2 Burst results for "Second Story"
Real Estate Coaching Radio
Fresh update on "second story" discussed on Real Estate Coaching Radio
"Welcome to Real Estate Coaching Radio, starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris. This is the number one daily radio show for realtors looking for a no BS, authentic, real time coaching experience. What's really working in today's market, how to generate more leads, make more money and have more time for what you love in your life. And now your hosts, Tim and Julie Harris. Welcome back. Today is day two, how to get your real estate listing sold. So Julie, without any further delay. Yes, that's right. So this is the continuation. We did points one through five. We're starting on six today, about 11 unexpected ways in addition to a price reduction or instead of in some cases to get those listings to move. And remember this is point number six. So if you've not heard the first few points, make sure you go back and listen to those points because they're really critical that you are tuning your mind to the fact that there are a lot of ways to get properties correctly positioned on the market so they meet the buyer's expectation, i.e. priced correctly. And also if you happen to have a listing that is out of alignment with the market's expectation, how you can make it more competitive in addition to or maybe instead of, thank you, a price reduction. So make sure you read our notes. All of our notes from today's podcast, all of our notes from every podcast are down below in the show description. If you're on YouTube, it's very easy. Just click Show More or on iTunes, Stitcher, Spotify, all the billions of different places you guys listen to us. Scroll down, read the notes. They're all there. We obviously include about 1,000% more in addition to the notes. When you were listening, you were noticing that Julie and I, because in the comments I'm reading what you guys are saying, we often do talk about things that are I think more drilled down than what our notes are. But the notes are there for you to use to remind you to essentially what to say, how to say it when you're speaking with your sellers or buyers or whatever's relevant. But also there's a link for you to join Premier Coaching. Thousands of you have joined Premier Coaching in the last year. From what we understand, it is the nation's number one coaching program. Why are so many agents joining Premier Coaching program? Well, a whole bunch of reasons, but the best reason is because it's a coaching program designed for this new market, for the agents that are willing to do what they don't want to do and they don't want to do it at the highest level. As a result of that mindset, on the other side of that mindset, when you have the skill set necessary, you're going to experience success at levels that you can only dream of because how do I know that's true? Because we have, guess what, thousands of coaching clients that are telling us that. So the link to join Premier Coaching is below. So scroll down and click the link or just go to premiercoaching.com. Take 17 seconds to join. Yes, we've timed it. If you type faster than me, you could probably do it in 10 seconds, but the link to join is right there and you have immediate access to the entire first level of Premier Coaching. All right, so again, this is part two, starting on point number six, 11 unexpected ways to get your listings to sell faster. Now, any of these ways can happen upfront as soon as you take the listing. They can also be added to the comments after you've had the listing for a while, as some of you are sitting on listings you're surprised that haven't sold yet. And we can also do more than one of these points at the same time on those listings. So you have some flexibility on this. All right, so other ways to add some perks and get these listings to go faster. Point number six, add a $1,000 commission bonus to a buyer's agent if it's pending by a certain date. Now, if it is more expensive, you could add a $5,000 bonus. You can add a $10,000 bonus if it's over a million dollars. If it's over $5 million, adjust accordingly, but add a commission bonus to the buyer's agent if it's pending by a certain date. The builders are doing this. You better do it as well, especially if you have a lot of builder competition. I know, I saw, I think it's from Lenar, it might've been KB homes in San Antonio. There are some agent bonuses as high as a 6% to the buyer side. That's amazing. And it's not just on one house either. There's like lists and lists of this stuff. Do you remember, Julie, back in 2007, 2008, we had coaching clients who their sellers had like, I remember one in particular is a Lamborghini. It was like a year old Lamborghini and it was during a hard time for the seller and the car had depreciated. The house was, they still had equity, but they wanted to sell the house before the house was worth less than they owed on it. This was a totally different market, not work that we're experiencing now. So they actually included the Lamborghini in the sale of the property and the buyer's agent that ended up buying it, ended up representing the buyer to purchase it, took the Lamborghini in lieu of their commission because the buyer didn't give a rat's, you know, what about a car? I know. Well, I mean way to be creative, right? Right. I recently saw back and forth on one of