1 00:00:00,040 --> 00:00:04,000 I mean typically you're always looking at the same similar factors. Money inflows, 2 00:00:04,120 --> 00:00:07,639 right, I mean money is what drives prices, So that can be other 3 00:00:07,719 --> 00:00:16,640 investment from corporations, technology, municipalities, other investors anywhere that's attracting capital and 4 00:00:16,800 --> 00:00:23,039 jobs, and that there is a greater demand for property than what exists there 5 00:00:23,079 --> 00:00:28,280 on the market. You're listening to Carrie Letz's Financial Survival Network where you get 6 00:00:28,359 --> 00:00:34,079 valuable information you just can't find anywhere else to thrive in today's trying times. 7 00:00:34,200 --> 00:00:40,200 You need the Financial Survival Network now more than ever. Go to Financial Survival 8 00:00:40,200 --> 00:00:46,679 and Network dot com and get your free newsletter in gift Financial Survival Network now 9 00:00:47,240 --> 00:00:55,520 more than ever. And welcome you are listening to watching the Financial Survival Network. 10 00:00:55,520 --> 00:01:00,000 I'm your host, Carrie lets Well. Joe roberts On with us. 11 00:01:00,039 --> 00:01:06,200 Now you find a bit Robert Ventures a dot com And even in this crazy 12 00:01:06,799 --> 00:01:11,239 environment, Joe, you are still finding things to invest in. First, 13 00:01:11,319 --> 00:01:18,280 tell us your investment perspective, the economy and in what you're doing. All 14 00:01:18,359 --> 00:01:21,640 right, Well, I think like most investors in this time period, we're 15 00:01:21,640 --> 00:01:23,760 all trying to guess where the world is going to go, and if we 16 00:01:23,760 --> 00:01:26,760 all could predict the future, we'd probably all be a lot richer, but 17 00:01:26,920 --> 00:01:30,560 we at least have to make some best assumptions with our portfolio. So what 18 00:01:30,640 --> 00:01:34,719 am I currently doing. We invest in two different areas, one being on 19 00:01:34,760 --> 00:01:38,840 the real estate side for now twenty years. So we're actually have relationships and 20 00:01:38,920 --> 00:01:44,480 acquiring properties over in the Outer Banks in North Carolina, and this is an 21 00:01:44,599 --> 00:01:49,120 area that is has a lack of supply of any new homes coming on the 22 00:01:49,159 --> 00:01:53,519 market. So we're targeting price points under seven hundred thousand dollars. We're acquiring 23 00:01:53,599 --> 00:01:57,239 lots and we're building spack homes and then going to the market with those. 24 00:01:57,239 --> 00:02:00,239 I think you know what I'm trying to say is there if you're looking at 25 00:02:00,280 --> 00:02:05,079 any market across the US right now, it needs you need to understand the 26 00:02:05,200 --> 00:02:09,919 supply and the demand dynamics and understand the price point in which majority of the 27 00:02:10,000 --> 00:02:14,599 buyers are able to come in and where it is affordable based on where the 28 00:02:14,639 --> 00:02:17,319 interest rates are today. And so therefore this market works for us. And 29 00:02:17,319 --> 00:02:22,400 so we've been acquiring lots there and we're building new homes. Okay, so 30 00:02:23,240 --> 00:02:28,840 rates, obviously rates are important. Do you expect rates to stay where they 31 00:02:28,879 --> 00:02:32,039 are go down or go up? What's your perspective there, Try to take 32 00:02:32,080 --> 00:02:35,639 a little bit of contrary and bets. You know, everyone over last year 33 00:02:36,360 --> 00:02:38,319 keep saying that rates are going to go down pretty quick, and it kind 34 00:02:38,360 --> 00:02:42,439 of hasn't happened. So I'm going to take the other side and say that 35 00:02:42,479 --> 00:02:46,000 I think rates are going to stay let's call it elevated, or at these 36 00:02:46,120 --> 00:02:51,639 levels longer than people anticipate, because