400 | "Is It a Good Time To Buy Real Estate?" Look Back On 400 Shows Worth Of Advice

This will be a special edition 400th episode of the Not Your Average Investor Show!  Can you believe we've shown up live in front of our community 400 times with not your average conversations and not your average advice???

But the real question is: can you believe the advice we give?

We answer that question in this show!

On this 400th episode special, we're going to take a look back at all the advice and predictions that JWB co-founder, Gregg Cohen, and show host, Pablo Gonzalez, have given during some particularly weird times in our economy:

- The COVID pandemic and eviction moratorium of 2020
- The white collar recession and banking crisis of late 2022/ early 2023
- The historic rise of interest rates and predictions of housing market crashes of 2023
- and more!

All to see if they were right or wrong when answering the question:

"Is it a good time to buy real estate right now?"

Come be a part of this milestone episode and give your own grade on Gregg and Pablo's predictions.  

Join our real estate investor community LIVE: 
https://jwbrealestatecapital.com/nyai/

Schedule a Turnkey strategy call: 
https://jwbrealestatecapital.com/turnkey/ 

*Get social with us:*
Subscribe to our channel  @notyouraverageinvestor  
Subscribe to  @JWBRealEstateCompanies  
🌐 Facebook Group - https://www.facebook.com/groups/rentalpropertyinvesting
📸 Instagram - https://www.instagram.com/nyai_community
📸 Instagram - https://www.instagram.com/jwbrealestatecompanies

