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Sept. 19, 2022

Ep 231: Family, Partnership & Real Estate With Darius & Courtney Pettway

Ep 231: Family, Partnership & Real Estate With Darius & Courtney Pettway

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Transcript

0:01 Hey, this is your host, Daniel Martinez of has had this podcast we have special guest today coming out of Kentucky. They are a real estate couple, which is very you see it every once in awhile, but it comes up, it comes up once a while here and there. But like me personally, I cannot work with my wife, we'd work with my wife on a certain level. But I can't like do everyday businesses or we're gonna have a conversation with a real estate couple. And I'm just being real here right? In the background, because I only want to cut to them because their phones is dying. But we're gonna talk about real estate. Real estate is a couple of doing deals. One thing they're really big on Twitter, which is I love Twitter, and I like working with people on Twitter. But land deals I saw there was some land deals like two days ago or something like that. So we're talking a lot about a lot of different things today. I hope you stay tuned and enjoy throughout the whole show. So here's our guests. pennyways states, which is Darius and Courtney Pettway. How're you guys doing today? 1:00 Good. Good. Thank you for having us. 1:02 Yes, yeah. So one of the first things I want to ask because I actually don't know the story, but how long have you guys been a real estate? 1:10 Since 2017? Wow. 1:15 Okay. Yeah, a lot longer than me. I started like in 18. I think not even longer, but I start about four years ago. So journey. Tell us a little bit how you ended up in real estate? Because for me, it was an accident. I don't know about you guys. 1:30 I like to start off. Yeah. So 1:32 I moved here doing my master's degree. And getting kind of I didn't like, where my masters was taking me. So I stopped that right. And then here I am just trying to figure out something. And yeah, so with me trying to figure out something, there was a dilapidated home like right next to where we were staying. And I would just go out before and after work every day and just look at this dilapidated home and think to myself, we need to do something about it like we can, we can buy this home. And then one day, I mustered up the courage to tell Courtney, but she shot me down. 2:13 I was like, no. So that's where I'll let her pick up the story. 2:19 So for context, we were both still working regular jobs, I was actually in human resources, you have a hospital. And I had a co worker, we shared an office space, and she was a landlord. And it seemed like every day, she had a new horror story. And she would always like, be like, Courtney, whatever. If you don't hear anything else, I say don't do it. Don't ever buy real estate. Don't Don't Don't, don't don't. So for context, this is what was going on in my head. When he came to me and was like, We should do this. I'm like, Absolutely not. I have a co worker, she's always talking about how he's messing up our property. He doesn't pay rent, like all this stuff. Like you were not about to have us doing that. And long story short, it was just fear at the end of the day. And he convinced me to attend a seminar. I was so local workshop here. And after that I was so I was able to hear people who, you know, to my knowledge, were doing it at a huge level. And they were able to show me how to do it by step by step. And so that gave me a little more competence. So we went to that workshop, and I think August, somewhere somewhere in the fall, and we closed on our first property, like a week after Christmas. Wow. 3:55 So how long? How long were you in your nine to five before we actually went full time into real estate? 4:01 I quit in 2018. And then you quit in 20? December 2020 2020 2020. Yeah. 4:13 Yeah, it's a it's a real estate is like, it's a crazy up and down. And it sounds like you're talking to a tired landlord. One of the many, but it shows that there's like, one thing I love about real estate is there's so many different sides of it that you get, you get different projections from different people have different different different things that they do. And it's one of those things where like, there's, there's always bad and everything that you do, but there's good things too that come with it as a huge upside. So that's what it really is like. It's like one of those things where like, you can do it but it's so hard to sometimes like it took me seven months ago my first deal and it's like it's been crazy ever since and hasn't stopped and now it doesn't stop anymore. 4:57 It's a good thing though. Yes. So, 5:00 one thing I alluded to in the beginning is like, how is it? Like how is it staying sane working with your spouse, because I have trouble with that. And it's okay, like I work with my wife on a certain extent, but we can't do every day together, we can only do with parenting. 