0:00 Hey, welcome to today's episode we're starting we're just gonna we're trying out a new thing. This episode of we call deal breakdown. We have a special guest, investor Mellon Dave, we're gonna hop right into it. We're gonna keep this really close. So what, what's what's really good about this segment? We're not? If you guys want to check out the episode about them, there's another episode but probably for this one. So go check that episode. But what has been your craziest deal, whether it's most profit or just something crazy that happened in that in a transaction? 0:30 Yeah, and thanks for having us 0:32 on. Yeah. Thank you so much, Dave, which one do you want to do today? 0:35 Okay, so it might not be the biggest profit, but I just like because it doubled. And then we'll talk about a drug dealer tenant. But the first deal that I want to talk about a few things today, there we go. Yeah, we'll go through it. So basically, we had purchased a five Plex for $250,000. You know, relatively cheap, right. And then it had been on the market for a while the seller couldn't sell it. When we finally came back to it. We had looked at initially, when we finally came back, the seller was saying, All the deals fell through. And I'm like, Let me guess with financing. And he's like, Yeah, how'd you know? Because we underwrote the deal, it didn't make sense. So we actually got into it with 100% financing. So $250,000, the seller held a first mortgage of $200,000, right, uh, VTB, seller financing, owner financing, whatever you want to call it. And then we actually utilize it in Canada. So we actually utilized our RSPs, which is basically the same thing as a 401 K in the States, registered funds. So we utilize that as our downpayment for $50,000. So 100% Finance deal. Now that's not that cool. Well, that is kind of cool, right? That it's 100% financing your own money. That's what we do, and no joint venture partners. But the cool thing was, it was such an underperforming asset, right. The rents had never been raised for the last 10 or plus, probably seven to 10 years. No maintenance had been done. So we once we took possession, we kind of did our thing, right, it was a low hanging fruit. We did some renovations, some TLC, some some tenant changeover through natural attrition for them going to school and that type of stuff. And in a short period, I think in one and a half, maybe two years. Yeah, just under two. Yeah, it actually it appraised for over $500,000. So we literally doubled the amount of it in a short period of time, right, which is kind of cool, obviously. And then we repaid all the investors, we repaid the seller, we repaid the lady who had lent us the registered funds. And that's not the end of that deal. So that was about probably a year ago, a year and a half ago. So sequence of events, we refinance paid everyone out, still continued to cash flow, free cash flow from day one as well. And then after that, we actually listed it on the market. So we got we had gotten the refi. For 500. We sold it for 600, which again, made another $100,000. Right, and now we're actually holding the mortgage on it. So it's kind of like this, this deal 2:47 with both sides of the coin, right. So bought it using our own money, part of it with owner financing, and now we get to still make money passively, and have the tax benefit as owners as well as we 3:01 it's a pretty cool deal. 3:04 Oh, what's crazy about this whole deal is I was earlier had this conversation with somebody about this yesterday and it was the value of extended transaction. Because a lot of people they think that once they bought once they sell that property, that's it but when you owner finance that you can extend that transaction to revisit over and over again. So I think it's really cool that you bought at Creative finance, you held the Credit Balance refinanced out of it, and then you sold it owner finance. 3:27 And then now of course with a cash flow. Well, we can continue to where it's more deals as well. 3:33 It's as passive, right when we're holding a mortgage, we have our security and it's kind of like I like how you say Daniel, it's extending the deal. It's kind of the deal that never ends it just keeps cash flowing. So yeah, pretty cool deal. 3:44 Now that's amazing. That's amazing. I hope you learned something from that episode because this if you gotta listen to it again, it's gonna be really really quick. Listen to it again. Go check it out. Appreciate you guys coming on. Where can people find you online? Real quick. 3:56 We're at Investor Mel Dave on YouTube, Instagram, Facebook all over always investor Mel, Dave. Yeah. 4:02 All right. Awesome. Thank you. Thanks for guys coming on. appreciate y'all. 4:05 Thank you.