How to Overcome Fear to Invest in Real Estate | Arley Wolf

A lot of new investors get paralyzed by fear and don't move forward. In this video, we're going to be discussing data driven approaches that you can get started in real estate.

Ariel Herrera 00:00

Hey, everyone, welcome to the tech and real estate Podcast. Today we're going to be discussing data driven approaches that you can get started in real estate. Whether you're an experienced or inexperienced investor, you're looking to scale but you don't know how that's completely normal. A lot of new investors actually get paralyzed by fear and don't move forward. They get nervous about how to become a landlord, how to save money to become an investor. And what if you actually buy your first property, but prices drop? What do you do next? If these fears have ever crossed your mind, then this is the video for you. Arlie Wolf, who's an experienced real estate investors with over 30 years of investing in various types of residential as well as commercial properties, is going to give us an in depth overview of how to develop the mindset to overcome your fears with data driven results. This is one you don't want to miss. So stay tuned and check this video out. Today, we have a special returning guest Arlie. Wolf, welcome to the channel.

Arley Wolf 01:09

Hi, Ariel, thank you so much for inviting me back to your channel. I was really fun and interesting last time, and yeah, I'm glad to be here.

Ariel Herrera 01:20

Yes. So happy to have you back. Going through your product remap and understanding how you use different data sources to have really good data driven analysis for real estate was super insightful. Has anything come from it over the last two months since we last spoke?

Arley Wolf 01:37

Well, you know, I have done some more research. And in remap to.com, there's a section that has my picks my hot market picks. If you go there, you can find some graphs and some data that supports maybe where the hot markets are.

Ariel Herrera 01:59

Awesome. Yeah, can't wait to check it out further. But for this specific piece, really looking forward to diving into what are some investor doubts and how to overcome them with data. Before we get to that Arlie would love to just hear a little bit more again, about your background and how you got into real estate.

Arley Wolf 02:16

Well, so my background, I'll start again, it was I grew up in a farming community and on the farm, you know, I worked a lot with my dad. And he taught me a lot of life lessons. And it's there that I learned some really key principles that helped me with investment. And those principles, I'll just just bring them back up again, is, you know, buy land because they don't make much more of it. Don't work hard for your money, make your money, work hard for you and work smart. Don't work hard. And then Orca. Today, we're going to introduce another principle, which is, don't doubt the data. Just don't do it. Don't doubt the data. But so, yeah, when, you know, it took me a little while I don't think I started really investing until I was about 40 years old. But it was something that I was passionate about, I wanted to learn about and I'm the type of person who is very data driven, I want to make as objective of a decision, especially with such a large, you know, impactful decision is investing in real estate. And so, back a long, 30 years ago, I started to gather data, and I started to pull the data together to look at the history of, of real estate, and let that drive my decision going forward. And now I've just developed a tool that is so much more robust, that now helps to put away some of the fears and doubts about real estate. And we're going to draw from that later on in this in this presentation.

