well next year, our newest member, I don't see him yet. I'm not seeing him so I'll wait to see if he joined. While we're waiting for a few more people to jump on board, just have a look in chat and remember that we always put the current roster in there. The agenda for the meeting is also in there. There is also a QR code for you to refer new members if you know of anybody that may fit the criteria for joining and we have an open spot in their territory. There's a QR code you can you can use and there's also a document we created called vacant territories, which shows you what territories we don't have members currently, also the client target list. This is a list that we require all members to fill out. Let us know what relationships you have. We're not asking you for foreign contact information. We're just asking you to let us know which members which client relationships you have. And if you look on the form other members that have filled it out of out of indicated whether or not they may be able to help you introduce you or create a relationship for you with that client. So take a look at that. Fill it out if you haven't I think that's everything. A reminder that we have an Ironman mastermind in Dana Point in California on the 31st of May if you want to attend we'll be having a roundtable mastermind. I'll be bringing in lunch we'll be sharing and connecting. So let me know if you are let Ray know if you intend to join. I hope you can. And then a reminder that we're the next one, the last one for the year will be in September at five star and we'll be holding it at the Lorenzo hotel which is about a two minute drive from the Hyatt where five star will be held. We can't hold it at the same hotel for conflict reasons. So last year we held it at the Lorenzo we had a mastermind and it went well again and we had a good attendance so we'll be sending out info on that anyway. Is rich while Nick on the call. I'm not seeing him yet. Nope. Okay. In that case, what I'm going to do is I'm going to hand it over to either Joe or Paul because they have kindly put together a talk today we have a speaker and I would like either Joe or Paul to take it from here. Thanks for your help, guys.
It's our pleasure, Kelly. Thank you. So what welcome everyone and so today we've got a job heading that has a guest that will be sharing some information about the FDIC and re do we have Joe? Online?
Yes, Jonathan, yeah, he's there.
Okay, outstanding. So, you want to go ahead and have some outline. We met Jonathan at the IMM conference in Florida, and his involvement with FDIC which I'd give a little background on that and your involvement with the FDIC and, and what that looks like.
Do you want us to dive into Jonathan's presentation first or BNI? First?
Yeah, when we go ahead in the interest of time, we'll go over Jonathan's presentation first and then next. Okay,
no problem. I think I think I think John, he goes by John John could probably give you a better background information than I can. He's very experienced. I'll just tell you what I'm really impressed with with John a deep deep knowledge of banking security circuit securitization, which we'll talk about as far as his experience with FDIC during the last cycle, what he sees right now going on with, with banks, where the opportunities are, but I think he can better articulate that than I ever could. So jot down is going to have an overview and, and, and
grow with about Okay, great. Thank you. Yeah, thank you, Joe. And thanks, everyone, for taking time in and for the invitation. Um, yeah, I just wanted to you know, start I have a presentation here, which, I guess I can share my screen. One second here.
Yeah, I might have to make you hosts. So let me let me do that. Hold on.
I see that Ray. I think already. She did. Excellent. Thank you. So here's, I guess we're gonna you know, I'll give you a brief background and some information on on on my firm and myself. I've been in the securitization market for about 20 years. Started my career. I was a portfolio manager at alliancebernstein in New York City, and in in 2007, March of 2007, I moved to Florida, joining a hedge fund specializing in distressed credit. And it was right around the time when obviously we were having the last big cycle, turning and we were very active in the in the subprime space on the short side. And one of the things that we did also look at was, you know, distressed loans, and at the time, obviously there were banks in similar situation as they are today. And that was one of the things that we started to look at. Eventually, I spun off and started arrestees capital to continue some of that work. And my, you know, my first big engagement was with the FDIC in 2009. Or early 2010. When the FDIC was looking to work out of loans and and non performing and performing commercial and residential loans that they were essentially you know, taken on from failed banks. The last cycle had about 400 or so failed, failed bank failures. A lot of smaller banks, so the FDIC ended up inheriting a portfolio vast portfolio of assets, which they then needed help in disposing of, and one of the things that we worked with the FDIC was in structuring notes backed by these assets, which was a much more opportune way for the FDIC to to essentially sell the assets so what they would do we would do is essentially structure and AB securitization where the FDIC would wrap the SR a piece and sell it to the market at a at an attractive level given the the rap or the