5:18 It's like, the way I describe it, when we first did it, it was like, 5:25 lifting weights for the first time. But it's like using marital muscles that have never been used before. And so it reminds me when I, when I really got like serious about basketball, and my coach was coaching Marcus, where he played for the Boston Celtics. And for the first time he made us go into the weight room, we begin to lift and I remember getting out of that weight room, and feeling like I am wanted to throw up, to pass out and just die all at the same time. But that's because I had never, I didn't understand what it took to be a basketball player. So just when it comes to marriage, especially being married, and business is just like that, it's just working those muscles and not not only learning being but even learning now, today was rough learning to give each other grace. Because it ain't easy. So I sympathize with you and your wife. Cuz Yeah, we understand and we don't. We're not we're nowhere close to perfect, right? But yeah, just how you work with your wife in business is just like a culture of grace. Right? I give her grace even when she acting crazy, right? She given me grace, even when, you know, I'm usually the same one. I'm kidding. Um but uh huh. Yeah, manages a culture of grace in holding your tongue. But again, that takes a lot of muscle discipline, it takes a lot of repetition. I can tell you so many stories of failing, right? Failure. Right. But yeah, after a while, those muscles they start to build, right. Then the next thing you know, you know, you start seeing when you when you're going to the gym. I think they call it muscle memory. Is that what they call it? Yeah, well, yeah, you start you start curling, it's like, you start looking forward to it. Yeah, it doesn't feel good still. But you find that rhythm like she said, 7:44 It's, um, it's tension. Of course, there's a lot of benefits as well. There's a lot of, but there is a lot of tension, just like in a relationship, a regular marital relationship. Without the business component, you're two different people, two different perspectives, two different ways of doing things. And so you have to practice finding, you know, that common ground and learning how to compromise and to major on the majors and not the minors. And so we've been working together now what going on? Glenn, what yours is doing, you don't need to tell me five, five years. And not only did we have that business, we started even opening other business. So we like work together all the time. So it gets easier. And you learn how to handle things better. 8:44 Easier, easy, various, you have a great answer from a male perspective. I appreciate that. This is a real conversation about real conversations, because it's a struggle. It's a struggle for a lot of people said, I do work with my wife in some ways, but like, what, like I said, I've gotten better, I have gotten better. As I've been an entrepreneur for longer, and I have gotten better. I will say that. 9:14 I think what has I think what has helped us too, is knowing each other's strengths and weaknesses. I think initially when we started, we wanted each other to do certain things that we weren't strong at so he was like you're asking for better. So like, he's a big picture guy, big vision. Asking him to do like administrative stuff would be a nightmare. Because that's just not him. Or as me he's the charismatic people person, stuff like that. So he's great when it comes to like managing our subs and dealing with people and being in the field. Whereas I me, that would be a nightmare. So it's like, in the beginning he would want me to do that. And then I would want me to want him to do certain things. As, and we had to learn No, in order for us to thrive, we need to maximize our strengths, and outsource our weaknesses. And so I'm not going to pressure you to do now granted, there are things in business that you do that you don't want to do. But as far as like having that be your primary focus or your primary task, we learned not to do that to one another. Because it was just a recipe for disaster. 10:27 Not at least I really, I really, I really appreciate your, your candidness because like I said, a lot of people struggle with this. And like, no one talks about this ever I've worked toward so this is a real estate show we're talking about. Like, I appreciate your candidate this because this is like I normally don't go this direction. But like I said, I this is something I struggled with early on. Because like you said, I was an entrepreneurship and I struggle I struggle with this early on. Because I definitely have gotten better with it over time. So I'll leave it at that. But it's such a it's such an interesting thing to see. Like, we rarely see it, but it's good. And it's like when you have when you have your partner with you working and you're working together, so much things get done efficiently. And it's crazy how efficient you can operate when you're when you're operating on the same on the same on the same train track. You know, there's no such thing. It's like a hidden superpower. That No, not even people read even though you can have it, but it's so crazy when it when it does align, it just goes. So that's one thing I will say to couples in business, if you if you get