Ep31 Behind the Scenes of Land Development with Nathan Drew and Scott Kelly

[00:00:00] Land had gotten so competitive and a lot of crisis had been ticking up. More of these

[00:00:04] builders started getting together and to what Scott's talking about forming entities together,

[00:00:09] self-developing and then selling their building company lots and that's how they can

[00:00:14] somewhat control the lot price. From cornfields to high rises, office to industrial houses,

[00:00:20] do hotels and every other asset class in real estate, we covered the people, the projects

[00:00:25] and the profit. Welcome to The Investing in Iowa Show. This show is for go-doers,

[00:00:32] action takers and business owners. It's for people like you who are sick of Uncle Sam taking a

[00:00:37] huge bite in your apple. But if you're looking to get ahead of what's taking place in Iowa,

[00:00:42] learn who is doing what and how you can get in on the action. You're in the right place.

[00:00:48] Posted by Neil Timmins and Iowa native who has been involved in over $300 million in real estate,

[00:00:54] right here in Iowa, recording in studio from West of Boy. Here's your host, Neil Timmins.

[00:01:01] If you're in Scott Kelly, welcome to the show. Thanks for having us. To be here, I'm excited

[00:01:06] you're saying for the audience to say, how are you? Where are you from? What do you do?

[00:01:10] Let's go with that Scott Kelly from Doon, I guess, technically we did a land development and

[00:01:15] plant brokerage services. I'll say a bit quick. Good. You guys are going to do an eye and

[00:01:21] work that people's company for our host with that kid as I guess you got Steve Burrers,

[00:01:27] kind of right in Guy with D.R. Orton and did a lot in land acquisition in the DeMoyne Metro,

[00:01:34] Iowa City, Omaha and Kansas City. Nate's on the left side of the building is for

[00:01:38] shown four years. Yes. Yeah. So it's my bird dugs. Yeah. Now we're doing work with clients to

[00:01:45] develop services and now also land brokerage stuff. Scott, when do you graduate? You got a

[00:01:49] 2000. 2000? No. Okay. So you're what 15 years. Yeah, that's crazy. You're with people's company.

[00:01:56] Kind of about Steve was really growing into his own trip to get out of that business. Yeah.

[00:02:01] I mean, deep about it in the end 2000 or 2000. Yeah. I think when I started the like 12 people

[00:02:06] tried and by the time my left they have 75 and I did their like 30 or 40 process. Yeah.

[00:02:14] So again, my name's Nathan Drew and Scott and each have our own brokerage. Just mind

[00:02:19] Drew Realty. It's like when we had shot just like Scott, we end brokerage, lot

[00:02:24] brokerage, wind development services all over the state then Missouri specifically

[00:02:32] to the city and license in Alaska for Omaha. I got into real estate in 2008,

[00:02:40] grades time ever. So I was in KU Kansas. True answer to Iowa for the entrepreneurship. Yeah.

[00:02:50] Iowa wanted to eventually like get into assisted living center ownership and I thought a good way

[00:02:56] to start developing assisted living centers would be building houses for active students. So

[00:03:02] started that company in the Bell Center at the University of Iowa graduated in 2008

[00:03:09] and my second semester senior year about three lots, two foundations. It was right around the

[00:03:17] time when like we didn't see this really struggling. Yeah. I was 22 years old and no idea what

[00:03:23] was going on. So regardless, got a couple of homes built. They turned into rentals. Really quick.

[00:03:32] I didn't want to go get a real job. So I got my real estate license and I actually think

[00:03:36] people's and so that's how Scott and I met each other. It probably would have been in 2000 feet

[00:03:42] that summer or maybe 2000 when you were in the school. The school was the intern. Yeah. And so I was

[00:03:47] laying around doing lot and like bank on lot deals and ended that switch until I would

[00:03:56] really be commercial under Kevin Crowley. Yeah, we're talking with him and Kelly Gibbs and

[00:04:03] really was focusing on some of their corporate clients I eat the builders and developers. So I got

[00:04:10] to do a lot of those transactions for you know, DM near 10 year period. And it was at the end of 2018.

