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Hey, good evening, everybody. Peter Vekselman here. Good evening. Good evening. Welcome. Welcome. Welcome. Here we are. It is Tuesday night. We’ve been doing these for as long as I could remember. You know, as a matter of fact, when we initially came up with the partner driven model, this was like the very first thing we decided to do. We’re like, how are we going to get the messaging out to the people? Like, how are we going to be talking to our existing pack? And how do we talk to our new pack? And we came up with these Tuesday night webinars and, and the, you know, here we are, years later, still fully committed to them. We found that these twos in that webinar, or sometimes not sometimes, but actually more times than not tend to be the gateways gateways into our world. And for people that get into our world, they seem to be kind of like a, a point of contact that even our existing partners, um, are always, always, always on top of and part of.
So my name is Peter Vekselman. We’re going to get started here and just in a minute or so. Um, I’m here by myself today, which is cool. I’m excited to do that. I know I’m going to see a number of you guys. Remember partner-driven live. We’re going to have an amazing, amazing live event coming up here in Atlanta, Georgia, this weekend, June 26th, June 27th. Uh, I’m not going to spend too much time talking about it here tonight, matter of fact, past this mentioned. You probably won’t hear me discuss it too much, uh, beyond that, but I will tell you if you want to elevate yourself in the real estate investing business, um, whatever that means to you, uh, to sound people elevating means doing that first deal to some in maybe doing their 10th deal to some may. Maybe you’re already partnering with us and you’re just like, okay, I still got to push forward to some, maybe you’re not yet partnering with us, but you will like, what does it mean to partner with the gang?
No matter what category you fall into be here June 26th, 27th, that’s the Saturday and Sunday we’ve been fortunate enough. We actually had to shut it down registration last Friday, but here in Georgia, they’ve pretty much lifted, uh, all the COVID restrictions. So now we’re able to get a couple more seats in. So we were able to on a very selective basis, open up the registration link again again, just for a very few select people. But if you want to, if you want to learn about real estate this weekend, if you want to elevate your own game in real estate, and even in life, we’re going to be talking about a lot of life things. If you know me, if you follow me on social media or any other platform, you know, I’m a big, big, big believer in, um, in leveling up, uh, in different principles of success.
So we’re going to be discussing that also. Um, so partner driven live. I’m sure the link will be in the bio here. I strongly, strongly suggest that, uh, that you come having said that, um, I know Julie would say here she was here tonight, right now. She’d say, put in chat where you are zooming in from, we have a lot of different people here zooming in from a lot of different locations, um, which is very, very exciting to us. We’re happy that you guys are here. Um, so let me know in chat, you know, it’s funny, I got this. This is like a perfect example of how technology helps you, but sometimes not totally. So what happened if you could see me here, I have this, um, new mic, uh, if you were to fly, I don’t want to move anything cause I know I’ll probably make it all fall down, but if you were to move, the camera were there. I have all this new equipment out with the sliding behind here. You know, my team has been on me forever. So finally they’re like, we’re, you know, we’re doing it. They ordered it. They came here to set it up, but here’s one thing we did. Nobody thought about the mic is here. The screen is there and I can’t even see it. I mean, I could see it, but like, I’d say put something in chat and you’re chatting it up right now and you’re typing it up. They didn’t think the proximity to the screen, to where to set up the mic, it’s pretty far away. So all that means is we’re going to recalibrate. We’re going to readjust. That’s not a good way of doing it. We’re going to recalibrate. We’re going to readjust and we’re going to reset this thing up. I’m going to have him come back here after a live event, but don’t be shy anyway, puts you in, put, put it in where you’re, uh, zooming in from, let me know through chat.
See if I could put it up, let me know through chat. If you will, if you’re planning on coming to the live event, I see Connecticut and the house. I see California bill what’s up bill, uh, Augustine, Florida, love Augustine. Um, we’ve done hundreds of deals in Jacksonville, but we had a place in Augustine’s. So whenever we go to our Jackson and offices, if we didn’t stay in Jacksonville, we’d always stay back in, uh, Augustine, uh, Arkansas, the house what’s up, George. I see that. So, uh, um, so very, very exciting, um, Vegas in the house. I like it. I like it. We were just in Vegas about a month ago. We actually landed in Vegas, spend a night or two there. We rented a car with our friends, went through Utah through Arizona and we did like a three or four, uh, state, uh, trip like that. And that was really, really, really cool and really, really fun. So. All right. Let’s uh, let’s get rolling.