on the same track, you go with the same direction, it can be a huge, huge superpower that a lot of people don't have. 11:36 Exactly, I agree. When you 11:45 know, I think I think it's awesome. I think it's awesome. To see it, I appreciate you being so candid on that we can switch subjects down because one thing I really want to hit on is you have young children, which is not easy. So a lot of people, I really want to get them get that fear of down because a lot of people that are like, Oh, I have kids and I am married and have a family to feed like I can't do this. Like we all want to kill I want to kill those things. Because for me one of the one of the reasons why I went into entrepreneurship was when I put up my wife was pregnant, I'm like, now's a better time to do it right now. Because there's no there's no other better time like once my kids are grown and going to school, like you get stuck in that talk. So how old are your kids right now? And all this Yeah. 12:33 Three into it. I heard someone say I can't remember who said it. But they said your kids can't be your why and your excuse at the same time. And so, our kids are part of our why, part of our why the reason why we do this is of course, you know, we want to give them a much better future than what we had. But then at the same time, they can't be our excuse for oh, well, we can't do this, we recognize that when we decided to have kids, it was going to be more challenging, it looks different. And you just kind of it just looks different. And it's a little more difficult, you have to schedule better. You may not be able to say yes to everything, you definitely have to do better at prioritizing what's important and then setting boundaries. 13:30 I think the most important key thing for children, just overall household in general is structure. Kids are like pouring fuel on a fire that was already there. So you're going to magnify whatever is going on inside of your home. So if you already didn't have any sort of structure we didn't have, we didn't have any sort of boundaries or anything. All the kids gonna do is tap dance on those boundaries, right? And say, so it's so important like, with our kids, I will my goal, even as a man is to provide that sort of structure, okay, you can operate within these bounds. Certain, you know, temper tantrums are not, it's just not accepted. Right. So what that does for us it provides a child is, especially at the younger ages, if we take advantage of that. They actually learn and they're, I don't want to say they're not as rebellious but they're quicker to learn, right? Yeah. So if you set those boundaries, you know, even a simple thing like going to sleep. It blesses my soul. That at eight o'clock every night, we're at 730. We start winding down, we clean up around seven, four. be five we brush our teeth 750 We are is reading time in relation to basic stuff? No, this helps in business. Right? No. Thank you help me. He knows it. But pray for me. But yeah, man. So what? Yeah, so like when just and then when you lay them down the max be laying down. Yeah, that happened because of sleep training. So I didn't play about my sleep because if you had if you have kids all day, now at night, you need to focus on something right? And they still won't go to sleep at a certain point. You only human, right? So we tend we tend to snap right? kinda bad, I'm tired. And then you start snapping at each other. And it's like, no, let's provide some boundaries for these children. Right? We love him. But at the same time, we're married to each other and we have other things to do. I eat business. And so that structure helps us run our business. That's why we're taking a nap now. We don't have to worry about them. You know, because they know, hey, we're in the bit, you expected to close your eyes and go to sleep. So yeah. 16:15 One thing one thing I was I will say to this part, too, is that the structure really helps me out too because they're in bed at a certain time. And then for me, I'm gonna I'm a night owl. So I get that to three hours after they go to bed to actually get some work done, where I can actually do computer admin work and all that stuff, building. Whatever I need to do, and I don't have any that structure then my wife gets up early in the morning to handle the kids. So we kind of do a trade off aren't do evenings, and she doesn't mornings. And that's kind of a give and take on both sides. But it worked like that anyone? 