You're listening to the REI marketing nerds podcast, the leading resource for real estate investors who want to dominate their market online. Dan Barrett is the founder of AdWords nerds, a high tech digital agency focusing exclusively on helping real estate investors like you get more leads and deals online, outsmart your competition and live a freer, more awesome life. And now, your host, Dan Barrett
0:38 All right, what's up everybody? This is the REI marketing nerds podcast and look, if you need more leads and deals online for your real estate investing business, you know where to go AdWords nerds.com You can go talk to a member of our team and we will help you put together an online marketing strategy for your market. Alright, folks, this week, I am talking to Kevin bup, from Kevin bup.com. That's Kevin bu pp.com as well as sunrise capital investors.com. Now Kevin is really fascinating guy really fun to talk to you really interesting life story. But the thing that I was really excited about in this conversation is Kevin invests in things that I really don't know much of anything about, which is mobile, home parks and parking lots, particularly, really fascinated by the economics of a parking lot like who owns parking lots and how do they make money and how do they work? And how do you make a parking lot make more money, which is something that Kevin gets into, which I found really fascinating. He's a really interesting guy. He's got so much to teach and so much to share, I highly recommend you go check out all his projects over at Kevin bump.com. And of course, check out what he does over at sunrise capital investors.com. But without any further ado, let's get into my interview with Kevin buck. Alright, what's up everybody? This is Daniel Barrett here from AdWords nerds. And I am here with Kevin bup. From Kevin buck.com. That is spelled bu pp.com. So Kevin, B U. P p.com. Is the website. Kevin bump. Welcome to the show. Man. Thank you so much for being here.
2:13 Dan. Thanks for having me. And thanks for spending my last name. Do that enough? I can't tell you how many times I get junk mail with like Kevin but right butc Put out so well. That's what you gotta you gotta sign up for things as Kevin but and then that way, you know, like I said, this is like tangible, both like, my emails, just my name at Gmail. And so I get emails for every Daniel Barrett on Earth. And there's this Daniel Barrett out there as a dentist and I get all his dental X rays, like sent to my email. And this week, I know he's at a dental conference, because he signed up for like a billion things. And like, yeah, let him know that. So anyway, I feel your pain. Alright, so besides not spelling your name correctly, for people who aren't familiar with you, and what you do, you do a lot of different stuff. So give people 30,000 foot overview of you and the businesses that you're running, Kurt. Yeah, sure. Thanks. So
3:10 my primary focus and it has always been as I'm a full time real estate investor, I've run a company called Sunrise capital investors, I wanted to partners there. I'm 45 years old. Now I started buying real estate when I was 90, I was 20. I got into AWS and it bought my first investment while I was 20. It never really looked back. You know, I always joke and say I've never had a real job, I tended bar in the evenings while I went to school, got into real estate during that same timeframe. And then ultimately did first couple of deals. And then at that point time i Living my living standards were a lot lower, didn't have a lot of overhead wasn't married with kids. And so it didn't take a lot for me to say I'm going into this full time, right, it just came at the right time in my life. And and that's it. I mean, I started buying single family properties. Like a lot of folks I had a mentor that I just followed followed his business model. I didn't try to reinvent the wheel, I did what he did, and that was single family and smaller multifamily properties. And then I you know, kind of evolved over time and started buying larger commercial assets in my mid 20s And I bought pretty much everything at this point am I the only type of real estate I haven't owners or like larger industrial type distribution properties but I've had assisted living retail office self storage today you know, fast forward to I guess the other 11 was the time that I got introduced to two asset classes are one of the two asset classes that we invest in today. So mobile home parks which is the predominant makeup of our of our portfolio and where we spend most of our time and then we also in parking lots so parking garages parking lots and very strategic locations but but again been doing it for quite some time and sunrise capitals for back into that 17 Prior to that it was mostly myself Personal Capital, you know, some private money closer relationships now we ultimately bring in capital from high net worth individuals and we've been doing that on a large scale now for you know, what is it seven years now? So Wow.
4:55 So I got a bunch of stuff I want to ask you about because I think that part of it Mobile homes are both business models they don't or investment models. Let's just say that I don't know a ton about and I think a lot of people are very curious about so I want to make sure that we dig into that. But before we go that route is certainly you said you got started in real estate investing in 19. You did your first deal at 20 That's very young. So like, when I was 20, I think I was mostly playing Dungeons and Dragons and trying to you know, make out with girls. So like, what made you want to get into it So Young is were you just always entrepreneurial? Or like, what was the story behind you? Kind of getting started so early?
