How a Jewish Immigrant Built a Real Estate Empire From Nothing.

Welcome everybody to Jewish Business Secrets podcast. Very excited here to bring you a very special guest. I have here Ayal Mahab who was the owner of EM Equity. They previously owned 5,000 real estate units and they did an exit um during the time of COVID for $400 million. They sold off most of their portfolio. they still retain a lot of it and now they're going into this new venture which is EM equity which you could see on his lovely cup and Al welcome to the podcast. Thank you for joining. Thank you. Thank you for having me. So, uh, I just want to get maybe a little bit about your story and really, you know, the point of this podcast is to is to inspire the next generation of people of young entrepreneurs that are looking to make it and to inspire them of what could be, you know, could be possible. So, why don't you tell me a little bit about your story? How do you, you didn't, you didn't come to $400 million of real estate overnight. Some No. Right. Go ahead. Something happened in between. So, why don't you tell us? So I came to this country at age of 16 with a bag in my shoulder, no money, nothing. Uh my my father my parents at the time may the rest in peace. Uh my father felt that uh I'll have a better opportunity in this country because it's very difficult to make a living in Israel. I did not speak English, nothing, zero. I know. Hi, how are you? That's it. And uh I stayed with my uncle at the time at the age of 16 in New York upper west side. After 30 days sent me up to Raja, New York. It's Yes ishim. Uh basically I learn I stayed there. I stayed for six months more or less to uh finish my high school because I did not finish my high school yet. Now, keep in mind, I don't speak the language, okay? I I have no friends. I'm over there. Uh during the day, they have biblical studies, right? From 9 to 12, right? And then after 12, they have more of some uh professional stuff, you know, to uh non non non religious um studies, right? Be math, okay? whatnot. Okay. Mind you that Shakespeare Shakes I was in Shakespeare class and obviously that's what led you to your real estate. Uh so what what was what was your first you know business? How did you get into real estate? How did that So wait yeah if I can finish my story every night I I go upstairs and do every night for four hours straight. Four hours straight. four hours I would just listen to talk radio in English and write words down. That's how I learned the language. Wow. Yeah. Wow. Uh yeah. Oh yeah. Oh yeah. You know it's a for me failure is not an option. I'm from Israel so I understand but you can fail. You know failure is like death right? We can fail. So at the end of the day I um came back down to New York. Okay. We had a I had a a store called Tower Copy. We did copies three cent copies to people for free few years. I got married in New York and uh I got involved in commodities. I lost a lot of money over there. I thought I can make killing did not make it. And at the time my wife 35 years still going strong. She's like you know what I don't like New York. It's too cold. We got to make him move. I got I got to change. I got I need Florida. I don't like it here. She gets sick. Every winter she get sick, you know. She keep you know Jewish Jewish woman, you know what they do best, right? I don't want to I don't want to say it. They nag. It's okay. They still nagging me. Okay. So, I want to go I want South Florida. I want South Florida. I want South Florida. At the end of the day, I'm moved to South Florida. And that's where the the magic everything started here. Nice. So, tell me about that magic. What was your how did you how did you get into real estate? How did you how did you fall into it? What did your first deal look like? What did Right. So we Right. So we I took my um I realized that commodities now not making money. I'm not going to make a living from stacks or commodity. I'm a failure on that. It's okay. You know you don't make it in one thing can try something else. It doesn't mean that you cannot do it right. So uh I took my license to become a realtor to sell houses. Okay. Yeah, I sell I sell houses uh in Bocaraton, okay, company in Colorado. And uh I I'll go to a listing, right, to pick up a listing for $2 million listing for some old man, okay? 90 years old man. And the guy is moving very very slowly. Okay, show me the This is the garage and this is where the lights I'm get out of here. It's not for me. Not for me. I can't do it. I need action. Yes. At the time, my my wife had a dear friend. He told her, "Whatever you do, no matter what you do, do not do residential. Do commercial." Because in commercial, your check can be $50,000, $75,000, $100,000, not $5,000. You're better off in commercial because the rewards are bigger and for the same amount of