Hi guys. Today. We’re going to talk about the state of the union. And I started doing the state of the union, really, probably the most important time to a lot of us as investors. I don’t know if it was the most important, but it was definitely the most unusual time. And that’s when COVID hit about a year, a little bit over a year ago now. And when COVID hit, everything was thrown into flux economy, jobs, families, certain people’s healths businesses. I mean, COVID was an unprecedented event. So right at a time that COVID hit around March of last year, you know, people were constantly asking you the same question. Well, what’s going on? Well, how are you interpreting? What’s taking place? And so I decided that every couple of months I would do what I would call a state of the union, kind of like, how are we seeing it?
You know, not, not professional predictors that don’t do anything, not professional analysts that never participate in whatever they’re predicting. But like from our standpoint, real life investors, we got a unique vantage point in this is that we do deals all over the country. So I have a unique style of vantage point of really, really being able to zero in on, on different markets, maybe potentially stay away from other markets. Um, and so I said, let’s start doing these state of the unions and, you know, they become very popular. Um, and so tonight I’m going to do a state of the union, how I see the real estate market right now, what I’m seeing the opportunities are, what I’m potentially seeing, may not be the opportunities. And I kind of, how are we steering the ship, but before I get started, because I know there’s always new people on these calls on these zoom meetings, I want to tell you a little bit of history of who I am and what partner-driven is all about.
But by, by profession, if somebody asks me, who are you and what do you do, Peter? I am a real estate investor. I’m a 22 year veteran in this business. I’ve done thousands of real estate deals. I’ve done them all over the country. I’ve done all kinds of deals, you know, houses, apartments, land, commercial developments, um, you name it pretty much as long as it, if, as long as that type exists, I’ve probably done it. I’ve also done pretty much all the techniques and strategies. You know, I’ve wholesaled, I’ve retailed. I rented, I’ve done creative strategies. I’ve done the fix and flips. I’ve done the, uh, investment strategies. I’ve even done realtor type of strategies with a real estate team that we built out. So between techniques and strategies, I have a vast experience across the board to, uh, to now have well over 3,400 deals completed.
Now, a lot of times people, when I say to people that kind of quantity of deals, they think, wow, 3,400 successful deals. This guy’s absolutely out of the ballpark. No, I never really want to admit it, but not all of them were successful. All this to say the other experience I have in this business and why, you know, I have some credibility in terms of talking of like the state of the union, where I see it. I’ve been on both sides of the equation, as it as business, you know, I’ve, it, I’ve experienced some tremendous, tremendous highs, but at the same time, I’ve experienced some tremendous lows. You know, I’ve experienced some tremendous breakthroughs and I’ve experienced along the way, some unbelievable roadblocks. So you name it, I’ve done it. I’ve been there done that in, in, in probably the most important thing I could say after 22 years and the things I’ve done is that I’m still standing because I will tell you one thing about the real estate investing industry.
There’s not too many of us. Who’ve been at it for a couple of decades or really over a couple decades for me now and who are still standing. This business tends to knock the crap out of people and sometimes to tune of not ever being able to recover and come back. And, and I have been knocked out. I’ve been made homeless because of this business, uh, in the crash of oh 7 0 8. I lost everything I had made up to that point. So I had been knocked down pretty harshly by this business, but I could tell you having said all that this is an incredible business. And the model that we run with right now, which is known as the partner driven real estate model is an incredible, incredible model, both from our end and from our partners end in what we do. What we do here at partner-driven is we basically partner with people all over the United States, whether it’s a brand new investor, who’s never done a real estate deal before, or a savvy investor who may have done 50 deals, but now they’re at the ceiling.
They can’t figure out how do I get to a hundred? How do I get to 200? How do I get to a thousand deals? So we did not care who our partners are, but we want them to be go getters, hustlers long-term players, no quit attitude. That’s what we expect out of our partners. What we give to our partners in exchange for debt is very simple. We provide what are known as pillars of success when it comes to real estate investing, number one, we coach and mentor our partners. Yeah. You across the board. Whenever I did have dips in the business. Okay. Um, it is, you know, if you’re going to just like, lay it out, why did I have the dips? Why did I lose them? What I lost? You know, why did I pretty much make myself homeless? It’s a very simple, I didn’t know what I was doing.
Okay. And because I didn’t know what I was doing was easy to take advantage of me because I didn’t know what I was doing. It was very difficult for me to make the right kind of decisions. So knowledge is an incredibly important thing in real estate. We coach and mentor all of our partners really overboard. And that’s the best way I could describe it. We over-deliver, when it comes to that. Number two lead gen is, you know, real estate. You know, here’s one thing I’ve never heard anyone saying this business. Wow. It is so easy to find a great deal. I just never had such. It’s like going to supermarket and picking up groceries. I have never had anyone in my life. Tell me that, because that is not the fact that this business, the fact that this business is that is very difficult to find deals.