5:34 Yeah, I think there's a there's a number of answers to that question number one, I grew up in a group in a very middle class family we never went without right always had a roof over our head took one family vacation a year but both my parents worked when I was younger, my mom worked literally the third shift because we couldn't afford a babysitter so Daniel had to be home with the kids you know, like just may do but like it's all relative you don't know what you don't know because that's that's that's what you're surrounded by right but as I got older, you know, I realized that you know, you start going to school junior high and in high school with kids that come from different economic backgrounds, you know, parents make a little bit more money they have just different experiences again, and when you're young today material things aren't nearly as important to me as probably what they were at a young age do you want the best BMX bike you want the RC cars whatever, you know Genesis and Sega and all those things that were coming out back when I was that age and and I just said from a young age I you know, I always wanted I wanted certain things I knew my parents did have money to buy and so like when I was you know when I was 12 years old, I used to be 12 Get a paper out I mean I could not wait to get a pair and I literally I remember I wrote like a rule like almost like oh we want to call it just a story to the free world his name he's like the regional director of like he's got ran the paper routes and like the different counties I was in like I basically like wrote him a story about you what this is going to look like this payroll is gonna look like once I take it over the kid was going to college and had it he had had it for like six years and I literally I fought for that payroll for like a year
I stayed in front of I wanted to make sure I got that paper out that was it I shoveled snow in the in the wintertime I mowed grass you know back when this is good this is back in the day when the parents said can we get the gas can ride your bike up right and and then they let you push them around voters that didn't have automatic shut offs want to be cut toes off. And now that's child abuse if you make a 12 or 13 You'll mill grass right? But I did anything to make money. So I don't know if that's an entrepreneur or not. I just wanted to make money because I wanted to have my own money. So you'll buy the things that I wanted. And you know as time went on, I started you'll turn that more into like a business like I started installing car stereos and amplifiers I had an older brother he had friends and that was a cool thing back then you had car stereos you know and amplifiers and speakers and your car loud stereos my dad told me he was my dad was an electronics, he told me how to do the basic wiring of like a head unit and a car and an amplifier. And so literally in their garage, I would install car stereos when I was like 14 years old my brother's friends cars and in making money doing that. So anyway, I just always wanted to make money. But one thing I was I didn't really enjoy is I didn't enjoy school, I just for whatever it was I just I didn't have an interest maybe I didn't have the best teachers that really like caught my attention. You know, I so as I've gotten older, I've learned I come to find that I just I learned in a different way. Like if you told me that, you know my comprehension if I just go read a book and have to go write an essay on or summary of what I just read. I have a very challenging time with that. I just I just do and that wasn't really identified back then. By if I want something or do it once actually physically do it. Completely different. My my comprehension is like through the roof. And so anyway, long story short, I struggled in school. And so I was looking for something. And I didn't know what it was I was going to school going through the motions.
Not having fun with that either just taking classes for the sake of taking classes. I thought that's what I'm supposed to do. So when this came along, when I met I met a girl studying her and it was her mom's boyfriend who became my mentor. I met him at their house and what I found out what he did i He drove a really nice car. He was around like during the weekdays. Sometimes I gotta go over there and just my girlfriend between classes and like he just happened to be around. I'm like, What are you doing? You're supposed to be like working. What are you doing? You're supposed to you're supposed to be at a job. And he just he had to he had a flexibility and just a candidate and that was just, it was something I was I never experienced. He was a really nice guy. And so I just got to know him. I befriended him and that was the beginning of it. He introduced me to the real estate he brought me to a seminar that he had already paid for in Philadelphia I attended with him not knowing what to expect. And from that point for I mean, I worked with like a year for free to so I can be around him. I basically would he was a solopreneur but he struggled technology. So I helped him there with PowerPoint presentations. I would go pick up coffee, I'd go to Home Depot, go to Lowe's, pick up leases drop off lease, I do whatever he needed, and then ultimately that that got me around it and then that fast forward a year I bought my first property and that was the start of it.
