Welcome to our latest episode! Today, we’re joined by James Kandasamy, Co-Founder and CEO of Achieve Investment Group. James is a multifamily operator, developer, and mentor with over nine years of experience in real estate and five years specializing in multifamily acquisitions and asset management. An award-winning thought leader, James has successfully led passive investors to achieve an average IRR exceeding 20% and authored two bestselling books on passive investing strategies.
In this insightful conversation, James delves into his journey from engineering to multifamily investing, his experiences navigating the current market landscape in Austin and San Antonio, and the strategies he employs to thrive during economic downturns. He shares the challenges and opportunities of investing in a high-supply, high-interest-rate environment and explains why now could be the best time to invest for those with the resources and patience to weather short-term market conditions. James also offers his perspective on identifying deep discounts, securing funding in today’s tight lending environment, and his predictions for the multifamily market’s recovery in 2025 and beyond.
Tune in now to learn James’s approach to building wealth through multifamily investments and why he believes market downturns present unparalleled opportunities for bold investors.
HIGHLIGHTS OF THE EPISODE
00:00 – Welcome to the Big Mike Fund Podcast
00:20 – Guest intro: James Kandasamy
04:00 – Market conditions in Austin and San Antonio
07:55 – Challenges of high supply and negative rent growth in Austin
10:45 – Opportunities for discounted assets in Austin and San Antonio
13:00 – Raising equity and securing loans in today’s market
15:20 – Why patience and contrarian thinking matter in multifamily investing
18:30 – San Antonio’s stability and investment potential during downturns
22:40 – Identifying and approaching great deals in multifamily
25:15 – Market timing, diversification, and investor mindset
27:10 – James’s book recommendations and ways to connect
If you found this episode substantial and want to dig deeper into real estate, or maybe you want to discover better investment opportunities, be sure to check out www.tempofunding.com.
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Full Transcript:
Intro: Welcome to the BigMikeFund Podcast, where you’ll learn about advanced wealth building strategies from real estate investing to creating massive ROI and secure retirement profits. So pour yourself a cup of coffee, grab a notepad, and lean in. Because Big Mike has got the mic, starting now.
Mike Zlotnik: Welcome to the BigMikeFund Podcast. I’m the Big Mike. I’m Mike Zlotnik, and today it is my pleasure and a privilege to welcome James. Kandasamy. Am I pronouncing it correctly?
James Kandasamy: Absolutely. Kandasamy. Yes.
Mike Zlotnik: Kandasamy.
James Kandasamy: Yes.
Mike Zlotnik: Thank you, James, for coming on the podcast. , you hail from Texas, right? You need a bunch of deals. This whole episode is going to be about where the market is in San Antonio and Austin. What are the opportunities ahead? And it’s all about multifamily, right? , just
James Kandasamy: Yeah. Multifamily, ground up construction, and also existing assets.
Mike Zlotnik: That’s great. And just a couple of quick statistics about you. You have more than half a billion in AUM, over 4, 148 doors, 19 apartment complexes, about a hundred million, I guess, raised a thousand units, class A, ground up development.
And your company is a chief investment group. Any, anything else I’m forgetting, you’re on offer of a couple of books and you have a podcast called the Chief Wealth Podcast. Thanks. Does that sound right?
James Kandasamy: Yes. Even though my podcast is not very active nowadays, I didn’t interview, I didn’t do any podcasts for the past two years, but still being downloaded many, many times.
I recently looked at the recent download. It’s like 300 downloads per month. So without me doing anything for the past two years, so that’s still encouraging. People are listening to my podcast and yeah, my two books are what you call a pump passive investing in commercial real estate. So this was the first book, in 2019 that talks, More to LPs in syndication.
So we have sold more than 25, 000 copies of it, that I know. I mean, there’s a lot of people who buy and sell it as well, which I do not know. And the second book that I wrote was the smarter doctors, which is another book for LPs who are mainly doctors, , on, on, you know, teaching them about how to do passive investing and how to choose the right deal and the right sponsor.
Mike Zlotnik: Yeah, that’s great. These are great topics. Both, passive investing sort of become really a very popular topic. A lot of folks have shifted capital from traditional into alternatives like real estate. Of course, learning how to do better due diligence makes sense. And, a lot of doctors, dentists, a lot of professionals invest.
So having a little bit of a specialty for doctors makes a lot of sense. So thank you for sharing those books. So let’s start. Just give us a couple of words about you, your family, where you live and just, and then we shift into, into the opportunities ahead and the latest.
