Zasha Smith On Making Millions With Real Estate in Hawaii | Digital Social Hour #101

Is it true Hawaiians hate American tourists?

I wouldn't say hate.

I would say that it is disturbing sometimes.

If it's like if you're driving on the highway and you kind of deal with those kind of a-holes that are on the highway, it's kind of the same feeling.

So, the first property I went in on was a condo.

We ended up buying a condo for $300,000.

We put about $30,000 into it.

In 30 days, the renovation was quick.

We sold it in 15 days to Cash Fire, and I netted $103,000.

Wow, sign me up!

All right, welcome back to the Digital Social Hour, guys.

I'm your host, Sean Kelly.

Here are my co-host Charlie Cavalier.

And our guest today, real estate expert, Zasha.

How's it going?

Hello, everybody.

Man, real estate's been something I've been slacking on, so I'm excited to talk to you about it.

Me too.

How did you get started?

Well, I started working as a civil engineer for 10 years and then was one of those typical people who are working 60 to 70 hour weeks and looking for an alternative of I wanted to quit my job.

It wasn't something that I was passionate about.

And started like any millennial, started Googling, you know, how to quit your job and get rich and found real estate.

And paid off.

Yeah.

Became a millionaire off real estate.

Civil engineer.

What were you making?

I was making $60,000 a year.

No, no, no, no.

I mean like, what were you designing?

Oh, so I did underground utilities for hotels, subdivisions, shopping centers, and it was a real strenuous job.

That sounds like a lot of work for $60,000 a year.

I know.

And that's pre-tax, right?

So that's like $40,000.

Yeah, I mean, I mean, that's a very degree-heavy job.

A lot of

neither one of us can do that job.

Let's put it that way.

Yeah, no, I couldn't.

Yeah.

Engineers, I mean, you got to to respect engineers, though.

Immensely.

They're really smart.

They keep us alive.

Roadways and stuff.

So I focus mostly on transportation.

So traffic signal design, highway design.

Okay.

And I mean, I grew up on an island.

So surprisingly, I mean, we still have some of those bigger roadways

to work on too.

On Maui.

Oh, in Hawaii.

Now, I've heard the U.S.

transportation system isn't the best compared to other countries.

Is that true?

No.

Like, efficiency-wise.

Well, Maui is in the USA.

Yeah.

No, I'm saying like the US as a country, like the railroad system is outdated.

Yeah, and they've been working on like a $10 million

rail system forever.

10 million?

Yeah.

Which doesn't sound like a lot.

Well, for the whole country.

Well, on a small island, it's a lot of people.

Oh, and Maui.

Yeah.

I mean, California's been talking about building the train to go north-south for, what, 25 years now?

Yeah.

Now they're building a Hyperloop, right?

I believe so.

Yeah, I feel like that's efficient.

And then I'm in Nashville, where they literally do not have public transit because the property values all got too high downtown.

Nobody wants to give up their commercial, you know, real estate location to build a bus station or a

rail transit or something like that.

Isn't there one in like Asia that's super fast?

Train?

I believe that.

Oh, like a bullet train.

Bullet train, yeah.

Yeah, I wish we had one of those, man.

So, where do you see, or how did you go from civil engineering to real estate?

And did the civil engineering aspect of all of your knowledge knowledge start like influencing how you invested in real estate?

Definitely.

I think for me being able to run by a schedule and being able to budget for these big, you know, $17 million projects helped me with the smaller projects and the aspects of running a team or managing contractors because we were doing it on such a high level that when I took on these projects myself, it was a little bit easier.

And what was the first property you went on in on and was it alone or were you with a group of people?

So the first property I went in on was a condo.

And because I didn't want to worry about the structural components of the roof and the flooring and things like that.

So whenever you buy a condo, the HOA, the Homeowners Association, is in charge of maintaining the exterior.

So essentially, it's just like an interior renovation, but we removed all the cabinets, we ripped everything out, and then basically put it back in all new.

And for me, because I was still working full-time, I didn't want to go and buy like a huge fixer-upper.

I said, okay, maybe I'll try this real estate investing thing, see how it turns out.

And because condos are a little bit cheaper than regular homes, it was less of a risk in my mind.

And so we bought, we ended up buying a condo for $300,000.

We put about $30,000 into it.

In 30 days, the renovation was quick.

We sold it in 15 days to Cash Buyer, and I netted $103,000.

Wow.

Sign me up.

Yeah.