9:57 So Wow. That was a wild ride. If so it was like, say real estate found me. I didn't find it, it found me. But it found me at a very opportunistic time in my life where I didn't know what the heck I wanted to do to do something. And I was anxious to do something. But I had no doubt I really had no direction. At that point, I was really into self help. And like, I like I would Zig Ziglar I was listening all that crap. And I'm like, yeah, how do I put this to use? Like, what is it? What where can I apply these these things I'm learning and, and just this excitement that I have in and then real estate came along? Well, I was gonna say it's the power of i remember, it's sort of like the whole story, the thing that stuck out to me, I mean, cite the fact that the story is awesome. It's like, I also remember when like, the kid down the street got the Sega Genesis, and I was like, I really want to Sega Genesis, but I didn't do anything about it. I was like, Well, that's it. You know what I mean? Like it was where it ended. So I think it's really cool that you like, like you said, it's the through line of that story is like, there were opportunities there really for anyone and you pursued them, right? Like, the boyfriend was there. And you kind of pursued it, write the paper. I was there and you pursued it. And that that really strikes me is like very, very uncommon. And a kid that age, it was pretty cool.
11:18 Yeah, yeah, that was it was fun to make money. I enjoy enjoyed, be able to have my own things and, and buy those again, whatever it might be. To me it was bicycles, and RC cars and skateboards and that kind of stuff, right? The finer things of life, that's fine. The finer things, that's it, but I bought my first car when I was 14. Like, that's actually another Part I, as you're talking through this, I bought, you know, I that's probably what I learned there was a period of time. You know, I sold the four wheeler I had, I bought my money, and then I bought this car because I really wanted I wonder I like my days, let me drive his truck around the parking lot when they would go walk the dog, the high school so they let me drive around the car. And he kind of taught me how to drive at a young age, I bought this car. And I flipped i He helped me work on it. And we flipped it we made money on it. Like episode in like eight months, I intended to keep it till I was ready to drive. But that was that was actually the start of actually realizing how to buy something at a low price. You know, curious the value of it and actually flip it for a profit. So that became startup like selling, buying and selling cars. And it turned into houses and other things like that. But never never formal business, like I have today. But anyway,
12:22 I grew up sure right? You buy a thing, you add value, and then you sell it for most right? That's right. So that's a really good, that's a good fast forward to sunrise capital. So the website, people want to go check this out sunrise capital investors.com have that correct. That's great. Sunrise, capital investors.com. So you can go check that out. And you guys mentioned you do mobile homes, you do parking lot. So let's dig into this a little bit. Pretend I'm an investor, because there are a lot of residential investors listen to the show who are reared on the traditional Rei model of fix and flip, you know, whatever it is, right? Residential. What is your and I know, you're not here to pitch everybody, but like, let's say I'm saying, okay, Kevin, you know, I'm very skeptical about mobile homes and parking lots. Pitch me on why are these good investments? Like what makes them different from residential? Why did you decide to focus on these over all the other types of real estate that are out there?
13:18 Yeah, that's a great question. I will say that I've own pretty much other and I still do today, I own self storage and assisted living. So we I just like to stay in my lane, you know, I like to figure out what I'm really good at and stick to the lane. So it's not saying that I believe that these two asset classes truly are like some of the best, but there's plenty of other there's other good investment vehicles. So I'm not here to say one is better than the other. Sure. And so you're backing up a little bit, you know, I am in my, when I was doing the single family stuff, I ended up in my early 20s end up building up a portfolio of about 140 144 to be exact rental property, single family rental properties, and I'll tell you that day and that took, I didn't wasn't married, didn't have kids, I was just hustling it was fun to hustle and kind of to build his business. But damn, I put in so much work and energy to build that 140 unit, single family home portfolio years and just endless, endless hours. And so 2008 occurred lots of challenges with that with that portfolio down here in Florida, where I owned everything at that point in time, and it put me into a period of reset. And while I was accumulating those homes, I also ended up investing in a number of apartment buildings, which was like it was almost like a side business. They were brought to me I had some equity I put it in with some partners. And when it all shook out those apartment complexes seemingly made me more money in were way more efficient with my invested capital then the single family stuff that I had just like grinded so hard to build. And so when it came time to read to like rebuild what we have today, I wanted a more efficient way to do it and and I originally thought it was actually going to be more multifamily apartment complexes. It makes more sense buying. You know, it's so much easier to go buy 80 units underneath a couple roofs that are all on one parcel of land to go buy at single family We homes, the financing is way better on the on the apartment complex is there's a litany of things that are just way better.