the Facebook agent pages where an agent was talking about how their broker had invested in some kind of thing where it was like a vacation voucher that they could use on any listing. And you know, I was, what was crazy was the, the other agents on this social media thing like piled on, well, if you have to do that, you must have overpriced it and that seller must be crazy. And what is this, a timeshare? And it was like insane back and forth. And go you, whoever posted that, who said, no, actually we feel it's a smart thing to do to put on all of our listings, to have a little extra something to make sure that we're shown first. I mean, that was a very professional response. There were two vacation vouchers. One was for the buyer's agent. One was for the buyer and they didn't have to use it, but it was like X percent off of their travel. I thought it was pretty crafty. Okay. So along those lines, hopefully we're motivating you guys for what we're motivating you towards is wanting to sell more expensive listings because the tchotchkes obviously are better. Well, they get better. If our first two stories didn't do it, this one might. So Ben Salem, I know you're going to mention this. Yeah. Well, cause he sells a lot of beautiful luxury real estate and he works with a lot of, you know, high end, not in Los Angeles, exactly, uh, buyers and the bird streets and the rest of it. And he's not very, I, Ben's one of my favorite coaching clients of all time cause he's not high profile and yet he sells a lot of expensive homes and he doesn't, you know, he's not, he's not peacocking around about his success. He just gets the job done. That's right. So, uh, one of the things he did on a particular really weird house that was owned by a, I won't mention who is, it was a celebrity, uh, well fallen celebrity, I should say a fallen star. In any event. So this property in particular was very difficult to sell, had a lot of condition issues, um, the whole thing. And so what Ben did is he put an incentive on it that he would pay for the buyer's agent. It was all disclosed. Everyone knew about it. Nothing under the table, nothing like that to take a private jet and fly to Las Vegas stay at the wind and he was going to pay like the whole thing. It was just some ridiculous, some sporting thing or something. I don't remember. You know, I think it was not related to some event. It was something. Yeah, something like that. Anyway, that's what he ended up doing and he took a bunch of pictures and it became a big, you know, hoopty do for the buyer's agent. And it was something that got Ben's name on the radar for other listings that may have been a little cantankerous to sell and he got more listings from it. Point being, if you're in a marketplace where something isn't selling, the answer isn't always lower the price or if it is, it's lower the price and do some things that are more creative to hype up the listing, especially true in upper end listings where the house needs a lot of repairs, updates, that type of thing. Yeah, that's right. One of the problems with big luxury homes is there's more to do when it gets outdated and it's more expensive. You know, I can just see, I can just, I feel in the collective unconscious of all of the, you know, worn out buyer's agents from the previous market. They're like right up, you know, about time we get a few perks out of this, right? We feel you guys, we understand. So we were talking about doing a commission bonus. Always do a new seller's net sheet when you're adding any of these sellers concessions to the transaction. Make sure the seller knows how their bottom line will be impacted. Many of these concessions will actually cost less than a price reduction would have or make the price reduction smaller when combined with the concession. But make sure you're translating it into actual dollars so your seller's not surprised. And you know, again, advanced coaching here, but sometimes you can get your title escrow company to actually make those for you. So they're actually seeing all the expenses. I'm not saying your net sheets aren't accurate, but it's a little bit more authoritative in some sellers eyes when it's coming from the title escrow attorney type thing. So another thing you can do to give yourself a more professional veneer in the marketplace where it's the agent has the skill set that's going to get the listing. So don't avoid doing a seller's net sheet just because you don't know how to do it. Get some help. And there are some MLS is that allow you to plug in those numbers and they know how to figure your taxes and all that. But I agree with you. The title or the closing attorney can certainly do that for you. And it's not weird to ask them to do that. That's normal. Okay. Number seven, seller does not require inspections waived. Again, a new concept that replaces the old markets as is requirements. We talked about that a lot yesterday, so make sure you go back and listen to that, especially at how we tied it in at the end of yesterday's podcast to buying a home warranty at the time you take the listing and including seller's coverage and then having the house pre-inspected and having the repairs on the property done. So that when the buyer walks in, they're seeing that the property was pre-inspected, the repairs are done and the house comes with a home warranty. We are trying to position you so that