Transcript

C0074: 0:00

today. We've got a very special show. It's our 400th episode. So what we're doing in this episode is we've spent 400 episodes giving predictions. talking about things in the real estate market. We're going to take a look back at the different things that we have predicted really is that GC has predicted and rate him. And at the end of the day, he's got one prediction for what's going on right now. So stick along with us. It's going to be a fun look into the past and a peek into the future. And the whole bunch of streamers Hey, welcome, welcome, Welcome everybody to the weekly edition of the not your average investor show I'm your host, Pablo Gonzalez with me as always, 400 times the guy that I like to call GC because he's got the genius concepts because he knows how to generate cashflow because he's a great co host and because his name is Greg Cohen. Say hello, Greg. Hello, everybody. Great to be with you on show number four, hundo four stacks, baby, 400 episodes of genius concepts, my friend. And one genius concept that we started somewhere around episode. is a little tradition that we have that we started out the show with. Do you know what that is, GC? The roll call, baby! The roll call, baby! We got Christopher Lee from Fernandina Beach kicking us off today. Christopher Lee, what's up, buddy? The leadoff hitter, batting second. John Henning. We got el amigo, el gran amigo, desde Duval, Bill Shields. Buenas tardes, amigos Bill Shields. We got the MVP, you may have heard of him. Mr. Lee Bishop. Saying happy 400 Really great! Good morning from the grammatically questionable mountainly or coloradoan. Okay. Okay. All right. We got Laura Colby from Washington State. Laura, great to have you. We got the ringmaster. Drew Barnhill. we got the mystery man. Denny Davies. Denny Davies. Number one attendee of all shows last year. Number one attendee. Good to have him in the house. We got Pamela Myers from Seattle. Pamela Myers, the kindest person I think that I have ever met in kindest, warmest smile. We got the mama bear in the house. Cody Adams. We got Mark Sauer from Cincinnati, Ohio. New name. That's a new name. No, Mark's been here a number of times. He's been here before? Yeah, Mark's been here before. I apologize, Mark. Mark, help, help me. Help me remember if you've been here before. We got the Shaw man in the house. Nadim Shaw. From his trademark good morning, good afternoon from the West Coast. Who else we got in here? We got Mark Norman from Southern California. All right, Mark. Mark is back. Good to have you, Mark. Who else we got in here? We got the fairy godmother, wouldn't that have been Of course we do. She's on a road trip right now, and she's just dialing in right now. Love that noise. So, what's her name though? Oh, Miss Jen Phillips, of course. Miss Jen and her husband. Rene. Rene, the Filipino Clark Kent, we call him around here. We got BJ McKay in the house. Alright, BJ. do this. Sean Fleming from Destin. All right, Sean. Beautiful beaches out there. Welcome to have you. Good to have you. Justine Herrera is back. All right. Good to have you, Justine. Sergio Prieto. Go Gators. Go Gators. Good to have you, Sergio. We got Pedro Nascentino from? Jersey. Jersey. Mark Sauer says he's got five properties from 2017. We know you're a client. It's whether or not you tune into the show on a regular basis, Mark, but for now, we're going to call you a regular. We've got the first family in the house. The Patriarch and Matriarch, Ken and Carolyn, Melina, we salute you! And RIGC, oh he's not a regular. Alright Mark, there we go. But has he attended? Are you a new name? So many questions. So many questions for you, Mark. How does it feel to be singled out like this? I hope you feel special. Because today is episode five! 400. Woo. Let's go. Let's go. There we go. Let's go. You're hogging all the streamers, by the way. Somebody help. Somebody helped Greg out with some streamers right now. There we go. 400. We're gonna have streamers coming in. Alright, here we go. So, as we talked about, we are going to take a look back into past 400 shows. Of predictions, and we're also going to get a good look at, it's going to be another type of GC. It's going to be a graying compilation. GC, you're, we're going to notice that Greg's, that Greg's hair starts slightly darker, uh, 400 episodes ago. And he's just, he's become more distinguished. You know, I'm more mature, more wise. You make better decisions. You know, hey, it's, uh, it's like baby when you're 41, we got the Maven from the mountains of Denver checking in. Leslie Wilson. Good to have you, Leslie. Yeah, man, it's going to be great. But you know what I think is most important is this is not just about how many shows we've had. It's not even about how many community members we've had. We really started this show based on impact. How can we help impact? people generate wealth through rental property investing specifically here in Jacksonville, Florida, specifically through this amazing company that you've built that I have over 400 shows gotten to really, really understand just how special it is. But the impact that we create to me was the North star. The original idea of the show was, Hey man, I invested with you in 2014. I didn't know what I was doing. I pulled out too early. We need to create a show that allows others to understand this asset class, not just understand this asset class, but identify with other people investing in this asset class and be able to make smart decisions. So. GC, what have you found to be the overall impact? Well, you know, it was so fun to think about those original conversations because it was really a simple premise It was hey Listen, if we can just create a platform here where we can spend more time with people who have a like mindset to us We think we can do some really good things in this world and um You know, over 400 shows, it has been an incredible journey. I think about the beginning shows where, oh, you guys are going to see how few people used to show up on the show. And now to think that we routinely have 70, 80, a hundred folks that show up every single show. So, so much fun there. I think about the, the times we spent together. Either here on the show in virtual land over zoom as we do, or how about all of the meetups that we've done across the country and the real friendships that have been born. And the summit that we did this past year, where we're sold out in like two weeks and we were bursting at the seams and everybody got to be here in the JWB office. So all of that. All of those things that, that come together to form really strong bonds is what this 400 show journey has about, has been about. But you know, I'm a data nerd. You are a data nerd. You know, I'm a data nerd. And you know, we have some really great data here at JWB. And so Pablo asked me, he said, Hey, can we put into context what it has meant to be a not your average investor? And I was like, I know exactly what we can do. So we went ahead. I'm sure you all are expecting this out of me knowing the need for 400 shows now. But we went ahead and we put into context what it means to be a not your average investor from a numerical perspective. And guys, I am so proud, happy to be a part of this community, not for all the good things that we do, not just for all the good things. because we are absolutely crushing it when it comes to being a rental property investor. GC, before we show your slides again, mystery man Denny Davis has a contribution to the show. Gents, I'll tell you what this show is about. Changing lives. The number of lives you've touched, impacted, benefited, entertained, encouraged, praised, empowered, educated, and loved over the years is uncountable. You guys are the best. Thanks, buddy. You know, sometimes Denny's a special one, man. Man, Denny, sometimes, you know There are things that are just kind of said and it just kind of like warms your heart, right? And and that's I feel like when Denny says things And he contributes to the show. I feel that feeling a lot. so Denny, thank you so much for saying that. And it carries weight because I remember Denny being on the show early on was these, you know, for those of you that haven't been watching for 400 shows, Greg and I very early on started running on Tuesdays and Thursdays before the show, just to get to know each other better. Cause it was like right when COVID broke out. Right. So, and I remember when Denny first started showing up, you're like, man, the fact that Denny Davis has shown up, he was one of these guys that like, was really having a hard time sticking with it. And we were kind of like messed up a couple of times. And we had to like really talk him through it. And the fact that he's showing up and given all this stuff, that's why we, when Denny speaks, it's like he was this first signal of man, what we're doing has really impacted people. And if we can export this to more folks, it's going to really work. And we're about to show some numbers of how much it's actually worked. And Denny's a part of the success that we're talking about here. So without further ado, what I did was I went and I looked at all of the returns That are not your average investors have earned over the years. And what I want to communicate to all of you is the value of you spending time in this community is. Insane, right? You all dedicate a lot of your time to be here every single week. You dedicate a lot of your time to being here and listening to the show, even when you can't be here and replays and on podcasts. You dedicate your time to meeting up and continuing those friendships outside of this show. You dedicate your time to coming to the summit. Well, what is that doing for your financial? What, how much farther ahead are you financially? Well, we have some numbers to share with you and to show you that it pays to be a not your average investor. So what I pulled is all of our folks who are JWB clients who have at least attended one, not your average investor show or the summit. And that's the data that I'm putting on the screen for you all here today. So we have 352 of our clients that are not your average investors, meaning you all have attended at least one show or the summit that we did annually. Just you all who are investing the time to be here have earned over 108 million, 108 million. The average profits earned per, not your average investor is over$309,000, and your average annual rate of return is 22%. That's 22% each and every year you hold these investment properties. So this is the financial impact that we are enjoying together as a community. And I wanna say thank you for spending your time here, and I want you to know. That's really important. The amount that we've been able to earn together here, I want to put this up against any other asset that has been invested in since 2011 is how far our numbers go back. I don't think there's going to be a whole lot of, average profits per client annual rates of return that can compare with what we have done as a community here. It's a, it's a heck of a scoreboard, man. 108 million dollars. God, that's crazy. It pays. Yeah, it pays. It pays to be a natural investor. This is, this is what we mean when we talked about in the summit, when we talk about, you know, in the chat, when we promote this, like live experience, the value of the room, right? Like how we always talk about the value of this show is the community is to be surrounded by people like this. Well, how about 108 million of value? Basically a hundred and nine. Yeah. Not too shabby. Not too shabby. What else do you see? What else you got in stats here? So some other really good stats. Let's go, let's go to the next slide here. We have in just in our community here, we have two of our Not Your Average Investors have earned over 2 million just from this investment. Jesus, right. We have another 15 folks just from you all here that are on the show. Have earned between one to$2 million just from their investments with JWB. We have 44 folks that have earned between 500,000 and a million dollars, and we have 186. Not your average investors just in this community that have earned between a hundred to$500,000. I'm one. You're one of'em. I'm one absolutely buddy. That's pretty awesome. another great little milestone here. 186 of us have made between a hundred to 500 K in profit. 