How We Sealed The Deal With Our Latest Property | Ep 23

James: Welcome to the Furlo Capital Real Estate Podcast, where we dive into the intricacies of passive real estate investing. And our mission is to equip people to invest wisely in both people and properties so that together we can build our wealth while improving housing. I'm James and this is my wife, Jessi.

Jessi: Hi, I'm here. You're here. I'm a little tired, but I'm here.

James: All right. Well, if that's the case, we're going to move fast so that you can go to bed. That's totally cool. Speed

Jessi: talk.

James: Yeah. So what I want to talk about. Is a house that we have under contract. Yay. Yeah. Yeah. Super exciting. So, I've once again partnered with an awesome guy.

His name is Lawrence. Yeah. Hey Lawrence, I know you're listening. He's, I don't know if he's a number one fan, but I think he's up there. I think he's up there.

Jessi: Yeah, I mean, as he should be.

James: Yeah.

Jessi: This program's incredible.

James: Exactly. And so anyways, we we got a house. And it's under contract. And we're trying to sell it.

That's good. Yeah. I think that's good. Yeah. Yeah. That's the goal. So yeah, let me tell you a little bit about it. So the number one question that I've gotten so far from people is simply, how did you get this deal?

Jessi: Oh,

James: really? That's what people

Jessi: ask you the most. Huh? Why? What

James: would you ask? I would, yeah.

What

Jessi: would I ask? Maybe because you know me too

James: well, but. It's

Jessi: probably cause I know too much, but I might ask like, Oh, like how much was it? And

James: how much you

Jessi: need to raise, and

James: how much it's going to

Jessi: sell for. I want the details, but I'm a detail person.

James: Yeah,

Jessi: that kind of makes sense. Like, how'd you find it?

James: Yeah.

Jessi: I guess.

James: Well, I think part of the issue is, most people, like, they just don't know about all the different ways. Which, honestly, my story is really boring. Which is, there's another guy who called us and said, Hey, I got this lead, could be good, you should give him a call.

Jessi: Yeah. So word of mouth,

James: is

Jessi: that

James: a little warm?

Jessi: Yeah, kind of, kind of, I mean, do you put out feelers? You know, like, just in the sense of like, you know, you're working with your partner and he knows other people. So I'm sure you've talked with people and been like, Hey, we're looking for places. So it's one of those people who has. Yes. Connection with you of sorts.

James: Yeah. He knows that we're looking for pretty much anything. Right. And yeah. So I've reached out to individual brokers. Yeah. And we have called people and, and there's just other wholesaler types of folks that are out there who we've talked to and. And

Jessi: that kind of makes sense. It might be, it might be a deal that doesn't work for them, but they know

James: it might work for you.

Which in this case, it That's what happened. Cool. So let me give you some quick stats of this property. I love stats. So let's see. It's a three bedroom, two and a half bath. Pretty classic. It's sixteen hundred square feet. Okay. So far normal. But it is on point four acres, which is a little bit bigger than normal.

Jessi: That's bigger? I was thinking to my head, wow, that sounds small, but I don't know what the average acreage is for it.

James: is, what is our house? Do you know that answer?

Jessi: I, I, well, it's a corner lot, so I was thinking it was more like that. Point six

James: or more 0.6 or more. Dang, that's a lot. I think it's, you have quite

Jessi: a lot

James: of, let's see here.

How do I, if I were to go to Zillow, which is what I just did, public view, let's see, BU bum, bum. Ours is only 1200 square feet.

Jessi: What?

James: I know. It seems, that doesn't seem right, does it?

Jessi: No,

James: but

Jessi: 12. Okay. The entire lot.

James: No, no. The, the house. This other one. So, okay.

Jessi: The house seems right, .

James: Okay. I can get lot size in square feet, not in

Where's this ai? Oh my gosh. Get to convert. Okay. Alright. Good question. So 91 C, this is 9,147. How many acres are in these many square? Feet, but, but up our house is only 0. 2. Yeah,

Jessi: that's crazy.

James: Yeah. So it's twice as big as like a, and I would say our house is pretty normal. So it's good size. So

Jessi: it, okay.

Twice the size of our lot.

James: Yes. Wow. Yeah. And then

Jessi: you said the house is 1600 square feet.