insurance being provided by the FDIC and would retain the residual piece. So that was something that was a very effective for a three year period. Those those transactions helped the FDIC to really work out of those assets in a you know, in a much, much more efficient way than having you know, acid sales in bulk right, which would have been would have overwhelmed the market. So where we are today I think is an interesting time. I I've created here a presentation you know very brief but you know, essentially discussing the the main points of what we are seeing today. So we can start with a little bit of a macro backdrop and I think this this basically gives us a glimpse of what banks are dealing with. We have a a couple of interesting dynamics that are, you know, sort of, you could say two dichotomies. One is we have sticky inflation, right, which I think all of us are have seen with our own eyes. When we go to the grocery store. And even when we're dealing with hiring folks, you know, things have gotten very expensive. And it's gotten to a point where I think we have, you know, what you could call sticky inflation. And this is very apparent when you look at what's happening with, you know, hourly earnings, which is a series that the Fed looks at, and it's a series that goes back to March of 2006. And this is an interesting chart here, which I think highlights the stickiness of inflation in this current cycle. This has the This shows the average hourly earnings, and going back to March of 2006. And you can see here the, the line here is the long term trend, if you will, and one of the things that you can clearly notice is that during the you know, from 2010, post the great financial crisis to about 2020. Wages were relatively you could say, you know, essentially had no growth, right. We really had a period where wages were sort of stagnant and that led to a period where we've had very low inflation, basically disinflation for over a decade. One of the things that I think made the Fed very comfortable in keeping rates so low and and continuing quantitative easing for as long as they did, however, post COVID, we saw we've seen a dynamic shift in wage growth. And in particular, one of the things you see here is that post 2020 We've seen wages grow at a much higher trajectory, right? So we've sort of reached the an environment where we actually have very real wage growth and that tends to feed on itself, right, because it becomes a it's a key input for our economy. We're a services oriented economy. So you know, as firms have to pay their employees more, they have to raise their their costs, and that becomes more expensive. So obviously, workers then need to demand higher wages, to be able to buy those goods and services, and so forth. So you create this sort of a vicious cycle. And that's kind of the buyer environment that we're in now. Just to you know, give a recap the latest. This is the the bottom chart here is the annual change in the in the data series. And you can see here that we've we've we're at a much higher range these days. The last reading came out at 4.4% annual change, and the long term trend was really just under under 3%. So we'll see what you know, as as time goes on, I think this puts a lot more pressure on the Fed in being much more restrictive than maybe the market is anticipating. So now what's the other dynamic that I think is interesting? is obviously we have slowing growth, right? I think the recent data prints have have have pointed to that. And if we look at the conference Conference Board's index of leading economic indicators, we can see that we have seen a you could say significant slowing growth. These are 10 indicators that cover a wide range of, of economic activity. So they sort of you know, they give you a an idea of where the economy is headed, if you will. Now, this is you know, what's interesting here is that even though we've had a, you know, a significant decrease in activity, we still have robust employment so far, so we have a slowing economy, but we're not yet in recession. Now what's happening here is also with higher stick inflation and slowing growth is you've had the Fed policy that has obviously pushed short term rates higher and caused long term rates to you know, to fall dramatically right, the bond market at on the long end is basically signaling that we have slowing economic growth. And the short end is obviously pointing to the inflationary pressure, which is making the Fed keep rates higher and probably higher for longer than expected. So this inverted yield curve is really you know, something that, I guess tells that story, if you will, one, one part of the curve that I would, you know, tell folks to concentrate on is a 10 year and three months, minus three months part of the curve, and that's at a historically inverted level. It's about 180 basis points. We've never we haven't seen that in the last, you know, 30 years. So that, you know, that is very interesting. And I think it points to the next slide, which is that's one of the reasons that has caused or you know, have has caused all these issues with the banking sector. Banks, the banking model is based on being able to borrow at, you know, short rates, very low short rates and then being able to lend that that money at higher rates. On the long end, unfortunately, with the inverted yield curve, and as deeply inverted as it as it is, it's created stress in the financial system. And that's what we're seeing today sort of play out.