44 of'em have made half to$1 million since the show started in the last, well, not since the show started, but by coming to the show having come to the show, investing in these properties, part of our community absolutely are investing, are, are earning this much one to 2 million. 15 and two, two plus million people. I'm looking forward to for that 2 million plus to continue to go up. And here's how you've done it. It's the same message that we have shared on the show for the last four years. We have to look beyond just cash flows. Well, here is how your, not your average investor portfolio has performed. And it's a whole lot more than the cash flows or just the net rental income. So if we look at home price appreciation, almost 84 million in home price appreciation. From knowing the right market to invest in and making sure you invest with the right team so that you can enjoy all five of these profit centers. We've had over 8 million in principal pay down that has been enjoyed by our clients, by our not your average investors. We have, we have almost 2 million in tax savings that our clients have enjoyed. And, you know, not to discount net rental income because we do need it to pay for itself every single month and then some. So there is positive cash flow to the tune of almost$14 million of net rental income. Let positive cash flow, let's go. So that's how we get to that roughly$109 million that you all are enjoying. Charity Gram as a question, what did the two do to position themselves to be able to, to get to that 2 million plus, do you know? Yeah, they are absolutely listening to our team when we lay out a plan. either on these calls or our plan that our client or our team builds for our clients afterwards. They're absolutely listening. They're engaged with our organization so that we can help craft the right portfolio for them. we've talked a lot about Why pulling demand forward is important. So what that means is if you have a plan in place that you need to acquire a certain number of properties, a certain number of assets, well, based on the market conditions at that moment, we're going to reach out to you and say, listen, this is the time for you to pull that forward. And so a lot, you know, those clients, I know one of them specifically, this comes to, it comes to my mind right now, instead of saying they were going to acquire their 10 rental properties over the next 10 years, they're They did it that year, or they did it over a one to two to three year period of time. And that's why they're sitting here now as one of those two, two million dollar, not your average investors. Just from the community. so we were answering Charity Graham's question about how people have the folks that have amassed over 2 million. You were saying that these are folks that have stuck to the When you get on a call with JWB and you start to plan this portfolio, you set out a plan forward. And then the folks that have done particularly well have been the ones that have listened to the message, pulled forward demand when they were supposed to pull, like stuck to the plan, but also had the flexibility in mind of pulling forward demand and going in when, when opportunity strikes. The plan was to pull forward demand for those clients. And so sticking to that plan, I mean, that's the difference between a novice rental property investor who many times just flames out and doesn't get to enjoy this versus working with a team of experts and having a plan and coming together and understanding what the end point is and the resources that we have. And we say, okay, cool. Collectively, this is what we should do based on market conditions. And so that client that I'm thinking of specifically, which is one of the two. It was a question of like, okay, well, this is where I know I want to go. Instead of getting to 10 properties over the next 10 years, let's repurpose some of that money. That's in different assets right now. And then let's put that towards our rental property portfolio and acquire those 10 assets this year or next year. And then you can backfill the other assets that we were going that was important to be a part of their portfolio. Sounds like a familiar story. Okay. So somebody said, as we were. rattling off these different profit centers. I think it was Denny in the chat goes, look at that Pac Man. What do you know is that there is a Pac Man look at that Pac Man we talk about. We talk about the pie chart of the profit centers and it being a Pac Man, this idea that home press appreciation. Always ends up being the Pac Man all these other profit centers end up being the mouth of the Pac Man When we look at this extraordinary wealth that our community has created and we lay it out across the five profit centers No surprise home price appreciation is 77 percent of all The pie, which makes the Pac Man net rental income makes up 13%. Tax savings make up 2 percent principal pay down, make up 8%, AKA the mouth of the Pac Man. There you go. We show this over and over and over again, but most investors out there simply don't get this concept. You have to open up your eyes beyond just cashflow. You need to choose a team and a market that helps deliver across all five profit centers. And if you're only paying attention to cash flow, you're missing the big picture. You're missing the big part of the Pac Man here, because 60 to 80 percent of your overall returns on investment over a full market cycle will come from home price appreciation. So Greg, to summarize, before we move on any further, you know, because our ticker has like really gone up here to in, in, in attendees. In the 400 shows that we have done, the folks that have tuned in over the last four years with us over these 400 shows have, have been 352 folks have bought properties that have attended the show. There has been profits of almost 109 million dollars, average profit earned. Per not your average investor is 309, 000 average annual rate of return. 22%. That is, that is to me, a perfect illustration of knowledge is power and proximity is power, right? This idea that you can have all the knowledge, but when you're surrounded with the right folks in the right room, you're able to capitalize on these things and you know, enjoy these kinds of returns. And. It doesn't have to stop, man. The good, the good, the good times don't have to stop rolling. There you go. There you go. So a lot of questions that we get about what type of inventory is available today. What's that portfolio look like that JWB prepares for our clients today? So here is what you can invest in today. You know, minimum investment somewhere around 75, 000 to 100, 000. Your estimated return on investment is somewhere between nine to 10%, depending on your portfolio. I should point out. What was the average return for all of our clients? 22%? That's never been on a property eval, if I'm mistaken. Exactly. Historically, based on market conditions, somewhere around 10 percent is what we have put on all of our evaluations over time, by the way. So one of our core values is under promise and over deliver. And we just think it's so cool when we have an above average return estimated out there. But we still give ourselves some room to, to wow you, to under promise and over deliver. And that's the way it's been through our company history. And that's the way it'll be for all of you who have yet to become not your average investor JWB clients. Should you decide to invest with us, hop out into what is fine. You know what I mean? All right. So that being said, that is, that is the impact measured of our community. I give you all credit. I give myself a little bit of credit for jumping in as well, but we've all made a whole bunch of money. The folks that have tuned into this show have built a whole bunch of wealth. Have had a whole bunch of life changing things happen because we're listening to this advice because we are not your average investors. Most people that we talk to either don't have the knowledge, don't have the gumption, or just have too many people around them telling them that this isn't the right move to make. We have Made the right moves, created this amount of wealth, and have built it together, which I think is really, really cool. So now, what I want to do, GC, is go back to all those moments where our community had an opportunity to just be like, Eh, you know what, it's not the right time for me, but instead, they tuned into the show, and I think where we, where this really, really starts, Oh, well, quick question. Roger Evans asking a question. I am curious to know approximately approximately how much did the two clients who attained 2 million have to spend out of pocket to reach that goal? Do you know? I don't know off the top of my head, but tune into the next show, Roger. I'll have that answer for you. We'll get that for you, Raj. Okay. So. If you all remember the beginning, there was Lee Bishop and there was interviews in person in studio, the time that the show became really what it has become today. I think it's, you can't decouple it from the outbreak of the Corona virus because that was the moment. Where we went from this vision of we're just going to have these interviews these conversations with folks about their lives To we're going to do that, but we're also going to talk about what's going on. We're going to use this stage as it were To kind of just put out there the data plus perspective that you've become famous for GC and inside of this community And give some advice. So here is the first show where You We were not in studio anymore. We weren't just broadcasting live to inside of the Facebook group. We were, the coronavirus broke out, and we were live, and you'll see kind of a somber tone here. This is, this is the beginning of what it all became.

