SHOW NOTES

Tim Harris of Tim and Julie Harris Real Estate Coaching has been in the business for over 20 years.  From being a top producing agent, he and his wife have become one of real estate industry’s leading coaches. Also, they are the best selling authors of several books, one of which is the HARRIS RULES, Your No-BS Practical Step by Step Guide to Finally Becoming Free.

In this episode, Brian and Tim talk about how Tim and his wife got started in coaching, what sets them apart from other coaches, and what’s his take on how the pandemic crisis is going to affect the industry and what we need to do to survive it.

In this episode, we talk about…

  • 03:33 How Tim and his wife Julie got into coaching
  • 08:38  What is the biggest thing that sets Tim and Julie Coaching apart from their competitors
  • 11:43 What is the current situation of the real estate industry and where is it headed for the coming months? 
  • 19:26 What should we be focused on amidst this crisis?
  • 22:28 How to get the Ultimate Agent’s Survival Guide
  • 30:33 Why we need to hope for the best but prepare for the worst
  • 50:31 What will the new normal look like?
  • 54:02 How to make a profit at this time?

Show Transcript

Brian Charlesworth
Hey, welcome back to the show. I’m Brian Charlesworth. I’m the founder of CCU and the host of the show, and today I’m here with Tim Harris. And Tim has been in the real estate business, I think, for over 25 years. Now, I’m gonna let him correct me here in a minute, because I know he’s gonna have some updates here. But he was a top producer, he and his wife, Julie, and for many years, and I believe it was around 98 that you guys got into real estate coaching. Pretty much that Yeah, yeah. And I know you guys have been named by Inman as well. I think it was the best coaches in the industry. So congratulations. That’s pretty cool.

Tim Harris
I don’t think technically that was right. But it was something close to that. But actually, something happened the other day, which was equally as cool was that Motley Fool came out with a list of top real estate podcasts for in every sector like commercial and we’re named number two only beat by National Association of Realtors. podcasts. So that was kind of fun.

Brian Charlesworth
Okay, so and I was just about to say, and you have your own podcast, so, yeah, for those of you who don’t know that after listening to Tim today, you’re probably gonna want to jump into his podcast as well.

Tim Harris
Or they want. What’s up? Are they? Well, there’s no guarantee.

Brian Charlesworth
Yeah, possibly. So anyway, Tim, thanks for being here with us today. What is the name of your podcast? Just so everyone knows

Tim Harris
Real Estate Coaching Radio

Brian Charlesworth
Okay, great. And what do you want to add to that intro? What what are some key things that we should know? I maybe I should let everyone know you actually live in Puerto Rico. So that’s, that’s also a cool fact.

Tim Harris
Yes. And this is not a background. Maybe it is. Or maybe it’s real. Well, so this is a this is available in Barnes and Noble. It has almost forced 405 star reviews on and it’s also available does you can’t go to Barnes and Noble on Amazon. And so this is a book that we released last June. So definitely grab hold of this book. It’s the perfect it’s the perfect quarantine reading when you’re done. Oh that

Brian Charlesworth
So for those of you who are listening and not watching that book is Harris rules. So go pick that up, Tim, what is what is that book about?

Tim Harris
Well, it’s essentially a really nice philosophy of real estate. Essentially, it’s a it’s a big, it’s our scaling of a complete business model, the goal of that book, and it was actually the second version of the book, The first version of the book didn’t have enough drill down information. And so we went back and redid it. And I don’t know if you’ve ever written a book before, but it really sucks all the revisions and trying to make it right. But this book essentially is designed so anybody can pick it up and have a very clear blueprint, a roadmap of how to build the real estate business.

Brian Charlesworth
Okay, exciting. Great. Well, most of our listeners are in the real estate world as well, mostly top team owners or brokers. So it’s great, great to know, thanks for sharing that with us as well. So tell us, Tim, how did you get started in coaching? How did you get started in real estate coaching?

Tim Harris
Julie and I, we’re hiring stars. hired me to start from either 97 or 98. And for those of you guys who don’t know, in this day hard Britain was now passed away. He was, I think probably the most influential person in real estate, you know, and to be a hybrid star means that he’s sort of plucked out of obscurity and sort of put you on a national stage. And he’d heard about, you know, in our earlier 20s, we’d sold 100 houses our first year, and then we went off to sell 100 to 200 houses a year for about 10 years after that. So we needed to start. So we’re, where’s this big convention, you have to start starting our retreat. I don’t remember where it was. And we’re in the back of the room, and Howard is up on stage and there’s like, 2500 people, maybe 3500 people in the audience, I would always do the biggest crowds, most enthusiastic, you know, people love them. And so he started he did, you know, normal cat monkey show and at the end of that, he said, I’m starting you know how to this great voice. I’m starting, you know, my coaching programs, all of you have asked me about it. You know, it wasn’t even a formal pitch. It was just like It was like an afterthought. It felt like an afterthought. And then he said, for those of you who are interested in having me or you know, Amy Steyr, and some other people that been certified as coaches, you know, if you guys are interested in having a coach, you come up on break and put your business card onstage. And so we’re in the back room. And we saw, like, half of the room just mop the stage, we’re playing cards up on stage. And Julie and I are like, what the heck is happening? It was literally the start of a, essentially a movement really in real estate right there at that very moment. So during that same break, we had people that were coming up to us, and asking us if we would coach them Well, we’ve done things called shadowing before, where you’d have somebody fly in and they’d spend the day with you, you know, that kind of thing. But never coach. We had no formal coaching background or experience. And, you know, but Howard, you know, we saw this opportunity and we started saying yes, and one little, you know, a month later we had, you know, maybe 30 coaching clients, we didn’t know what to do, or we have to figure it out. So Julie and I, being the people that appreciate a challenge to learn how to do it, we certainly took classes we read books, we just put really what made us good at it was just doing literally thousands and thousands of one on called one on one calls. Now that was, you know, back in 98. Fast forward, Joey, and I think that we did each individually done over 100,000, easily 100,000 individual one on one calls. So hopefully in that intervening, you know, 10 plus more amount of 20 plus years, we’ve gotten relatively good at it. But that’s that’s essentially what that’s where our blog was a form from all those coaching calls. Like it’s one thing to know how to do something at a high level. It’s another thing you know, how to teach other people to do it at a high level. And that’s what all these years of, you know, coaching has taught us how to do is teach other people how to succeed at a high level in real estate. We don’t profess to be expert outside of our own little, you know, myopic wheelhouse of real estate, but if you’re a real estate agent or if you’re a broker, chances are We’re going to be able to help you guys do things at a higher level. And our focus, you know, our one of our core beliefs is product, there’s profit as your product. And so every decision and everything we push people to do is always driving back to that one mission. Is this going to make you profit? What’s the profit margin, versus just spending and spending and spending and hoping the profit falls, which it never does, but not break? down to your question, people started coming up to us and asked me if we coach them into which we started saying, Give me your business card and we’ll figure it out. We did. And like, for example, one of the people that gave me his business card true stories, Michael Gordon and his wife and haven’t been, you know, went on this is back when they were essentially starting the real estate business, Michael Robin board. There. I think the top agents mainline Philadelphia, which is you know, what they do typically hundred, like 20 million, I think, or maybe 80 million, I don’t remember per year. And they, you know, they were one of our first coaching clients, we helped them form their business and, you know, they’re, like I said, they’re gonna be very successful and we’re blessed that a lot of other fights like that as well. You know, When you have when you’ve been doing it for long as Julie and I’ve been doing it, you suffer long term clients that come like family members. And that’s kind of a difficult path to walk because as a coach, it’s the Captain Janeway from Star Trek quote case, you’re a geek, like me is that you know, because I’m your captain, I can’t always be your friend. Well, you know, over time you become friends, but friends where there’s a little bit of a buffer so that you can still coach them to do a good job holding them accountable and kind of calling them out on their bs when, frankly, nobody else in their lives will top producers as I’m sure you know, Brian are flooded with people that are giving them constant adulation, but nobody’s willing to tell them the truth when they’re off kilter, going the wrong direction. That’s what people hire us to do.

