YOUR DAILY REAL ESTATE INVESTMENT SHOW
July 4, 2022

The Future Of Real Estate Offers with Mike Russo

The Future Of Real Estate Offers with Mike Russo

In this episode of Cash Flow Pro, we talk with Mike Russo, founder of Sparkoffer.com. Mike has been in global luxury residential real estate for twenty years. Recently, Russo served as director of business development and COO of Concierge Auctions, a...


In this episode of Cash Flow Pro, we talk with Mike Russo, founder of Sparkoffer.com. Mike has been in global luxury residential real estate for twenty years. Recently, Russo served as director of business development and COO of Concierge Auctions, a global real estate marketplace specializing in the auction sale of luxury homes, where he auctioned a billion dollars in luxury homes in 26 states and 17 countries. His extensive background in this real estate niche and entrepreneurial spirit inspired him to create SparkOffer. The offering platform simplifies the selling process and gives
all qualified buyers have a seat at the table.

 

This makes him the perfect candidate to shed some light on everything we’d like to know about the future of real estate offers and everything in-between.

 

In this episode, we discuss:

·      The importance of location when investing in real estate and avoiding flood zones ·      SparkOffer and the future of real estate offers·      REO homes

 

Tune in on this episode to find out more!

 

Find your flow,

Casey Brown

 

Resources mentioned in this podcast:

  1. https://www.sparkoffer.com/
  2. https://www.linkedin.com/in/mikerusso1/

 

 

Transcript

Casey Brown  0:01  
Thanks for being on today, Mike. Appreciate it. Thank you. Hey there and welcome to today's episode of cashflow Pro, your daily real estate investing podcast and YouTube channel. I'm here today with Mike Russo of Spark offer.com. And Mike and I were just saying You're talking as the listeners are well aware, I do a lot of talking prior to the episodes in order to make sure we bring you the best content at the perfect time. So anyway, Mike and I were sitting here talking, we were talking about all the different aspects of the home buying business right now or really the this in general for from offers and cash offers to I was talking to him about some VA find them and we've talked about everything. So Mike's got a really neat story that I can't wait for you to hear. And so Mike, how are you today, sir?

Unknown Speaker  0:57  
I'm great. How are you Casey?

Casey Brown  0:59  
Man, we're doing wonderful, blessed. My stepdad always says the wife hadn't left and the kids aren't in jail. So we're everything's good. So, So Mike, tell us a little bit about yourself, you know where you came from, and how you kind of got to where you're going. I know you said a little bit about it and said it was a very interesting story. So I'm kind of all ears to hear it. So let us know. So so I've

Unknown Speaker  1:23  
been in real estate for about 20 years. I started in what was two weeks ago Realogy. And before that was send it in today's anywhere. So it's the company that owns Coldwell Banker century 21. So the BS International Realty Corcoran, like they're there. I actually looked it up yesterday in their public filings. They did 1.5 million transaction sides in the United States last year. Right. Wow. So that's where I started. I was in the Franchise Group at cole banker, then it Celebes International Realty, when we acquired that. And in 2006, I had this bright idea that I wanted to be in brokerage and I moved to Aspen, Colorado. It is one of the most beautiful places on earth. And I well, I wound up I was supposed to be a partner there I wound up owning it. I won't bore you with that story. But I own the brokerage I was doing well running the business like you should and and the market crashed. I didn't see the signs were really everywhere, right? They really were and and but the market crashed. I literally lost everything my I had a short sell my home, I told my kids at the January 1 2020. And I said 10 years ago, your mother I have five children, right with the same woman what? And, and I said to my kids 10 years ago, this is how you life can change with some luck, some blessing and some hard work and the hard work is a big component is is in January 1 2010 Your mother and I had $1,000 to our name $1,000 Her name and now we are multiple homes that cash flow will certainly is a show about cash flow. We'll talk about that. But I went to going in the auction business. And I wanted to become an a partner in a firm that's called concierge auctions. got acquired actually buy Realogy and Sotheby's broke Sotheby's auction house last November. And I left though in 2017. I sold my interest but I auctioned a billion dollars in luxury homes in 26 states and 17 countries. Right. And, and, and there's a lot of things I learned if anybody from your show like you find me on Instagram, whatever wants to talk to me about auctions, like I'll talk about auctions all day long. Right? Yeah. And off because this I'm a staunch believer that that auctions do not maximize price for the seller. Right then and deliver speed and it delivers these but there's

Casey Brown  4:01  
what I what I was that's the first spot my mind stopped was, yeah, you're trading a little bit of the retail bonus for the speed

Unknown Speaker  4:14  
that we're creating speed on Spark offer. Without auctions.