you can compete against not just other resales, but also new construction. Very well put. Point number eight, have your favorite lender create a rate sheet to give away at showings and open houses. The rate sheet should show three different ways of purchasing the home. You can also attach that to your home brochure in your home brochure box. You could do a 30 year fixed, a 321 buy down, a 723 adjustable or a 525 adjustable. All of these can get a lower interest rate and lower payment. My favorite one is to just buy down points like the builders do and to lock in a lower rate for a 30 year fixed. But there are other creative ways to combat higher interest rates. We didn't say this yesterday, we should say it today. When you're doing things like what we suggested yesterday and today and you're being more creative and the seller is contributing money to buy the points down, in the description you can say at list price seller agrees to buy the points down, making the interest rate in a 30 year fixed rate mortgage, this payment range and that type of thing. So at list price, you can buy a little bit of insurance for the seller so that if the buyer comes in low and the seller is even inclined to accept it, that they're not also then going to have to concede to all those other concessions that they used as incentives to get the offer in the first place. Great point because you don't want to sign the seller up to both have to take something lower and to contribute 10,000 in closing costs or what have you. But don't be surprised when you do have, especially in a market where listings are harder to sell, where the buyer's agents do come in and they do ask for a lot of different things, you're just going to have to work through it. And again, we teach you how to do that in Premier Coaching, except the old days of throwing a dart against the board to price it and then waiting for the offers to come in over list price or long over. You have to have the skill set now, not just to list properties correctly and get them sold, but also how to counsel your buyers to get the properties. This is a new market. This is a skills-based market. Those of you are willing to learn the skills and do what you don't want to do and you don't want to do at the highest level, you're going to have an unprecedented, massive, unbelievably exciting real estate future. Yes, you brought up a little minor but important point because we're working through the transition of a super hot seller's market on every single listing that hits the market, no matter where you live, to a more adjusted, more reasonable, more normalized market. Now, we've been talking about how to buy down interest rates and do some more creative financing, which freaks some of you guys out. It makes you think, oh, I heard about that during the housing crash and adjustable rates are evil and we can't do that. I've seen some of this manifest in things like a seller will have an offer brought to them by their listing agent where the buyer is asking for closing costs. And the seller and the listing agent, their reaction is, well, if they need closing costs, they must not be a very strong buyer. That's a weak, truthfully, that's a weak agent. But you understand where they're coming from. Totally, completely. You understand why that's happening. But that's a weak agent who did not properly position the seller when they put the house for sale. This goes back to skills, guys. Now, I even have an instance of that, Federico in L.A. had a builder react like that when somebody asked for closing costs, even though they came in at list price doing what the builder asked because they asked for some closing costs. Builder was like, well, they, you know, why would I take that? They must not be very strong of a buyer. Just because somebody asks to get help getting a better interest rate does not mean they are a weak borrower. It means they're actually pretty smart about what they're doing. So you'll have a choice, Mr. Seller. You either lower the price by $30,000 or we actually give concessions to the buyer so that they can buy the interest rate down or cover the buyer's closing costs. Because the buyer is using all of their money, they need all their cash basically as their down payment to qualify for the mortgage. Now interest rates went up, they're going to need concessions to basically buy the rate down so they can afford the payment, qualify for it. Or Mr. Seller, you can just lower the price by 30 grand and we can hope and pray that we get another offer six months from now. It's up to you. Right. And in fact, if the seller were to counter it, you know, up for 10 grand and I'm going to pay 10 grand in closing costs, their net, you guys get focused on the wrong thing sometimes. Do the net sheet. The net to the seller is list price minus coming down 10 grand minus 10 grand to closing costs. Isn't that the same as taking a price of 20 grand less? It is. But that's, by the way, one of the techniques we show you when you have someone that's trying to fight with you over your commission is you don't get them to focus on the commission. You get them to focus on what their net is and in a marketplace where what almost all the houses, well, most, most, all real estate in the United States, according to Julie's statistics two days ago on podcast has increased by at least 45, 49% since 2019, 49% okay. So here's the