Brian Charlesworth
Great. So what what would you say is that there are so many people in coach so many coaches in real estate, which I love because I think, I mean, going around, I see those top team owners, brokers, they all have coaches, right. And so what’s the biggest thing that sets you apart, and you’re with us.

Tim Harris
So the I would say the biggest thing that sets us apart is our experience that truly I know it sounds like Mickey Mouse, but it’s true. I don’t know if there’s anybody else there, let’s say, in the coaching space right now, individual coaches that have been doing it as long as we have with the intensity that we have with, you know, coaching agents, all different markets and all different market conditions. I don’t think there’s anybody. I really don’t I mean, there’s some people that call themselves coaches have never sold real estate before. You know, I don’t, I can’t think of a single person that’s been doing it at our level, but our intensity for as long as we have. It does. So there’s no rules or restrictions that are preventing you from basically, like we created this website A long time ago. Hopefully it still works. I think it does called compare coach calm. It’s to teach agents to go in and ask questions so they can make an educated decision who they’re going to trust their business direction with, because a lot of agents they’ll just hire this coach because they’re supposedly a coach that knows about this particular thing. But they don’t know they’re not asking the business questions. They’re not Asking. Okay, so I hired this guy to learn how to do you know, whatever it is that I’m supposedly wanting to learn? Why do I want to learn how to do that? What will it really deliver in terms of profit to my business? How much is this going to cost? How much? How long is it going to take? You know, like I said, we always go back to profit, because selling real estate doesn’t make you rich. It just doesn’t make you a good lifestyle. It doesn’t make you rich. It’s what you do for the profits, when you reinvest those profits that makes you rich. So if you have no profits from your real estate business, which frankly, most agents and brokers don’t, then you’re never going to be rich. And the simple definition of rich is to you know, unpublicized. It is it’s where your money works for you and you no longer have to work your money. So our vision for all of our coaching clients is one day they wake up, and they live in Puerto Rico, and they don’t have to work for their money anymore because their money is working for them. Now they’ve gotten to a point where they don’t have to have transactional based lifestyles anymore, which is, you know, it’s the old I think, kind of bad joke. There’s no such thing. Uh, you know, there’s no right rotors don’t retire, there is no retirement for most, you know, real estate agents. They just don’t they, you know, they fade they pass away.

Brian Charlesworth
Yeah. So one of the things we want to we want to definitely get into today. I know you guys have an ultimate agent Survival Guide for this COVID-19 pandemic going on. We’re going to get into that. But I, before we get into your survival guide, I just have some questions. I know, you guys posted some stuff on your website that talked about, you know, how many borrowers I think it was 3.4 3.5 million borrowers now are in forbearance. So yeah, let’s talk about that for a minute. What what’s going on in real estate and what do you see happening in the future but what’s going on now? First, where are we today is the country.

Tim Harris
Thank you for reading our website, preparing By the way, I appreciate that.

Brian Charlesworth
Absolutely.

Tim Harris
Having done several of these per day, it’s nice to have someone actually took the time well, so you want to data, you want to discuss it?

Brian Charlesworth
I just wanna, I just want to get your thoughts around it. What do you feel is going on there?

