Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.

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Average everyday busy people like us who we work with the 1% rule has gotten in the way they heard it on a podcast, they read it in a book, they saw it somewhere that the 1% rule is the thing. And then because they couldn’t find a home with the 1% rule enforced, they just waited and then how many 10s? if not hundreds of 1000s of dollars have they potentially missed out on by sitting on the sidelines because they couldn’t find something that met the 1% rule? What would your life look like if you could replace all of your working income with simple and conservative investments that could do it for you?

Over the last 13 years, we’ve helped 1000s of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their working 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 claesson, and Steve Earle.

All right, well, Hello, everybody, and welcome to replace your income with Kevin and Dave, What’s up, dude? How’s it going? Good, man. I felt like that was melodic. I felt like I could have done like a Boys to Men esque run with my voice there and really gone straight on to be honest with you better. Frankly, thank you. I don’t get compliments often.

So whatever. I’ll take whatever I could get. Give them whenever I can see one. Oh, man, how are you doing? It’s good to be back on the mic. Yeah, it feels good. It’s great day out. It’s beautiful outside. It’s been a great week, actually.

And it’s good just to be in here this morning to talk about we’re gonna talk about well, it’s a good topic and to kind of give everybody where the topic is coming from. So I was in Orlando last week, right? Actually was it was this week, the week just all blur together? Let’s be honest. Monday, Tuesday. Yeah. Okay. So I was in Orlando this week.

And by the way, have you ever noticed like, I know you were in Florida recently. I love when you go to Orlando. And it’s like this, you know how you’re supposed to like go into a sauna and you get all sweaty and then you can go jump in an icy pond and it’s like therapeutic or I don’t know, it’s like healthy. I feel like that every time I go to Florida, okay, because I walk outside. I’m hit with like instant moisture, heat. I’m sweating instantly.

But if I have to walk back inside of the hotel, I instantly have icicles on my nose. They keep the air conditioning. The I just want to see I was at a big hotel. And I want to I just one time. I want to see their air conditioning bill. Like I know they can afford it. I know they can afford it because they charged me $13 for a croissant and $4 for Canna soda. Like I know they can’t afford it. But I still want to see it. You know?

Yeah, absolutely. It’s one of the benefits of going there. In fact, my wife loves going to Florida for that very reason. Like the air there. It’s very humid. And she’s like she doesn’t have to put on a gallon of lotion everyday like yeah, here and you tell her the right air is so so dry. Yeah, my wife cannot stand dry hands. And so I’m not always good at lotion.

Although I do have a manly lotion that’s sitting here that smells Yeah, kind of like cologne. Yeah. And so Oh, man. Yeah. Okay. See, thank you, like mahogany and teak wood. Yeah. And so I use that because sometimes I’ll go to hold my wife’s hand. And if my hands are dry, she can’t. It’s like nails on a chalkboard.

And so maybe if I lived in Florida wouldn’t be an issue. Yeah, that’s right. Well, either that or she says it’s the dry hands. It could be a whole slew of other reasons. Let’s be on a better move to Orlando. So I was in Orlando, and I was speaking so everybody listening, if you went back, I don’t know how many episodes, four or five sake, I don’t know, we interviewed a guy by the name of Don Pendleton, who is one of the founders and owners of this awesome company called protect wealth. They do a lot with asset protection.

And they invited me to come to Florida to speak on their big stage. And it was kind of cool, Steve, because it was the first time I’ve spoke for def y at a live event on a big stage since early 2019. Well, no. 20 2020 right before COVID. Yeah. And so it was so cool to have everybody there to have everybody together to be with people. It was awesome. And it was a great event. So they invited me to come and speak.

And they wanted me to do like an hour and a half, two hours on real estate. And I said Are you sure you don’t want Steve? He’s the one that actually knows what he’s talking about. And they said, No, we want you to dance. And so that’s what I did. I danced for two hours on stage. And I just said the word real estate.

Hey, dancing is way more important. Entertain is way more important than information. Right. And you got both. Yeah, you got the information. And you got the moves.

Yes. Thank you so much. I appreciate that. So I’m in Orlando, and I was kind of thinking like, I always try to change my presentations for the audience, right? It’s just like we do with this podcast. Like every time we’re coming up with a topic. We’re like, what do people need, right? We don’t want to have an agenda.

