The ALX Show

Welcome to the ALX show your
premier source for DFW real

estate data and insights.

Let's get to it.

Brandon Giella: Hello and welcome back
to another episode of the A LX Show.

We took a brief hiatus around
winter Christmas holidays, all

of that, and made some updates.

We talked a lot about the products,
services, and the kind of people that.

A LX and Silverton is offering,
uh, going forward into this year

in 2025, given the markets, given
what is happening, you know, uh,

locally and within Texas broadly.

And so I would love to hear, uh,
from Patrick and Josh who we.

Typically have on this show.

Welcome back.

Thanks guys for being back.

Uh, I would love to hear from
you guys, what have you guys been

talking about, thinking about
this week, the last few weeks.

You guys have a great newsletter
where you're talking about

a lot of market insights.

Uh, one of them, I think this was the most
recent one, was on Doug, the Department

of Government Efficiency and how that.

Affects, uh, things that you guys are
thinking about and your perspectives.

So talk to me, Josh, I'll start with you a
little bit about what you and Patrick have

been talking about this week, last week.

Uh, what are some things that
you're thinking about and you,

you've mentioned even talking to
some banks and getting quotes on

some, some services and products.

So tell me a little bit about
what's been going on in your world.

Uh, and a LX and Silverton, uh, which is
a private lending arm of a LX and, uh,

and catch all our listeners up so that
we can, uh, get back into this year.

Full speed ahead.

Josh Alexander: Yeah, we're excited to be
back excited to, to see what 2025 holds.

Uh, you know, we, new administration has
brought a lot of, I think, good things.

Doge being one of 'em,
like you mentioned in the.

In the article that, that I wrote
up last week, uh, just talking about

if, if they can, you know, reign in
government spending, that means that

the government can borrow less money.

Then, uh, you know, then, then
the demand for that for the

government issued debt goes up.

Um, and yields come in, which is
just really beneficial for anybody,

uh, in, in real estate that needs to
borrow money, you know, people that,

that wanna get mortgages included.

So we're excited about,
about some of those things.

I think we're still in a wait and see.

Unfortunately, there's
a lot of policy that is.

Not real clear yet.

I, I, you know, I, I think there's,
there's optimism around it, but

then you've got a lot of people
that just aren't sure how some of

these things are gonna play out.

Um, you know, tariffs being
one of the, one of the bigger

ones, uh, immigration policy.

There's still, I mean, we're starting
to see, but there's still a lot of

things that are, are yet to be seen.

So, so we're still excited.

I think 2025 is great.

Living in DFW makes everything better.

Um, it's just been such a
strong market for so long and

we, we don't see that changing.

Brandon Giella: Amen.

Josh Alexander: but yeah,
we, we we're, we're excited.

I mean, we we're, we're seeing
deals come through, we're talking to

developers, we're talking to builders.

Uh, people are, um, you know, kind
of getting back to work a little bit.

Not that they, they stopped but
maybe slowed down a little bit.

They're, they're, they're excited
about what the future, uh, is

gonna bring and they're kind of
picking up pace a little bit.

So, um, and debt's, debt is getting
more affordable for us, which is great.

Uh, we're, we had to look at
refinancing some of our portfolio and.

Patrick and I got, got, uh, we,
we looked at a term sheet this

morning and, and it was good.

I think, man, this is.

This is nice.

Like for years, you know, you had, if you
had to get something, you know, you're

trying to put out, put something out for
debt, you, you know, brace for the worst.

But, uh, now we're starting to
see, um, spreads come in you,

we've got yields that are falling.

Um, you know, and as long as
they're falling for the right

reasons, you know, inflation's.

Coming down, they're gonna issue
less debt, things like that.

We're not, you know, if it falls because
we're in a tough spot economically,

we're looking, looking at a recession or
something, that's not always great, right?

But, um, it looks like they're falling
for the right reasons, for the time being.

Um, at least we, we, we, we hope,
we think, and, uh, so debt's

getting, you know, more affordable.

So, and mortgage rates are coming down.

Anybody that's looking for a house
right now knows that, um, if they're

actively looking, they're, they're
excited about what, what rates

are doing the last several days.

So, I mean, that's what we're seeing.

We're, we're, we're seeing like kind
of some, some green shoots here.

Like there could, there could be some
good opportunities, uh, to find property

and to develop it and to flip it, you
know, you mentioned our private, we're

always looking for people that wanna flip
property, see if we can't come alongside

'em and, and finance those deals.