James Kandasamy: Sure. I mean, professionally, I’m an electrical engineer. I have an MBA and also a CCIM, which is a commercial, certified, commercial investment advisor. Right. Um, and, basically we are based out of Texas. I have three kids. My wife and I stays here in Austin, Texas. We moved here 2010 and we are originally from Malaysia. Um, we started flipping houses over there and we came here.
I’m, as I said, I’m an engineer. I always worked as an engineer, you know, half, halfway through, you know, I started doing, flipping single family houses in 2015. We moved to multifamily and, you know, we started with 45 units, you know, went up to like 3000 existing asset. Um, And we sold half of our asset in 2022 at the peak of the market, which is a great timing at that point of time.
, I, everybody wished they would have sold everything, I guess, right at that time. Right. Um, so now, yeah, I mean, we are here, you know, five of us, we are the first, immigrant to this country, first generation. We don’t have any relatives here. Um, yeah, that’s the story of, me and my family.
Mike Zlotnik: Thank you for sharing that. Well, it’s a great story I’m an immigrant too. So the these stories are very familiar to me So, um, I guess you settled down in austin and you’ve been investing in austin And it’s great that you sold a bunch of stuff at the peak of the market. That was the , I guess the wisdom the the acts of the wise the sell of the peak , the market has obviously corrected from the peak, with oversupply quite a bit of oversupply higher for longer interest rates You , so what are you seeing today?
, a lot of assets trading at a discount in, in Austin, San Antonio, or, is this, is the half, is the cup half full or half empty? In other words, you’re looking at this as new opportunities to buy, or you, you’re basically trying to, hold on to the existing assets and sort of, you Battle through to get them to the point where they could sell that at a decent price.
Just curious What I kind of how are you looking at the world right now at least in your market?
James Kandasamy: Yeah, so I mean just to clarify I mean even though I live in Austin I’ve always been buying in San Antonio right because when I started here in 2013 buying single family rental I could never make, I mean, I had, I started with 50, 000.
So I, and at that time houses in Austin were like a hundred thousand. So, you know, 20, 25 percent down would give me only two houses, but someone told me about San Antonio, which is another one and a half hour drive, you know, buy, why not you buy that because houses are cheaper. And, and I really did find a lot more cheaper in San Antonio.
So we started buying that we used to drive from Austin to San Antonio and Austin is very hard to make the numbers work even from those days. Right. Um, yeah. So basically we could never buy in Austin since day one, right? Only recently I’ve started buying land and starting buying development land in Austin.
And that’s the only way to make numbers work, right? So, so, um, Austin, I mean, San Antonio and Austin is million market, even though Austin is more tech, very, very attractive for a lot of institutional players. So a lot of supply have come in because people just came in. start building stuff here in Austin and it’s growing crazy.
I mean, the absorption rate in Austin is one of the strongest right now. So even though it’s the highest supply, lowest, I mean, highest negative rent growth, it’s not the highest positive rent growth, highest negative rent growth right now in Austin. There’s a lot of supply. I see apartments which are empty right now.
But we are not building anything yet. So, but I do think this is the best time to buy if you can buy, right? The problem is, um, you need to be able to put your resources to buy. Not easy to raise money right now. Not easy to get a loan. A lot of difficulty, which significantly marks a downturn and the best opportunity market.
Right. So if someone who can execute a good loan, a good equity, they can definitely buy great deals right now. Right. So San Antonio similar story to Austin, but it’s a less stressful than Austin, right? , it’s still also a lot of supply coming in. It’s like every other part of the country. , but it’s less, less, what you call less supply than Austin.
Austin is just in a, in a pretty bad shape right now, but I’m also, Um, seeing that, there’s a lot of, transaction happening recently. Like yesterday we, we met some brokers who had like three houses, 50 million houses, on sale for a long time. And last month they put everything under contract.
So things are coming back. A lot of people are coming back to Austin because this is where, you know, Elon Musk is, right. with the election results right now, there’s going to be a lot more growth, in Austin and Texas in general. So I think 2026 will be a bull run for Austin, right? Either you buy now or you forget Austin forever.
Right. Um, so I’m, I’m positive about Austin. We have a two, to ground up construction that’s going to be happening in Austin, which we’re going to deliver in 2026 and be excited about that. , so, but I think if you have deals right now in Austin, you are in a pretty bad shape. , it’s a good opportunity to buy existing asset and also good opportunity to buy land and start developing assets if you can. Um, but deliver in 2026 or 2027. So that’s my, opinion in Austin right now.
