I Survived the Airbnb Bust. here's how.

Summary

The video discusses the current downturn in the Airbnb market, with high supply and low demand leading to many hosts struggling to secure bookings. The host shares business insights, suggesting that surviving the current bust could lead to future profitability as the market stabilizes. They outline their strategy to diversify their property portfolio, focusing on smaller units in various neighborhoods to gather data and adapt quickly. The speaker also highlights the importance of free rent concessions in their expansion plans and considers co-hosting opportunities to pivot during this challenging period.

Takeaways

• 📉 The Airbnb market is currently facing a downturn, with many hosts experiencing low occupancy rates.
• 🔑 Despite the downturn, there is potential for a supply-demand bottleneck as struggling hosts exit the market, which could lead to increased profits for those who remain.
• 💡 The speaker is conducting split testing to understand the mechanics of the Airbnb algorithm and plans to share findings with the audience.
• 🏠 The speaker has taken over the company and has made significant staff cuts to streamline operations and reduce costs.
• 📈 The speaker is focusing on data analysis to understand which properties are successful and why, with the aim of replicating success in other areas.
• 🛠 The company is scaling back on the number of doors per building to avoid high-risk concentration and is diversifying its property portfolio.
• 📝 Free rent concessions are crucial in the current market, as they provide a significant cost advantage and help in furnishing properties at no additional expense.
• 🔄 The speaker is pivoting to co-hosting larger properties, using surplus furniture to minimize costs and maximize revenue.
• 🚫 The speaker advises against purchasing properties at the current time due to the potential for significant market depreciation.
• 🔎 The company is considering expanding into less competitive markets, such as Midwestern cities, to take advantage of easier guest satisfaction and better margins.
• 🔄 There is an opportunity to acquire properties at a discount as people exit the Airbnb market, which could be beneficial for future expansion.

Q & A

What is the current situation of the Airbnb economy according to the speaker?

The Airbnb economy is tanking in most places, with many hosts experiencing empty calendars and a significant drop in bookings.

What is the speaker's theory about the Airbnb algorithm and its impact on bookings?

The speaker believes there might be a feedback loop issue within the Airbnb algorithm that could be causing a negative impact on bookings for some properties, potentially due to a winter release bug.

What advice does the speaker give to Airbnb hosts who are struggling with the current market conditions?

The speaker advises hosts to persevere, as those who survive the current downturn may benefit from a supply and demand bottleneck, leading to increased bookings and revenue in the future.

How does the speaker plan to adapt their business strategy in response to the Airbnb bust?

The speaker plans to diversify their property portfolio by adding properties in various areas and neighborhoods, focusing on free rent concessions, and expanding into co-hosting deals, especially for larger property types.

What is the significance of free rent concessions in the speaker's business strategy?

Free rent concessions are important because they provide a significant cost saving, effectively covering the cost of furnishing new properties and improving cash flow during the Airbnb bust.

Why is the speaker considering co-hosting deals despite previously advising against them?

The speaker is considering co-hosting deals because they offer a low-risk opportunity to expand into larger property types and new markets, providing valuable data and potential for increased revenue without the need for significant upfront investment.

What changes has the speaker made in their company's staffing and operations?

The speaker has taken over the company, made significant staff cuts to reduce costs, and is focusing on cleaning house and improving operational efficiency.

How does the speaker view the potential for new cities and markets in their business expansion?

The speaker sees potential in expanding into Midwestern markets, which are less competitive and may offer better margins due to less sophisticated host supply and more easily impressed guests.

What is the speaker's stance on purchasing property during the current market conditions?

The speaker is against purchasing property at this time, as they believe there is no value in buying when the market is likely to drop further, and they prefer to focus on co-hosting and arbitrage opportunities.

What is the speaker's outlook on the Airbnb market in the long term?

The speaker believes that the market will eventually normalize after the current phase of adoption and growth, leading to a more stable supply and demand situation and potentially a better environment for hosts.

How does the speaker plan to utilize internal data to navigate the current Airbnb market?

The speaker plans to rely on internal data to identify the best-performing neighborhoods, property types, and design styles, allowing them to make informed decisions and pivot their strategy based on robust, forward-looking data.