James: Yes. So the house is a yard. Yeah. Oh yeah. It's got a nice size here. It also has a shop on it and in addition to the two car garage. Okay. So cool. It's big. It was built in 1958. So it's a little bit older, but it's not crazy old.

And I don't think there's anything else that's, oh, it's one level and it's telling me the dimensions of the primary bedroom. That's cool. It's got appliances. Yes, sure. It has, wow, it's got a ton of stuff listed here. Cool. Cool. Oh yeah, lot size square feet is 1780 is 17,

Jessi: 860.

James: So ours was 9, 100.

Jessi: Okay.

James: Yeah. So it's, it's interesting.

It's big twice as big almost. So it's, it's an interesting property. It's got some. I don't know how to describe it. It's not necessarily a fixer upper, but it is. It's not like your classic fixer upper, where it's like, we need to repaint everything, we need to redo the flooring, we gotta redo all the, it's not a gut, I guess.

Maybe that's the right way to say it. I don't know if I would call

Jessi: that what you just described a gut either, though, like, are you tearing down walls? And like, Remodeling things?

James: Potentially like that. No, we're not going to, but like that was, so typically with a, with a flip, you're going in and saying, we're going to redo the floors.

We're going to repaint the walls. We're going to replace cabinets, fixtures, and yeah. And in some cases we're going to tear down walls and redo layout type of stuff. Yeah. If it's really bad plumbing to bring it up to PECS and ABS, like that kind of stuff. Yeah. But that's not this house. Not this house.

This is more cosmetic. So like for example, he tiled the bathroom floor, but then didn't caulk and trim the edges. So it just looks unfinished.

Jessi: Yeah. So you would just finish it?

James: Yeah. And there's just a bunch of little things like that, which for whatever reason, he just didn't do it. And so I think it's a, it's a great project for someone who's new because there's nothing huge.

Jessi: So you want to. You've bought it or you have it under contract and so you want to find a buyer who is willing to do all those projects. Yes. And so you'll just,

James: yeah. So there's a couple different business models that you could do with this property. You could buy it, hold on to it, fix it up, or you could buy it, fix it up, and then either resell it.

You could buy it, fix it up, hold on to it and rent it out. Whichever Typically have done a good deal or you find someone else who wants to buy it, fix it up, and either sell it or rent it out.

Jessi: And those are all called flips. Well, buy and hold is the one where

James: you hold onto it. Yeah. Wholesale flip is the one where you, yeah.

So there's different terms. So you have a buy and hold, which is the I am going to buy and hold it for a long time. That's the one where I'm gonna buy it, fix it up and rent it out. Mm-Hmm. . You then have a flip. That's the version where I buy it, Fix it up and then resell it usually less than a year. So the kind of like, and a lot of people like hopefully less than three months and then you have, what's more like a wholesale, which is I'm going to buy it and then immediately sell it to somebody else who will then do one of those other two or whatever strategies.

Sure. Yeah. So they're technically different names. And I think in this particular case, the game plan, the business model we're going to go after is to do the wholesale. So, ideally, we buy it, and really, really close to after we close on the property, we resell it to someone else. And in a perfect world, that would be on the same day, because then I don't have to raise any funds and just kind of transfer it to the next person.

In an unperfect world, there might be a lag in that. And part of it depends on who you're going for, right? But there are As a buyer? Yeah, yeah. Like, for example, if I'm going for what I would call a retail investor, that's, I think that's how you and I, we started out. We're like, yeah, we're buying something that's kind of a, it's for a buy and hold.

Jessi: We don't

James: necessarily have a lot of these. We don't have a lot of volume. We're going to live in it, perhaps.

Jessi: Yeah.

James: Like, that's a retail investor. And then you have, Someone who's not that, I feel like. I can't think of what the other term would be.

Jessi: Commercial investor?

James: Yeah, professional. Professional, yeah. That doesn't sound right either.

I don't know. I would say it's more in the camp that I'm in now. Which, I'm not buying

Jessi: MLS,

James: but.

Jessi: Yeah, but, but a different investor could buy it. And do the flip model where they fix it and then sell it. Or you just get a family. And they're like, yeah, we want to fix it up and stay here.

James: Yeah. We're not going to

Jessi: rent it out or anything.

Yeah.

James: Totally an option. So that's what we're, that's what we're doing. Kind of exciting. And it's fun. So this is the second type of project that we've done. If you remember, the one that we're currently right in the middle of was that pre foreclosure.