16:46 Yeah, yeah. Yeah. Soon as me sort of bizarre like day one. Like, I put I put, somebody of audience is going to judge me. It's alright, though. I put my case shame and creative. So some parents, yeah. Wait, like, it's very few of us. Because I've just had too many close friends and stuff. Because well, you may know, but you know, you you start that kid off in the bed in Yeah, they may be six months, maybe they may be ready to transition, but they're used to the warmth, the day, the warmth. And that's a lot to deal with. So, yeah, 17:29 I like I've never had this conversation before. So I'm really I really like digging into this because I'm father to me. And I enjoyed that time. Like, when my wife was pregnant that first 30 days is a nightmare. And I remember my firstborn child, my wife, I she was like, literally, like stressed and like at sea it in her face and like, what do you need me to do? She's like, I just need to sleep for hours. And I'm like, okay, so you got to cover one feeding. I'm really a night person, I'll handle the evening I handle the nights, you go to bed, and you wake up at four or five in the morning and do what you needed to do. And like after, after we figured that with with chapter one, we did it all for all three. And I handled I haven't evenings for all my kids. Like I would take over like 9pm to one in the morning. And that was my shift. And sometimes I'd be there for four hours just holding my holding my baby rocking on asleep feeding them. And I enjoyed that time because it was one of those things where like, not many, not many fathers experienced that. Not many fathers experienced that. So I enjoyed that time. Like I still I still have a playlist I used to play for my kids that played like when I had them for that two, three hours is like a two three hour playlist. I still play for them. It's like we just want a road trip and I played it for them to see if they remember what those things were like it was a really core memory for me as a father just take care of my kids at night and I really 18:52 enjoyed it. You got me reminiscing but we had chips too. 18:56 We didn't start off with chips we had to learn like you did at first we were like rotating like every two hours or some something right? Then we were like why are we doing? Oh, we decided to do the ship thing too. So it definitely worked out. 19:11 She got smart. So what she did was so she wouldn't be the winner. You know, she's super pumped and she pumped like a lot we had like two freezers full 19:20 second deep freezer because I was pumping 19:24 so what happened was like yeah, so every time DJ or every whenever they would get up kind of like throughout the night especially during our shifts when we shifted to that. Like I was just feeding them in rock and I'm and 19:35 I'm not going to be that one of those moms that would be the only one getting like we both can do this 19:45 it's COVID I love I love the story like so I'm just going to have this conversation with somebody else because this is for anybody. This is the first time and I talk to you all right. So let's Let's kind of translates to this business. So like, you've kind of kind of figured out early on, like what's been like the biggest benefit you've received from working with your spouse in general, that you've been able to, like handle more projects, panel, more businesses, it seems like, and maybe this side projects and only have the investors things to lose that deal with that. So it's kind of like the benefits you can from amplifying and really going on the same track and same speed. 20:26 I think you said it enabled not just to have, you know, help, like you said, there's a lot of solo founders solopreneurs out there who are married, but for whatever reason, the wife or or husband not involved just because of either, you know, lack of confidence, no knowledge or just not not interested. So to have someone who shares the interest just as eager and motivated as you to accomplish things. And then you can, you know, I don't have to worry about being everywhere. Once when I have, we can split responsibilities. And so it's, it's just been a, it's a blessing, that would definitely be the biggest benefit. 21:07 Let's jump down the investors thing. How'd that come about? What's that about? In general? I'm curious. 21:13 I'm gonna start this one off, because you remember, 21:16 well, I can tell you what I do. Remember. She said that. I was asking you a question. Do she asked me so many questions? 21:29 I am a question. 21:30 Asker. Yeah. She's asking me a question like, hey, what can we do, you know, to, to make a difference was what can be our next entrepreneur entrepreneurial move? And so I was like, a kid's book. And then I guess I explained it, and 21:47 no, you didn't say you don't remember the story. I didn't say no. So we were already in real estate. This was right before the pandemic, it was early 2020. And of course, as being entrepreneurs, we were like, okay, you know, like he did say that correct? Like, we were just always trying to figure out, Okay, what else can we do to bring in more, you know, streams of income. And so he did, he said, Kids book. And I thought it was brilliant. I was like, This is amazing. And so, literally, it was like, early in a week. I think that same week, we started writing. So one thing about us, when we find out information, we act on it, we don't steal the information we're going to execute on it. Never wrote a book in our life. First thing about publishing don't know anything. We wrote the book, we finished writing it. And then we were like, well, crap, we don't know how to draw. We need to find illustrator. We, you know, found and finally found the illustrator. Then we were like, Okay, great. Well, who's gonna? Well, we finally, we finally came up with all of these moving parts, we go to the