Ariel Herrera 04:13

Excellent. Let's just dive right into it then. Okay,

Arley Wolf 04:17

great. All right, I will share my screen. You know, so, you know, I'll start with talking about something that many real estate investors struggle with. And that is pulling the trigger on an investment. But before we do that, you know, I just go back to those those principles again, you know, the bide land, because that's supply and demand. Don't work hard for your money, make your money work hard for you, and work smart, not hard. And then the principle today that we're going to talk about is Don't doubt the data. Doubt the doubt. All right. So why are people afraid? To invest in real estate? Well, I think there's a lot of a lot of reasons to, you know, sometimes you doubt because you just are starting out and you don't have a lot of money to begin with, and you don't want to risk that money. Other times, it's a daunting to think that you are going to have tenants and you're the landlord. Some people don't pull the trigger, they doubt because they want to find the perfect deal, and they just can't find the perfect deal. Proper, our property values are declining at the moment, or property values are appreciating at the moment, and it's too high, you know, have a time to get into the market. And I think this last one is a big one, it is that people feel that they are inexperienced, that's probably the most common reason that new investors don't start investing. And so, you know, really comes all of this really comes down to doubt, and doubting yourself. And so I want to just just take a moment to, to talk about doubt. But on that last slide, you saw a little picture of Shakespeare, and it's from, it's from Measure for Measure, it's Act One, Scene one, and Shakespeare, I'm going to go back to it. Shakespeare said doubt our doubts our Trader, and make us lose what we might off when, by fearing to attempt. And that is so true, it is really true. And we're going to try to share with you how we can use that data to overcome some of these doubts. I found this on the internet. And I'll share it with you what is doubt, doubt is a mental state in which the mind remains suspended between two or more contradictory positions, and you feel uncertainty, and confusion. So people often doubt themselves when they have to make a decision, or take actions to move forward in life. To make better decisions and take action in real estate investing, you have to make sure that there's nothing holding you back, you've got to find a way to overcome those doubts. And so I'm going to share with you a mindset and some real life data to help you overcome doubts that you know, you or others may have, that will hopefully motivate you to take action in real estate and begin your journey in building wealth. Okay, so first, let's talk about the mindset. Everything begins with a thought. And so what should that thought be in real estate? Okay, here, here's try to paint this picture and think about this, I will double my investment, no way, I will five times my investment in 10 years, it doesn't matter where the market is, or what the market is doing. Now, in 10 years, I will double or triple or five times my investment. It doesn't matter if I experienced small setbacks along the way. Or if a real estate bubble or stock market crash drives the real estate prices down, I will hang on to my property for at least 10 years. So it's a real estate is really a long, in my mind is really a long term investment. You know, if you, if you just take little chunks at a time, take snapshots in a moment, and you make your decisions off of those snapshots.

Arley Wolf 08:45

You know, it's just, you know, it that will cause fear and anxiety. And that will cause you to make decisions that are not the best long term decision for you. So I'll use an analogy and that is have you ever erielle If you ever made if you ever made brownies? Yes. Okay. Okay. Imagine if, if you just took the flour by itself and tasted it. What was that tastes like or the baking soda or the salt? You know, it's not great because you don't have the full picture. You don't have the the, you know, you can't see the end product, right? making brownies pretty quick. Do that in an hour or two and you have pretty good results. Real estate investment is like this mixture of brownie that takes 1010 years really to develop and turn into something really, really delicious. So the mindset is important is a 10 year endeavor. And if you think of it in those terms, rather than, you know, taking the flour and the salt than the baking soda and test tasting it along the way, and saying this is no good, I gotta, I gotta get rid of this that will help that will help you build your wealth. Second, is learn from the past. You know, there is a lot of information, a lot of data that helps us to understand what real estate does over time, and we're going to go over that. If you don't have that knowledge. If you don't know what real estate, you know, has really done and how it's performed over time, then, then it does it makes it tough, it makes it makes it difficult to, to have that mindset, that long term investment mindset. So what I'd like to do is I'd like to take a case study, a case study in California, and I'm going to ask you a question. So what do you think the price of real estate was in 1968? In California, in California, average average price of real estate, take a guess?

Ariel Herrera 11:10

Maybe

Arley Wolf 11:11

200,000 23,000? Wow. Yeah, really? Yeah. Yeah, we're gonna go through this case study. So how about in 1978 10 years later? What do you think it was?

Ariel Herrera 11:25

So maybe 120,000? Well,

Arley Wolf 11:28

that that's close. It was 71,000. That's a 300% increase. So, you know, we've seen late, we've seen trends lately. And we thought we think to ourselves, Well, you know, I mean, the last three years, or the last 10 years, you know, that's, that's the best it's ever performed. But that might not be the case. So let's, let's do one more. So I got to dip down because my notes are way down here in 1988. What do you think the price was? Average?

Ariel Herrera 12:01

You'd like to 10?