Okay. Very, very difficult. And it’s very difficult even at level. So what we do, what we do is we actually get involved and help our partners find incredible, incredible real estate deals. Okay. We have a system called, um, uh, deal engine HQ. And that is literally a proprietary CRM system that on behalf of our partners, local partners across the United States markets for them identifies sellers of properties. And when the does at flips, that lead literally to our partners. So our partners literally have seller leads, uh, or owner leads that want to sell, hand it to them. Next, we provide technology to our partners, very, very important, very critical without technology. Um, I think without technology, you’re, you’re going to be wasting a lot of time. You’re going to be chasing a lot of dead ends and you’re going to be very disappointed in this business.
So technology is an absolute must have, uh, we have the deal driven app, absolutely top of the line, uh, app that provides everything that really any investor needs that, uh, at their fingertips, right from their phone, they can access information. You could drive around your neighborhoods without ever leaving your easy chair. You can get access to all the data in terms of owners and things like that. So, um, that to our partners, when we find the right properties, I provide all the capital to do the deals. That’s very important, you know, make no mistake about it. Real estate is a capital intensive business. Okay. A lot of times people will tell you, well, it’s not, you can do this with no money down. And I’m telling you, they’re leaving out a lot of facts. There’s carrying costs, there’s air costs. Um, I don’t care what kind of deals you’re doing.
You got to have some kind of capital in this business. I provide all of that when we find the right deals. Um, um, oh, the other thing I do, which is very important, I assume, or the risk and liability, and that’s important because when things go wrong and believe it or not, after a couple of decades in this business, things still go wrong. Okay. It’s just the nature of the business business. It’s just any business things. Don’t always go the way you plan. But the thing is, um, I absorb all the risk and there is risk and there’s losses. And that’s all on me. When we, uh, if a property, for some reason, it needs some kind of work done to it. Um, our team also helps the local partner with that. We put into market, sell it, split the profits down the middle of the 50 50.
And that right there is the partner driven model. And by the way, this is why I get to this day, years down the road. When we started this partner model, still get on these Tuesday net webinars. One, some of you guys are here, our partners is another way for us to connect. And I’m so glad you guys are here. You know, I’m going to share some things and the teachers, some things, but also for non-partners to gain confidence that this is the right way of doing the business in terms of alignment and partnerships. And most importantly, we’re the right team to do that with. So we’re always, always on the lookout for more and more partners. So having said that today, I’m going to deliver what I call the state of the union. I want to spend the next couple of minutes with you kind of give you an analysis of what is from my vantage point, what is taking place, how to correctly interpret it, but beyond anything else, how to correctly monetize it, because it’s not really the interpretation that’s going to make you money.
It’s also not like have a vision five years down the road. That’s going to make you money to do yay. It’s what is taking place today, how to interpret it and how to monetize it before I get started with that, I will tell you one thing, the one thing I don’t know is exactly what I just said. I do not know what’s going to happen five years from now in this business. I don’t know what’s gonna happen to me down the road from his business. Um, and I could tell you anyone that’s telling you that they know they’re, they’re guessing because nobody knows who would have known two years ago that COVID would hit and throw everything into turmoil. Right? In essence, all the rules got changed. Everything got shifted. Uh, all the, you know, liabilities became assets. A lot of assets became liabilities is just, it flipped the world upside down.
So because we live in the kind of world where there’s a lot of unknown, it’s very hard to predict the future. But the good thing is, as far as real estate is, is concerned. It is very easy to interpret. What’s taking place right now. You know, there are businesses where it’s not that easy to interpret what’s taking place right now. There are businesses still that are in a state of flux. Literally like, you know, one of the things I like to do is I like to talk to owners from different industries, just to keep myself sharp, just to keep the mental, you know, mentally and engage and things like that. And I could tell you, there’s a lot of businesses, they’re in a state of flux and it has, by the way, nothing to do with the pandemic that we’re just coming out of. It’s just, some businesses tend to exist in a state of flux.
What I mean by that is like, and you’ve seen this, you’ve seen, it’s literally, you’re driving by a shop today. Looks good. You drive by the same shop a month or two down the road, doors are closed, right? That is a business that sustained and existed in the state of flux. Some of you guys are part of businesses like that. Some of you work in companies that are in a state of flux. Some of you have your own businesses that are in a state of flux. And that is a very, very, very, I wouldn’t say it’s a dangerous thing, but it’s a very, uh, uncomfortable thing to be a part of the good thing about the real estate investing business. That if you can interpret it correctly, you have to interpret it correctly. You could almost always. And the reason I say almost is because there’s probably things I haven’t been through yet, but if you could interpret correctly, what is taking place right here right now, you could position the ship to be profitable in any condition, in any environment, in any geography.
