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We know that there’s a lot of fear and we know that there’s a lot of question marks, and what we wanted to do is jump on and give you hope and help you see the context of what’s happening right now and help you gain some understanding that honestly, now is a pretty amazing time to be in real estate and to be continuing to acquire it.

What would your life look like if you could replace all of your working? With simple and conservative investments that could do it for you. Over the last 13 years, we’ve helped thousands of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their work income with real estate investment income.

Each week we’ll be pulling back the curtain on the ins and outs of real time retirement based real estate transactions that will transform your financial future even if you have no real estate experience. This is Replace Your Income with me, Kevin Clayson and Steve Earl.

Welcome to Replace Your Income with Kevin Ann. Steve, Steve, Hold on, hold on, hold on. Okay. I know we’re gonna do this podcast and I know it’s really important to do. But I am terrified and I need you to talk me off the ledge. Okay? Can you do that for me today? I need you as a friend, Steve Earl, to please talk me off the ledge because I am at the end of my rope.

Okay. Kevin, can you tell me what’s going on? Oh my goodness. Let me just begin. Share with me your fears. Foot is up. Dude, listen, inflation is higher today than it’s been since 1982. Gas prices are higher today since they’ve been maybe ever. And then on top of that, we just found out mortgage rates have increased and you may even be seen.

5% interest rate on some investment properties. And then on top of that, there’s a Warren Ukraine that we’re trying to be drawn into. And then on top of that, we’ve seen property values go up so much that it’s almost not affordable to be able to go do real estate, especially if you’re trying to buy a primary residence and you haven’t been able to do it.

And if you put all of this into a blender and mix it up, you have a big fat crap smoothie. And I don’t know what to. Kevin, you are close to the edge. Let me, let me just pull you back. Let me walk you back, brother. Please walk me back. , come this way. . You know, it’s, it is, it’s a scary time, right? Like there’s a lot, a lot going on and you, I don’t think, I think that you maybe named, maybe a quarter of all of this stuff that’s really going on that can be concerning to a lot of people.

And so there’s a, there’s some pretty good reasons to like wake up in the morning and be like, Oh my goodness. Yeah. Should I just crawl back into bed and like see if I can sleep until this resolves? And although like I have to tell you, Kevin, you gotta resist the urge to go back to bed and sleep this off because I’m telling you that we’re gonna address some things here today, right?

Inflation. We’re gonna address lack of supply of properties. We’re gonna talk, we’re gonna address like where price points are at and where interest rates are at, and how on earth can investing still make sense? Right now. What? I’m gonna just start this episode out with. I stated just recently, in fact, on social media, you sent out a video that you, your social media person, tisa, came in and videoed me and I said, There’s probably never been a better time to buy real estate.

And then this was a few weeks ago, right? But I’m telling you, Kev, this is still one of the best times that I’ve ever seen for an opportunity to buy single family residents in the right place. But Steve Inflation. Fantastic. Kiva, Steve, as Steve interest rates. Love it. Kiva Steve as Steve, a supply and demand.

Even better. So here’s the, so we started at the, obviously we’re starting the episode sort of tongue in cheek, but here’s the reality man. If you were to go watch the news right now, you would literally, it is chicken little, the sky is falling. And Steve, you and I are having conversations with each other and with clients every single day, and we literally feel quite, I mean, look, the funny thing is Steve and I talk about it all the time.

We don’t really ever feel like there’s a bad time to buy. Right? But this is an especi. Awesome time to buy real estate. For one precise, I think it’s Warren Buffet. We quote him a lot, but he says something about kind of going against the grain, right? When everybody else is getting out, you should be getting in.

When everybody else is saying, I don’t wanna buy. You should be buying when everybody else is selling, you should be buying. It’s that kind of a concept. Here if you can buck the trend you are generally speaking, gonna be on the right side of the equation. And to add to something that, you know, we’re, we’re talking about here.

The reason we say there’s never a bad time to buy is cuz the reality is we don’t really think there’s ever a bad time to buy. There may be a bad time to sell. You may sell when the market’s not at a great spot. But that’s why we also say, we were just talking about this in a meeting the other day. Some people say, You make your money when you buy.

Some people say you make your money when you sell. We’re big believers that you make your money when you hang on and wait. And so the reality of today is, yes, inflation is higher than it’s been since 1982. Gas prices are exceptionally high. Interest rates took another little leap, right? Interest rates are moving up the stock market.