Tim Harris
Okay, so we think and i can i can give you the background behind why we think this way. It’s not necessarily our opinions. It’s the opinions of a lot of people that are a lot smarter than us. And we’re listening to what they’re saying. So our opinion is, so this is may 1. And between now and the end of the year, this is what we’re going to experience we’re going to ask the different states start to essentially allow people out of quarantine, you’re going to see all the pent up demand that should have happened up to this point of the year, it’s going to flood the market for the buyers that are still able to buy the mortgage companies have changed the criteria there’s been all kinds of overlays as you mentioned, Brandon read about our main website to enjoy hers calm segment their research that themselves but the bottom line is is buyers that were qualified 60 days ago agents make sure you get pre qualified. So we do think that there’s also there’s a lot of sellers that had to sell 69 days ago and now they really have to sell it Then there’s all the sellers that are going to be entering the market because of the virus that are going to have to sell. And those are the ones that are going to be, frankly, maybe months away from being distressed because the forbearances, which you’ve asked about, but the reality of it is, is that there’s going to be the old demand, the demand that was, you know, essentially put in quarantine now that’s been pushed forward, and you’re gonna have new demand. It’s only because of the, you know, the quarantines and the virus and unemployment that’s going to essentially have to happen in the next three or four months. So in our opinion, what’s going to happen is there is going to be something of a relief valve that’s going to take place or you know, some people have been saying saying a V shaped recovery, we buy that to the extent that it’s going to be a V and that’s going to dip back into something else. So it’s going to be like, you know, a W that’s the that’s the prescription that Julian I think makes the most sense. So we are here in February, okay, now we’re here like unemployment and all these other things you’ve mentioned. We’re going to go back up to here, and we’re going to go back down to here. That’s what it looks like to us. So what we’re preparing at Do are begging that they listen to us is they make the most of save between May, June, July, August, September, and then probably by October, if not before, you’re going to start seeing all that, that market demand is going to be out. People are going to be really freaked out about the return of the virus which is going to happen in the fall. Not me saying that. I’m certainly not a doom and gloom er, I certainly don’t want it to happen but it does seem like that’s what’s going to happen. And in between that, well unemployment now is that it stuck historical highs, no great depression levels and above while the you know, unemployment and while there’s no either vaccine or therapy for the virus, you all that insecurity and uncertainty and the fear as long as that’s in the market, people are going to feel confident as long as they don’t feel confident. They’re not going to be buying anything, let alone real estate. And as people come out of quarantine, like Kevin, Puerto Rico, evidently we’re going to importante to the end of May, which we just found out about yesterday. Go And so when we, when everyone comes out of their little forest hybrid nations, they’re going to be discovering a world that looks completely different mainstream, it’s not gonna look like mainstream anymore, like people are saying, the government stimulus programs, all these government bailout programs thankful for them. But they’re not going to say they’re not going to actually have their attendant consequences. All they’re really doing is cooking, kicking the inevitable can down the road. Restaurants are the overused example. But it really does make for a good example, if you’re a restaurant owner, and you got a PPP loan, and you’re able to borrow, say, $200,000, which basically turns into a grant to even have to repay, provide you 75% of their payroll. We’ll talk about that if you want to, but let’s just say you do that you take that money out. And let’s say you decide that you can pay, you could pay you know yourself 100,000 you could pay your wife 100,000 work and said grace time, but if there’s no return of demand, because people aren’t going into your restaurant, or the government mandates that your restaurant has all you know, tables and chairs have to be pushed further away. In other words, you’re not able to create enough volume to make your business viable if you have employees that don’t want to return to work, because they know that tip structure is not going to be there, because there’s not going to be enough demand, and they want to stay on employed. So what I’m saying is the viability of that business, the ability for that business to exist, has evaporated. And that’s not going to come back until there’s a vaccine a therapy, and frankly, people feel more confident that they’re not going to lose their jobs. So in our opinion, that’s basically it. And so what we’re asking, again, begging agents to do is listen, and essentially take absolute amazing action in the next four or five months, do as many transactions as I can absolutely do as many of these bailout programs as they can stack their money as high as they can, and they have to get ready for what’s going to be so right now we’re in this transition period in the economy, but on the other side of this say late, late this year, early fall, winter, then we’re going to be entering into what’s going to like right now we’re in what is waiting Because mark my word in a month a depression, and then we’re going to hoping for a recession. And then as we go through a recession, I mean, you’re you and I look like at about same age, you’ve lived through recessions before. So by. And so during the recession, most recessions are, you know, they’re relatively short, predictable. This one’s going to be long term, because we have so much damage that we have to fix all that up here, Brian, here’s a crazy statistic I didn’t know until July and I researched it for a podcast, guess what person you’ll probably get it right. I can tell you’re smart. Guess what percent of all, like all people in the country all gainfully employed people, guess what percent of those people work for something that’s termed a small business.

Brian Charlesworth
That’s a very high number. I don’t know what it is, but it’s a high number. I’ll go I’ll go I’ll go with. Let’s go with gotta go with 80%. We’ll go with the 8020 year old,

Tim Harris
it’s almost 100% it’s like 99.4% or something. So literally ever Anybody works for small business now people are saying what 10 you’re talking about small businesses that are service sector so their hair cutters and all these things they talk about but that’s every aspect of this every single song on planet earth level in our country are getting affected white collar people are losing jobs. Anybody in any industry and it’s just dominoes is one like my brother in law mark. He works in Columbus, Ohio, and he has he works for a company that sells chemicals to restaurants. Well, that’s probably not gonna be doing very good. His wife is an accountant for worksite Country Club. Well, I mean, how’s that gonna work out where people are gonna be a paid a country club dues. If you start thinking about how all of us are so closely inter inter wound in terms of how the economy works, it’s one Domino than the other than the other. So it is with all this government money is done. It’s prevented the dominoes from falling as quickly but they’re still falling. And you’re seeing that in that GDP. You’re seeing that in the numbers that are coming out of the government every day. So as I say this, I know it sounds very negative. I’m on duty reporting the news. And I no real I totally completely realized because I’ve been paying attention to what other people are saying that everyone else is just blowing sunshine up agents butts because frankly, that’s easier to you know, you don’t want to deal with the ramifications of making people scared that here’s our stance, I’d rather have our podcast listeners and our coaching clients be scared and take action, then be complacent, believing that this isn’t going to get worse. Because the ones that take action, even though originally they’re scared, they’re the ones who got to do great in the new market.

Brian Charlesworth
Okay, so let’s talk about this because one of the things you said that caught me caught my attention is you were talking about how the market is going to be flooded. So, as an agent, it seems to me that it’s a time to really focus on listings, because there’s gonna be a lot of homes coming on the market, right? So if I’m an agent, or if I’m a team owner, or a broker owner who’s actually working with my agents, what should I be focused on is it going to be like Go ate when, you know, the banks are actually taking people’s homes again, and we need to start working with banks or what should we be focused on?

Tim Harris
That’s a great question. I agree with the premise of your question. 100% is that agents whose businesses are based on buyers are the ones that are going to suffer the most, and agents whose businesses are based on surges of influence past clients are also going to suffer the most. But getting to the heart of your question. So yes, all your best energies have to be focused on becoming powerful listing agents and to the foreclosure distressed train is not leaving the station anytime soon. The key there is and so how do I know that the one opportunity that we do know is a bubbling up or doing bpos now that that’s, you know, a different kind of work but it’s worth puts money in each other’s pockets, but as far as like short sales and foreclosures, eventually that’s going to play out because that’s what’s going to happen, but it’s not going to happen probably for Honestly, I don’t think it might I might not even really in earnest until the middle of next year, and all night. So Julie Back in the housing crash, we’re the first cookie company start teaching agents how to do short sales, and then how to do Oreos. And when we, all those old contacts, we had not just the people that were in the asset management side of things, but also the people in the FDIC national, a National Association of Realtors, we’ve gone we’ve asked them because we, you know, stayed friends with many of them. What are you guys seeing? And they’re saying, what I’m saying to you is what they’re saying to me, as long as the forbearances are in place, as long as like you mentioned forbearances for any support, and we kind of put a period into that sentence. Yeah. Which by the way, ties to this Survival Guide, one of the point number four, and the survival guide, is every single agent needs to be put in every single mortgage that they have into forbearance, and they need to do it a month ago, and the AP cares act specifically says that you can put your mortgage into forbearance if it’s a government backed mortgage right? Does they control the servicers do for 12 months? It does not cost you anything. There’s no balloon payment at the end. There’s no hit to your credit. There’s no application fee. There’s no nothing. Now, I know there were some confusion that in the first month where inspect those mostly confusion about people that are costing around that information, they get one for 90 days there was a balloon payment what I just told you?