22:17

We're live, man. We are live in the group. How are you, buddy? I'm doing well, man. You know, I am, I am grateful. Oh, and we got 11 participants on the call. Let's see who we got in here. I'm doing good, man. I am grateful that I'm in a good financial position to make it through whatever I got to make it through here. I'm happy that my wife is home and we get to Eat lunch every day and cook dinner every day. How about you, man? How are you feeling? You know, overwhelmingly blessed, you know, I think really over the last few days, you know, just the, the full understanding of what this is meaning has really landed on me as I think the rest of the world. And, you know, in the midst of all of this, I just keep going back to thinking how blessed we are, how blessed You know, most of the people on this call are because people out there are really hurting. People are really getting sick. And I think about those folks, I think about, you know, if I think more about JWB, I feel like we're really blessed because, you know, every business is gonna, you know, be hurting at some point here, but we're really well positioned to handle this and there are not a lot of companies that are as well positioned. And I, so I feel for a lot of those folks that are having to make very difficult decisions to lay off people or not lay off people. I hope that they think long term rather than short term. But for JWB, we're in a really healthy position and we can withstand a change like this. And so, yeah, my heart goes out to those folks that are not in as well of a position. It's kind of how I'm feeling. All right, man. Yeah. I think it's a very, very human thing to feel right now.