Um, so things are looking good.

Things are looking good.

They looking, looking better
than where we've been and

we'll just, we're hopeful that.

It's gonna just keep, keep moving up.

Brandon Giella: I love hearing that.

It's so encouraging.

It's like spring has, uh,
arrived and, uh, it's time,

Josh Alexander: Well in the weather too.

Goodness.

Like we, so we own, we
own, uh, multifamily.

We know that we own several apartments.

Um, and gas traffic was way down.

You don't realize how much the
weather affects real estate.

Like really, I mean, from, from
apartments, from people looking

for homes, even on the retail side.

Like people stay home and, and you, you
don't, you don't always factor that in.

But Patrick did a great study on,
and I want him to talk about this.

On, uh, tra leasing traffic
at the beginning of the year.

And it's ama I mean, and it's all weather.

I think you're also coming off a very
expensive end of the year, right?

You got Christmas, um, and other things.

The holiday season is expensive for
everybody, but, and then you get into

the, the beginning of the year and
everyone's kind of recovering, but you're

also dealing with that cold weather.

Patrick, you wanna talk about
that kind of what you learned.

Patrick Dunne: Yeah, I mean,
I looked at our portfolio.

We, uh, the fourth quarter in DFW
was one of the strongest months of

least demand in a really long time,

and that really caught us up.

That closed the gap
between the new supply.

And so what I think everyone expected
is that that traffic was going to

continue at the beginning of this year.

And we were hopeful that it would too,
and it kind of didn't really materialize.

And so, uh, I went back and looked at our,
the number of leases we signed in January.

The properties that we've had, that
we've had for multiple years, and

able to compare them to past January
to see how the leasing compared.

And what was surprising to find
is that it was pretty static.

Every January is fairly slow.

We all know that that's a slow leasing
season for the reasons that Josh is.

Uh, listed out.

And I think the, the one other piece
of that that isn't necessarily like

consumer behavior driven is that what my
suspicion is, and we'll see how this plays

out, is the fourth quarter leasing was
so strong beyond what anyone expected.

So did that kind of eat into early
first quarter, 2025 lease demand,

almost kind of like a prepaid demand.

Where a lot of it happened in a
flurry at the end of the year,

and there's kind of a little gap
and we'll pick up momentum again.

Um, hopefully here, uh, in
February, traffic is starting to

pick up across our properties.

And so, uh, but yeah, I mean, just
to, um, thankful that we've got the

internal data that we can kind of
track to support what we're seeing,

which is, which is a great place to be.

Brandon Giella: Yeah.

I love that.

It feels like I was talking to somebody
recently that, uh, you know, January

is always this kind of like chaotic
time, especially on an election year.

Um, 'cause you've got,
like you said, like post.

Holiday blues in a sense, and people
are kind of going through that period.

But then with the election year,
you've got a new administration

coming and things are really unclear.

And so by the end of February you
start to get a little bit more

clarity, a little bit more traction.

And so anyway, somebody told
me that totally unrelated,

totally different industry.

I.

Um, but it, I'm glad to to see
that that might be the case for

you guys and especially for real
estate in North Texas in general.

Um, so yeah, I'm, I'm
encouraged to hear that.

'cause I, I want business to pick up.

I want things to be,
you know, more exciting.

I want people to buy and sell homes
and all that and just feel, I think,

like, have a positive sentiment.

That's what I, I'm really excited
about and I think, uh, hopefully

the spring will will lead to that.

So, uh, tell me a little bit more,
uh, what else you guys are thinking

about in the next, you know, couple
of weeks or, um, you know, I know

you've got more writing coming, uh,
um, and there's different articles that

you guys are, are thinking through.

Josh, you mentioned one in the Wall
Street Journal that was talking

about, um, sentiment, I believe,
and then I saw another one that was

about, um, credit card delinquencies.

That they're rising a bit, but mostly for
subprime, um, borrowers and cardholders.

So yeah.

Tell me a little bit more about some
of your perspectives, some of the

things you guys are, are talking
about and seeing data on your side.

Josh Alexander: Sure.

I, I think the consumer health is a
big, um, you know, potential issue.

Uh, you know, having dealt with inflation
for years now and wage growth, not, uh,

necessarily keeping up with inflation
for a big, um, part of the population.

Uh, and we're starting to see the
effects of that, uh, especially in,

in, you know, credit card delinquency.

Um, and I, I, I think overall,
uh, foreclosures and things

like that are, are starting, are
starting to pick up a little bit.