Brian Charlesworth
No, you’re saying that balloon payment that everybody heard? That is not correct.

Tim Harris
Well, so some of the I do believe that some of the servicers were saying that to borrowers, but the truth is, is that and we had coaching clients do this they got a copy of the actual cares act and one in particular then called Freddie Mac, got an email from Freddie Mac stating what essentially what was supposed to be done call her service are backed up and named her service are different 12 months forbearance. So and we you know, that’s it. So that’s what everyone has to be good, but all your stuff in forbearance if they give you any pushback whatsoever, I just told you you guys already have the bottom line. Brian, do you mind if I tell them how they can get more information on that?

Brian Charlesworth
No, no, no. Please do.

Tim Harris
Tell them to text a text the word survival 2319 nightsticks text, the word survival 231996 million ideas, we’ve taken all the information on all these things that we’ll probably touch on. And we put them behind that it’s a free coaching product basically. And there’s a daily free coaching call that goes along with it. So you guys can learn how to do all this stuff. And there’s two benefits to this one, you get to save your own bacon. But then you can use this to call all everyone you know everyone your church or synagogue or mosque or your neighbors, your friends, your family, everyone you know, and tell them to do the things that they need to be doing now to prepare for what might be one of the worst economic crisis of our lifetimes, it’s going to come probably leading into 2020.

Brian Charlesworth
Okay, so you’ve shared a few things from your survival guide. But let’s jump in and start at step one, so that we can make sure we catch this. Can we do that?

Tim Harris
Yeah, no, it’s good. All right. So first of all, the stimulus which all of them get without doing anything, but on that, in that, you know, they text the word survival at 31996. We’ve included in there a stimulus payment tracker, so if You haven’t received yours yet the IRS just email or wires it to you. If you haven’t received it, you should have by now and effectively, if you’ve earned less than $100,000 It’s a handout for 13 to 1500 dollars. Julie has all this stuff memorized better than I do. But so there’s that that’s easy enough for you to do. The next one is the SBA pay paycheck Protection Program. Now this one is like the forbearances. Brian was very confusing, but it’s also pretty wonderful. So here’s the bottom line. And I’ll just give you the bottom line and then if you have any questions about what you read or heard we can hash through so if you’re a 1099, self employed, or your W two, you still qualify. So you do not have to work for a company. And effectively what they do is you you thought and we give you a list of the backs that are doing it the quickest and you know, give you all the forms and tell you how to do it. Go to paypal and by the way, PayPal seems to be getting a SBA PPP alongside the quickest as about two weeks ago, and you don’t even have to have an account with them, which is crazy. So they’re going to ask it’s two pages, they’re going to ask you, if you filled out your 2018 tax return yes or no, yes, they don’t ask you to turn it in, they’re going to ask you what your average monthly income was either 1099 or w two, and they tell you how to go figure out who is easier, obviously, the 1099 then they take that number, they multiply it by two and a half, and then they give you that loan. And if you use said loan 75% alone for your payroll, even if it’s your payroll, then it turns into a grant. And you don’t have to pay it back of the form. You have to file a form saying that he is 75% of your payroll and it’s on that text, the word survival 31996 The form is there. So they didn’t get that form. You turn it in and then the loan you got was turns into a grant. So putting this into real numbers let’s say you’re successful real estate agent and your you know your W two you work for your corporation, your only employee By the way, if you have if you have employees working for you, and like say, you know, you work with teams, we work as well. And so if you had like, you know to pay, you know, W two staffers, let’s say, you can apply for PvP to cover your own payroll and their payroll. So let’s say you paid yourself $10,000 a month between the two of them, you paid them $10,000 a month says $20,000. Right? You can apply and you’ll be given a it’s not dependent on your credit. It’s not dependent on your anything behind within this operation had to be in business prior to February 15. They give you they’ll give you a loan using my example for two and a half times $20,000. That’s the way it works. If you use 75% of it for payroll, then you will not have to pay it back after you left.

Brian Charlesworth
What if if you use 70% for payroll?

Tim Harris
I don’t know. I don’t even know how they check, honestly. Okay. Yeah, I know that they do. They’re they’re giving you the like the 25% you’re supposed to be allowed to use it for You know, rent and mortgage payments and things like that. So you’re allowed to do that. So that’s so the PPP money’s been a big, it’s become a political hot button, but it really shouldn’t be. So they the first round of that was 349 billion. And then they came out with I think it was 300 or 309 billion. And they’ve already said they’re going to keep doing it, keep doing keep doing it. But the main thing is, is you have to apply your syntax, right, you have to apply to three different lenders. And you will get three different pvps, the first lender that essentially grabs it, and then assigns it an SBA number, I’m not to giving you these terms, right, I’m just trying to pass one concept, then the other applications are canceled, but like if you apply Wells Fargo, Wells Fargo said, you know, though they’ve changed it now, but they said we’re not taking any more applications, whereas a small local bank will take applications so you got to apply it three different lenders. We’re definitely suggesting PayPal be one of them. And then I had probably today, I don’t know 15 people comment on various things. I’ve done the Already got their PvP lines. So there it is. That’s the first one. Now the next one, if you want to stay on track, you have any questions about that brand?

Brian Charlesworth
No, that’s it. Let’s keep going.

Tim Harris
Okay, not an accountant, not an attorney. There’s my disclaimer, okay? We’re just we’re just doing real estate coaches. They’ve had to learn this in 60 days. Alright, so the next one now this one is very weird to talk about, oh, we forgot to talk about the takings clause really like that. We’ll talk about that in a second. Alright, so the next one is unemployment. You don’t have to be employed as a W two. You can be a 1099 a gig worker driving you know, for new whatever a real estate age and you can get an unemployment now. And the way it works again, encapsulating all of it is there’s a list I think it was a 20 things that you could like if for example, you were afraid memorize using the waiters, waitresses, going back to servers going back to the restaurant, so they can say I’m fearful getting to Coronavirus and that very fear we’ll make it so that they qualify for one planet. My daughter’s home She’s not going to school. We love it. But I mean, so just the very fact that Zoe’s home and that we’re having to take care of her means that we would qualify for an implant. So the criteria for qualify for it, you can even quit your job, right? you qualify for unemployment, you can be 1099 and qualify for unemployment. I have back in Texas, one of the guys that works on some of our rental properties. I was telling him about this and I was telling Greg, this is what you have to do. This is how you have to do it. He’s doing it all. So then employment, this is the thing it’s interesting unemployment, the state unemployment benefits of a writer on top of them as part of the cares act. And so the least amount of money that most people will make on a planet is about $740 a week, and some people will qualify for $1,000 a week agents realtors brokers, so you guys could right now be setting yourself up to get between 3000 and $4,000 a month. Think about that. Lifeline tolga but you have to apply you have to go through it now from I understand some of this states are like you know hold on these are you know we’re having to conform to trying to figure it out and so in some states are really slow to adapt to all this but the federal cares act, put $600 on top of whatever you would normally be qualified for. As for employment, had you been a W two remember normally on a plane it would never apply to people like you and me Brian

Tim Harris
You know, it only applies to people laid off people are I mean all the traditional reasons why somebody get out. Now it’s for 1099 workers. So this is something that’s never happened before which mentally and emotionally as a knock can’t put it together my mind but there it is.