And so I would be amiss to discuss the state of the union today and not talk somewhat at least about the pandemic, because in essence, since although we’ve obviously come out, coming out of it, you know, obviously in the last tail of it, you know, nobody knows, you know, the actual residual effect of it, but it is still affecting us. It is still affecting us, but here’s the way you have to interpret. What’s taking place in the last year to year and a half through pandemic and how we are concerned and how not really not in study could just concern, but how we are affected as real estate investors see many real estate investors. There’s an absolutely mind block between what we do and how were interpreted, right? For instance, how do many people think we survive by taking advantage of somebody taking advantage of the situation they’re in profiting from somebody who doesn’t know, right?
Unfortunately, unfortunately many times people outside of this industry interpret what we do that way. It’s really unfortunate when the people in aside this industry interpret that, but there’s could be nothing further from the truth. Um, we are actually in the opposite side we’re problem solvers. We help people out. We help people that have certain situations. We have people, we help people that have certain needs. We have people that have timelines to their problems. We help people that need money, money, access to it, a fairly quick period, a quick short period of time. So what we are, although we are real estate investors, but we are in a business of living, solving problems and solving situations for people COVID has created a brand new group of this people. And I can tell you the further we are down the road with COVID in the pandemic, the more and more of people out there are going to need our help, right?
Because COVID create, COVID created what we are in, what do in real estate call and what is known in real estate as a motivated seller, right? COVID before COVID a motivated seller, a typical motivated seller was someone like, um, a divorce situation, right? Maybe they have a divorce degree that you got to sell this house. Uh, maybe a sickness, somebody gets sick and all of a sudden, you know, they got to divest. Um, maybe somebody has a job change and their current job was saying, uh, or their new job saying, listen, you you’re starting in 45 days and be across the country. We don’t care how you make it, just make it, you know, a motivation, uh, could be a kid, right. Moving in the house or moving out of a house. So before COVID, there were some very, very, uh, what we call convey a death death could create a situation for, uh, for, for the living family.
And so, so before COVID hid, there was these common motivation things that we as investors many times literally targeted, right? Like I was never a huge believer in targeted that I, I w I was a believer in targeting some other sellers, but they were actually, I know people made a lot of money and still make a lot of money by just pulling up like divorce lists, bankruptcy lists, um, yeah. You know, move in the neighborhood list, move on, you know, wanting to move out of the neighborhood. You know what I mean? And, and there’s nothing wrong that, but COVID created this whole new set of motivated sellers. And these are motivated sellers that are not, that are going to be more and more and more motivated as time goes on. And without getting into too, too much detail of that, because I think most of you understand, like at least conceptually, why COVID would motivate someone, right?
I mean, COVID could have created a job loss. COVID could have created a health condition. So the same things just were created by COVID. But the other thing that has taken place during COVID that is unbeknownst to a lot of people is a lot of people were put in a position where they no longer had to make mortgage payments. Right. I know to some that is like, why would COVID do that while the government stepped in and literally mandated that. So it gave, it gave certain property owners kind of this reproval time that okay, for the next X amount of time, I don’t have to pay my mortgage. Now from the outset that might, you might be thinking that’s actually pretty good. No, not really. Because the other thing the government did is they said, well, guess what? Your tenants don’t have to pay you either.
So at best, that equals things out at best. That equals things out. But guess what? A lot of owners still made their mortgage payments because they saw, they thought a step ahead. They’re like, well, what happens when I have to start making these payments? Am I going to be penalized for the five or six months I missed is a, is my credit going to be effected? So a lot of people got into this double whammy, no one around them is paying right? All their buddies stopped paying. They’re like, I’m not stopping because I’m capable. And I know what’s going to happen. When the, when, when the, the, uh, I have to start paying and I don’t want to incur all these fees, that’ll come with it. But what they also got whacked is some of their tenants stop paying, well, all this to say, all of this is coming to an end.
We don’t have the exact dates. We have some proximate dates, but the what’s, so what’s, here’s, what’s going to happen. The mortgage companies are now, okay. Going to be starting to be able to foreclose. Well, what happens to the homeowner or a landlord that decided a year and a half ago that, well, I’m going to stop making payments. Yes. How many payments they possibly could miss? By now over five, over 10, most Americans don’t have that kind of money saved up. They have enough money to make their right. And you know, I’m talking about some of you listening to me tonight are falling into fall into that category, right? You enough money to make one mortgage payment, but you don’t have enough money to make a year’s worth of mortgage payments. And you sure as have don’t have enough money with the fees that have been accumulated.
