In todays episode of #RitterOnRealEstate we sit down with Jim Monk. Jim is the President of CLOZZITS. CLOZZITS has developed a program to increase rents 3%-5% while improving the Net Operating Income (NOI) and Asset Value. All without multifamily owners laying out much capital.
His goal is to differentiate beyond the normal amenities and tap into a new area of construction development, renovations, and property management. In this conversation, Jim shares his stories and experiences he’s picked up as a business owner navigating the multifamily industry. Jim expertly discusses what led to this passion, supporting information and why companies like Katerra, Harbor Group, MMA, and Pinnacle are seeing space optimization as a game-changer in turns, make-readies, and new construction. Creating more space for residence is more of an issue than most owners think, and Jim is changing how investors, owners, and managers look at the closet, which can provide an immediate rent increase.
Key Points Discussed In This Episode:
- The importance of multifamily finding additional revenue where they’d least expect it.
- Running 3 financial service companies & transitioning away from those businesses before 2008.
- Discovering the importance of closets in investment properties.
- How higher quality closets lead to 3-5% rent increases in B-C class properties.
- What goes into improving rental closets.
- The positive impact closet renovations have for the tenant.
- Material costs affecting capital expenditure budgets
- Owning 5,000 units.
Transcript:
[00:00] JM:
So, you can really run to those numbers especially where cap rates are today. You can look at Oh, that’s So, a significant amenity improvement and my ROI was running between two and a half and three and a half years. Our average client today, which we’ll get into stats on who we are today is Clozzits is averaging about 37% ROI over a three-year period.
[00:00:20] KR: Intro
Welcome to Ritter on Real Estate, the show about how to passively invest like a pro. On each episode, I interview real estate experts who give their top investing advice, strategies, and tools that break down the insights into practical steps to avoid the pitfalls and make better investments. I want to help you passively invest like a pro. This is Ritter on Real Estate, and I’m your host, Kent Ritter.
Hello fellow investors. Welcome to another episode of Ritter on Real Estate where we teach you how to passively invest like a pro. Today, my guest is Jim monk and Jim is the president of a company called closets and closets has developed a program to increase rents 3% to 5%, while improving the net operating income and asset value of your properties and all without multifamily owners laying out much capital. His goal is to differentiate beyond the normal amenities and tap into a new area of construction development, renovations and property management and Jim, I’m very excited to have this conversation today because I wanted to have you on because I read about your company as man that’s have a novel idea. It’s not something that I’ve considered as a way to add value and Some, I really wanted to learn about
[00:01:33] JM:
well, thanks for having me on, first off and so, we think it’s a novel idea, actually and something like one’s heard of her. It’s just now becoming part of the mainstream. So, commerce. But yep, so you know, we, again, Jim, I’m part of closets and our focus is the multifamily industry and so, we go out there and we show ownership how they can tap into a resource that they are unaware of, and really gain revenue, additional revenues that they just weren’t expecting can’t and we’re out there evangelizing it we’re talking about because to your point, I always tell our salespeople internally that a lot of what we’re doing is breaking through the condition that people look at the closet or just eating part of a party of well, this is the way it’s been and so, we exist for that reason to go out there and talk about it and happy to be on the show.
[00:02:29] KR: Yeah, no, I love that idea. love that idea and we’ll dig into the details around it. Because seems like there’s really something here. But before we do that, let’s take a step back, Jim, and just tell our listeners a little bit about yourself and how you got to be where you are today.