Obviously, the this the stress has been centered in the regional banking sector. And this is an interesting way to look at it when we look at the KB W regional banking index. These are it's an index of publicly traded regional banks. And as of the earlier this week was down about 35%. Since the Fed began its tightening cycle. Only 2% of the of the of the members are trading above their respective 200 day moving averages. To start the year, we you know, we even got to about 80% of the of the members trading above the 200 day moving average in February. So it goes to show how dynamic you know how, I guess violent this this episode has been, and what we're essentially seeing is a deleveraging of the system, right? We have, you know, short term rates have you know, have caused certain parts of the financial system to crack. And that's what we're observing with banks, banks, having leveraged business models, and obviously, you know, that's where the pressure is, is apparent as of now so the, you know, as As mentioned previously, the inflation backdrop continues to be, you know, sort of an underlying issue. And that is something that I think will keep the Fed in a tighter range than than expected. You know, one way to look at what what happened in 2020 from 2020 to now is to look at the 10 year real rates, right. So this this, this chart here shows 10 year yields, taking into account inflation expectations in the market. So, it's essentially a real yield, right? It's basically the nominal rate minus inflation expectations. And what you see here is that from the period of, you know, post COVID, and right up to when the Fed started hiking rates last year, you had a period where the real tenure rate was negative 86 basis points. So when we look we, you know, we never saw something like that even post financial crisis, right for so long. So we had a period basically of two years, where real rates were negative. So a lot of banks during this time, were obviously, you know, taken on a lot of deposits after the Fed and and the federal government implemented, you know, dramatic stimulus. So they had all these all this new liquidity to put to work, and they put it to work in the worst time. You know, it's, it's, it's going to be very difficult for us to get back to this type of real rate, you know, environment given where inflation is. So the Fed has already told us that they're going to have to keep tenure real rates are positive for a while, right until they can be significantly sure that inflation is going to reach the 2% target. You know, we're currently north of 4%. So this gives us you know, a little bit of the of the of an explanation of what happened, right. Banks were essentially maybe, you know, victims, I guess, of maybe bad policy, but there was little they could, you know, they could not do to avoid this and unfortunately, you know, it's it's leading to what we're seeing now, which is, you know, consolidation in the financial industry, which will continue. And I think this gives us an idea of where we are now, right. Obviously, inflation is an issue, however, we are seeing the economy slow. It is not unreasonable to expect us to have a a recession by 2024. And this puts another layer of of stress, I guess, if you will, and the banking sector which is banks are not yet prepared for a hard landing and all the credit issues that that would entail. So if we look here, we see the these are the the top chart shows a medium provision of loss provisions by cohort size right. So the median bank with under 1 billion in assets, has about 125 basis points of loss provisions that they've set aside. This is through the end of last year. The one to 10 billion bank has about 115 basis points. The 1010 to 100 billion has 107 basis points, and then you get to the 100 to 225 billion has 121 the medium bank has 121 basis points of loss provisions. And finally, you get to the mega banks which you know have been are much more conservative, and they have 141 basis points of loss provisions. So loss provisions is is our funds that they've set aside as a percentage of the of their loan book. Now, when you look at median loss coverage, which is a you know, a something that we track as loss provisions, minus delinquent and non accruing balances, we actually have a much thinner layer of protection if you will, the under 1 billion cohort the medium bank has 87 basis points of loss coverage, and then you get all the way up to the one over 225 billion bank has 81 basis points. So in between, you see here that the 100 to $225 billion core hurt that part of the market is is weak and continues to be the weakest and you know, this is these are kind of this is where you know a First Republic would have resided or a Silicon Valley Bank. So those banks that grew tremendously over the last few years, you know, are are really not in a position, I think to deal with a hard landing. So now we go to the next slide, which gives us an idea of what happened during the great financial crisis, which was the last episode of a hard landing. And we saw that loss provisions. You know, Pete, that three and a half percent. So we're quite aways from that environment. How you know, how banks manage the current overhang of credit issues around commercial real estate, and eventually also, you know, you're you're potentially liable to see some issues are long the residential side is going to be interesting, but we're definitely the banks are definitely not in a position where they can with withstand a harder landing, if you will. So what are the opportunities now that we're seeing? Banks are going to have to raise capital? You've seen that from, you know, the regulators all of a sudden have have woken up to that fact and you know, are gonna have stepped up their examination processes and, and their demands for remediation. So that's something that we're already seeing. And I think you know, the obviously the news channels are going to start pressing for that, you know, that course of action. So, I think for for all of us, and, you know, for folks in the network, you know, something that's interesting, going forward is going to be you know, keeping a tab and reaching out to local banks. And banks are going to have to raise liquidity. So, you know, the ability for banks to sell residential loans, whether it be performing or non performing, residential and commercial, and, obviously, the opportunity to purchase assets at a discount is something that will be a, you know, I foresee available over the next year, given that, you know, banks have something that most of us don't have, which is time. So being able to purchase the assets when, when rates are still higher than they're likely to be. After a recession is, you know, is attractive. And so, yeah, for so for, you know, one of the things that we're looking to do now is to start putting, you know, a partnership together also to invest in these types of assets. So that's something that you know, we're welcoming folks to want to participate in a capacity of either sourcing loans or, you know, potentially investing alongside us. And here's a brief bio on myself which I can make this available. To the, to the network as well. So if you have any questions, I would love to, you know, to, to address any any questions or any thoughts.
And Kelly, do we have a question that are in the chat, or do we just open up raise hands?
I'm not seeing any questions in chat. So just raise hands.
Justin, thank thanks very much for for the detailed outline. And thank you. Yes, sir. So let me let me ask you, we ended up looking at the difference between the assets and the notes. And he talked about reaching out to local banks. Who's the point of contact at the bank besides the President that I'm looking for? And what's that dialogue?