Because again, just like most Americans, it’s not like they were saving. Most people were not like they didn’t set up a separate checking account. Right. And they didn’t like start saving these payments. Most people did what most people do. They work they’re consumers. They spent these, they spend on them on things like boats. How do I know? Cause I bought a brand new boat last year and I couldn’t find one. Okay. They said it was the lowest inventory out there. Why? Because a lot of people got a little government help. Didn’t have to make payments here. And what do they do? They started buying cars, boats. Well, no side note. Some of you in the call, we’re going to be in the nice cars and nice boats. There’s gonna be a lot of them available coming up here over the next couple of years. So anyway, so a lot of people got themselves in trouble right now.
Speaker 1 (24:13):
The other thing that prevented a lot of people from selling their houses, because you might be thinking, well, why did they just get rid of it at that point? Well, logically that makes all the sense in the world. But the reality is a lot of these homes, you know, their, their primary home, they don’t want to sell because if they just sell their primary home, like, that’s the last thing you want to get rid of. Right? Because you still got your wife, you got your kids, you got your husband, you got your family that lives in the neighborhood. You got your friends, you’ve got the schooling there. So you’re not going to get rid of that. You’re your home. But a lot of people own second homes, rental homes. So the question is, why did people just start dumping those on the market? Right. Well, those second homes, many times have tenants.
And remember, not only did the, uh, guy that owns it, that it enough to pay, well, he can’t even evict the tenant. Right? Cause they don’t want to make a nice video across the board. So a lot of tenants stopped paying well, like it’s going to it’s the moratoriums on foreclosures are being lifted. So are the same things happening at the rental end. So what’s taking place right now is a lot of people who couldn’t sell their second homes or rental properties, which by the way, as investors, that’s the number one home we go after now are going to be able to evict their tenants and sell their homes. Now it could be argued. They could’ve sold them with tenants, but not really because most investors like myself, unless it’s just a screaming deal. We’re not, we don’t want to buy a home with a bunch of headaches.
And guess what? There’s no worst tenant, no worst headache than buying a property with an a, with a, with a tenant. That’s not making their monthly payments with no end in sight, right? Six months ago, who knew when that’s going to be lifted right? A year ago at this time, nobody knew it was lifted. Uh, so it was very, very dangerous, was very, very dangerous for, uh, uh, a lot of us investors to step in and buy these properties. So now moratoriums on foreclosure lifted moratoriums, uh, uh, on, on, on evictions are being lifted. What that is going to creating right now, tremendous amount of sellers. They’re going to need our help. They’re gonna need our help selling these properties. Now a lot of people say, well, why don’t they just like list them and get rid of them? Yes, that’s an option for some, but some cannot list them and get rid of them, right?
Because usually when you list a property and get rid of it and sell it a lot of times, or not a lot, but more than none, a homeowner moves in there. You think a homeowner wants to move into a property than a non-paying tenant lived there for the last year. You know how that property looks like it ain’t pretty. And so now this owner, that’s got to already a problem. Now the mortgage company is going to be all over them because they got to pay. And then on habit now they got a property, needs a bunch of work and they can’t, they don’t have the money to make their mortgage payment must much less the 10, 20 or $30,000 to fix that house. They’re in trouble. They need people like us to come in, step in and help them. So state of the union, as far as COVID and the pandemic is concerned, huge, huge opportunities for us as investors to help literally millions and millions of homeowners across the United States.
You notice I say homeowners because the homeowner sector is, is, is an incredible sector to be in right now. You know, if you hear me talk about this, you hear me talk about it from two, uh, two sides and really on any real estate transaction, there’s two sides, right? There’s the seller and there’s the buyer, right? I don’t care what kind of transaction you do. And usually, usually as far as real estate investing is concerned. The seller side and the buyer side are never equal. What I mean by that is there’s too much inventory. There’s too much demand. And so they’re always in a state of flux. Okay. They’re always, you know, it’s a bot, you hear this all the time, right? It’s a buyer’s market. It’s a seller’s market. It’s a hot market. It’s a dead market. It’s an oh eight market. You know, it’s 2015 mark and hear it all the time. I’ve already told you, I’ve been at this thing for over, over two decades. And what I’ve never seen is what I call now, the equilibrium market and the equilibrium market, the equilibrium market.
It’s a very unique market in that. There’s a huge, huge demand by the sellers. And they just spend the last 10 minutes describing new why call the creative. But on the other side, there’s a huge, huge demand for buyers, both investor buyers and consumer buyers, retail buyers. So you might say, well, how can they be? How can so many people be in trouble? But on this side, they want to buy, buy, buy, because there’s some other things that have taken place during COVID that, that have created a huge demand for real estate. Number one, unlike this side, that lost COVID it created this side where a ton of people. One matter of fact, a lot of people don’t realize it, but statistically, more people actually get good than worse during COVID. So let’s say, you know, a lot of people now have cash have made a lot of money during COVID capitalize.