Outlines

00:00

🏠 Airbnb Economy Challenges and Strategic Property Acquisition

The speaker discusses the current downturn in the Airbnb market, especially noting the challenges faced in Houston. Despite the situation, they express optimism and shares their strategy for acquiring more properties during this period. The speaker emphasizes the importance of understanding the market dynamics, including supply and demand, and how surviving the current market conditions could lead to greater profitability in the future. They also touch on the potential impact of the Airbnb algorithm on bookings and their ongoing efforts to analyze and optimize their listings.

05:02

📈 Adapting to Market Fluctuations with Data-Driven Decisions

This paragraph delves into the speaker's approach to adapting to the Airbnb market's current state by gathering and analyzing data from various properties. They highlight the importance of understanding why some properties are successful and others are not, with a focus on location being a key factor. The speaker also discusses staff cuts and changes in company leadership, which have led to significant cost savings. They express a strategy of expanding into different neighborhoods with a smaller number of doors per property to diversify their portfolio and gather more data, while also taking advantage of opportunities presented by others leaving the market.

10:02

🛠️ Revamping Business Strategy Amidst Airbnb Downturn

The speaker outlines their pivot strategy in response to the Airbnb market's downturn. They discuss plans to add properties in various areas to collect more data, which will help them identify the best-performing neighborhoods and property types. The speaker also mentions the opportunity to acquire furniture at a discount as people leave the industry. They emphasize the importance of free rent concessions in their property deals and how this can offset the cost of furnishing new places. Additionally, they explore the possibility of co-hosting arrangements, particularly for larger properties, as a way to expand their business without taking on the risks associated with property ownership.

15:02

🔮 Navigating Potential Airbnb Algorithm Issues and Future Market Insights

In this paragraph, the speaker speculates on potential issues with the Airbnb algorithm that could be affecting bookings and occupancy rates. They suggest that a negative feedback loop within the algorithm might be pushing some listings to zero occupancy. The speaker also considers the possibility of a seasonal slow-down in demand and how this might affect the market. They discuss the potential for resetting listings to regain visibility in the algorithm and the importance of being prepared for various outcomes. The speaker also shares thoughts on expanding into new markets and the benefits of co-hosting, while firmly deciding against purchasing properties due to the current market instability.

🏡 Seeking Opportunities in a Post-Bust Market for Strategic Property Investment

The final paragraph focuses on the speaker's long-term outlook and strategy following an anticipated market bust. They express a desire to see a significant drop in property values before considering purchases for long-term investment. The speaker invites others to share their strategies for navigating the market and concludes by summarizing their current activities, which include staging new properties and looking for opportunities to bolster their financial position in the midst of the Airbnb economy's challenges.

Keywords

💡Airbnb Economy

The 'Airbnb Economy' refers to the market dynamics and financial aspects of renting out properties on the Airbnb platform. In the video, the speaker discusses the downturn in the Airbnb economy, suggesting that while it may be struggling in many places, there are still opportunities for those who can adapt and survive the current challenges.

💡Supply and Demand Bottleneck

A 'supply and demand bottleneck' occurs when there is an imbalance between the supply of goods or services and the demand for them. In the context of the video, the speaker predicts that if many Airbnb hosts quit due to poor business performance, the supply of available rentals will decrease, potentially leading to a bottleneck where demand exceeds the reduced supply, benefiting the remaining hosts.

💡Algorithm

In the video, the term 'algorithm' is used to describe the underlying processes that Airbnb uses to rank and display listings to potential guests. The speaker suggests that understanding and adapting to changes in the Airbnb algorithm could be key to navigating the current downturn in the Airbnb economy.

💡Co-hosting

Co-hosting in the Airbnb context refers to a business arrangement where one party provides the property and another manages the listing and operations. The speaker mentions co-hosting as a strategic move to expand into larger property types without taking on the financial risks associated with property ownership.

💡Occupancy Rate

The 'occupancy rate' is a measure of how frequently a property is booked by guests. The video discusses the impact of a low occupancy rate on the overall performance of the speaker's Airbnb business, indicating that a drop in this rate can significantly affect revenue.

💡Market Adoption

Market 'adoption' refers to the process by which new products or services become widely accepted and used in a market. The speaker talks about the current phase of Airbnb where many new hosts are joining, leading to an oversupply, but predicts that this phase will eventually stabilize as the market matures.

💡Feedback Loop

A 'feedback loop' in the context of the video refers to the self-reinforcing mechanism within the Airbnb algorithm, where listings with higher occupancy rates get more visibility, leading to even higher rates, while those with lower rates fall into obscurity. The speaker suggests that this could be contributing to the current difficulties faced by some hosts.