thing. If they have to come down 2%, they're probably going to be okay. And if you're having them battle you over price or I'm not paying the $360 for a home warranty, you need to move their eyes to the bottom of the net sheet and circle with a red pen, their net, and then you need to get, have them understand that they've won the real estate lottery. Congratulations. Exactly. Okay. Number nine, find out if your seller has an assumeable mortgage. What's the rate and what are the requirements? Advertise this in your MLS description as well as in your home brochures. Just note all FHA, VA, and USDA mortgages are assumeable and some other loans are as well. All you have to do to find out is call whoever's servicing the mortgage. There are ways to look it up online as well, especially if it's FHA and VA, you can go to hud.gov and look it up by loan number. My beautiful wife, what are you, what assumption are you making? That they even know what an assumeable mortgage is. Correct. You're assuming, you're assuming they knew what an assumeable was. You were making an assumption. Well, I'll explain it quickly. So basically, someone's taken out one of these FHA, VA, USDA mortgages and let's say they have a fixed interest rate of say 3%. And let's say the property is worth, they paid $400 for it and now it's worth $500. If the buyer comes up with $100,000 or whatever the spread is between the market value and what they own the loan and they qualify with release, in other words, the FHA, VA, USDA has to, the person has to have decent credit and obviously... They have to be able to qualify for the mortgage. They can assume, they can actually assume the mortgage of that seller. So they themselves can have that ridiculously low 30-year fixed rate mortgage. Now I'll even make it more interesting for you. Let's say your buyer only has $50,000 down, the house is worth $500, the USDA mortgage is only $400, the interest rate is 3%, the payment's obviously a heck of a lot less than it would be if they went out into the marketplace now and got a loan. But the buyer only has $50,000, but other than that, they qualify. You can get the seller to give them a second mortgage for the $50,000. And I don't want to get into the weeds on that, but this is something we talked about in Premier Coaching and we talked about in previous podcasts, but you can make deals happen where other people don't even see opportunity. That's called skill. Yeah, and that's even better than doing a rate buy down or an adjustable. I mean, potentially it's pretty killer. Just to overview, if you want to, you know, hopefully some of you are having some sparks fly in your minds, what would happen is the seller would give the buyer a second mortgage, I'll stick with $50,000, that is an actual lien against the property. So that means every month the buyer is going to be making the payment, now the owner of the new house is going to be making a payment on the first mortgage and on the second mortgage. You can do, and you will use an attorney to do this obviously, but then what will happen is the second mortgage, let's say the first mortgage is 30-year fixed, the second mortgage might have a three-year arm. In other words, they're going to make the payment on that $50,000 for three years and then they have to pay the seller back the $50,000 or refinance it or there could even be a covenant in there, a carve out where if the seller agrees, you know, they can continue the mortgage, right? It's not just a balloon payment. It could be essentially... You can write it however you want. Exactly. You can write it however you want and if the interest rate makes sense and the payment's been made on time, I bet you that a seller is going to be more than happy to continue to have that $50,000 paid over terms because maybe the interest rate is great and they're making more money on it than they would investing in other places. You have just put a buyer in a house that they normally wouldn't have necessarily been able to buy because they didn't have the down payment and now you put them in a house or they can get the mortgage assumed. The reason that this is very powerful because a lot of the properties that are FHA, I'm not going to say VA, but FHA, well, I'll just lean into USDA. They're going to be more rural type properties and some of them are going to be working farms and small farms and things like that where you're going to have to be more creative to get the property sold. This is the type of information that gives you an unfair advantage and every marketplace makes you more confident, makes it so that when you wake up every morning, you're bouncing off the walls wanting to share with the world your real estate knowledge. I have seen some of these assumables already happening because smart agents have figured this out. I have a question for you. Maybe you don't know. I need to research this. Let's say that you have a seller that has an FHA assumable, but they've owned the house for like five years, which means they only owe 25 years. If I assume that, you pick up a 25, that's another advantage, right? I mean, that's huge. Yeah. You've just shaved off five years that you don't even have a 30 year. You've got a 25. They don't recast the mortgage, Julie. That's what I thought. That's what I thought. I just wanted to make sure I had it right. But the same goes true. Like when you and I started