work, why not do commercial? So, I got involved with a company down in Hollandale and Dixie, Hollandale, Florida. I got I went to a company 50 agents 50 agents literally okay drink cup coffee lazy lazy not everybody but I would say the majority okay and basically I started a uh from there that's why I started and again yes again it was a another big challenge because I didn't I don't know what's going what am I doing right um I used to go back at night every night from 6:00 to 10:00 p.m. to hit the phone call call. At the time, if you remember correctly, going back 20 some maybe 30 years ago even, okay, 28 years ago, there was no no cell phone, very limited, no social media, no YouTube. Okay. How do you get your list? Call from a local paper called Suns Sentinel. It's still It's still here. Sun Sentinel. On the back of the paper, classified classified a uh ad for uh by landlord, not for sale, but for rent. looking to rent onebedroom apartment, $500, whatever. Two bedroom, right? So, I will call the the seller at night time because during daytime you can cash them. Those are not it's not cell phone and and I'll make a point for the next day to um to go meet with them and to take listing, tell them I have a buyer for you, sign over here. If I get you the your price, pay me commission. Mhm. So you're you're you're making you're you're you're making your inroads you're making your inroads into these are commercial real estate properties. So multi go. So I used to go Yeah. My wife wait my wife used to work in Boca Raton and I used to go I used to go door to door hotel to hotel and fort lot by the sea during that time going back 30 years ago 28 some 28 years ago there was no highrisis all small motel motel motel right I used to go from one door to another to another during the daytime mind you okay knock on door and talk to the seller potential guy listen you know I have I have a buyer for you would you mind if I bring you a buyer what price would you entertain? At some point, I went to see my wife in in the BA office. She was working for another company that incidentally didn't didn't take me, which is a good thing. Okay. For mortgages. Uh I came in water dripping on me. A lot of water because I'm all What am I doing all day? I'm boots, you know, just walking, you know, boots on the ground, just knocking on doors. Okay. Asking for listening. That's in the daytime. Night time, I make a phone call. Wow. Wow. So what when did you transition from that business to become an owner an an investor? Yeah. Correct. Right. So at the time Okay. Uh and by the way I had every every week on Tuesday 9 9:00 we have meeting and all my listing everybody put their listing on the board. I would say uh 50 agents 10 listing average at nine out of 10 are mine. my listing and by the way every listing overpriced by 20%. They sold every single listing because those those people they're there. They're very they're afraid to make the phone call. They don't mind taking out buyers. Okay. So they sold all my listing. So at the time, okay, um I met my first partner. He came to the office and on the wall you see my name top agent. Yet top agent 1998. The army habra top agent 1999 the army he top selling agent 2000 so he tell the receptionist keep in mind the 50 agent in the office doing nothing he tell the receptionist I want him on the wall so he can't have him why not he's busy he wait for me four straight hours okay came in he say you know what come to my office what what do you want to buy say you know to me I have $2 million he show me bank statement $2 million and say show What do you have for me? I say, "Okay, let me go to the computer." No, no, no, no. What do you have in your pocket of market listing? I show him a few things. Sure enough, he went out and he put some contracts on some property. A year down the road, say, "You know what? Come with me. Don't don't don't take the commission home. Become becoming principal, be part of the deal." But my wife is a I I owe her a lot because um at the end of the day I will sell let's let's say I have 200 unit and I sell for like whatever $10 million right at a time right South Florida I make commission check maybe 50,000 75,000 um the the buyer in New York which most mostly a lot of Jewish people okay very very smart people okay it still exists okay uh they'll come down here and they'll just buy the property sight and scene the flippid the same year $2 million profit. Wow. My wife was like, "Are you kidding me? You want to make $2,000? I want to make $2 million. $2 million." Right. But I do want to emphasize, okay, that my first year very difficult. Extremely difficult. Zero money. Okay. Nothing. Uh I lived off my credit card. Okay. Wow. Yeah. Then my first check was about $255,000. Wow. Wow. After that, you know, everything fell into place. Thank God. So, what advice would you