Casey Brown  4:21  
Okay. Yeah, go ahead. Go ahead with Yeah, yeah, yeah.

Unknown Speaker  4:25  
So so but we'll get into that, you know, I can go wherever you want. I mean, do you want to talk more about cash flow or how I look at properties when I see in the market?

Casey Brown  4:33  
Well, the first thing I want to do is go back I read an article yesterday that said that homes and that this is just for discussion purposes. But homes and Aspen, Colorado are in such high demand right now that you actually have the millionaires and the billionaires actually making the calls to the owners themselves and saying, hey, I'll buy that house like that. Like they're not even employing an agent to go out and do this anymore. They're just

Unknown Speaker  5:02  
like, I mean very well could I mean, I'll tell you the one of the things that makes Aspen and the Roaring Fork Valley it's very small. So the Roaring Fork Valley comprises four towns Aspen, basalt, Carbondale and Glenwood Springs. When I lived there still in 2011, that it's a 45 mile stretch. That's 25,000 people. Right full time residents say it

Casey Brown  5:26  
isn't Glenwood Springs where Doc Holliday, dad. Yep,

Unknown Speaker  5:29  
absolutely. And so in Aspen itself, you know, I always tell people, you know, if you forgot that location, location, location is the number one rule in real estate, like you need to go back to it. Right. And, and what makes Aspen unique. And this is actually a really good story as as the market shifting for people and investors and everybody else to think about is that Aspen itself is surrounded by natural national forest on pretty much every side. Yeah, right.

Casey Brown  6:06  
Exactly. Right.

Unknown Speaker  6:06  
There's very little buildable land, right? Yes, that's what drives the prices, right? It's the lack of the ability to expand. Right. And so So that's number one. Number two, what we saw in the crash of oh eight. And this is really, really if you're an investor, you need to think about this is, you know, for example, I live in a coastal town today in Marion, Massachusetts, that's near Cape Cod. I have an I have a staunch rule. I don't blog. I don't buy anything in the flood zone.

Casey Brown  6:44  
I will I'm, I'm in real estate sales, I won't sell anything in a flood zone and about 20% of our probably our homes in where I'm at, are in a flood zone, and I won't even I'm just like, hey, if you want them, you gotta go somewhere, because I'm not dealing with it. Yeah, I've seen any lawsuits they want to claim, I saw somebody that I saw a guy that was at our brokerage. He disclosed events, and then had them sign disclosure that said that they had signed a disclosure that he was in a flood zone like he had, he had basically a billboard on their file that said, this house is in a flood zone, and he got

Unknown Speaker  7:18  
sued. You got sued. And the thing is, I got one. But the problem would ensued is you have to defend it.

Unknown Speaker  7:30  
Oh, no, it actually is worse, because I've had it the worst problem is they go after you because you have Eno insurance, right? Yeah. And then the E and O company settles, even if you're right. Even if you're right,

Casey Brown  7:45  
it's the damnedest thing I've ever seen. And you've got attorneys that are out there that are just waiting, just waiting, and I'm not 100% Sure, now tell me, correct me if I'm wrong, but will the E and O company not turning around and then and then come to you and say, or is that why I guess that's why we

Unknown Speaker  8:04  
when you when you claim when you make that claim on your end, oh, they take over the litigation and then they're basically in control. Right? So the only way you stay in control is if you don't make a claim on your you

Casey Brown  8:16  
know, what I'm saying is when the EO E and O insurance pays out, like let's say they pay out a $250,000 claim. Do they come back to the agent try to recoup that or recoup