[00:02:46] JM:
So started out to kind of windy path. I think most of us don’t expect to be here, I definitely don’t expect to be here. So, you know, 20 years ago, right after getting out of college and so forth, went into the financial services industry. So, When, three large scale from ground floor up large-scale financial services companies, that ultimately, we exit it honor that I actually did on the last one and did quite well with those and you know, nothing too sexy about financial services, but was able to get out. I’m dating myself a little bit right before the 2008 crash. So, I was very blessed in that sense to see all the writing on the wall. It’s okay, we have someone that’s looking to buy us wants to sell. Let’s go ahead and pull the ripcord and get out. Yeah, but we did it good. It was perfect. It couldn’t have been any better, really, in my opinion. So. But what led me to be where I’m at today is starting to passively invest in other companies and into real estate, both in commercial and multifamily and, you know, kind of where this led me was, like a lot of us. I think that our passive investors, you’re asking the questions, how can I get more return on my investment and what happened to me at least was I was talking to a friend of mine who had done a lot of renovations here and one of the largest renovations companies in the country, for multifamily and I said, look, we’ve done the backsplashes. We’ve done the flooring; we’ve done all these things and I’m just trying to move the needle just ever so slightly. Now. I mean, I’m talking 2% to 5% and if I get an ROI in a three-to-four-year period, I feel like I’m hitting a home run.
You know, and this is all pre COVID and everything and he said, well, I said what are the big guys doing? What are the guys that have 100,000 units plus doing because that’s the group’s he was working with. He goes, well, they doing all about the same thing you guys are doing out there that are smaller than that. I mean, there’s just not much more to be done. A lot of these properties are in their second or third kind of iteration and of renovations of some sort or remodels are faceless and if they haven’t, then you’re talking some significant dollars, but Most kind of have if you’re talking about B class and a class property sets, she’s and you still kind of run into those, those gems that you can really put some money into and see a great return. But it’s getting more difficult because you know, and it all comes down to yield and so, looking at I said, well, as an entrepreneur, what area of the apartment has not changed in all the years, you’ve been doing this it almost 30 years at that time. I came back to me a couple weeks later, he said, the closet, a closet and I said, why Because there’s no effing money in it to be precise. As always, there’s no other money goes, why would people put money into something that their return on sure that well, times are changing; I mean, I have a nice closet in my own home, I have friends that do and I was sitting there talking to one of my brothers, and I was looking at his apartment, I’m like, this is the same stuff I had there, you know, 20,30 years ago in college and stuff and so yeah and so, I looked at it said, well, maybe there is a way to make that happen and so, we, you know, I went out and started testing the market within my own properties, and found that there’s a market here for this and what led us to the business side of this was, we had people, like you’re probably familiar with, they go out and shop you your competition starts shopping in, and you either walk in our property sets, and we do it and it’s okay.
You know, we do the same things, you know, in that, and I got a call from one of the largest multifamily groups in the state of Texas, who said, hey, who are you working with on your system, because we really would like to talk to somebody to put in an artist it gives, because if you guys are getting some pretty good rent increases off of that and that’s kind of the moment ago, I think we have a business here. That was about two and a half years ago that we started.
[00:06:58] KR:
That’s awesome. So, you were able to identify a need you kind of looking for it for in your own business, right saying how do we continue to add value? Right And you ever think outside the box, gets it get some expert advice? And then you start testing it in your own portfolio first and what kind of results Did you see as you were, you were testing it?
[00:07:22] JM:
So originally, it was around a 2%. rent increase, and we’re talking CNP property set. So, we were really kind of testing those and going, okay, what originally can be done, and again, I’m a passive investor, but because I’m an investor nonetheless, and owner, we went to our management company said, look, we’re going to be doing this and we worked with our partner there and I went to a local cabinet company and said, look, I want you to build these, they were not cost effective at the time, because we’re just kind of getting off the ground. But what we found very quickly as we could dial in at about a three to 5% rent increase, so that the look higher the class, and really our practices on for those ownership groups are looking at a beat to a property set. Okay, sweet spot is that want to see a 3% to 5% rent increase? And so, we were getting between in Dallas here, we’re even between 35 and $40. rent increases per month. So, you can you can back into that and so, what I kept looking at was, how’s that impacting the NOI, or net operating income And how is it really impacting the asset value of the property set? Yeah and so, you can really run into those numbers, especially where cap rates are today? Yeah, we’ll get go. That’s, that’s a significant amenity improvement and my ROI was running between two and a half in three and a half years. Our average client today, which we get into stats on who we are today is closets, is averaging about 37% ROI over a three-year period.