Well, that's where the light bulb was because I was only making $60,000 as a civil engineer working like hundreds of hours.

Yeah,

my husband told me, like, why don't you just do that?

I was like, yeah, that's true.

Yeah, so fix and flips, those I've heard are risky, though.

They are.

Yeah.

Depending on what market you're in.

So if you're in an appreciating market like California, Hawaii,

some parts of Florida where

or New York, you know, those expensive markets, the

potential to make more profit is a lot higher.

Yeah, because I've seen times on TV shows where they buy a house and then it's like infested or something.

Like all this crazy stuff can happen, so you never know.

Well, that's why I started with condos.

Even my first rental was a condo because I didn't want to really deal with any of that.

It's that much more of a headache to deal with a house than a condo.

Definitely.

Because it's just more money, so you're risking more, I think.

Well, and a lot of times, depending on what state you're in, there's a lot of issues with permitting.

So I bought a house that I'm sitting on, and this is like one of the nightmare stories that nobody likes to talk about.

But I've had to hold on to this house for two years, paid holding costs, a mortgage, and everything.

That's a fixer-upper that needs to be demoed.

And then,

well, first of all, the issue we ran into was it's in a historic area, even though it's in the middle of a residential area.

It's in Wailuku, which is considered historic.

So it has to go through this.

State Historic Preservation Division.

Geez.

So that's what's holding it up right now.

And they're just taking their their time.

Wow.

Two years later.

Whenever you have to deal with the state or county offices, there's no limit.

They'll set projected dates where they have to review, but they just keep extending.

So that's why it's really important to know the permitting, how the permitting flow goes in whatever county, city, state that you're investing in.

That seems so inefficient.

Like there has to be a better way, like online or something.

Yeah.

Is it is most everything you do in Maui or in Hawaii in general?

Majority.

So I started started fixing and flipping in 2019.

And then just last year, I ventured into out-of-state.

So I do have a couple flips here out in Vegas.

We just opened our first midterm rental.

So that's where I'm staying now, which is kind of exciting.

Now I know why people have multiple properties, you know, second homes, because it's kind of nice to just go into a home and it's yours.

It can do whatever you want.

So you were in Hawaii your whole life?

Yeah.

I born and raised in Maui.

Hawaii food's good, bro.

It was funny I used to go to Maui every December for the Pacific Rim Conference with my family.

So it's beautiful.

I'm super jealous.

Like it is the most beautiful place in the country.

I just got asked, I got asked a few times to move back out to not move back.

I got asked a few times to move out to Vegas for some opportunities to be, you know, take over some businesses.

And I was like, well, I'm already where I want to be.

Nice.

You're already where most people want to be.

Right.

And making a good living.

Yeah.

Can't complain on the beach sipping a piña colada.

That's not actually what I do.

Is it true Hawaiians hate American tourists?

I wouldn't say hate.

I would say that it is

disturbing sometimes because they don't understand a lot of the cultural aspects.

You know, we are very,

the spirit of aloha is very eminent throughout the islands, and respect and just taking care of the land, not littering, those types of things, and just being courteous.

You know, have you ever tried to

if it's like if you're driving on the highway and you kind of deal with those kind of a-hos that are on the highway, it's kind of the same feeling sometimes.

Interesting.

When the history isn't as pleasant as we all want to pretend like it was, like, we essentially colonized Hawaii for sugar plantations, or there were certain plantations that were in Hawaii, or I think it was sugar plantations, right?

And so it's not exactly like it was like a peaceful kumbaya, let's all come together and be one country.

It was like, you're a strategically located island six hours off our mainland.

Let's put a military base there.

And by the way, we own you now.

Right.

And there was a bunch of like bombings on the islands as well that happened with the military.

And so before

Hawaii was a sovereign country.

And then we were overthrown.

They put our queen, locked her up in

her home, and then forced her to sign the treaty in order for us to become a woman.

Wow, there was a queen there at one point?

I didn't know that.

A kingdom.

Kingdom of Hawaii.

Just took all that away.

We wanted Pearl Harbor, really.

I mean, amongst other things.

That's a military base because that was closer to Asia.

Well, it's the furthest.

I mean, unless you're going to go all the way to Midway, Hawaii is the furthest main island in the Pacific that's at all reachable with one tank of gas and an airplane from mainland United States.

Wow.

So back to the real estate stuff.

A lot of people don't know where to start, like, including us.

I mean,

I just feel like, did you have a mentor or anything when you got started?