Unknown Speaker  8:27  
double you have to just pay your pay your

Casey Brown  8:29  
deductible and go on That's right. Okay. Yeah, see, I've never I've never had an Eno claim and I I've I've studied a little bit about it but not as in the auction business

Unknown Speaker  8:37  
is littered littered with litigation, right yeah. So So I want to go back to this is really important. So what I was actually starting to talk about in regards to Aspen is the importance of location and the importance of location not only you're in Aspen Colorado for example, but also within that location of aspen so when our market corrected in 2008 the the court because people would say like our prices never go down. And so but the core of aspen what's considered you know, the town itself, Red Mountain, those are the primary areas of aspen they didn't get they didn't get hurt sales slowed they didn't get hurt. Now I will tell you some people wound up selling for last years later what have you but what really got hurt was that fringe right the neighborhood that was a residential neighborhood for for locals that somebody now put up an $8 million spec house in that neighborhood because they you know, there was no more room in the core Red Mountain so they built something there then that's where people really really had the most damage. And and it doesn't matter whether it's whatever town you live in, in Kentucky or town I live in Massachusetts, every place has its like the real place that everywhere wants to be right. And and as far as I'm concerned, the hardest thing that everybody's really training themselves for is the pandemic threw through, like everything out the window. Right. So we just had a house on Spark offer in my little town and a house that I could have bought in 2018 for 475,000. Okay. Not cashflow. Right, I didn't buy it because it wouldn't cashflow. Yeah, and I can tell you a gazillion houses in my town from 2018 and 19 that I didn't buy because they wouldn't cash flow. Right. Okay, so now the pandemic happens. We get people Airbnb is on the rise, we're getting people that we didn't have before, that house resells and 2020 for 550. nothing done to it. Right. By the way, it's smack dab in my village, which is where people want to be because you can walk to the general store, you walk to the post office, you can walk to the Yacht Club, things you can't write in real estate description, but hopefully I can stay on your show. So the the that house, I can't say it was just on Spark offer. It just went under contract for near double what it sold for 2018. And they did nothing to it

Casey Brown  11:07  
for years. So you're talking about farm? You're talking about

Unknown Speaker  11:10  
it, we've sold for 475,

Casey Brown  11:12  
then and then it just went under contract for like 950. It's not

Unknown Speaker  11:16  
that high. I said it's near double, but you're double. Okay. It has an eight in front of it, not a nine. Gotcha. But that's a massive increase for three bedrooms, 1700 square foot house.

Casey Brown  11:27  
And I'll tell you what, and I've seen it repeatedly hear repeatedly, repeatedly, repeatedly, where like, things are things are double, basically, I mean, I've seen houses, I was just sitting here thinking as you were talking about that through a foreclosure that went to for sale. And this is a little more timeline. But you know, like 2011 2012 and 10 years, I sells for two and a half times they went under contract are sold and 2011 or 12, like 96,000. And then it just sold a matter of fact, my wife just sold it a couple of weeks ago to some clients and it brought to 15 to 20. Somewhere along that line. And I'm just like, I just I scratched my head a little bit because but one element to this that I think it we've talked as where this discussion has gone is seems to be over. Like where property values are right now. But it seems to me, at least through the real estate sales side of things, that we're dealing with a little better educated buyer. I mean, at least it seems that way. Like Like, like some of this

Unknown Speaker  12:37  
out if they're better educated, but they got more money.

Casey Brown  12:40  
That's the truth, right? Dang shirt shirt.