Uh, I don't know if that's,
you know, necessarily something

to necessarily something to
be overly concerned about yet.

Um, I think, I think we'll just have to
kind of wait and see how that plays out.

Uh, it does look like inflation
is, I know we had a hot, a hot

reading here recently on the CPI.

We'll get the PCE on Friday and see I, I
think based on where the PPI was, and then

they can, they can pull a lot of, make
a lot of inferences from, for, from it,

uh, as far as where the p c's gonna land.

And it looks like it's gonna be favorable.

So we're hoping to get
some good news on Friday.

That inflation, I think there's thinking
is gonna be right around two and a half.

Uh, both on, I think both just at the,
at the normal reading and at the core.

Is that right, Patrick?

I think two, 2.5

or 2.6.

Both are coming in right there.

Which, uh, I don't remember
where, was it last month?

It was, it was above that two eight maybe.

So, I mean, making.

Making like some really
good progress there.

Um, and that's what we need, right?

We need everyone just to take a,
take a breath and just kind of,

hopefully we, we, and that doesn't
mean prices are coming down, right?

That just means they're not
accelerating as fast as they were.

So, but, so it still puts a lot of
pressure and stress on, um, you know,

some of the lower, the lower income group
that we really, that for our economy

to be successful, we really need them.

Um, to be spending and to be producing.

And, and a lot of times I think they
are producing, but like we said,

they're, that the, you know, if the
wages aren't keeping up with the, the

rate of price increases and that can
be a problem when you're, when you're

operating, when your economy is, you
know, based is, is consumer driven.

And 70% of GDP is based on.

Consumer spending.

You know, we, we, we need consumers
to, to be strong and, and you know,

the Trump administration that they,
they know that, like they've got

brilliant people surrounding them.

I think they're trying
to drive, drive policy.

Like that's one reason,
like the tax cuts, right?

They're, they're, they're trying
to, to put more money back into

the private sector and hopefully I.

That, that, uh, increases, uh, production
and, and allows, uh, private business

owners to increase wages, you know, there.

So maybe you can fight on one end,
you're fighting inflation by on the

supply side, and then you're also,
um, increasing demand by putting

more money in people's pockets.

So there's, there's things that
they're doing right that, um, I,

I think that they're hoping will,
will really help the situation.

But it, it is something to
keep an eye out, eye on.

I, again, like, I think it's
also, you gotta be mindful of.

These things play out
differently in different markets.

Um, here in DFW where we are an expanding
economy, there's a lot more opportunity.

Um, you know, in other places
that maybe are more stagnant.

I think it, it becomes a, a,
a more of a concern, right?

If you, if there's just already there's
limited opportunity and then, you know,

you start to, people start to peel back,
then that's where you really, those,

those places could really get hurt.

But, um, here we are.

We are, I think.

Seeing that, uh, like, we'll, we'll see
if this, this, uh, the tenant slow down

or the, the home, like people, uh, looking
for homes and stuff like that, that if

that continues, that's more seasonal.

Um, and if that picks up in the spring,
then it'll kind of be like, ah, that

was, you know, we thought that could
be a factor, but turned out it wasn't.

It's just time will tell.

Um, but we are, we're certainly
keeping an eye on that, you know,

um, how, how are consumers spending?

How are, how are tenants feeling?

Are people out optimistically
looking for homes?

Things like that.

Patrick Dunne: yeah, the, uh, it was good
to actually get that consumer spending

article about how the lower end of the
demographic, it's not quite keeping up

with spending, uh, because that confirms a
lot of what we've seen in our multifamily.

Portfolio.

A lot of our properties are kind of on
the middle to lower end of the income

spectrum, and, um, there's been, uh,
a noticeable increase, not necessarily

in rent that goes unpaid and never is
collected, but definitely in tenants

paying more, slowly, needing, requesting
more time during the month to hit

another paycheck, to be able to pay rent.

And, um, for a while with those last
couple months we're kind of head

scratching, like, why are we seeing this?

But all the data says
that that's not there.

So it was good to get that article last
week kind of confirmed that what, what

we're feeling and seeing on the ground is
what's starting to show up in the numbers.

Brandon Giella: Interesting.

What comes to mind?

I feel like I, I resonate
in a, in a small way.

What comes to mind is I'm having a
baby in June and I have a new daycare

bill coming in September, and I'm gonna
be paying $3,000 a month in daycare.

And I'm just thinking like,
what am I gonna have to give

up in my budget to like.