Their businesses actually grew, you know, the industry we’re using right now, zoom go check out. What’s happened to zoom during COVID. And there’s a lot of other examples of small businesses, midsize and large size businesses. So now there’s a tremendous amount of money on this side that, and you’ve got to do something with your money, right? If you’re in the United States today and you have cash and you have it in the bank, you’re losing, you’re absolutely losing. I want to go into a big study about that and big dumb, you know, but I’m telling and you’re losing. So a lot of people, you have capital. Now they would have put into hard assets. And guess what? One of the most popular hard assets out there in the world is, is that’s real estate specifically re us real estate. The other thing, some people need to borrow money, right?
They don’t have this huge amount of cash PUD. Guess what? Money’s cheap right now? Money’s very cheap. So family have been for a years wanting to buy a house. All of a sudden now realize this is the best time to buy a house because banks are giving money away. In essence. I mean, literally they’re giving money away. Well, if someone’s giving me, I’m taking, so both retail buyers, the, you know, the homeowners and investor buyer, huge, huge demand, boom, you come together, equilibrium, motivation here of people. We need to help. And again, huge supply chain here of people that need to be gotten that inventory. And we as investors, we’re in the middle. Why? Because an average person here doesn’t know how to get to the person here to us. It’s a no brainer. We know how to do it. Right? We’re experts at it.
We have apps to do it. We have to pull, we have scripts. We have negotiation techniques. These people, all they want as an asset, right? The NASA, they didn’t have no idea how to even get a hold of this person, much less. Talk to them the right way, much less contract with them the right way. So there’s a huge, and this is another very important thing that real estate blurring to the table. It’s very hard for the two to meet. And a lot of other industries like the less sophisticated industries, it’s pretty easy. Like if you have a kid and I have three kids, well, when my kids were, you know, 6, 7, 8, 9, they could actually set up their own lemonade stand. And, and, and, and, and so they could go directly to consumer, right? Cause it’s easy. It’s lemonade, not in real estate. If you’re a hearing, you need an asset called real estate.
It’s hard to find it and connect with it here. So this is why the investor world is so, so important. So critical. And why, literally right now we are doing more just in the last 24 hours, just the last 24 hours. Let me just give you, let me just give you some real life numbers, right? And I’m not talking about what we’ve done. Like, you know, I know I’ve been referencing COVID I’m not talking about what we’d done since COVID, I’m not talking about, we’ve done three months ago, two months, I’m talking about just last 12 hours, I guess it’ll happen. The last 12 hours, one deal. We closed with one of our partners where we found it for 170,000 and within one hour, one hour, now, check this out. We own it for one hour. We did own it. I did have to put up 170,000.
I wired it right out. Right. We owned it for one hour and an hour later, we sold it for 180,000. Now one 70 to 180 that’s $10,000. Right. Well, think about that. What can you do in one hour to make $10,000? Like sometimes people think, well, that’s not that impressive. Oh, got it. Okay. Maybe not be, what options are you looking at right now, then in one hour and don’t even forget options. When was the last time you held something for an hour and made $10,000 hour? Well-spent right. We did another deal in the last 12 hours where we actually bought the house about 40 days ago, 45 days ago, about a month and a half for, I believe 1 65, 1 65, either 1 65 or 1 75, a cameraman, 1 75. I’m sorry. We bought it for 1 75. We spend under 2000 fixing it. Like that’s not even a fixing.
I can’t even say the word fixing when you’re spending on a $2,000 on a, you know, almost a 200,000 or asset. That probably means we like maybe cleaned it up or maybe swept. It basically did nothing to it and sold it here last night for $240,000. That’s $65,000 in the last 40, 45 days. Again, some of you guys are trying to figure out is this the right thing for me to do, you know, is real estate the right thing for me. And I will tell you if you’re cranking out in one hour, $10,000 a pop, if you’re cranking out in 40 days, $65,000 a pop, you got some tough decisions to make. I get it. But if you’re not now, granted, if this doesn’t impress you and this is not what gets you going? And this is not exciting that disqualifies you also. But if that gets you going, that’s exciting. If you could actually find a use for it, then you may S very, very, very seriously consider this industry, right?
