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Nov. 12, 2022

Ep 265: Aaron Chapman: First Real Estate Deal Story

Ep 265: Aaron Chapman: First Real Estate Deal Story

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Transcript

0:01 Okay, perfect. All right so I know I asked you to kind of go into it and and you know schedule this podcast but Did did you gather while I'm doing this 0:13 I'm not 100% But since you know when you look at the name of your podcast and sometimes you get into what you're doing or why you're doing it you might miss out on information that might be available. 0:26 This is very true. So what I wanted I wanted like a like a bird's eye view of it I cast is to is to impact aspiring investors in their journey to rhythm is meant to remove limiting beliefs continue to help people one thing we've realized is everybody's got to reason or know by seeing different people and first deal stories. It removes enter shouldn't invest in really going to go into is for your very first deal, how you got it, and how you closed it. The overall picture is to create a community to show people know you're from what you've done, you can find getting closure for 1:06 and be be real you know what your first deal I mean, raw is good. We don't have to, we don't have to, you know, some people man they got they got their teeth kicked in on their first deal. Yeah, some people deal was great. So we want we want the real deal. I know that we'll get that from you. That's why we asked you to be on here. Yes. 1:23 So the outline is we're going to talk about war. Then we're going to take some work of how you found getting close your first deal points that I want to touch on and it's really just like question and severity and we want to discuss one major limiting game or overcome and of course how you help other people that's that's that's pretty much the peanut butter and jelly. Cool. Cool. All right, so you want to do the intro. All right, 1:47 everybody was popping what's what's going on? And Leon Thompson 1:51 straight from Birmingham, Alabama, come to the my first deal store podcast, where we are talking to in the world as they go into details about their real estate deal, how they found it, how they got it. And the point of this whole thing is to do what is to get you to the table is to let you know that no matter who you are, where you've done YouTube and get your first deal, you're done. I so welcome. We've got Miss Atman in the building. This guy right here. He's amazing. He hits you with the raw real at the same time. He's got some amazing things going on. Get into that. Welcome, Mr. Aaron Todd, where are you from? You know, you could do that part. 2:33 I am Aaron Chapman. Right so where I'm from I'm for Julie, New Mexico. And then my dad was a minor when I was there to Wyoming and then placed the place around by Arizona stayed here for a while got into a cattle and they went to cattle ranching in Utah. So I spent my high Swenson through there. I went back to Wyoming to run to work. And then the partnership went bad with my disobey sold off the ranch and moved back to Arizona. Here, Arizona and that's the life I've I've I was a stay at since 2000. Since 1990. Fucking Arizona. So that's where we're at. 3:06 I love it. When we met you at the REI coders event. Of course, you guys look that wasn't even in itself. But more importantly, when we heard because Aaron shared a lot with us about where he's from and what he's doing now. And of course, he's a family, man, you know, and I think that that's important, too. Some people say, Well, I got children, I can't do it, or I got a spouse and where they are supportive. So I just, you know, I want to point that out that a man and family is extremely important to you, and you don't over it. 3:33 100% Well, that that right to be 100% true statement. You know, I have had the opportunity like event like we just hand in these rooms these people have their presentations are going to do the first slide of the presentation says you know why? Right? And they show up secure their family. Bullshit, I'm going to call bullshit on that being your wife, because if that was the case, you would be not here with us. Everybody has it, what they do when they do it. And I believe the why there can be no yes, I do want to take care of my family. Yes, I want to be sure that have all the necessities of life. But there's the necessity of some creature comforts. So let's just be honest, right. And we we love the creature comforts. And so, because of that, we go out there, and we're shooting for late on rent. And we're trying to get all these deals in and trying to make sometimes at the expense of our family. But what I do, and what I've involved is once I started under the investments I was doing now I'm not perfect. I'm just I'm Forrest Gump on my way to so I can't it's just like the next guy. But it's building really getting to know people digging into their head and figure out how they did one thing that you're looking at right now and then share ation with my with my family. So now I bring them all together on a very rare case. If I'm gonna invest in something, I have my kids get to get it. We'll do zoom calls with the people offering the investment, like ask questions, which was really cool back when like the youngest or the oldest was like 18. Well, so what's the deal? They had to learn how to dumb it down to the 10 year old would understand. Right? So