Jessi: Right.

James: Where it was this guy who was. He was going to go to auction in a couple of weeks, and so we were able to come in and say, Hey, instead of losing everything, we can help you get at least a little bit of cash, and help you find a new place.

Which, by the way, that project's going on really well right now. Still moving forward. Still moving forward. I think we're gonna Probably a little over a month we'll be closed and be done with that project altogether. Which is exciting. Because you already have a buyer for that one. Yes. And we just recently Got the seller a new place to move into and we've already done one of the big repairs like the roof is now done We've done a few other things.

So for

Jessi: this new property. Yeah, what's the plan for? Like timing I guess with the seller.

James: Yes, so kind of so we said it was a five week closed period Okay, cuz he so interestingly he had it listed on the market.

Jessi: Oh

James: and didn't like it for whatever reason. Didn't like the listing? Well, he didn't like working with agents is kind of the vibe that I've gotten.

And, and so he ended up pulling it, which is probably how it landed on my radar. Interesting. And, and so, He's like, I just want to be done. And he just wants to move out of Oregon. That's his, that's his big goal. He wants to buy a fifth wheel, live next to his brother on his brother's land. And just kind of, it's like an, like Oklahoma or something out Midwest.

It's like, I'm done with Oregon. Yeah, I get it. It rains a lot. And yeah, so that's his plan. And he got tired of dealing with agents and was like, I'm just ready to sell and just be done. Super interesting. Apparently he did get an offer from someone for a higher price, but they were like, you have to move out in a week.

And he, he's not a hoarder, but he has a significant amount of stuff and moving in a week was just not an option. Yeah. And so by us, interesting.

Jessi: So you're going to give him the time that he needs

James: to do a slow move. And generally, he got, he had an injury and so he's moving a little bit slower than he used to as well.

And so he needs that extra time. So we can give that to him. Makes sense. And so for us, because typically what you'd say is like, sounds good, let's do a quick close. We'll raise the funds to do this and then we'll own it and we'll go in and we'll clean it up. Maybe do some of those other repairs and then resell it.

But in this case, since we have the extra time, the mind goes, well, let's just do a wholesale. Yeah. Because if I don't have to raise the funds, that means I don't have to pay investors any interest, which means I can ultimately sell it for a lower price and sell it faster. Like, it's, it's more win win ish.

Yeah. That way.

Jessi: Makes sense.

James: But yeah, kind of just, I don't know, man, it's super, I really like talking with just regular homeowner folks. Because I feel like in some ways I'm helping to solve real problems.

Jessi: Yeah. Yeah.

James: You know, it's talking with other investors. It's super fun and I enjoy going over the numbers, but I'm also like, that's what we're doing, right?

Where they have a business and they're selling me the business and we're, it feels more like we're haggling over the value. You're in

Jessi: negotiations. Yeah.

James: Yeah. Whereas these conversations, I mean, negotiations absolutely happen, but it's more of this, okay, you have a problem. Here's how I can help you solve it.

And. Price isn't always the number one thing. Like with an investor, I was like, how do I maximize my return? That's the question. Whereas this guy, he's more like, how do I move out of Oregon with dignity? You know, which is, they're fundamentally different things.

Jessi: I wonder if he, you know, was not having a good time working with realtors because they were trying to, like, maximize the price.

Or get the best, you know, value or something. And he was, he was just like, that's not what I, that's not what I want. Yeah, I don't know.

James: I'm not sure. That's the other thing that I really like about this is I'm working directly with homeowners. I'm not working through an agent. And so I kind of, I like those conversations with just a little bit more.

Jessi: It's interesting. It's like an unseen, it's not something necessarily that you anticipated when you started down this track, you know, a while ago. Right. I mean, I, I never remember having that conversation where you're like, man, I can't wait to talk to homeowners. I'm like, really help them solve problems.

That's just kind of like, oh, yeah. Okay. I can. Yeah. Yeah. That is a neat piece of the puzzle of doing it this way.

James: Yeah. So the way that we've financed this one is Complicated, to say the least, I'm, I seem to be attracted to the more complicated finance types of deals. Of

Jessi: course.

James: Which is fine. I was talking with a friend the other night and he was like, it must be pretty wild playing Monopoly with you.

Jessi: I'm glad that other people can kind of pick up on that because yes, it is. Whoever that is, yes, I can confirm.