C0074: 23:46

Alright, GC. First thing that sticks out to you in that video. Oh, Dark hair. Your hair is pitch black, man. You look like a young man there. I feel like I look skinny and, and, and attractive as well, but I'm going to move beyond that. I, you know, I think that the thing that sticks out there, I think the first fear that everybody felt when the Corona virus broke out was, is everybody going to lose their jobs? And you were very strong in coming out. And this is, this was a big eyeopening moment for me. Cause I remember before the show, you're like, you know what, we keep You know, we keep enough cash on hand to weather any storm. Nobody's going to get laid off here. I had a young company, right? Like you were my like anchor client, right? And this idea that this was all going to be stable for you. Nobody was going to get laid off at JWB. How do you think that prediction played out? Oh, well that, that was a hundred percent the way that it happened. And I remember that message and having the, Ability to be strong with that message separated us from almost every other company in the country. It felt like. Yeah. And but that's what we did the day after we fully understood what COVID meant. We got on a call with our team and said, nobody's going to lose their job. Because of covid that we've prepared for this. We have the reserves in place for a rainy day. And what that means to the reason beyond just the human element. If we think about your investments, it comes from our belief that the reason you all choose to invest with us is because of the team. And the team is there to make this a great experience for you. And the teams and their experience that they bring allows you to hold on for a full market cycle. And that's what allows you to maximize this return. So it was an easy decision for us once we went and we looked and we ran projections of how bad this thing could get. We said, okay, we're prepared for this. Now it's time to come strong with that message. And I remember the look on our team's face as we were able to share that message. And that's why things were relatively. During that time inside the walls of JWB, whereas in a number of other businesses, it just couldn't be that way. Aaron O'Neill is saying into the light, by the way, good to see Aaron. Would it be the good 400 show without you? She had just bought her first property weeks prior, right? So like that, that message, Aaron had just bought her property. I had just landed my first big client, all these folks in this building that were here, right? Like that. I don't think you understand the, the level of, Calm in the storm that I thought that that announcement was and I don't know if everybody believed you but that certainly played out Right. So let's go to the next clip here. This is same same show, right? We are talking about March 24th 2020 now we're talking about rental incomes, which everybody rental rent payments. Everybody's freaking out about All right, you see so again you were you were a temperate voice in a storm, right? You You did say, you said everything's going to be all right. Long term. You believed in the, what is it? PIP? What was the, like the government was enacting things to like keep small businesses stable. You knew that this was a critical need. You knew that folks would, there would be an ecosystem, but you predicted perhaps a temporary a temporary lack of payment. How'd you do in that prediction? Well, I guess we were sort of right, but You know, I thought that was a moment just to be very candid and to talk about what you don't know. And I think a lot of times as experts we feel the need to share what we know and there's a need to have the answer and all that, but sometimes it's equally powerful just to talk about what you don't know. And, and I thought that that was an opportunity for us to do that. Now, what we talked about was what I think is out there because I'm an owner of rental properties as well. And I had prepared myself for a short term temporary lack of income because that, that's the only thing that made sense to me at that moment. But I also knew macro wise that this asset class was positioned to fare better than others. So were we right? I guess sort of. I'm sure there were some temporary blips month over month, but not nearly like I expected. This really was an under promise and over deliver moment as well. Because if you look at rent collection in 2020, we collected 98 percent of rents for our clients. In 2020. So was there some short term blip? I'm sure there was, you know, in March and April. Now that I can remember not that I can remember that exactly right. But we reported on this month over month over month and was able to really instill confidence in all of you. that it worked out exactly like we thought macro wise. This asset class is built to be consistent because it's a critical need for the individual, for the family and for the government to get right. And there was a whole lot of stimulus that was sent out for the purpose largely of keeping businesses in place, people employed as much as possible and people in their homes. And it's good to be in an asset class that can benefit. When it has to be a critical need for the government man, you know what I remember about this moment is first of all, I What did you think in your head right? Like you're like historically we collect I remember you'd be like historically we collect 97 98 percent of rents It might go down how much did you were you expecting at that point? I mean It's hard for me to go back, but at 93%, you were way off, Greg. You didn't lose anything. It stayed at 98%. You were wrong about that, but you were really wrong about the idea that, you know, this was really when the first, you first started mentioning critical need investing, housing being a critical need. Denny Davis references the podcast where I say The greatest long term risk adjusted asset class in the history of investments, rental, rental income properties, right? Critical need investing, because what we saw during that time, the value of oil. Like the oil was trading at oil went negative. Yes, you're right. People could not get gasoline off their hands for a small period of time. So we might think gasoline and fossil fuels are critical need, but not as much as shelter housing, right? Like at the end of the day, you can walk to somewhere or take your bike or whatever, go anywhere, which is what we were forced to do, which was what we were forced to do. Right. But like this idea of housing being critical, everybody rallying around the ecosystem to make it happen. That definitely proved true. So and then finally, the big one was the really big one was our property values going to go down was what everybody started freaking out. It was really freaking out about long term. And this was where one of our favorite concepts first originated. I'll play this clip. All right. There's multiple things I like about this video gc. The first one is before the video even happens, as my team and I were clipping this clip right before this was, Hey Lee Bishop has a question. we were literally, we were literally answering Mar May, March 21st, 2020. We were answering a question from Lee Bishop ahead of time, which is why, of course, he's the MVP of the community. Mm-Hmm. second. Is the fact that I'm like, Greg, do you have extra time? Cause we got a ton of people on the show right now. We got like 26 people on the show. Makes me nostalgic to think about that. When we regularly now get 90 to a hundred folks showing up, our community has grown so much. So those that's two third part that makes me nostalgic is this was where you introduced the. Two concepts one of them which we talked about there a lot and talk very little about these days, which is the recession Yeah, yeah, you want to talk about that real quick? Well, I mean especially prior to doing the show most people had assumed that when a recession comes, that also means there's this crash of real estate prices, and it's because we are all affected by what happened in 2008. But the data suggests otherwise, and you might be surprised to know that home values actually go up at a rate that's above average appreciation during recessions, for all recessions not named. The Great Recession. The one in 2008. You look at other data points outside of that, and home values go up. You might ask yourself, why? What happens, what does the Fed do to stimulate the economy when there's a recession, Pablo? Well, they lower interest rates in general. They lower interest rates. When they lower interest rates, what does that do to mortgage applications? It makes it go up. Makes it go up. What does that mean to buying demand? It means that demand increases. And demand increases. And if your supply is held constant and your demand goes up, what happens to prices? Well, as an economics major at University of Florida where I went to two classes, it means that prices go up. They go up. They go up. Yeah. So that was, that was that myth that we talked a lot about, I think for a year in 2020, about breaking the recession myth. And that has aged quite well. Yeah. That saves well and it saves so well that we don't even bring it up anymore. Right. Like I remember we talked about it all. We beat that thing to death for like a year, this recession myth. And now we don't even talk about that anymore. Right? Like we, we have so much other data that we talk about these days. And one of those things that if you were paying attention in here was, this is the first time that we, you brought up months of inventory. Just mentioned it briefly there, but that has been an ongoing topic and that was why you were so confident in coming out to this thing and saying, Hey, I don't care what people say. Like, yes, 2008 was a black swan. Yes, we're in a black swan moment, but Months of inventory. Tell me otherwise. Tell me more about that, GCN. Yeah, that, that data point is so critical to our thought process and what we were able to share with you. And most people don't understand it. The, the media certainly doesn't understand months of inventory as you've seen them miss prediction after prediction after prediction the last few years. But we've been able to really come forward at a time when people needed some clarity and some objective measurement about how things were going to perform and to share that with you. And the best data point that I know for short term pricing is months of inventory because it measures supply and demand. And if you have a low supply and you have a lot of demand, that is an indication that prices are going to go up. In whatever asset you're talking about and homes are the same way. So even though we were dealt this major curve ball with COVID at that point, I knew that our supply was so historically low and that it would take a lot of work to get it back to just what historical levels were. And when historically low supply is there, you would tend to see higher appreciation than normal. Okay. So that's