good. So it's helping them and like, wow, how do you talk to a 10 year old? Mike, will you fit right? And so there they had to really work at that. But it better as a presenter and made my kids more intelligent as it was when asking questions as we did more and more deals. And now they it we only have this family. I guess it's a board, if you will, where we get together, we have a zoom that we look at the paperwork, and we vote and we decide now. I want a unanimous vote before we do something. But if we don't have the internet, and I have the swing vote, I will I can do whatever the hell I want. My money, I vote ever, but I don't swing that authority around in the wrong way. Right? Yeah, no, I have this. But I truly want their their response. I want to get into details as to why they think they're thinking the way they are. And then we work it out. And the reason I want a unanimous vote is if we got one dissenting vote, and it goes sideways, then what do you have? Right? You have one versus eight. And I was right, and you have the other ones justifying why they did it. And then they're coming up with justification for the wrong reasons as to why we did something rather than just saying Why suddenly messed up. Right? If they mess up right now, the stakes are low, it's my money. Right now, the thing, it's their future. And so I've also required that my kids, when they're to get started, they have to do the Infinite Banking strategy, especially when they get me. And so if they don't have that them in their spouse, they're written out of my will they do not get it. 6:36 I believe you. 6:38 They need to take care of themselves, if they know how to set up the 10% of their income being saved. They have the Infinite Banking strategy built out, they have the life insurance policy on them and their spouse. So if something happens to their spouse, my child is taken care of. They're not coming back to dad. Right? So I'm setting them up with a foundation of how to live their lives properly. Yes, when, and here's what's cool, if something happens, and I just completely obliterate my wealth I have for being an idiot, they're set up with great principles, they've got a great foundation. But if I continue to grow it with their input, and then they've done the same themselves, there will come a time where they step into the seat where they inherit that, and they learn how to continue to grow it. And they need to teach the next generation to do the same because if they don't, it will be obliterated by generation three. 7:25 That is real. Yes, it is. That's brilliant, because that's something I've heard with a lot of entrepreneurs and professionals is I'm doing this so I can leave it to my family and their families not involved. And so what happens when they you know, their department and they leave this earth, right? They'll not run it the family's like, oh, shoot, say everything's for sale, what's your price, and so it's like all for naught. So I love that you that's something that we definitely need to implement even better, like with the more structure so thank you for, for sharing that. That was godly. That was so good. 7:56 That was a lot definitely to learn from it. Unpack, man, guys. Yeah, we're gonna have to rewind that and listen to that again, man, because that was what that was awesome. 8:04 Yeah, well, that and that's what I like to always do is when I step into a room and start punching everybody in the face right out of the gate, right, and you'll get in, if you can stay in the room long enough, you're gonna get at least four or five buttons over throughout the conversation with the data we've gotten. Because I've been blessed to know so many people do so many things. And to your point is, so many people, they think legacy is leaving a bunch of money or a bunch of houses to your kid, that is a legacy. It's a legacy of creating a bunch of well funded assholes to go around and do stupid stuff they never earned. And I can't have that I'm not going to turn that loose on the world. I need to not only build have, you know what I have to kick my ass for years to do. But I need to take those who are taking you receiving that, and then know what I've had to go through to get there and continue to feel the same grind that it is to build it and then pass it on. And the next one, the next one, that's when and we're using an infinite banking strategy, utilizing this whole life policies, there's no reason why that won't perpetuate in significant manner. You know, I think when people fail to use that system in that process, or don't even know about it, right? What do you need to investigate them to get to know it, they need to talk to the right people. You know, the guy who I use he's the shittiest salesman in the world, but the greatest educator on the subject, and that's because you want to be sold on it right? You want to know that this is the right thing. And believe me, in my opinion, is the holy grail of forest foundations to build your wealth. 9:27 Amazing, amazing, amazing. Dropping Like It's Hot right out the gate. 9:31 So So I know you did not start where you're at now. So tell us a little bit about your first deal and how that kind of educated you. You know, tell us about how you got it. You know, you know, how did you find the deal? How'd you get the deal and how would you close the deal? 9:51 And where you were in that process like lifestyle? Yeah, family, all of that good stuff. 