[00:04:17] I was 33 years old and I just real estate such an entrepreneurial industry. I had the money saved up.

[00:04:25] I felt like I had the knowledge lot in development stuff. It was just time to go off my own.

[00:04:30] Yeah, what is that five six years earlier? You know what I am?

[00:04:35] Well, yeah. I do mean what you do in the lot side is not like it's very specialized. It's

[00:04:41] unlike what people doing the house side is on a pro where it's simply because of this specialized

[00:04:46] knowledge that you need especially the circle of development. Yeah, it's a heavy lift. I would

[00:04:50] amagnet from the acquisition that knowledge that just takes place at the period of time doing this.

[00:04:56] Well, in my career of transact well over a thousand lots of development parcels but starting

[00:05:03] now was all bank on stuff like as a 2223 24 year old. I had 200, 200 lots listed in the

[00:05:10] given tournament. The market over this six two year period is changed so much where over the last

[00:05:18] few years the market had been so incredibly hot that like these developers would put in these

[00:05:26] in the same three dealers would come and say I want 10, I'm a 20, I want 30. We haven't done it

[00:05:31] ton of lot of transactions. It's been more of the work about the next pieces because again that

[00:05:38] lot are going to just been what did you early on having two or three out of those that go

[00:05:43] into that the O8 crisis? What did you learn? What have you taken away? What did you take away

[00:05:48] from back there rather than your plot? So I want to let Scott tell this joke that it's not like a

[00:05:55] up, but it's this thing that he always says. It's like we've got the perfect playbook as to what not to

[00:06:01] do to just because I didn't mean like Steelers, Thunderbent, it's so true. So being on this side of

[00:06:09] real estate there's so much exposure for builders and developers we see the risk associated with it.

[00:06:16] And so I think a lot of real estate development and specifically land development is trying to

[00:06:24] analyze the deal and mitigate as much as it goes. I understand how obvious that sounds, but

[00:06:32] I'd say that's kind of what my take is. I know he'd said that's definitely like came on a bit

[00:06:38] of me not everyone but a lot of folks got in trouble because they got overextended specifically on

[00:06:44] with that on the next piece seems I'm not moved through so quick. That's where they got caught a lot

[00:06:49] of times. I mean some guys got in trouble because the lots there hold a book a lot of those

[00:06:52] next pieces of the book. So the interest when you've got $23 million borrowers, borrowers, piece,

[00:06:58] it just eats your life. What you're seeing today I think more is unless you're going to turn

[00:07:02] her on that specific piece tomorrow, guys are trying to pay with more cash if they can. If there's

[00:07:08] a possibility and then they don't get trouble down the road when it's a straight double. Who are you

[00:07:13] to know? Yeah so speaking of that is for his double. You know, the last two years we've seen

[00:07:17] dramatic change and I'm curious as to, we've had a dramatic change in the interest rates

[00:07:23] underlying debt. I'm curious as to what you've seen firsthand from a lot sales, from new to

[00:07:30] old but then there's weird things are in the pipeline of buildings as a result of really

[00:07:36] interest. I really bit slowed down it's been tough for deals to pencil out there are still

[00:07:42] deals being put out there because I mean if you're a home builder you need to be building

[00:07:47] homes otherwise you're not at home built fire and there is still demand for new construction.

[00:07:53] How's it still are selling? It's just not at the velocity that they were post-COVID.

[00:08:01] So and builders are offering lot more incentives. They buy and point down a lot of times

[00:08:07] to that it's a lot of builders that are self developing and potentially selling to them,

[00:08:12] sells and maybe one other guy as opposed to a third party developer. I mean you still have that

[00:08:17] but it's not, you know you can't find an air community in their file with how guys do on it.