Or you just did it on your own?

Yeah, so I bought my first flip and rental.

And once I seen the cash flow and the profits, I was like, okay, I got to figure out a way to do this full time.

And so when I had done my first couple projects, I was working full time.

I was running to Lowe's on my lunch break, Home Depot.

I was meeting the contractors after work on the weekends.

I was doing dump runs, like driving the loading truck.

I was like, what am I doing?

I just created another job, and that's not what I wanted.

And so I had found out about Ryan Pineda, who lives here in Vegas.

I had joined his mentorship.

He was just starting off one.

So I was one of the first students in his mentorship.

I'm actually here this week for his mastermind.

I'm going to be speaking at it on Wednesday.

But the first mastermind he ever had was on his couch.

There was about like eight of us in the room, and we all kind of did a hot seat type of thing.

Now it's like thousands of people go there, and it's, you know, Brandon Turner is going to be at this one as well.

So it's turned out to be a pretty big thing.

proud of him and also he takes care of the people who've been in with him, you know.

Yeah.

So you just attributed the success to being part of the right group of people.

Yes, definitely.

A network.

And then through being surrounded by people that are already doing it, gave me the confidence to know, because I was still hanging on to my job, even though I made like more than I did at my job in 45 days.

I was still like, oh, what about my health insurance?

And what if this, what if I just got lucky?

You know, what if the market tanks and had all these worries and fears?

But once I seen other people doing it at the scale they were, I was like, okay, I could do that too.

So from that first flip, you reinvested that money into more flips and just kept it going.

And now do you take out loans from banks and stuff and just use other people's money?

Yes.

So I mostly use private money which is from everyday people that have a savings.

There's no qualifications that you need.

You just need some money and then you sign a note and lend it on other people's projects.

But I found that to be helpful because it's more flexible.

If you work directly with a bank or say even a hard money lender, which we still use, we do various things, but they have a lot of terms like you have to meet certain DTI qualifications, you have to have a certain credit score, whereas private money is just based on your relationship with that person.

And I've been able to raise like over a million dollars just off social media in the last year.

That's very important.

Yeah, that's been helpful too.

It's a lot of money.

You could buy a few houses with that.

Right?

Yeah.

Do you do the 20% down payment model or do you do less?

Less, yeah.

I was actually going to ask, what is the least amount you have ever put down percentage-wise?

Zero?

Yeah.

You got to tell us how you do that.

I use all private money.

know, but you use some of their so like what is the least amount like so if the house was worth a million, right?

Just I like round numbers.

What is the least amount of dollars you ever put down to buy a house?

Okay, so you're talking about like getting creative with the sales.

Yeah, like maybe you only put three percent of the total value.

Right, yeah.

So what's starting off, it was about three percent.

Okay.

How?

Because I was buy my like for my own home and then we would move, sell that, like almost like live in flip stack.

Yeah, your first home is three percent, right?

Right.

There's like a law.

Okay.

True.

Yeah, I'm gonna use that.

But isn't there a limit on that?

Like if you want a three million dollar house, house, I don't think that would work.

I think it depends on where you're at and then what your income is.

So every state is different.

So I would check the laws.

Even for me, I always leverage like HELOC's home equity line of credit on my investment properties.

But I just recently found out that some states don't allow that on investment properties.

They'll allow it on your primary residence, but not on investment.

Now walk us through creative financing because I've seen some guys talk about this on social media.

Like they're able to get houses without putting up money, right?

Yeah.

It's pretty pretty crazy i'd like to learn more about that yeah so there's a few different strategies i have only used seller finance and novations but there's also subject to there's lease options there's a whole gamut of different strategies but with seller finance you basically if a seller owns a home outright means it's paid off there's no loans on it or no liens then they can basically become the bank and if you say hey i want to buy this house for 300 000 and they agree now they put themselves as the the lien holder so the mortgage holder instead of paying a bank you're gonna be making monthly payments to the seller and you can agree on whatever down payment that you want it's up to you so there's a lot of flexibility and why sellers would do that who own homes outright is because a lot of times it's either been handed down through the family and nobody wants to do anything with it and it'll just be extra money in their pocket or they have to pay capital gains tax on that income or that down payment that they receive.

That's why instead of 300, everybody's like, oh, why wouldn't they just get $300,000 cash?

Why would they make a loan to you?

And it's because a lot of times they'll have to pay 50 or 40% tax on that money.