With? Sure, well, you know, the banks generally have an area that that are essentially known as the asset management side, right. So it's going to be the folks who are managing the, you know, the loan books, if you will. They're going to be basically tasked with seeking out workouts etc. CFO is another the treasurer of CFOs are generally also, you know, good points of contact, if you
can, you said the treasurer and the CFO. Okay. And so what information would be helpful for them for their book, whether it be residential commercial? Sure,
I mean, for them, I think, I think the, the, you know, the message is that obviously, being able to look at their at the books at the loans that they have available for sale would be interesting and then given them a value of that, you know, obviously most banks are gonna look to sell at the, you know, not at a steep loss, right. So they're gonna look to to, you know, part ways with assets that they can get something close to par. So being able to, you know, to identify what would be available and what you know, what could bring them something close to that level, which would be an interesting exercise.
So, I'm wondering from building confidence in a conversation where you're just first meeting somebody know, you're talking to the treasurer or the CFO, they know where the bodies are buried. Right? How to be able to have that conversation with them where you're coming from a point of confidence. And trust, where it's not gonna undermine, you know, their business.
Sure. I mean, I think the, you know, the key message is that you're trying to help them right. You know, you're looking to provide them with with an outlet with liquidity. You're not trying to you're not coming in as the vulture fund or as a, you know, because what, you know, if they perceive that they're going to completely shut off, you know, you're looking to really provide them with liquidity at a fair value. So that that I think is the key message to you know, to to get across when having those discussions.
So let's talk about that for a moment. So we talk liquidity at a fair value. You know, if I'm a flipper, you know, I'm buying 70% of ARV. If I'm approaching a bank on their book and on the value of an asset, what does that look like? From your acquisition side on the partnership in the investing?
Sure. So, obviously, the you know, the, you know, the fair value is going to be a function of whether the the, the asset is performing or not, right, and also a function of rate. So let's say you know, my target yield on a, on a performing loan is, you know, six to 7%. Obviously, you know, if they have an asset that's yielding close to that, then that's something where, you know, we can have that discussion and you know, as a potential acquisition and for the bank, you know, if they're looking to move on, you know, move away from that, and, you know, essentially look to raise cash. That becomes, you know, and I guess you could say, you know, where you can have a deal made right. Now, if they have an asset that's yielding 3% And it's an IO right, let's like the First Republic loan book, that's going to be worth you know, 25 cents below par, right? So that gets a lot more more difficult. So that's why I always I always suggest this to you know, I'm happy to give folks so, a look over on the portfolios and give them realistic levels of where you know, where we think we could transact. That's that I think is key. Now, you know, there's going to be one OS where it's a situation where, you know, they might have a non performing asset but you just need to get out you know, get off the books. That becomes a different conversation. That's, you know, that becomes a, you know, basically looking at the underlying asset, especially if it's commercial, you know, what is the LTV realistically on that asset? You know, eventually because eventually that's what we're going to, you know, take over if you will, so, yeah, so that's that, I think is is is a conversation, you know, it moves along those lines.
Chuck, you provide a little bit of information about how regulators are identified. No, it's kind of like you know, always wonder who were the magic show and you know, just understand how the regulators are working with the FDIC and in their internal oversight and responsibility.
Sure. So, right now, I mean, you have you know, different banks will be will have different regulators, if you will, right. Some of the larger banks are going to be fall under the FDIC umbrella and then you have the the smaller banks are under the OCC. The smaller banks, the OCC tends to be a little bit, you know, stricter at times, you know, obviously, they're dealing with smaller banks, smaller community banks. So, what's happening now is what you're seeing, I think is, you know, is back, you know, the regulators are trying to, you know, there have been issues that have been identified over the last year. However, the management of banks has been slow to to fix those issues. Now, what we're seeing is we're moving to the next phase, which is the regulators are basically demanding a course of action. And that gets to the point where I think banks are going to be pushed toward raising liquidity raising funds or capital, if you will, as we move into the, you know, the next phase of this cycle, which is, you know, potentially a recession, and obviously, all the things that come with a recession, which include credit issues. So those are things I think that the, the regulars are focusing on, obviously, on the you know, on the side of the regulators and the banks, they want to drag this out as long as possible. You know, because you can't have everyone trying to sell the same thing at the same time. That's just going to depress so what you're gonna see you're gonna see this try to be dragged out over a longer period. So there's probably going to be something that you know, we're talking well into next year, and probably into 2025.
So, Jonathan, how is it to work with the FDIC? How does a sure we can you explain what that looks like? And is there a process to become approved them?