[00:08:21] It's the obvious players that are still, you know. Yeah when you look at what lot sales are happening

[00:08:26] it's the same people it's the same few builders over and over and on top of that land had gotten

[00:08:32] so competitive and a lot of prices had been ticking up more of these builders started getting together

[00:08:37] and to what Scott's talking about forming entities together self developing and then selling

[00:08:42] their building company lots and that's how they can similar control the lot price. So by doing

[00:08:48] the self developer. You want to would think take a skinnier deal on their instruction side,

[00:08:54] taking the site where they want to make money. Yeah so probably view this as a holistic approach

[00:08:58] to go all and all done here's what we're making. I agree maybe it helps you to stick your

[00:09:02] budget out because again like it's been fascinating to me again a baby of 2000. Right back when

[00:09:09] I started selling mods lots were going for 10 grand and then regular subdivision but when

[00:09:15] banks were ready to they're like we need to get these off the looks. I mean they'll be fair.

[00:09:18] I mean those wallet creek ones that some guys bought yeah on through the bank for like 20 grand.

[00:09:23] Yeah and turn around and sold them for 40 now. I thought that was like you're selling

[00:09:29] the place you'll want it 40 grand. I said 40,000 followers but I'm used to going to be

[00:09:34] plus there's going to be more than $250,000. I would love it the like why it's same

[00:09:38] once be a day 85. No no no they'd be more at the time. Those same ones that the one look

[00:09:43] the one that whatever that was it wins in class yeah so it's like again starting out during that time

[00:09:49] and I'll see the platform come on from a developer and this has been happening for years

[00:09:56] see the play I come on we'll see the size of the lots you'll see the prices and you're like no too expensive.

[00:10:02] Two months old next year or two like the next year the like 18 months later the next

[00:10:07] plat you know the the price is gone after another 12. Like as you said.

[00:10:13] Two most sold and it's like wow yeah. Wow I'm so really able to a fall unfortunately.

[00:10:19] There is a lot of positive things taking place yet to do quite much sugar.

[00:10:24] Yeah one boost once being a collection. Would you have to be able to live here? We have bodies. Why?

[00:10:30] That's growing to the Midwest and beyond all other things jobs and population growth.

[00:10:38] Trump said I fundamentally believe for the rest of our lives probably are kids lives that

[00:10:44] Metro is going to continue. You've got heavy finance, heavy insurance. You've got people coming from

[00:10:50] being relocated here from all over the Midwest and then on top of that and it's so sad.

[00:10:55] State of Iowa, Steal of Hawaii but you've brain-drayed in small town, Iowa and Des Moines

[00:11:00] one of the places coming. So I mean in that sense word, situate it well being in a good market.

[00:11:06] That I've said for a long time, British singular export in the state is educated. Yep.

[00:11:13] Educated people. Yeah. Like we've got three tremendous state universities who educate these people

[00:11:19] send them out. If we have a mountain range or an ocean, I agree with you. The population continues to grow

[00:11:26] at certain thresholds who just different things that come in. Yeah. The get all linked. Make up a number.

[00:11:31] You know two million people look around the Midwest. You have professional teams. Yeah. Right.

[00:11:36] There are certain numbers where they just it offers itself to go okay now we cross the threshold

[00:11:41] and something else can come. That just means more people you've got a different tie to go. Yeah that's cool.

[00:11:47] We continue to get the cool step. What is the metric? I've said 120, 7,000, 3,000

[00:11:52] of people's that son right through the MS said that I could. Right on it. So I don't know. I mean

[00:11:59] let's add that. I'm trying to feel where we have a million where there's going to be 85

[00:12:03] or four it was the metro four and it'll be ours. I agree. Yeah. I agree. We get a million people.

[00:12:11] All of you know. Oh yeah. That's kind of required a lot of new houses,

[00:12:16] a lot of new housing units. Again, all of those new houses need to be built on a lot. So

[00:12:22] yes. Yeah. Yeah. I mean, there's a lot of that you increase the Delta. It's increasing

[00:12:26] at an increasing rate. Yeah. Sure. I think any I mean like 10 years ago, 90, 10. Yeah. That was

[00:12:32] increase and like six people a day and I think it's up to like some crazy like 11. Yeah.