Arley Wolf 12:02

Close. So it was $170,000? That's 237%. Right? Yeah. So um, so let's go right into right into this. I've got I'm going to show you a graph here. This graph represents California. Okay, and we're gonna just kind of step through this. But it's not only California, that have that has realized this appreciation over time. California has done really, really well. But there are other parts in the United States that have also performed quite well. And there are other parts in the United States that have not performed quite well, that not that well over 30 years. All right, you know, clearly. But we'll we'll pick California to begin with, and we're going to start in 1984. So between 1984 and 1991. Yeah, there was an appreciation of 100%. So how many how many years is that? That's 123456 years. Remember, we were talking about the rule of 72. Okay, so the rule of 72 plays here. So again, I'll just remind everybody that the rule of 72 says because of compounding interest, over time, that if you take the the the appreciation rate, or it's the interest, if you're like talking about finance, the appreciation rate year over year, if it's 8%, you divide 72 by eight, and that gives you nine and that's how many years it takes for for you to double your investment. And so the investment is, you know, you secure $100,000 home, and then in nine years at 8% 8%. In appreciation, nine years, you have you actually have $100,000 That's what your equity would be. And of course, you know, the real estate is is the the appreciation, compounding interest on steroids, as I say, because that $100,000 That you secure that appreciate, you know, you're only paying $20,000 of that, so

Ariel Herrera 14:31

just incredible.

Arley Wolf 14:32

That's incredible. Yeah, so um, earthquake in 1989. That as you would guess what drove the drove the the market or the average home sales down because of all the damage and the fear and doubt that that presented, but it went down for 1234 years, and it only went down nearly 11% But people were probably freaking out at that time. If, because, you know, if you were right in here, and you just bought a home here, then you would, you would think to yourself, Oh, I gotta get out of this, right? It's gone down 11%. But then from 1995 to 2001 the.com, boom, drove it up another 100% appreciation over 1234567 years. And then the.com. You know, fiasco drove the market down 10% In one year, again, if you were here, and you just took a snapshot, you know, you took a taste of that flower, you would, you'd want to get out of the market. But if you hung on for 12345 years, appreciate appreciation went up 59%. And then the subprime bubble hit, and went down 27% 27%. And people thought, at this time, real estate will never recover, not like I did in the past, the past, you know, 10 years. But guess what, if you bought in 2012 1112, it's really, really appreciate it. And you know, this only goes to 2000. Let's see 2019. But if you bought in 2019, like some very smart people, or 2020, very smart people like yourself, you know, you would have you've realized, incredible, incredible appreciation. Do you have any questions about about this chart?

Ariel Herrera 16:52

Yeah, I do. So I think this is really good to illustrate how even when there steps if you hold on to real estate for a period of time, you are going to see an increase. So what do you say to people who say, Well, I only want to buy

Arley Wolf 17:05

at the dip? Oh, I only want to buy what?

Ariel Herrera 17:09

At the depth. So say, like, 20. So someone, some new investors, I've heard have said, well, when is the next step enter Kirk's I only want to buy at that period.

Arley Wolf 17:19

I say to them, you know, good, if you can do that. Good. And there are there are tools on the market. I mean, I think that remap.to.com, the website that I have, will help you identify when those dips are if you keep an eye on it, right. But I also say you don't have to buy at the dip. You don't have to buy at the dip. Because, look, if you buy at the dip here, like at this point in, in 1994. Of course, your appreciation would be 100% in 1234567 years. All right. All right. But if you buy at the peak here, you still have tremendous appreciation. Just amazing appreciation. So in real estate, you know, if you want to maximize your investment, and wait for that dip, do that. But a lot of times, what those people will do is they'll say, hey, you know what? Here's the dip. I'm gonna wait, wait, let me see here. I'm gonna wait. I'm gonna wait. I'm gonna wait. I'm gonna wait off. I missed the dip. I'm not talking about the market. That's the doubt that keeps you from pulling the trigger. And that's what's going to keep you from building this wealth over time. Great point. Yeah. All right. So um, so I'll have to say, you know, it's true that past performance doesn't guarantee future results. But the future results may be even better than the past performance. You have to, you know, if you take a look at this, you can see that that could be the case. So I think the trick is to find those properties that are pre appreciated better than all the other properties over time. That's the trick. How do you do that? And I'll just take you back, remap to.com There are other Zillow, you can see trends in Zillow, although those other websites it's it's hard to pull all of that data together to return the markets because those websites are are there and focus on finding the deal or finding the you know, the house you want to move into. Whereas remapped to.com helps you find the cities that are appreciating well over time or are doing performing, you know, based on whatever industry aters that you feel is important. Okay, so let's move on. Have you seen these types of pictures?