Unknown Speaker  12:43  
I mean, I was I was walking up the street today literally walking my dog and this woman that I see she says, Hey, what? What does it mean when I have a 10 day home inspection period? And I said, Did you go buy a house? And she said, Yeah, I bought a house in Rhode Island. And, and US Didn't you have an agent? No, I didn't. I just walked in Open House made an offer. I'm buying the house. Right? And and Rhode Island's not that far for me. Right? So I'm like, why are you buying a house in her? I just like it down there. I'm gonna use I'm going to Airbnb it what have you. And then I have a really, really simple cash flow calculation on asset value. Like I'm like, hey, what do you what is the place bring for rent, she tells me she pays paying like 500 grand. And she tells me the number I do a quick calculation. I said, well, at a 5% cap rate this house only worth 320. Right, that's a 5% cap rate. So and she you know what her answer is? I don't care. Like because I'm going to use it. Right? And that's the part that like, who knows what happens, right? Like, will people really need rents to support this stuff? Did they really buy it with enough cash and they're gonna use it and just offset their expenses, and they don't care? Right? And then everybody's talking about the fact that we didn't build enough homes, but I'm actually I'm actually like, that's crap, right? I'm on the believer. Like, that's crap. Right? What I'm a believer in is that there's so many homes being pulled out of inventory, right, whether it's this woman, whether it's the SF Rs, whether it's the mom and pop rental, which I'm a mom and pop rental, so I'm not knocking. But, you know, it's just happening on such mass scale. That, you know, there's less homes for further persons that people that want to buy to buy. And I don't know that necessarily continuing to build out communities where there is buildable land that that's necessarily going to affect the change of that because people don't necessarily want to be there.

Casey Brown  14:45  
Yeah, that's right. And then yeah, because they still want to be in that little that area. Like you said, there's no matter where you build they want to be right there close to where they can walk and see and do and. Alright, so I want to I want to get into just a little bit of that. out, maybe some of the framework of Spark offer. So so, you know, we were talking about the, the fact that sellers don't necessarily get what their house is worth at a regular auction. And then of course, you also have the people that sell on the retail side that say, Well, I don't want to auction it, because I want to get a little more out of it. But then you have the risk of, well, home inspections, and you don't have that 10 or 15% down in cash. That's non refundable. That says, You can't back out of this contract. So you have a little bit. And then I feel like, at least I think this spark offer falls somewhere in between those two like,

Unknown Speaker  15:48  
yeah, so number one is spark offer and literally as us is us as a marketplace. It's a it's a software marketplace, that people that list their homes with an agent. Right? I want to be specific about that. Okay, can can have that house for sale accepting offers on Spark offer? Right. Okay. I, we do have transparency like an auction. Right. I don't advocate for it. But I've learned over 20 years, people don't always want to do what I believe the the we do have the ability to just set price somebody. But we also have the ability, which is what's most widely used is that the price is hidden, right? Just like a standard offer. The system will tell people if they rank first second. Okay, so they know where they stand. And it gives the it gives the buyer or the buyer's agent, the ability to put in basic terms. Am I a mortgage buyer or my cash buyer? Right? Do I want a home inspection? Do I want a mortgage contingency? And then a small text box for everything else? Okay, so if I'm the buyer or the buyer's agent, I might be competing, I might be getting a mortgage and I might be competing again, against a cash offer. And I might be the highest, but the seller still has to select me. Right? They still have to me. And and so the system, what it does is it gives them some transparency, right? Not full transparency unless you want it but some transparency. And then and then it allows what we know when you're a practitioner is it's not all about price, right? Other terms come in, in the play.

Casey Brown  17:38  
And I always put those as I always tell sellers, when you're meeting with them back that those are like non quantified almost non quantifiable in a way like they are you. And I say, hey, just because this person can close in 20 days, and this person can close in 30 days, it comes down to which one is more valuable to you, as a beginner.

Unknown Speaker  17:59  
I'm glad you brought that up. Because people often say to me, a couple things. One, why do you only rank by price, right? Because why don't you rank on cash, first mortgage or downpayment or have you and I say it's impossible to quantify that I don't know what that's worth to the seller. I can't create something that says this is what it's worth to the person that owns the property. Right? Yep. So we have to go with the basic common thing, which is what's the price? Yeah. And so but no, it

Casey Brown  18:29  
it and don't get me wrong. Price is always price is always that that the tip top of that pyramid? There's just other things that come into play. The price is definitely the number one ranking thing. I mean, as to me, yeah.