James: Yeah, I'm, I don't. James wheels and deals. Oh, 100%. Yeah, yeah. I don't play just the cash game for certain. So in this particular case, he was originally asking 420, 000 for it, which is probably the right range for this particular property with this particular condition and features and things like that, size.

but I didn't want to pay that for obvious reasons because that doesn't help with my business model. And so one of the things that I've learned to do, and this is from a book called never split the difference is to, to, okay, well from that book, there's a concept that's called grounding. This is pretty typical for any sort of real estate transaction, which is, number happens first, that becomes like that grounds all the other conversations afterwards.

And so what they'll tell you is we want to ground with a very low number. So if you're buying, let's see if, if we're, what's something that you don't necessarily have a lot of knowledge about. Scuba diving equipment. Scuba diving equipment. I have no idea why that popped into my head. Sure. Let's roll with that.

I have no idea how much it costs. So if I told you scuba diving equipment is probably not 10, 000, and I said like how much do you think it would cost now?

Jessi: Less than 10, 000?

James: Yeah, like how much, like

Jessi: I don't, I don't 1, 000.

James: Okay. Interesting. What if I now the way that they do these studies is they'll say scuba diving is equipment is probably a little bit more than a hundred dollars.

How much do you think it would cost? And interestingly answers will be like, I don't know, like maybe 600.

Jessi: Yeah, I would, I would say a few hundred had you told me.

James: Yeah, and so that's the value of grounding because you tend to bias your answer close to whatever it was grounded by.

Jessi: Oh,

James: interesting.

Interesting, right?

Jessi: Yeah.

James: Yeah. And so, Even though

Jessi: you know it's not that.

James: Yeah, it doesn't matter. Yeah, well

Jessi: the assumption is like, It's a round, like why in the world would you throw out a number that's like, it's three million dollars. It's like, well, obviously it's

James: not. Yeah. And that's one of the tricks about grounding is like, it has to be within that realm of be

Jessi: believable,

James: semi believable.

Yeah. But even like the a hundred dollars, like, well, clearly not. But you're also like, so, so that's this idea of grounding and people use it in negotiations all the time. Yeah. And one of the things that I've learned from the book, never split the difference is that It also works if you don't give a number, you can do what's called emotional grounding, right?

So you might say, let's use the scuba diving equipment. You own some equipment and you want to sell it to me and I'm going to make you an offer. I could potentially say like, well, I get that it's probably worth more than a hundred dollars, right? I'm grounding you and you're kind of setting you up for like, okay, it's going to be a low offer.

An alternative option would say so. I don't think you're going to like what I'm going to offer you. It's a pathetically low offer because that's all I can afford. And I'm concerned that I'm probably going to insult you in this, because you're going to go like, seriously, why are you even wasting my time right now?

Jessi: I would already think that if you were giving me the line.

James: Right, so, so like, so you are now primed to be like alright, how low is he gonna go here? Yeah. And so then, whatever answer I give, chances are, which, you know, could be in that like 600 range, you're like, oh, okay, like, It's not

Jessi: as low as I thought.

I don't want to punch you in the

James: face low, so cool. And so that's the idea is emotional grounding. Or another way to say it is like extreme labeling, how I, how I think you will react to it. Sure. Yeah. And so that was what I did with this guy. He was asking for 20 and I very much was like, ah, dude, I mean, I think, yeah, I think, At one point in time, I joked about like, I'm like, you don't have any guns around.

Right? , like, like, I don't, I do not wanna get chased off your property.

Jessi: My word

James: do it, Chad. That. And by the time I did that, and I just kind of, I kept going,

Jessi: yeah.

James: And finally he was like, dude, just tell me the number already. Like, it's okay. It'll be fine. Just tell it to me. I was like, all, all right. He's, he's set for it.

And so I offered him 335,000. For which is a little bit less lower. Yeah. Yeah. Yeah. And, and his reaction, his first reaction was like, no, that's just not going to work. All right, cool. Like I get it. And so then we sat around the table, we started talking a little bit more. And we just asked some more questions.

I was like, okay, well tell us more about the financing. Like, what are you looking to get out of it? What do you need the cash for? Like, what are you actually going to be doing? And he was like, well, I'd like to get a hundred thousand dollars cash upfront so that he can buy the fifth wheel and have just some flexibility to do some other things.

