All right, guys, welcome to another episode of The Report Saturday edition. And today we are going to

a replay a conversation I had this week in our boutique hotel investing mastermind community.

I had on one of our boutique hotel investing lenders. This guy's been in the space for quite some

time doing a lot of hotel loans for decades now

across the country, different markets, understands the capital markets very, very well,

one of the best in the game.

And he joins us today on this call.

And you're going to see in this call, he talks about the tariffs, how it's going to affect

interest rates, how it's going to affect the ability to borrow money in the capital markets.

But more importantly, you're going to hear a little bit of doom and gloom in this call.

He really believes there's going to be a lot of opportunity ahead in the next six to nine months as we navigate through 2025, just with all the

volatility in the marketplace, the stock market crashing, et cetera. So stay tuned for that.

We're going to talk about hot markets, cold markets, because remember, in a hot real estate

market, access to capital is very easy. Debt is very easy. Equity, ability to raise equity is really easy,

but it's very, very hard to come by good deals. And it's very, very hard to find deals where you can

come in at a good cost basis. Now, on the flip side, when market conditions turn, there's a lot

turmoil, there's a lot of bad news, there's a lot of fear and uncertainty in those types of

markets, lending dries up. Capital markets dry up. It becomes more and more challenging to

secure lending and raise equity. But on the flip side, there's more opportunity and becomes a

lot more easy to find deals. So he's going to talk about where the opportunities are. What he

foresees in a marketplace, keep in mind, there's a little bit of doom and gloom in here. Personally,

personally, I'm rooting for some more volatility, for some more uncertainty as we navigate

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