Mike Zlotnik: Yeah, I appreciate that commentary. It’s consistent with what I heard that the most of the existing supply will be absorbed by 26. So the 26 is expected to be a year of a positive rent growth because of the reduction in the supply.
Um, so any, any new starts essentially today that you can tolerate the higher interest rate and raise the capital, um, you should be able to deliver in a better market. And if you can buy deep, so are you seeing deep buy? So what has transpired? And this is again, both markets, Austin and San Antonio, because San Antonio is a lot more affordable. , and it’s got a small supply shock problem, no question about that, but it’s still not getting the same population growth as Austin, as a lot of California people are moving from high tax state New York to I’m in New York, right? So people move, where they, they find. Much friendlier tax environment and Austin seems to be that.
Um, but I guess if the Austin gets prohibitively expensive, you have the demand that spills into suburbs and maybe even San Antonio. It’s kind of funny how it works, right? One market.
James Kandasamy: Oh yeah, absolutely. San Antonio is not far away. It’s just one half hour away, right? And if you’re living in South Austin, it’s probably one hour away from Austin.
And it’s not about, I mean, San Antonio, I mean, there’s a lot of in migration within Texas itself. A lot of people move to San Antonio because it’s cheaper to live, right? , people love Austin just because it’s a hip, hip town, right? And everybody’s young. Everybody’s, you know, if we see, if you go to the lake downtown, everybody’s running, it’s like, So people from California and New York, they really love that environment because they feel that they always, it’s the same, like where we are, where it used to be.
Right. And, um, and it’s just the ideology of Austin, right. , but, and it’s also a lot of tech people here, a lot more higher income people in, in Austin, which creates a lot more better, um, Living conditions and, people that you can relate to and people in the same technology space, I guess, right? Whereas San Antonio is more military, you know, more, um, retail and, other asset classes, right?
But San Antonio is booming like crazy too, right? So, but Austin, yeah, nobody can beat the Austin boom. , just the supply is a lot right now.
Mike Zlotnik: So what are the best opportunities ahead? In essence, if you can buy today, what is a great buy today?
James Kandasamy: So that’s a great, a lot of great buy right now.
Mike Zlotnik: But what, what, what, what did they look like?
So give me some example. What are they discounted from the peak? , it’s all, it’s all relative to the past, right? At the peak, they were trading at this price per door. Now they’re trading at this price per door. What’s the average trend? Of course, Price to rent ratio in Austin is going to be way higher than the price to rent ratio in, in, in San Antonio.
So, as far as in this environment, you said you, you’re building ground up in Austin, right? I would think if you can get a discount on purchase, You could get a better deal per dollar invested versus ground up because you can’t really get a discount on ground up It costs to build what it costs to build you can get discount on land, right?
But land is only a portion of the cost small portion of the cost So just curious how you look at the opportunities ahead. Um, how you’re finding deals. How do you know, they’re great deals?
James Kandasamy: So I think in general existing asset, you’re right. I mean, why you want to go and build it when you can buy an existing asset, right?
Absolutely. Right. It’s just, it’s not many deals like that, right? So deals used to trade like 300 a dollar right now. It’s trading 185 a dollar in Austin right now, class A.
Mike Zlotnik: That’s a big discount. That’s a huge discount.
James Kandasamy: That’s a huge discount. Yeah, correct.
Mike Zlotnik: 40 percent off, right?
James Kandasamy: 40, 40, yeah, more than that, I guess, right? So, Yeah. 40 percent off. Yeah. So, but you need to be able to pull the equity. You need to be able to have the stomach to go through the market for another one more year. Right. So if you’re able to go through the negative rent growth, if your investors are okay to invest money right now, um, then you can do it.
Right. So as I said, they are definitely discounted deals, but who can pull that, the money together and who can, you know, Who can get a loan and who can, who’s okay to wait for another one year on negative rent growth and to, to sail it through the economy right now that they are the one who’s going to win at this point of time.
But definitely there are deals out there who are, you know, you can find one 85. I mean, to build, I mean, right now I’m building a deal like almost 200 a door right now. Right. If you want to build. But you can buy an existing asset at 185, but we are not, as I said, we are not delivering. I mean, we have one deal delivering right now in San Antonio, which we build like 194, 195 a door, right?