Make that, make that happen.

But yeah, I mean I'm, I'm sure,
especially on the lower income side and

people are working multiple jobs, have
kids and you know, they're just trying

to make ends meet and if things keep
rising, that causes a real problem.

So, yeah, I'm hope, I'm hoping that, uh,
the way you guys are, are kind of talking

about what this ring may be shaping up,
that it'll kind of turn a corner and feel

a lot more positive for a lot more people.

Patrick Dunne: On a, on a positive
note, I think that, uh, what we're

seeing in talking to, uh, a lot of home
builders, uh, especially in the, like

the preferred markets where, where we
know really well and know a lot of the

builders and want to be in with them,
um, I think they're feeling good and

they're all looking for land opportunities
and that's still a competitive market.

Um, so I think that sentiment is
there and that, you know, puts

you kind of 12 to 18 months out
from finished product, um, there.

So I, I think, you know, looking out
into the future that's really optimistic

in, um, in the single family home world.

Josh Alexander: Yeah, we're, we
still have a shortage, right?

We, we, there's still, we need more
housing at, at all levels, so, and

people are resilient, especially
in the development community.

And, you know, prices, uh, prices
will, you know, react based on demand.

But I think as long, as long as we've
got people that need homes, um, you

know, developers and builders are
gonna continue to, to, to build.

It's gonna be, uh.

Potentially more prohibitive, right?

If if rates stay up, it's gonna be harder.

Um, and that affects everybody
on the price, all the way

down to the, to the end user.

Un until, you know, but we are seeing
though, that, that people are like that.

It is becoming, it's moving
more into a buyer's market.

Um, so people are pushing back
a little bit more on prices.

Uh, we're seeing more houses that
are, that are existing homes that are

put on market, are sitting longer.

Um, we're seeing prices.

I think that the, the median price is
still going up, but, uh, we're seeing,

uh, a lot of times more people at listing
have to, having to reduce their price.

They're having to sit longer.

Um, they're much more
open to, to negotiation.

I.

Buyers are becoming more
powerful in the process.

Whereas for years, you know, sellers
kind of, they called the shots, um,

because for, for a while, you know,
price, we, we had, we still had

the, the shortage and then you had
such, um, attractive financing that

you had so many people wanting to
buy and, and, and not enough homes.

And, and so sellers could kind
of, you know, dictate terms.

We're seeing that change.

Um, but we are seeing like there's,
people are set up, there's so many

people in the business and develop
development, um, communities that

are set up to build and develop,
and they're gonna continue to do so.

And as long as we have a shortage, I mean,
they've got, they've got reason to do it.

We, we, we do, we would like
to see a little bit of a.

Uh, we would like to see improvement
right on, on, on interest rates for them,

especially on, uh, on development costs.

But, uh, we, we think that's coming.

Um, but like Patrick said, we, we, we work
with builders and developers all the time,

and we're, we're working with one now.

I mean, people are, people need lots.

They, they want lots.

They're, they're optimistic about being
able to sell, um, sell the, sell their

product, whether it's to, you know,
a, a build to suit or if it's a spec.

I mean, either way they're, they're
seeing that it, it makes sense for them

to continue, um, you know, building.

So, um, as long as we've got the shortage,
I mean, I think we're, you know, we're

gonna be, activity's gonna be up.

It just, it just may mean that we don't
see quite as high price appreciation

for the, for the end product and it,
and we go into a more normal cycle where

it takes 45 to 60 days to sell a home.

You know, we're used to being,
it, it to taking, you know,

30 to 45 days for a long time.

And, and a couple years ago
it was faster than that.

You could sell a home,
you know, maybe 30 days.

It's like, whoa, what's
wrong with the house?

But that, you know, people forget
in a normal market it's 45 days,

60 days to, to sell a home.

And we're probably just moving
more into, into into that, that

space, what it's always been.

Brandon Giella: Yeah, I did see a,
uh, an article, I think it was in the

Wall Street Journal, talking about it
as becoming more of a buyer's market.

So yeah,

Josh Alexander: It's still, I, I would
say like for equilibrium, you want six

months of supply, six months, six months
of supply, and we're now at like four.

So it's still, you know, would,
uh, it's, it's, it's kind of just

becoming more balanced I would say.

Um, 'cause sellers are still able
to get great prices, um, but they're

now more willing to negotiate.

Brandon Giella: Yeah.

Interesting.

I'm glad you mentioned the,
talking about the, the shortage.

