How can you prepare for present and future real estate investment opportunities? Today, Michael Bowman of Anderson Business Advisors and Bowman’s Business Brief talks to Aaron Adams, CEO of Alpine Property Management and Alpine Capital Solutions. Aaron shares statistics and insights on getting good deals during economic ups and downs.
- What’s the starting point to conduct macroeconomic research and evaluate real estate markets? Harvard University’s Center for Housing Studies Website
- What are counterintuitive things about the current economic state? Nobody knows how housing market will be impacted by Stock Market, Silver Tsunami, and other factors
- What are current risks regarding real estate? Mortgages, unemployment rate, property tax increases, and over-abundance of housing
- What’s different this time compared to the 2008 real estate market crash? No subprime mortgages, housing shortage, and lower vacancy rates
- How, when, and why reallocate retirement? Get financial house in order for opportunities and to address competition
- Is leverage the way to go? Leverage is a tool that shouldn’t be overused
- What are proactive tenant strategies? Educate, communicate, and waive fees
Harvard University’s Joint Center for Housing Studies
Anderson Advisors Tax and Asset Protection Event
Full Episode Transcript
Michael: All right, welcome everybody. This is Michael Bowman. I’m a partner with the Anderson Business Advisors. I’ve been getting a lot of questions. In fact, all of the Anderson’s have been getting a lot of questions from our clients saying, “Hey, how do we go ahead and prepare ourselves for any investment opportunities? What should we do currently for our tenants? How should we react to some of the downturns?” and a bunch of other questions regarding real estate and investing. I looked in my Rolodex and I said, “Who knows the business inside and out? Who have I seen go through downturns, upturns, and come out on top?” Aaron Adams (without applying) came in my mind, so I called there and then asked him if he would be willing to come in and share some insight with our clients, and he agreed to. The good thing about Aaron, I’ve known him for over a decade and he’s always been a solid point in my life, and also a good friend, and I trust him. I’m excited to hear what he has to say and give you guys some insight. Welcome, Aaron Adams.... Read Full Transcript
Aaron: Thanks, man. If it’s loud, I get six kids in this house homeschooling.
Michael: Perfect. Again, when I was going through and looking for resources for our clients and you came up, I’ve known that you went through the downturn, the upturn, and I’ve always been impressed with your mindset. That’s one of the reasons why you’re successful. The way you look at things is unique. Give us some history about yourself, your investing for those people who don’t know you like I do. Give us some background on you.
Aaron: I started investing in real estate 20 years ago. I rode the California Wave between 2000 and 2004. California crashed in 2008, but I last in 2005. People thought I was crazy when I bounced from California in 2005. “Where are you going?” I said, “You can’t get good deals on rentals anymore. I’m going to the Midwest.” Californians are like, “Why are you going to the flyover states?”
Michael: They probably thought you’re crazy. Who’s out there and why would you do that, for sure. They’re not looking at the opportunities.
Aaron: Yeah. Between 2005 and 2008, we set up operations and started buying in Indianapolis, in Kansas City, and in Dallas. When the market crashed in 2008, we looked like geniuses because we had been value-investing, not speculatively investing—like many Californians did and all […] in the country. Those markets—Kansas City, Indianapolis, Dallas—did really well during the last downturn. In fact, the properties that we purchased, the properties we sold to investors continued to rise in value and continued to perform extremely well.
People have been calling me lately saying, “Wow. You navigated the last downturn extremely well. What do you see happening right now in real estate?” As you know, I’m a nerdy guy. I spend 2–3 hours a day researching. In fact, just for context, this is probably my favorite website for macroeconomic real estate research. If you’re looking to get updates on what’s happening, Harvard University has a Center for Housing Studies. It’s a starting point to evaluate markets.
Michael: To give you guys some background, the partners in Anderson call Aaron quite a bit and say, “Hey, give us some stats to look smart,” right?
Aaron: Yeah. That may or may not happen. You know, attorney-client.
Michael: There you go.