And so for me, everything I've ever done I've ever been a fixer flipper per se I did for a period because I had because I needed more money to buy more property. But I'm all about like buying and buying hold and I want to I want to create a, a an income stream from this real estate, something that so when the day comes, I choose to slow down or not doing anymore. I've got passive income streams coming in, because ultimately, you just fixing and flipping day in day out, you've got to start over at the beginning of the year, every year. And I'm not saying that's wrong. It's just there's not a good end game there because you got to take that money or making it reinvest into something else. If you're not doing that, then you're just literally you're grinding away and you got to start all over again at your January 1 of every year. So anyway, fast forward, you know, I got introduced the mobile home, mobile home parks and parking lots. Not in a similar way, but ultimately, both were just by happenstance and I had never considered either one of those asset classes before and so mobile home parks back in 2011 I was in a rebuild stage like what the hell am I going to do now? Like I lost everything in 2008 Need to freaking figure out how to like you know, jump back on the horse number one but number two, what's the vehicle going to be? I thought it was gonna be multifamily. I met a guy by the name of Randy through a mutual friend introduced me say hey, go meet Randy. Randy is the next banchory course bank for many years. He's just a really cool dude knows a lot of people Sure enough, fair enough. Let's go meet Randy. Randy owns mobile home parks it just happened I've never met anyone to own a mobile home park and I had lunch with him and and he just intrigued me with so many things. He wanted my story again my story told him I was gonna go out go buy multifamily is like before you do that. Let me tell you why should think about mobile home parks.
And he just started going through the different bullet points, you know, one was turnover rates way way lower than than a traditional multifamily or any type of rental because most of the folks that live in mobile home parks, they own the mobile home. And so they're sticky reds, in fact, we have we have residents today and a number of our communities that have been there for 40 years, right like they it's their it's their subdivision, they own the home, they pay lot rent, and if they choose to move LA Times, they just sell the home to someone else that moves into our same community. So our lot rent never it just continues to come in. And I liked that I liked the the low management, low overhead, you know, we're not fixing roofs and plumbing and ACS. That's, that's the homeowners responsibility. So we're just maintaining the grounds the infrastructure, the roads, the common areas, amenities that there are like clubhouses and pools and things like that. But we're basically renting them the plot of land that they're home sitting on but you know, it's it's very different than that of a traditional single family or multifamily rental, or someone's only going to stay 12 to 18 months. They truly can get up Milla night, just leave that because they can easily pack your stuff up in a vehicle, right and just drive away. And so it's just that was the first thing that really struck me I'm like, that's, that's brilliant, you know, like, we all look, being in the rental business, we all look for longer tenant retention, we want a chance to stay as long as possible, because we don't want to go in and have to turn over the unit cost money. gotta replace carpet, you know, repaint the downtime, you know, when we're trying to lease it back up. And all that costs a lot of money, right, and it adds up over time. So this was a way to maybe not avoid all that but avoid a lot of that.
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I'll say that the biggest one I'll give you there's a million bullet points. I don't want to go down the rabbit hole too deep. But one of the other big points that really sold me on mobile home parks. In that conversation was Randy's like Kevin is the only asset class that has a diminishing supply. It's the only asset class that has that little every year there's less mobile home parks in the United States. And it's for a number of reasons. A number of them just get redeveloped. Maybe they're built 6070 years ago they were not in the path of progress then now they are and the land is worth more to developer developer comes in and does whatever he does with it. Right? He built a mixed use project or condos or apartments what have you right so that's one of the one of the things but the bigger part of that is there's two reasons why new supplies get built built like new apartments go up everywhere. New self storage goes up everywhere new offices, maybe not offices, because there's too many of them right now. But you get what I'm saying like every other asset class has new supply coming on to meet our growing population and mobile home parks don't And number one, one reason is this nimbyism, you know not my backyard you know people have this this this picture painted about what mobile home parks are and it's all bleak and it's that's not the truth at all.