why I was able to be confident and come to you all and say, I don't see home prices going down at that moment when the rest of the world thought that they were going to crash. It's because of that knowledge of months of inventory, that knowledge of how low supply was, and then the knowledge of how hard it is to change that, how long it takes to change that. And we were really able to help. I mean, think about the tens of millions of dollars that we were able to help our clients earn. I'm not your average investors by taking that approach and looking objectively and saying, Okay, cool. I know my values are not going to drop. I'm good to start acquiring now. Yeah, yeah. And how would you rate yourself on that prediction? Do you see? That has aged, that has aged really well, much better than I've aged. That has aged really well. I would give you a hundred percent on that prediction. We all know that pricing went bananas bonkers for that whole period. And you were the one guy out there that was saying this, but that was really short lived this whole, like everybody now believes it's going to go up because immediately thereafter media started talking about. COVID this foreclosure moratorium, this idea that you can't foreclose on folks because this is an essential need would end up leading to a new foreclosure crisis when everything, when, when it all was all said and done. And that was shortly thereafter. This article is from September 11, 2020. We were just showing a clip from March 20, you know, March 20th, but you were strong. Talking about that ahead of time in May of, Oh, actually, yeah, you, you, you, you debunked that real quickly thereafter. This is May 2021 because everybody was kind of like predicting that whole thing because that's what they like to do. This was your take on whether foreclosures would ramp up afterwards. So did you see you came out strong? You said foreclosures were not going to cause another foreclosure crisis. You introduced this novel concept of REOs and banks being prepared for this thing. How'd that one do? It's really well, brother. He's really well. We were a very different message. We were a not your average message. At that moment in time, it was such a convenient thought for people to think COVID happened. We're all in our houses. There's a health scare. There's a health crisis. foreclosures must happen. And when the foreclosure moratorium was put in, in people's minds, they said, okay, now there's all this pent up foreclosures that once this ends, it's going to break. And all these foreclosures are going to hit the market. And it's going to crash prices. Everybody wanted to know when housing prices were going to crash. But what do we do? We look at data. We have perspective. We combine it all and share it with you all. So, we were very strong in saying that there was not going to be a foreclosure crisis. And we were 100 percent right. We never talk about it anymore now, but if we go back to this time, it was all we were getting asked. So, the reason that I knew this that the perspective part comes in knowing what a normal foreclosure market looks like and having lived that over the years now investing for 18 years and a normal market has about 10 percent of properties that are sold as foreclosures. Or res, it's the same term. It's dense for real estate owned by the banks. And I looked at our, our percentages and they were way below 10%. Even before covid hit in Covid in 2021, we had 0.7%. Well, we had the Mor moratorium at that point, but then in 2023 after the moratorium was long gone, we only had 0.8% of all sales in Jacksonville as foreclosures. And then, this year, in 2024, it has gone up, which is what we expect. But it is nowhere near 10 percent right now. So this has been completely debunked because we have the data. We have the perspective that was never a foreclosure crisis. It never led to a decline in housing prices. In fact, housing prices have continued to go up. There you go. Do you see, then you had another bold prediction that we talked about at lengths that was us, Testing out our shiny new studio That was the first time that we're there. We had our like point counterpoint set up before we realized that we're more of a Less argumentative show more of a two buddies talking side by side thing. You had a little bit more gray You start you start to see it happen a little bit and you came up with a really really important concept This idea that we're going to see higher than average home price appreciation in the upcoming months because what GC? Well, the interest rates were so low at that time and because supply was so low, it just made sense that home prices were going to go up considerably. Yep. And what we coined that was the deal was the debt, right? Like that was the era where the deal was the debt. I remember you bringing that up. I remember Rich Richie coming on the show a couple, a couple of shows later and be like, I heard that I'm a mortgage guy. I went all in. I think him and Witt bought a I don't know, a bajillion properties with you guys during that time. So people really started to take advantage of this idea that the deal was a debt, locked in these like historically low interest rates, knowing that home price appreciation historically was going to go up because of it. And a lot of people did really, really well. And then the deal was the debt started kind of like running out of steam there and this started happening. A couple of bold predictions here, GC starting with best time in history to buy rental properties. This is when you started telling people to pull demand forward. This is as we go back to this idea of how many millionaires have been made. Um, and you said these are the folks that really acted on their plan, acted accordingly and, and pull demand forward when they needed to. This was a big one, right? Based on the prediction that the Fed would raise interest rates in the near future to cool things off. How do you think you did with these? We nailed it. We nailed it. I feel like we helped so many people make such big steps forward in their financial. strength, their ability to retire with ease, their ability to do wonderful things for their families and their communities. Because we have this understanding of how this beautiful asset works and we have the understanding of how historically low the debt was at that time. So we nailed it. So I put some numbers to it. You know, home prices on average up until 2020 in Jacksonville went up about 4 percent per year from 2020 to 2023 home prices in Jacksonville went up 47%. How did we help that, that 2 million, those 2 million clients become 2 million clients for us is because they got on the phone with us and they said, Hey, I heard something really cool in the show today. Can you help me understand how this can help me get to a better retirement? And we put that plan together for them and then they accelerated their purchases, right? This is the power of working with a vertically integrated company who has their hand in all aspects of real estate in a market and has been around for 18 years. Because guess what? I'm not only telling you to do it. I'm doing it too. I'm doing it as well. You all have seen the big investments we've made. JWB has, since 2020 as well. So I just, I love this clip. I do love our ability to really have some fun little sayings that we've had over the years, right? Yeah. Deal is the debt, data with perspective, right? We even now have buying the dip, which I'm sure we'll talk about here in just a second. but yeah, we're marketers. It's like we're marketers. I look at this and I'm like on one hand I'm like, I think our ability here as a community is to connect the dots. Yeah to connect the dots because the Fed Literally was saying this is going to happen That's out there everywhere. It's on all the Wall Street Journal and everywhere But few people were able to connect the dots and say, how can I have a better retirement based on this information? I think that's really the value of this community. Yeah, I totally, totally agree. This idea of the deal was a debt pulling things forward. And then understanding these market dynamics of everything that you've been like predicting with. Interest rates rising and whatnot. You just continue to do it, right? Like, which brings, brings forward. I think this was, you started getting real confident in yourself. You started really believing in yourself. I remember when you were starting this whole, you know, during those COVID calls, you're like, man, I don't know, should I do this? I'm like, Dude, you know, like your opinion is as good as anybody. I remember at some point the lights turned on and you're like, you know what? I'm going to call my shot next time. And you started talking about this prediction that the media was going to start, calling for home prices falling. And we started even seeing the articles happening. And you were very, very quick to come up with this take of this idea that the media was going to start talking about. Home prices going down. This was an article from August 24th, 2022, but we have a clip of you here saying on August 8th of 2022 predicting that this would be the headline. And here's what you said. There you go, buddy. How about that? Huh? I came pretty strong there. Was it the gray hair that made you so confident? Cause I saw you much more gray there, much more established. I think what was happening over this couple of year period of time that we're seeing these clips is that My frustration was growing as well. It's because I feel like we have a message that can help so many people and an asset that can help so many people. And I felt like the talking heads out there were saying all of the noise. And unfortunately I saw so many people make unwise decisions or make no decision that they could have set themselves up. For such financial success. So I think it was a combination of me getting more confident because we had we had nailed it a number of times but it was also this just this frustration that That I continue to feel to be quite honest for for what is propagated out there. That is not based on data And doesn't have perspective. Yeah. Listen, man. People, people run away from pain faster than they run towards pleasure. And I don't think that the, the pleasure of being right for you didn't move you into action as much as the pain of everybody else being wrong. And I think as that pain has grown for you, you have gotten more confident in what you say. You've gotten more At liberty to share number one, you know, you've had a data advantage all along. So it's just like sharing that data advantage. Sharing all the good things that JWB does, like all these different things that I think before you guys like to fly under the radar for the things that you did, I think as the world has gotten louder and louder, the wrong way of giving people bad financial advice, as we see with retirement being broken and people not reaching that And all this kind of like all these talking heads in the media of like real estate investors, giving advice to people that just started like four years ago or whatever. Right. Like, I think that you've really starting to take that to heart. And, and that was the first time that I really saw you on offense when it came, when it came to like data and perspective, which I was really, really cool. So let me just give you the data here just to show, just to back up what, what we were saying there. So I talked about how home values go down every single month. time. From summer to winter, they go down every single year. Well, from june 2022 to january of 2023 home values in Jacksonville declined 9. 