Unknown Speaker  18:47  
And so one of the things I told you before the call and I want to make sure to bring this up to add value to your listeners is that, you know, our our main inventory source, our is REO homes. That's what we're bringing, we do have agents that put their own listings on I want to encourage more agents to bring their listings on. There's a lot of great stuff that we're doing on the platform. But our The nice thing about bank on it, it's a very consistent inventory source, right. Sure. And, and so the and there's a couple of things that we're we're doing in that market is number one, is we're creating faster speed. Like if you've ever bought a home, if anyone on the show has ever bought a home that was an REO home, a lot of times it takes you weeks just to get a decision. Sure, our properties are offering getting a decision in one business day, you know, as long as your paperwork is correct. So once you've been once you you know, in the top offers, you gotta get your paperwork in, that's where the rubber meets the road. Right? So that's number one. Number two is we only charge a 495 fee for that, right we're not charging 234 or 5%. These auction platforms charge 5% by Right. Yeah. And so so you know, we believe that, you know, we provide a good value, add a good add a good feed everybody for for a premium service on getting real time, you know, real time feedback on your offers. Sure. So, but what do we see in that data? And so you probably have a lot of listeners that aren't cash buyers, we're seeing it all over the web. I was telling you before I'm on these Facebook groups and all this stuff. And there's all these wholesalers out there trying to, you know, say I've got deals and I've had them send me deals and you know, in overpriced is overpriced doesn't matter whether it's a wholesale deal or it's a regular retail listing with an agent. My I'm, I consider myself quite frankly, a prophet of pricing. Right. And and, you know, my the key to what I did in the auction business was repricing homes in 26 states in 17. Countries, right.

Casey Brown  20:57  
And that's impressive to me. I couldn't believe when he told me but that's when you're talking about because there's so many different cultural elements, I feel like that come into play.

Unknown Speaker  21:07  
Oh, that's Don't even get me started that see, yeah, the people think things are expensive here. In Italy, you have to pay your lawyer one and a half percent, they don't care.

Casey Brown  21:23  
That sounds about right. That sounds about right.

Unknown Speaker  21:27  
So so if you're buying, if you're buying a home and you don't have cash, what we're seeing in the data is that the non cash buyers, and I'm talking about the alternative financing buyers are not getting selected over cash, because their funding source is not has no brand to it, right? It's like, you know, where is it coming from? Right? That's always the question, where's the money coming from? Are they really going to close? And, and a lot of times those answers aren't good. Right? And, and so, and I can tell you even for us, we're trying to explore how to bring a consistent funding source on that, you know, to spark offer. So you know, we have somebody that, hey, you're a hard money, you know, you're a fix and flip lender, right? Come to us. And, you know, so we can have a consistent something that the service or can trust fit this additional offer, like I know, it's gonna get closed in 30 days.

Casey Brown  22:29  
Yep. Or have it were the were spark offer says, you know, I've done a lot of studying on the psychology of money, really. And when you start thinking about, and I've done a lot of thinking to when you start thinking about what is money? What is what is money? Well, it's paper? No, it's basically and when you derive everything down, it's basically me saying, Hey, Mike, I'll give you little tidbits of my time, in the in the, in the form of dollars, or vice versa. And it basically it's it, you derive it all the way down, but But it's people that stand behind it. And it's always saying, hey, if you've got if you came to me and said, hey, you know, if I've done deals with you before, and you've got cash, you've closed them cash, everything's fine. You come to me and say, Hey, I'm gonna buy that, right, a cash contract, I'm not even going to be like, hey, we need to get the bank, we need to go get a letter, we need to do this, we need to do that, because I've done it 50 times. And so when you start looking at that, and you say, okay, hey, who could stand good? Like, if somebody puts a house on there? Is there a way to have that home? underwritten because, but I guess the borrower, the borrower, and the borrower's ability to pay the interest, as the time goes, really probably plays into it more than because I've always heard hard money lenders, the big thing is, is well, they loan on the property, not the borrower. But I think that's a little bit of a falsehood, right?