It's quite, quite the opposite. And so that's a big one then second one, it's not the it's not the best tax base for municipalities. It's just not I mean, it takes up a large plot of land and it by no means would bring you as many tax dollars as you know multifamily Complex. sorr a retail shopping center or you name it right condo complex. And so well, municipalities say that we've got this affordable housing crisis and mobile home parks truly are the it is by far the cheapest type of housing, but not the de quality wise, it's by far not the not the worst, we'll put a bars against any b plus class apartment community, and we're always about 20 to 30 30%. cheaper. But that's, you know, municipalities that complain about the affordable housing crisis, but like, we've got the solution, but like, ultimately, it's kind of like, yeah, that doesn't really, that doesn't benefit us too much from a tax basis. So I know I say I want to solve this problem, but like, also, what's in it for me? Kind of thing. I gotta get that. Yeah. Yeah, that's
20:42 it. That's it. So anyway, so that's it. So it's unique, and that we've got this growing affordable housing crisis. So we're in need dire need, it's growing every year. But we got this asset class that we're in, where that it really fills that vacuum. And like the supply, demand and balance is growing greater and greater and right, because they're there, there's no new supply coming on. So it's interesting, it's an interesting space. And I just the evolution, the last 10 years has been like a 90 difference. When we started buying them. As far as even just the quality of the new stuff that gets built, we bring new homes in our communities are built almost the same standards, I mean, obviously, almost, they're basically built the same standards of the stick built home, they're just built factory, you know, I mean, the the finishes, and everything are all very much the same. And it's a really quality product for a fairly low price. So anyway, I
21:28 mean, it really, it's interesting to me, because the like you said, the housing crisis is this kind of big topic of conversation. And yet, we have this weird cultural stigma around mobile home parks. Whereas like you said, like, I've been in a couple mobile home parks, like in last, whatever, 10 years. And I remember even for myself, going in there, kind of being and then going in there and being like, Oh, these will just feel like houses to be like, I don't know what I imagined. But just felt like a community where people live, right? Even just was not whatever that stigma was, was still there for me. So it's interesting that you kind of bring that up because it is really is like, like you say, a very affordable way to build housing and to house people and to give people a lot more options, but we kind of don't have to do it. Right. Where is it? Well, here's the thing. Here's the thing I like to give help people paint the picture in their mind. So like, you can go to any city in the United Where are you based out of Dan?
22:34 I'm in West Hartford, Connecticut. Okay, you can pick pick there. So you guys have you guys have apartment complexes. You got single family subdivisions, you got mobile home parks, let's start with the more multifamily apartment complexes, you got the ones that are probably in the worst part of town. I know. Harford, generally speaking, pretty darn good area all around. But there's still like, there's the lower end part of town, right? That's got the water spots on inventory. It's got the old inventory, right? It's got just you know, less desirable tenant base units haven't been renovated in quite some time. He's got some broken out cars outside, you got that. Then you got the middle class, you got the blue collar, folks, you got just the hard working individuals and maybe they're an apartment complex that was built 30 years ago, it's got some upgrades, but not really but it's just a clean place a place is probably a good school district, you know, but not not brand new high end stuff. And then you got a class stuff that was brand new built Same thing goes with single family subdivisions, you got the working class, you'll or like me, not the ghetto, but like, you know, the rougher neighborhoods and you got the working middle class and then you got the executive white collar neighborhoods, the same thing really exists with mobile home parks, you got the ones that are like drug sex and rock'n'roll what everyone pictures, you know, just I wouldn't go in there even during the day, you got that.
But most of what you have is the you're predominantly the middle class stuff, just the hard working folks that want to they want to send our kids to good schools. Like that's a big check the box and for us it's got to be a good school district. So they want to send their kids have good schools, but you know, they're you know, managers a Walmart or they're working in the service industry or working in the hospitality space, right, they don't make a ton of money, but they still want to be in a good neighborhood. And this is an option for them or you got some like really high end stuff like down here in Florida or in Arizona veterans lifestyle communities. I mean, these are communities that have retirees and um, you know, they're not necessarily affordable, they're not considered affordable housing and they've got tennis courts pickleball courts now basketball courts, you got swimming pools, right there, they're definitely higher end a lot of times on your floor they're like second homes right so the people that lived on these lives probably in Hartford, Connecticut, or you know, another like a normal single family subdivision other parts of the year and so you got some really nice higher end stuff as well and it kind of runs the gamut so unfortunate we all get lumped into the drugs sex and rock and roll bucket, you know, just like they're bad, you know, there will be crime to our area, they're gonna bring the wrong element. That's the case.