But that value is like probably 230, 240 at the current rental rate. But if you can find a deal, existing asset, of course you can go and buy. But as I said, the challenge is you can buy, but how do you put these resources together? You have to find a, limited, Passive group that is not bleeding money right now, right?
A lot of LPs are bleeding money. So they’re like, do I have confidence in putting more money? Because all my money is stuck in some other deals, right? And people are demotivated right now to invest more, right? So you have to find people, you have to find really good deals, which able to Motivate them to put money into multifamily right now.
So putting that deal together in terms of equity, finding a lender who’s willing to loan you on this difficult market is another challenge. So if you can put these two together, you can definitely do a deal. So whoever does that is the one is winning right now, but there’s definitely deals out there at that price range.
Mike Zlotnik: Yeah, understood. And I was going to ask you the next question. Are you doing any of those deals and conceptually? Yeah, it’s just, you know, you have to be greedy when I was a fearful. There’s a lot of fear right now. Well, it’s just a real fear. It’s a, it’s a real practical difficulties as you mentioned to line up alone.
Right? So the banks are lending way tighter. It’s still possible to line it up. It’s just, you get less money, and the banks are a lot more careful on the writing. And then on the other front equity capital, you’re right. It’s very difficult to raise money from those who have been beaten up. That’s the fundamental challenge of this market as people are waiting.
When is my old money going to come back? Convincing them to write another check boy, that is hard. But some people are still doing this They are more, you know, you need to have courage you need to have courage You need to have resources and need to have a belief that this is the best time to buy simply because The massive discount that these properties are trading at and negative rent growth.
That’s an interesting point. So you have to tolerate I mean, your projections have to, your proforma has to reflect still negative rent growth, which is not common for most people. They’ll at least put a flat or maybe slightly increasing, and you have to show. Steel weakness in the rent growth and then recovery.
So you’ve got to have multi year time horizon. You’ve got to be patient. Obviously cashflow is ultra tough on the equity front, but it’s just a conviction that this is, a, you know, a deep buy purchase, deep discount. And then, basically waiting it out a few years for the market to recover. So from what I heard is consistently what you said, 25 is a year of recovery, right?
25 is the year where you can still get. Great deals, but you got to act right and then, but how do you act without, clarity and conviction and confidence? So it’s a, it’s a tough conversation. It’s just more of a, it’s faith. It’s faith in the people who you’re investing with. Um, and then ultimately, very, I guess, conservative budget, but you can withstand, the market not being too friendly for some amount of time.
James Kandasamy: Yeah. Yeah. And also our own personal situation, right? Like you, I mean, to really act, I mean, I know it’s easy to say about this Warren Buffett code, but not many people are able to execute, right? So this, you know, be fearful and everybody’s really
Mike Zlotnik: be greedy about the fear.
James Kandasamy: It’s not easy to execute, right? So,
Mike Zlotnik: You know who the best people today, you know, I think about this, right? So, we’ve had, and I’ve talked about this so many times, and not just me, many people talk about this. For most investors who have done some level of prudent diversification, they’ve written some checks into alternatives, but they’ve kept enough in the stock market. And the stock market has done really well, right?
If you have investments into heavily appreciated stocks, the opportunity is just to diversify and you balance the portfolio today Even though it feels like if stocks have done well So you’re feeling, Hey, that’s doing great. And then some multifamily checks are, have not done well. So what am I doing by taking the money from the winners and putting it into the sector that’s been big?
But that’s the contrarian play. That’s the value. That’s the value investing play versus, you just sit, sit on top of the winners until something happens to the market. And then that, that goes through the reversion to the mean, while the other part of the market, which is multifamily alternatives. May start its recovery.
So it requires it requires courage and it requires contrarian thinking and it requires really clear diversification thinking right without that you you can’t act It’s almost like why would I want to sell stock that’s going through the roof or the bitcoin? That’s a hundred thousand dollars of bitcoin, right?
So people who invested into that they’re feeling a That’s done well. Why am I selling this? Well, because just for the exact reasons, you’re so concentrated into that and you don’t have enough money into what’s, what’s trading for sale.
James Kandasamy: Yes. And also people want to see how good you are. If I want to put money with you on alternative investing, how did you time the market previously?
If I go and tell that this is a good buy, people will judge you. , okay. So did you really exit the market when the peak, right? So were you able to time the market, right? Like for me, I sold half of my asset at 2022, second, first part of 2020, which is the peak of the market. So I do have some bragging rights about timing the market on exiting, but I only exited half, right?