I think there's still a lot of liquidity 37 00:02:51,639 --> 00:02:57,240 in the system, and therefore there still could be inflation pressures for the preceieable 38 00:02:57,280 --> 00:03:01,639 future. Okay, so but basically, you know, rates are close to 39 00:03:01,919 --> 00:03:08,520 what their historical norm. You know, we got spoiled with zero percent interest 40 00:03:08,680 --> 00:03:16,039 and less than three percent mortgages and all that, but really five percent five 41 00:03:16,080 --> 00:03:22,759 percent to interest rate, six seven percent mortgage has been the norm for the 42 00:03:22,800 --> 00:03:29,199 past, with notable exceptions, for the past forty fifty years. Correct, 43 00:03:29,199 --> 00:03:31,280 And I think, you know, looking out over the next year or so, 44 00:03:31,719 --> 00:03:36,400 basically what's happening today in the market, we're actually seeing maybe what may 45 00:03:36,439 --> 00:03:39,199 appear to be a soft landing. Now, things can definitely change overnight with 46 00:03:39,319 --> 00:03:44,840 anything happen globally, but things are I feel are slowing down in the economy 47 00:03:45,439 --> 00:03:50,159 and make it slower over the next twelve months. But I think unless things 48 00:03:50,199 --> 00:03:53,159 get drastically bad, I think they might not need to lower those interest rates, 49 00:03:53,159 --> 00:03:58,479 and like you're saying, basically keep them at more normal levels moving forward, 50 00:03:58,479 --> 00:04:02,080 at least for a while. Okay, I'll buy that. And so 51 00:04:02,599 --> 00:04:09,199 if this is the new norm, what other opportunities besides? I guess lower 52 00:04:09,240 --> 00:04:13,479 cost real estate? Seven hundred thousand is low cost in this day and age, 53 00:04:13,560 --> 00:04:15,319 right, Yeah, I mean, I guess it definitely depends on your 54 00:04:15,399 --> 00:04:18,800 jurisdiction, but yeah, I mean almost you know, the five hundred thousand, 55 00:04:19,079 --> 00:04:23,360 I mean, I would say five hundred price point is starting to become 56 00:04:23,759 --> 00:04:28,480 quite an average perch price in a lot of different areas. And I think, 57 00:04:28,519 --> 00:04:31,040 you know, the other areas that has lower cost maybe like Huntsville, 58 00:04:31,079 --> 00:04:35,040 Alabama and so forth, where obviously traumatically lower, will increase over the next 59 00:04:35,040 --> 00:04:40,279 decade, and that maybe great areas look at because of the cost to build. 60 00:04:40,680 --> 00:04:46,000 Okay, so you like Huntsville, what other markets? So these are 61 00:04:46,560 --> 00:04:54,279 markets in the south landlord friendly jurisdictions, we would call them growing areas because 62 00:04:54,639 --> 00:04:59,319 pretty much everything in the South is growing, lower cost, lower tax. 63 00:05:00,439 --> 00:05:03,160 What else attracts you to these areas? I mean typically you're always looking at 64 00:05:03,160 --> 00:05:08,199 the same similar factors. Money inflows, right, I mean money is what 65 00:05:08,319 --> 00:05:15,480 drives prices. So that can be other investment from corporations, technology, municipalities, 66 00:05:15,800 --> 00:05:23,680 other investors anywhere that's attracting capital and jobs, and that there is a 67 00:05:23,759 --> 00:05:28,720 greater demand for property than what exists there on the market. Okay, so 68 00:05:28,920 --> 00:05:34,120 supplied demand fundamentals. So you're not investing in New York State or Illinois or 69 00:05:34,480 --> 00:05:41,000 California for obvious reasons, correct, And then you know depend Obviously there's experts 70 00:05:41,000 --> 00:05:44,600 in New York that focus on those markets, but for the general investor, 71 00:05:44,720 --> 00:05:47,439 it's much easier to invest in areas where you can get things done a lot 72 00:05:47,519 --> 00:05:50,759 