We want the agenda to be what it is that people might need to hear. And so I built this entirely new presentation. I spoke late in the afternoon and so I woke up early and I worked on this new presentation. And I called it the five developments that are creating real success in real estate today, with today’s sort of being the the important word there. And the first thing that I talked about was a topic that you and I have talked about, but not yet on the podcast, and something that we had had some discussions about here in office.

And that’s what we’re going to talk about today. But Steve, in order to do that, I feel like we need that music that goes, dun dun dun dun dun, dun dun dun, dun, dun, dun.

Yes, I know, it’s kind of a sad topic to begin with. He gets happy. Yeah, where’s but, you know, there’s there’s a tremendous loss. But we’re what we’re going to be talking we have to talk about death. And we don’t usually talk about death on this podcast, but there has been a member of the real estate community that’s been alive and thriving, frankly, for far too long.

Correct. Somebody should have killed this member of that community off a long time ago, but they didn’t. And but now, it has been officially declared that this member of the real estate community that has been a thorn in our side for years is finally dead.

Steve, actually officially tell everybody, one second of silence. Let’s do one second. Okay. Okay. That was good. I think that’s enough. Yeah, I think that’s enough. So what’s dead? Steve? What’s official, the 1% rule Kev, the 1/3 rule. And that too, is dead. So here’s the deal, guys, you’re probably like, why are they talking about death?

That was awkward. Listen. So there was an article that came out in bigger pockets that declared that the 1% rule is dead. And Steve, we here done for you real estate. We’ve known the death of the 1% rule for a long time. And here’s the thing, the reason why I said it’s because I wouldn’t go so far as to say for us, it really never even actually existed.

No. So it was good. No, you’re right. It never really was something that we were focused on, or concerned with. But here’s for those of you that don’t know what the 1% rule is. The reason it’s been like a bane of our existence is, as you know, we work with people from all over the country who want to do real estate.

And so when people get attracted to our company, or they start to do research on our company, and the kind of way that we do real estate, one of the things they always ask is, well, it’s really hard, like, does it seem like your properties really fit the 1% rule?

And our responses always like, yeah, they don’t, because we don’t care about the 1% rule. So what is the 1%? rule? This is a rule that’s been in existence, really, since kind of the crash, right? Isn’t that kind of when the advent of it was, and it was this gauge and this rule that real estate investors really popular rise, and it was finding properties, where the rent would be 1% of the purchase price, right? Where the monthly rent was 1% of purchase price. Now, the reason for that purchase price was $250,000. So what would rent be them?

Yeah, so it would be 20 $500. Right? So 1% of the purchase price. And the reason why that mattered is because cash flow was king cash flow was the thing that everybody focused on, that everybody wanted to hear about. And so they would go and they would not sell like our properties, right? Like, if you get a 200, and let’s say $30,000 property, and it rents for, let’s say, 1600 a month, right? What is that? 1600 divided by 230 is point 007.

So somebody would say, oh, that doesn’t work. That’s, that’s not 1% of the purchase price. But we would look at that. And we’d be like, Are you kidding? Your cash flowing three or $400 a month, and that doesn’t even include appreciation or tax benefits or principal pay down? That is just a simple metric, based on what the rent is and what the purchase price is. But that metric, Steve was used by real estate investors for a really long time as judging the value of whether or not they wanted to look at a certain investment.

Well, I have to tell you, Kevin, so the unspoken part about the 1% rule is that only about 1% of the properties out there meet that criteria. And so very, very few properties ever met that criteria. Now, if you were a super aggressive real estate investor, and that’s what you did all day, every day, and you’re just in the market search, search, search, search search.

And then you competed against 20 other investors on that one particular property. Bottom line is there were very few properties that met that criteria. And as a result, so many of those individual investors missed out on so many great opportunities.

That’s a good point. There’s a real opportunity cost to that, right, like at the end of the day, right? If you take a look at what percentage of cash flow makes up the overall benefit of a real estate investment property, I mean, when I think of our pro formas, right, we like to see cash flows that were maybe ranged between like four and 8% cash on cash return, but the actual annualized return that we look at usually ranges between 15 and 20%.

So it’s higher or higher. Yeah. I like to I like to Keep it conservative. But really, so think about it cash flows around 4%, your overall return is 20%. It’s only making up like, effectively 1/5 of the overall benefit of the property. But that was the thing people were leading with.