[00:08:46] KR:
Wow, that’s a fantastic return, then
[00:08:49] JM:
it is, oh, I can’t pretend I’m like, that’s a big number. That’s actually kind of we’re not through COVID. But that’s getting through COVID. That’s where we’re at today. If you look at all the economic indicators, I mean, rents are going up and a lot of the markets set throughout the country, right and when we’re working with them, what we started doing was to kind of fast forward to where we’re at today and who we are. That moment, became something where we said, okay, we’ve got a real business here. So, let’s go manufacture the products over back vertically integrated. So, we are the manufacturer today with three plants. We manufacture, design the product, ship the product and install, or we will sell the raw materials to our clients, and teach them how to do it themselves with their doing their own self-fulfillment.
[00:09:37] KR:
Gotcha
[00:09:39] JM:
And so now we’re ramped up through one year and we’re in seven markets going to 32 the next year.
[00:09:48] KR:
Now, that’s awesome. That’s awesome growth. So, self-fulfillment yeah, so self-fulfillment let’s talk more specifically because Okay, we’re talking about closets, obviously and, but so, maybe what I what I’m imagining your Doing is not So, what you’re really doing so, so tell us exactly what So, closets are now And what are you actually doing to improve the closet in these units?
[00:10:11] JM:
So, I’m a plotter. I guess what I call an example here and the reason why it helps us because for most of us, this is what we deal with. It’s a wire. It’s a wire rack. Yep. Or MDF based product is a rod and a shelf and for most of us, and what we identify when we sit down and talk to the residents was, we were going to go, why would you be willing to pay extra for this and there are a couple things we heard. One is, I’m quoting from organization, so we actually improve the way, ability to use the space more hours as a high-quality product. So, you can put up to 14 pounds on the system, you know, so the above shelf that you see above me here, this is storage space, below storage space and so, you’re increasing the storage space, that was the first thing they said, the second thing, probably more important, actually was a lot of the millennial generation that that this was hitting on. So, we look we’re looking for resort time amenities, we want to feel good in the environment, especially shelter in place now and so, we’re willing to pay for that. Because you’re we’re seeing all these shows out there around organization around all these different things and so, I think it’s just an ideal time, it’s not a trend that’s going to go away. It’s just improving, because let’s be real, more and more people are renting today and they’re looking at what people are doing on TV, they’re looking at people doing HGTV in their homes ago, I can get that in my resident, I want to get that in my residency now, in my apartment that I’m renting and so, for us, what that’s driven us to is working with large scale, we started with large scale companies, large rates and multifamily ownership groups to go into, we started in Dallas. Now we’re like 7,17 markets, everything from Phoenix Vegas, Houston, Dallas, Atlanta, Orlando, and we’re moving up into New Jersey right now. So, the East Coast, we’re going to we’re being pulled up by our clients, what they’re seeing is that they’re able to get the supported rent increases, which is giving them a positive in a lie. But it’s also driving the asset value. So, depending on where they’re at in their process, and how they want to exit if they want to exit. This is a big driver and there’s some other factors too and so, some things I would share is, some of them are looking at it as a way to do accelerated depreciation, that was a new one for me, you know, I got it. But accelerate depreciation where they’re trying to put it all in, and then take the benefits of tax laws and, you know, I’m not tech specialist, but I’d say they’re using it for those purposes. Or they’re deferring their profits, because they’re waiting for new tax laws to take hold. So, they’ll say, look, we’re gonna spend it on a capex project, you’re not too expensive, you’re just kind of right in line, let’s do that and then move into next year looking at what we can do from a tax or a profitability stance, giving out profits to our clients. So different tactics.