quicker with the local governments, building permits and so forth. It keeps your 73 00:05:50,759 --> 00:05:58,439 costs down. Okay, so costs the unionization anything else we're looking at. 74 00:05:58,879 --> 00:06:03,759 Ian. I think the average salary of the jobs being placed in that area 75 00:06:03,800 --> 00:06:06,879 is pretty important, right, Like I said, kind of following that money, 76 00:06:06,920 --> 00:06:13,759 if the certain corporations are putting headquarters there or data centers and they're attracting 77 00:06:13,839 --> 00:06:18,120 high salary six figure jobs that's going to at some point reflect on the average 78 00:06:18,160 --> 00:06:24,759 median income and household price in that market. All right, so yeah, 79 00:06:24,800 --> 00:06:28,439 which is totally logical. I mean, look, there was just an article 80 00:06:28,480 --> 00:06:31,959 out in New York City lust five point three percent of its population, nearly 81 00:06:32,000 --> 00:06:36,519 half a million people in the past two years. You want to go where 82 00:06:36,519 --> 00:06:40,560 those people are moving to, right, we want to go to where those 83 00:06:40,560 --> 00:06:44,279 people are moving to. We want to go where there's talent, there's universities, 84 00:06:45,240 --> 00:06:47,279 other people want to live. And then where the other you know, 85 00:06:47,319 --> 00:06:51,759 calling Fortune five hundreds or other larger corporations are willing to set up shop in 86 00:06:51,920 --> 00:06:59,800 their businesses other headquarters. Right, So well, what about the office buildings. 87 00:07:00,000 --> 00:07:05,399 Obviously you're not investing in them. Do you have a feeling about about 88 00:07:05,439 --> 00:07:10,720 where they're heading and any uses for them, because you could pick them up 89 00:07:10,800 --> 00:07:15,639 really cheap now and a lot of place I think, like most cycles will 90 00:07:15,680 --> 00:07:18,839 probably happen, is call it it over the next five you know, three 91 00:07:18,879 --> 00:07:24,759 to seven years, you'll see a lot of buildings come market greatly discounted because 92 00:07:24,800 --> 00:07:30,800 of the remote work that's occurring, and therefore you know they'll sell at a 93 00:07:30,800 --> 00:07:35,759 deep discount because the capax orts tis will be too great to get new tenants 94 00:07:35,759 --> 00:07:39,879 in there, and so they'll be sold at a great discount. No new 95 00:07:39,920 --> 00:07:44,160 office construction will occur, or they'll be limited new construction that will cur in 96 00:07:44,199 --> 00:07:47,040 that sector for five or ten years and then maybe, you know, depending 97 00:07:47,079 --> 00:07:51,040 on the area, ten or fifteen years out, it'll kind of catch back 98 00:07:51,120 --> 00:07:55,360 up with demand because of lack of construction. I think that will kind of 99 00:07:55,680 --> 00:08:00,560 it may present an opportunity for office long term in certain areas, not every 100 00:08:00,600 --> 00:08:05,720 area. Okay, so all right, so the opportunity. What about retail 101 00:08:05,839 --> 00:08:11,319 space? The trend there has been pretty abysmal, but in certain states, 102 00:08:11,360 --> 00:08:16,120 like in Florida, retail is doing great. Retail in Florida. I mean 103 00:08:16,120 --> 00:08:20,720 that's a car a heavy car state, right, So, and there's a 104 00:08:20,720 --> 00:08:24,600 lot of local shops. You know, when you talk about the barber, 105 00:08:24,680 --> 00:08:28,399 anything that you basically when you have retail, and you are talking about any 106 00:08:28,399 --> 00:08:33,960 business that doesn't get affected by Amazon or rely on Amazon, like your hair 107 00:08:33,960 --> 00:08:39,679 cut, you know, your your wash, alcohol you might pick up and 108 00:08:39,720 --> 00:08:45,399 so forth, they're going to need a retail