[00:12:37] Growing up here so I grew up in central. I remember thinking of light and can this small

[00:12:44] town in between to moving and aims. And so it's like it's like the same thing with

[00:12:50] watchy. It is a lot of you are a defascist. I mean, I thought like even in high school, I was like

[00:12:56] to watchy kids or those are the final kids. Yeah. In the same people from hanging with

[00:13:01] the same guy. I was telling him because he always listens to that. People from hanging

[00:13:06] stuff the same thing. Remember a ceramic career. Yeah. Real estate brokers, right? So I

[00:13:11] thought you were going to be a kind of a business office. And I got it and can you need a dual

[00:13:13] list of your presentation or something and they go, are you local? Yeah. I was like, well, I'm not from

[00:13:21] Minnesota. I'm not going to show what you mean by local. Like no, are you for anky? You know,

[00:13:26] it's like, oh, but he's found it to go to be this trade. Just question. I tell you,

[00:13:33] time and time and time and time and time and time and get it. Get asked it. So where's it?

[00:13:36] I'm going to go. They think people are going differently. Yeah. That is funny. Yeah. But that

[00:13:41] changed. Yeah. So we're going to change. Yeah. Right. Yeah. So I mean now again on the

[00:13:47] Leonardo side, you kind of especially on the brokerage side if you're doing it right,

[00:13:52] you have to be bird dogging stuff ahead of the land developers who are ahead of the home

[00:13:57] builders who are ahead of like the the risk of the market. So I mean, we'll be stuff like

[00:14:01] oxley and like even a little bit further out. Just again, that's going to be part of the

[00:14:07] metro. There are people that move here that want to be in the smaller school district. Have they

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[00:14:50] please visit Legacy Impact Investors.com to apply. Tell us a good example and call it an anti-aggress

[00:14:56] they've had a lot of success in that. Let's be honest with you. Right? I mean,

[00:15:00] and pebbles are awesome. Correct. It's a little bit, I mean, because I'm saying how long was it?

[00:15:05] You know, there wasn't a lot of development there. Not over a many years ago. Well, I was

[00:15:11] couple years. They sold them pretty hard. If you had to guess what percentage of the people

[00:15:16] that live like in that new area are commuting to the metro for work? Although maybe one of the

[00:15:22] you always have, I was going to say one spouse may be, but I don't know if you'd say half.

[00:15:27] But probably it's probably a pretty good percentage. Yeah, that's been best when cool

[00:15:30] in that larger company. Let's talk about a fork earlier. You know, it read a lot about edge

[00:15:34] and circularity or a correction here. So it could be a bigger topic. There's a keep hearing,

[00:15:40] there's a dramatic housing shortage and tremendous housing shortage. So we need to build more houses

[00:15:46] and then you know, we try to supply gold put up in your house. It's $450,000 on average. Right?

[00:15:53] So at some point you're going, okay, well, agree that it's a shortage. We need more. But the average

[00:15:59] person who needs one can't afford the average price for that house. Well, so what it ends,

[00:16:04] and I'm going to give such like the most obvious answer, but it ends up coming down and how

[00:16:10] do you get there, you get there with density, but you're still, it's like you can't get dense enough.

[00:16:13] To have the product that someone wants to I live. So easy answers, I don't know. Like it's a

[00:16:20] it really is when we're looking at ground like in the right area, we can get some stack and

[00:16:24] pack, town homes going down. Like that gets us excited because we know that the builders are going

[00:16:29] to think they're going to be able to chalk through those at a higher rate. But those are expensive

[00:16:33] for everything. Yeah, so there's no cheap outcome and money is expensive. Yes, the worries

[00:16:39] depends if it's your work. Yeah, FDR work can't build, you know, a house in the two

[00:16:43] hundreds anymore. That's everyone else's kind of struggle. Let's say, for a total of 350, I mean,

[00:16:49] what did you learn while working at the hour? Um, they're a print is from when I had known

[00:16:56] of other builders that approached a little different. They they want to turn their cash basically.