Ariel Herrera 20:12

I haven't I absolutely love them. But please explain.

Arley Wolf 20:16

Okay, well, what do you know about and these are word clouds, where you know about word clouds.

Ariel Herrera 20:23

So usually based off the volume, so in this case, say if we're looking at appreciation, perhaps, then Aurora might be the largest appreciation that we see amongst other cities in this area.

Arley Wolf 20:36

Absolutely. That's kind of what they tell you. So let me I'll tell you how this word cloud was developed. Again, I went back to remap to.com, what we I did was I ran a an analysis of the best performing cities over 30 year, I'm sorry, 10 years. This is price appreciation only, and cities that are fairly large, not the really small cities. I entered that into the word cloud database. And then I went and I took year over year appreciation year over year appreciation every year for the last 10 years. Those and had those results entered into this word cloud. And so So, you know, there's, there's, there's 10 sets of data. And the more a city came up, the more prominent it is, excuse me, on this word cloud, over 10 years. So, you know, if you were to ask me, based on history, where would I go to, to invest right now, I would look at this word cloud, and I would do exactly what you just did. So there are, like 19,500 incorporated cities in the United States. This word cloud represents a group of cities, not 19 19,000 work, but the best of those 19,000 cities. Yeah,

Ariel Herrera 22:25

and see my city at the very top on the roof. And small Tampa.

Arley Wolf 22:31

Was it okay, well, even though it's small, it's actually you have to remember that if it even shows up on here, it's doing pretty well. Right. Pretty well. All right. And so you know, what, what, that the smaller the city? I mean, it could, you'd have to go and take a look at it. It could mean that, you know, over the past 10 years, the first maybe three years of the 10 years, maybe it didn't show up there. But the last seven years, maybe that's where we're gonna go on to this next. This next slide, which gives you a little more, and I'm sorry, that it's, uh, not real clear. But I'm hoping that you can still see what's going on there. Yeah. All right. So now erielle Take a look at these graphs. What stands out to you when these graphs?

Ariel Herrera 23:20

Dark blue line is higher than the rest?

Arley Wolf 23:23

Yeah. Okay. So let me share with you that this red line here is the national average. Okay, so these are all of the these are all these are trends of all of the cities or the major cities that are appreciating eating? Well, you know, the big bolded cities that were on that word graph, or that word cloud, and right here, this is, oh, gosh, San Jose, California. So you notice that this is way, way high, right. But what you also see that over time, this has increased because the gap gets bigger and bigger and bigger. This is increased or appreciated better than the national average. And the national average hasn't done bad, better than the national average. But if if you were a beginning investor, and you you you weren't cash rich, you didn't have a lot of money to spend. You might not be able to invest in San Jose. But if you were you were rich and you had money, maybe maybe you would want to the drawback of investing in is in a city like San Jose is that the cash flow is not great. The closer to the national average or below the national average, the better the cash flow, right? So, but maybe the appreciation isn't quite as well. So, this kind of gives you any any questions about this? What do you think about about this?

Ariel Herrera 25:06

Yeah, I think this is pretty interesting, especially looking back at 2012, or holy cities were somewhat close to one another San Jose standout. And as you said, if the cashflow isn't their appreciation can only do so much for your cash flow month over month, don't want to be in the negative.