publisher. And of course, the first book was about real estate. kibitzers was supposed to be nothing more than like a story book that you read before you go to bed. publishers like guys, I understand what you're trying to do. But I don't think anybody was read about real estate before. Me like, you know what, he has a point. And after we were talking, we realized we just really had a passion to teach. To go back even further, before he ever introduced me to real estate, I was already investing in the stock market, I had actually introduced him to investing in the stock market. He introduced me into investing in real estate. And so when we were talking to our publisher, and among ourselves, we were like, we'd really want to just teach kids. And so that's how we got the idea of kibitzers into just go ahead and do a full out curriculum on just money management basics, stock market investing, real estate, investing, entrepreneurship, etc. And so that's how it came about. So now, so we only have we have one out currently, and one is going to be out before the end of the stock market set is going to be out before the end of this year. 24:25 It's really expensive. It's no it's not. 24:28 Oh, you're saying expensive us to make it? Yeah. 24:34 Well, I mean, it goes, it goes back to the show that like it's a passion, it's a passion, like everybody wants to make a difference and make some type of legacy. And that may turn out to be it may be bigger than Pitt Pettway states, you know, who knows? You never really know the impact you despise creating. I think that's the difference between the creators and consumers. So creators are going to create consumerism, so 24:57 we really were on the right track with And we launched so we had started working on it 2020 We did not announce it publicly till April 2021. Because we wanted to, you know, do things right, have our IP in place, you know, trademark everything domains website, all the legal background stuff, right. And we knew we were on the right track when I think we released it that week. And we had two investor meetings scheduled within two weeks. We were like, This has never happened before. So like, I think we were like, we think we may be onto something. So yeah, 25:39 that's amazing. We're working on a book right now ourselves. So it's an interesting endeavor in general. 25:48 Good. Books are really fun. 25:50 Five years ago, and never one even thought about it. I was I was a truck driver, so I was totally different. So I've kind of come, I've come down a different path. But no one knows where it's at. But um, so let's talk about this. Let's kind of pivot we talked about kitbashed. To my family talking about a lot of different stuff. Let's talk about real estate. That's kind of the main point. You guys are doing construction? Are you guys doing new bills? What type of construction and like real estate in general? Are 26:25 you doing it? So our focus is renovations from small to large scale? We, we do build up to that we do ground up. So they sense like, there was one of our clients who, you know, they got plenty of money, but they wanted to add on a three car garage to their current their current property. Yeah, so we built that when we added that, oh, that's probably the most will do in regards to build up, so to speak. But our main, our niche is really bathrooms, kitchens. And then on the investment side, we will buy a property as you know, and do a full gut and then our colleagues or investor friends may call them. They may buy a property. And then we also, you know, renovate, renovate that property, whether it's residential or commercial. So, yeah, 27:27 so we primarily do residential renovations, we have not broken grant, we have not done new construction. It's funny, though, because we always joke and we're like, we basically do new construction, because I don't know if you've seen like any of our properties, they're like really, really, really bad to like. Like, just pretty much we're putting everything new in it. So it's new construction, but because you're technically not breaking ground, it's not. But yeah, that's pretty much well, you. 27:58 So are you you're only in the Louisville market, right? Correct. Yes. Yeah. Yes. Okay, that's awesome. That's awesome. So the, the evolution of investors is always cool to see because you can go will have different directions. They kind of you kind of find something you like doing and niche down with it. And a lot of people go develop different directions. So it's kind of cool. Let's mama land investor. So can we talk a little about land? We, my client base flexes and all that land talk. So what's your experience on land? And like, Do you have any, like, stories that were interesting to you about land in general? 