Brian Charlesworth
Yeah, okay. All right. Next man. I’ll bet most about most realtors have not thought of that one.

Tim Harris
yeah, well nor by the way, National Association of Realtors, between PPP loan. And a thing I just told you about their their lobbyists, their chief lobbyists are they she essentially was aggressively lobbying for agents to take advantage of all these programs. Again, the urgency of this is that you have to do this now with the expectation that the you know, third, the fourth quarter of this year might be a little bit scary now, do I hope I’m right about that? No, I do not. Do I hope that things returned back? Yes, I do. Do I miss two months ago? Absolutely. I do. But in the meantime, we have to be hoping for the best but preparing for the worst. And when it seems like our industry is really good at is doing the whole thing but not going to prepare it. So we’ve taken it upon ourselves and you have to Brian, that’s the reason you’re having me on your show to help people prepare for the worst. Now. Can I Can we take a slight turn to the left to the right, and talk about Okay, so when I have to be honest, when Julie and I were starting to gather all this information two months ago, it was actually Round Julie’s birthday she turned 39 plus 10. On March 12, in the Coronavirus of the United States on March 11. We started hearing rumblings from, specifically from people that we knew that worked in the government back from our distressed real estate days. Specifically, the FDIC, we started hearing about these different programs that were being rumored to come out. And our friends were sort of telling us that we didn’t believe any of that, because we thought it was just too far reaching, how could they possibly be doing all this? This is going to be an unprecedent historical amount of just incredible amount of money being printed. We didn’t even get consent. We couldn’t even intellectualize it. So it happened. Now, here’s the difference. There’s a lot of agents and I had this issue too. And a lot of people when we first started talking about this about 45 days ago, that thought what we were telling agents to do was effectively wrong. Some people were saying that was immoral. And I did too, to an extent, because the way I was raised is you don’t take a handout unless you need it. And what we were telling ages ago If you don’t know whether you’ll need it or not, so take it. And then I heard somebody naked. Actually somebody who lives here in Puerto Rico, somebody, an attorney, who told me, Tim, you’re completely wrong. This is not about morals. This is about the fifth amendment in the Constitution, the takings clause. And they, he told me that and then I went home and research so digitally. So if you read the Constitution, the fifth amendment takings clause, it’s the same clause that covers eminent domain. And the way we’ve been explaining it seems to make it past people’s natural resistance to you know, even, you know, accepting what we’re saying to be the thing to do was if you’re a farmer, and you enter soybean field, and the government came around, they said they want to build a freeway or railroad three offset sliding field, thus, you’re losing the ability to make money from said soybean field, they would have to compensate you for the land and the not only the value of the land, but the loss of your business income. That’s how it works. This is the same exact thing. The government came around and said, You you you, you all of us, you’re all in business, you’re not you’re not allowed to leave your houses. You’re not allowed to open your business. You’re not allowed to make money, you’re not allowed to you you’re taking away from you. That’s why they failed in your ability to actually earn money. So the government was legally obligated to compensate all of America for taking their ability to earn money. And that was this attorneys opinion why ultimately, the government was so aggressive and essentially creating all these programs. This is how it’s different than Oh, 70809 because, oh, 70809 that was a lot of people that maybe got ahead of their skis and were, you know, whatever you can, that may have been more of a world arc, right. But now not the same thing. This is completely different in the history of history, not just the United States for something like this has happened. So that’s the reason every single small business owner, every single real estate agent should be. I mean, taking advantage of these programs, if for no other reason that you have to take care of yourself and your family because there’s a really good chance that whatever’s coming after this real just Taking real estate, home sales, whatever’s coming next, as long as there’s no cure or you know, a vaccine or therapy, by the way, I hate it when they say therapy, say therapy is like them saying, Well, yeah, maybe we’ll create a vaccine. Maybe we want board agree therapy, right. But unless there’s something that’s viable unless the unemployment rate is no longer as high as it is, there’s going to be more massive economic disruption in the US and by the way, the global economy. So prepare yourself but again, third time I’ve said this, the grace Do not fear the changing economy Do not fear the changing housing market, do not fear boost president do not care what the interest rates are, do not fear any of that. Because no matter what the economy does, no matter what housing does, no matter what happens, period, they’ll always be real estate transactions. Back in the height of the recession. There were 4 million real estate transactions which mean there were 8 million sites that have right two sides for every transaction. That was in comparison to say the market where was booming where there was five and a half or 5.3 million transactions. So there was not that much of a drop off. Now people are saying there’s gonna be a 40% drop off. While we work through this, well, that’s fine. That’s still millions and millions of transactions that have to happen. And trillions and trillions and trillions and trillions of dollars, hundreds of billions of dollars of real estate commission. So you made, you just have to decide, like Brian was saying, become a listing agent. Because if you’re not going to focus all your best energies on being a listing agent, then you’re going to needlessly suffer. And so we’re all you’re the people that you’re, you know, morally obligated to take care of your friends, your family, your loved ones.

Brian Charlesworth
So Tim, one of the things I’ve seen on that front. A lot of our tools are around
team owners or brokers being able to hold their people accountable remotely and manage them remotely with leaderboards and sales challenges and all these types of things. Well, I’ve seen a lot of agents that I personally know just relax and, you know, a lot of people have taken two months off at this point, for sure, but I At the same time, I’ve seen a lot of our teams who are focused more than they’ve ever been, that have actually had two of their best months they’ve ever had. And so, I mean, I just want to point out the opportunity is still there, right? It’s not gone, even if listings are way down.