Aaron: Here are five counterintuitive things right now with the current state. No one knows what the stock market is going to do for the rest of this year. It could go up, it could go down. No matter what it does, it’s going to impact housing. Nobody is going to know what’s going to happen with housing itself.
For example, I had a property in Indianapolis that I had fixed out to sell to a homeowner, I rejected an offer for $320,000 for it in December, I thought it was a low-ball offer. With everything that’s been happening this week I just accepted an offer for $287,000. If you’re an MLS buyer, if you’re a homeowner looking for a home, there are opportunities right now. I own the house free and clear; I didn’t have a mortgage on it. But I don’t have confidence that the upper-middle-class segment—in Indianapolis, that’s an upper-middle-class house—of the homeowner market is going to continue to go up through the end of the year, and there’s a lot of investors.
Right now, we may have 20% employment, but we have 80% employment. If you’re a general manager of a Walmart, you got job security after years right now. You may be looking to upgrade houses. There will be people buying just like there was the last time. If you’re in the market for a home for your living or if you’re in the market for a rental property, there’s some great opportunity just sitting on MLS, whereas a year ago you can’t buy anything on the market.
If you look at this slide here, in 2010, only 20% of homes were priced at $300,000 or higher. That’s jumped half. Now, part of that is just depreciation in value. Another part of that is Americans just saying, “Hey, there’s no interest rates. I want to buy as much as I can qualify for.” That’s a very real factor with Americans. That creates additional risks.
Imagine you’re a two-income family right now and one of you just got laid off. You’ve been off a little more than you can chew with that house, that can hurt housing. 20%–25% of unemployment could equate to an increase in foreclosures, an increase in short sales. That’s a factor that’s big. The silver tsunami—I’m sure you’ve heard of that one, Michael—you got all the silver-haired boomers.
There are 140 million homes in the US. A third of them are owned by the boomers. That’s 46 million homes. Obviously, for the next 15-25 years, if the market stays good, there could be a slow liquidation of those homes as they pass away, et cetera. Let’s say there was a stock market crash. There’s $23 trillion in retirement accounts. A good percentage of those are in the 50 and older crowd. All of a sudden they see if 10%, 20%, 30% up there retirement accounts disappear. Many of them will go, “If I want to maintain my quality of life, I can’t afford to keep this house. I need to sell the home, get the equity so that I have it to supplement what I’ve just lost in the market.”
The silver tsunami could get compressed. We could see a huge flood of homes get put on to the market and you can see the fall rate because there’s still quite a bit of mortgage that those seniors have never had as many mortgages as a group, as a demographic as they have right now. That’s a risk. It was either unemployment or a stock market crash.
My brother-in-law’s right there in Murray City in Salt Lake near you. He’s the risk manager for the city. He was telling me the other day that they are freaking out because all of a sudden their tax returns have just dropped. With restaurants closed, a lot of people aren’t thinking about the cities themselves being tightly cashed and losing revenue and not making their budget needs. Yeah, they’re talking about the federal stimulus that was going to them, but as a property owner, as a rental property owner, as a homeowner, you could see an increase in property taxes. As cities, municipalities, and states trying to raise money. That’s a risk that a lot of people aren’t thinking about.
There are 8 million landlords that own between 1-10 properties. Most of them have mortgages. They’re freaking out right now. If you’re a two-income family and one of you gets laid off or both of you get laid off, the first thing you stop paying is the mortgage on that rental. If that rental goes empty, you walk away from that because you’re just trying to circle the wagons and take care of your own house. In that same vein, there are 9 million second homes in the US. Many of those are highly leveraged.
Obviously, we all know that if there’s 25% unemployment, foreclosures go up. But these are some secondary tier risks that could exacerbate it and really create what we had in 2008, but worse. In 2008 we had too many homes in this country. We overbuilt about 4 million homes. We also had subprime mortgages prior to 2008 that drove that fuel of buying even though it wasn’t backed by population metrics or any real demand.
Michael: This is excellent, too. That’s one of the things I constantly see in some of the masterminds and articles I’m reading in real estate is how is this different? What do we need to look for? How is it different from 2008 until now? Excellent point here. Love it.