[00:17:01] Even if that means taking a lower return on some of their product, if it's a, but they

[00:17:06] consider an aged inventory, which is not that old. They'll lower price get a move, get the cash back

[00:17:12] and start another. So they have much more of a corporate, I mean, I guess you would have

[00:17:17] another large build in nation on a wide get last year 85 or 90,000. Dude, it was right. It was

[00:17:23] was it anything that I mean, some it was so I said saying. And I think some of the local guys

[00:17:27] lot to think that way too, but I think that more of a personal touch, you know, and some of the

[00:17:30] old builders they just don't. First of all, the other one operates in the cash. So that's all

[00:17:35] that's something they have to think about. They have their own treasury within the art

[00:17:39] work. It's something it is like just such a huge organization. Yeah, the corporate background of

[00:17:45] our home building and development, which was, you know, not something I was used to, but that

[00:17:50] private biggest thing is just how they approached the business, you know, not that they don't

[00:17:54] take personal care of their own, the customers all like that. But how they think about it versus

[00:17:59] house on the else might say we need to get a 15% return or 12% return on this house.

[00:18:06] The Orons like if that thing is, you know, or oh, he's in the inventory, slash it, get rid of it,

[00:18:11] let them along the ex deal. Well, and then starting those houses, it's like, okay, so let's say,

[00:18:17] you know, something in lots, sales or something called a take down where it's like,

[00:18:21] all right, let's say there's a platter 50 lots. A builder might say, I'll buy these when I'm

[00:18:25] not taking them all once. I'm going to take them out of teak down. And so they might close 10, 12,

[00:18:32] 15 per take down, which could be separated in four, six, eight month periods. The question is,

[00:18:40] I know how many maybe a local builder would put in when they'd close some lots and then they

[00:18:46] give them time. How many houses, how many permits and one subdivision will those guys drop

[00:18:51] in like, I mean, you found a decent split. Yeah, I mean, it depends on what the subdivision is.

[00:18:57] There are community first of all, but I mean, and what the product is, but it ain't

[00:19:01] to be even there were those towns that they were doing, for recently, of their and east side,

[00:19:07] and can either they were putting in. I mean, I think they put it like a hundred and nineteen or

[00:19:11] sell them at one time and then, but as far as single family homes go, they'll probably drop in,

[00:19:16] you know, eight basements in our row. So if they closed, or let's say let's use the round number,

[00:19:22] let's say that they're taped out on what's for 10 lots, what they drop 10 foundations,

[00:19:27] or would they old some of those lots? 10, 12 lots are like 10 on blocks and single it take

[00:19:31] go. Yeah, they probably get pre closed probably six to seven on them. And then you think about

[00:19:36] that like really the efficiencies that you're able to take it crunched in the construction

[00:19:40] when you're going seven at a time versus two. Yeah, thanks going down the sides of them.

[00:19:46] How much cash you have to get? Yeah, you know, they're a monster. So yeah, and they're

[00:19:51] able to pass a lot of those savings on the thruss, you'll know that I'd write which keeps

[00:19:55] the ball rolling. It's interesting. And all in the weeks for our exams, yeah, I mean, there's

[00:20:00] a reason they'll go watch the bill look. Yeah, you're crystal ball, we're heading as it relates

[00:20:05] to the redevelopments and you can collapse, come and go on. One of the next two, three years

[00:20:10] so like I said, things have slowed down a bit in real estate. However, there are

[00:20:15] flats coming in in whole, in whole county in July, it was something like 12 new flats were filed.

[00:20:25] And I think like either those were for single family or town posts. And a lot of those

[00:20:31] flats coming on are large tracks of ground to develop or it bought. And again, they're just

[00:20:37] doing it through that. If they're gonna be a home builder, you need to be building houses. So

[00:20:42] they bring on the next plant and just continue to choose through it. We need to talk about interest

[00:20:46] rates a little bit. So in my opinion, interest rates are going to drop in September 25th,

[00:20:51] basis points. I think it's likely over the next year that they do right around 25 basis point

[00:20:59] drops, over like that year period. I don't think that's enough for everybody to press the go

[00:21:06] and things just start going wild. The go blood being met a whole bunch of people are

[00:21:11] locked into their mortgage at 234%. Decide that they're actually at a self. Yeah, it was right.