It was, but he also has this mortgage that's existing for 160, 000. I could see the 260. So there's like, and then we can do the balance. He goes, I'm willing to take back a note for whatever that balance is. Yeah, exactly. Like, okay, that's intriguing. And so we were talking at one point in time, that was when he shared the whole, like, well, there's this guy, he made an offer at three 90, but I had to move out in a week and I didn't do it.

And so I came back and was like, okay, so that means if, if you had more time, you'd be okay with three 90. He was like, yeah, I'd probably be okay with that. Right. And so I was like, okay, cool. And we just kind of started, we just kind of kept talking and talking and, and finally he was like, okay, look, if you offer me like three 50 right here right now, I take it.

I was like, Whoa, that was quite the jump from four 20 to three 90 to three 50. And I didn't have my spreadsheet in front of me and I'm like, I, I'm a spreadsheet guy. And so I, and I didn't have enough sensitivity, like analysis in my head to be like, Oh, can I make this work?

Jessi: So

James: I told him, I was like, all right.

We're now in my own, we're now in my ballpark. So let me go run some more numbers, figure out what can happen. So like one of the things that, so that's what I did. And one of the things that we learned was that you could split the slot. Turn it into, cause it's interesting. It's like twice as big as ours, or you could build an ADU in the back.

A nice size one, because there's a lot of

Jessi: value.

James: Totally. So that's where I came back and said, all right, so this property could be worth a lot once it's all done. Now, splitting it's not too hard, but building an ADU, like, you know, that's like a hundred, 150, 000 investment to do it. So like, it's not insignificant, but it can be worth a lot.

And so we came back to him and I once again was like, all right, like, I've done the research. I'm not quite going to get to where you want to be. So you know, so here we are again, like more of that, like

Jessi: I'm,

James: I'm emotionally grounding him low. And he was like, and again, he was like, I get it. I already told you 350.

So we can't be that far off where you at. So I came back at three 40 and and said, I only want to give you 60, 000 cash and do a note for the rest of it. And thankfully we started talking about, well, how much cash does he actually want? So I was like, okay, this is good. This is a good sign. Cause he's kind of, he's okay with his price and now we're just, we're talking about how much cash he needs.

Ultimately we landed on, well, we first landed on a, on 60, 000 and then ultimately he came back later and was like, nah, I need the a hundred thousand just cause like I got enough unknowns and I totally get that. And so, that's what we're going to do. We're going to buy this property, subject to the existing mortgage of 160, 000.

He's going to give us a note for 80, 000, and then we will give him 100, 000 cash. In five ish, well, by the time this is published, it'll be less than five weeks, but that was how we structured it.

Jessi: And the hope is that you don't have to raise any funds because you find a buyer who they're going to pay the 100,

James: 000,

Jessi: assume the mortgage.

And make payments on the note?

James: Well, it depends on who we sell it to. I think if it's a retail investor, that term again, they will bring their own financing

Jessi: because they're going to

James: move into it. They're going to do 5 percent down and get a loan for the rest of it. In which case that'll just wipe out all that stuff.

And we almost don't care about the subject to peace anymore.

Jessi: Interesting.

James: Cause it'll just go away.

Jessi: Even the seller's note.

James: Well, so here's what we're doing with that one. We are personally guaranteeing that note is not going to be directly tied to the property. So even if we sell it right away, we will still have that note with him because it was really important to him that that didn't get paid off right away.

He wanted to earn some interest over time from it. And so that's what we'll do. So even if we sell it like that same day, we'll still give him a note for that 80, 000. It'll just be cash sitting in our account. Interesting.

Jessi: Yeah, so you won't use it.

James: Well, I might. I got five years. So, the plan would be to use it to to reinvest it into another property.

And earn

Jessi: Earn even more so that you can pay him back.

James: Yep, that's the deal.

Jessi: Seems

James: And I keep coming up with a bunch of It seems

Jessi: risky, but Yeah,

James: maybe.

Jessi: I just, how much do you pile? Huh? Or keep doing that where you're like, Oh my gosh, I'm so leveraged.

James: Yeah, no, I've, I wouldn't. I mean, it would just be like, we would do it in, we would spread it across a couple different projects would be my guess.

So like, for example. One of the things that I'm going to go check out tomorrow is an auction with the city of Albany and

Jessi: on a single family home.