Aaron: Yeah. That’s a big difference. This time around there’s no subprime mortgages. This time around there’s no work underbuilt by a couple of million homes. In fact, check this […] with it. Here’s a graph, this was as of last year. We were already short in terms of housing. You can see the orange line, those are properties under $600 a month rent, the blue $600–$1000, the dark blue is $1000 and over. But it looks that rental units in millions going back from 2007–2017. Obviously, when the market crashed, we were good, but if you look at rental units from 2012 when the recovery started, they’ve lost three million rental units across the country. In the $600–$1000 where we work, they’ve lost over a million units. The only thing that’s increased is $1000 and over, but we were already short in terms of rental units.
You can also see that in vacancy rates. These shows vacancy rates. You have a vacancy rate by a percentage, 5%, 6%, 7%, 8%, 9% going back to 2006. Look at where vacancy rates were sitting for that blue-collar middle-class segment. Under 5½%, under 5%. We were already short rental units. We see these similar numbers in homeownership, it doesn’t matter if it’s a rental, if it’s homeownership. We don’t have enough housing units this time around. Builders haven’t been building. Now, if you get a bunch of silver tsunami that’s putting their homes on the market, it’s going to impact rental members even more because they have to live somewhere.
As a landlord, this downturn could be a phenomenal windfall. Look at rent rates from the last time the market crashed. You got the US average, you got your US median. The market crash is here in 2008. Rent rates just go steadily up. Housing prices drop, going through the floor in 2008, 2009. In the stock market, people lose 40% of their money the last time. But rents just climb straight up the last time.
This time around, they’ll accelerate even quicker because there’s two other factors that were not in place in 2008—Wall Street and foreign investment. Yes, there were Chinese that owned property in the US, but not like they do now. Chinese weren’t buying in Texas before, Chinese weren’t buying Missouri before, they were just in Seattle, Vegas, Cali, New York, they were on the Coast. But Asian money has completely penetrated just like the Wall Street companies, the big private equity funds.
Wall Street owns 10% of the homes in America. My company has been getting calls for the last two weeks from all the Wall Street guys saying, “Hey, once we see a drop in housing, can you get me 500 houses before the end of the year?”
Michael: Just like before.
Aaron: Yup. There are quite a few factors that are significantly different, but we were already tight to begin with inventory and I see it only getting worse now. I put this slide together because I always talk about buckets. You get your upper-middle-class wealthy homeowners and renters that live at the top bucket, you got your middle class and blue-collar renters and homeowners, and then you have your low-income renters or your unemployed welfare Section 8 residents.
This bucket never fails in the downturn. If we have 20% unemployment, nobody goes into that bucket. They fall out of that bucket. Who falls out of it? You get your two-income family homeowners or renters, one gets laid off, ends up having to move in the middle class and blue-collar renter neighborhood. Or you have your one-income homeowner or renter, they get laid off and they find work for less money. Or you have your retiree and they can’t afford to keep the home, they need the equity, but they have to drop to a blue-collar retirement.
This bucket will fill with additional people. It’ll also keep people in who thought they were going to be moving up before, but for whatever reason, high-end employment or a crash in stock markets forces them to stay in this segment. I saw this the last time in 2008, 2009, 2010, 2011, 2012. There were who my tenants were; we were in six markets right now. What you see in a downturn is this bucket, stays really full because it’s getting filled from the higher group that falls into it.
You do get some people to fall out of this bucket and I’ve listed them here. College grads who can’t find jobs, single income that get laid off, go back to school, or just are collecting unemployment. There is some filling in this bucket, but nobody fills upwards like they do in an upturn. If I own high-income rentals right now and apartments, I’m nervous. If I’m an upper-middle-class real estate agent, freaking out.