Is really high, which may seem like a good thing, but if you look at it historically, we have had the longest bull market in history and what always happens if you combine inflation with the bull market, guess what generally follows? A bear market and a crash, but just cuz there might be a stock market crash in this environment, we don’t know that that would necessarily mean any sort of impact on real estate, not the way that it happened in 2008 and 2009, and we’ll talk about the reason for that.

But you guys, here’s what Steve and I want you to know today. This is kind of like a state of the investment union address. And we know that there’s a lot of fear and we know that there’s a lot of question marks, and what we wanted to do is jump on and give you hope and help you see the context of what’s happening right now and help you gain some understanding that honestly, now is a pretty amazing time to be in real estate and to be continuing to acquire it.

Awesome, Kip. So let’s talk about some of the reasons why this really is a good time to be buying real estate. A time in which. The combination, Kevin, of prices being at all time highs and interest rates going up. And although rents are going up because of inflation, they’re not necessarily keeping pace with how quickly prices are going up.

And so that puts a lot of downward pressure on net cash flow. Yeah. Right. And for, for a lot of people and for us like that, like that’s an important aspect of, you know, when you invest in real. And cashflow is important, but one of the things that we talk about with the Moneyball mindset is this concept of you can’t just look at real estate with just a snapshot in time.

Especially like on day one of the day, you buy a property, right? Hey, what’s my cashflow gonna be this month? Like we do wanna look at that and it’s something that’s important on, on Thefor is that we put together, but there are three numbers that we focus on. The net cash flow, the combined cash on cash, and then the average annual.

And yes, cash flow is important, but the beauty of real estate is there are a multitude of revenues that come in. So when one isn’t doing as well because of whatever factor in the market, the other ones typically are making up for. Right. And in today’s market, there’s a couple of things that are really making up for the lower cash flow.

For example, like combined cash on cash with principle pay down, like they’re typically your double digits. When you take into account whatever cash flow you have, even if it happens to be negative for that matter, your depreciation and your principle pay down and any of your, your recapture of amortized expenses and then, One of the biggest things and one of the, the greatest opportunities right now is simply the appreciation.

Yep. Now a lot of people get a little bit scared, like when, because it, that it seems like it’s more speculative than the cash flow and you know what it is, but it’s, We’re also in a situation, we’re also at a time in the history of our economy where we’re pretty clear, there’s pretty solid consensus across the board.

That we’re not in a bubble because we know what’s causing prices to go up, right? We know that it’s a labor shortage, and so we got CASA labor, we got material shortages and supply chain issues, which are legit expenses with new homes being built. And it’s not just because, Hey, I can actually sell this home for more because there’s all this speculation going on.

No, that’s not the case. And then of course, the supply and demand where there just simply is. Major significant shortage. I just read an article this morning, kind of an update on some of the podcasts we’ve done in the past as far as, Hey, when are we gonna reach equilibrium again? And there are some who are saying maybe near the, the end of 2022, end of this year.

Mm-hmm. . I think that the percentage that think that that’s gonna be like some of the experts, it was like 30 something percent. So pretty high. Another group of people is that it would be 2023. Mm-hmm. near the end of 2023. That was like 36%. And then the rest. Felt like it was gonna be past 2025. Yeah. So somewhere between one and three years is when now, Probably eight months ago.

There was some who are saying it could, it could be as long as 10 years. Yeah. But supply is catching up and we we’re, we’re a few years away. So I guess my point is, is. The supply and the demand and everything I just talked about helps us feel confident that we’re not in, in this crazy bubble. Right? So right now with kind of the combination of everything that we just talked about, interest rates and supply and, and prices and interest rates and all that kinda stuff, we can feel pretty confident that appreciation is going to continue to be very strong.

And when it does slow down because equilibrium has caught. The most likely scenario is that the market will just slow down, but I don’t think there’s gonna be like this bursting bubble and all of a sudden all of the gains are then lost. Yeah, no, totally. And you know, it’s important I think when we’re talking about these principles.

Number one, let’s define inflation, right? Inflation is nothing more than. Too many dollars, chasing too few goods, right? There is a lot of money that has been sort of pumped into the economy and just sort of been thrown at the world, and we are printing money at a remarkable pace. So the more we print, the more that’s in circulation, that when there’s a limit on goods and we’ve got supply chain problems, we have people that aren’t able to get the stuff that they need to be able to actually produce products.