space. And there's especially in 109 00:08:45,399 --> 00:08:48,399 Florida, they're willing to drive and pick that up. You still can't get 110 00:08:48,399 --> 00:08:54,879 a haircut on Amazon. Maybe they'll get a Edwards scissor hands at You'll be 111 00:08:54,919 --> 00:08:58,840 able to do that one day, but for now. And yes, you 112 00:09:00,080 --> 00:09:07,200 can buy groceries and stuff over the web, but you know, it's still 113 00:09:07,440 --> 00:09:11,960 the kind of thing people generally. Yeah, if you're buying shampoo, easy 114 00:09:11,960 --> 00:09:16,360 to buy it from Amazon or bathroom cleaner, But when you're buying food that 115 00:09:16,399 --> 00:09:20,080 you're putting into your body and your family's bodies, you're not necessarily going to 116 00:09:20,159 --> 00:09:24,039 go for that, correct And I think two sides One, there's always a 117 00:09:24,039 --> 00:09:26,600 group of people that will always probably exist that when they go to the store, 118 00:09:26,600 --> 00:09:28,559 they want to pick out their meats. They wouldn't pick out their fish, 119 00:09:28,559 --> 00:09:31,320 they want to pick out their fruit, and they're very picky on that, 120 00:09:31,519 --> 00:09:33,559 what color that's been had, it looks like, And they love going 121 00:09:33,600 --> 00:09:37,679 to the store because that's part of their weekly thing. And I think they're 122 00:09:37,679 --> 00:09:43,000 always a group of those people. And also just casually browsing Amazon, you 123 00:09:43,039 --> 00:09:46,799 know, you will see that a lot of these little products are definitely trending 124 00:09:46,879 --> 00:09:50,320 up in price compared to in store, and I think as more people realize 125 00:09:50,320 --> 00:09:54,720 that or may get budget friendly over next year as things slow down, they 126 00:09:54,799 --> 00:09:58,399 might actually be starting to buy more of these things back in store if they're 127 00:09:58,480 --> 00:10:03,440 cheaper than Amazon, right, so, cheaper and convenience accounts for something. 128 00:10:03,840 --> 00:10:09,399 You know, a lot of places Amazon will deliver same day, but a 129 00:10:09,440 --> 00:10:13,200 lot of things they can't deliver the same day, takes two or three days. 130 00:10:13,759 --> 00:10:16,320 You know, if you're at a toilet paper, you're not going to 131 00:10:16,399 --> 00:10:20,480 wait for Amazon to deliver it in two or three days, right, correct? 132 00:10:20,480 --> 00:10:22,919 And not? You know, like I was mentioning, like sometimes right 133 00:10:22,960 --> 00:10:26,600 now, you go on there and find a case of tissues, but they're 134 00:10:26,639 --> 00:10:28,519 charging five dollars where maybe you go up to targeek get that for a dollar 135 00:10:28,639 --> 00:10:33,080 ninety nine each. And really because they have to bake in that the you 136 00:10:33,120 --> 00:10:35,320 know, shipping and everything else and the convenience. And now I think they've 137 00:10:35,399 --> 00:10:37,720 kind of realized that some people are willing to pay that premium, so they're 138 00:10:37,799 --> 00:10:43,879 charging more online. Right. So A one other area you mentioned prequel was 139 00:10:43,360 --> 00:10:48,840 Web three And first tell us what web three is. And while you think 140 00:10:48,840 --> 00:10:52,840 it's so desirable to invest in, now, well I've been investing there for 141 00:10:52,879 --> 00:10:56,919 about five and a half years. Web three, you know, it's really 142 00:10:56,000 --> 00:10:58,519 I'd like to make it very easy to understand. It's just kind of the 143 00:10:58,559 --> 00:11:07,360 next software evolution that is bringing more transactions on a peer to peer basis where 144 00:11:07,360 --> 00:11:13,519 you can interact and do transactions with other individuals, removing other large corporation intermediaries 145 00:11:13,600 --> 00:11:20,360 or governments within that transaction. I think why we are focused there now is 146 00:11:20,399 --> 00:11:24,559 because most people are not focused there right. And I've learned over my investing 147 00:11:24,600 --> 00:11:30,360 career that the best deals to be had or best times acquire, or when 148 00:11:30,360 --> 00:11:35,120 the people think that the sector or industry is not great to invest in, 149 00:11:35,600 --> 00:11:39,840 and based on a lot of the overleveraged companies that existed over the last year 150 00:11:39,879 --> 00:11:43,639 that blew up, I think that has scared a lot of people away. 151 00:11:45,120 --> 00:11:48,360 And you know now is kind of creating an opportunity to do your what we 152 00:11:48,480 --> 00:11:52,879 call dollar costs averaging or buy your blue chip like assets that you think will 153 00:11:54,159 --> 00:12:01,440 be the infrastructure or the settlement layers of transactions for the future digital economy something. 154 00:12:01,559 --> 00:12:05,279 Yet you know, well, I think everyone the top two examples everyone 155 00:12:05,360 --> 00:12:11,960 always mentions is bitcoin ethereum. When it comes to ethereum, you know a 156 00:12:11,960 --> 00:12:15,960 lot of people think that there is a great possibility. Now everything is still 157 00:12:15,960 --> 00:12:18,639 in its early stage. There's no guarantees, but there's a great possibility that 158 00:12:18,720 --> 00:12:26,600 a lot of financial transactions can settle on the Ethereum blockchain in the future as 159 00:12:26,639 --> 00:12:33,639 a settlement layer. Okay, I'll buy it. You know, what do 160 00:12:33,679 --> 00:12:39,519 you think of the FED now? I mean it's impact on all look digital 161 00:12:39,559 --> 00:12:45,200 assets. I haven't done enough a study into it to fully understand luch about 162 00:12:45,240 --> 00:12:48,559 it. I think it's made a little bit more noise and not to be 163 00:12:48,600 --> 00:12:52,919 too concerning, I think kind of the difference here between digital assets or let's 164 00:12:52,919 --> 00:12:58,320 say like bitcoin, is the de centralized thesis behind it and the ability to 165 00:12:58,360 --> 00:13:07,559 send payments from your own wallet somebody across the world without that government agency having 166 00:13:07,559 --> 00:13:11,320 to approve it to where you get into these you know, central bank digital 167 00:13:11,320 --> 00:13:16,320 currencies are the FED now system. You know that could always be gated and 168 00:13:16,320 --> 00:13:20,919 they could always make their decisions on where and how you spend your money. 169 00:13:20,879 --> 00:13:28,879 Okay, well I think you know. I just remember, I'm just reminded 170 00:13:28,919 --> 00:13:33,279 of a bumper sticker in a car once and it said don't steal. The 171 00:13:33,320 --> 00:13:39,600 government hates competition, and the best way they steal is through the most effective 172 00:13:41,200 --> 00:13:46,600 ever known to man is through inflation. Are they gonna put up with competition 173 00:13:46,720 --> 00:13:50,879 here? I think. I think that's what's happening right now, and this 174 00:13:52,240 --> 00:13:56,960 part of every adoption cycle, there's different phases that goes through, and right 175 00:13:58,000 --> 00:14:01,519 now you know they're trying to reject it, and by putting up a lot 176 00:14:01,519 --> 00:14:07,840 of these laws or proposals will call it to call things securities or proposals for 177 00:14:07,960 --> 00:14:13,519 taxes, or Biden's campaign to kind of talk about crypto people. But I 178 00:14:13,559 --> 00:14:16,480 think at the end of the day, five or ten years, it's obviously 179 00:14:16,639 --> 00:14:20,919 it's going to happen in some capacity, and short term it's probably a lot 180 00:14:20,960 --> 00:14:24,120 of noise why they try to prevent