You know I have 30 Airbnbs. Thank God I own those free and clear right now because we didn’t make anything in March, we didn’t make anything in April, we didn’t make anything in May, and my competitors are freaking out because they’re making some forbearance but they’re still going to own those mortgage payments, and Airbnb could be a very slow return to profitability, which is one of the reasons why we pump the breaks and why we didn’t buy a lot of them because we knew that was uncertainty. I’m actually considering taking several of my Airbnbs and converting them back to just regular rentals.
You know that we sell properties in this segment. That’s our wheelhouse. We stay out of the war zones because you can’t sell them to homeowners down the fact, but we definitely don’t do the high-end stuff. This is what we’ve always sat on. I’ve been getting calls from clients saying, “Aaron, the properties that I bought, I see the volatility in the market. I’m not even thinking about that right now because I have some properties with you. I have my qualified pension.”
We were thinking about the people that we started working with and some properties, too, before the last downturn, 2009, 2010, 2011, and 2012, they’ve seen property prices double plus their cash flow has benefited from that. We’ve seen a bounce back over the past few weeks in the stock market, which is great. I bought some stocks again this week, Starbucks picked up, I bought Delta Airlines because it’s really low right now, and I think that long-term, those are going to be value-investments. That’s what we’re doing with real estate. If you just freaked out by the volatility, that’s where we help and work with a lot of Anderson clients because we sell actual deals to clients. We’ve done that with Anderson clients for a long time.
Michael: I had a client say, “Thank God, I got my retirement out of the market and into something concrete with Aaron, tangibly.” I didn’t share that with you all. I’ll share who that was off the record, but yeah, someone just mentioned that, and thank God they got out of the market, got into Aaron’s, got some stability with their rents. They quoted you a few different times.
Aaron: I had one-year clients that we met last September, they came out to Indianapolis to see our operation in October. They had a million dollars in the market, most of that from gains. They made half of that, $500,000 of it over the last 15 years just from growth. They came to the event, they wanted to buy a couple of $100,000 in properties from us, which is great. They put $200,000 in their QRP, they left the rest with fidelity and bought properties.
When they heard about Coronavirus in January, he said it freaked them out and the second case was reported here. He was down 2% on the $750,000. He sold everything, got out of the market, and then he drove up to Idaho three weeks ago to say, “How do we spend the rest if […] get me out of the market?”
Michael: That’s not a pleasant drive.
Aaron: He’s only down $8000, but now he’s got off his million, who cares? He’s good. Definitely something to think about.
Michael: Absolutely. All right, I’ve got some questions that I’ve compiled over the last few weeks knowing that I was going to do a webinar with you where I speak to you for our clients. Let me ask you some questions. Where should investors be looking right now?
Aaron: There are deals on the market right now in terms of if you’re a homeowner looking for a great deal on a home, there’s a lot of motivated sellers, there’s a lot of nervous sellers. If you’re looking for one rental property in your hometown, there are deals that are on the market because there are some nervous sellers. I definitely think that’ll increase. With this Coronavirus, nobody knows what’s going to happen with unemployment, but we have 20 million people right now that are unemployed and sitting at home thinking about their money. There is low hanging fruit on the market.
One example that Clint—one of the partners in Anderson—and I were talking about yesterday is a lot of people don’t realize it, but Zillow started to buy my homes over the last 24 months. They heard of buying homes and just turning around and trying to sell them to break even, they would do light rehab. People are saying, “Why is Zillow doing that?” They say, “You know, for marketing.” But Zillow decided right now, within the past two months, they’re out of that game. Now Zillow is a motivated seller. There are going to be some interesting opportunities.
Warren Buffet says it best, “Buy fear and sell greed.” When you switch your mindset to a buyer, there is low hanging fruit that’ll just be sitting there on the market, and that never happens in an upturn.
Michael: I like a blended portfolio. I got quick turns going on, I got hurt money lending like I’m doing, I have got rentals. Between all three of them, what do you see? Is there a game plan you have? Give us some insight between multi-family, rentals, quick turns, what are you looking at? What are you cautious about?