Well, in Kevin, it’s not even quite that good, because it’s 1/5 of the overall return on investment. Right? You’re not taking into account there is the depreciation all the other all the returns, right? Right. So it’s even worse than that. Meaning, like, don’t get me wrong, like cash flow is important.

Oh, we love it. It’s an extremely important part of the overall dynamic of every property that we take a look at, and that we approve, you know, for our clients to consider buying. It’s critical. But in years past, it had too much emphasis and too much importance on it plays Yeah, such that many, many opportunities were passed over by the really aggressive real estate investor.

And so at the end of the day, cash flow is important, but it only makes up less than 1/5 of the overall benefit that a property provides. Well, and far too often, I don’t think that we calculate and we just I mean, in general, people looking at real estate, calculate the opportunity cost of waiting, right, exactly.

So for example, okay, I just got a report on my home today, the one that we bought, like a year ago, right? Okay, it’s legit gone up. 140 grand in equity, right? It’s, it’s insane. Like, it’s just, I’ve been living there for a year, right? Like, I’ve been mowing the lawn, and it made me 140 grand. Okay, so but when we think about that, what if I would have waited a few months? What if I would have waited six months, I wouldn’t have captured all of that.

And so whenever, because we say it all the time on the podcast, when’s the best time to buy real estate? Same as planting a shade tree 20 years ago? second best time is today. Why? Because even if the markets going up, like Don’t you want to capture some of the increase? So sure, the market is not maybe you can’t go find a property that has 30% equity today.

But by waiting and sitting on the sidelines, and I honestly, this happens all the time, I will circle back around with people that are considering working with us and our company at six months after the fact. They’re going alright, Kev. I’ve been waiting six months. And I guess I should finally pull the trigger.

Because I just realized I just calculated how much I missed out on both in cash flow and equity by sitting on the sidelines and waiting for something better. So there’s a real opportunity costs. And I think there have been many people who have been scared away from investments because it didn’t meet the 1% rule.

Because for whatever reason, they believed that that was the most profound rule in real estate investing. And by the way, I don’t think it’s bad to have a rule of thumb, if that’s what somebody is sort of like code of real estate investing. Ethics was it has to be fine. Okay, it’s good that you’ve got something that governs your decisions.

But this 1% rule has actually, in a lot of ways, maybe it made some people a bunch of money, I don’t know. But I think for most average, everyday busy people like us who we work with the 1% rule has gotten in the way, you know, they heard it on a podcast, they read it in a book, they saw it somewhere that the 1% rule is the thing.

And then because they couldn’t find a home with 1%, with the 1% rule enforced, they just waited and then how many 10s if not hundreds of 1000s of dollars have they potentially missed out on by sitting on the sidelines because they couldn’t find something that met the 1% rule.

Yeah, exactly. And you spoken to many prospective clients who that did get in the way. Oh, yeah. But fortunately, we had hundreds and hundreds and hundreds and hundreds of clients who fortunately didn’t get in the way of correct they were the beneficiaries of being able to look, you know, beyond look past that, and understand the importance of cash flow. But the fact that that, in fact, isn’t even the number one thing?

Well, yes, you know, we did I feel like it’s probably one of our first episodes. But whenever I go and speak to an audience that that’s like, they’re not just a real estate audience I always like and even if they are, I like to talk about the four things that we love about real estate, like why we love real estate, and one of them is that real estate provides multiple profit centers, right?

There’s not many investments that do. And so cash flow is one of multiple profit centers. So we love cashflow. We want cash flow, we don’t help our clients go and buy properties right now that don’t have positive cash flow. But when we place so much emphasis on it, it can keep us away from some of the other profit centers and benefits.

Let’s just do a quick reminder. Just a quick, you know, breakdown of what are those profit centers? Yeah. So again, number one cash flow, we always look at cash flow, that is one of the profit centers. Second profit center is appreciation, right? Yep. Second profit center is depreciation. tax savings. Yep, that kind of thing.

A fourth profit center is the fact that your tenant is literally paying down your loan. So there’s principal pay down on a monthly basis. Yeah, I look at it and I say you got cash flow. You’ve got appreciation, you have tax benefits, and you have principal pay down right though, and the yeah tax benefits. Yeah. So I look at that for profit centers wrapped up in one investment.