give? Exactly. I'm getting to it. So, you know what? You got to have the fire in the belly. Fire in the belly. And you have to have to be able to go the extra mile. And unfortunately, a lot of young right now, they're very lazy, okay? Or they're not I don't know. I don't know. I don't want to use the word lazy. Maybe they're not taught right. You know, they're not they don't have text, okay? And by the way, for that reason alone, we have an Instagram channel. That's how you found me, okay? And I I feel like it's a um it's my calling to give back to the world. Does that make sense? Pay it forward. Yeah. People ask me, "How much do you want?" I don't want anything. I don't want money. Just do me a favor. I don't want to lose on the deal. DM me. Send me the deal that you're buying. Not for me. Okay? Make sure I don't want you to lose with me. Nobody's going to lose money because we are very careful while we give advice to people when they want to buy property. Are you do you still have the brokerage part of the business or you're out of brokerage? No, I don't have brokerage. No. No. My wife is a she's a broker, but we don't really use that now. Right. I gave it I gave it up years ago. So, is there room still for young guys to get into the real estate business? Let me tell you one thing, okay? There is gold in the street. Go pick it up. How about that? Right. Is it easy? No. If this is easy, anybody will do it. Every every schmuck will do it. Okay? It's not easy. But you have to have that fire in the belly. You have to have the perseverance. You know, you have to have the willingness to go the extra mile. Forget about 9 to5. Okay. And check your ego out the door. Even now, I check my ego out the door. Yeah. Oh, yeah. And you know what? Well, one one really um very very important information. Okay. If the audience can take from, okay, um, you always want to surround yourself with somebody smarter than you. If you're going to be in the same level, that's what we call next level. Me, when I surren when I listen, when I meet people and I think that they're going to be a waste of my time, after two minutes, I'm out of here. I don't have time. Because, you know, one thing you don't have in this life, time. Time goes by very quickly. So, it's extremely important, okay? Whether it's your employee, right, your friends, your Okay, always be with smarter people. You want to be the stupidest man in the room. And by the way, I did not make it up, okay? I'm I'm taking advice from somebody much much billionaire people, okay? That you know that that's what I thought. I learn all my experience. So I want to tell you personally, okay, I would like to do by yourself too. Yeah. Me personally, I run a successful a few successful businesses. I'm making a nice living. Um, but if I stop pushing my ball forward for one month, everything starts to slow down. And that's being a business owner. I'm 36 years old and I don't want you counting tremendous. You know, you give it out to the world. old. I'm really proud of you. Thank you. Thank you. How old are you? I'm old. You're old. 57. So, it's nice to be called young once in a while, you know. Um I like it when the guys call me the young guy. I I feel like I'm old already. I'm 30. You're a teenager. Are you kidding me? Yeah. So, so I I know that the big money is in the long-term money is in real estate. Right. I left my family business eight years ago, nine years ago, and I've been in survival mode for nine years, just trying to, you know, pay my bills, give sedaka, you know, God bless. God bless. Put a little bit of money away. Be a good Jew. Yeah. Be a good Jew. Put a little bit Put a little bit of money away. You know, live comfortably. Give my family what they need. And now And so it's been all short term. Now I I want to look long term. I I wanna I don't want to be I don't want to be 60 years old and be hustling at the at the trade show conferences selling 1520$20,000 contracts. I don't want to be doing that. I want to I want to be I want to go to the next level. So I you know me going to the next level. Okay. You're going to keep in touch with me. We I'm taking it to the next level. Amen. Amen. Thank you. So, so I I I I try, you know, you mentioned reaching out to guys that are, you know, bigger than you or smarter than you. One of the reasons why I do this podcast is because it gives me access to guys like yourself and that I could sit with for an hour I could smoo with. So, I I want to be in real estate. I want to be in real estate for a few years now. Okay. And I've I I have the way that I look at it, I have three options. I could either take the money that I saved up on my own and I could buy smaller units, you know, triplexes, quadruplexes, fiveplexes. Okay, that's option number one. Option number two is I could I could go and raise money and buy bigger deals. Let's