💡Property Arbitrage

Property 'arbitrage' involves profiting from the difference in rental rates between various properties or locations. The speaker mentions using arbitrage as a strategy to stay agile and responsive to market changes, allowing for rapid expansion or contraction of their Airbnb listings.

💡Free Rent Concessions

In the video, 'free rent concessions' refer to agreements with property owners where the host receives a certain period of rent-free occupancy. The speaker highlights the importance of such concessions in reducing the initial costs of setting up new Airbnb listings.

💡Diversification

Diversification in this context means spreading the host's properties across various locations and types to mitigate risk. The speaker talks about the benefits of diversifying their property portfolio to avoid being overly concentrated in any single market, which can be a strategic advantage during market downturns.

💡Economic Slowdown

An 'economic slowdown' is a period of reduced economic activity. The speaker discusses the impact of a potential economic slowdown on the Airbnb market, suggesting that it could lead to a decrease in travel and demand for short-term rentals, but also presents it as an opportunity for strategic expansion.

Highlights

The Airbnb economy is facing challenges in many places, but the speaker is still looking to expand their business.

The speaker has over 150 Airbnb properties and is currently dealing with empty calendars in some buildings.

Despite the downturn, the speaker believes that surviving the current market conditions will lead to greater profits in the future due to a potential supply-demand bottleneck.

The speaker is conducting split testing to understand the Airbnb algorithm and will share findings with the audience.

The speaker has taken over the company, made significant staff cuts, and is focusing on operational efficiency.

The strategy includes adding properties in various areas to gather data and make informed decisions about the best-performing neighborhoods and property types.

The speaker is leveraging the current market downturn to acquire properties at a discount and is looking for opportunities to co-host with property owners.

Free rent concessions are a key part of the speaker's current deals, providing a significant advantage in property acquisition.

The speaker is pivoting to larger property types and wider distribution with fewer doors per property to diversify the business.

The speaker is considering expanding into Midwestern markets due to their perceived ease of operation and potential for higher margins.

There is a possibility that the Airbnb algorithm has a feedback loop issue causing a negative impact on some listings' visibility and bookings.

The speaker is avoiding purchasing property at the moment, waiting for a potential market crash to buy at a significantly lower price.

The speaker emphasizes the importance of having robust, forward-looking data to make strategic business decisions.

The speaker is focusing on co-hosting agreements and avoiding long-term commitments to remain agile in the current market.

The speaker is looking to take advantage of the current Airbnb bust by acquiring properties at lower costs and improving them to be profitable.

The speaker discusses the potential for a market correction in the travel economy and the importance of being prepared for such changes.