[00:21:18] And so I think we're going to continue to rub on like we're dribbling right now and

[00:21:27] have like 2023 at least at least or 2025. My crazy, so thinking about I don't know,

[00:21:34] my answers. I have no clue. My fear is that interest rates go down 25 basis points per quarter for

[00:21:40] the next year and all of a sudden because to me, I had to so hot. They probably take a little bit

[00:21:45] of the, you know, but they haven't dropped like what you just would think that they would

[00:21:49] have an interest rate double. But the market gets so excited about those small drops that inflation

[00:21:54] goes right back. Got it. That's my fear. Here is that all of a sudden we're still sitting here talking

[00:21:58] about a weekend bill of house for less than 350 yet paid full honor for whatever it is. All

[00:22:03] exciting if we start dropping rates does that number increase even more like it's home? I don't know.

[00:22:09] I'm not even going to pretend like I do know. If you're a house clipper, execute the birth strategy

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[00:22:44] We need the things to come out. The job reports, CPI, you know, inflation occurs, we end

[00:22:48] in the right direction today. Stock market, you know, continues to work with it all time

[00:22:54] high seems like every few weeks. But then the other side of it is that credit card debt,

[00:23:00] and dual equities are at all time high. You don't like what these look like what they

[00:23:04] looked like in a way. That is part of that continues to make all time.

[00:23:07] Is that what it is? Well, it's over a month. You look at like you think of all the

[00:23:14] things. There's no like direct like correlation. They're just all over the place. So it's really

[00:23:20] tough to like predictions. Again, I try to be conservative on all this stuff. In my heart of

[00:23:27] hearts, I am an out-to-est and our lots of play is continuing to do end up. And I'm taking

[00:23:34] at some point, it's all this is going to come back in its, there will come a time where

[00:23:39] it's coming back hard. It concerns that we're going to be on this. Lots. But again,

[00:23:43] I don't know when the market, when the development community, prices that green go,

[00:23:48] raw piece ground to the time that you can give us. Yeah. So I think Paul Pellard is not like overnight.

[00:23:54] So then you're trying to play the timing game of what it was like 18 months from now.

[00:23:59] Well, we let's say that the number is that interest trade is that 6% is everybody pressing the

[00:24:07] button at that time. And then all at once were bringing on too many. Oh, oh. When it's

[00:24:16] seen, Mike and Salike is there are certainly needs to be a great level of certainty. And that

[00:24:21] people were going to commit to going to play the plot and because as you said Scott, it takes a while

[00:24:26] and also, well, no, it takes serious capital to be able to play this thing. Right? You've got to

[00:24:33] have some sort of give. In firement, you're a place that's like you said I mean the scatter plot.

[00:24:41] There's no trend right now. I don't. Things are still moving but it's not. And traditional

[00:24:45] move of right and you know, over the last couple years, we in sales. And not talking lots. I'm talking

[00:24:53] the way in sales has been on fire. We in slowdown. I'll play a bit too. Have has the appreciation

[00:25:00] in foreign land has that challenged? How is that impacting you when you go out, you're caught on

[00:25:08] this ground on minutes in the path of progress. So tell me about how the high price of commodities

[00:25:15] which translates to the high price of land farm land has messed us up on our development land

[00:25:23] acquisitions. Yeah, more than just the high-reschooled areas but yes, the appreciation of farm land

[00:25:28] some of your broker record, but I'm just going to say 10 years ago, plus you're wise. The best

[00:25:33] form of accounting was, you know, 10 grand maker, 11 grand maker. So when you were going to

[00:25:38] tell them developers, how do we get 30 for you? Ground, go get 3 to 1, 3 acres to 1, yeah, and

[00:25:45] go get 3 acres and 3, I'll call trackers for your life. They can go buy some great ground.