say, you know, 16 unit, 32 unit buildings and and do it on my own and raise money. Or option number three is partner with somebody that's been doing it for, you know, let's say five years, 10 years. He's worked at a company as the number two at a company and now he wants to go out on his own. I have a lot of I have a lot of connections to money. Let him run the real estate and use his expertise that he's that he's garnered over the years and let me use my expertise in in relationship building and I bring the money and the investors and I partner with him like that. Which one of those would you advise? So, I would advise um to Here's the thing, okay? Uh and we're going to go back a little bit. People ask me 10 unit, 20 unit. And I give you an example, okay? Um looking at 20 unit Hollywood, Miami, whatever. 20 on a chart in $2.2 million. Yeah. 20 unit, $2.2 million. Average land is $1,300 1350. Do you think it's worth $2.2 million? You have to run the numbers. It's not anything. Why? 2.2 million. I I always use the 1% 1% rule. If I'm paying $2.2 million, I want to get rent at least $2,000 a month, right? Bottom line. Okay. My rent is 350. So, but don't worry, the salary is very cute. Okay. Oh, you're going to get to 2,000. What do you mean? You can get 1,900 average rent eventually. Eventually. Oh, so let me understand, Mr. Seller. I'm going to work for free for the next two years to get Yes, basically. So, no good. That's that's a typical unit property right now for sale in South Florida all day long five unit 20 unit 25 unit okay where the the asking price is really the selling price once I'm done with the property that's not going to happen okay now when I look at the bigger deal for example okay tomorrow we're looking at 400 in plantation okay some 67 6 $6 68 million okay uh another 300 in Jacksonville okay so when you look at the bigger deal the 1% ent rules do apply. Make sense? What are you picking up units for in there? You're picking them up, right? For example, they're asking 170 a door for a unit. 170 a door, but my average rent is pushing $1,700 right now. Not when I'm done with that. When I'm done with that, my average rent going to go to 2,000. Mhm. So, imagine imagine buying this. Imagine um the same formula for 20 unit for something 400 unit. Now I'm gonna pay $90 million for it. Does that make sense? Numbers don't work. You got to buy it. You know the 1% rule. If if people follow the 1% rule, they're not going to lose. Here's the problem. People right now, what they do? They're looking at cap rate. I don't care about cap rate. Ask me why. Why? Going to show you, right? Seller going to show you X amount of income with a to a 30% expenses. Remember, the lower the expenses, the bigger the Ny. You cannot run you can't not run cannot a community two or 300 unit under 50% expenses it cannot okay and even then you got to be very careful because insurance premium stuff like that okay so I really we look at the income we do our own underwriting and so for me okay I I I prefer to do even I buy two cap rate three cap rate but I want to make sure I'm paying lower my my business is that much lower price per dollar but you didn't start with 300 unit deals. No, I did not. I started with I started with duplex, you know. See, this is where all of the real estate gurus. I understand. So, here here's here's like this is where they all break down. This is this is this is where this is where it gets messed up is the guys that are starting out fresh. I don't know if I could raise, you know, if you ask me how much money I could raise a I'll tell you I think I could raise at least a million bucks on my first deal. So that means that I could buy $3 million worth of property with a million bucks. Okay. So I I I if you gave me the best 300 unit deal property that ever right I can't find it. You can partner up. No, you can give them we can give the if the down payment for the three unit is $10 million, it can be 10% of the deal. For example, say it again. If let's say 300 unit is we need $10 million down payment, right? Your million dollar will buy you 10% equity in the deal. Exactly. Exactly. So So that's that's not bad either. That's not bad. If if if there is if there is meat in the bone, right? Now on the other side, if you want to buy something for $3 million now, you going to buy something in Panama City? No, because the property in Panama does not appreciate. It depreciates. The Panameanian bank banking system does not recognize real estate as a monetary instrument. So, let's say you increase your NOI on your building in Panama by $100,000 and you go to the bank and you say, "My NOI is up $100,000." In the United States, they'll give you a loan, another million or whatever it is dollars based on your NOI. here. They say, "Congratulations. Go buy a Mercedes. What do you want from