certain things that happen. But I think 181 00:14:24,120 --> 00:14:28,759 because of the global phenomenon, I don't think it's going to be stopped by 182 00:14:28,799 --> 00:14:31,960 any means. And I think it's gonna be real important to see how this 183 00:14:31,960 --> 00:14:35,440 plays out in the next couple of years with the election and kind of how 184 00:14:35,480 --> 00:14:39,399 that transition goes in who comes in all right. I have my own opinion 185 00:14:39,440 --> 00:14:45,519 about it, but I think it's too early to know. But the one 186 00:14:45,559 --> 00:14:48,200 thing I know about the government is you can always count on them to screw 187 00:14:48,240 --> 00:14:54,480 everything up and to kill the party, to piss on your parade, if 188 00:14:54,480 --> 00:14:58,120 you will. Yeah, But like like China, you know, they banned 189 00:14:58,600 --> 00:15:03,240 crypt bitcoin mining and everything over the last five you know, five years, 190 00:15:03,279 --> 00:15:07,639 seven years, call it multiple times, different times, and so I think 191 00:15:07,639 --> 00:15:09,120 we kind of could be going a little bit through that phase right now where 192 00:15:09,120 --> 00:15:13,919 the government is trying to stop a lot of the activity for their own agenda. 193 00:15:13,320 --> 00:15:16,440 But at the end of the day, like I said, it could 194 00:15:16,440 --> 00:15:20,000 be election, a change of election or whatever. In a couple of years, 195 00:15:20,000 --> 00:15:22,440 it could go the other direction. But I think if we're looking out 196 00:15:22,440 --> 00:15:24,480 along five ten year horizon, a lot, you know, there's gonna be 197 00:15:24,519 --> 00:15:30,240 a lot of this that will be adopted in today's community. All right. 198 00:15:30,279 --> 00:15:33,679 I guess we're gonna have to find out. But you know, look, 199 00:15:33,759 --> 00:15:41,799 if possession with intent to distribute bitcoin or other crypto will land you five to 200 00:15:41,879 --> 00:15:45,279 ten years in jail, I wonder how many people are still going to be 201 00:15:45,320 --> 00:15:50,480 doing it. But that remains to be seen. That's really the question here. 202 00:15:50,840 --> 00:15:54,519 I don't have the answer to it. Hey, Joe, appreciate you 203 00:15:54,600 --> 00:16:00,679 coming on. Hey, any other investment sectors that you're you've been an eye 204 00:16:00,679 --> 00:16:03,639 on now that you're maybe not putting money into you know, I was just 205 00:16:03,720 --> 00:16:07,759 one that's kind of been on my mind. We'll call it, let's say, 206 00:16:07,799 --> 00:16:10,159 and it's kind of a broad range, and you'll probably see a lot 207 00:16:10,159 --> 00:16:14,279 of the activity on Twitter, but I would definitely say through the SMB space, 208 00:16:14,399 --> 00:16:18,919 I think being able to utilize this next decade, we'll call it being 209 00:16:18,960 --> 00:16:27,840 able to utilize technology AI Zapier no code applications and applying these into applying these 210 00:16:27,840 --> 00:16:33,919 to businesses, making it more efficient, removing some of the overhead of the 211 00:16:34,039 --> 00:16:40,799 labor and those annual salaries or offshoring part of that labor and reducing costs and 212 00:16:41,039 --> 00:16:45,240 increasing sales is a great opportunity, whether it's a startup or you're going out 213 00:16:45,279 --> 00:16:49,759 and acquiring these businesses where there are older generations running them and they're typically not 214 00:16:49,879 --> 00:16:53,799 willing to learn all the new tools and they're just kind of chugging along waiting 215 00:16:53,840 --> 00:16:56,799 for someone to come and buy them. All right, how do you find 216 00:16:56,840 --> 00:17:02,399 that business? By the way, that's what put it to end the paper. 