[00:13:14] KR:
Yeah, really interesting, though, that I mean, different tactics to realize value out of out of a closet, right So right, so the closets that are going in are kind of these, like modular systems where you can configure different shelving, different drawers, things like that, and it’s much more like something which is behind you, right. But right for right the folks that can’t see something that’s more like what you would see in, in a kind of a high-end home. Right. These, like, you know, these racks and these shelves, and drawers and, and all different things that you can put in to really create more usable space, like you said,
[00:13:53] JM:
yet, I’d say the one thing that we get asked a lot immediately when people look at our practice, it must be too expensive and so, what I always tell people look, if you look at the numbers to get the ROI that we’re looking for, for you, as a client, we have calculators just like everyone should, to say, look, here’s what the investment dollars are, here’s what my rent supports are, here’s what I’m looking at on this. What we can tell you is that because we’re vertically integrated, we do all of our own supply chain control and manufacturing the product, we’re cutting out all the middle people and we do this typically on the terms. So that’s another important factor that makes us very unique. We’re not going in and say look, let’s do all 300 units, or 200 or 100 units, we’re saying look, let’s do it on the make ready. So, the turns so that your cash flowing on this rate and so, they’re seeing immediate rent increase with the installation of our product on the next lease up or lease. So, for us, it takes about two to two and a half hours to do an installation. So, we’re quickly in and out and what I can tell you is So, that for most of our client base, what they’ll come back and say is what is the cost not on my tiny you know, something like This door behind me was a lot more cost. For average closet across the country, we’re looking at an installation kind of about $750. That’s material, labor, all encompassing. Now, certain markets where the labor pool is more expensive and so forth, then it’s going to be something greater that but typically, there’s higher rent supports there, too. So, like in California, we have clients are getting $85 rent increases per month and it’s because I mean, they’re paying two to $5,000 a month in rent. So, it’s, it’s, it’s comparable to the marketplace and so, typically, sub $1,000 is what I tell people to allocate, depending on the market and the size. We’re taking average closet size of an apartment, and that’s what our average is around $750. For the turnkey.
[00:15:49] KR:
Gotcha. Well, yeah and that’s how you’re realizing that return on investment. So quickly, if you’re able to spend $750 to get a $35 a month rent increase. I mean, yeah, that’s less than two years there to realize your value there. So that correct.
[00:16:03] JM:
And strategically, you’d made a point to say, you know, our closet says today, one of the things that we recognize we had clients, these different portfolios that perform at different levels, and some of our clients would come in and say we really love the product. But we don’t have get backs, where we still have it right now. Yeah. So, what we did is say now I’m telling him is we created a lease to purchase program for four years, we’re, we’re the financing arm of that very smart and it’s unsecured. Because we recognize talking to her, the lien holders, we talk to them, they say, look, you can’t have a second lien on the property even. Right. So, he said, well, look, we’re so committed to it. We know it’s going to work. No one’s created a lease to purchase program. Let’s just leased a purchase it and they’ll get, you know, cashflow positive day one.
[00:16:51] KR:
Yeah, no, that’s, that’s a fantastic idea and that’s, we’ve had success with other well programs with a very similar model, because that’s, that’s the barrier on renovation, right If you’re not growing from the ground up, if you’re trying to renovate a property, if I if I just learned about this today, which I am, but I haven’t and because I didn’t know about it, I haven’t planned that in my well capax schedule and in in my world, as we’re syndicating properties, and I haven’t raised the money to do that work, then then right, there’s no pool to pull from. Even if there is a great return, there’s no pool of money to pull from to well implement the program. So, I think that financing piece is really what’s going to make it accessible to all the apartments that already exists out there and those owners that are, you know, that have owned it for maybe two to three years, even that have already burned through their capax from their initial business plan. So yeah, no, I love hearing that. I think that that really makes it accessible to folks.
[00:17:56] JM:
Yeah, and I think the big one, too, is if you’re doing a renovation, right now, there’s so many other factors that are into such as a cost of materials, wood, right We’re going to copper wiring just recently in the cost of that going up and your labor, and so forth and so, for a lot of groups, if they’re budgeting for capax of this, here now, you know, we’re one of those ones where they get to go, you know, we’d really love to work with you, but we just can’t, and it’s a reality, we understand that. But having this arm with this has allowed a lot of our clients and prospective clients to do to say, Yeah, I can do that, I can recognize that as long as they feel comfortable with it and like I said that the biggest thing that we came up with was making it such that it’s unsecured. So that, again, it means the mortgage requirements of your primary, you know, liens and so forth.