me?" Right? So, there's no all this real estate that you see in the back. It's only worth the brick and mortar. That's all. That's all it's worth. And don't have a 20 years tax exempt in Panama. Yeah. But who cares if if the if you improve the building? You're not getting you can't refinance and the it's it's just a rental business. That's all it is. Your your cost of rental is a thousand. You rent it for 2,000. It's a cash flow business. That's it. There's no appreciation. There's no appreciation. So, where would you buy? You you'll come to the state. Yeah. Where in the state? See, that's that's the million dollar that's the $10 million question is the United States is huge. So where one single Miami to Panama City is close, right? So So I look at what are the two closest places? I have Miami and I have Texas. Those are the two those are the two direct flights three hours away. Beautiful, right? By the way, I've been I was in Panama about 15 years ago. Well, you have a you have a friend now in Panama. Thank you. One thing I learned about Panama City, it's 90 degrees every single day. Every day. Every day. Every day. Doesn't go down. Like I like it. doesn't go down. It's better than New York. Doesn't go down. Oh, yeah. Yeah. No, but seriously, I think Miami and Texas very good markets. So, that's the problem is that guys like you, you already paid your bills. You already paid your dues. You already gone to a level where you're at your 300 unit where you feel comfortable where you could pick up the phone and find $10 million and you have guys that trust you already that will put down $10 million on your deals. But the but the guys that are trying to break into the market, they don't have those. They don't have that trust. Start you can start small. That's okay. So So hang on. So when I said I want to buy 16 32 unit deals, you say, well there you can't make money there. One second. No, you can't make money if you give them what they're asking. You need to you need to look at many deals. Make low offers. You don't want you don't want to overpay. If you over if you overpay, okay, that's it. You can't see your money back. Um I don't know. Maybe you're going to have cash flow, but now the way the interest rate are, I don't think you will. And uh by after after you close, bye-bye seller. They don't they don't know about you. It's a big mistake a lot of first- time investor do because they fell into a trap. I mean, I'm I've seen 20 20 on it, 50 unit on it, 10 year on a deal, 25 unit deal. Asking price is my selling price when I after you've renovated and after you've stabilized and it's time to stabilize. Correct. Right. Right. Right. Right. I rather you put the money in CD and wait for the opportunity. So you're saying you can make money on the 20 unit deals, but you have right. You have to buy. You got to buy. Right. Right. So you're saying the 1% rule if you're if you're what's it called? The 1% rule is what? Explain it again. Again, if if if you if it's 20 unit asking $2.2 million, right?$220 a right. And I'm getting rent or about $1,200 $39. Okay. I'm losing money. You're losing money. 220 220,000 per door. Excuse me. Yes. Who's helping you there in in your office? We have Joy Laser is my everything is good. He's good. He's good. Yeah. I have a whole team. I have all team. But really the idea is you don't want to overpay because uh that's a big I rather you go buy a car. Buy go buy a Ferrari and sell it. You're gonna you're gonna be fine. You're going to enjoy it. Lose a little bit. In real estate, by the way, it's not liquid. Not liquid. What does it mean? You're stuck with that. So, we are we always think when we go into contract, okay, the number one thing, think of it like that. You know, um you know, Macy's M's fireworks. July 4th weekend. Excuse me. Yeah. July 4th fireworks, right? What do you think they do the following day after on July 5th? They're getting ready. It's my birthday, by the way. They're getting ready for the following year. Fireworks, right? Right. The same thing here when we buy a property day one I'm getting ready for refi event 12 months down the road or 24 months down the road from day one okay or for selling okay to sell it so I need to make sure my number works okay because I need to I need to secure the idea that the next buyer will pay x amount of money once I'm down the property you know you say you you mentioned the duplex you know who Grant Cardone is of course so Grant strongly advises is against buying anything below 16 units ever. I disagree. You can buy two unit. It's all listen. It's like saying when if the market is a um bad economy, do I buy real estate or do I buy real estate market goes up? It's like Bitcoin. You always buy in a pullback. If I if you get tomorrow a deal and you can you know you can make a kill on it whether it's two unit, three unit, four unit. Okay, you do it and then you wait for the opportunity to buy something bigger. Okay. But I I I I think 200 is good makes sense. 