Arley Wolf 25:25

Right, right. And we're talking here, you know, we're talking, oh, I don't know, let's let's just take a look at this. This is this orange is Scottsdale, California. So in 2012, you can get a home average, or this is actually median median sale price was 250,000. And in 2022, that median and that's this is probably Oh, this is January to March, march 2022. median sale price was $800,000. Lot of appreciation there. Okay, let's go to the next.

Ariel Herrera 26:03

And this chart is from Henri map to

Arley Wolf 26:07

know, well, yes, what this chart These charts are on remap to the source of these charts are actually from Redfin. Yeah. So you can graph multiple charts and Redfin. Um, all right now. So this is, again, the red is the national average, these are properties that are lower than the national average. And a lot of these properties, what you'll find is that the cash flow is, is better, you know, which means that if you're a beginning real estate investor, you'll have a better chance of being able to hang on to that property for oh, you know, 1020 30 years, if that's what, you know, for the long term. Okay, let's just take a look at at something like Detroit, okay, you think to yourself, Detroit, really, really want to invest in Detroit? Well, let's take a look at this. So this down here, and it didn't go back as far as 2012, for Detroit, but in 2013, you can get, you can literally, the median sale price for a home in Detroit is was in 2013 20,000 $18,000 Wild finding a sale that is just going on, you know, going on Zillow, and finding a home. So with $18,000, you could probably get maybe a $400 rent for $18,000, which is great cash flow. Now, right now, you can still get a home, because the median home sale prices, you know, it's $85,000 if you go and take a look on Zillow, and you can work for that $85,000 So you can get $1,000 rent, $1,200 Rent $1,400 rent, it's really, really great cash flow. And, again, their appreciation, you know, from, you know, $18,000 to $80,000. You know, if you had 10 of those homes, you not only did your cash flow, you know, do quite well, your, your appreciation, you've made a lot of money in those 10 years. So, here's the thing, there is a little more risk, you know, in buying in these E's, lower priced home, you know, and but those are the risks. Again, you know, maybe crime may be a little harder to manage a little more vacancy. But, but don't look at the snapshot. When I started out, I started out in Lancaster, which was on the other graph where I was to buy a house for $100,000. And I bought us a couple of homes that were in pretty poor neighborhoods, because that's all I can afford. And I did have some challenges, but I hung on to those homes. And in 10 years, I upgraded those homes. And so we're going to talk about we're going to talk about that. So I just want to introduce you know, we talked about number one and number two, to the mind the mind set. And in the third thing I want to talk about is don't be afraid of failure. So in life, there's always a chance that you will fail. But failure gives you knowledge and experience Since that will help you to succeed. And I wouldn't call it failure, I would just call it, you know, learning. I go back to oh, well, I'll skip it because I can't remember who it was. Oh, no, forgot. Sorry, I

Ariel Herrera 30:17

think that's a really great point that you just made because I recently listened to a podcast from paysmart B's channel. And he has stated, even if you are losing money out on a deal, initially, when you're getting started, that's considered a failure, those skill sets that you're gaining from that, that stays with you. Oh,

Arley Wolf 30:37

absolutely. That this third point is very, very important. Because I've made mistakes, you know, I, I've made plenty of mistakes when I was when I was young. So that was, you know, if we go back to that, there are cycles, right? And when I learned from those mistakes, the next cycle, I did better. And then the third cycle, I really, really did well. So first 10 years, had a few mistakes, still did, okay, did pretty well, second, 10 years did even better. And then the you know, the last 10 years, that's where you really, really you really gain momentum and wealth. Okay. All right. So let's run some numbers. And

Ariel Herrera 31:26

so it's my favorite.