[00:25:50] I just want to show you some more. Now that's while that has softened very recently,

[00:25:54] for ag ground has, and so now they're finally going to get 2 acres. And so, and if I'm going to

[00:25:59] get in two, you don't want to sell. Yeah, so we made a couple of offers. Good offers to some folks.

[00:26:05] They're responses. Thanks. This is great offer dial out. I've literally anywhere to go with money

[00:26:09] because I don't want to pay it. I'll time high farm prices. You know, in their dirt's 85 CSR

[00:26:15] and so they want to replace it with something very similar to work. And if they do find something

[00:26:19] too far away, or it has gotten in the way a few times in the last few years. A few times,

[00:26:26] although as few years is we actually, it's obvious you know the right piece of ground that's

[00:26:32] ready to go. You think it would be the way I'm going to go with. You can get it a deal rolling on

[00:26:38] your development but we've spent a lot of time trying to come in hand with the 1031 opportunity

[00:26:44] and saying, look, we want to buy the ground. Here's what you can tend to. And that's been so

[00:26:50] helpful but it's challenging. And a lot of the times the things make it. We made that work

[00:26:57] a couple times but a lot of the times what it is is, hey there's an auction coming up. Yeah,

[00:27:04] what's a really good farm? Just go check it out. Right. I mean, the farm is a example of

[00:27:11] it's a great piece of ground and it's close to town and we're going to take it to auction.

[00:27:16] So then that, you know, from what trying to help some me 1031 or something, it's like you

[00:27:19] got to go to this auction if you want to do it and they are struggling. They are the auction.

[00:27:23] They don't want to pay one a whole trigger or not to have it in a cluster. Yeah, the auction

[00:27:28] you've got a con knowing you want to buy and know where your number is. Right. All right, you're

[00:27:32] ready for, why actually let me ask you this one. You guys could live anywhere you could do anything.

[00:27:39] What did you choose to be here? Why I would go ahead Scott, that's a good question.

[00:27:44] I don't know the way for how to answer actually. I'm just sitting here trying to think

[00:27:47] a one-yuppet at a desire too. The funniest part is I was going to go a Colorado Earth's

[00:27:52] there before after school. Why I will look out your ear? My wife and kids watch it here.

[00:28:00] Same around, so you will. Once you use this cut all my stuff out and then you can just go

[00:28:06] to the right and then you can go back to the right and then you can just go back to the right.

[00:28:07] So I mean, Ryan's pretty easy. Like I grew up here. Do one is a great town. I mean,

[00:28:13] and I hear that from more and more people, more and more friends at Coach Mattault, a great town.

[00:28:19] Doing is I've known that since I was young and I always wanted to be back here. I like real estate

[00:28:25] because it's like I like helping grow my own town and you get to do that we get to see

[00:28:32] a farm and you know, it's got utility stubbed into it. But we get to see a farm go from being a

[00:28:38] farm until I can neighborhood. I found that we're really rewarding. So that's why I'm here.

[00:28:44] Do those.

[00:28:47] That's so great. What are you guys most excited about the next year? I don't know a lot of

[00:28:52] stuff we've been chasing or more. Some distressed assets. And I think there's opportunity there

[00:28:58] other than that, it's the pieces of ground in the right areas. I mean, there is still people

[00:29:07] are building is are still buying lots. Yeah, in the right areas. So constantly having our hands out

[00:29:14] there trying to massage relationships with the end of it. So I'll be excited about that the next

[00:29:21] piece. Hopefully the rest of my career. Yeah. So I took for the final three questions. Yes.

[00:29:26] If you had one piece of advice to your 20 year old self, whatever, I couldn't say I'm lying.

[00:29:31] I'd say keep going because I look back my younger self all the time and like I get proud of

[00:29:36] this stuff that I either accomplished or went through. And I hope that like somebody in the future

[00:29:42] I'll look back to myself like now, like during these like a fewable times still trying to figure

[00:29:47] stuff out where it's like yeah, he kept going when things didn't make a ton of sense. I like that.