Transcripts

sure the Airbnb economy is tanking in

most places but if you plan on still

being here when winter ends you're going

to want to watch videos like this I am

picking up 16 more doors here in Houston

I'm sitting in one of the buildings we

just listed this one about four hours

ago I'm going to tell you what my plan

is show you what properties we're

picking up and why what we're looking

for the terms of the deal and how we're

making lemonade from the proverbial

lemon that is the Airbnb bust and if any

of you fancy yourself business people or

want to be there's going to be a whole

lot of gems in this video Let's jump in

Welcome Back YouTube world yes I have a

150 something airbnbs and we're looking

at some empty calendars in some of our

buildings right actually we have a

couple buildings that are completely

empty right now now a lot of our

buildings are still performing fine and

I have some theories about what the

algorithm is doing and the mechanics of

it so stay tuned for that I will be

announcing my findings on some split

testing that I'm doing but in the

meantime there is a right way through

this and I think I'm gonna give you guys

the right way through this first off can

I give you some business advice advice

even if 90 of the Airbnb Community gets

their butts kicked and they all go out

of business that means that there will

be 10 of hosts left and all of the

guests that would ever be there next

year will still be coming back next year

which means that there would be a supply

and demand bottleneck that is inverse to

the one that we're looking at right now

right now there's just too much Supply

like there's honestly just too much

Supply in the market for the amount of

demand that there is meaning that a lot

of hosts won't get bookings on Airbnb

because there's just too many hosts and

not enough guests which means some

people will quit and those that quit

will cease to be here and thus there

will be less Supply and when demand

stays the same or continues to grow

which is what we're expecting in the

travel economy they'll just be less

Supply because people quit meaning that

the people who survive this right now if

you survive this right now you will make

more money in the back end just like

what happened with covid when covet hit

a lot of Supply left the market for

various reasons people just thought it

wasn't worth it they didn't think it was

safe demand dropped travel regulations

meant that people couldn't travel level

which meant there's there's no way to do

Commerce and people just left then

Revenge travel happened and the man

started to spike again because the money

was good we're in a volatile supply and

demand cycle with this and it will

eventually normalize because right now

we're still in a phase of a lot of

adoption there's a lot of new people

trying to join Airbnb a lot of people

see this as a cool opportunity they want

to get into it and so what happens is as

we go through this growth phase where a

lot of people are Moonlighting the idea

of becoming a host and enjoying the

marketplace they'll either succeed or

fail as soon as we grind through the

vast majority of people who could ever

become a host or whatever consider it

there will be a slowing of growth on the

supply side because the people who've

tried have either succeeded or failed

and left and there will be less new

people to try because it's a lot easier

to pick up adoption on the traveler side

than it is to pick up adoption on the

host side there are less business owner

entrepreneurial types in this in the

world than there are Travelers so we are

still going through this phase of

washing out on the host side what I'm

trying to tell you is that yes post

covet a lot of people joined yes 2012 14

15 17 a lot of people joined now after

the air being bust there might be still

a lot of people joining because a lot of

people are prospecting for new business

ideas but these Cycles will start to end

because a lot of the people who would

ever consider becoming hosts will have

already been there done that either

failed or are currently hosting so we're

gonna see less of a boom and bust cycle

as adoption slows on the supply side and

starts to stabilize I do think that

that's going to happen that's a business

thing you guys can disagree with me yell

at me in the comments if you think I

don't know anything about business I'm

theorizing here so what are we doing

with this economy well we've got

properties that are working out we've

got properties that are not and we're

going through the data we're looking at

why some of our properties are

successful but more so also where

they're successful because I think wear

actually matters more than why right now

and then we're looking at where and why

we're not successful in some spots we're

also cutting staff I sadly have had to

take over the company I don't think I've

told any of you guys yet Haley's no

longer leading the organization and

since then I've made roughly six

thousand dollars per week in staff Cuts

that's really heartbreaking I'll be

honest I don't like having to cut back

on staff or take away a job from

somebody who's legitimately a good

person but we have had some people who

are just not doing the work we actually

even found some instances of time theft

and stuff like that that's what happens

when you take a year off things get a

little bit funky while you're gone so

I'm back in cleaning house blah blah so

we're leaning up but now we're also

adding properties we're adding

properties in more areas and more

neighborhoods near where we already

operate to get a wider base of data see

we have a lot of buildings and some of

those buildings have as many as 40 doors

in them with the airbnbust I do think

there's a mechanic here so we're

actually scaling back on size I don't

think we want to go 40 doors deep in any

building right now because of this you

know economic slowdown and what could be

a very risky Nuance in the algorithm

which I'm going to explain closer to the

end of this video we want more data

because if the economy continues to stay

rough and travel starts to lean out too

and demand and doesn't grow like it has

been or the slow season lasts longer

than normal whatever and people start to

deflate there's going to be a cool

opportunity here as long as we have the

right data if we pick up three or five