Shortage and the supply and, and,
and all that because it, that

has become, uh, something of a.

Kind of a, a driving point for you
guys and your creativity with your

firm and where you're trying to go.

Uh, because we've talked a lot over
the last several weeks and months about

Silverton Capital, which is a, the, the
private ending, uh, lending arm that you

guys have, um, have worked together on
for, uh, developers, builders, flippers.

And I wanted to just read a, a, a
section of, um, some of the website

and the kind of the new message
and the way that you guys are.

Kind of presenting Silverton.

'cause I think it's a, a really beautiful
kind of passion that you guys have

for this market to do something about
the shortage and the housing supply,

especially in the, the North Texas area.

So I just wanted to
read this really quick.

Um, so the, the, on the
headline of the site, we say Get

capital that backs your build.

Silverton Capital is a Texas-based
real estate lender that has a

passion for what you're building.

We are borrowers who became lenders.

If you're developing, building or
flipping and want a team that's stood

in your boots, let's get to work.

And so, and then you've got this, this
great section about that entrepreneurial

spirit of what it takes to, to be.

A broker, banker, developer, you say
the big dreams, the sleepless nights,

the go-getter attitudes, the taking
ground to grow and develop themselves

and their teams to make a difference.

We know the entrepreneurial spirit
required to develop, buy, sell,

and flip homes, which often comes
at a great personal expense.

As borrowers, we're using our capital and
expertise to revitalize the housing stock.

Now we've become lenders who specialize in
networking, underwriting, and loan service

to improve Texas one home at a time.

We care about the housing shortage
affecting those who live in those

who want to live in our great state.

It's a problem we know we can help solve.

But more than that, we're passionate
about the people on the ground.

The builders driving nails and
climbing roofs and repairing leaking

pipes at 6:00 AM on a Saturday.

The ones bearing risk with their
hard-earned dollars to purchase or

develop tracks of land, the flippers,
working nights and weekends beyond

their day jobs to make a better life
for themselves and their families.

We want to help them get there.

That's why we join with our
borrowers to help them succeed.

In addition to investing capital,
we help guide, direct, and support

our builders to ensure we have
successful projects and investments.

We open up our database and
networks to make introductions

and connect to others in the area.

In other words, we are their team they
can depend on to get the job done.

We are silvered in capital.

The team real estate workers can build on.

So I just love that kind of
image that you guys are painting.

And I, and I'd love for y'all to talk
real briefly about Silverton and what

you guys are, are hoping to, um, you
know, where that passion came from

and, and the mission behind Silverton,
but then what you guys are hoping to

accomplish with that, uh, venture.

You know, in the coming
weeks and months, I.

Josh Alexander: You know, we, uh, just
with our background we're entrepreneurial.

Um, that's all I've ever known
really was brief stint at another,

working a corporate job, and
then, um, started flipping houses.

You know, 15 years ago, so I've al
I've always, even before, before

that though, in school, always had
an interest in entrepreneurship

and owning your own business.

And, and, and it, it sounds
very glamorous, right?

When you're, um, especially before
you really know anything about it,

just in theory sounds great and
it did for me and it is alluring.

But then, then you, you get
into it and you realize it's,

got its highs and lows, right?

I mean, it's, it's a balance.

And there's, uh, there's
days that you show up to the

office and, uh, you, you know.

You're excited and you're pumped up and
you're passionate and you're, you're ready

to go and you're just really feeling great
about what you're doing and, and what

you're, and, and you know the prospects.

And there's days when you just, you
really, you show up to the office

and you have no idea what to do,
or you have no idea where what

you need is gonna come from, come
from where it's gonna come from.

And you, and you, you honestly, I mean,
as a grown man, you, you, you break down.

You like, you want to cry, like you.

I, I have no answers.

Um, but you have, but one thing you
have to maintain is that resiliency.

You like, you have to, to know that
you are called into the position that,

that, that you're in, that there's
purpose in it, that there's a plan in it.

That the suffering that you endure
is more about growth and development

and that you will get through.

And then you get through and you, and
then you celebrate and you have another

victory, and you forget all that this
is the best and this is all I wanna do.

And now I'm thinking about growth
again and development again, and

where can we take this thing?

And then, and then inevitably you
come to another struggle and you're

back on, for me, you're back on
your knees, uh, you know, praying.

Like, I, God, I, I believe
you called me here right now.

I have no idea what to do with this.

And, uh, so having, you
know, experienced that, um.