Sure. So for the FDIC, generally, what they'll do is, um, you know, they're gonna go out to I will probably think that later this year, early next year, they're gonna go out to to the market, and what they do is they'll reach out to folks who they know, they started to do that last year, actually, last year, they you know, they they already sought I guess you could say contracts or RFPs, if you will, proposals from certain folks in the community that are broker dealers, for example. So that's something that that I'm aware of, that I've, you know, I was, you know, I participated in with through a with a JV with a broker dealer, where we submitted an RFP last year. Supposedly were selected for that. However, as the year has started, they've actually sought to currently they're just working with with Blackrock financial with so Blackrock has a you know, they're very well known as an asset manager, but they also have a an advisory arm that is essentially, um, you know, providing consultation and asset sales, right. And the first batch of assets that are have been sold recently have been mortgage backed securities bonds, you know, the stuff from the bond book. So that's something that you know, is in the works now, Eventually though, you're going to start getting to the loan side of the of the of the sales right, in the first you know, wave you've seen at the the acquiring banks. With first republic, it was JP Morgan, they bought the loan book. However, at some point, I would suspect that I'm not sure how many more times JP Morgan can continue to buy loan books. So you're probably going to see a lot of these things kind of end up in in receivership. And then on the on the, the FDIC is arm that deals with, with workouts, right. So that's what happened last time, so I would suspect that's going to be something that continues through next year. Then I'm sure that you know, the FDIC will go out to folks and put out a request for proposals. And that's when you know, you could uh, you know, folks can can reach out and try to participate.
So, so with your business, then John, how would we know we came across an opportunity that we could present to you then?
Sure, I mean, I would, I would say if it if it has, you know, if it's a you know, a residential loan or a commercial real estate loan, you know, if it fits that bucket, that wide description that's something that would be of interest.
So if I were to talk with the treasurer officer and the CFO at a bank and and end up letting them know that we had somebody that worked with the FDIC in the past, and they they have the bandwidth and the experience to be able to help be a solution. So that that's that introduction that you'd like to be part of.
Correct. Yes, yes. That would be much appreciated. Yeah.
All right. So is there a resume or something that you would have that I would be able to break? Okay. That'd be excellent. I'm not sure a killer. Is there any other questions in the chat? That took a lot of time or sorry?
Not seeing any questions in the chat.
Okay. Well, John, let me ask you, a man in Florida, but one of the good jokes. Yeah.
Yeah. I've got one question for John. Yeah, forgot to mention that. A lot of lot of lot of folks on this call met John at the Iron Maiden conference in Orlando. I forgot to mention that. And oh, Paul was there and Joe and a few others. John, just given your experience and everything work. How do you see this playing out as far as how deep this recession can be? And what's it gonna look like for the banks in the next 1218 months?
I mean, I think for the next I mean, I would probably say the next year is going to continue to be so you know, the rest of 2023 is going to you know, you're going to continue to see pressure on the smaller banks. It's going to be you know, focused on on on liquidity issues just given how inverted the yield curve is. Then, I think, once we get past this year, because I, you know, my thought is we're probably going to have a recession next year. Next year, I think the focus is going to shift toward credit issues right? You know, the inability of people to service their debt. So the nonperforming percentage of books of loan books is going to increase. That's going to be I think, the story next year. And then I think through the through, you know, through next year, you're gonna continue to see that way on on the sector. And, yeah, and then, you know, I don't think we're gonna see sort of this V. shape as we saw, you know, post GFC, where you saw, you know, sort of the bottom fallout of stuff. I think a lot of this stuff is going to be, you know, two three year process where especially because a lot you know, you have a lot of stress around commercial real estate, and what banks are going to do and what they generally do with commercial real estate is, you know, they're going to try to extend or and work out and modify terms as much as they can realistically, however, at some point you know, it just becomes very difficult because, you know, you have some serious structural issues with with certain parts of the of the commercial real estate market. So, I think then it becomes, you know, you're gonna continue to see these these workouts, these issues flare up, you know, next year is going to be who has a lot of commercial real estate exposure. We've seen some of that discussion now, but next year is going to be more of an issue, you know, who has a, you know, maybe questionable residential exposure. So you know, it's going to be a slower moving process. That's, that's, that's my thought. And, you know, it's not going to end this year, and it's, you know, it's far from from coming to a conclusion.
Thanks, John. Hey, John. Could you share with us any other conferences that you're attending this year?
Yeah, I scheduled to attend a June 1 data point non QM conference. And which is basically you know, it's gonna focus on the non QM Residential Mortgage space. And then, in Sept in the fall, abs east, abs ceased which is a down into Fontainebleau in Miami Beach. That's a you know, big securitization conference. And those are two that I'm scheduled to attend. There may be some others but those are two key ones.
Thanks, John. Appreciate the presentation and thanks for taking the time to do that is very informative. And if there's somehow that we can, you know, help, fill fill your glass, you know, for opportunity. If you can share your resume, I know that that'd be a great point of contact for those
Thank you. Hey, Kelly. Good Darrell. Was wondering if we could all get that resume if you don't by me. Are you asking about it? Well, I'd love to have his resume for future business.