So that’s having atric. On the amount of products that are available, but you have all of this money that’s in the economy, so you have too much money, too few goods that causes the price to go up, right? It really all does. Kind of boil down to the kind of supply and demand curve that we all learned about in Econ 1 0 1.

Right now, you look at appreciation. And this is something too, I think that sometimes people think that like appreciation is somehow set by the Fed. It’s not set by the Fed guys. Like appreciation is a natural effect of buyer and seller behavior, okay? That’s what creates appreciation. So when you have a.

A lot of people who want homes, and when those homes are few and far between, then people are having to offer more money in order to buy those homes. Well, what happens is if people are paying more for this limited supply of homes, then a couple within a few months when somebody else is looking to buy a home and the appraiser.

And runs comparables on similar homes. He sees that just a few months ago, these homes near the one you’re looking to buy had all appraised for, you know, quite a bit more than where it had been, you know, maybe two, three years ago. And so then they adjust the amount of your appraisal on the home that you are buying up because of what other homes are selling for.

So when you’ve got an environment like we have, Where, like in Utah, for example, you’ve got somebody that puts in an offer on a property and they’ve gotta offer significantly more than even what’s, you know, being asked. And so over time, that has an impact. Now you add that to the whole building scenario and you’ve got builders that are building and they have.

To charge more for the homes that they’re building because it’s costing them more to go get the supplies and to get the labor to be able to build the home. So it’s literally, all of this stuff is interconnected, right? And if we wanted to just throw gas prices into the mix, it’s a combination. Now, look, I’m not an economist, okay?

Full disclosure, this is just my, Kevin understands the world in black and white sort of scenario here. But the reality is, We are importing a lot of oil from other countries, which is gonna cost more. And then you’ve got, in addition, you’ve got more money out there than is chasing goods. So you’ve got a limited commodity that we’re paying heavily for in order to get into this country cuz we don’t have enough of it in our own country or we’re not producing enough of it in our own country.

So now we’re paying somebody else to give us what we need, and we have a lot more money to spend and there’s a demand increase because of everything that’s going on. And so now you’ve got an impact on gas prices and impact on home prices, and impact on the cost of goods. You know, you go to the store and you go get a bag of chips and the bag is the same size, but I don’t know if we’ve talked about shrink ifl.

You know, shrink inflation is, the bag is the same size, but the amount of chips in it is 20% less, but you pay 20% more. That’s a 40% swing. All of that is happening because of the entire environment. Okay? Now when you understand that, that’s the. The reason we love real estate is real estate has all of this stuff built into it to naturally hedge everything that I just described.

Because when real estate costs more and you buy it, it goes up in value. Okay? When it costs more to build, and you’re buying that real estate, and that trend continues because of supply and demand, and because there’s a lot more dollars in the economy than the goods that they’re trying to chase, it has an impact.

Then you add that to the fact that you’ve got these tenants. Locking in, you’re locking in your interest on a property on a 30 year fixed mortgage, right? So you’re not paying more when the home costs more, but you can raise rent when the home costs more and when rent prices go up. So there’s another way you can actually hedge inflation cuz you’re making more income on the same property that you’re locked in at on a 30 year fixed interest rate while you’re seeing the values go up.

All of that to say that we look at this environment, and this is one other thing we’ve talked about, Steve, but I just wanna clarify, which is this. When you look at, uh, what happened in like 2008 and 2009, right? You have these big insurance companies that are bombing. You have all of these really bad assets that were.

Packaged together with good assets, right? And you had the whole subprime mortgage crisis and you saw all of this massive foreclosure. Well, if you look at the run up to that, yeah, there was some really similar set. We had inflation, we had kind of an inflated stock market in a bull market, right? So if you were to just look at those two things, you would say, Oh my goodness, well then the real estate market is gonna crash as well.

But here’s the difference. Back then, there was a gluttony of supply of homes and not as much demand, number one. Number two, the homes that were being purchased were being purchased by people that shouldn’t have been able to qualify to go get the amount of money that they were getting to buy these homes.

You do not have that scenario today. It is very difficult to qualify for homes. So now you’ve got qualified buyers that are willing to pay for this real estate. So even though you’ve got the inflation and the long bull market and all of the other sort of negative effects in the economy, you look at the supply and demand curve and you look at the level of qualification that somebody has to have in order to be able to buy real estate.