Unknown Speaker  24:06  
I don't know, I think they loan on both, right, I think they loan on both, I mean, you've got to, at a minimum, have the money to put down and they're going to have to already have verified that and that's where it's part of that's about process, I could get a letter from a hard money lender saying that they're going to lend me X amount of dollars to buy this and I'm going to close but if their processes loose, and they didn't actually verify the borrower and where their funds are coming from, then it's gonna fall apart in the transaction. And that's why, you know, having all of that if you don't have for me, that's why I'm trying to find sort of that, you know, consistent brand that says they have this process and we know if they come through the pipe that they're gonna get too close because they did what they needed to upfront.

Casey Brown  24:54  
Yeah. And it's almost like a human almost has to do that too. As far as The back end stuff. And that's I think we're

Unknown Speaker  25:03  
some how to basically be underwritten. Craig. Well, yeah, yeah, I

Casey Brown  25:06  
mean it had. And that's where I think some of the clog happens is is, is just, you buy a house right now and you get any bank to finance it. The daggone underwriting, I mean, they're like, you might get a call says, hey, they're three weeks behind today. And that's we're not even in line yet. You know what I'm saying? Right?

Unknown Speaker  25:25  
Yep. No, absolutely. Yeah, that's, that's my advice. For those that are out there that are, I would say two things. If you're, if you're a wholesaler out there, you know what know your market know that you have a good deal. I've had people floating me packages, and I look at these things. And I look at them like that. And I'm like, these are overpriced. Yeah. Right. And, and you're not gonna you're not going to make an you're not going to trade deals. Like there's people already I'm like, don't send me anything your stuffs not, I lose time I lose in your case, I lose currency because I gotta make money somewhere else.

Casey Brown  25:59  
Right? That's right. Well, you gotta make more money, the next minute cover up for the minute that you lost. That's right. The the one part of of of that, that I you know, I like the fact that you have a you have a motivated seller, though, you know, from from a business perspective and like building that you've got a steady flow of it. We have a real seller. Yeah. Yeah. Somebody that can respond within a business day, as long as the information is correct. And everything's there. That's a little bit the way that HUD home store, I guess, used to operate course, we haven't had any repos and repo sales lately. So it's hard to tell what they've changed and done, but but, you know, they would respond every next day at 10 o'clock, you'd get an email that said, whether your offer was accepted or not, or whatever, and so. And then, but then your paperwork had to be right, within, like, 48 hours or something like that. But nevertheless, so? Well, listen, it's been a pretty interesting discussion, we've covered a lot of topics, the the main thing that that that I'd like for people to kind of take away from this as maybe a little bit more about how they could if they wanted to nudge their agent towards maybe getting educated about Spark offer, or, or something like that, because because I think you have a lot of agents out there that are even potentially looking for a way to mitigate some of this stuff. Like, as far as the Accept, like not maybe not necessarily actually accepting and moving forward with the contract, but even how to mitigate saying, hey, here it is. Don't call me here it is, here it is, put your offer and let's go, how can they How could they maybe learn a little more about it and nudge it along?

Unknown Speaker  27:40  
So they can they can email me at Mike at Spark offer.com. I talk a lot about we do videos almost every day on Instagram and Tiktok at Mike dot s dot Russo or spark dot offer. So the and so, but we're we freely share information, we're coming out with a spark offer certified agent program, we charge a low annual fee for them to use the platform. So so there's a lot that we're really generating the system around these investor homes. Right. And, and so we're getting other homes to you know, we in 2019 We're doing luxury homes, and that'll probably come back to right

Casey Brown  28:27  
yep. Well, I feel like I feel like there's gonna hit a time where you're gonna have to, maybe we're trying to say like, like, focus maybe a little bit more on the read sellers. Because these investors, they they seem to everything with investors seems to come in bulk, at least from my experience. It does. It's like, once everybody starts getting on a train, you know, we load the trains down, and when the first person starts getting off, and all of a sudden it's gay. Oh, and I just that's what I like, but I do I hope everything's

Unknown Speaker  28:58  
a pricing game. Right? And oh, we went 19 Not not National Association of REALTORS said that 40% of the properties had to be repriced at least once to sell. And now we just saw news that said in the last month, one in five homes, which is 20%. Just repriced, right. And so the market is getting the sellers are getting too far ahead of themselves, right with Spark offer. This is my pitch, Casey is that you're gonna see whether people want to make offers or not. And you're gonna notice it quickly. So that's the models we're building. We put houses on the market, if we don't have offers in 10 days, we're working with the investor to get the price adjusted to drive offers. Right? It that's that's the name of the game. Right? Can't sell without an offer.