And that’s only one of the four reasons we love real estate that makes it a unique investment class. Right. And so it is so powerful. And now I want to circle back to this 1% rule, because I don’t want you guys to think that we’re just making it up. Like, let me give you some numbers. Okay, so first of all, just understand if you’ve heard about the 1% rule, you know, it played a big role.

If you’ve never heard of the 1% rule, Stephen, I are just letting you know, this is something that governed people’s decision process for a long time. But let me give you some numbers. Okay, so the average national home purchase price, as of right now, according to the Motley Fool, is $374,000. That’s the national average purchase price on single family properties. Okay? The average according to realtor.com. So the national average monthly rent is 1600.

Okay, so that means that the average national monthly rent is point 00 4% of the national average purchase price. Now, obviously, sub markets and multiple markets. I mean, that’s a really sort of like broad snapshot, but even the national averages are 50%, below what most people would have sought with the 1% rule.

And to give you guys, I thought that it, are you okay, this deep, I pulled just a couple little pieces from this bigger pockets article. And for those of you, you know, bigger pockets, it’s a great source for investment information.

There’s a lot on there, that’s really good that you benefit from, there’s a bunch on there that Steve and I probably maybe disagree with or even not disagree with, but you know, we have a different take on it. So it’s not to say that it’s bad or good.

It’s a great source. Yeah, they have a great podcast. But they’re the ones that I think had for many years and their forums, there’s been a lot of people that have kind of been supporting the idea of the 1% rule. They’re the ones who wrote an article called the 1% rule is dead. And here’s what the article said it said, For years, the 1% rule has been treated like scientific fact.

And the article says, and I’d like to end that today, it goes on the 1% rule is simply a rule of thumb and an outdated one at that. It was created. And this is key to it. It was created during a different time. And overvalues the role of cash flow in today’s real estate investing climate.

And so then it goes on and says, What’s the 1% rule, this popular metric, right, the rent to price ratio to estimate cash flow, and it talks about where the 1% rule came from? Right. So if you take a look at what happened after the financial crisis, right, we saw housing prices declined rapidly, right? much faster than rents declined.

Now, if you’re wondering why that happened, that’s because you had people in rental contracts. And so they were still paying the monthly rent, they couldn’t decline the rent instantly when the price of a property declined. So it took longer for rents to kind of catch up with some of the decrease than what you saw in appreciation that on the rent side of things, right, rent is a great equalizer.

And rent typically doesn’t fluctuate for one of the reasons like he just suggested is because people have at least one year contract, sometimes two and three year contracts. But above and beyond that, like rent is rent.

And it’s not, at least once it’s in place, people have 30 year mortgages. Yeah. Right. So whether the value of their property goes like if it goes sky high, that doesn’t mean that their rent is going to follow right behind it. For brand new contracts that are coming up.

Yes, rents will that’s that’s kind of the upward pressure, right, that price is shot up puts on rents, but it really is mitigated just by the fact that you’ve got these long term contracts in place. That’s what creates such great stability in the rental investment property arena.

That’s a huge reason of why we like this kind of rental real estate, right? Why we like this Moneyball real estate type stuff. So it kind of started when you saw that prices declined quickly, rents did not necessarily keep up. And then that trend of that sort of situation kind of lasted through a good bunch of the early 2010s.

Like I think about what we were able to go buy homes for and what we could still rent properties for. And then what’s happened over really like the last five to six years in terms of prices correcting and markets, I don’t know if it’s correcting or just getting back to normal appreciation or outpacing normal appreciation.

But now because we see this in Utah all the time, you’ve got prices of properties today, increasing in a lot of markets, especially expensive markets, the prices are increasing, much quicker than rent, which is actually an interesting point. Because Steve, one of the big pieces of why we do the research and we like to be in the markets that we’re in is we still experience rent increases that are very similar to some of what we’re seeing from an appreciation standpoint, and not where the price and the appreciation is super outpacing what we’re seeing in rent increases, right? Yeah, no, exactly. You nailed it.

And this article like I I’ve really enjoyed reading the article and going through because of the clarification that that really did provide for, in particular, the investor community. bigger pockets is kind of the tip of the spear for the more aggressive investor who’s really getting after it, they’re spending their days overnight and real investor rather, yeah, somebody who, that’s what they’re passionate about it maybe their full time or maybe even part time, but they put a lot of time into it on a daily, weekly basis.