And frankly, it may look similar when you put graphs side by side, but in practice it’s an entirely different scenario. So super well said, Kevin. Let me, Make this real for everybody. Many of you listening today, you are d FY clients, right? And there’s, there’s a good handful of you who aren’t clients yet, or you’re hearing us for the first time.

Last year was a fantastic year to be, to be buying. And if you bought it at the beginning of the year, it was kind of a perfect storm, right? But the bottom line is appreciation was such that, you know, cash flow. Again, we never wanted discount cash flow, but it was almost immaterial in comparison. To the upside appreciation that was, uh, you know, gained by anybody who owned real estate.

And I can speak to our clients, Kevin. In fact, we are doing a webinar next Wednesday at 6:00 PM I believe. Yeah. But when this podcast comes out with the webinar might have passed the story. Oh yeah, that’s right. Sorry. I always forget about the lag time . We’ll have it posted though. We’ll make sure that everybody can get it.

Yeah. We’re, we’re gonna be talking about like what happened last year with our clients and why right now is such an important time. Be in the market and buying and taking advantage of what’s going on. So last year our collective clients had over 175 million increase in property values Last year. I mean, like across the board, Across the board, that was the equity increase.

So that’s collectively, right. So the, the percentage is, you know, last year was, Do you remember what the percentage was? I don’t. Anyways, double digits, right? Yeah. For last. You mean in terms of appreciation and in terms of appreciation? What? The reason why I bring that it was like low double digits is all of the indications of that this year is going to be very similar, if not maybe even more.

Right? So I just read an article this morning. So as far as like inventory level, so total inventory has fallen from a monthly average of 1.6 million units per month in 2018 and 2019 to just over 1 million per month in 2021. So a 600,000 home per month decrease in listings per month. Dang. Okay. Right now, do you know how many, how many homes were listed in March?

No, Steve, tell me like 750,000. Dang. So we’re down another 250,000 properties, so inventory. Is dropping even further. Right. And this is further validated. Like this is an article, right? And sometimes we, we don’t always speak the most kindly about the media and how they present stuff. Yeah. But this is actually pretty reflective of what we are seeing with our boots on the ground in our markets, where those who provide supply, our agents and our teams in the markets.

Like they’ve shared with us those exact same statistics in their particular markets where, like, for example, in, in the, the Orlando area, the number of properties on a monthly basis that are coming out or the amount of inventory that’s coming out has fallen again. And it’s almost half of what it was at this time last year.

Yeah. So inventory is getting tighter, is getting harder to. As much building as going is going on. Inventory is still at historic lows. Now, having said that, sales are up and it’s just that things are just flying off the shelf. Properties are flying off the shelf as quickly as they’re on the market, like within seconds they’re off the market.

And so it’s just that amount of inventory that’s currently on the market is super low, which my point is based on what happened last year, what we’re expecting this year, and probably beyond 2020. This is such a fantastic time to get in because like we were just talking about, the market is going, is continuing to go up dramatically and our expectations is at some point in the future, we don’t know whether it’s gonna be one year or three or four more years, but at some point we’re likely to see a slowdown.

Not very likely to see like. A crash, Correct? Yeah. So a slowdown, so right now is such a fantastic time to take advantage of what appreciation is doing, and although cash flow might be low because of the way inflation is going, it’s like you might be at a negative cash flow today, but within a few years you’re at a positive cash flow.

And the reality is when you look at all the different revenue streams, including principal pay down and so on, there’s such a great argument for. Taking advantage of what the market is doing today and understanding and realizing that there is true cash flow to you through principle paydown and depreciation.

Yeah, 100%. And you know, you brought up something that I’ve been thinking a lot about, which is so. We often think that appreciation is a little bit speculative, just from the standpoint of like, we don’t know for sure what the market’s gonna do. Now we know based on the factors that you just described and what I said earlier, that appreciation’s trending in a good direction.

But like you just said, if you were to go buy a property today, and you could probably bank on some appreciation, but even if the cash flow is not high today, why is the cash flow not high today? Properties are going up in price, so it’s costing you more to get a property, but rents lag behind property values because the reason rents lag is most people are sending rental contracts for 12 months, sometimes even longer, right?