Aaron: I definitely hate what all the flipping shows do right now which is flipping to a higher end. Yes, there are still some deals getting sold. On the deal that I mentioned earlier that I sold for $287,000, I bought that for only $30,000 and spent $150,000 on it. I’m only into it for $180,000. Selling it for $287,000 isn’t bad even though I was hoping back in December I sold for $330,000–$340,000.
But imagine if I had a hard money loan on that. Imagine if I didn’t have such a high spread. Investors that are thinking, “I want to get into flipping.” The opportunity in a downturn won’t be in the upper-middle-class. It’s the same opportunity that we just discussed. The opportunity will be flipping blue-collar homes. It’ll be flipping just middle-class homes, not the trendy custom everything kind of deal.
Michael: This is a hit for a little home because my wife and I had the same conversation. We like to watch those flipping shows, they’re kind of fun, and she likes the higher-end. I look at it like putting lipstick on a pig. She looks at it like, “Hey, let’s redo it. I want to live there,” and there the mental shift you have to go through saying, “Hey, you may like that, but that’s not good business.”
Aaron: Yeah. Actually, up here in Idaho, I bought a 1994 double-wide in a trailer park for $10,000. I rehabbed it for $15,000. I just sold to a farm employee for cash for $40,000. $15,000 on my $25,000. That’s sexy to me. Now, you wouldn’t live there, I wouldn’t live there, but that’s the kind of flips that are going to be opportunities going forward. Same with apartments, blue-collar. You don’t want to be up here.
If you look at rental ranges by market, the bougie stuff, the higher-end stuff, the $1000 and over, that’s overbuilt. These are the ones that are going to get unemployed and have to move back down to these. If I’m an investor, I want to own these so that I can catch them as I fall into my bucket. That’s why I’ve always sat in that segment. The deals aren’t sexy.
We have an Alpine Capital Solutions page. We just redid it. I don’t know if you’ve seen it yet.
Michael: I have not, no.
Aaron: You’re going to like this. I got cute pictures of everyone and put it up there. This is Meggan, maybe you know her. She’s our Portfolio Strategist. If you’re interested in deals, I’ll put you in touch with her; she’s my wife. Here are my partners that run Indi. Here’s Becca, she works with Meggan, there’s Ellen, here’s my Charlotte partners, here is my Kansas City team, here’s my Idaho team. I get everyone on there. Look how much prettier Jed’s wife is than Jed.
Michael: I love Jed. He takes care of my clients well. I love Jed. It’s like a family reunion or a family picture from here.
Aaron: You like that?
Michael: I do.
Aaron: If somebody goes to the Alpine Markets and this is alpinecapitalsolutions.com or you can type in alpinecs, we have examples of the deals. These are not mansions. These are actual deals that we have and that we’ve sold to our clients, but these are perfect little blue-collar houses. These are the houses we’ve sold that our investors have made 15%–20% on over the last 20 years, and these are the houses that will continue to sell. Those are the opportunities, whether it’s an apartment, single-family homes, flips.
Michael: Hey, go back there really quickly. Taking a look at some of the portfolios that you’re showing. This is the stuff that we want to get into right now.
Aaron: Absolutely. It’s interesting, I’ve had more clients call and want to schedule an appointment to get more deals right now. I did have somebody say to me, “Why don’t I just wait until October if the markets are going to crash?” I’m like, “You’re going to get a busy signal because I’ll have Wall Street saying, ‘Give me 600.’ Why am I going to call you, a new customer, to sell you one or two deals when I got an order from a Wall Street fund? I got my Chinese, my Japanese investors, they’re upping their demand, and then I have all my existing investors.” If a new client calls me that we never worked with before in October compared to an existing Anderson client who wants another deal, I’m always going to take the existing client, too.
If this is something that you’re interested in as an investor, if you’re thinking about diversifying, we’d love to talk to you right now. We had a client this week. They said, “I’m interested in that Charlotte property, but I’d love to be able to go see it.” I said, “Fine.” Property management is essential business. I literally sent my property manager to the house, video with his phone, and did a walking video tour of the house. They said, “Can you send us an itemized budget of the work? We sent them an itemized item. EE items that we fixed on the home, which they could see in the video. They said, “Show me the comps.” We sent them the comps, we sent them everything that they needed that they reviewed right from their computer and deals under contract and they’re moving forward on the deal. This may be an opportunity.