And the one of the lines that I love from this article that said, we need to adjust our expectations, and this is, and it goes on. And then I’m gonna circle back to that phrase right there, it goes on it says, we need to adjust our expectations, what was considered a benchmark in 2011, cannot be reasonably used as a benchmark in 2021.

If you want to be an active, or we’d even say a passive real estate investor, right. And I want to circle back to that phrase, we need to adjust our expectations. Steve, one of the things that I know we really like about this kind of real estate that we talked about on the podcast, and looking to replace part, or all of one’s income through simple and conservative single family investment properties.

And some of these great markets throughout the country that are nice properties in good neighborhoods that are you know, your typical three or four bed, two bath, two car garage, that’s going to rent Well, that’s going to cash flow that has all of the factors of what we love about this kind of real estate, is we have seen that expectations need to be adjusted based on what the economy’s giving us.

But the cool thing is this kind of real estate, this simple and conservative approach to single family residential real estate investing, it works no matter what the expectation is for a lot of other people, right? But where it changes, right scene is like, if the market collapses, well, then we may be going and looking at properties that are significantly cheaper than what they were a couple years ago.

Right. And that’s going to be a big factor. I remember when we first started to do stuff in like Las Vegas and Phoenix, one of the metrics that blew my mind was we were helping our clients buy these properties for significantly less than even the insured rebuild cost, which is crazy. That was the metric then if that was the metric we were still using today, we we’d be pretty screwed, that would be pretty hard to go find.

Then there’s other economies where it’s like, Okay, well, we are going to go it’s going to be a cash flow heavy economy. So we’re going to look at something like a 1% rule, not that we’ve ever looked at that. But cash flow, there’s times when a cash flow play may be more appropriate to be considering when you’re looking at the overall strategy.

Sometimes it’s going to be appreciation. Sometimes it’s going to be buying below market. Sometimes it’s going to be like right now it almost feels like right now and I don’t know i’d love your take on this is a hot take is I’m just shooting from the hip.

But I almost feel like one of the deciding factors for people today should be this, can I get a property? And the reason why I say that is due to the conversation that I have, most often with people on the front end is I want to do real estate, I can’t find any. They’ve talked to other investment groups, they’ve gone to websites.

And they’re like, nobody has inventory. Yesterday, we met with a guy I was talking to him, he was kind of like, yeah, I want to do single family. But I’m also kind of like super interested in like multifamily. I was like, Okay, he’s like, but there’s really nothing available. And I don’t know if there’s gonna be anything available in this company I’m talking to, they’re not sure when they’re gonna have property available.

And so this idea of even just inventory being a deciding factor of whether or not you want to take action. I think even that that’s kind of the world that we’re in right now. There’s a major short supply.

Yeah, exactly in touch on the point, where as the market cycles, you have the different factors that you always want to take a look at, you might place a little bit more weight, San appreciation or a little bit more weight on cash flow, you have to just keep in mind that there’s these four centers of revenue. Yeah, possibility, right.

And you have to look at all four of them in conjunction together at any given moment, during the real estate cycle as it cycles around. And as long as you’re doing that, that’s kind of like, I love the phrase, the Moneyball concept. Yeah. Where you’re looking at all the different statistical factors in analyzing a property in light of your long term strategy.

Yes. Right. What is that long term strategy, because that is the context in which you need to look at investment, real estate, when you’re just kind of a professional, who’s busy doing what you’re doing every day, but you want to be in the market, you need to be in the market of real estate and you want to have some properties in your portfolio.

Taking a look at that at the overall strategy, which is your perspective, which is your overall structure, and then those four factors and using them in combination right to decide. Is this the right property? Is this a good property? Does it make sense?

Absolutely. And I love sports analogies, because I think they just at least for me, because I love sports. They helped me make sense of the world around me right? If we were to look at the Moneyball concept, right, and we were to, for those of you you’ve heard us talk about Moneyball, you know, you’ve probably seen the movie with Brad Pitt and Jonah Hill, or you’ve read the book.

You know, Steven, I’ve realized more and more that Moneyball real estate is really what we do, right, that we’re the only ones that we know of that really talk about it in those terms. And it’s because that has proven itself out for two decades now. Right. S

o if you were to take the baseball analogy of Moneyball, with the Oakland Athletics did, they had one guiding metric, okay, the one guiding metric was they want to know, how does somebody get on base consistently because the from that, it meant that the more people you get on base more consistently, the higher the likelihood of scoring runs, and the higher the likelihood of winning the games.