Yeah, absolutely. All I can afford maybe to Joe and then Joe can circulate it. That's probably the most effective way to do it. Yeah.
I'm really enjoying it. I really enjoyed your talk. I think a lot of great information. Thanks. My pleasure.
All right. Well, thanks, John. So we've got a few minutes left on the call today. Thanks, John. Have a great day. Look forward to that conference and thank you. Yes, sir.
Okay, thanks. Cool. I think next gen is going to talk about BNI. The referral network. Thank you for talking about it with us.
Viet eyes says her business network International. It's the largest referral organization in the world. I've been with the group seven years as their commercial broker. The way the way the structure is set up. There's only one profession or one trade in each chapter. So you have no competition. You'll have multiple chapters in metropolitan areas, and they have a large international scope to give you an idea about about the scale and size. There's 300,000 members. There's there's about 11,000 global chapters. Last year, there was over $13 million in referral business generated and I'm sorry, yeah, that was the actual the 13 was was the referrals that came out to $20 billion in national referrals in terms of dollar amounts. So anyway, the structure is they meet once a week. It's a very structured process. People must must produce results they must attend to meetings. My chapter as an example, that $1.7 million in business and referrals back and forth, that comes out to about 50 to $60,000 a seat in terms of income. There's been a core group and within my chapter that's been there for 10 to 20 years. So there's a reason why they continue to do to be part of it. yearly cost is generally speaking about 1500 $2,000. When you're exploring the possibility of you can have a residential agent you can have a commercial agent, you can have various attorneys that specialize in certain things.
You as an example,
but when you're when you're researching the chapters, what's important is to make make sure you confirm what kind of volume that they're doing as far as business. I'll just say there's there's good good chapters and there's better chapters in terms of who's involved in and how they produce. So asked about that yearly volume, and 60,000 is see that comes out for the time commitment. When you do the math is about 400 bucks an hour. If you just want to look at it from a from a analytical standpoint, the residential agent is probably one of the most valuable slots of all, very hard to get in. If you if you have an interest and there's a slot that opens up, you gotta jump on it immediately or it's gonna be too late. And you and there's an approval process, you don't have any guarantee that you can even join until you get approved by the debate by the membership committee. Where it's helped me a lot as far as business it's also made me and I still I'm still working out is trying to be a better public speaker and an learn how to network better for business creation. And I think we've got the website at the chat if you guys have an interest where you can explore it and you know, for your for yourself locally. It was there earlier. I think it was there. Yeah, there it is right there. So, so if you guys have no interest, that's probably the place to go and I'm more happy to talk one on one with anybody that has any specific questions offline after this meeting or at any point. You know how to get a hold of me. That's about it.
All right. Thanks so much, Joe. Thanks for sharing. We put the link to BNI in the chat box. And who, too, we got about 15 minutes left. And you had you and Joe and Milt had said that you thought that it would be good for us going forward to have a sort of open mic opportunity in each meeting for especially if we bring speakers in and they take up a majority of the call where we open up the mic for 10 minutes or so at the end of the meeting to start conversation start sharing half the groups that have asked asking each other questions so do you want to take it away with that?
Yeah, for sure. So we've had the assets in our area that that are default, have come in from VRM from easy knock with through accelerace and that's through ADR and then we've seen the low volume on the on the RMS side although we've seen the the private note holders you know having properties that are coming to market and so those are more onesie twosie although we find that they have a need for for coverage around the country. And so being able to provide our membership information is helpful. And so that's it we've talked about companies before like merchants trust bench equity, firstly in capital, so if you get a call from one of the representatives, then you'll you'll know where that came from. It came from here I remember no or just ask anybody that does call you with an asset. We're looking for an evaluation or looking to list the property for sale. Ask them how they how they how they found out about you, that would be ideal.
Okay, thanks, Paul. Anyone else want to share or talk about anything that's happened? Hurry, go ahead.
Just real quick for those of you that are attending the mastermind and the IMF, IMF, whatever it is, I posted on the Facebook page, three hotels that are about half the price of the venue, the venue is 400 ollars night, even with the discount. So any of you betting there's three hotels that are close by and then we're going to need an updated attendance. For the meeting because if we outgrow the conference room, I have to find an alternative spot. So if everybody could get their things into Kelly about if they're attending or not and Brittany, appreciate it. Thanks.
And Harry Do we have the the mastermind place locked down now that your offices?
Yes, you're locked down in my place. We can cancel at any time. I have an I have an alternative site that's larger if we need it.
Okay. How many people does the site you have now accommodate?
It'll comfortably hold 10 I can get 12 in there and it's just a little little crowd and they've got some big furniture in their conference room.