The state of the union. Here’s what else is taking place right now? Right now, there are different sectors of the real estate industry, right? And we all know this, like, there’s the commercial sector, there’s office sector. There’s the retail sector. There’s a warehouse sector. I’m sure I’m missing stuff, stuff out. Right? So real estate has sectors. It’s like, it’s like the word medicine within medicine. You know, there’s a dentist, there’s a surgeon, there’s a chiropractor. They all fall under the same territory, but they all mean and do different things. I could tell you this, there are some sectors of real estate that I cannot make them as rosy, as I’m making up to this point. I will tell you, I’ve been talking about the single family sector. Okay. So just, just so you understand everything I’ve said in the last 30 or 40 minutes have been tied into the single sector, to the single family sector, by the way, the reason for that is that’s what, I’m the real expert in.
That’s what I partner with people in, in, in, in do across the nation. That’s what I’ve done more than any, although I’ve done all those other sectors, this is the sector that I have, you know, I hate to use the word master, but I have gotten extremely good. And so is the team behind me in terms of doing single family home, having said that there are some sectors in the real estate business who, um, which aren’t doing as well for obvious reasons, right? Like, think about this during COVID. How well do you think the, uh, the office space has been doing? Um, I mean, what happened during COVID did companies expand and like, oh, Hey, everyone’s going to stay home. So let’s go buy another three offices, no opposite. Like, we’re a great example. Before COVID hit, before COVID head, we had a, uh, almost a 10,000 square foot office building, right?
COVID hits. Everybody goes home. Obviously we don’t stop working. Everybody works. And we discovered what millions of other companies discovered, wow, the production has not been hurt. We discovered something that other millions of companies discovered production actually went up. Now I have my own kind of ideas of why it went up. Like for us personally, the reason I went up is because we’re not perfect sector to be in real estate, single family. Plus the other reason, I think so many, um, the, uh, people starting being more productive is the timelines get blurred right at home. Like if you’re, uh, if you are, um, uh, if you’re working at a regular company like ours, we had office hours, right? Uh, people would come in eight or nine in the morning and by, you know, five or six they’re out and, you know, physically gone and mentally gone. But now, so this is this, this, this is kind of my, my own speculation to why across the board for almost all the companies are tremendous. My company, the production production, not now people are at home, so they’re not thinking, okay, oh, it’s five o’clock let me shut it all down. No, no, no, totally opposite. So I know we have people right now in our team that are doing deals with people in the west coast. I guarantee you there’s somebody from my team right now. Um, or probably in the next couple hours, we’ll be communicating with somebody because they’re at home. And it’s a lot easier to pick up the phone at eight or nine o’clock at night. Then when that phone is sitting in the office and ringing. So anyway, so production actually went, so the office space is kind of hurting. Now that’s a two-edged sword. Somebody could argue and say, well, Pete, that’s actually good because if I’m an office space investor, this is a fantastic opportunity for me to dive in and get things while they’re low. I’m not gonna, I’m not arguing that case. Okay. I’m not arguing saying that that’s incorrect, but I’m talking about like making money today and chances are, yes, you could probably get that office building cheaper today than you did a year or two ago, but it’s probably gonna be harder for you to fill it today, capitalize on it today and make as much money as you could have a year or two ago.
With time. I get it with time. I do believe things are going to come back and all this stuff, but that’s more that’s what’s known in real estate is more of a speculum speculative play. Right? You speculate on that. I can tell you I’ve never been much for speculating, right? I don’t like to speculate. I like to share a thing. So this why, you know, we’ve been, you know, I’ve charted the course for the partner driven family and the partner driven team to, to really stay the course of single family. Having said that, having said that I will let you know that we are going to slowly, this is exciting for existing partners and for people that are, you know, like thinking about being one of our partners, we are going to store of slowly. And I do mean slowly into the commercial space. And by when I say commercial, that’s an all encompassing.
It could be a warehouse could be very encompassing. Um, we are, I’m gonna start swerving more into that space because actually within that space, there is some segments and there’s some incredible options. And, uh, we, we’re bringing on probably the leading expert in a world, uh, in the world. Um, that’s going to help us do that. Okay. So news when it comes to that, but again, that’s going to be done in a kind of slow movement is going to be done in a very controlled way. And again, even within that sector, we are going to be very strategic. How we go after it, state of the union state, the unit is this. I’m going to tell you right now. It is an incredible time to be in the real estate business. In 22 plus years, I have never seen the opportunities that we’re seeing right now.
In 22 years, I have seen ups. I’ve seen downs. I’ve seen raises, I’ve seen crashes. I’ve seen it all I could tell you right now, I am more excited than ever. I’m more excited than ever about where we are right now. I don’t say it. I preach it. I do it. I’m an active participant in this. I’m an active investor. I’m not on the sideline saying you should do it. I’m a player saying, come join me. I’m so excited about it. Let me tell you what I’m currently doing. Um, you know, as is, is, you know, one of the huge advantages our partners have with us is they have the ability to the use, our money that, you know, in essence, my money, um, to do deals with, and that’s a big advantage for our partners. As a matter of fact, a lot of our partners, when they initially start, that’s exactly the reason they start as they, once they get started, they realized there’s so many other benefits it’s unbelievable and all this, but that is the big, one of the big advantages of why people start in our partnership.