So when one tenant is looking to renew or one tenant moves out and a new tenant moves in, that’s an opportunity for the rent to recalibrate a little bit and to come back into a little bit more of the equilibrium so that rent, we will see rents go up wi because prices have come up so much. So if you are investing in a property and you’re saying, Yeah, I’m looking forward to the appreci.

You also ought to be looking at it and saying, Just because my cash flow today is small or negative, it’s a slightly higher interest rate. It’s a little bit more expensive. Listen, we have been watching rents increase year over year, and I think that’s going to continue to have an impact as well because of everything we’ve already talked about.

So when you’re looking at a property and you’re evaluating a property today, don’t fall into the trap of, Cuz, Oh, I, we hear this a lot, right? I talk to a lot of people. For years, the expectation has been I can go buy an investment property for between a hundred and 150,000. And then when I say, Okay, cool, well, just so you know, at least in most of the markets that we’re in, that’s gonna be pushed up closer to the $250,000 range.

They immediately discount the potential of it. Right. Well, the other thing that we’ve kind of been taught and told and instructed in the real estate industry is we’ve already talked about the death of the 1% rule. We’ve, you know, but when it comes to cash flow, it’s like, Oh, I gotta be cash flowing a few hundred dollars a month.

And Steve, when we started this podcast, That was what was totally common. Okay. But now we’re looking at it and we’re going, Why are we still as excited about real estate today as we were when we started to replace your income podcast? And I always look at it like this. I, you’ve heard me tell my cupcake analogy, but this is how I look at it sometimes.

You think of a cupcake, right? There’s like two main parts. Generally, you’ve got the sponge or the cake, and then you, you know, you’ve got the frosting, right? And sometimes when you buy real estate, the sponge is kind of the thing you can for sure count on in the frosting is just what makes it a little bit sweeter, right?

Sometimes the sponge or the actual cake part of the cupcake. Is appreciation you’re buying because real estate’s gonna appreciate, And then if you get a little cash flow, that’s the frosting on top, it makes the cupcake a little bit more delicious. And I always love to say that the tax benefits are always the caramel drizzle on top, but then there’s other times when the pendulum swings in the market.

Where you’re buying for a cash flow play, and that’s the cake, and then the frosting is the appreciation. Just a few years ago, we were saying, Look, cash flow’s. The reason to buy real estate appreciation is the frosting on top. You still have the tax benefit drizzle. And so no matter what though, Steve, whether you’ve got an appreciation cake and a cash flow frosting, or whether you’ve got a cash flow cake and an appreciation frosting, you wanna know what’s the same about.

They’re both freaking delicious. Okay. . And so when we look at real estate, I love this analogy. Kevin tell you, I, I know what I’m doing. As soon as we, uh, are are wrapped up here. Yeah, we’re good. We gonna go get some cupcakes. Oh yeah. By the way, for anybody in Utah, you’ve not been to cravings by Alicia.

Literally the best cupcake store maybe ever. Three minutes, 23 seconds from my doorstep to, uh, the front door of side note. Have you had her creme relay? Of course. That is probably my favorite. I love all of them, but the crem, blee is like next level. I mean, you got a crem Blee on top of a cupcake with a fresh strawberry and some whipped cream, like, get out of town,

Come on. So yes. Anyway, the cupcake analogy, it’s appropriate and here’s the thing. You. You know, if you like cupcake, if you look at me and you look at my profile, you could tell I like cupcakes and I’m never Look, I’m not gonna go like, Oh, well, you know, vanilla cake or chocolate cake, or this fri. It’s always just delicious.

We look at real estate and it’s always delicious. The components that make up why it’s delicious may be a little bit different, right? It may be slightly different flavors that may be slightly different makeups, but we always look at real estate as delicious. But understand that there is an ebb and flow and a pendulum.

Steve, we have been at this now for nearly 15 years. We’ve helped clients buy when prices were in the basement and cash flow was good. We’ve helped clients buy when prices are at the top and cash flows aren’t as good, and then we’ve kind of ridden that pendulum swing between the two, and it’s never not been a good time to buy real estate.

I just had lunch with an awesome. Who does a lot of real estate and he, he made a comment that I really appreciated. He said, You wanna know how to time the market, buy a home every year, . Because if you buy a home every year, sometimes you’re buying at the peak, sometimes you’re buying at the low. But if you buy a home every year, you’re always timing the market just right.