28:41 Not yet. So we've only bought properties. We haven't actually just bought land yet. We're actually looking into starting to do that. buying land and building on it, ourselves. Because our market has changed is like a lot of markets. When we first started, we were investing in specific zip codes. And like for one zip code comes to mind, you can easily get a property there, you know, under $50,000, again, context, we're in Louisville, Kentucky, people might be listening like $50,000. Yes, that was very common. You can get a property for $50,000. And they put around 100 into it and you can sell it anywhere from like 230 to 250. In those same areas, you'll be lucky to find a dilapidated home for under 100 in those same areas, you know, five years later. And so we're recognizing that although it's not impossible to find the margins we were looking for, it's gotten a little more difficult. So we are exploring buying land because now that we're also licensed and we have basically our own team, the cost to build would actually make more sense in some cases than flipping or renovating. So that is something we are definitely exploring right now. But we haven't done it just yet. 29:57 Interesting, interesting. Yeah, we meaning we just buy and flip it has nothing to do they're just buying at a wholesale price and selling on terms. 30:08 So are you actually wholesaling it? Or are you closing on it and then reselling it? 30:13 It depends on the property. But we bought 100 acres last year and subdivided in some of the lot of stuff we do we just get owner finance. We like owner financing stuff all the time, so 30:26 that's good, too. Yeah, that's good. I love the ingenuity. Yeah, you're 30:31 in what market? Yeah, Texas, Texas. Okay. 30:37 Oh, all over Texas actually live in Cali. But we're all. Yeah, my partner lives in San Antonio. So we do a lot of stuff. All over Texas in general. 30:47 Some of our partners, the majority of our partners live in Cali. So yeah, our investor part yeah, investor partner. So yeah. Well, I 30:54 mean, kids counties were a lot of money out here a lot of money to invest. So they're always looking someplace in different markets in general, that cash flow better. Sounds like you have a good cash flow market in general. Yes. 31:04 Cash Flow market, you say? We don't have a great appreciation. Appreciation market is. 31:12 So what is it quote yours or somebody else's that you resonate with? 31:18 What was the question? I'm 31:19 sorry, there's a quote that is yours or somebody else's that you resonate with. I'll let you go first. And anything from 31:30 being a lifelong learner. I learned that during my undergrad, not not reacting to change, inevitable change or things that you can't control in a negative way, but embracing it, instead of 31:55 being upset about it? Yeah, just being a lifelong learner learning to adapt. Adaptability is probably the most important trait of an entrepreneur, being able to, you can call an audible, but you know, if you see the difference coming from the other side, you need to be able to switch switch up real quick, right? So yeah, man, just Yeah, being a lifelong learner and being committed to that mantra, in every aspect of my marriage, and fatherhood, just being been a lifelong learner. 32:28 For me, and probably jacking this quote up, but it's along the lines of the overnight success. 10 years, something along that line. And it's just a reminder, for me, I tend to want things quick. I think a lot of people want quick, but I can definitely be impatient and what I want things like right now, like I want it to happen right now. But I have to learn that, you know, some of the most successful financial success does look different for everyone. But regarding business, specifically in financial success, realizing that some of those one percenters and entrepreneurs that a lot of us look up to, you know, they didn't just start yesterday, a lot of them didn't just start two years ago, to have longevity and to have long term success. Takes a while. And I know that can be hard, especially in the social media age where it seems like everybody became a multimillionaire overnight. And that's really not the reality for most cases. And so yeah, just learning to be patient into, you know, run your race at your pace. But yeah, 33:42 yeah, it's, uh, the the, the timeline doesn't always come as fast as you want it to. But be consistent about it always. 33:51 Yes, you said it. Consistency. Discipline. Yeah. You pointed out that 34:00 it's a little thing, but like, I've been, I've been doing like, I've been doing real estate for four years now. And I'm like, still learning. But it's one of those things were like a, it's an everyday thing. And you're still, you still got to go, you still have put in the reps. You have to put in the reps every day. You have to show up every day. And it doesn't get easier. I mean, it does get easier, but it gets a little more stressful because now you're building teams, you start bringing on employees. How big is the guy's operation right now? 34:35 As far as like manpower, manpower, so it's just two of us. So we have contractors, so we don't have any employees or anything like 10 34:44 We're 1099 city we run really do. We will hire rehab, of course from serving electricians, plumbers, framers, roofers, drywallers craftsmen, we always just 1090 on everything because at the end of Day. A, we ran lane and B we love profit. So yeah. 35:06 Do you make a display? Did I hit something? 