Well, guess what? I don’t have. Well, I’m sure everybody knows this. Sometimes people don’t want to talk about it. I don’t have unlimited money, right? I mean, I have decent amount of money, but I don’t just have unlimited amount of money. I am so, so, so fired up about what’s taking place. I so clearly see the vision of what’s had had for us. I so buy into it myself, not preach it to you, but buy into it myself, that just this morning I was talking to Julie and I said, we got increased. We got increased the covers behind this as bring more on, come on, more trucks, more cash, more money behind us because I know it’s about ready to go crazy here. It’s about ready to get real. It’s crazy. It is right now is more, as we’re doing more deals with our partners than we ever have before, by the way, that’s for a lot of reasons, both a for the state of the union, be for the partners that we’re working with for the team that we have here is a lot of things that have kind of come together.
But I could tell you right now, we are beefing ourselves up because what’s taking place and what’s about ready to take place is even more exciting that what’s taken place here in a short period of time, the state of the union, as far as real estate investing is concerned. We have an incredible, incredible present time that we’re in at least from a short term to mid-term timeframe. I can tell you, I fully believe it’s only get better. How long would that last? I can’t give you that, but it’s like anything else. I was taught this by an incredible mentor of mine. His name was Reggie and Reggie was an entrepreneur of the year by success magazine. So he had all the credentials to be not only my mentor, but he ended up mentoring. A lot of guys around the country. He’s recently passed away a year or so ago, but Reggie told me this principle in business.
Um, I remember Reggie told me, Pete business is kind of like being a surfer, a surfer. You may sit there on that board for hours. You may just sit there, but then all of a sudden, the right wave will hit. And when that white right wave hits, you better get on and you better ride it for a wall it’s worth because two things, one, it’s an incredible wave. Two it’ll come to an end. And he said, Pete, that right there is a definition of successful people, as opposed to the guy looking and never doing. And I could tell you right now, we’re in a wave. We’re in a little literal wave when it comes to our industry. And the question is not whether we are in a way we’re not, no, one’s like putting this up for like debate. Everybody knows it. I don’t know anybody who would argue my point in the sector that we’re in. I don’t know anyone.
Couple of questions. Are you in the wave? And how long will the wave last? I’m on the wave. I don’t know how long it’s going to last, but I’m going to squeeze every single thing I possibly can out of it. And that’s ultimately, when people make a decision, you know, if you’re a partner here tonight, here’s the decision you gotta make tonight. Are you squeezing everything you can out of it, even with our help, are you truly squeezing everything you can out of it? If you’re not a partner here tonight, are you ready to squeeze it? And if you are, you got one or two ways to do it, go figure it out yourself. Problem with that is you may actually miss the wave. It’s a toughest, tough, tough, tough business to figure out very tough. Nothing in this business happens overnight. If you’re going to do it yourself, you probably go backwards before you go forwards.
Now you’re riding a wave and just going over to crest and like, well, let me practice a little bit. You’re done. So if you’re not a partner, you’ve got to decide, are you going to just okay to miss it or you’re ready to crush it. If you’re ready to crush it, we’re ready to help you. If you’re not a partner here tonight, we have a couple team members on standby here tonight that are ready to talk to you and get you into the world of partner-driven real estate investing. And you can call them directly, go over whatever questions you may have, or you may do. What I usually do is like, let’s go by the way. Part of being successful is being able to make a decision without having a hundred percent, all the facts. Only people have all the facts or the wants to do nothing, but the couple of key team members on standby here tonight at 770-746-8585, 770-746-8585.
Guys, I had fun. I really did. I love doing these because I get fired up myself, right? Sometimes you know the answers, but verbalizing them gets even more excited. We’re in unprecedented times, incredible times to be a real estate investor. People need us what an incredible opportunity where you could actually help someone and profit from it, incredible time. So on behalf of myself and this whole team of people that are behind me and make all this stuff happen again, my name is Peter Vekselman. I hope I see you this weekend, June 26th, June 27th here in Atlanta, Georgia at the partner-driven live. If you’re kind of on the borderline wall, I don’t know. I mean, it was this guy, even real? Where’s that team behind him? I just want to go to show up at partner-driven live, it’s less than a hundred bucks to sign up. And I think if you show up there, all the questions you may have, all the doubts will be erased. And if nothing else you’ll learn a ton. So Peter Beck sullen I’m signing off, but I’ll be back. Same time, same place next week. Thanks guys.