Let's talk about the commercial market. I haven't tried to buy anything or raise for two reasons.

One, to your point, like 90% of volumes down and then two, raising capital right now is extremely

hard.

Much harder. Here's the other problem. If you're one of these operators in trouble, you got two choices.

Either have to sell, which is damn near impossible, or you have to refinance, you know, and it's

scared a lot of investors and it's scared a lot of people. But the right mindset to have is to get excited because again it's

common yeah opportunity is freaking coming and and there'll be exponential

opportunities. But what do you think's happening with the real estate market man?

We're gonna go right into it. Yeah. All right man. Well, listen, I am very bearish not because I think things are going to crash. Although the last couple of years have felt a lot like 2006. Now just to refresh your

memory and if the listeners have never heard me speak before, you know, in 2006 my net worth

went up 17 million dollars while I slept. I had 800 houses, I had multiple apartment

complexes, but then in 2008 I lost everything. I lost $50 million conservatively.

And the last year has felt like 2006 to me you know the the

irrational exuberance you know prices going up like crazy definitely in my space

in the in the multifamily space that's felt like that.

And we're starting to see some of the fallout now.

You know, in the multi-family space, a lot of operators used adjustable rate debt to buy

properties these last few years and the people that did are hurting

myself included I have a couple that I'm working in the loan mods on right now yep and

the lenders are helping people kick the can down the curb but I will tell you if there's

not an interest rate reduction here soon I think a little there's going to be a

tremendous amount of carnage in the commercial real estate space in general. The office is dying right now.

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