James: No, actually all there. I'm just looking that day and all they have is land. But if there was a single family home, I would go to the auction and I would know that I could bid up to, well, not even 80, 000 cause I want to save them some money for repairs, but I can be like, oh yeah, no, I could totally bid up to, let's say, I don't know, 50 or whatever.

Yeah, whatever. And, and I would use part of the funds for that. And then. Or, I may just raise, I may actually spend the whole 80 to buy the property and then raise funds to do the repairs. Potentially.

Jessi: But then you still have to have money to make payments to the guy.

James: Yeah, that's true. 336, 333 a month. Is my payment to him.

Jessi: Huh. Yeah. For five years and then you just pay it off.

James: Yep, yep. So that's part of the When we kind of hit that four year mark, it's like, okay, like, stop recycling this money.

Jessi: Mm

James: hmm. Let's put that into an account and just be ready to pay him off.

Jessi: I think that is the, one of the benefits of working with you, which kind of scares me, but is also a good thing, is you're willing to do it.

to structure things differently. You know, I think most investors or banks or, you know, traditional lending financing places are like, no, this is going to be very, like, straightforward, and we're going to play it by the book. And you're like, no, I'm willing to, yeah, if the guy wants his money to come over time and he gets interest, like, sure, let's see what that looks like.

And so you're willing to make things a little bit more complicated, but. It's more of a win win for everybody.

James: Yeah, I think it's I've got enough experience, and I've got enough education, where I would say my, like, real estate investing IQ or acumen is very high, relatively speaking. And so, I can handle this kind of level of complication.

Yeah, whereas like the normal person, they got a regular life. They're not doing what I'm doing. They don't read investment articles and books for the fun of it. And figure out, alright, how do I do it. How do I optimize a capital stack? Like, I don't know, like, I got kids I can go play with, you know? Yep. And so, so yeah, so it doesn't I mean, that's very much

Jessi: me too.

Yeah.

James: Though part of what I'm learning is the trick is to also like, how do I communicate this well to other investors? Right. In such a way where they don't go,

Jessi: what in the world is he doing? Yeah, what are you

James: doing? Yeah, so I'm trying to like, trying to work out that part of it too.

Jessi: How you just explained that was good.

I was able to follow all in track. Yeah, yeah.

James: Yeah. Yeah. So we're I'm. I think I'm okay with sharing this. So I kind of like, so we've got our purchase price, which is different than the total cost, but our purchase price and which is that three 40 that we've landed on. And what we've been telling people is that we're willing to resell it for three 80 unless they're able to close.

Like on that same closing date, then we'd sell it for 370.

Jessi: Okay.

James: And we'd have some additional costs in there, closing costs and some other stuff in there. So you can't just quite do that math and go, Oh, wow, James is making a ton of money. It's like, well, we'll make some money, but it's Not like a bazillion dollars.

That'd be super nice. But no. But yeah man, I'm super excited about it. So it's just kind of fun to be on another property. And yeah, we'll see where it goes. I will, we should do a check in. Once it's kind of all said and done. Like okay, here's how it actually went down. And here's what the other person's doing.

And I think by us, I mean here's the important part. But it's pricing it at like that 380 mark. If this place was fully fixed up, like they did those finishing things that I was talking about, it's gonna be worth like 460, 465, somewhere in there. Yeah. Pretty easily, especially with that lot. And if they split the lot, Then that could actually goose it up an additional 100, 000.

Because you just have that, like, you have land, which is worth something. And maybe that might be a little optimistic. It might be like 75, 000. But still, right? Yeah, that's significant. And it's not free. It doesn't split the lot. So, you know, there's whatever. There's costs there. But it's one of those where, like, yeah, no, it's a very, like, It would be a win for whoever buys it at that price range.

I guess.

Jessi: Yeah.

James: And now if anyone listens to this and like, I'm super interested, they'll be like, James, I offer you three 45, which part of, so part of my thinking is like, yeah, someone's able to come in and buy it and we are able to do the, do the, the double close. Awesome. But if not, we'll just raise the funds and we'll go then through and we will do, we'll trash it out.

We'll do the initial cleaning. We'll fix a few things and just get it a whole lot closer to that. That 465 value and then sell it appropriately on the open market. It'll be cool. So yeah, man. Sounds like a plan. Yeah, that's the plan. It's kind of fun. Well, there you go. That's our property. We'll see what happens.

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