24:43 What did it so we talked about mobile homes and very curious what the economics are. Or even how you think about investing in parking lots. I mean, it's it's funny because the truism real estate of course is like Location, location, location, right but like parking lot It's hard, really located. Look, here's your location. So how do you think about investing in parking? Lots? I don't know anything about this. So I'm a total blank slate like, what's the appeal there to like maybe a real estate investor that's looking to diversify. Again, it's it's all about location is your right absolutely hands down more important even than the the mobile home parks right like location is absolutely it's critical everywhere. But like with a parking lot, you've absolutely got to be in the right location has the right unique set of demand drivers and the right proportionate share of demand drivers. And so but backing up a little bit, we started researching the the parking space. And again, it's kind of one of those things where like, I, we all know that somebody owns a parking lot, or parking garages, a lot of them are owned by municipalities, representatives, another portion that are owned either by local business, maybe they own the office tower, and the app known the garage, or then he's got these other random garages or lacZ, that have like the random attendance out and they're like, someone owns that, but I've never I've never considered really thought deep enough about it is a business.
And as we dug deeper, we realized that, you know, outside the municipalities and big institutional groups that might own like, you know, parking assets in like New York City and San Francisco, things like that, a lot of the rest, were just mom and pops a lot of folks that own things for 20 3040 years, like especially the surface parking lots, just like those, a lot of those are owned truly by just generational families, they've owned them for a very, very long time. Maybe at some point, there was a building on it, and they tore it down, they realized that there was a higher demand for parking back when they did that, right. And so along with that, that Mom and Pop ownership structure comes a lot of inefficiencies. You know, technology has come quite a long ways in the last 2030 years, everywhere, including in the parking sector, just you know, parking management, being able to actually adjust pricing in a dynamic manner based on your busy times a day, slow times a day is to events, special events, on the weekends in the evenings is that in the other. And so we've had a lot of these lobbies, older run assets don't have good parking system in place, they've still got a tenant out there collecting cash, which you and I both know, probably 80%, that cash doesn't make it or maybe you're 20% doesn't make it back into the pockets of the owners, right? They're not efficiently parking all the cars in there, right? Like it's not laid out appropriately, or, again, they're not charging appropriate prices based on the time of day or special events that are occurring in the area, they're not keeping abreast and special events are going on there. It's just the flat the charge of three bucks an hour all the time, right. So we try to find those inefficiencies and we know that we can fix them. On top of that, you know, one of the other key aspects of what we look for So like most, we don't own as much parking as we do mobile home parks.
And the reason being is that a lot of parking, especially in like urban core areas, downtown areas, a lot of it a lot of parking supply was built to support office, your eye office buildings, folks that are actually working out of office buildings. And so I have no interest in office, I have no interest in being you know, a, you know, an equity owner of office at this point in time. I mean, a small sliver maybe but like, generally speaking, if the main driver of that parking is Office, then we're it pretty much indexes it out right away. And so that almost removes a lot of potential investments, because a lot of them were purposely built for, you know, the needs of office goers, right. And so, you know, but the other big demand drivers that we look for, like government buildings, courthouses, sports arenas are huge right being like in close proximity sports arenas, a true nightlife, not just a daytime work, work life, but also at nightlife as well, like it's a truly a 24/7 city, where it there's something going on all the time, we want that you got retail traffic as well. And then you know, if it's got a small sliver of Office demand, we're fine with that. But like we want all the other primary ones to be the ones I just mentioned there, and that's hard to find. And so we just recently bought a parking garage in downtown Phoenix, it happens to be literally a stone's throw from the Maricopa County Courthouse. I mean, literally right across the street. It's the second largest courthouse, the country. It's literally shares the same block with some amazing retail establishments. It's got really trendy hotels that just went in that that ultimately have overflow parking in our garage. It's got the footprint center where the Phoenix Suns play three blocks away. Chase Field is two blocks away where the Arizona Diamondbacks play, it loves sports all that in different capacities. And so that's like that's like the idea of I had to like give the exact example of like what we liked about it, and in that instance, we bought it from an owner that just that didn't manage pricing accordingly.