When things get crazy because everyone gets back to work in a few weeks, this may be the time that you have to think about reallocating your retirement and getting this setup. We can set them up. I have Meggan’s email here or you can just text her to schedule a consultation. She’ll just give you a call and just get a feel for what you’re looking for, where you’re at. We’re busy, we’ve been selling deals every day.
Michael: Yeah. You mentioned something that’s pretty important. It’s time that your financial house in order to, your books and records if you’re going to get funding, make sure that you have a presentable package, basically. Very important to get it done now, get ready right now as opposed to being behind the eight ball because there’s going to be a lot of competition out there.
One of the questions I got that I wrote down, how much leverage should people be looking at? People have got some cash and want to leverage it out in loan and arbitrage, build upon what they have. If people need to be worried about that, not worried about that? Give us your input on that, Aaron.
Aaron: It’s going to be tough because if you think about it, I’ve bought probably 8000 properties at foreclosure auctions and most of the deals that I buy that were owned by another investor were very well-intentioned, I should get leverage on this property because leverage is the way to go. But nobody has Coronavirus on their spreadsheet for leverage. No one has that as a line item of how they’re going to pay the Airbnb, pay the vacation home, pay for the second home. Leverage is a tool, but ironically I made millions of dollars during the last downturn because people overused that tool, and we anticipate doing that again.
My advice to investors is to use leverage on your active income, use leverage on your flips. But your rentals, you want to hold free and clear. I would say probably 90% of my clients use retirement money, IRA money, 401(k) money, QRP money to buy properties from me, do that unleveraged. Think of the, ‘Thank you, Aaron,’ emails I’ve been getting over the past three months because they’re not worried if their tenant can’t pay April because they don’t have to pay a mortgage on.
Michael: Correct. You have covered this a little bit, what price points for the properties you’re going to be looking at? I know you actually had the screen up right now, but what price point? There are calculations that would get out there, but what are you guys looking at for a price point to invest in?
Aaron: Our Charlotte deals sell for $100,000–$130,000, they rented for $900, $1200, $1300 a month. Indianapolis deals are about $100,000 rented for $800, $900, $1000 a month. The Kansas City deal’s about $110,000. Basically between about $90,000 and $125,000 is the price point for these deals. Occasionally, we get deals as cheap as $75,000. Usually, we say to an investor, “We can really help you if you have $75,000 that you’re looking to diversify into real estate.”
One area we’ve actually still had a lot even the last two weeks is 1031 Exchanges. Right now, I have 150 deals in our pipeline that we can use to put together into a portfolio. Meggan and Becca, who you know, who handle all of the acquisitions for our clients, are always working on a 1031 portfolio. We had a client just recently sold one commercial building that was a couple of million dollars in California and then we flipped that into 30 deals spread out all across the country. Idaho, Kansas City, Indi, Charlotte. Now they’re really diversified, it tripled their income. So, 1031 is another area where we do a lot of.
Michael: I know a lot of people who are listening and watching this are already landlords themselves right now. One of the questions I’ve been getting and I address it from a certain way—I want your opinion on it—what do you do with the tenant? Are you working with tenants? Or your landlords should be working proactively? Give me some strategies, give me some ideas, or give our listeners or watchers some ideas in what you guys do or what some of your clients are doing.
Aaron: We’ve been very proactive in educating our tenants. We have mass texting set-up for all of our markets. We’ve been sending texts saying, “Look, we want to explain to you our forbearance is. Just because we can’t evict you right now doesn’t mean that we won’t be able to evict you one month, two months, three months on.”
Michael: Right. That’s what a lot of people are missing, a lot of people are thinking it’s just the rent holiday.