But if all they focused on was right handers or left handers or power hitters or not power hitters, then they would have said, Okay, well, it we have to go find right handed power hitters. And if that’s all they were looking for, how many other things are they passing over that could have helped them with their larger goal of getting people on base?

Thankfully, that’s not what the Oakland A’s did. They just said, I don’t care what the statistic is, who’s good at getting on base? Are they good at taking walks? Are they good at getting hit by pitches? Can they bunt? Can they hit a single what gets them on base, all of the other stuff didn’t matter?

When you look at that from a real estate standpoint, sometimes we get these ideas in our head of, okay, it’s purchase price purchase price is the only thing I’m going to focus on. But then how many other things are you ignoring? Right? If the ultimate goal is getting on base financially, so that you can replace all or a portion of your income, if it’s to own investment, real estate that can change your financial future?

And all you’re focused on is purchase price. That’s like focusing on right handed power hitters, right focusing on the 1% rule or the 1%. Right. So whatever that one individual thing is, if you get tunnel vision, if you’re not looking at the whole picture and your overall strategy, you’re kind of shortchanging yourself, Well, this is such a powerful philosophy. Let’s use football too, right. So I’m a big 40 Niner fan. I’m a big BYU Cougar fan.

So the 40, Niners they’re a great team, right, they have had some injuries already. In the first bit of the year, you look at the football field, you have all of these positions that are critical, like the offensive line, generally speaking, they’re not the guys that everybody’s like, oh, offensive lineman, you’re my hero, get on the Wheaties box, right?

Nobody cares about an offensive lineman. But if you don’t have a good offensive lineman, then the person who everybody thinks is the star, which is the quarterback doesn’t have the ability to succeed, if all football team did was focus on an offensive line, and they didn’t have a run game, and they didn’t have a good play collar, and they didn’t have a good quarterback, and they didn’t have a good defense.

And they didn’t have anybody that could catch the ball, and they didn’t have a good blocking tight end, well, you’ve got a good offensive line, but it doesn’t mean you’re gonna win games, you’ve got to have a well rounded approach.

And what we like with the way that we think of and we look at real estate, both the baseball or the football analogy is there needs to be multiple profit centers that we’re considering. There needs to be multiple factors that we’re considering. That’s why we don’t say we’re going to stick our flag in the ground for one singular market, right?

We’re just going to be there. It’s like, we’re going to go find the right kind of real estate in the right market with the right set of combinations that provides multiple profit centers so that people can begin replacing their income one property at a time overtime, with simple and conservative single family residential real estate, right? It’s, it’s not you said it great, Steve, it’s not having tunnel vision.

And the 1% rule for a long time was the tunnel vision that kept a ton of people out of the game, and certainly didn’t help them win it.

It was so nice to see this article. And to see the main promoter of this kind of rule of thumb, stand back and stand up and say, it is dead. It’s gone. It’s time to move on.

It’s kind of like Ted Benny, who created the 401k having a quote years later that said, If I would have known then what I know now I never would have brought that to anybody’s attention because that’s it. He’s like the guy who’s like, hey, companies use a 401k. You can look that up. That’s a true story. Well, okay, guys. Well, this was a good discussion.

I thought this was awesome. Because Greg, and I’m so thankful to have this ammunition thanks to this conversation on bigger pockets, just generally what’s happening in the economy? Because as I talk to people, and they bring up the 1% rule, I can say, hey, go listen to this episode. And so if you’re one of those people listen to this episode now, a year later. You’re welcome. Okay. Anyway, thank you, everybody, for joining us.

As always, please go and review the podcast, subscribe to the podcast, follow the podcast, go check out the website, df y dash realestate.com. We always have lots of good stuff there. If you’re not on our email list, if you want to get on our email list at the bottom of our website, you could say I want to be a part of the newsletter.

We send out this podcast whenever it publishes. And now we started to add properties inside the email that goes out so you can see recent property examples. So make sure that you get on the list so that you can be a part of that but we are so thankful for you Guys, we appreciate you, Steve. Any last words as we wrap up?

No, just Thanks, everybody. appreciate all of you. Thank you.

Alright everybody. Thanks so much. We’ll talk to you soon.

Take care.

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