35:11 I don't know. I just want like full screen. Hey, everybody. Hi. briefing. It was I told you about that happened No. No, no. My last question was Operation one of our mentors tonight city. So I really well, I was also question one. So Santa Ana City. I love like different people, they actually go to hire employees and people who like the tenant and right where they just like outsource everything. What's the benefits of tenant nine in Europe appeal. 35:56 So for starters, one of our mentors said, one of the reasons a lot of businesses fail is they scale too quickly. And I really hung on to that. And especially I even though we've been in business for going on five years, I still consider ourselves a relatively new business. And so when you're still in like the building phase, it's really hard to build, but at the same time, you're trying to figure out how you're gonna be payroll, and, and all of the other things that come with having employees. And so while we're building now, we're not saying we will never get to that phase, but we just liked the fact that we can work for hire, we don't have to, we actually have a another peer here, who was also a general contractor, and he's having to invest in properties that may not be as profitable or take on projects that may he may not necessarily want, because he has employees, and he's trying to keep them working. And that's stressful, especially as a newer business. And so that's why we're running lean right now. 37:06 But I think it's because amplification because you can hold your your contractors to another standard versus employees, we have to be somewhat nicer to them. Like, this isn't done right. What are you guys doing? Come on, give me more off aspects versus with employees have to be more friendly. 37:28 We're huge 1099. 37:31 And I think the downside Well, given, we'd like to be honest, and get both sides of the coin. The downside is controlling costs, right? Yeah. Okay. Yeah, so we still buy materials, but labor costs, right? We have to, we have to, like, do our best to control that. But at the end of the day, if you got a 1099 worker, you need plumbing done. You said, Hey, I got this project, how much it's gonna cost in my stomach turns every time. So yeah, like, that's the other, that's the other side of the game. So there's two sides to a coin. So the good part about having employees is that, you know, you know, they're gonna show up to work every day, they may not be as motivated because they're gonna get paid regardless, right? But at least you have a set payment in a set cost as where were the 299 employee. He can pull us no matter how his behind. You can't find other plumbers, but it's just stressful. It can be stressful sometimes having to be like, Okay, this guy is on one this week. So let me go and use my backup plumber. Right? So yeah, yeah. Is up and downside to everything. 38:43 Here you're juggling a lot of management. That's a it's an interesting answer. There's a, there was a investor at Minot, North Carolina when I actually live in Georgia. But I remember on North Carolina, and he had a big construction company and everything, had employees make payroll and all that stuff. And he's like, after years of doing that, I kind of let it all go. And now I do just tonight nine hire contractor stuff. And it's more, it's easier that way, in his opinion, because he runs like he does a lot of projects and it's just him an admin. And that's because he outsources everything to 29. So there's definitely some pros and cons with it. But it's cool to see like, You're the first you're the first person that I've talked to in a while that has the mostly tenant and I haven't I did an interview with him a while back and I was he was one of the big ones in my head that did that so it's kind of cool and interesting to do that in general. Because it's rare most people are like oh I'm gonna hire my have my have one that does the drywall and I got Pablo that does the plumbing and other people you know 39:52 when you can like, like he was saying the cost if we wanted to just hire someone would probably be I don't want to say cheaper because it might be cheaper in labor, but then you're gonna make up that costs again, because you got to pay payroll and all that stuff, and payroll taxes and all of that stuff. So it's like, are you really saving money when you think about the other costs involved beyond just the labor? So those are things you have to factor 40:15 in. So one thing I'm asked you, because I kind of alluded to it, and guess what it is, but you have a lot of private money in place to do a lot of what you do. What's the trick to get private money? In your opinion? What's it take? To have a good deal? 40:34 Have a good deal? And, and no, no your stuff? All they there may be like a random person call you or want to meet up with you. And they'll just ask you questions about it about like real estate, sometimes, like one out of 40 or 50 of those people might be probing you because they have money. And they're just nervous, about, you know, lending it, they're considering lending it, but when you know, your stuff, I remember, we downtown here in Louisville, and there's a a woman who was just asking us