4%. And then how I said, well, the other thing happens the other half of the year. So from January to June, they always go back up. And that's why you don't measure home prices month over month over month. It can lead to incorrect conclusions. Well, guess what? From January, 2023 to June, 2023, Home values rose 11. 4 percent in Jacksonville. And that's why my message of continued growth and home prices year over year continuing to go up has proved to be accurate from June, 2022 to June, 2023 overall home prices appreciated 1. 8%. Nailed it, buddy. All right. So then the final, final prediction here that we're going to go over is once, uh, time started getting a little tougher, right? Interest rates really did start rising and you came out and gave a little bit more advice. Here you go, GC. You again, went against the tide. When raise all came up, when rates all came up, everybody predicted a home crash, a home values crash. Rates went up historically, right? Like to a level we haven't seen in like 30 years. Home prices didn't go down and you stayed preaching the message. Yeah, it's again, it's based on a data here. So where are we starting from? We're starting from a very low supply of housing. The same message I was talking about in March of 2020 is the same basis for why I was able to come very strong and say that we did not see a market. A real estate market crash happening, even as we knew interest rates were going to go up significantly. It's because at the end of the day, this is supply and demand. And when supply is so low, it creates a high floor for pricing. And the interest rates have gone up more than I expected. More than a lot of people expected, everybody expected, let's say. And they've stayed high for longer than we all expected. Mm hmm. But what has happened to pricing? They continue to rise. It continues to rise, right? That high floor is there. So while everybody is only focusing on the interest rate or the demand side, they're only looking at half of the equation. And it doesn't make sense to them why housing prices have stayed high. But if you look at the whole equation and look at supply and demand, it starts to make sense. So we came really strong and we said that interest rates being that high was not going to crash the market. It didn't. Home values continued to rise But I've started to get a little bit that have that same fire that I've had in the past about this interest rate conversation, because I need people to see the other side of it. This is this not your average investor take that others do not see. And it is about what happens on the other side of high interest rates. What happens to the value of your asset when you buy in a high interest rate environment. And then interest rates go down because just like we saw when interest rates were falling very fast when COVID happened and mortgage applications went up and buyer demand went up. Well, what we are going to see after interest rates come down at some point, you're going to see that pent up demand that is there right now start to hit the marketplace. Okay. And the way this is going to affect all of you is you're going to see outsized home price appreciation because of this. It's the complete opposite effect of what we saw three and four years ago with interest rates. So, Average investors out there are only talking about why they shouldn't buy when interest rates are 7%. The not your average investor take that I would love all of you to internalize is buy when interest rates are high because when interest rates drop, my home prices are going to go up at an outsized rate and then I can just refinance and I can get the lower interest rate. Later you wind up with significantly more gains. on your real estate portfolio by following that advice. All right, buddy. Speaking of Mr. Confident over here, so now that, is this your latest prediction that you see you were saying that we have talked about the set length on the show, right? This idea that mortgage rates have been high property values have continued to go up, but we know that when mortgage rates drop, demand that's been sitting on the sideline is going to enter the market. And now this is the first time that you're, that I've heard you say, You believe that when that happens, there's going to be higher than average home price appreciation and that, therefore, that's why it makes all the sense in the world to get in before the dip, to buy the dip ahead of time, so that when the dip in interest rates happen, then you get to have above average home price appreciation. Yeah, you know, a lot of this depends on when interest rates drop and how fast they drop and how quickly. So it's hard to give a real prediction on. How much this is going to happen. You'd have to look over how long does that take for interest rates drop and all of that. Here's the bottom line. House values are going to continue to go up. And if you look at what the cost of a refinances versus what the opportunity cost is of you gaining that equity, you win like even if home prices go up at their normal rate right now, You win in that trade. Right, I'll just put the numbers in front of you. If it's a 300, 000 house, and home values go up 5 percent over the next year, which is a normal market, that's 15, 000 of gain that you made. That's 15, 000 of gain. And if you buy right now, and the interest rate is higher than you want, and the interest rate is lower in a year, You spend maybe three grand to refinance that loan. So you just made 12, 000 on that trade. So the big thing is it's hard not to win if you believe that home prices are going to go up at all. If you believe home values are going to go up 1 percent a year, you still make out okay on that trade. Yep. Because that would be 3, 000 of equity you earned by buying now versus waiting. And then that would be 3, 000 of costs to refinance down the line. So it's hard not to envision a world where our investors aren't winning by buying while interest rates are high with the strategy that you're going to make more in home price appreciation and the other profit centers. And then you'll just Refinance later on. So that's the big message. That's what I hope you all internalize because I know it can have that same effect. This message right now can have that same effect that all of those investors who took our advice two years, three years, four years, four years ago had on their portfolios. And that's where that 108, 109 million was generated from takes like this. You all putting it into action, working with my team so we can put a plan together for you. And then we get to celebrate this victory a year from now, two years from now, three years from now in the, in the scope of how many not your average investors are achieving their goals. I love the rise in confidence, my friend. You would have never come this strong with a take like this 399 episodes ago. And I love seeing it cause I, I see you continuing to get more confident stepping more and more into that Richard Branson of real estate conversation, that I affectionately see you as and to no surprise, MVP Lee and number one attendee mystery man, Denny Davis saying, And JWB incentives kicking in as well, right? Like by the time that interest rates dropped and all this stuff, everybody that's been sitting on the sideline comes back in these incentives that JWB offer are probably not going to be around. A hundred percent. These incentives that we've offered have been totally interest rate driven as interest rates have been higher than we all want. We have helped to supplement that by giving these incentives. They will not be there when interest rates are lower, like they will be going down to. So another great reason. Pull demand forward right I and one of the one of the comments from our friend anonymous attend a says Is there not a good time to buy? I love you guys, which I know that that that thought a solid question Yeah, right. It's a question from the audience. Is there not a good time to buy the answer is definitely Buying and holding real estate, there is always the good time to buy and hold. It's always a good time. The, the best times to buy are today and 10 years ago. Yeah. It's because we already know how this plays out over full market cycles. So I am always going to be here telling you that it's a good time to buy this asset because it wins, it wins versus other assets. But then there are some moments that I've pointed out over the last three or four years where I'm like, guys. You can take a step forward over everybody else because of this and three four years ago It was the debt. Yeah, right that was so low. Well, that was the reason for that moment Today there is a reason that it's a great time to buy today. But the reason is slightly different It's because I know what happens to home prices when interest rates drop And that's how you get to take a step forward over others, over average investors out there. It's because you accelerate demand now. And that's why you'll be able to look back in a year, two years, five years, like our 2 million, profit investors out there and look back and say, I did something really good when others told me I probably shouldn't. Yeah. And I'm all the better for it. It's, it's the old adage. It's always better. It's not, it's so much better to buy real estate than wait. than to wait to buy real estate. Yes. You always end up looking backwards and thinking about it. But then there are these moments like right now where everybody is swimming one way and you decide to go the other way and everybody's calling you crazy. 10 years later they're gonna be like, oh yeah, I wish I would've done that. Why am I gonna do it now? Right. Like, because. Cause those are the moments where you really build a wealth, right? Like the, when the deal is the debt buying before this thing dips and that going up and not being part of the frenzy, but taking advantage of all the things in your favor right now, you can do that by going to chat with JWB. com or shooting an email to info at JWB companies. com and it wouldn't be a natural average of a show without taking a couple of questions. Do you see you're ready to knock out a couple of questions? Let's get out of here. Leo. You can met. That's a new name. Welcome to the show, Leo. All right, Leo. It says, subjectively speaking, how many years will it take to build