9:57 Okay. So you know the I got under this industry where I'm at now, which is financing people's real estate, right, like your regular bank, doing loans for single family homes, people buying homes to live in, but I start targeting the real estate investor is where my business is. Now, I've been doing this since 1997. But my first real deal I mean, it was, you know, you buy your first home, right? You go to the builder, you pick all this stuff out, you buy what you can afford and qualify for. And then I happen to be driving down the road and I'm headed to the house. We've lived there for a couple of years. And I stumbled into a place where we we just moved out of we, we actually bought the house next door and expanded our position right now. It was on acreage, right and I grew up in cattle ranch and right so this living in a neighborhood stuff sucked. We had some decent gap between us and neighbors is still a neighborhood I like I like having some distance Well, I drove by a place as one and a half acre lot. So it just one was for sale. So I made a deal on it again to move in. So it's an easy deal to make. But then I turned the house we had into a rental. I was not a landlord I sucked as a landlord i People rotating in and out of that, and I was having a difficult time making that deal work. And that was really the first one I had as an investment property is one that I just turned into a rental that lived in, I can keep people in it, just barely paying the bill. At the time, Arizona had higher prices versus really low rents. Now, it's completely flipped around now where rents are high, but prices are still going up. And I don't know that it's quite catching up the way it should. But at that point, I had the guy who I bought this house from the the one that I that I just moved out of, yeah, he had an opportunity to come along or he had presented a deal with me of this builder and building these houses on five acres down in the lot further south. And Mike who's gonna buy it way out here. But you know, the price was ridiculously cheap. So I bought it, I split that five acres up into three different lights that I had to one house on 1.6 acres. And then I had another guy come to me that I had met at a party. He's usually the life of the party, and I was the most obnoxious guy other than Him. So between the two of us, we were kind of battling for who's the most obnoxious. And it was frustrating him because he's usually never loses. And here's this young guy, I was like 2026 years old, and he's in his late mid to late 30s. And he was getting frustrated. But somehow that spike as far as spark a second conversation, he told me about what he had stumbled into utilizing land trust to be able to sell properties. And it's a unique process. But my head just closed on this property. Let's try it. So we tried it. And it was awesome. And then I did that with the other house that was renting out and it was awesome. So that's kind of where they started. It was just listening to other people, somebody giving me an opportunity, and I took advantage of it. And what many people fail to do is they think that man, I gotta go hunt this stuff down, figure this stuff out on my own? No, it was the relationships that made it happen. These two guys that knew me that that gave me an opportunity, then I need to step through the door. I could have easily said no. I want to try. Now that that point, those were big wins for me. Then I got another one and another one next thing you know, I'm like, Dude, I'm the freakin man. I can't do that ain't gonna just kick ass doing stuff, alright, start buying things because the market was going up fast and things were just kicking ass. And then 2008 happened, right? The problem of it was as I was doing like everybody else, like I can get a house that's gonna go up $50,000 a month. And I can only put I can put zero down, I don't care what the interest rate is, because I'm going to be making money when I sell this. Then when the music stopped, I had to hold all that. So it's very well as making bit six, decent six figures at the time I was in my late 20s, early 30s. And what the problem is, I've taken off and taken on enough leverage that it was literally, it was good six figures and payments. Every year I was all I was hand to mouth, even though it's making stupid amounts of money because of my bad decisions. And it was at a time when we weren't getting properties for cash flow, you're getting properties to be able to flip them. That's a stupid market move. Don't ever think that that's what you've got to do. If you have a flipping business make that's a different deal, right? You're cheating for way less than value, you know where you can sell it back. But if you're buying at fair market value, say I'm going to incubate this for two months and make 50 grand You're an idiot. 