[00:29:56] I don't know. They had two books that changed your life. Victor Frankles,

[00:30:03] Man Search for Meal and that's what I've read that book. So I'm best books ever.

[00:30:09] I don't know. And then funny enough they made a movie at this time. I read it before it was a movie.

[00:30:15] Michael Lewis is money ball and it hits a bit. It's about Billy Bean who's the gentleman and

[00:30:21] sure for the Oakland A is and what he did is they were like an underfunded, that baseball club.

[00:30:27] But they started looking at like quantifiable data points of players and taking advantage of

[00:30:33] inefficiencies where scouts would, you know, guy would look like an MLB player and they'd go

[00:30:38] all after guys that made more sense on paper and maybe he didn't look as good. I do that with my

[00:30:44] lot in land inventorys, trying to find inefficiencies. You know, the big or the 70 foot lot

[00:30:51] in Westom Wayne for $120,000 isn't necessarily the best bet if you can find a lot and maybe

[00:30:58] pleasant bill that doesn't seem sexy but you're getting it for $65,000. So trying to find

[00:31:03] it piecing up at those inefficiencies how I try to run my business. How many robins says the company

[00:31:08] is quite a business? Not do the lack of resources, but do the lack of resourcefulness? That is

[00:31:12] too reassured to work, too. Yeah, it's the alchemists probably which is a pocketbook.

[00:31:21] Yeah that's another one of the best books sold and what takes back when you're expecting.

[00:31:26] Actually the almond act of I was saying the hammer hunting will involve robocama as a

[00:31:31] really good one. Trying about that. It's about looking things in a different different than

[00:31:35] ever everyone else basically how you looking forward how things we're going to get done,

[00:31:39] money's going to get them aged, different opportunities. And I guess it was probably written

[00:31:44] a little while ago still but it's still pretty well with that. If you're a cast away on my

[00:31:48] land for a year or you're going to light at three pieces in day to each month to know how your

[00:31:53] art business is running. What three things must you know, I wouldn't necessarily need it in

[00:32:00] three things that wouldn't necessarily be directly correlated to my business. But I mean the two things

[00:32:09] that I'm constantly looking are my Googler got that open all day every day and my inventories

[00:32:17] that I keep. So are those directly, am I knowing how my business is doing off of those

[00:32:25] know but those are the two things that I'm fond of. In the jewelry industry you have inventory

[00:32:30] of every single plaque in the county's work. Yeah so it's set up split up by city and I keep track

[00:32:36] every single vacant lot regardless of zoning in each city broken down by development. And then I update

[00:32:44] it once a month where the permit is pulled out a lot, it comes out but then final plaque is put on

[00:32:49] all those lots come in. So I know where each city is at any given time and I can compare those

[00:32:55] to historical numbers on like how we house sales at high points in each city. And it's like

[00:33:00] oh this town needs more lots at this size, this price we need to go get that piece of ground.

[00:33:07] Yeah the one private answer so there's the three piece of information. Who's buying what

[00:33:11] I'm much was it and where is it? Connect those dots. That's the the lot in the land business.

[00:33:20] For people who want to find you they want to follow you they want to connect with you

[00:33:24] work and they go what should they go. Broker design all the social media's Facebook Instagram,

[00:33:31] Twitter it's at Drew Realty or at Drew Realty USA but really like emails the best for me.

[00:33:38] Nathan would NATHA and at Drew Realty USA. Yeah just contact Nathan. I'm not a lot on social media.

[00:33:51] JFee found the man behind me. I'm worried about my man. I appreciate you guys put that up.

[00:33:58] This is fun. This is a little good conversation. That's a great conversation.

[00:34:02] If you don't find love you don't look to an actual guy. I was just going to leave back

[00:34:06] on the chat like this. I appreciate you guys. Cool thank you. Thank you. Thanks for listening.

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