Tim Harris
Yeah, you’re working with skilled people like some of our best coaching clients, you’re working with people, like so there’s normally a lot of noise in the channel and now there’s no noise. Right? Right. We’re doing we have this daily semi private coaching call. Hundreds of agents are on it, you know? And so we’re all the questions are about like, how do I you know, the normal things you’d expect, but for the first time, some of these agents are finally starting to do the proactive work, the real work of real estate, and they’re they’re working on their expires, they’re working on their notice defaults. They’re working on the for sale by owners, they’re picking up the phone, and they’re calling the most motivated sellers. And they’re like, Why wasn’t I doing this before? This is, you know, this is not that hard, and I can pick up the phone and make one contact with someone who has to sell their house first. all this other stuff I was doing which maybe someday led to a transaction, I can actually proactive and do something today that’s gonna put money in my pocket, you know, 30 6090 days from now.

Brian Charlesworth
So now he has to sell, right? I mean, they had their home on the market. They’re committed.

Tim Harris
Right? I mean, if you are if you’re like I had somebody asked me this question yesterday, Tim, you had to go back to selling real estate. What would you do like expecting me to say something different than we served together podcast, right. I would pick up the phone and I would definitely call expired listings. It is a goldmine right now. Because all the agents that most like the thing the past Mark was basically who you knew, right? Because social social networking, it was centers of influence of past clients, this new market is about what you know. So it’s becoming a skills based market. So all these agents who were making doing transactions based on their ability to social essentially have centers of influence and past clients. They’re not the same agents, generally speaking, that are the top agents in the new market because if not the best agent, you can It’s one that knows how to do this, you know, all that surge of influence and past clients stuff, but also has the skills, the real sales skills to be proactive about their lead generation, when you get an agent that does both those things, that’s the best agent on the face of the planet. But most agents, they don’t do both. And most agents like 99% will only do the passive stuff because it’s easy requires no skill, and there’s virtually no rejection. Whereas in a time like this, where we’re going from this old market to No, now we’re in this sort of trough area, and we’re gonna go into this new market. This area here is all of 2020, probably beginning in 2021. During this time, you better sure as heck learn how to be a powerful listing agent. And then over here, the agents that were the top agents here, generally speaking, are not the top agents on the other side of the market. We seek wishing that happen continuously after every big housing disruption, of course this one Eclipse All

Brian Charlesworth
right. Okay. So back into the survival guide. I think we’re on number four, which you mentioned before we started in the service. Well guide is put everything in forbearance I believe. Yes,

Tim Harris
yes, forbearance and then keep track. All right, so the next one is the SI dl loan. Now we’ve heard different things about that. But that’s the emergent. That’s the disaster relief, fun money, the SBA for a while and given all that money away, but evidently they have reallocated that. Now, I don’t have the latest information. I can only tell you what one of our coaches told me. So and I the first part, I know the second part I’m not sure about so I’ll just tell you about. So when you’re filling out the ideal, or through the SBA, so for this, you go right to the SBA, you fill it out, and then they ask you a question, do you need, you know, $10,000 right now, like, Do you need a grant? Do you need this money right now? You know, they’re taking application giving you a loan. They’re asking you if you want cash right now, and you say yes, and then they were you $10,000.

Brian Charlesworth
Okay, my experience on that has been different than that. changed it,

Tim Harris
but they’re going back to that from what I was told. That was the second day

Brian Charlesworth
Okay, yeah. Because originally they they said that was going to be the case. And then they said, Oh, you only get $1,000 for each of your employees. Right? Is it back? Where it’s not that? Or is it still $1,000? For each employee?

Tim Harris
We’re saying the exact same thing when I was I haven’t confirmed this,Frank, because I’ve been on meetings all day, when I was told was this last, it was like 454 billion who knows right? of money that that was going to replenish that particular program, who is going to put it back to 10,000. And here’s the third part. And again, I haven’t confirmed this, that there’s going to be another 15,000 that’s going to be offered to you, like 60 days after the 10 if you want it that too is a grant basically.

Brian Charlesworth
Okay, so um, yeah, that’s that’s something that I’m not sure it sounds like you’re not sure is that is that only per employee. So

Tim Harris
Yeah, go to the SBA, where the website is that’s one of those things that was changing, right. So the criteria for that, as Brian just said correctly changed. And I was told this changing back. Who knows? Okay.

Brian Charlesworth
Another thing. Another thing to point out on that one is if you have taken the PPP, my understanding is you cannot take that because if you didn’t take

Tim Harris
You can I’m positive of that

Unknown Speaker
You could take that if you took that and then got the PPP that you are repaying that with your PPP money.

Tim Harris
No, that’s not true. You cannot go, you know, you can get the stimulus, you can get the PPP, you can get your mortgage forbearance, the idea alone, and you can get the last one, which frankly, I don’t think is really relevant to most anyone else other than big real estate brokers, which is the main street lending thing. They’re still working this out. But the gist of that is the loans. Again, if Julie were here, she’s gonna memorize 30 but I do let me see if I can cheat here anywhere.

Brian Charlesworth
No, no, I’m not even familiar with this one. What What is this one

Tim Harris
GG she left one for me. Okay, let me see if it’s on here.

Brian Charlesworth
So is this number six? This is after the EDL. There’s something just for real estate.

Tim Harris
No, just it’s the main street lending thing. No, it’s not on here. Let me look at this though. Okay, so the way the main street lending one works, it’s the, it’s a certain percent of your revenue. I think if I remember correctly, it’s five times your EBITDA revenue. I’m pretty sure that’s true. And then, but that Oh, by the way, PPP is a non recourse loan. Right, right. That’s something that I mean, non recourse means guys, that it’s not secured. Period. It’s not secure. You don’t you’re not personally liable for it. Now the Mainstreet lending program, they announced this like a month and a half ago, but they’re still working it out because it’s going to be a massive program. I think the minimum loan that they’ll do Brian is a million dollars, and the most remember correctly, it was just, it was like 150 million or something. And it I think the baseline is five times, like I said your data. Now, if I remember correctly, that was that loan is a secured loan, but I don’t remember the criteria. The last go round I read the interest rate was going to be less than 4%. But the terms of payback was only like four years. But all this stuff is still debating. And they’re actually haven’t, as of this morning, I have it on Google Alerts. They haven’t actually rolled out with the final format of applicate. Matter of fact, interestingly enough, the last thing I read was The SBA. And I think the FDIC went to the banks and said, How can we get these loans out to people faster, more streamlined, so they’re willing to put the money to lend inject the money, helicopter money, basically what we’re doing here, they want to put it into the economy faster, and these mainstream programs are going to be you know, something huge. Now. You did say something I think you might be right about this. That I think If you get a mainstream program loan, that they want you to pay your PDP back, or it’s one or the other. I think that’s true, but I don’t think that’s actually written. I don’t think that’s actually the rule yet or the wall yet. But I think you might be right about that. I’m thinking about remembering something like that.

Brian Charlesworth
Okay. So to be it sounds like to be a part of this Mainstreet lending, you actually need to be if we’re talking EBIT die, you need to be a profitable business.

