> I'm just saying that's where I like to start.

[00:21:28]>> I understand. I I hear you >> because I know for a fact we're going to come in there and we're not going to renew a lot of those leases.

[00:21:34]>> I'm not.

[00:21:34]>> We're not.

[00:21:35]>> Okay. I'm sorry. We can't I don't like the tenant profile in there. I don't even want to know what the screening they're doing there. And I don't like the fact that, you know, the place hasn't been managed for a while.

[00:21:44]Basically, from a business point, that makes the most sense to me. The >> problem is we played that game in the beginning or we went down and then >> the game's never over till it's over.

[00:21:53]>> You're damn right it ain't. But >> but I know one thing. I know I can call my lawyer right now and say go hard with all the money to close and uh non-refundable, none no contingencies.

[00:22:05]No, we got clean base on it.

[00:22:07]>> I always look at retrades from a perspective of what you know you kind of knew when you made an offer versus what you find out during DD.

[00:22:14]And you know, roofs, window ages, railing, stairs, all of that was visible.

[00:22:20]>> And the interiors are suck. They shot.

[00:22:24]>> We're doing inside. We're doing outside.

[00:22:25]We're doing landscaping. We're doing tener profile. We're doing everything.

[00:22:28]It is what it is, you know.

[00:22:30]>> But that's what I propose. And we're willing to close right away. But we're going to have to this guy a little.

[00:22:38]>> The market's tough right now. Banks aren't being that generous. And you know, people are rather paying the tax on their 1031.

[00:22:45]>> It's a It's going to be a pride issue.

[00:22:47]It's going to be a >> That's the problem. No, I can tell you right now, I know exactly the kind of person we're dealing with.

[00:22:52]>> I just I don't know. I would >> He's a big boy.

[00:22:55]>> If we could keep it to like, >> you know, I I I feel like a million would be, you know, digest.

[00:23:01]>> That leaves me no room to negotiate.

[00:23:03]Okay. I'm I'm telling you, I know his mentality. I know his personality. You got to you got to you got to just come in, give him a reality check, and then you make nice and you'll find a meeting place. But >> you know, we offered eight in the beginning.

[00:23:16]>> Did we?

[00:23:17]>> Yeah.

[00:23:17]>> Well, that's what cuz it's work. Try getting a [ __ ] insurance policy in that place.

[00:23:22]>> You're not getting one. I already tried.

[00:23:24]>> What did you quote on insurance? Do you know?

[00:23:26]>> I think we were in right right around,00,100 a door. 200 grand a year. 200 grand a year for [ __ ] insurance. One and a half months worth of rent just to cover insurance.

[00:23:39]>> You still want to get on a plane with us, right?

[00:23:41]>> I might walk home.

[00:23:45]>> Oh, we didn't catch this. At least let's leave it clean.

[00:23:48]>> Everybody take your garbage.

[00:23:49]>> I He said it's going to be perceived that that was the plan all along.

[00:23:54]>> Listen, listen. We We We're not [ __ ] around here. We're spending time on We're spending time our time, their time, planes, >> you know. I mean, we're not doing this to just to jerk the guy around. which, you know, we're serious.

[00:24:07]>> I mean, you got to understand when the professionals look at it, my dad has way more experience than I have. So, when he says windows need to be done, they need to be done, right? So, that's a professional opinion. And so, I've had during my due diligence, >> okay? I've had professionals come out.

[00:24:20]I'm giving you the ammunition.

[00:24:22]>> You know, those brackets on on the railings, there's about a thousand of them.

[00:24:26]>> Yeah.

[00:24:26]>> They all got to be redone. They got to be corroded. That's that's on every pit.

[00:24:30]Every >> We have to go to a company. We got to have a thousand of those plates made to go on every bracket. The staircases, we don't know where we're going to be. We got a guy that's going to come in there and cut out welding and if he can weld some, we may have to replace some.

[00:24:44]>> To be honest with you, it's a lot of unknowns. The interior conditions were not what I seen. Okay. What they showed me in the initial tour was nice made ready units. When you walk those units, all the cabinets need to be replaced in the occupied units. All the vanities need to be replaced in the occupied units. All the countertops need to be replaced in the occupied units. We're talking about a lot of interior work that I didn't think I was going to have to do. I thought I was going to come in there turn and the vacancy factor has gone up double than what it was from the first day I was there. We're now at 24 vacancies >> and it's not being managed >> and there's nobody leasing.

[00:25:18]>> Now we're going to get the broker on the plane. We're going to have fix him a special cocktail.

[00:25:25]>> Is that right?

[00:25:26]>> And he's going to start playing ball with us. That's what he's going to do.

[00:25:30]By the end of the day, this guy is going to hate my guts.

[00:25:34]>> How could that be possible? Let's make a deal. Make a deal.

[00:25:37]>> Wait till he hears the offer. All right, let's do it. We're off to the next building. We got the super broker here today flying us around the state looking at multifamily. Here you go, sir.

[00:25:49]>> Thank you very much. Hey, if we buy a building, I'm going to have to send you the plane bill.

[00:25:54]>> I'll I'll look forward to looking at that.

[00:25:58]If you HAVEN'T SUBSCRIBED ALREADY, WHAT ARE YOU WAITING FOR?

[00:26:01]>> I've been saying THAT FOR AN HOUR.

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[00:26:12]Adios, amigos.