selling real estate, there was a whole bunch, well, they were hard to find, but they were just sweetheart deals. And there were assumables out there where people had paid off half the loan. It was a 30 year and it was 15 years left. You'd pay them their equity and you'd basically have a 15 year loan. I know. It's amazing. And I was just reading, I think on housing wire, that a surprisingly large amount of this recent, you know, when we had all these low interest rates for several years, a lot of those, and some of them will be assumable, because rates were so low, people got 15 year loans when they refi'd or when they purchased in the first place because the payment was, you know, normally you wouldn't do a 15 year because the payment is higher, but with rates the way they were, it made sense to do 15 year. How are you going to use this information? First of all, ask your seller what type of mortgage that they have. Don't assume, here, I'll give you, assume they have an FHA mortgage or a Fannie or Freddie until proven otherwise, or a VA or, you just assume that they have a mortgage where there's a carve out for it to be assumable. And if you're in a marketplace where things are hard to sell, you can find out if they do because I promise you again, your sellers won't know. Find out if it's assumable. And then if it is, you have the ultimate unfair advantage when getting that property sold. A hundred percent. Because again, back to our example from yesterday, if it's that listing, which is an assumable at some outrageously, now outrageously low interest rate, and you're advertising that in your agent comments and there's four other homes that meet the buyers criteria, who do you think is going to get shown first? I'm going to even take this to the next level. If you are smart, which all of you are, otherwise you would be listening to our podcast, you're going to think, well, how can I pick up rental property this way? Because a lot of these mortgages, FHA, VA, USDA, the mortgage criteria to qualify in the first place is a little lower. You can actually use what would have been your commission as a, towards your down payment. And you can assume these low rate mortgages and you can actually start walking into rental properties. There you are. See? All right. So point number 10, use 1-800-HOME-HOTLINE on your for sale signs to generate leads and possibly sell your listing yourself. One of the best solutions to a listing sitting on the market too long is to sell it yourself. 1-800-HOME-HOTLINE.com. So also refer to past podcasts about that system. We're not going to dive too deep into that today, but capture unlisted phone numbers, answer zero transfer calls, or immediately call the prospect back. Secret, many of your initial calls will actually be from neighbors of your listing. Those are also listing leads guys. And that website, by the way, and the product is getting totally revamped. So anyway, go to 1-800-HOME-HOTLINE.com. Full disclosure, Julie and I own 50% of that company. Yes. With a partner with one of our original listings, oddly enough. Actually, he was our first seller, wasn't he? Oh my gosh. We forget that sometimes. I know. Well, it's all related, right? Yep. Okay. Point number 11, use a home brochure box next to or attached to your for sale sign. There is an art to the home brochure. Of course, highlight all the attributes of your listing using 800-HOME-HOTLINE and including your email address. But in addition to this, there's lots of different ways you can utilize the home brochure to make your phone ring. Now we have a podcast that we've done two or three times in the past called How to Hot Rod Your Real Estate Sign or Your Brochure Box. So there's all kinds of things that we did in a dedicated podcast on that. This is all about the fact that in many cases, you're going to have to sell your own listing because the buyers, agents, you know, a whole bunch of reasons. I'll give you guys a really good example. You'll remember this. It was our neighborhood in New Albany Country Club and there was a listing that was for sale when we moved there, expired, got listed with somebody else and expired again. I remember. And it was like caddy cornered to our backyard and they were moving back to Hungary. I think it was Hungary. Something like that. Yeah. And they're the nicest people ever. Super nice people. So we ended up listing the property and I was shocked the house hadn't sold. Me too. It's a good house. It was great. It was a typical expired where it basically gets a lot of activity when it's new. The local agents, you know, stopped showing it because there's other new listings, the whole thing, right? If you look at the curve on showing activity, it's really, you know, two weeks, three weeks and after that it starts to drop off pretty precipitously and after it's been for sale for 30 or 45 days in virtually all markets, the showing activity stops. Well that's what had happened to this property. But even worse, or I should say better for our advantage, even worse, the local agents were assuming that the house had some sort of problem, otherwise it would have sold. And how do I know that? I had, Julie and I had that listing. This listing I remember was five or 600 grand and this was back in. And so this house was, we had a for sale sign obviously and we had 800 home hotline. There was somebody parked in front of the listing.