300 makes sense. You may want to partner up with somebody bigger. Makes sense. And be part of a big community. That's because number one, you're not going to lose, okay? Because you know already you're in good hand, okay? And that person also put his own money, okay? Stand on the loan, etc., etc. And number two, um you know, you're part of 300 unit complex. Now, now 16 unit is good if you buy it, right? A what unit is good? 16 is good. Net 20, it's all good. It's a function of money. It's a function of dollar and cents. You don't you don't want to overpay. Can you retire? Can you retire today? I can retire. Yeah. Today based on your cash flow or based on your future appreciation or based on what? Oh, above. But I'm not You know what? Um it's not about retiring. It's about I feel like a uh my calling I'm trying to I want to go to the next level. You want to own about 20,000 units. So because look when we when I see a property for for us it's like an art. What can I do with that? And you know what I kid you not, okay? When we done with the we buy property, right? We done with the property, we stabilize it. We command the highest rent in its class in the neighborhood. And you know why? Because we have good manager. My property manager is not just regular property manager. Number one, he's got equity in the deal. Number two, okay, they are original mentality. When you have original mentality, you don't sit on your ass, okay? Collect rent. Collecting rent is that's not property management. Property management is create value in the market. Raising rent. What's your next move? Where where is business coming from? Lowering expenses. Getting beats. Do you think that I'm crazy since I live in Panama and I want to invest in real estate in the States and be in that business? Absolutely not. No, we are crazy. Not unreasonable. No, you're fine. There's no issue. But but you got to make sure you got to make sure you have um boots on the ground. Yeah. You if you partner up with somebody, make sure they know what they're doing because I don't want to lose, you know. And that's another thing. We don't have third party management. I give you an example, okay? to rehab 200 units, right? Apartment building community. If I if I give it to third party management, we're talking about 25,000 average per door to rehab it. I do find 10. You understand? And I pass on the serving to our friends, family, partners, whoever with us. When you're raising money, you're raising it now from still friends and family or you're raising it from institutions. Where are you raising your money from? All of the All the above. All the above, right? What's your average investor? 250,000, a million, 152 million. Uhhuh. And who does the money raising? You uh we have a team. At the end of the day, they want to talk to me. I'm the sponsor. They want to make sure I'm boots on the ground. And uh look, are you familiar with the bank called Greystone? Sure. Are they big? The big one of the biggest. Thank you very much. I have a letter from the president, okay, to me, okay, during co I was one of one of the only one that actually um I was paid month in month out. I never missed payment. They love us. Okay, this I mean look, you can make money and lose money and of course everybody we all lost money in a time. I'm not going to see to give you you know. Uh actually I lost money for partnering around with bad people. Okay, that's that's another conversation. But um to to to keep your name to have a good name, that's very difficult. Okay, you want to make sure, okay, that you have um a good name out there because you can you can you can fix your name. And for us, it's really important, okay, that uh we have a good name. That's just one example, Greystone. You know, the list goes on. So, my asset that I have is I I I'm good at building relationships. I have a lot of connections because of my social media. We should talk after after the show. Yes. What's that? We shall talk after the show. I like it. I like to hear him. Yeah. Okay. I I you know, I I have a good I I have a good name. You know, I I'm straight in business. I've been in business for my whole life. People trust me. Um and and I do think that I could raise, you know, nice amounts of nice amounts of money if I really focused on it. That's my That's my asset when it comes. I think that's what you want to You know what? The more I think about it, I'm thinking about you. That's what you want to do. Partner up with with somebody strong. Okay. Raise the money and don't forget about commission. you want part of the deal, right? So, okay. So, let me share with you. This is where I end up getting stuck. Okay? Let's let's say I blow it out of the water and I raise $10 