I feel a connection to others that,
that are experiencing that too.

And I know that it's all entrepreneurs,
no matter how successful they

are, they've gone through it.

Um, at some point, uh, maybe long
ago or maybe recently, or maybe

they've gone through it several times.

You talked to a lot of
successful people that, you

know, went up and down for years.

Um, but the entrepreneurs
that we're closest to are in

the real estate world, right?

We're we're talking about flippers and
developers and home builders and brokers.

I mean, you real estate
agents are entrepreneurs.

I don't know if people understand
that they work for themselves.

Um, but that's who mortgage brokers.

I mean, most of the people that we
deal with, uh, work for, they, they

run their own book of business.

Now, they may not have their own
entity, whatever, you know, but they're,

they're kind of working for themselves.

And so we, we, we have an appreciation
for what the people around us and

the people in our sphere are, are
dealing with and going through.

And we want, and we've come to
really appreciate it, right?

We to, I mean, we have, but
we've come to really, um, respect

them, I guess is what I'm meant.

Say respect and admire them for it.

And, uh, and we want to, we want to be
a part of helping other people succeed.

So, um, when I, like, when I,
when I look, go buy a house

and I, and I see these guys.

That and 'cause we've been there,
but are taking the risk to go out

and, and look at an old, dilapidated
house and thinking, I'm gonna put

my personal credit on the line.

I'm gonna put my personal
finances on the line.

Um, I'm gonna put my time on the line
and I'm gonna go out and I'm gonna

demo this and, and rebuild this home.

Um.

You know, that to us is, is something
special that that's a certain type

of, of guy or girl that with, with
a character and a work ethic and,

um, just a determination and a
resiliency that, that we just so

appreciate and want to be a part of.

Those are the people that we
wanna build community with.

Um, so we want them to know
like, Hey, yeah, we we're, we're

running a, a lending business.

We wanna come, we wanna come alongside
you, and we wanna help you get your

project done practically right?

You need funds, we have funds.

Let's, let's work together.

Let's help you get it done.

Um, we grow both our businesses in
the process, but in addition to that.

Uh, we want to be here for you, uh, to
help you with, um, the challenges that

you're gonna face, whether it's onsite
or, you know, job challenges, or if it's

just like, I'm going through a rough time.

I'm going through a struggle, been there,
so you know, we, we can come alongside

you and help you get through that.

Help guide through that to
the best of our ability.

Um, but really we just wanna be a part
of the community and we want to serve.

We feel like this is where
we're called to serve and help.

There's a housing shortage, so we
know people need, need homes too.

We want to be a part of that solution.

Um, we know that there's many
ways to solve that can fix, fix

homes, or you can develop new.

We'd like to be a part of both.

Um, but we want to, we want to
get in partnership with the people

that are gonna be on the ground
actually delivering the product.

And we know that from us, kind of on a
transactional guidance, um, capital like

financing side, that's where we fit in.

That's where our, our
God-given skills are.

Um, and we have so much appreciation
for the people that, that have

skills on the operational side.

And we wanna find those people and we
wanna help 'em and work with them, and we

wanna promote that entrepreneurial spirit.

Um, and also just be a support and a
guide and pr provide prac practical

support and solutions when they need it.

A lot of times they won't, right?

A lot.

A lot of times these people are way
further than, than we are, and, and they

don't, they don't need our help, but we
want them to still know that we're there.

We're not just your typical lender
that's gonna show up at closing and

then, you know, and then at at payoff
and make sure you're paying every month.

We'd like to be involved a little
bit more than that, and, and

that's what we're trying to build.

Brandon Giella: I love that.

I think it's such a beautiful vision.

It's so powerful and it's so needed.

I, we talk about the housing shortage
and prices and, you know, low income,

especially that, that segment of.

The American population, having
a hard time like this is key to

building wealth, to getting your
life in order, is having a a home.

And so it's such a
beautiful, powerful message.

So I'm excited for you guys, uh,
this spring as things keep moving up.

I'm excited about Silverton Capital
and what you guys are working

on with a LX, uh, in general.

And so we are restarting this
podcast back up for 2025, so

we will be with you every week.

Um, please subscribe to the
newsletter@alxrealestate.com

and look forward to Josh and
Patrick's, uh, insights Weekly,

and then our podcast weekly.

And, uh, we'll keep moving.

So Josh, Patrick, thank you so
much both for being here, and I'm

excited to talk to you guys again.

We'll see you soon.

Patrick Dunne: All right.