What are some fees, taxes, like hidden expenses that people don't think about when they're buying a house that you got hit with on your first one and you were like, what is that?

Probably when you put less than 20% down, you have to pay a PMI.

So I think it's a private mortgage insurance.

And so so that ends up being well depending on the price of the home but I think for us it was like an extra $200 a month okay so that was a pretty good chunk of money yeah

so if you put down under 20% there's a monthly fee basically yeah and you know that I did not know that interesting because you bought your house

right yeah

I saw you're moving into commercial real estate now what's the what's the strategy there well so for me because I started off fixing and flipping I've done over 20 flips you know made over a million dollars on that and it's been very successful but with the market shifting a lot of the single-family homes or the fixed and flips projects aren't turning out the way that they used to so we're making a lot less money we're having to pivot and turn some of the flips into rentals now and it's just not as lucrative as it used to be so now i'm wanting to be more passive as well like fixing flipping is a job no matter how high up you get no matter how matter how big of a team you have even ryan is still involved in that process and he does hundreds of flips.

So it depends on what you value.

And for me, it was like, okay, why did I get into this?

I had to take a step back last year and was like, why did I get into this?

It was to have more time.

And I just, again, created another job.

I quit my job, created another job.

So I'm heavily focused on building up my rental portfolio.

I have 17 rentals now in Maui and then out of state.

and became a part of a

syndication, started investing in those last year.

so it's funny because the terminology changes in whatever asset class or whatever strategy you pick so a lot of times it where I'm like part owner of 509 units I think they would say you have like almost a hundred million dollars assets under management but it really play a small portion in that yeah so I think it's always good too for beginners to realize like a lot of things that people are saying you have to kind of dive deeper into okay what does that actually mean yeah because you can own 0.5%, say you're in rent.

Versus, you can own a like my rentals I own myself, it's 100%, or I just bought an RV park with two other partners, but I'm 45%

equity owner.

And then an office building we just bought a few months ago as well.

I'm half, you know, we're 50-50 partnerships.

So, a lot of things to take into consideration is like, okay, well, when somebody says they own something, okay, how much of it do you actually own and how much cash flow are you getting, right?

Wait, you said RV park you own?

Yeah.

Why do you do RV park?

Well, so

how I make majority of or find most of my deals are through partnerships, social media.

Like, I'm big on Instagram.

I have over 100,000 followers, not as much as you.

But

people come up to me and mentorships as well.

Hey, Zasha, I have this deal.

It's a million dollars.

And I've never bought something at this price point.

And for me, I live in Hawaii.

The median home price is $1.2 million.

So I'm used to...

Wow, I didn't know that.

I didn't know that either.

Wow.

What does $1.2 million get you in Hawaii um a three bedroom two bath house might be maybe from the

early to three thousand square feet

yeah no no but are you maybe like 1200 were you on the water though no no way oh that's not worth it so 1200 square feet we'll call it 15 alleged ground yeah not a brand new home just a regular sign both in the 70s yeah three bedroom two bath 1.2 million no land maybe 5 000 square feet yeah that's not worth it plus the food's expensive there right yeah it's everything because they got to ship it in Well, that's why they call Las Vegas the Ninth Island because a lot of people start moving from Hawaii to Vegas.

There's a lot of Hawaiian restaurants here, I notice.

There's a lot.

Every street, bro.

Really?

Yeah.

Hawaiians are big out here for sure.

You got to get to know yourself.

I know.

I need to.

And so

we hear, like, the last few years, especially since COVID has been crazy, right?

I'm in Nashville.

It's one of the hottest.

Real estate markets right now.

We hear so many buzzwords about why people should or should not invest in real estate, right?

Interest Interest rates, property values, job markets going this way.

Everyone's leaving California to go live in Austin or Nashville or whatever.

What is probably the biggest misconception you see out there on social media when it comes to buying or investing or choosing a real estate investment?

The biggest misconception, I just see a lot of people losing money because they're just so quick to jump into something.

Like they see all these benefits and oh, she made a million dollars.

And it was like, okay, over the course of the years and the last few years have been way better than you know what it is right now so I think to caution people always run your numbers conservatively and even if you have a comp like go even less than that because right now things are not selling it as fast as they were or for as much.

So I think the misconception is like, of course, even for me, I tell people there still are deals out there.

They're just really hard to find and you need to stick to your numbers.

So I don't know that I would think for a new person coming in, start with wholesaling, start with, you know, working with an experienced investor, adding value to them that way.