We literally went in and they hadn't adjusted pricing for like eight years. We literally went in and just adjusted the transient rates rates which is which makes up about 75% of revenue, literally adjusted it was it like eight, eight or 9% and literally didn't see any type of drop off whatsoever. Literally that was like in the first month and now like we've got a different schedule we've we charge higher rates for you know, Arizona IMAX went to the World Series this year. They were there they weren't charging like flat rates for that we were getting upwards by the yo depending on early Parker's got 50 bucks and it goes to 60 and It gets 70, right for those that are like, straggling in and so on. But all those adjustments are due to technology, truly being able to stay abreast and stay, you keep our finger on the pulse. So there's just a lot of inefficiencies in that space. And we like to find those inefficiencies and, and use technology to, to even things out and add value. Well, I'll stop talking now, because I just rambled there for
30:24 oh, that was great. Yeah, it's so funny. You mentioned like, back in the beginning, when you were first getting into parking lots, it's like, you've never really thought about it. And one of my favorite things about doing this podcast, and it happens all the time, is like someone tells me something. And I'm like, I literally never thought of that, like I never thought about the parking lot is a business and somebody owns this business, it just never occurred to me. So it's like, adds this layer of detail on to reality now that I can now think about which is like, so cool to me. So for people who are interested in either learning more about this, I know this is something you guys do at sunrise capital investors, which again, everybody can check out at sunrise, capital investors.com, who is like the right person to work with you. They're like, Who are you guys looking for, for clients for that business?
31:14 Yes, for that business. It's mostly folks that that understand the asset classes that understand the merits of the different asset classes that we invest in, but ultimately don't want to do the work, right. Like they they've got the capital, they like to invest the capital into one or both of the sectors. But they don't want to be the nitty gritty, they don't want to go find the deals, they don't want to operate the day to day, they're just that that's not their forte, they make their money somewhere else, or most of them are just high net worth business owners or professionals. And they want to invest in the space and kind of ride along and reap all the benefits but and ultimately get their get their hands dirty. So like that's the ideal partner for us. If we work with you, I'll say that I mean, for folks that go over there, like we've got some other pretty cool resources, if you're someone who's listening, and you just you want to learn a little bit more about like, just kind of, you know, the parking lot investment space and a deeper dive more granular dive into why we like it. There's way more than what we'll be able to cover on the show. But we've got like a couple of free reports on the website, what's called like parking lot profits, you can download that it's a 20 page ebook or something that kind of just dive directly into parking. Again, all the reasons why we love it, and even kind of go about like what to do, like, what do we look for? Like, what are the you know, what's an opportunity? That's what's not? How do we capitalize on that opportunity? And so forth? Yeah, that's I think I answered original question. I went on a little Yeah, no,
32:30 that's perfect. So that's at sunrise capital. investors.com. Now your your kind of personal website is Kevin bob.com. Which again, Kevin, bu PP calm? And for people who are curious, like, what can they what are they going to find their when they go check out that site? Yeah, so it's more a good, it's just that it's a personal website. It's got a little more my backstory. You know, I host my I host my podcast on there as well. I've been running a podcast for a little over 10 years now. And so I host all the episodes up there, you can also get caught my free book, I wrote a you get the physical copy of it as well. So I wrote a book about two years ago on commercial real estate investing. I also go into detail on the parking and mobile home parks amongst a few other asset classes that I really liked on the commercial space. There, they can grab a free copy of that book. Yeah, to pay shipping in hand, I think it's like six blocks or something like that. But there's a link on there to get a copy of the free book, or you go to Amazon to pay 20 bucks for but either way, you can get a copy there, but that's mostly it. It's just my backstory, my podcast and also the book on there. And I'm sure I think there's a link there as well. I'll probably get you back or sunrise capital cuz that's, that's who I am. You know, my brand really is. It's one the same sunrise capitalist company. That's what I live and breathe on a daily basis. And the podcast really is me personally, but ultimately all kind of blends together.
33:42 10 years for a podcast is legit. Legit podcast. Yeah, in January 2014. So should have been 2013. I bought the equipment and my wife threatened to sell it on eBay if I didn't start it. So I finally I finally kicked those, like 10 episodes of this show out. I love that. So awesome, man. Okay, so again, people can go check that out Kevin buck.com. And as well, Sunrise capital investors.com where you can go to learn more about investing in parking lots, mobile, home parks, all sorts of cool stuff with Kevin and his partner, Kevin. Thank you so much, man. This was a total blast. I learned a ton about something I have. I don't think anyone's ever talked about parking lots on this show. So that was fascinating. Thank you so much for sharing your expertise. Do those great. Oh, no, I love fun, Dan, thanks for having me. It's always fun to come on. You do a great job too. So keep up the good work. Thanks, man. All right, that's gonna do it for this episode of the REI marketing nerds podcast. As always, please do leave us a like or a review. Wherever you get this podcast. We read every one they really do make a difference in helping other people find the podcast and we really truly appreciate it from everyone here at network nerds.com. We appreciate you I will talk to you next week.
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