And I think there is wisdom in that kind of a concept of there always should be, It’s always a good time to buy, but it may not always be a good time to sell. If you buy at the peak and you sell at the bottom, and you sell at the valley, then you’re gonna feel it. But we always like the cupcake if you are looking at real estate through the right lens.

No, love it. Ki So at the end of the day, I think you really sum things up, you know, properly and accurately in terms of why we speak so favorably of real estate, regardless of what’s going on. You just need to understand what to expect, right? That’s right. And you need to, yes, the expectation, you’re right, it’s all about the expectations and.

When you buy real estate, right, and you’re buying the right types of properties, there’s so much safety in being in the middle of that bell curve in the area where you have the greatest number of renters and you have the greatest number of buyers and the most amount of liquidity and options with that property.

And, and so the other thing I just wanted to point out real quick, you know, in, in terms of, uh, maybe it’s not that technical, but, but from the standpoint of like interest rates, a lot of people, it’s like they really get scared right now because we’ve been so spoiled for the last several years that it’s like, oh my goodness, I’m going from like, I could have bought a home at 3% and now it’s, it’s at five.

Yeah. Or even higher than five. And we might get to six. We’ve been doing this, like you said, for 15 years. I remember when, when interest rates were like six and a half, six and three quarters, I, I absolutely remember doing investment loans for clients at over 7%. There you go. And so, here’s the thing, the thing that’s affecting a person’s ability to buy a property.

And to cash flow is the fact that prices are going up so quickly, like that is more dramatic in terms of like your total out of pocket to get into a property and then what your overall cash flow is is gonna end up being. Then your interest rate. Your interest rate does affect it. But it’s not as dramatic.

It’s your out of pocket costs that lower that your cash on, cash return on investment. Right? And so it’s important to understand that yes, interest rates are gonna affect, but when you look at a performance, you go from, you know, four and three quarters to five in a, in a quarter, like the increase in payment.

Like you hate to see it because it does drop your cashflow, but, but it’s, it’s a lot smaller compared to, you know, the, just the price increases. So if you take a look at it, like, I, I guess the point I’m trying to make is don’t get scared off seeing yourself. Oh well interest rates are, are, are higher. Yeah, they are higher, but it doesn’t preclude you from still making an awesome and excellent and good choice in the purchase of real estate.

Like just don’t let that be the thing that stops you where you’re like, I’m gonna wait for interest rates to go back to 3%. That’s right. Hey, we don’t know if interest rates. Will ever in the history of the world go back down to two? Right. They might. They might. But this is like really more typical, like this is like kind of the expectation between, you know, five, six and a half percent.

Yeah. That’s historically like more like average conditions. Yep. And the last thing that I would say about that when I think about interest rates is look, maybe your cash flow goes down and we love cash flow cuz it’s real spendable cash flow. But it doesn’t mean that the net. To your pocketbook goes away.

Guys, when we buy real estate with leverage every single month, even if the tenant rent is equal to our expense to buy that property with leverage, you may go, Oh, I got $0 of cash flow. Does that mean you have a $0 net benefit? Know why? Because the tenant is now paying your mortgage, your principle and interest for you.

And notice I said your tenant is paying your. Principle and interest for. So even if you are at a net zero cash flow, some people may say, Well then I would not invest in real estate even if I’m a slightly negative, but there is hundreds of dollars being put back into your bank account. In the I. If you look at the entire timeframe of owning that property, every month you make a payment, hundreds of dollars, maybe closer to a thousand dollars at some point in your mortgage or whatever it is, is being paid down on principle.

Which means it’s funding your future when somebody else pays your payment. It’s funding your future, and if you have cash flow, it’s also funding your present guys, no matter what the scenario is, there’s a way to look at real estate through the lens of understanding the value that’s there. The cupcake is always delicious.

Steve, any final words before we conclude? Nothing other than I’ll race you to craving. Okay, sounds good. We’re gonna go get some cupcakes. All right, everybody, thank you so much for joining us and hope you have an awesome day, an awesome week, and we’ll talk to you real soon. Take care. Thanks so much for listening to replace Your Income with Kevin and Steve.

Do you have a question you want us to. Answer on the show. Head over to Apple Podcast and do three simple things. Leave us a rating and review and tell us what you think of the podcast. Then in that review, ask us anything you want related to real estate or income replacement. Then sit back and get ready to have your mind blown, and if you wanna shout out, leave your Instagram handle or your name and that’s all.

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