or ten properties here there and there

and just have a bunch of different

buildings with some sample size we can

look for the best performing

neighborhoods property types property

sizes based on our internal data and

with how fast everything is moving right

now looking at analytics from Air DNA or

mesh visor is not going to serve us

that's back looking data we need

forward-looking data so we need

projections on our calendars we need to

see which calendars of ours are filling

up with good lead time we need to see

what design styles are are being

responded to well and internal data is

going to be the best way to do this so

adding properties in various areas even

though the Market's scary right now

still gives us the data that we need to

Pivot and respond on robust data and as

people start to leave this industry

they're going to be letting go of

furniture I got a phone call maybe two

days ago or a text two days ago somebody

said hey I have nine units that I would

like to know if you want to take them

and I'm seeing it all over Facebook

where somebody's like hey I'm thinking

about getting the Airbnb you have any

advice and somebody's like um I actually

have a property in this location I'm

trying to get out of are you interested

so there's a lot of changing hands and

when people are changing hands in a

hurry they'll get rid of stuff at a

discount because they just need to know

that they're going to stop losing money

you know we have housekeepers we pay by

the hour we have Elegant pricing

strategy systems that might allow us to

generate slightly more Revenue at a

lower operating cost than some of our

other host partners and friends who are

getting out of the space and also we

should have the data to know that maybe

they're just missing one or two

amenities or maybe their design Styles

just missing a key element here which

will allow us to pick up properties and

to pick up properties on the cheap where

we know that we can be profitable with

those properties where someone else

would fail that's a huge opportunity for

us right now in the bust yeah we're

going to cut some doors because I don't

want to have 40 doors in one building

and have everything go you know part of

my French but we want to keep picking up

doors in other areas in other

neighborhoods and start to really

scatter our presence three or five doors

at a time into as many different

neighborhoods and property types as we

can get our hands on another key element

of our deals and it hasn't changed since

forever but it's so important right now

is free rent concessions we got nine

weeks of rent for free on this property

right here that's important because nine

weeks of free rent on 16 doors which we

could do up to six zero at this building

I just don't think we're gonna go that

big but we could we've got this

open-ended agreement and if this

property slams then yeah we'll keep

picking up 30 40 50 maybe as many as 60

max if you get nine weeks of rent for

free and your rent is fifteen hundred

dollars a month then you're looking at

nearly forty five hundred dollars in

free rent per property you pick up and

the average cost of furnish a place not

including like doing paint and other

Decor stuff would be about forty five

hundred dollars this is essentially

getting us our furniture for free when

we get nine weeks of rent for free this

is an important part of the deal here so

as we continue to expand and have free

rents this will add to our cash balance

and having a stronger cash position is

always good when people are looking to

get rid of stuff so yes even in a scary

economy some deals will just look too

good to let go of because of the literal

cash mechanics now because we will be

changing out locations one thing that we

are doing as we like downsize some

properties and then spread more thin

which sounds bad but it's actually less

bad because you're more Diversified

across more properties is we will have

an abundance of furniture in some cases

so we're going to start co-hosting under

a modified agreement we actually want to

go up in property size we want to do

more three beds more four beds because

we have a lot of one beds in studios

right now so as we diversify our mix

we're going to be looking for more three

bedroom or four bedroom floor plans so

we could get some three bedroom

apartments we're working on negotiations

with some of our current landlords right

now for those three bedroom and four

bedrooms tend to be more single-family

home and since we have a lot of

furniture that we could put into play we

can find homeowners who don't have

furniture but want to be an Airbnb we'll

co-host for them and provide the

furniture everybody wins that's another

element of our pivot here in the

airbnbust and as you guys know I say

everybody should fire their co-host the

reason why is because the deal is just

too good for the co-host with that said

we're not dumb enough to not take a

co-host deal right it's probably the

best deal you can get as an Airbnb

operator is to have somebody trust you

and not really have you take on any of

the risk as an operator with a track

record we can get homeowners who will

let us operate we don't have to pay

their mortgage we don't have to pay any

rent we just take a cut of the revenue

that's a really good deal for us so

we're expanding into larger property

types wider distribution with less door

counts per property and getting into

more co-host deals now this could go a

couple different ways depending on what

really is at play here now Airbnb could

very well have just this weird winter

release related bug that is starting to

squash some of our buildings right we've

got two or three total apartments that

just have really Grim occupancy at the

moment and it's weighing down our total

occupancy where we normally have an

average occupancy of over 90 percent

then we've been operating more in the

low 80s as a whole and even last week I

think we dropped into the 70s 70 percent

something as an average percentage

across our whole portfolio so some of

our buildings are weighing down our

total occupancy which is really really

bad but we're going to try to fix it and

if it is an Airbnb bug it might just

remediate itself when Airbnb updates

we've had reports from hosts that claim

the last time that there was a summer

release that they just had two months