Tim Harris
Yeah, pretty much.

Brian Charlesworth
that’s a that’s a large company, right? Yeah. Okay. All right.

Tim Harris
That’s not really most of your audience, my audience, that’s not really something that’s gonna be directly relevant that you might have some small business owners that are listening, you know, we just told them something that’s gonna save their business, you know, so I feel good about that. But all the others that will be something that every agent and broker should be taking advantage of for sure.

Brian Charlesworth
Okay, Tim, thank you is that I mean, is that the survival guide? Is there anything else that we’re missing?

Tim Harris
Well, it’s three parts, but I mean, this is the first part there’s three parts called personal but it’s called protectiveness called profit. The protect phase is basically, after you’ve done the proper the personal phase, the personal phase is basically putting your own mask on. First, it’s getting all these financial things squared away, it’s getting your money, right with regards to your budget, you know, all those types of things. And I’ll tell you, then after that, then it’s teaching you how to go about actually learning the skills necessary, and what you need to do to survive in this new market. And there’s so many different intricacies like, you know, you walk into the sellers house, in the Old Market, where do you really have to do it’s more of a beauty contest, to get the side more marketing and all the rest of it. In this new market, you’re gonna have to know how to solve sellers problems, and they’re gonna have complex problems. A lot of these guys, a lot of sellers, but the real takeaway should be that every single agent listening can thrive in the new market, they just have to let go of the idea that there’s going to be a return to normal. I’m glad to see that that’s kind of leaving the Zeitgeist, people start, you know, they’re not saying I wanted to return to normal anymore. They’re sort of emotionally accepting, almost like the basis of grief. They’re going to the acceptance phase, right? They’re not going to return to normal.

Brian Charlesworth
So I’m going to ask you what what is the new normal? I mean, we don’t we don’t know. Right? But things have changed the way real estate works has changed. People do. buyer consultant salt meetings just like we are on zoom today, people are doing virtual showings people are doing. The world has changed, and some people are still doing it the old way. And some people are doing it the new way. It just depends on someone’s comfort level. But I think, you know, we need to be prepared, things have changed, right? So

Tim Harris
Mostly good ways. I mean, your business is virtual, my business is virtual. There are some businesses that will flourish at higher levels. Because of this. You know, ESP realty comes to mind. There’s businesses out there that are going to just absolutely do incredibly well. They were before but now because of this. Well, you just said something very interesting. I wonder if you’re going to lose business as a practitioner. Because you are you have an inability to do like a zoom meeting to have a sale, essentially a sales presentation with a seller because you’re not willing or comfortable doing.

Brian Charlesworth
Well, are you showing that you’re that you’re changing, for instance, every in my wife’s business, which she has a team of 20 agents and a brokerage now, but in her business, every single time a new listing gets taken, they’re actually taking a sink that people are washing their hands at the front door before they go into a house, providing providing gloves and shoe covers and all that stuff. Right. I mean, the business is just different. Be proactive.

Tim Harris
Yeah. I mean, but it goes, it just goes beyond that too, because we’re going to be dealing with a lot of messed up scared psychological damage. You know, there’s been a lot to come as a result of this. A lot of people that have been under more, they’ve almost gotten used to the stress level at this point. But the unwinding of that is going to be something that’s going to change. Like me, Julie talked about this on our podcast today we’ve got a little six year old little girl. And I want to there’s a section of our beach here in Puerto Rico where we live where it’s not locked down. So they put people social distance, they’re being very respectful that she’s got her I see her little friends down there playing and I said so you want to go to the beach and my pleasure some of your friends and my daughter so he is a straight up extrovert a million times more than junior high. And she goes no data in she actually went like this no data, you know, we’re supposed to be I can’t play with him socially distance. She’s six. So she’s already got it in her head. You know, there’s there’s a virus, we’re not going near people that aren’t our family. Well, that’s kind of a fascinating little thing. Julie picked up on this. So it’s six if she’s learned that, how does that carry forward? That’s not just something she’s gonna forget. She’s always going to remember that. So the way that we interact on very basic levels, handshaking and just things like that, it’s going to change. I mean, what you’re going to In some environments where you’re going to offer your hand to somebody, and they’re not going to accept it, and that used to be seen as a slight right, and nowadays, maybe the person offering the hand will be the one that would have been seen as inappropriate or impolite, for not respecting that, you know, I mean, everything changes

Brian Charlesworth
Yeah. Yeah, it is. It absolutely is. So, I experienced that just a couple days ago. You know, some, some people are handshake, some people are elbow boom, and some people are, I’m gonna stay away, right.

Tim Harris
I know, it’s uncomfortable. It is. I mean, it’s totally weird. And, you know, is where I like to have people, you know, not everybody, but you know, and that’s, it’s gonna be weird. It’s gonna be strange. And what if you’re in Puerto Rico? I mean, this is like it’s a Latin culture, right? So everyone does the two kisses thing. I’m telling you, there’s Puerto Rican john here that just might just blow up because they’re so used to being so demonstrative with their affection for their friends. You know? These are the things that are it Really I mean, we can we can guess sort of, you know, work around those things in our heads forever. I guess if I could have your your folks just take one thing away is let go of what you there’s no normal. I mean, James, your question Brian, the new normal is abnormal, me people are gonna be walking around with masks on there’s going to be lines around Costco. They’re you know, your main street like another friend of ours here that owns a crap ton of subways, but he actually owns it’s hard to it’s like, it’s like a region holder of a bunch of real estate brokerages. Basically what he does, right? So those small business owners are basically going out of business, a lot of us, you know, small. And so if you think about restaurants, you think, oh, Shake Shack, well, I don’t know if Shake Shack, corporate and or not, I don’t think it is. But those are franchises that probably each of those are small business owners, entrepreneurs, how are they going to stay in business? How are they going to get the lights back on and then you have the dry cleaner and you have the movie theaters and then you have car dealers. I have a friend again here who’s got a bunch of car dealers. mostly in the south. He told me there are luxury cars, BMW when they sold like no cars in March like three. How does that work? You know, and then you just carry it or look at the look what oil did. I mean, you know, there’s so many unintended consequences of shutting down the economy and that bell does not unring that bell that bells gonna stay around for longer than all of us would like. So you don’t like what I’m saying some people don’t like dealing with it like that. And I don’t like what I’m saying either. I like to be more, you know, everything’s great. You know, here we are in Puerto Rico, and there’s my fake palm tree. But the reality of it is, I’d much rather tell people what they don’t want to hear or they don’t want to hear at the highest level that I can. So that six months, 12 months, 18 months from now, they didn’t have to leave real estate. You know, they didn’t have to suffer personally and financially. They didn’t have to feel like failures for something they didn’t do. Because you guys didn’t fail you’re not making the lack of your income right now isn’t because of you. The lack of your income right now. It’s because the government took your ability to earn money away. So you don’t To feel guilty about taking these programs, and I’d rather Personally, I’d rather, you know, feel uncomfortable sometimes delivering this information to people, then I would feel bad later. Now having told something to somebody that I know could have helped them. So hopefully I helped your guys.