Casey Brown  29:46  
That's right. That's right. And you can't sell without a you can't sell a price. Correct? That's right. And you know, and you have to have motivation on all sides and and of course, where they meet that The market. So anyway, well listen, there's a couple of questions we ask every guest that comes on here, I usually save the contact for the end. But I really liked that spark offer thing really no, that's my fault. I went into that a little bit early, just because I really want people to go to that spark offer your website and check it out. Because from a standpoint of of selling, and the standpoint of nudging your, your, your agent towards using something like that could alleviate a lot of the a lot of the intricacies of, of accepting multiple offers. Yep. Because it can because get, I know people always want to operate without an agent, they don't want to pay the commission, they don't want to this, they don't want that. They don't want someone telling them what to do whatever the case is. But the fact of the matter is, is you can get tangled really quick. And this is the way things are right now. So anyway, but there's a couple of questions that we ask everybody that comes on the show, the first question I got for you is, is what is the best book that you have read or are currently reading? Oh,

Unknown Speaker  31:06  
you know what the book I'm reading now is by Ken Fisher, the guy from Fisher Investments. It's called markets never forget, but people do to really good, right. And so what he's doing is he's drawing back 100 years on what the stock market has done, what it looks like, when it's going into recession. Why the recession comes later, while then what the stock market does, and then where the recession, you know, ends and the patterns are all there. It's really good. It's data rich. Anybody that wants to think about what we're going through right now that, you know, we're still seeing this massive real estate market and but the stock market's down. You know, NASDAQ's in bear territory. s&p is heading there, right. Yeah, it's really, really worth right reading.

Casey Brown  31:59  
Yeah, well, that's great. That's awesome. Yeah, we always, always like new books to read or to check that out. Alright, so the next question is, is what is the best vacation that you have ever taken or hope to take? dream vacation?

Unknown Speaker  32:16  
I've been on some good vacations. I've been some good places in general. I sold properties in 26 states and 17 countries and when you're building concierge auctions, 30% of our auctions were in Hawaii.

Casey Brown  32:27  
Oh my hand. I bet that's nice. Yeah. So I've been

Unknown Speaker  32:31  
to Hawaii like, I don't know. 50 something times. Wow. I was there for work. So. So I have two great vacations. One is my last vacation that went on with the kids, which was pre pandemic we went to, you know, somewhere in Mexico south of Cancun, north of Kullu to loom called Barcelo resort. carbachol was really awesome. Right? Oh, wow. And then the one before that, when the kids were a little younger, we went to the beaches in Turks and Caicos like, that. Doesn't Suck. It's awesome.

Casey Brown  33:07  
Yeah, there's nothing about Turks and Caicos that doesn't suck even if you were like homeless. If you were homeless on Turks and Caicos you'd be winning in my book so well, listen Well Mike, thank you so much for taking the time to be with us we we certainly do appreciate it and and hope the listeners have got some insight into to possibly looking or nudging their agents into at least educating themselves about Spark offer

Unknown Speaker  33:34  
because I love you and your wife joining Sparq offer

Casey Brown  33:37  
Well, we're certainly going to look at it and and I'm going to get with you the next week or so about doing that because it's it's highly it's really interesting to me, and again, I think it takes away a lot of the tangled Enos that could potentially happen in a lot of those situations. So, but again, thank you so much for your time, and thanks for educating our listeners and, and I hope everybody has a wonderful day. And don't forget, if you like today's episode, and you've learned, hopefully what you came here to learn or maybe even a little bit, a five star review, and write a review, write a review and a five star rating please. We do appreciate all of those and we appreciate everybody listening today. Have a wonderful day. Thank you

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