So a lot of retail, especially the narrative of what we've seen, there's a lot of undisciplined

investors that really are asking the wrong questions. I always see, it's like from the

conversations that we've been having with a lot of our institutional investors, I always hear

the same thing. Usually it asks the same question, what is my downside? Like, where, how can I

protect my risk and not just look at the returns? And every time when I have

conversations with retail investors, it's always like, well, what's my return? What am I going to get?

That's really the wrong question to ask. It's great to look at a return profile. But for me, if you're

going to look at it from a place of like a real investor,

an institutional investor, you have to ask, how can I protect my downside? Because at the end of

the day, yeah, you can target a 20% return, but what if you don't? Like how, what are the,

what are, what are the mechanisms are you putting in place for you to protect your capital?

Because if you're not, if you're all you're thinking about the returns, you might as well go gambling.

And this is not gambling.

Welcome to the Rich Drummers Report where we talk real estate, business, and wealth building, all while keeping it real.

No fluff, no BS.

I hope that you enjoy the show.

Yeah. No fluff, no BS. I hope that you enjoy the show. All right, guys, welcome to another episode of The Report today. I got someone special.

I actually got two folks special in town, but one of them is very special because he,

along with his brother, used to be one of my original mentors when I first got in the real estate game.

But I got my man, Johnny Azar, and Francisco Herrera. Gentlemen, welcome to the show. Thank you. Thank you. Thank you. I'm excited to be here. Thanks for having us, man. Pump to have you. You guys will meet the holiday event this weekend. I cannot wait to celebrate and catch up with you guys, man. It's going to be a great time out there in the water.

I know a lot of our investors are going to be there.

And I would say this game is about being on the right rooms. It's also about being in the right boats. But my first question to you guys is, why are so many multifamily deals, apartment deals going back to the bank, and why are there so many failed apartment deals here in the last 12 to 18 months? Yeah, I mean, I can get us off and Francisco will definitely jump in on that one. He can bring probably the biggest chunk of the answer for that. I think a lot of it is starting with the buy, obviously. I mean, you know, if you remember back when we were working together years and years ago, first thing we said is you make the deal happen on the buy. And if you can't make the deal happen on the buy, there's no hoping that it's going to work in three or four or five years. You know, hope is not a method. So you got to make sure that your numbers are tight right in the beginning and not hope that numbers are going to improve at some point or another. If you set a strategy right and you buy your numbers, your numbers are tight,

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