Okay, at the moment Ray, how many do we have confirmed? Right, are you there? I think it's about 10 or 12. So we should be good. So for now we're gonna go with that. But if more people want to go we can change the venue. We'll send out the address your Can you can you provide me with the address again so we can make an update everyone
in the chat and also on Sunday, there was a new Texan born my great grandson my second great grandson, Jupiter James ARPs, I don't know.
Relations, definitely some news. Congratulations. And hey, Mel, would you like to add something about the new members? I know that you wanted to make sure that they all had a chance to introduce themselves and so if you would like to talk, you're muted at the moment.
Thank you. I really would like to remember to introduce the individuals and then I think for each of them to have an opportunity to spend a minute with our group so people will get to know each other.
I think it's a great idea. So do you want to kick off with I know we've had several new members joined in the last couple of months?
Well, I know Teresa is in the Sacramento area. And as you probably already knows from Teresa, she's been involved in in the industry for for multiple years. She's leadership and many other organizations and you know, she's really a giver, she's not a taker. And so, you know, welcome Teresa, you know, to trn and you know, be able to, you know, benefit from the relationships and, you know, think think thank her for all that she's done for the industry.
Thanks, Paul. I mean, Sarita, perhaps you could say a few word.
I think I saw her sign off unless she got bumped up because she took another call, possibly.
Well, then let's go to Darrow and have Daryl introduced both Tammy and and Steve.
Bill, yes.
I'm sorry to introduce
you it you brought in Tammy and Steve, I believe
these are two great people that appreciate Tammy. That's a smiling face and she's been a Connecticut, very experienced bank. She just opened up a New York office thing this past month and is doing very well. And always like we said a while ago, she's always a gift. And I do appreciate that. And of course Steve is a new shooter. Last time, but man, it's good to see you again. You guys, you both love these folks to work in Connecticut. And do great work reciate was about to say something else. Okay, thank you.
I'm sorry guys. I was on mute stress and trying to figure out how to get off mute. Hi, but I just want to thank you Paul, for that wonderful introduction. And I'm very excited to be part of this group. I see what you guys are doing. And now that I'm part of it, I'm excited and whatever I can do to help and and bring value is what I want to do. I see so many familiar faces out here. And so I'm just excited to be part of it. You guys. Thank you so much.
Thank you. So right there. We're happy to have you in the group. Melt. Is there anybody else in the group that's recently joined that we can I know Rich? I don't think Rich is on the call.
Tammy. I'm Steve. I mean, it would be great if both Tammy and Steve could say just a little bit about themselves. Yeah.
Tell me Tell me. Would you like to briefly introduce yourself, tell us what market you're in and a little bit about yourself and welcome to Arn. You're muted at the moment. It's that mute button it gets everybody let me see if I can unmute you. I think you have There you go.
There we go. Am I unmuted you?
We can hear you. Thank you so much. I I'm very much looking forward to being part of this group. Also. I am in southeastern Connecticut and Rhode Island area. And Steve who's from Connecticut is on the other side of Connecticut. So let him describe himself but I did just I did just by my own building in my office. So that's been exciting as of Maine first we're officially in and yeah just plugging away at our market. It's pretty good here. Not great, but it's good. And you know, just looking forward to new opportunities and I'm happy to help in any way that I can. I have an appraisal background so that could you know, anybody can definitely reach out to me on valuations BPOS, anything like that. It's probably my strong suit. And that's about it. Thank you. It's good to know. Thank you Tammy, and stay
Thank you Kelly. Thank you very much. I'm gonna do my best to voice my opinion. Maybe it's the best seasonal allergies. Like there's not much here, but I'm very very happy to be part of the group and looking forward to work again being a Connecticut Pro to me. I still sees a wreath here. Lots of friendly faces for me to end going onward I expect a good resource of the group and be able to share some key points. So my background is in construction as well as real estate and just appreciate the information in the in the group for making a small better or writing this one. So thank you.
Thank you Steve. Welcome to Arn and melt. We have another new member which will Nick in Chicago correct but I don't see him on the call today. So recommended.
Rich, so I do want to say it's great to have a one two punch in Connecticut. I love the Northeast you all know that and it's great to see a one two punch and Connecticut now is well taken care of.
Yeah let's get to know get to know. And any anything else that anyone wants to ask or share. And remember we have a client target list if you have any relationships you would like to share.
Kelly Yep, go ahead. Yes, yeah. So for the for the California brokers, or anybody that's dealing with a trustee on a sale in California. I'm attending a UT meeting which is location to have dinner tonight. They shared me the with the member directory. And so later next week, I'll add that to the Aaron files. So there's a list of all the trustees ELLs in California so if you need to get ahold of someone, you know a short sale or something like that needs someone to reach out to they'll end up having all their contact information in there for the UTA
awesome how are you going to share it cool.