14:24 Doing right and so we had a market full of idiots doing this and then the music stopped and we got crushed. Not only was that happening, but I was ripping down the freeway to clear my head for three days because I was doing multiple things at the time and I need to I need to get some space to myself. jumped on the Harley was going to take August 8 of 2008 and ride for three days. I was 15 minutes into that ride and somebody flipped on my blinker without looking pushed me through another car. Flipping it 80 plus miles an hour shattered both my legs collapsed lung bunch of bunch of ribs busted I laid on the pavement in Arizona, August 8 to troll 24 In the afternoon, so you can imagine the damage to my skin, massive concussion had a lot of memory loss, a lot of problems came from that. So it came back. You know, when I when I went on that ride, and I went to went that morning, I left my house that morning, six foot 190 pounds 7% body fat in the best shape of my life, I could drop or run a marathon anytime I wanted and go climbing anytime I wanted. I was worth on paper about three and a half million dollars. A few weeks later, I was wheeled out of a hospital, still six foot one and losing the height even though I busted all winter crap up. But I was 156 pounds worth my net worth went from on paper 3.5 million to a negative 1.5 million. 4 million does a $5 million swing with also a massive loss of body weight. So you can imagine a six foot one I was basically a skeleton was skin wrapped around it. And my memory only lasted three minutes. So I had to go to try and crawl back from all those things and fear, okay, how am I going to work with this market, how I'm gonna get back to where I was going to have the capable was that a flash in the pan situation that I took advantage of. And that just blew up on me. And now I'm pretty much cooked. I got to just experience what the great life was for a short window of time and I'm back destined to be that guy who basically makes his money with his back, which is how I always did. And going back into the industry after that it was 100% just out of pure, I guess anger, if you will, I'm gonna go back to where I was. I was like a blunt instrument just hitting a wall constantly. I was going to break through that and took a lot of years. But now I'm now we're where I sit. We've got real estate in five states. I have partnerships and multiple different things. I think the doors that I have I have eight or 10 doors personally, but 200 Plus doors in partnerships. And we don't have partnership it has to be right man partnerships can literally destroy you if you don't do it the correct Yeah. 17:02 Oh, my You know what, that's a whole nother topic. And thank you every time I hear you share your story. I'm just like, man, and and I hope listeners hear this. So my first deal story. Yes, it does talk about your very first real estate deal. But I feel like with you and you've got this is a unique because you did it two times. So you didn't want you know, it doesn't sound like you pay to coach. And you can correct me if I'm wrong. But it doesn't sound like you bought a course you just you were looking for your primary house, you got your primary house and ended up turning into an investment property. So you ended up becoming like like, like a landlord, like an investor that way and then like kind of slapped you in the face in a really drastic way. And you had to start all the way over again. But it seems like you repeated like the the relationships right? When you got back into this thing. 17:52 100% relationships got me and in fact, the relationships is what got me back doing business to begin with. So my mom was a realtor still is. And there's another realtor by name of Carolyn Irby and they both all the other people either went somewhere else because you call me and three minutes later, I forgot the conversation, or they got out of the industry and to get altogether both of those people. One A mother's loves a mother's love and she's going to she's going to definitely try and help me out. But she's also you screw up. It's like you're done. I'm gonna go to the credit unit. Right? So then she'll chase you around there. She's still 47 years old, and I'll still take a beaten with a shoe from my mom. You got her and Carolyn, both they realized where I was at. And so what they would do is they call me to give me a referral. And then they call me back few minutes later say do you write that down? I said, Write what down. It's like, okay, get your pad, get your pen at this, do this. And they helped me train my brain back and where I didn't go get therapy for this, I'd literally just carried a pad and pencil around, or pad and pen I'd write stuff down to check it off. And there's plenty of people that got a call from me three minutes after I hung up with them say hey, you know, is there a champion of security with such and such lending company? You know, I got your number here from Carolyn Irby. And so like we just talked, dude, what did we talk about? Because I did write it down. Right? So that's kind of the situation I do, too. I train my brain to come back to where I needed to be. And again, relationships made it happen. Every single thing I've ever done, everything I've ever accomplished had to do with a relationship with somebody else. And what I tell everybody is I don't give a damn what you do with your life and how how wealthy you become you leave this world with two things, relationships and experience. You can't have one without the other. Either one of them you don't leave with anything. You literally exit this life a completely busted individual with nothing to show for it. 19:39 Wow. That's so good. That and the emphasis on the the memory portion because the people got great memories and still got excuses why they can't make it work. You know, there's, there's so many people that have so many ups they got so many pluses, right and was asking me this, when between the timeframe of you looking for your house and actually closing the deal. How long