[00:18:44] KR:
Yeah, absolutely. No, I think that, like I love learning about stuff like this, because I think that I mean, the normal in my opinion, and this is our strategy follows this is the normal interior upgrades that that you are commonplace, whether it’s flooring, countertops, light fixtures, things, I mean, those are all commoditized and they’re all everybody’s doing the same thing. For the most part, if you look around the industry, I mean, no matter what city you go to, and you pull up a couple apartments, like you’re gonna see the same stuff, the same materials, the same paint colors, the same floor trailers, same countertop. So, it’s a commodity and a lot of ways and I think this is a way to stay ahead of the curve and start to differentiate yourself again, which is a lot of the what we’re trying to focus on in our strategy is doing things that that set us apart, like, like whether it’s installing high speed internet on our properties, or it’s creating, you know, community-based amenities like community gardens and things like that. I think this is another thing that really follows in that mindset of community-based continuing to differentiate and that’s why you’re seeing the those rent increases that you’re saying.
[00:19:56] JM:
Okay, so one of the things that our clients do, is they beta test with us, you know, they’re not fully sold on the concept. So, I’ll go in and test it in property sets and we’ll do three sets and typically, they’re throwing us the more difficult ones, the ones that been on the market the longest, the ones that have a very unique floor plan, a unique partner to rent and other situations that may come up with one of these we’ll do is we’ll go in and do that and so, some of the things that ownership is really thought about in other situations is, is this ability now to be a differentiator in the marketplace, but can it, you know, raise rents, but can it help us impact the time on market between leasing up, you know, and some of these are even taking it to a level now, where they’re using it as a lease up opportunity. So, I’ve given that construction, where they’re saying, hey, here’s a month, two months, free rent, let us come in and put an upgraded closet in for you, because when to justify that 2% to 5% rate increase, so we’re getting ready to tack on. Yeah, very clever things from a marketing point of view that a lot of we’re doing, but it kind of starts with a beta test and each property, each complex, is a little different, you know, this, they each have their own character, their own style, and how they perform and what the competition is around them and so, it doesn’t work on every complex and what I mean by that is, is not ideal for every complex, but it is, as our clients go through and they do their numbers, they’ll say, look, it’s good. For this one, we need to do it here we have a lower performing when we need to do it here. Frankly, we get clients that a call us up and say, hey, we noticed that you’re installing over across the street a couple, you know, miles down the road, with your closet system, we need to install it in this one now, because that’s just where the market is leveling up. into your point, we will become we believe we’re the next amenity set to really take off. I know technology is a big one. But technology can distance a significant cost and it can break down there’s some challenges that there are things that you can do and so, when I see is competing dollars, it’s really should we be doing this kind of upgrade versus this and so, you know, for us, our clients are realizing a minimally invasive upgrade. That is yield as and let’s move forward on that. Especially with the financing arm to it now.
[00:22:17] KR:
Yeah, absolutely. No, Jim, I think it makes a ton of sense. You got me sold, I need to we need to start looking into some closets, and how and how we how we can upgrade right And yeah, I appreciate you coming on and sharing the story of your company and this unique niche that you’re in. I mean, I expect that closets will become that next commodity that we’re talking about where you have to have the upgraded closet, right if it becomes the reputation.
[00:22:48] JM:
So that is our goal.
[00:22:49] KR:
Yeah, it’d be very cool to see that see that play out as well. Awesome. Before I let you go, I want to move right into our keys to success. I’ve got four questions I want to ask you and the first one is, yeah, and I know that we didn’t talk about this much. But I know you shared with me that you also own 5000 units and that’s the portfolio that you were you were testing on, Yeah, as you started, right. So, putting that investor hat on, what is one question that every investor should ask their deal sponsor before making an investment.