Brian Charlesworth
So Tim your messages go take advantage of what you can the government has shut us down. It’s not our fault. Go take advantage of it. This is their fifth amendment, make it happen, right, make sure that you take care of yourself first put that put that mask in that airplane mask on your own face. So that when q3 and q4 this year rolled around, you’re protected and then the next steps are you taking care of your personal self. Now protect and then third is profit. So if people want to learn more about the protect and profit side, how can they How can they learn more about that from you guys? Because I know I know you have more information to share. I know we’re about out of time. So what’s what’s the best way for people to jump To learn more from you, and how do they get ahold of you?

Tim Harris
Well, lucky for you, I don’t have a lot to vamp on this. So we’re in the midst of writing it. I mean, basically, Julie and I’ve been spending all of our time writing the first part. So when you log into the website, after you get your free membership, that coaching program by texting the word “survival” 31996, the first section is getting, it’s not like even it’s a somewhat organized, you know, guide, but the information is being updated constantly. The second portion really is what we’ve been coaching agents to do forever, the real work of real estate being proactively Jenner. And the last sort of portion is what we’re working on now. That’s where we’re going to talk about profit. So the way you’re going to profit in this new market is not the way you’ve profited before. The nature of holding real estate, the nature of being a landlord, the nature of a lot of the expectations we have about how we make money and build long term wealth for ourselves. It’s kind of going out the world a window. I would very one of our neighbors and our friends. Here’s a guy named Peter Schiff. He has a great podcast I listen to it every day. You guys should listen. To add to and there’s a lot of other people who here’s another one, Ray Dalio go on to Google. Ray Dalio, LinkedIn, changing world order something I remember he’s written these really great detailed historical perspectives on where, why we’re where we are. And he’s, it’s free and just go and download and read it. Not easy reading, trust me, read it when you’re having some coffee, don’t read it when you’re having any wine, and then start listening to what all these people are saying, because what all of them are saying is there’s a big huge event that happens like this every 50 to 75 years, and we’re experiencing one of those now. And just to give you the punch line, they’re essentially saying there’s going to be a lot of inflation that’s gonna fall, followed by what some are saying hyperinflation when it happens, who knows what that means to Real Estate’s pretty clearly defined and we can talk about that an hour later, it’s up to you. But before we get there, there are going to be opportunities to make money, but if you’re on your back financially, because you haven’t done the personal section If you’re on your back financially, because you have to learn how to basically protect yourself and learn the new skills of real estate, and frankly, our economy, then you’re not going to be able to profit. So that’s the reason we put those sections in that order. But what comes next and how you essentially build wealth and, you know, become wealthy in the future and how you hold wealth is going to change. And it’s really going to radically change in very meaningful ways. Although, you know, the old rules unfortunately don’t apply anymore. Like Julie and I bought dozens of rental properties and our vision was to one day have them all paid off. Yeah. All of them for paid off. Great. That’s right. Go Tim angelic. Well, now it turns out that Guess what, this whole master plan we had, the tenants now don’t have to pay rent because there’s no eviction. So if they stop paying rent, and then they they’re supposed to be a national rent strike that people are organizing, the government says you can’t evict in most states for 90 days. You guys see how this is essentially changing the paradigm of owning real estate and a lot of people have purchased real estate you buy The depreciation the appreciation and cash flow, right? What if all the sudden you don’t have the appreciation anymore? What if that’s no longer an entitlement, then all you have is depreciation, all you have is cash flow that really puts into flux. A lot of the investment decisions A lot of people have made about buying rental properties. What happened to the whole vrb o market? What’s happening now, by the way, that’s a great lead source start calling up VR, but do we want to sell their houses, they’re not reading them. And they’re not gonna run them for a while those those are motivated sellers, you guys get it? So all the things, all the all those ways, most of everything that we’ve been doing, to make money in real estate is going to somewhat work being modified, but most most won’t work at all, completely add a new set of tools to your toolbox.

Brian Charlesworth
So I think the key here, Tim, and you said it best I mean, what you guys are trying to do is stay on top of this every day. You’re reading you’re listening to podcasts. I’m doing same thing. listen to podcasts that talked about this all was stemmed from 5g hitting the planet. So if there’s a lot of interesting philosophies out there, there’s a Tony Robbins Tony Robbins podcast I think everyone should listen to. He has two episodes about the Coronavirus Episode One really dives into, you know the the truth about what’s actually going on here. Just factual data about that I think is is somewhat positive that can eliminate a lot of fears out of people’s minds. So I think it’s definitely something you should make sure you’re educating yourself. Tim, I’m grateful that we had you on here today. You’ve given us a lot of great info just just that last closing. It’s like rental properties. It is something everybody has been in that everyone in real estate is in the world of rental properties. Is that a good thing or a bad thing moving forward? I don’t think we know today.

Tim Harris
Crazy, right? Yeah. Why? Why have rental properties and why have rental real estate? Why is the stock market? Why is that really gone up so much? Why is all that happened? You know, where is all this demand for all this conference come from easy money. It’s come from, you know, the Fed, essentially pumping trillions of dollars into the economy. And now they’re doing it now at such a rate that it’s never been nothing like this has ever happened before. It ever, ever, there’s never been this much money pumped into an economy before. This does not end well. You it’s not even debatable. It’s going to end with something that no one can clearly find Ray and Peter, and some of these other people that you could listen to, they all sort of have they all sort of you know, are on the same path and they take different paths as to what’s going to happen at the end of this. form your own opinion, educate yourself, but I’ll tell you what the punchline is, you got to learn what’s necessary in this new market. You got to be financially prepared, and you got to detach yourself and what you thought was normal. You know, I missed it too, but it happened again, let that go and start accepting the fact that the new normal until further Notice is the is our normal, the new normal is abnormal, except that and then you’ll emotionally feel better because you won’t be waiting around for something to happen. That’s never gonna happen.

Brian Charlesworth
Yeah. Okay. All right. Well, we’re gonna wrap up with that. Thank you, Tim. It’s been a it’s been a great time. Really enjoyed getting to know you better. And we’d love to spend some more time with you here in the near future. So today,

Tim Harris
Yeah, me too. God bless. Stay healthy.

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