So if I exited the whole thing, then people would say, okay, you were, 100 percent correct, right? So even for me myself, right? So if all my LPBs move together with me, then it’s easier to bring them back right now. Say that, okay, we exited in 2022. Now we want to come in again, right? But it’s a partial thing right now, but I’m just one guy who did that.
There’s a lot of people who didn’t sell, right? So people be like questioning, okay, you didn’t sell during the market peak. And why are you saying now the market is the best time? So you, you basically don’t have that credibility of, Timing the market, right? So, and you’re right. I mean, so
Mike Zlotnik: sorry for interruption. Everyone who talks about market timing, that is incredibly hard to do. And I will be the first person to take the responsibility for not, clearly understanding, when the peak of the market was. So sometimes You could catch the peak of the market, sometimes you can catch the bottom of the market, but it’s very hard.
, most experts admit that, timing the market is incredibly hard, and diversification in time is just as important as trying to understand these market cycles. So I, I, I’m a big scholar and I’ve learned a lot in the last couple of years, and I think I understand market cycles way better today than, than I understood in the past, but it’s still.
James Kandasamy: Now everybody understand, of course,
Mike Zlotnik: it’s still very difficult. That’s the point.
James Kandasamy: So that’s the term that, um, that’s the term that, Warren Buffett I’ve said, right? He, he gave that term to people who are really, really good, who are able to time the market, right? That, but I see that market, even doing the peak, peak, peak, Peak of the cycle.
Everybody used that market. Be fearful when everybody’s greedy. I mean, this completely opposite in peak of 2022, some people are doing syndication, buying deals, using that term. Right. And I said, Oh my God, they are using the wrong term. I mean, so I, you are right. It’s very hard to time the market. It’s very, very hard.
If everybody can time the market, everybody will be rich and we are fine. Right. But just saying that couples with the current opportunity, right? If you want to go and buy right now, you need to, we ourself, we and our LP base would have gone in and out. of the right timing, then it’s easier to do raising money right now.
Right now. Um, it’s just hard because people still stuck in the deals right now. A lot of people, a lot of people are calling, there’s a lot of capital call happening. So the, you know, multifamily or any syndication, a lot of bleeding is happening. And you’re right. Why should I take money from Bitcoin or stock and put into multifamily?
In fact, a lot of people asking why not liquidate multifamily right now, give me back my capital, and I’d rather go and invest somewhere else, which is. Possibly the right thing to do right now.
Mike Zlotnik: Well, it’s the wrong thing to do in my book. And for those who think that way, keep piling up into what has worked, and take the money into what’s been beaten up.
I mean, there’s some merit to this, of course, but at the same time, it’s exactly the opposite of what Warren has been telling us. So it’s just, it’s just, you, and this is a philosophical discussion, of course.
James Kandasamy: Yeah, yeah. Between those circumstances. I mean, if you can hold on, yeah, of course, if you can hold on, don’t sell right now, right? But if you can’t hold on, right? And if you’re bleeding.
Mike Zlotnik: If you can’t hold on, you’re selling, at a discount. So now is the best time to be a buyer. If you can get the right price on the right assets. So that’s fundamentally just so easy to see. , even without clear understanding, is it the bottom of the market or not? We’re somewhere at the bottom, near. We’re treading the line.
James Kandasamy: I think we’re on the way up, that’s what I feel.
Mike Zlotnik: Yeah. Same thing here. We, I think the recovery has started at this point. It’s just, it’s just, you, you see all this stuff in the rear view mirror and sometimes it takes many months and quarters for you to realize what really happened.
So that’s, that’s the difficult part about it. Let’s go back to San Antonio for a minute. Just talk a couple of minutes about San Antonio and then we’ll wrap up. So what’s, what are you doing in San Antonio? You said most every deal is San Antonio. Is this still a good market to buy? You get the right price.
You get good rent to value ratio. , are you seeing opportunities in san antonio? , we’ve done some interestingly enough loans bridge loans in san antonio on built around communities and it feels like it’s still a very good market to do built around
James Kandasamy: Oh, yeah, absolutely. It’s a good market. Yeah, I mean I made I mean, as I said, we bought a lot in, I mean, 99 percent of my deals are all in San Antonio, right?
So now we are starting to come back to Austin, raising land. But when I look at the profit that we made in San Antonio, it’s the same amount of profit that anybody would have made in Austin
Mike Zlotnik: as a percentage.