question after question, because she was nervous. But one thing that gave her confidence is we knew, you know, our deal, like the back of our hand. So what if this happens, but that happened, we'd have this extra strike? What if that happens, if that happens, we can do this? And then just giving them the reassurance that you've done your homework, but it's really no magical answer. We we only began to get a lot of private money after we had a whole lot of work done. And we could be like, you concerned about this property? Well, here's three of the properties that we did that will fall in this category, oh, are you concerned about, you know, this Victorian home or here, you know, four or five property that we've done that are similar to this, so that it kind of gives them a little confidence when they can see your portfolio, see your sweat equity, and they're much more likely to give to you. 42:12 And for those who are not listening, because we use private money for our first deal ever. Yeah, of course, we didn't have any, we didn't have real estate background, we didn't have any experience. So there might be people out there right now who were in our shoes five years ago. And so you just have to be confident. And even if you don't have the actual experience, at least have the knowledge and the confidence essentially. And that's actually a good deal. Even if you need to take it to take your deal to another investor, you know, just for them to look it over and just verify your numbers before you present to the investor. Those things can show an investor, okay, this person has done their due diligence, this person seems knowledgeable, even if they don't have the portfolio yet. 42:58 One thing I'll say to that is, I think I know you guys do really well as documenting the process. If you document the conference very well, you can always you can always show the receipts to assure that person that you're doing the right thing, and you're going to do the right thing with their money in their best interest. 43:13 We had one girl she was so nervous. She is our first time invest in with us. And she drove here. And we showed her at the time three properties when we had just done one we had we were going to start in one we were in the process of finishing. And like even if you don't have those physical properties, or maybe you just have photos but documenting is key you want to have a trail and that's something that we tell people as well when you're pitching to them not just tell them about the potential deal. Show them what you've done, how much money you made, etc 43:56 you guys read a book readers at all? Because I'm not 44:00 sure why. It's not like I enjoy doing because I have to 44:07 recommend two books. For questions for Darius. Can you recommend two books? 44:12 She I would say the elimination of hurry. The elimination of hurry. And there's a book called anxious church anxious people. This is written by a psychologist though. I know the name may turn some people off. But it deals with the psychology of human interpersonal actions and reactions, right. And it's just a really small that's why I really liked this book. Small, right? But it will, after you read it, it will have you like just analyzing what you're doing and really why you're doing it. It just causes you to go deep within yourself to understand yourself and thereby treat others better. I know our marriage was blessed because of it. Even my subcontractors, they probably saw a difference in me like, Oh, he's not as upset anymore. Well, that's because I realized okay, you're ticking me off right now. I can exploit or we can get this project done right? Well, yeah, that book right there anxious church makes use of people was really good and being not the the elimination of hurry those two books 45:44 that have to check those out. I like to start with like so the short break to get my interest? Well, I always like leaving the episodes are like Where can people send you deals, working remote, learn more about you in general. opportunity to plug yourself. 46:04 If you want to work with us. We do invest in new construction in Louisville, Kentucky. So if you want to work with us, be it invest with us. Or if you want to sell us a property. If you need us to buy a property for me, you can go to Pettway estates.com. If you want to learn from us and learn how to invest, you can go in real estate, you can go to flipping a to z.com flipping a to z.com and if you want to teach your kids how to invest, go to the kid investors.com Kid investors like investors but kid in front. But yeah, FB kid investors.com And we're on all social media. 46:50 You know, we appreciate your time. Thanks for coming on. I hope hopefully kids are be ready and well rested in that time. But thanks for your time. I appreciate you all coming on. And thanks for producing content and producing good things in the world. 47:05 No, thank you. Thank 47:07 you as well for having us on here. And thank you for you doing the exact same thing. Keep up the good work, you know God's 47:17 blessing to 47:18 catch up online and we still go check them out. Have a great day, guys. You too. You too.