Well, I'll set the rate and the rake rake it Yeah, cuz that way that way, right. Rail bird dog me and remind me to do it. So that's the good thing.
Yeah. Piggy back real quick on the poll saying I attended their little Christmas mixer last year in Newport Beach. They're an awesome group. They share a lot of information. They're really really cool. Like, you know, you're dealing we got all these fixes that everybody's playing everything close to the vest, but these people were wide open and we're really willing to talk. So it was it was it was very eye opening experience for me attending their meeting. Elected April.
Yeah, I appreciate it. Thanks, Jerry. So another question. I was introduced to another lender group. And we were today we were going to have a small conference. Sorry, guys. We're gonna have a conversation about working with hedge funds, but we'll save that for another call. Sorry, guys. We're gonna talk about hedge funds. We don't have time for that today. But I came across another group called the National private lenders Association MPLA. And on their website, they've got a lot of different links to a lot of different private lenders. And by coincidence, a reached out to one guy that foreclosed on a property he had a construction financing on a $3 million property he's gonna do for about 1.2. That's only a shell. He's got to go through and finish it. But it was just a question. So I reached out to him and he had a property my area that he was foreclosing on. So there's a list on the NP L A. website that you can go to and they've got hot links. So you can go ahead and link in to them. And I go to the link in LinkedIn figure out who they are if they can make a connection there and be able to build a relationship with them. So just a heads up on that.
I have a question as anybody seen any traction with orange grid yet. Anyone else joined anyone seen any traction?
I joined down another county back to Annie two weeks ago, and she said that they're still building the systems building the back end. There are assets that are in there, and that came from a third party from the Ironman conference that we were at, although there's no no assets that have been released yet.
Okay, so they haven't released anything yet. Good to know.
The last all day that I got from them is allowing us to add, like me and other agents. Everything is gonna come through us but we can add our agents to the platform team. Yeah, yes. So that was the last update that I got from them.
Good to know. Good to know. And then just just any other questions, guys before you go, but I wanted to add quickly. One thing is we're going to be sending out at the end of every call meeting now we're going to send out a survey via email and on Facebook, to ask you to give us feedback on these meetings and meetings are only going to be as good as if everybody you know input something at some point. What can you bring to a future meeting, any potential suggestions anything that you think might enhance meetings are something that the membership would want to know about? We need your feedback on it. We need you to provide us with some guidance on it. So we're going to be sending out surveys and we're going to be looking to you to complete them and provide us with some kind of future guidance on meeting so that we want to make sure that these meetings are valuable for you.
Well, Kelly on that note, hats off to Joe pedig. Forgetting John on the call today for the FDIC and anybody else who has a client like that, that either has pain points, you'd like to share some experience and we can be a value to them. Those are guests would like to have on our colon. And so relationships that yeah, so thanks very much for that, Joe.
Yeah, that's great. Thanks, Joe. And thanks to everyone who's contributed to meeting in the past. Just you're in the group for reason guys we've all experienced in heavy hitting in your in your market and know what you're doing. And that's why I've been reaching out to you individually and calling you having conversations with you because when I have those conversations and I asked you know, what are you doing? I often end up saying why, you know, we need to share that with the group. That's great news and people some of the members often don't realize that what they're doing is of interest to other members. So be keep that in mind and keep an open mind about what you might bring to future meetings. Anyone else anyone else want to say anything or share anything or ask any questions? If anyone has any now we'll put it in the chat. If not, we're at one o'clock. Any
time. Just one thing real quick. If you're gonna introduce somebody to the group, we're working on the membership team Mel's doing a phenomenal job, but make sure you look at the site and look at the qualifications that have to be a member. And if we have a number right in their backyard, it may not be the best bid because, you know, just kind of do a little millstone, a whole lot of work as a volunteer, and we need to be respectful of his time and not sending people that wouldn't work.
Yeah. Great point, Joe. So remember, we mentioned last month and we'll keep reminding you that that there are production requirements to be in the group. But if a potential member doesn't meet that production requirements, leadership do have veto rights to bring them in if we think they have other you know, potential in the door. It's something they can bring to the group. So but keep that in mind if you're referring someone.
Kelly, just a quick closing comment. Our friend Kevin Shriver is still looking for a remote opportunity. So if you hear anything out there, make sure you push those opportunities to go.
Yeah, great point. Great point. Where the talent in this room it's amazing. I mean, Kevin is like probably one of the most talented members we have or people we have in the group. So wishing, wishing you good luck, but thank you. Well, your modesty, you're really being modest that we know we know that's true. So a great rest of the week. Anyone else want to add anything or ask any questions
for we're going to leave? If not,
have a great week, guys. Thank you for joining us on the call. Remember to complete the survey. Ray's gonna send out about future calls. And any questions any time. Let me away now. Thank you, Kelly. All right. Thanks, guys. Have a good week.