[00:23:22] JM:
So, I this is all by trial by fire for me. So, when I got into this really did have that experience, and so one of the very first questions I would be asking is, what is your experience, not just in what kind of returns I can get? But what is your experience and talk to me about a situation that went wrong and the reason why I can’t be my very first deal went wrong in a horrible way we got into the property we had not done great due diligence, cost us a fortune to get out of it and be it was just, it wasn’t quite what was projected, you know, we got in there and the rent rolls weren’t rights the vacancy levels were much higher than we thought on repairs, they be really put it together with bubble gum and duct tape and we found that we’re going to replace a roof. Now we’re going to spend hundreds of 1000s of dollars on things and so, I would be asking, talk to me about a bad situation and really, how did you correct from it? That’s really what you’re trying to figure out? Because, with your experience, even I’m sure you’ve run into these situations that there’s these unexpected and for us, we realized very quickly we’re in the deep end of the pool and we could we didn’t have a life preserver that that might be okay wasn’t even close to turn off. So, I’ll be talking about a situation and overcome that. Did you overcome that? What was the outcomes?
[00:24:46] KR:
Yeah, I mean, I think that’s a great question and, and you’re trying to vet out a little bit I mean, yeah, how do they deal with So, problems because inevitably, problems are going to come up right and it’s how you solve them and but then also, like, Think validating that they already have some lessons learned. So, they’re not going to be learning those lessons on your own. Right
[00:25:06] JM:
Yeah. Right and we were learning like very, very difficult ones and you learn from that, and you move on, and grant, you’re gonna run to others. But it’s really about your experience and the management group and the management companies behind that. Get the water, because, you know, it’s about protecting your investment. But you can also I mean, it’s an investment there are risk. no.
[00:25:36] KR:
Yeah, absolutely. I think that’s a great question. So, what are you most proud of in your career?
[00:25:41] JM:
So, I’ve, I’ve built and sold a number of companies. So, I think I’m proud, most proud of the cultures that we’ve created in these companies. If you look at from a business point of view, I’m proud of many things. But it’s, I like to lead by a compassionate leadership style and so, my people really do matter to me and Eric, people that call me today tell me their So, life, and I may have not seen them in 10 to 12 years. But I still feel very proud to be able to look and talk to these people and find out what they’re doing in their life, and how cool the company to me, but the company was in now. I mean, my VP just called me a couple days ago and was talking, he’s like, hey, I just had a guy call me up out of the blue that I hadn’t talked to in five years and something I said to him his resume all these years and that’s what I feel like we’re doing is pouring our people here and that gets pushed out to our clients, and ultimately, to the residents. But I’m most proud of our culture and the cultures that companies have created and moved on with and see and the people that we have, amazing.
[00:25:36] KR:
That’s awesome. Now, I mean, I think that’s something to be incredibly proud of, and you’re making a long-term impact on people’s lives and, yeah, that’s great and it’s something that that’s not focused on culture aspects, something that’s not maybe it’s focused on a lot. You know, I’ve been a part of many companies as employees and owners, and something that’s talked about a lot, but long-term often not implemented in the right way. So, it sounds like you guys have that down to really making an impact.
[00:27:15] JM:
We are I tell you; we do a lot of philanthropic things within the organization. We have an ending meeting every day with every employee, and we ask them to scale from one to 10, where they’re at personally and professionally. I’ve done that in almost every company I’ve ever had and you have people that come in, I mean, let’s be real. We have people that come in right now, whose parents, both his parents are up in their years and they’re both having significant health issues and you have to look at your job and I get that as an entrepreneur owner, but he’s living a very difficult life right now. So how can we best support him? both emotionally, his work-related life, but also his personal life? So those are all really important things to, to me and to all the stuff that we bring into the company, companies involved in.
[00:28:03] KR:
Yeah, very cool. So, what books should everybody read?
[00:28:07] JM:
So, they’re, if I give to one is traction, so if you’re not familiar with it’s a book about scaling and Blitz created by Reid Hoffman, co-founder of LinkedIn, they’re all about scaling companies and about replication, I mean, that they’re often not one that really went back to four years e myth revisited, great books around business, and how to scale them, and how to do it the right way.
[00:28:33] KR:
Yeah, those fantastic books and so, lastly, what is your number one key to success?