So you're not taking on all this risk yourself.

Yeah.

When you go into a deal, what percentage profit are you trying to hit?

Probably about 30, 30 to 40%, depending on the business.

That's a very good margin.

Yeah, very solid.

And you mentioned you have 17 rental properties right now, right?

Yeah.

I've seen articles that Airbnb is struggling a little bit.

Do you see it rebounding or do you think the market's just really soft right now for a while?

I think it's really soft because we've seen an uptick during COVID.

And so everybody's numbers look great, right?

Their PLs for the past few years.

And like I was mentioning, even for flip profits, like we all looked amazing.

But now, since it's slowing down and people are not traveling as much as far as like staying places, they'll be flying maybe out of the country.

It might be cheaper to do that.

But I own an Airbnb on Maui.

And I think this past month I've seen a downtick, a pretty big one.

And before I was bringing in, probably, and this is a studio, it's a 300-square-foot studio.

I bought for around $330,000.

Wait, wait, hold on.

A 300-square-foot studio that you bought for a third of a million.

Just so real quick.

Okay.

Let's do your room.

You want to make sure I got to those threes.

That's probably this room.

I want to make sure I got all those threes properly in order.

Okay.

So you could fit the bathroom over here, the kitchen over there.

So it's like almost like a hotel room size.

Okay.

And

we bring in probably about 8,000 uh gross a month, so the net ends up being about three grand.

Please tell me you can see the ocean,

okay.

The peekaboo ocean view, peekaboo ocean, okay, it's got an ocean view at least.

Okay, I know, like peekaboo.

Oh, you don't far, yes.

Oh, you gotta.

I had no idea.

I mean, it was expensive because it's an island, obviously, but I had no idea that it was so exponentially more expensive.

Yeah, yeah, so everyone that has a house there is a millionaire, pretty much.

Yeah, right, insane.

So, the Hawaiians are balling, They're rich.

CNS, or they're moving to Vegas.

But see, that's the thing is, I often hear about the struggling economy for the locals, for the people that live there.

But now you're telling me that if you want to own a house there, you're spending seven figures.

I feel like there's a gap here that I'm missing.

Is it just because all of the money that they make has to go to provide for their own housing because it's also expensive over there?

Or like, where is the gap between Hawaiians are in general struggling to the average house in Hawaii is over a million?

Well, that's why they're struggling because housing is so expensive.

Okay.

So it and the gap is that a lot of times jobs are only paying minimum wage or you know starting off at 15 to 20 dollars an hour.

So yeah, because it's all like touristy jobs, right?

Right.

It's like service, like Vegas almost.

Right.

Highly dependent on the hotels and tips and all that.

So if you're not working in the hotel industry, you are probably just barely getting by.

Wow.

Yeah.

And qualifying for a million dollar home loan is not easy either.

Must be tough, right?

You probably need to make 250K a year.

Yeah.

So that's why we started, I started doing affordable housing bus tours.

I started teaching people how to go to tax lien auctions or tax deed auctions in Hawaii as well.

Because for me as an investor,

of course, I could always find more deals.

It's great to make money, but it's more so about the impact as well that I'm having on the community because I am seeing people struggle.

And if they see somebody, I'm Hawaiian, Filipino, German, Italian.

wow so i am

it's a lot threw that out from nowhere but i am part native hawaiian so i want to help people see like yes the land was wrong wrongfully taken but we are a part of america and this is ways different ways that you can buy semi-affordable you know homes and there was just an auction happening on the big island in hilo where uh three acres of land was selling for 2800 like the starting bids were that low wow wow so that sounds cheap compared to the 1.2 million house average.

But it's on a different island.

Nobody, like, there's hardly work there.

So it would be difficult to, unless you have like an online job.

Is there internet?

That's all you got to do.

But

it is a tax auction.

So you have to wait.

There's a one-year redemption period before you can claim it.

You can come back and pay their taxes and make it out of it.

Yeah.

So there are some contingencies is what I would call it to actually purchasing for that cheap.

Have you ever gotten like an insane deal at one of those auctions?

I did for my own home, but it was a foreclosure auction, but not the tax auction.

Oh, okay.

So you went to a foreclosure auction and got a really cheap house?

Yeah.

I got my first house was actually, I bought it at a foreclosure auction.

I was at the courthouse steps.

I heard about like those types of auctions, but I'd never been to one.

And so I went to my first one and it was so competitive.