did that timeframe take? Or how about how long was that? 20:11 Looking for my house and closing the deal we see here if it was the very first one I bought it took months because there's a new build, right? Yes. When it came to finding the second one that I wanted to buy, as I'm just driving down that road, I saw the sign that was about that was about 30 to 35 days for I close that one was driving. Yeah, just literally drove by I saw a sign and I just turned to go down that road. It was weird. I don't go down that particular street now I go down that street every day because it's literally driving down the cruisin and I look off my left and there's a sign sitting on the road. So I use turned onto that street and there's just a lot is really just a house sitting on a massive dirt lot. I'm like, so I called my wife say what do you think she was? Let's check it out. And then we made the deal. And it was more than I thought we could make happen. And we could afford at the time that we're going to make this happen. We just pulled the trigger because this is the life that I want to live and then the house behind me that was interesting is the house we live in now. What they did is back in this used to be farmland that cut up in these into these long two and a half acre pieces that were like 150 foot wide by like six or 700 feet now I don't have the exact measurements. I probably should if I'm gonna talk about it. Well what they did they cut them in half. So right down the middle you had a house up front and then a house in the back. We bought the one up front which was the original house on that lot when they split these up back in the 80s that had a long driveway on the left side that an easement to the backward the the people behind it were and they had a house with it with a guest house. And we got to be very good friends with them awesome people. He was a SWAT cop. Yes, he had a couple kids. They were great people. Well things happen in his life medically and things went sideways he sits past but they the family put this house up for sale make on buying it. Right so people bid on my driveway for years, I'm taking over the driveway now. So I bought that. And we went on August of this last year. And we've been on a I'm now finishing the final grade and there's a tractor outside my window right now I'm getting excited to see this happening. But we have literally cut this thing down to, to where we built the house that we want with it got it completely down to the studs, new wiring, new new plumbing, new everything. And now we have this two and a half acres. Plus they have acreages in other states. And it's been a great run. And now you just understand what deal makes sense and what doesn't because you know, you've got it, there's this old saying good judgment comes from experience, experience comes from bad judgment. 22:41 That's where having a coach or having a mentor, having a relationship at the very beginning works well, because you can play off of the mistakes that they made, provided, they want to share that. And that's one of the things I do with my business all the time, guys, I work with real estate investors all the time. You know, the average person in my industry, I'm a what they call a licensed loan originator, there's 300,000 people in the US doing this job, the average guy does two to three transactions a month, that's mean, they're going to draw from 24 to 36 transactions a year to guide you through the process. Now I do in excess of 1500 over this last 12 months, which is seven every working day that I close. That's a lot of investors I talked to that's a lot of people, I get to see the decisions they make, I get to see who they screw it up, I get to see where they win. So when these new investors, even seasoned investors face a question or decision they've never faced before, they have to do something new, they've never ventured down before they can contact me. And I can share with them stories. I don't ever tell you do this. To do this, I tell you the story. Again, just like your deal story here. So you get the experience, right? You get judgment call based upon experience of somebody else. And you're making that decision based on practical data, not speculation, in theory. And if you're going into it without a coach, without a mentor or relationship of any sort, you're going to go 100% Off speculation in theory, not off of any practical data. So if you can't find practical data on what you're going into, don't do the deal. Period. 24:10 That is amazing. I couldn't 24:12 man it better myself so much. So much wisdom, and what you're saying. And guess what, guys, if you're out there trying to look for your first deal. That's what Brittany and I are here for? Yeah, we're here to help you find your first deal. And Aaron. He's good. He's dropping so many nuggets that I wish I knew. When I started my real estate journey man. I could have saved my so much saved myself so much time and so much headache and so much pain. If I had a guy like me in my corner. Yeah. 24:44 Let's talk about that. Specifically. Aaron was one major limiting belief that you overcame or that you even overcome daily to keep pushing not only for yourself and your family, but also to help other people. 24:58 I'd say the biggest limiting belief in business for me was that I had to look like everybody else to talk like everybody else. I had to think like everybody else. Wow. So when you're looking at me, do I look like a basically Real Estate Investment Finance expert? 