[00:28:40] JM:
So, I consider myself a lifelong learner. So, to your point, you know, you, you asked me these books, I can probably name another 30 books and so, I’m a lifelong learner. So, if it’s not that it’s podcast, it’s really pouring into myself to every day, you know, if it’s not pouring in and reading into the Bible, it’s these different other avenues around business or leadership or parent, you know, being a parent. It’s being a lifelong learner and not stopping learning. Because there are times where I think in every person’s life, there are challenges, and a better answer other than when so, I’m coming up with when I’m formulating and so, I always try to seek out that information and knowledge so that I can always share that but experience and navigate the waters and that’s what we’re all doing. We’re all navigating.
[00:29:32] KR:
Yeah, amazing that that’s a fantastic tip is he never stop learning, you know, you, you’re forced to do it up to a certain point, right, as you go through school and into your education, and then you hit a point where and I think many people do they, they so, stop, you know, they’re not being forced to anymore and then they stop and you really hit a wall there. But I think it’s a people like you that continue to seek out new ideas and new thoughts that that are ultimately Going to go into be successful. So yeah, I love hearing that lifelong learner attitude.
[00:30:05] JM:
Yeah, I’ll tell you, if I share with your audience podcast, there’s some amazing podcasts out there around business that, you know, are just great everything from masters of scale, familiar without when to how I made my first million and those guys, there’s a lot of really great ones out there on top, just real estate, but there’s good ones out there and they really do challenge me as a leader and as a person to go, I need to think rethink this, or anything differently and because the world is changing so fast.
[00:30:38] KR:
Yeah. Yeah, and you know, what, actually, Jim, what it what I’ve enjoyed about you, and in the short time that we’ve known each other is there’s million a humbleness to you, that that comes out and I think I think you have to humble yourself to, to not think you know, everything right, and to be open to million take on new ideas and continue to learn and so, I think that that’s something that can be difficult for people right to, to admit that, you know, I don’t know at all, and I need to seek alternative ideas and opinions and so, I think that’s a great trait.
[00:31:12] JM:
I totally agree with you on that.
[00:31:14] KR:
So, if people want to learn more about you, and more about closets, how can they reach out?
[00:31:20] JM:
So, the easiest way is on LinkedIn, Jim monk, or look as closets and SEO OCZ, IPS, or you go to our website, but for me, personally, I’m on LinkedIn, I love connecting with people. It’s where I go to find most often, or they can reach out j monk, Jmonk@closets.com, and more, they’re more than welcome to ask questions and military knowledge that we have, you know, there’s just, we have the benefit of, as I talked about, even if we’re not buying a closet, I have the benefit. Now, we’re a company to look at the 2017 markets, but in some markets, that we’re able to dial in and look at go, here’s what I see is working. Yes. So, we use this as a resource, a tool, because I see clients all time that are doing things are changing things, and it’s not a good way to trade secrets is to say, hey, this is working over here, if you consider this trend going on, or rent increases here, but we’re not over here, going in, you know, on a daily basis. Now Qantas kind of tells you how much stalling we’re installing on an average day to three minutes a day. That’s where we’re at in just a year of everything else and so that number if you extrapolate that over a month or even a year, we’re talking 1000s of units we’re installing today.
[00:31:14] KR:
Yeah, that’s it. That’s an incredible source of market data. Yeah, you’re right, you have this, you’re tapped into all these different markets, you know, what’s working, you know, what people are doing for an amenity standpoint, where they’re putting closets in how much that’s working. Right. Like that’s, that’s a very great, very good source, right. Yeah. So, I mean, that maybe hey that’s your next venture, you know, you’re gonna take this market data and wrap this up into a bow and start to put some reports out on amenities and what’s working, you know, right on. Well, Jim. Yeah, it’s been a pleasure. Speaking with you and wish you guys the best success and all the ways to get in touch. We’ll link down below so that folks can reach out to you more and more.
[00:33:21] JM:
Great. Well, thank you. It’s been a pleasure. Absolutely.
[00:33:25] KR:
Thanks for listening to another great episode of Ritter on Real Estate. Hit the subscribe button to make sure you don’t miss out on the content that will make you a better investor. Also visit kentritter.com for articles, videos and tools curated just for passive investors from next time. This is Kent Ritter with Ritter on Real Estate and go out and invest like a pro.