Aaron: Yeah. We said, “If you got laid off, you get unemployment plus up to $600 a week extra. You can pay your rent when your rent is $700 a month with us. If you got your stimulus check, use that to pay your rent.” We’re happily waving late fees for our tenants. In Indianapolis, our late fee is $100. That’s a big late fee. We’re waving that.
It’s interesting because right now, today, April 17th, I’m at 94% collected in Charlotte, I’m 98% collected in Kansas City. I only have one tenant not paid, of my 80 tenants in Idaho, and of the 1500 tenants we have in Indianapolis, we’re at 88% right now. I’m very happy with that because I’ve heard of horror stories of higher-end apartment complexes, they’ve only collected 50%–60% of the rents right now.
Michael: I think it’s also the screening, the location you’ve chosen. I don’t think that’s dumb luck by chance at any means.
Aaron: Yeah. We’ve been in this a long time. Our oldest and biggest operation in Indianapolis, I started in January 2005. We’ve lived 15 years just in that market and there’s a lot that we’ve learned managing the 1500 homes we’re at right now. One thing we know is that you want to be very proactive. You reach out to them, don’t wait for them to come to tell you that they got laid off.
Michael: Be proactive. I had written that down. Absolutely be proactive, talk to them. They’re already in a tough position. Work with them, don’t let them do what I called ghosting on you. Once again, a worse position, then they don’t want to talk to you, and then it makes your life a lot harder.
Aaron: Yeah. We’ve got a tenant in Indianapolis coming this week with their text refund plus their stimulus check and unemployment and they got caught up. It was one of my tenants who’ve been in my house for over 11 years. Every year it’s like they never pay me November, December. By January, they come in, write me a check for $5000 this week. I wouldn’t advise that, but since I’ve known that person for so long, […]. Again, because of the communication, I’m willing to make that kind of allowance knowing that they’ve saved it for years with their refund check.
Michael: Great minds think alike. Anything else? Any other guidance? I really appreciate your time as always. Any other guidance, anything that our client should be doing, and people that are watching this should be doing?
Aaron: Another way to interface with us, let’s say you’re just casually interested in this topic, if you’re on Facebook, I have a page in Alpine Capital Solutions. I’m a nerd, I spend 2–3 hours a day just doing pure research.
Michael: I think everyone should know knowledge is power, especially during this time.
Aaron: Absolutely. You do the equivalent on the legal side. I just call you and say, “What does this mean?” It’s a two-way street. That’s why we signed up with you guys. You can see here, almost daily, I’ve been uploading articles that are pertinent to everything that’s happened and their function of the research that I’ve been doing.
If you’re on Facebook, you’d like to see what I thought was the most interesting for my three hours today, go to Alpine Capital Solutions; like it. There are no pictures of the kids or the dogs on there, but that’s another way that people could interface with us.
If you’re interested in looking at deals and talking to us, as you know, we do free training in Indianapolis nine times a year. Obviously, April was supposed to be this weekend, April is out. We’re thinking about May. Because they canceled the Indy 500 which has always been Memorial Day weekend and moved it to August. We’re thinking about Friday, Saturday, Sunday of Memorial Day weekend as a tentative date if things can get back to business. If not, June, July, August, September, we’ll have events.
On our Alpine Capital Solutions page, people can just go to Live Training. It’s a three-day training, it’s free. If you’re an Anderson Family, there’s no cost for the event. We pay for your hotel room, we cover the meals, you just need to get to Indianapolis. April was supposed to be this weekend, it’s scratched.
We actually do have a June date. Let me bring that up if someone’s interested. I believe it’s the first weekend in June.
Michael: I saw you also have online resources, too, videos and things.
Aaron: Yeah. Reach out to us, let us know. We don’t tell you how to work with us. We let you tell us what your interest is. If it’s just more education, happy to provide that. If you’re interested in deals, we can send those over. If you like to attend one of our live events, love to have that too.
Michael: Aaron, I appreciate you as a friend, and also as a colleague, I appreciate your insight and knowledge, and I hope everyone got a lot out of this. I look forward to working with all of you guys and wish you guys the best of success in your lives and in investing.
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