Arley Wolf 31:29

Yeah, yeah, absolutely. Okay. So this is just a spreadsheet that I put together. And this goes back to the mindset and it goes back to the rule of 72. It kind of combines all of that. Okay. So if you could put down $40,000, to secure a $200,000 property in one of the cities that I shared with you, and hang on to it for 10 years, your equity would be $240,000. Right? If if you're performing, if you're if you perform at a rate of the market performs at a rate of 8% per year, with your initial $40,000, you would have about 240. Okay, so what do you do next, then you 1041 1031 exchange by putting it into a 200,000, putting down that $200,000 And you have a little leftover to buy a $400,000 home and you hang on to it for 10 years. By the way, by that time, you know you your downpayment is 240,000, is half of the worth of the property. So your cash flowing pretty well. So, next 10 years, your equity would be $600,000. Um, and then you then you 1031 it by putting down $500,000 into a million dollar home, and you hold on to it for 10 years. And again, your cash flow would be pretty fantastic. After you know that 30 year period, your equity would be $1.5 million. If you can think this is the difference in mindset, if you can think of appreciation in terms of wage or salary, I'd like to do that for your investment and the time you put into it. At the end of 30 years, with an appreciation of 8% per year, you would be earning equivalent to $340 $304 a day, or roughly $9,000 a month, or roughly $111,000 a year on your investment. And what you're saving, you know, over those 30 years is what you'll have in equity is $1.1 million. So what do you think about that?

Ariel Herrera 34:13

I think that's incredible. But just to take it again by step by step. So 1031 Exchange, what is that? Exactly? Oh,

Arley Wolf 34:22

yes. So a 1031 exchange is a way to upgrade your investment without incurring without incurring tax penalties, which is incredible, right? Because you're doing all of this tax free. Some of the rules behind it is that whatever you 1031 into you has to be whatever monies you put in, let's say let's say you had gained 100 $100,000 Right? You gain $100,000 If you sold it You wouldn't be tax capital gains on that. $100,000. But if you 1031 That, that that equity into upgrading to a bigger property, then that is completely tax free.

Ariel Herrera 35:16

Right, since it's like minded. Yeah,

Arley Wolf 35:19

so I've done that I did, about two years, maybe three years time is flying. Now, I did a 1031 of three properties, three rental properties into a commercial property. And it was absolutely tax free, I probably saved in that couple $100,000 worth of taxes, at least, at least a couple of 100,000, maybe $300,000.

Ariel Herrera 35:48

So amazing. So for someone who's brand new investor, they decide, yes, I want to be able to purchase a property Hold on. So for 10 years scale up a 1031 exchange, can they stay in their same market doing this over a 30 year timeframe? Or do you suggest every 10 years when they upgrade to look into a different market?

Arley Wolf 36:09

Well, I think that's a good question. Um, you can stay in your same market, if you're saying if that market that you're in show signs of good appreciation, you know, because because there are, you know, those a defined market is a set of markets that do really, really well over time. But there are many, many other markets that don't perform quite as well. You know, and maybe the over 30 years, the the appreciation rate, rather than being a percent, on average, it is more like 3% or 4%, you know, so if you're in one of those markets that are three or 4%, I would move my money to a different market. That makes sense. Thanks. Yeah, you're welcome. All right. Um, and so let's, let's go back to why people are afraid of investing in real estate. So it's this mindset, right? It's this, this mindset, we have to get into long term. Not enough money. So if you believe that you can turn $40,000 into $1.5 million in 30 years, would you find a way? And if not, if not $40,000, then would you find $10,000? To invest? You know, could you do that? And, you know, people say that you're I've heard some investors have said that your primary residence is not an investment. It absolutely is an investment. You know, if I were younger, I might not do this. But here's one approach is move into a market and find work in a market that the where homes appreciate, well, that's how you build your wealth. That's how you build your your equity, rather than staying in the market, and living in an area that really, you know, you can't invest in, or because it's too high, or, you know, the home that you've purchased to live in is just not going to appreciate. So,

Ariel Herrera 38:29

yeah, just that's a great approach. It's one of the reasons why I decided to move over to Tampa. But going on with mindset, sometimes I hear some new investors say, Oh, well, you know, the market is saturated. There's so much data available. It's overwhelming. There's so many players like hedge funds that are in this game. But as you said, if you could find a way to say get that 10k 40k To start off with, there's so many actually opportunities today, there's the gig economy, so you can drive Uber on the side if you need to. You can be a freelancer on the side as well. So even though there could be more competition today, I do agree that it is mindset, and you can still overcome it by some of the things that we have today that weren't available, say 1015 years ago.