million for a guy's deal. Okay? Usually, guys don't give more than 2% for money that you're raising. So, you're raising $10 million to make 200 grand. I'm better off focusing on my main business. I make much more money. I tell you what, I make a deal with you. Okay? After the show, bring me $10 million. I'll make you a partner. At least one third. You like that? At least give me $200,000. I'm giving you 30% on the deal. You like that? I do like it. But I tell you what, I'm I'm a tough guy. I'm looking for execution. Okay. I'm looking for real people, people with money. I I black my once I talk if I talk to somebody there in the Sammy Bush, I block the number. I get a lot of BS out there. Okay? Because when I look our our deal when when I when I bring a deal to the table, right, you should know I already did my due diligence. I already to the property. I do everything. I did everything that needs to be done to make sure the deal makes sense. Okay? I got term sheets. Okay? The only reason why a person not going to give me money, he doesn't have the money. That's why because we know I'm not giving stuff. I'm not I'm not telling guy, do you think it makes sense? No. Obviously, they have to do their own due diligence. Okay? But I know already in advance. Okay. The deal makes sense. That's where you're buying. You're buying in South uh South Florida. No, we're buying anyway in Florida. South Florida is already played out. Yeah. We buy Yeah. Uh I mean I am looking at 400 unit in plantation. Actually, we're going tomorrow. Uh so here's a question for you. How do you have the guts? How do you have the guts? Let's say you find the beautiful this 400 unit deal. Okay. What are they asking for the 400 unit deal? 70 70 million. 70 million. So you're going to have to put down $25 million on that deal. Mhm. Plus probably another 10 million in rehab. No. No. Together about 22. It's everything included. Okay. So you're going to have to raise 22 million. Oh, there about. Yeah. How do you have the guts? Well, so number one, right? Number one. Okay. That my my $22 million, how much can I make on it? Is that am I am I going to make it 10% or am I going to double my money? That's number one. So if I if I don't think I can double my money close to 2x again see property A property you know I don't know if you know the difference right? Yeah. Yeah. Yeah. A property that you can hold on to it for like a good five years, five, seven years. Okay. And you have it's a very slow moving vehicle, but it's it's quality. A property it's like it's like a CD, right? They come to B and B and C property. I need to make sure, okay, there is going to be a good value within the next two or three years, not 10 years. So my my lender, my broker, he referred to me as a cowboy. I've put non-refundable $500,000 million non-refundable. So that's what I'm saying. How do you have the guts to put down a non-refundable? In 20 in 25 years in business, thank God we lost zero money. We came very close. We came very close. Okay. But no, we always able to pull pull a rabbit out of the uh So that's my question. How do you how do you you you have how do you have the guts? You put down a $500,000 non-refundable on a deal and and now you're on the hook to raise $22 million. Number one, you can't put your last $500,000, right? Number one. Yeah. Okay. Number one. Number two. Okay. We signed we sign you signed LOI. There is an LOI process. Okay. There it's not I don't you don't put the money day one. Okay. There is 30 days before you do a contract. Okay. During that time, okay, I fill around the market and I I know already I want to be able to raise at least 60% of the money before I put nonrefinable during that 30 days. There's a lot there's a lot of things going going into it, you know. So, you're getting on the phone, you're calling your investors, you're seeing what I know I know what they're looking for. You're seeing you you you see what their appetite is for Yes. Exactly. Right. Remember, it's not it's not my first radio, you know. Right. Right. This has been uh Yeah, this has been fun. This has been really fun. I want to come to Miami. I I need to make it out to Miami. Please come. Take there's so many nice beautiful kosher restaurants here. My pleasure. I want I want to take you I want to take you to a nice dinner. That would be great. I' I I I was there a few weeks ago and I plan to come in the next month or so and uh I would love to go for dinner with you when I'm there. Thank you AL for joining the show today. I really appreciate it. And um if anybody wants to invest in Al's deals, please reach out to him. Uh please reach out. Where could they find you, Al? On Instagram. They can find me at They can uh email me at emquity.com. emquity.com. Emmequity.com. Emmequity.com. Thank you for joining the show. I appreciate your time. You're the best. The