Crypto Curious
Fresh update on "second story" discussed on Crypto Curious
"This is an Equity Baits Media podcast. Welcome to the Crypto Curious podcast, proudly brought to you by the Bamboo app. Crypto Curious is your go-to source for all things cryptocurrency whether you're a seasoned pro or new to the world of crypto, we've got you covered. Each week we'll break down the top news stories of the past seven days, giving you the information you need to stay on top of the latest trends and developments. Plus we'll share quick bites of news and insights that you won't want to miss. If you're new to the crypto world, we recommend starting with our early episodes where we break down the basics and give you a solid foundation to understand the crypto world. Join us as we explore the ever evolving world of cryptocurrency and educate ourselves along the way. On today's episode, we'll discuss some recent moves by the SEC and some backlash against Gary Gensler. He's receiving it from all sides of the fence. We're also going to take a look at Sam Bankman-Fried and the trial, which starts this week. My name's Tracey and this week it's Blake and I on the mic as Craig is off attending a wedding. So, hey Blake, how are you going? Very well, Tracey. Good to be back and getting stuck into this week's news. There is always lots of news, but before we do get into the news, Blake, let's have a little look at the market. We don't often go through what's happening in the charts, but let's have a little look at what is going on because we've just finished the month of September, which has historically been a red month. Six out of the last seven years, September's been red and it actually finished green. A lot of the traders are very excited. It finished 4% up and I've already seen a lot of the memes. October is up-tober, as they call it. There we go. Yeah, because apparently October is one of the better months of crypto. I think six out of the last seven has been green. So what do you think? Are we going to have a good month? What are we in for? It's really hard to say. No one has a crystal ball. I knew you were going to say that. What do you think though? How are you feeling? What's happening out there? Well, you know, if we had an up month in September when it's historically down, you know, it could do the opposite in October. Markets like to do what the opposite to what everyone's expecting. So yeah, we'll see how it plays out. But obviously there's a lot happening in the broader economy at the moment. People are very pessimistic about what's happening, you know, with inflation and specifically in the US, but really everywhere, and how that's affecting the broader economy. But hopefully we're seeing less and less correlation with the crypto market in relation to those items. But I still suspect that I can't fully disconnect. All right, well, we'll see what happens with up-tober at the end of the month. Moving on to our first story. It's been a big news item and colour us shocked, but the SEC has moved again to delay the Spot Bitcoin ETF. This one from BlackRock, Valkyrie and Bitwise. Gary Gensler needs additional proceedings to assess whether to approve or deny the proposed Bitcoin ETF. The process includes public comment and rebuttal periods indicating that the final decision may not be reached for several months, but then not even a few days later, and this happened yesterday, he has continued his filing frenzy and delayed the Bitcoin ETFs for Fidelity, Van Eyck and Wisdom Tree. So basically that's all of them because Ark was a few weeks ago. And the pressure is mounting on Gary himself this week, Blake. We saw him in the press. What happened there? Yeah, that's right Trace. Last week there was a US House lawmakers push on the SEC's chair Gary Gensler to approve the Spot ETF. Now they're kicking the can down the road. I don't actually think this is a bad thing, because if it happens early next year around the time of the halving, I think that's going to be maximum effect on the market. Members of the House of Financial Services Committee wrote a letter to him to take urgent action on the ETF. And you know, he's obviously taking his sweet ass time here. Gary actually faced criticism from lawmakers regarding his crypto regulation approach during this House hearing. He was questioned about his classification of Bitcoin, how that compared to other assets like Pokemon cards, and the approval of the Bitcoin ETFs. Lawmakers also expressed concerns over Gensler's transparency with Congress, especially regarding interactions with crypto exchanges like FTX. He was actually taken to task in so many different ways and he came up really short. I saw a few different videos. It was a bit of a train wreck. And what did you think of this Blake? Yeah, it's really interesting actually, you