Really?

Yeah.

There was like people eyeing me down.

I was like, hey, is this where we stand for like the auction?

And nobody would talk to me.

and so i was like okay

you're right

so i had to go to a few to figure it out and what they were all doing and how it all worked wow and i ended up purchasing a house in 2018 from there for 400 and i think around 23

000 we put 80 000 into it and our we were gonna flip it but then i didn't know about like the title issue so it had a clouded title means they're breaking a chain of ownership and there was an open permit so you can't nobody's gonna buy a house that has an open permit what's open permit mean so that means they started a permit for like maybe an addition for a home or adding on a section of the home or maybe upgrading adding a bathroom or something okay but then they never close it so in order to close a permit you have to have inspections done on the home they have to pass building codes and all that interesting so if you wanted to modify your home you just can't do that you got to get a bunch of permission well for if you're moving anything electrical or plumbing

so and you have to check with your county and state regulations.

Yeah, as you say, it varies by state.

One of my favorite stats, I'm in originally from California.

You have to have a permit as a general contractor to build a fence in the state of California.

Really?

In Tennessee, you and I could pop up in my backyard right now and just put a fence up.

You just put a fence up.

Yeah, in Jersey, we had to get permission, I think.

Yeah.

From the county or something.

And so is Hawaii very strict when it comes to what it wants you to do to, I'm guessing, right?

Preserve everything.

Like I mentioned before, that house that I'm sitting on, that is a complete tear down, two years.

Just because they don't want you to tear the house down.

Yeah.

What do they want you to do?

Restore the house.

Well, it's historical, right?

It's in the middle of the neighborhood.

It's turnway easy and it's falling down.

And they just want you to go through the

rig-amaro and the hoops and loops to, you know?

I don't know why.

And there's never just like an accident where the house just accidentally falls down or anything?

There are.

So I've been able to get away with not getting permits and sell homes.

But for this one, the old building inspector lives right across the street.

Oh, geez.

That's been an issue.

Now, good luck.

Do you run background checks on your tenants?

Because I've heard Airbnb will ban you if you have a bad criminal record.

So, no, not for Airbnb.

Yeah, because they have a good system, right?

They already ban all the people.

And I actually hire out a property management company for my Airbnb.

Because I don't want the daily, like, answering questions.

You know, I just go back and forth.

Yeah.

I'm actually wondering what, because

I had a condo in my college town where I went to.

And the way that it worked with that property management company was I had to give them the first month of the rent from that year, and then I got the 11 months after that.

Is that a pretty standard?

Did I get screwed or was that a pretty standard?

No, for long-term rentals, it is.

Okay.

Wait, you had to put up all 12 months?

No, no, no.

So, like, I owned the property.

I rented it out.

Yeah.

The property management company handled dealing with all the renters, all the everything.

They received January's rent.

Okay.

And then I got February through December.

So

their payment was receiving the first month of that year's rent.

And did you pay

monthly fees?

Oh, okay.

Then that's really good.

Oh, nice.

Typically, they usually charge you like the first month's rent to place the tenant.

So they have to do a bunch of tenant screening, like background checks and interviews and things like that, walkthroughs.

But and then after that, they usually charge you like between 10 to 20 percent

a month.

So you got a good deal of rent.

I'll take it.

Sweet.

So what's next for you and where can people find you?

Well, you can find me at investwithzasha.com or Instagram.

I answer my messages.

I check that.

I love that app at InvestWithZasha.

What's next for me is we just started a $50 million fund that we're investing in debt and equity deals in commercial real estate.

So RV parks, storage buildings, apartment buildings, multifamily things like that.

I've partnered with a few other people.

And so we're taking that head on because it's going to be a long road.

This market is definitely a little bit of a roller coaster, especially in the single-family space.

Do you think it bottomed yet?

No.

Oh, when will it?

Who knows?

No, I want you to know.

I think maybe in a year or so.

I feel like right now with them playing with the interest rates and pausing and then going back up, it's got people a little skittish, but it'll soon, I think it happened so fast that we're yet to see the actual implications of it.

Yeah.

Well, thanks for coming on.

I learned a lot about real estate in Hawaii.

We got to go out to Maui.

Yeah, and real estate.

Yeah.

The next time you hear about some $900 acres for sale in Hawaii, you're gonna hit us up.

Hit us up,

looking for lender.

Okay, perfect.

All right, thanks for watching, guys.

I'll see you next time.