217 00:17:02,480 --> 00:17:11,640 Looking for company that's profitable or marginally profitable, profitable and as an old 218 00:17:11,680 --> 00:17:18,480 style management with a resistance to change and the newest technology. I don't think 219 00:17:18,519 --> 00:17:21,920 that AD's going to get you a lot of tension. Well, I think 220 00:17:22,279 --> 00:17:25,359 like everything you got to go. So, you know, some things could 221 00:17:25,400 --> 00:17:29,000 just be Google. Right. Are they all on Google or are they not? 222 00:17:29,519 --> 00:17:33,519 A lot of these databases of these companies that receive the PPP money, 223 00:17:33,519 --> 00:17:37,160 there's database out there. They kind of aggregate this information because it public knowledge, 224 00:17:37,759 --> 00:17:41,799 and you can start from there in certain sectors and you know, make 225 00:17:41,839 --> 00:17:45,000 a curated list and then go out there and look at the Google, you 226 00:17:45,039 --> 00:17:48,440 know, Google, and see do they have a website. What's the last 227 00:17:48,440 --> 00:17:51,920 time they update the website? You know, is it's just original tenure, 228 00:17:52,119 --> 00:17:53,319 you know, done ten years ago? They have done the updates? What 229 00:17:53,400 --> 00:17:56,759 are the reviews? Are they even managing the reviews? I think that's a 230 00:17:56,759 --> 00:18:00,640 great place to start, and then from there I would try to do outreach 231 00:18:00,799 --> 00:18:07,759 to those owners. Hey, my dry cleaner is a perfect target for this 232 00:18:08,200 --> 00:18:17,440 because they use paper tickets. If they not, they don't use everything is 233 00:18:17,599 --> 00:18:21,559 like an alphabetical order. They don't use like bar codes. Like I went 234 00:18:21,599 --> 00:18:25,400 to a dry cleaner in one place they put these little mini barcodes on my 235 00:18:25,480 --> 00:18:30,200 clothes. Never had another ticket on there. Another tag you know they put 236 00:18:30,200 --> 00:18:36,240 through the buttonholes. So so maybe my dry cleaner is a good a good 237 00:18:36,559 --> 00:18:38,319 place to start here. That is a great one because even when you go 238 00:18:38,359 --> 00:18:41,720 there, we got the paper two and you know, when they're done, 239 00:18:41,839 --> 00:18:45,839 they if they had in the computer, it could just it should go around 240 00:18:45,839 --> 00:18:48,240 the car the you know, the line and it should scan it. It 241 00:18:48,279 --> 00:18:51,160 should send you a text message automatically when it's done, and you got to 242 00:18:51,240 --> 00:18:53,640 kind of guess you got a call as already. So yeah, there's a 243 00:18:53,640 --> 00:18:57,440 lot of things like that that you know, technology has come so far, 244 00:18:57,680 --> 00:19:03,200 but there's probably saw a lot of room or we could implement this into all 245 00:19:03,200 --> 00:19:07,519 the businesses that exist out there. And that is a perfect example, like 246 00:19:07,119 --> 00:19:11,519 none of the dry cleaners that I go to, they don't send me text 247 00:19:11,599 --> 00:19:18,319 messages saying pick up your clothes clothes and effectively, when you have hanging clothes 248 00:19:18,759 --> 00:19:23,359 in the dry cleaner, it's inventory, right, It's basically inventory. It's 249 00:19:23,440 --> 00:19:30,200 a services which have been rendered but not yet paid for, and just to 250 00:19:30,240 --> 00:19:34,960 pick up your cash flow by bugging people. You know, first you send 251 00:19:36,000 --> 00:19:40,720 them one then three days, then two days. More than boom boom, 252 00:19:40,759 --> 00:19:42,880 boom boom, you're sending them one every day and it's all right, already, 253 00:19:42,880 --> 00:19:47,559 I'll pick it up and that's cash in the bank, right, Yeah, 254 00:19:47,640 --> 00:19:49,000 I agree. And so I mean, look like, you know, 255 00:19:49,079 --> 00:19:55,160 my dad had a dental instrument business and they were making enough money every year 256 00:19:55,240 --> 00:19:57,960 that it didn't impact them to have to grow any bigger, and so there 257 00:19:59,039 --> 00:20:03,559 was no desire to learn this new technology or to get better at online marketing. 