without a single inquiry and then they

called Tech at Airbnb and they reset

something and all of a sudden they were

booked again now this could be because

the Airbnb algorithm has a feedback loop

type of data problem inside of it which

is where if you don't get any views you

don't get any bookings if you don't have

bookings you don't have occupancy and if

you don't have occupancy then you can't

get any views or bookings because the

algorithm thinks that you're not

interesting because you don't have

anybody booking your place and so this

kind of negative feedback loop could

cause a need for a reset where you go

and either snooze your listing and

update it or get Airbnb to do a hard

reset on your listing in order to reset

its position within the algorithm

something like that and so if the winner

release is causing a lot of people to

lose their heads it could be very well

just as easy as waiting it out six or so

weeks waiting for a bunch of people to

shut down their listings and then have

Airbnb reset your presence in the

algorithm and give you another fresh

shot something like that now people do

need to legitimately quit to lower the

amount of Supply in the space before you

went and tried to swing for the fence

like that but that is potentially one of

the outcomes here otherwise this could

be really just a much lower slow season

for some people than anybody predicted

and we won't find that data out until

Airbnb does their Q4 reporting and I

think sometime in January maybe February

they're like hey here's what happened in

December possibly because this could be

just a lower relative slow season due to

the fact that there's more total Supply

in the market but just as low of a

demand as last year right where there's

literally the same net number of

customers but maybe now twice the number

of hosts yeah it'll feel really really

bad but then it'll snap back more to a

corrective space where where more people

will get bookings in a month or two when

slow season starts to remediate itself

now I do think that it's possible that

the Airbnb feedback loop could have a

bug inside of it where with a lower than

expected market-wide demand it could

take some of the middling listings and

cause us infinitely negative feedback

loop that pushes listings from 70 60

occupancy all the way down to zero

because it just doesn't quite get the

performance metrics that the algorithm

is built for and this is now because

Airbnb is like well we'll always have

this much Demand right and then we don't

and so then the algorithm doesn't have a

sustainable enough amount of interest to

keep these listings afloat because

Airbnb does call their algorithm and

interest algorithm which means that they

push listings Up and Down based on

interest metrics and so since we have

low demand and too many listings many

more listings will have a sub sufficient

amount of interest and just get pushed

down which means a lot of people quit

and when a lot of people quit and the

listing account starts to normalize you

could literally get back into search

again just by resetting your position

within the algorithm because we're going

to be doing more co-hosting with houses

it could be possible with the way that

we're generating leads for these houses

that will end up in non-core areas we

might end up in just really weird Middle

Market Oklahoma City Boise Idaho just

random places we'll be looking for more

Midwestern markets to start to get our

foothold in and to remotely manage some

co-host properties could be fine for us

because we have so much experience in

being a multi-city contender that we

could operate probably 10 or 12

different new cities that are like like

easy markets right Midwestern markets

tend to be more easy because there's not

really elegant host Supply out there

which means the guests are more easily

impressed you get better total margins

stuff like that I do think that managing

10 or so new cities and Midwestern

markets that are less competitive is a

good idea and this could increase of

course our robustness and everything

else as we do expand into larger

property types and coasting I do expect

you'll find my name in less major busy

urban areas where of course we've always

been Dallas Fort Worth Houston Austin

Philadelphia you're going to see things

more like like I said Oklahoma City or

smaller but as you've noticed I still

have avoided the word buy or purchase

we're getting into co-hosting because

that's good cash flow we're staying in

Arbitrage because that's allows us to be

Scrappy get into new places and get data

fast and really spool up or spool down

our listings as needed but we're still

not going to buy anything and not to

talk bad about anybody who wants to buy

a property but right now there is no

value in purchasing a property where

you're going to lose the equity of your

down payment when the home loses value

you know I am considering purchasing

property for its long-term depreciative

you know advantages and all the other

cool stuff that comes with buying

property eventually you know I am

getting old now I'm 36 you know I can

start looking at boring stuff as much as

the fast stuff it still won't be a good

time to buy a property in my opinion

until we see everybody get their necks

broke and if BlackRock is going to done

billion millions of dollars of assets

back in the market and other people are

going to let go and people are going to

quit hosting on Airbnb fire their

co-hosts shut it down turn them back

into long-term rentals or just sell the

properties because they are butt hurt

about it this could lead to a great area

of Cheaper property over the next two or

three years and that's what I'm looking

for Tesla's down 60 something percent

that's what I want for my house is I

want to see a house down 60 percent and

then maybe I'll buy it so if you my

friends my loved ones if you guys have

any plans for the bust if you have

anything that you think is cool that

you're trying to pull off or do feel

free to throw in the comments I would

love to know what you guys are up to in

the meantime I'm going to finish staging

these ones getting them listed and

hopefully this part of the Houston

Market will pump some cash and allow us

to continue to play an aggressive game

stay tuned of course for that thank you

so much for watching and as always I'll

see you on the other side