Pablo: 1:09:48

for us to feel that we have oversupply?

Gregg: 1:09:51

You know, that's a really good question. I don't know the answer to that, but I know I'm going to be watching that and sharing that with you on the show. It's a part of what we do at least once a quarter on our quarterly real estate market update is we share what months of inventory looks like. So I don't know when that is going to turn. But I know how to measure it. I know how to look into the future. I know how to see trends and I'm going to share all of that with you. The good thing is that I don't see it happen anytime soon because we are still at historically low supply. We're at 3. 8 months of inventory, which is historically low for Jacksonville. And it takes a long time for that to flip. So I don't think you're in any risk of that happening. And then in the immediate, but I'm glad you're asking that question. You got to keep tuning in and we'll keep talking about it.

Pablo: 1:10:35

I love that. Patron Centorios with a long question here, Greg, the federal housing finance agency is considering a new Freddie Mac product that will allow Freddie Mac to buy second mortgages, allowing existing homeowners to tap into trillions in equity without doing a cash out refinance. If FHFA approves this and allows homeowners to access this equity, what are your thoughts on how this will affect the real estate market?

Gregg: 1:10:59

Patron Santorios, you and I must read the same things all the time because your questions are always spot on. There are things that I have been thinking about and, I've been noodling on and. You know, I've kind of been in a wait and see approach before we brought it to the show. So, thank you for bringing this up. There's new, a new product potentially being considered by, Freddie Mac. Well, it's considered by the Federal Housing Finance Agency, but it's, for Freddie Mac loans, which would allow folks to be able to take out a second mortgage. And to access their trillions in equity as Michael talked about and what this would do is allow folks to tap into that equity, bring more of their resources into their development, into their, their real estate portfolios, their entire portfolios overall, it would bring more money into the economy. This would ratchet up home prices. It would lead to demand. I mean, think about this, right? Imagine tapping into, let's just say hundreds of billions of dollars of equity that people are able to pull out from their properties and time that with interest rates going down at the same time. What do you think would happen? To real estate prices, I think they would skyrocket.

Pablo: 1:12:13

I mean, the number one reason why people don't do this is like, well, I don't have capital. If all of a sudden you release a whole bunch of capital into the market, it's not unlike any other time that we've printed money or given people stimuluses or whatever. Prices of goods go up.

Gregg: 1:12:29

Prices of goods go up. Real estate specifically would go up. A hundred percent. So, there's so many variables in place. This hasn't been approved yet. So, you know, another reason, just keep tuning in. We're going to be talking more about this. But at the time that I see this start to actually get some headway, it's we're going to be talking about what's the effect of this on home prices. We'll bring some data. We'll bring some perspective. But this would be another, another thing to consider and a reason why now is a special time to acquire.

Pablo: 1:12:55

Two more questions and we'll get out of here. But first big game, game, a son, Tamra game, a son saying, love the show. Looking back is always fun. You exemplify exceptional leadership and are unafraid to share your knowledge and stand behind your words.

Gregg: 1:13:09

We really appreciate that. If you got to know me and the show and all the hard people, the people who work so hard on putting this show together, you would know that this was a really big leap for us and it's, and we're a team here, right? I get to share it, but for us it has been a really big leap. So to have that being said about us is incredible and I really appreciate that. All

Pablo: 1:13:32

right. Last two questions. Pamela Myers. Pamela Myers. The smile of the community says, are there still JWB interest rate incentives or just maintenance incentives?

Gregg: 1:13:40

There are both. So we have we have an incentive for every property that you buy. You'll be able to earn between four to 6, 000. And that's largely going towards our maintenance incentives for our clients. But technically that's four to 6, 000 that can be used in any way that you'd like. And so that's the value of putting a plan together with the JWB team. You can use that in any way that you'd like. So that could be used for you to buy down the rate if you'd like as well. so that's there. We also have multi pack incentives as well. So we align our incentives with what we think is going to help you the most. And so when I'm talking about pulling demand forward, Maybe acquiring three properties this year versus buying one a year for the next three years. Well, we also have incentives there. We take 5, 000 off of the purchase price for each home that is purchased when you buy at least three at one time. And a lot of our clients are doing that now. So, this is the most incentives we've ever offered and it won't be that way when interest rates come back down.

Pablo: 1:14:38

That's right. Plenty of incentives to go around so you can buy the dip. Last question. BJ McKay says, has rent amounts topped out to get longer term tenants in place?

Gregg: 1:14:48

Great question. The answer is no. Again, we have great data to support this and both from the macro sense and also from the micro sense meaning what's going on internally, internally at JWB start with internally at JWB. Our occupancy is still above normal levels here. I think we're at 97 percent occupancy at the moment. Now our rent collection is 98%, 98.6%, or 98.8%. Don't know off the top of my head. Yeah, over 98%. we do all of this by still signing long-term leases. So on the macro, excuse me, on the micro sense, we're really strong on the macro sense. Jacksonville's rents have continued to rise year over year. Arose 1.5% from last year to this year. According to John Burns, they're expected to rise another 2. 3%, I believe, in 2024. And then they'll continue to rise more and more as you go out future years. So we expect rents continue to rise, and that's largely because we have a place that people want to move to. So we have high demand for housing here. And we have low supply, low supply in rental homes, as well as low supply in for sale inventory.

Pablo: 1:15:52

Man, if that is not an answer to exemplify data plus perspective to close out the 400 show. Man, that was a lot of data. You just had that all, all up here in these gray hairs. You know, man, great for a reason, bro. They're great for a reason. For reasons. I can't believe it's been 400 episodes. I'll tell you. Well, we'll finish this show. I think we started the first show the same way because I generally believe from the bottom of my soul that it's the community that makes this thing special from day one. What our goal was was to bring people together around this because we knew knowledge wasn't enough. You needed the social validation. You needed the cognitive bias. You needed the, the, the trust of other people like you doing this thing. So from day one till today, I've just never, ever, ever taken it for granted that people have taken time out of their day to join up here from the six people that were showing up on day one to the massive 20 people that showed up in March, 2020 to the hundred plus that we regularly get shown up here and coming to our events and giving us great feedback and being friends with each other. And asking great questions and amassing millions of dollars of wealth over the last four years. I'm just really, it's changed my life. You know this, right? It's changed my business. It's changed my financial future as an investor. And I can't understate what all of this, these 400 at bats of doing this thing have meant to me. So just for being here. Thank you GC for taking a shot on this thing and the rest of the team that does all this. It's a really meant the world to me.

Gregg: 1:17:20

Talk about changing lives. It's amazing to hear your story. And it's wonderful to hear that you feel like it's changed your life. I can tell you, this has changed my life too. And this process, I never knew it could be so much fun to be doing a show every single week, sometimes twice a week. Because I never, I never understood that you could take something like this, which is virtual, and, And turn into real friendships.

Pablo: 1:17:44

That's it.

Gregg: 1:17:44

Right? And real relationships. And really helping people at a massive scale. And that's what I think about over the last 400 shows. It's, it means so much more than the numbers. It's, it's that feeling that we all get by being a part of a community. And that would have never happened without your leadership, Cody's leadership, without our entire team's leadership making this possible. So, thank you all thank you for 400 amazing shows and I can't wait to celebrate number 500, 600, 800, 4, 000, we'll we'll keep on keeping on.

Pablo: 1:18:19

Agreed, my friend, anything that you think we should do from now until the next show though. Don't be average. See you next week.