25:12 No. And for the audience look for the audience that are just listening to this from the podcast, 25:17 easiest thing to do, just go to my website, Aaron chapman.com. 25:24 Aaron, can you describe yourself, please? 25:27 I'm gonna let you I'm gonna let all of you think okay, I was listening to this guy. So I'm gonna let you imagine what I'm, I want you to imagine the suit, the blonde hair parted on the left and my in my in my like kindred metal glasses, I want you to remember, think of all that as you're putting that face to here. And then go to my website. Get on my phone, give Chapman into Google. And you'll find the one lender and you'll see, you'll see something hopefully different than what you're picturing. 25:57 And we'll make sure we'll make sure that y'all have it in the show notes too, because I really I want you to be humorous. Like this is this is where judgments and misunderstanding can really do a dance. 26:10 What I found the smartest, some of the smartest people in business go into it intentionally to be underestimated. And that's, you know, you guys are with me for a couple of days before you heard me speak. Right. And so a couple of people I've talked to after that say, let me just say, I'm very, very guilty of judging a book by its cover. Because he and me wandered around there. I didn't talk to some of these folks until after my, I had my opportunity to speak. And that's how it's worked at every event that I've ever been in. And if people didn't know who I was already, I didn't get to know them till I was done. And then I couldn't go to the bathroom without a train. Yeah, right. So it was a great event in defensive small, just a few people there when I've been speaking to ones with like four or 500, that it does make it to where I have a very, very late night with not a lot of time to myself. 26:57 Oh my gosh, I love it. Well, let's do this, because I don't want these to run terribly long. And I want to respect your time, Aaron. But I also want people to be able to, of course will drop the website. But specifically, you alluded to earlier with how you help investors. But if you can really reiterate, for your ideal client, how can you help people like what is it that you do to help other people, 27:20 so investors, they want to get the best financing they can't write. So if you're looking to get like private money or something like that, I don't, I'm not the best help for that. I do have connections I can connect people with. But my thing is, I'm helping people that are have prepared themselves for this. We do your conventional financing your 30 year fix your your Fannie Freddie stuff that all your banks do, the difference is all the banks don't do this for investors, because it's too damn hard. And it's also in their opinion, too dang risky. I have proven extreme pain over the last 15 years of really, really focusing on this, that this is the best type of business any bank banking entity can do. And I have literally been audited, I have been gotten a crap kicked out. And I've been been threatened to get fired by companies who's like you're doing too many investor loans. This is not our platform. But then once they have the time to witness and say, Well, wait a minute, these are the best paying clients we have, they pay the longest they play the most most on time, this is the best business we can make. And that's what I've been telling you guys. It's so frustrating them, they get it, they finally get it right. And we're that's what we're doing hundreds of transactions a month because they're backing me up to do their do that. But you know, so I want to work with the people and who I best help us ones who have prepared themselves with their credit and their income and their savings to be prepared to go out there and buy and qualify for these kinds of loans. Right. So then you can get that good 30 year fixed money. And some people will think and this is where I really dig in and help them because they're going into this most of the time from a consumers mindset, how do we get the cheapest price with the cheapest interest rate and the cheapest costs, and they put them at the mercy of all these people that will literally take advantage of them suckering them in with a so called cheap price. And then you get all the other things they stack on top and you're at the closing table and you're stuck, right. But we also want to help people understand rates and all those things don't matter to the real estate investor, we live in a highly inflationary environment, do we not? Yes. What is the rate of inflation right now? You guys know and it will scare the hell out of you. A lot. You're right, it is a lot of companies. It just came back out. It's over 6% From what the Fed says. That's what the Fed is saying. Right? They usually want to get to nothing. Right. But they're admitting to it being over 6% Just from last month, the claim came out that it went up point 9% That is 1% over one month period. Right there. Right. The claim is we're trying to we're going to keep with monetary policy interest rate, inflation down below 2%. It's not happening, right. And when you look at what they use, you guys are familiar with the term the CPI. 29:58 Yeah, a little bit you helped us with had to. Yeah, so 30:01 people will hear that the consumer price index, also the PCE, the personal consumption expenditures