James Kandasamy: It’s in terms of percentage. Yes. And that’s what matters. Right. And you are able to enter into San Antonio much better because there’s less players, it’s more cash flowing deals, less appreciation.
But in general, it’s the same amount of money in terms of percentage we make in Austin, which is more speculative, I guess. Right. So. Um, and more, a lot more competition here. So yeah, San Antonio is a great market. You know, it’s, it’s one of the top, I think number eight right now, the biggest city in, in, in the U S right.
Austin’s probably number 10 or number 11, but, you’re able to find deals over there. If you buy it at the right price, of course.
Mike Zlotnik: Understood. I appreciate you sharing this.
James Kandasamy: And it’s also a very stable market too. If you look at the data during downturn, San Antonio is one of the, among the four cities, Dallas, Houston, Austin. If you look at the data, I mean, I think I published in one of my LinkedIn posts, San Antonio is the most stable market during recession.
Mike Zlotnik: So out of big cities in. , Texas. San Antonio is more stable than, than other ones.
James Kandasamy: More stable, yeah. San Antonio, Austin, Houston, I mean, Dallas, these are the four market, right? Four big cities. San Antonio, I think, as I said, a few years back, I shared the data, it is the most stable market during recession.
Mike Zlotnik: I appreciate you sharing that. So just a couple of more, more final questions. So, tell folks how, for folks could, could, Reach out to you. What’s your website? And then, you know, if you want to share a phone number, you could share a phone number, whatever way you want, you want people to reach out.
The second question is, do you have a good, just any advice or a good book recommendation?
James Kandasamy: , so my, my website is www.achieveinvestmentgroup.com. That’s the best way to come in and subscribe to me. You’ll get my newsletter that I, you know, we have like 15, 000 readers.
And out of that half of them, like six, 7, 000 people are reading it every week. So we have a lot of good content in my newsletter. I do a lot of educational webinar. There’s one educational webinar that’s coming soon with Dr. Glenn Mueller, who’s one of the market cycle expert. He talks about demand supply in all the major cities in the U S.
So I’m going to bring him on. Um, so, and my webinars, usually we have like five, 600 people attending. , and it’s going to be very educational. We, we, we believe in a lot of educational content for our investors and our, you know, just friends and family. Um, so yeah,
Mike Zlotnik: Any book suggestion?
James Kandasamy: any books, um, but from my books, of course, but, what are the books I would say? I mean, it’s all about mindset is what I believe on. I mean, everything else can be technical, right? So magic of thinking big is a book that I love and not many people know about it. So I would like to talk about that by David Schwartz. It’s a, it’s a really good book. , I think it. to train your mindset to think big and how can you think big even though it’s a very simple practical book and I think everybody should read that.
Mike Zlotnik: Thank you for sharing, James. I appreciate you coming, on the podcast and, , let’s, let’s stay in touch, let’s keep chatting about San Antonio and Austin. These are great markets. , and, and, I think we, we are, we have started the recovery. Let, let’s give it some time. Let’s see what happens.
Absolutely. Obviously we are post-election and there’s a lot of optimism on the, pro business, pro real estate policies, and then that’s where. A lot more activity. You mentioned a lot more activity happening. And I think I’ve heard this story from multiple people recording this in late November. And, my observation, and this is what I’ve heard the last couple of weeks post election, a lot more activity has taken place in real estate.
Activity doesn’t mean transactions yet, but at least people are looking around for deals. More capital is coming out of the closet and they’re beginning to sort of. , search for really deep buys for the great opportunities, to basically participate in the market recovery.
James Kandasamy: Yeah, absolutely. Yeah. I can see a lot more deals are going under contract. I think Q1 will be a big thing, right? , you know, there’s a lot more. I mean, if you go to NMHC, right, which is mainly a multifamily conference, there’s going to be a lot more deals coming in. A lot more people want to do this because people are worried they are going to miss the cycle.
Mike Zlotnik: Yeah, it’s kind of interesting what happens. It’s, it’s a, it’s a herd mentality, right, when everybody withdrew new money out of the market, the market quickly corrected. So fast, fast, fast, correction, fast, we went into recession and multifamily. Hopefully we’ll see a fast recovery, but all the time we’ll show. So thank you, James, once again, www.achieveinvestmentgroup.com. And, um, yeah, well, we’re recording it before Thanksgiving. So have a wonderful Thanksgiving. People will listen to that after Thanksgiving, but, hope everyone has a wonderful Thanksgiving.
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