Arley Wolf 39:17

Yeah, I have a friend now he's not an investor. But he was he was really smart guy. When he graduated college in San Jose, he bought a he purchased a home. He couldn't afford the home. He couldn't afford to live in there himself. So what he did was he you know, he rented the homes and the home out to other college students that helped him to pay to pay his mortgage. And, you know, you saw what happened he bought his home in early 90s. And now it's worth so much more. And what he's doing is that he's probably paid it off quite early. Really, he, his family grew up, he still lives in that home, his equity is just through the roof. But besides that he is living in a market where, you know, where the salaries are really, really high, and he doesn't have a mortgage to pay. So he's got that much more income to invest in real estate or other things. So, yeah, it's

Ariel Herrera 40:25

in kind of, well, he house hacked early on, got creative of renting out whether it was the house itself or their bedrooms. So that's a great way to get

Arley Wolf 40:33

started. Yes, if my kids ever watch this, I will encourage you to do the same. All right, um, the daunting task of being a landlord. Okay, so could you deal with a tenant, if you thought of them rather as being a tenant, you know, but being an employee that is producing revenue for your company, you know, because that's really what they're doing. And sometimes you have good employees, and sometimes you have bad employees. But there are, there are ways to protect the landlord, and also the renter. But, you know, just change your mindset, a little bit about your, your tenants. And what I tried to do, and it's easier to do now than it was when I first started, is I always keep my rents lower than, than market rent quite a bit lower actually. And what I found was that over time, because I was able to do this, my tenants are great tenants, they don't ever want to move there. You know, they, they don't, they're typically not late on their payments or anything. Because they have a, they have a nice landlord. Yes. And they know that where they're living is, is very competitive with, with other rentals that they could be getting. Alright, I'm hoping for the perfect Gill, let's address that. So again, with a law of compounding interest, you don't need to find the best deals, you just don't, you know, and I think we already talked about this, you just need to get into the market at some point. Um, you know, property value, decline property value appreciate. If you take a look at it over a 30 year period. There's, you know, if you if you worked, and tried to save your money, with all of the expenses of living and everything else, you would not, you know, I found that I was not able before I got into real estate to save much money. But with real estate, and an equity growth, I really was able to build wealth fairly quickly. Um, okay, inexperience. All right. So yes, when you first start out, you're going to be inexperienced, but you will gain experience over time. Don't give up. It's not a it's not a two year, three year. Endeavor. It's a 1020 30 year endeavor. Over time, you'll build experience, you'll make mistakes at the beginning, just hang on, I think the only caution I would give people which my father gave me is don't don't, over leverage, don't over leverage, that is too risky. You know, just just invest what you can. You can comfortably do. Now, that doesn't mean that you don't have you know, you might have to initially give up your coffee or live with a roommate or, you know, or, or take those types of measures initially. But, but be careful about over leveraging, having, you know, too many loans and not being able to not being able to hang on to those properties. Why are people afraid to invest? You know, I think it's clear because we do doubt ourselves. And a lot of times, we can't see the forest for the trees. We've got we don't have that big picture. I'm hoping that some of the things that I've gone over today will give you that big picture, help to put some of those doubts to fear. And I just want to leave you with this. I'm saying from Susy chasm, doubt has killed more dreams than failure ever has. And I think that's really true. And I encourage you go and check out the remap two dot COMM website if you have any questions feel free to email me at Arley ar l e y at remap to.com and I will certainly do my best to to answer your questions