258 00:20:03,880 --> 00:20:07,440 And so I think, you know, finding these types of owners are 259 00:20:07,519 --> 00:20:11,839 a lot of them out there, and they're great potential sellers or possibly you 260 00:20:11,880 --> 00:20:17,440 know, buying majority of the equity and keeping one for a certain time as 261 00:20:17,480 --> 00:20:21,680 you transition that business and utilize our expertise. All right, I love it, 262 00:20:21,759 --> 00:20:23,440 Joe. I think that is a great thing. And if you're young. 263 00:20:25,160 --> 00:20:30,720 A lot of times these smaller companies they need to have a generational shift. 264 00:20:32,119 --> 00:20:37,160 Health isn't good, they want to retire and then not going to be 265 00:20:37,519 --> 00:20:41,279 financeable, especially with the state of regional banks now who made a lot of 266 00:20:41,279 --> 00:20:45,640 these loans. So you get owner financing, you put down ten percent five 267 00:20:45,720 --> 00:20:49,400 ten percent cash, you cash them out, you give them an earn out, 268 00:20:49,960 --> 00:20:53,720 and then you proceed to build the business easier to do that than it 269 00:20:53,839 --> 00:20:57,880 is to go start your own new business, which is very costly in terms 270 00:20:57,920 --> 00:21:04,480 of time or resources and in terms of building systems from the ground up. 271 00:21:04,559 --> 00:21:07,799 Where, hey, my dry cleaner has got a lousy system, but it 272 00:21:07,960 --> 00:21:12,720 is a system. And then I just upgrade his system instead of having to 273 00:21:12,759 --> 00:21:17,400 build one from the ground up. Where move three doors down from him, 274 00:21:17,720 --> 00:21:21,640 start my own dry cleaner, and then I got to take market share away, 275 00:21:21,839 --> 00:21:25,759 right Yeah. And then once you acquire one dry cleaner and you have 276 00:21:25,880 --> 00:21:29,480 the experience and you put all systems in place for one and it's automated. 277 00:21:29,599 --> 00:21:32,240 I mean, then the next year you can move onto a second and so 278 00:21:32,279 --> 00:21:34,920 forth, and maybe after a decade you roll up ten or twenty of these 279 00:21:34,960 --> 00:21:40,359 and then you sell that to a pe group at a higher multiple and that's 280 00:21:40,480 --> 00:21:42,880 you know, the way to make real wealth or the next decade. All 281 00:21:42,960 --> 00:21:47,359 right, after we get off the wire here, I'm going over to my 282 00:21:47,440 --> 00:21:49,799 dry cleaner. I'm going to make him an offer, all right, Joe, 283 00:21:49,839 --> 00:21:53,759 Hey, appreciate it, so again, just tell us your website where 284 00:21:53,799 --> 00:21:59,519 we find you, Yeah, at Robert ventures dot com. And thank thank 285 00:21:59,559 --> 00:22:02,720 you everybody for joining us today. Hey, And the link is in the 286 00:22:02,720 --> 00:22:07,160 show notes to this interview on Financial Survival Network dot com. Just click it, 287 00:22:07,559 --> 00:22:10,079 it'll take you right over there. While you're at the site, please 288 00:22:10,119 --> 00:22:12,839 sign up for your free newsletter. Joe really appreciate you coming on. We'll 289 00:22:12,839 --> 00:22:17,279 talk to you again real soon. Thank you, carry thanks for listening to 290 00:22:17,440 --> 00:22:22,559 Carrie Lenz's Financial Survival Network, your solution to today's trying times. For the 291 00:22:22,640 --> 00:22:30,119 latest, go to Financial Survival Network dot com. Financial Survival Network now more 292 00:22:30,200 --> 00:22:30,680 than ever,