What's going on, guys? Welcome into today's show. I recently had one of my real estate

mentors, Mr. Ray Byatt, come into our wise investor collective and just drop some absolute

gems when it comes to what he's seeing out there in the commercial

real estate industry as a whole. And as we were talking, you know, a lot of people think the

real estate collapse is coming. A lot of people think it's already started. If you watched my episode last week

on the different data that you as a real estate investor want to track, it really gives you

some one historical trends to kind of base some of the current data that's coming out to kind of get a better idea of where you think things are heading, but also to tell you what is already happening.

And when I went through the four different real estate phases of a market cycle, You've got obviously phase one, recovery, phase two, expansion, phase three, hyper supply,

and phase four, recession.

What we're starting to see in some of the real estate data is that many of these asset classes are

already in different economic phases of the market cycle, which is creating opportunity

or challenges for specific asset classes. And when you think about where office is at office, obviously,

when the work from home kicked into play, that shifted pretty significantly with low

occupancy and really high vacancies to being in a hyper supply in phase three of the

market cycle, which then shifted very quickly in the post-COVID era to an office recession.

Now, we saw in post-COVID era

for multi-family

it led to

an expansion phase

and builders were building

you couldn't get your hands on

one of the most demanded

...