index, which are two indexes that the Federal Reserve uses to measure inflation. But it's only indexes that they created, what goes into the index, they don't factor in food costs, energy costs and segments of housing. That is what people spend to live, right, we need three things to live food, water, shelter, we also need air. But California is the only one that knows how to tax air. You and I got to worry about, but what ends up happening here, you take those things out, you get the Feds number of that 6.2 or 6.3%. Right now, you add it back in, it's over 14% right now. So this is alarming. But let's think about this from the real estate investors perspective, we can't stop inflation, right? This is gonna be a global thing that has to be worked on in as far as the economy, I have to open things back up, we gotta get gotta get all these, these containers full of these shifts, we'll have containers, unloaded and trucked out and we've got to get materials back in the store. That's what's going to change the economy. But in that meantime, it's still going to stay high inflation has always been much higher than Feds ever said, Well, if our interest rates where they're at are way lower than the rate of inflation. So what people need to wrap your head around is, when you fix your costs for 30 years, let's say you bought $100,000 property and finance for 80,000, you'll pay $405 a month for the next 30 years. But you get to raise rents on that right and you increase your income, but the lender doesn't get in, you get to raise the payment. You don't have to accept $405 A month every month for the next 30 years. And when you recalculate that, based upon today's inflation, you're late paying less than $70,000 Back in actual dollar value over 30 years, you borrowed 80, you paid 65 and interest, but the actual value of what you gave him back his less than 70,000 Union giving back what you borrowed. So you leverage, right you leverage long you pay off slow, but you only do it in an environment that you can keep a reasonably rented and that you can raise rents on if you can get that you don't close the deal. But if you can get that, believe me, everything we get for you is a gift because you're never paying back the money. And you just continue to increase yours with your tenant tenant living in it. That's where I want to help people wrap their head around, there will come a time we can talk about this, anybody who wants to talk to me, I've got an app out there and get you guys the information for that to Qj Oh, investment tool, which is a quick jerking off investment tool, because it's all you guys are doing. Right. So you look at that and it looks like a gorilla with a braided beard on it and you pull that up on your app store. And then we'll reach out and talk and I could show you how to use it and show how inflation is eroding that dollar for the next 30 years on your transaction within the app. 32:42 I love it thank you for sharing that we will also make sure that's included in the show notes. The value I mean this is this has been insane and again stuff we wish we knew but more importantly I love that you are you've reached a level of success and you weren't like you said you didn't look like everybody else you didn't sound like everybody else but you still found your you found you found your lane and you operate very strongly in it and nobody doesn't like you. So thank you for taking your time to come onto the show talk about your first deal talk about where you're from talking about how you're helping people I guys take this opportunity check out Aaron's website like again it's in the show notes check out the QGJO initiative I crack up because of like I was there so I know what it means but check it out check it out mazing it's a great 33:41 see the combo check that one out too 33:51 that's a lot easier to say and remember to either way 33:57 you remember the q j over the Aaron Chapman real quick right? 34:04 Mike, my name is to to cookie cutter man we got to get the stuff that people will pay attention to. 34:10 Yeah, it works marketing. Always be marketing. But yeah, this this really this is gonna wrap up the my first deal story podcast with Aaron Chapman. Thank you again brother. I don't know if you have any parting words for our audience for our listeners. But yeah, feel free to share something as well just rocking out. 34:34 Well, no, I want I appreciate you guys letting me on right I appreciate the relationship we built really quick. I love you guys. You guys are awesome and allowing me to come on here and just start hammering things on your on your audience. And what I'm gonna tell the audience why my parting words here if you are thinking about this, you're looking at something you're trying to figure out. You got to quit jerking off and call these two people and have them help you figure out how to become successful in real estate because they're fine need their path to now? Have they accomplished everything they need to know? But they're getting there and when they get there, you're gonna wish you were on board. They're trained. So get the hell on. Whoa. 35:12 Yeah, there you go. Hey, go Well, man, I don't think I could have closed it any better myself man. Awesome man. We love love connecting with real estate investors and meeting awesome people like Aaron Chapman man. You can't judge a book by its cover because this man will blow your mind literally here he is. Alright, let's