know, watching Gary dodge questions and be as vague as possible. But I think this example about the Pokemon cards really exemplifies the conversation. So one of the senators or one of the members of the House of Financial Services on the committee asked Gary, you know, are Pokemon card securities when they're traded because they are a collector's item. And of course, Pokemon cards are not securities. They're just collectibles. And then the example was proposed to Gary whether or not if those Pokemon cards were then tokenized and put on the blockchain as an NFT, would it be a security? And Gary said he's not sure. So I think the point here is that is the process of tokenization, does that create a security? And I think we can all agree that it doesn't. But the SEC is being quite coy here to keep their options open in order to suit, you know, potential NFT projects. When, you know, for example, you could take a photo of your foot trace to as an NFT, would that be a security? Yeah, look, it was it was a laughable video, that one. We've actually got a link to it as well, folks. So we'll put that in the show notes below. But they were there's four of those senators and they went really hard at him and he certainly did fumble his way through that, much like the videos from his Senate chat a few months earlier. Interesting to see him squirm, ladies and gentlemen, but there'll be more to come on that one. Moving on to our second story. The trial we have been waiting for starts this week with the jury selection today. Will Sam Bankman-Fried, the man who headed up failed crypto exchange FTX, get the comeuppance he so badly deserved? Get ready because your social feeds will definitely be taken up by all the drama that unfolds Blake over the coming weeks. How long will this take? You know, is he actually going to get done here? What are your thoughts? You know, how long is a piece of string really? I think with these scenarios, whoever has the most resourcing wins. We don't know how much cash Sam has tucked away. He could string this out for years. You know, we've seen other court cases. That long you reckon? Well, we've seen other court cases in the sector be strung out for literally like five, six years. So yeah, it could certainly happen. I think the Mount Gox court case for creditors is still going in 2013. You know, so these things can take time and there's many ways for parties to, to push this out. Yeah. In some information that came out today, Tracy, it looks like Sam won't be able to blame his lawyers for everything that happened. Under an advice of counsel defense, SPF wanted to argue that, you know, he was just taking the advice of his lawyers and was working within the legal bounds of the advice that was provided. So, you know, it's pretty interesting that if he was provided incorrect advice, then Sam will have the opportunity to sue his lawyers. But it looks like that you can't use that. You can't do that now. Oh no. Well, he just can't use that as a defense in court, but that doesn't mean that if he did receive poor legal advice at some point in time, he can't go back and sue those lawyers. Right. Interesting. All right. I'm sure there are many things that are going to come out of that as well. You know, this is, you can't write this thing as well, but just yesterday, some of the F that was taken by the hackers, so 2,500 F that was stolen as part of that exchange hack last year was moved yesterday. Oh, really? Yeah. So part of that was moved through two different protocols. One of them was the Thorchain router and another one was Railgun, which are private wallets that you can move things through secretly. We still don't know who took that in the hack last year. Yeah. We suspected at the time it could have been an inside job as, you know, the exchange was falling. Someone stole half a thousand Ethereum. Yeah. Yeah. But we still don't know who that was. Another quick one, too, guys, as we wrap this story up, because we are going to be hearing a lot about SPF and FTX. If you do want to catch up, there's a really good two parter out now on BBC Panorama called The Downfall of the Crypto King. And I'll add that in the show notes below. But it just it's a bit of a catch up on exactly what happened with SPF and the FTX exchange. So there's did you know that we are coming up on our 100th episode? I know time flies when you're having fun. And we'd like to invite you to become part of our 100th show and send us an audio question. If you have got something that you'd like to know about a coin, a token or a project you'd like us to cover off in our 100th episode, then send us a voice recording. Record this using a voice memo app on your phone and send it to us via the Facebook community or an email at podcast at get bamboo.io. Time for a break and we'll be back.