Nick Huber

We're going to borrow anywhere from 50% to 70% of the value of a building.

And if you go from paying 3.5% on that debt, $35,000 to service a million dollars in debt, to paying 7%, $70,000.

Imagine if your labor cost quadrupled in a service business.

That's essentially what happens in real estate.

So it drives the value, what people can afford to pay, down.

So all the buildings that you bought in 21, 22...

I mean, there's guys that are going broke in the real estate business right now in real time that I know.

It's total carnage because they can't sell their buildings for what they were worth because nobody else can afford to pay that higher amount of debt interest either.

Does that make sense?

Right.

So yeah, we bought a lot and we had some stress, dude.

Like we had some tough conversations.

We we got out without raising any additional money from our investors and we replaced all of our loans, meaning we refinanced them and we didn't have to call a single dollar from our investors.

That's a massive win.

Many people else are calling capital calls or they're actually losing properties.

We were able to increase revenue quite a bit when we bought a building.

And we've done things now, like we replaced our inbound sales team with South Africans who are actually sales trained.

And our conversion rate went from when we were in the Philippines from 30% to 42% in South Africa.

So revenue is up 15% year over year.

But yeah, man, it's not easy.