You posted your juiciest actual property inquiries to the Baker Pockets boards. Immediately, we’re answering them. Hey everybody, it’s Dave Meyer right here with Henry Washington. And for at this time’s present, we picked 4 hotly debated latest subjects from the BiggerPockets boards. And we’re gonna weigh in with our opinions on what the posters ought to do. We’re gonna cowl on this episode, whether or not it’s a good suggestion to make use of non-public cash to your first deal, when to simply accept a tenant with crimson flags, the best way to increase lease for inherited tenants, and… whether or not the 70% rule nonetheless works for flips in at this time’s market. Henry, you’re able to dive into these group questions? Yeah, man, that is great things. Let’s do it. Superior. Effectively, I’m glad to have your assist. Let’s dive into our first query. All proper, Henry, this query comes from Chris on the BiggerPockets boards. He’s questioning about elevating non-public capital and particularly what occurs should you do this after which a deal goes unhealthy. He wrote, I’m a newbie investor who nonetheless hasn’t gotten their first deal. I’ve spoken with some actual property mates they usually’ve advised me about how non-public cash has helped their enterprise develop massively. It’s one thing I imagine will assist me lastly get that coveted first deal and first paycheck. So earlier than we get into the second half a couple of potential deal going unhealthy, curious your ideas right here, Henry, on whether or not elevating non-public capital is a good suggestion within the first place for somebody who’s attempting to land that first deal. I believe elevating non-public capital is an enormous accountability. I imply, you might be borrowing different individuals’s cash. And I believe too typically individuals need to borrow cash as a result of they’ve been unhealthy with their cash. And they also’ve obtained unhealthy spending habits and need to borrow cash as a result of it feels much less dangerous. I’ve by no means considered it that approach, actually, however while you put it that approach, it’s not a really interesting state of affairs for the lender. Precisely. Most rookies need to borrow cash as a result of they really feel like they don’t have any. And lots of people don’t have any cash saved up as a result of they’ve obtained unhealthy spending habits. And so now you need to take these unhealthy spending habits and apply them to anyone else’s cash. And I believe that may be dangerous. Now to reply the query with out emotion and it positive you may completely borrow non-public cash and do your first actual property deal. However is that the fitting factor to do? Such as you actually must ask your self, nicely, why don’t I’ve any cash? Why don’t I’ve any cash to place right into a deal? And if it’s since you are unhealthy with cash or financial savings, then it’s in all probability not a fantastic thought so that you can go borrowing anyone else’s cash to do a deal while you don’t have any expertise but. Since you’re gonna make errors. I imply, I used to be simply telling individuals final evening that I made a rookie mistake on a home I simply completed flipping like proper now and I’m very seasoned, proper? That’s going to value me about $7,000. So you realize, I don’t know that borrowing non-public cash is one of the best choice for a model new investor. I agree with you and I’ll comply with up in a minute. I’m curious should you think about partnering with household and mates, non-public cash, or is {that a} completely different class? It relies upon. Associate to me means you get fairness, proper? And in order that’s true. When you’re partnering and also you get fairness, then I believe that’s completely different. However in case you are simply borrowing their cash and paying them some kind of curiosity, then that’s simply borrowing cash. And also you’ve obtained to actually look within the mirror and say, like, is it a good move for me to borrow anyone’s cash after I haven’t been nice with cash and to get right into a deal that I’m not sure is an effective deal or not but? Like, I simply I simply don’t know that that’s one of the best transfer. I are likely to agree with you. I do some non-public lending and I’ll inform you categorically, little question that if somebody who had by no means performed a deal requested me to borrow my cash, I’d not even have a look at the numbers. I wouldn’t have a look at something. I’d not lend somebody cash who has by no means performed this earlier than. Most individuals who do non-public lending, they do it as soon as they’re already rich and it’s a capital preservation technique, proper? They’re simply attempting to. make some stable pursuits. They’re not attempting to make huge swings. They’re not attempting to take enormous quantities of danger. And betting on a rookie investor is dangerous. Even when you have one of the best intentions, you do all of your homework, it’s simply riskier for the lender. Now, I believe the, what I kind of hinted at earlier than, partnering with somebody who’s mates or household, I believe that’s a good way to get began. And I do know not everybody has family and friends that they will companion with. But when that choice is on the market to you, I believe most individuals really get began ultimately. We talked to lots of people on the present. Individuals determine it out, they companion collectively. And in order that’s how I’d go for 2 causes. Firstly, the individuals who know you might be gonna be most prepared to guess on you and going to somebody who doesn’t know you is gonna be actually robust. The second factor is simply kind of like legally and technically about how this works. However should you borrow cash from a personal lender, that implies that they’ve a lien. they usually have a proper to that property. And so if issues go poorly, that lender, relying on the construction of it, can repossess that home and take it from you, and you could possibly lose every part. When you companion with somebody who has the fitting understanding of the deal, and one month you don’t make your money movement, or perhaps three months you don’t make your money movement, or six months you don’t make your money movement, should you’re fairness companions, you could possibly companion collectively to make up that shortfall. Hopefully it’s not that huge, however you’re not gonna be vulnerable to shedding your… property to a personal lender as a result of they’ve a primary place lean on the property. So I simply assume that going for actual non-public cash goes to be robust and dangerous for a brand new investor. Amen. Thanks for the query, Chris. Hopefully it was useful to you and to all of our listeners. We’re going to take a fast break, however on the opposite aspect, we’re going to reply a quite common and vital query, Henry. Is there ever a state of affairs the place you need to settle for a tenant with a crimson flag? We’ll be proper again. Hey everybody, I’m again right here with Henry Washington. We’re answering questions from the BiggerPockets group. The following query involves us from Sandra and she or he is interested in whether or not or not it’s higher to take a emptiness or to simply accept a tenant with some crimson flags. She writes, that is our second rental in Indianapolis and we closed on it a few months in the past, but it surely’s been troublesome to seek out tenants. The primary rental we closed on in April rented rapidly with no points with a fantastic tenant needed to ask everybody what their expertise is with tenants which have had a number of late funds on their report and considered one of them additionally declared chapter up to now. Is it higher to attend for a tenant that’s extra on time with funds and go away the place vacant for now or settle for whoever applies new to all of this? So any recommendation is appreciated. Henry, take the primary shot at this one. So there’s a, there’s a few components right here. So first it says a few late funds after which second it says chapter. So now, if the late funds weren’t within the image and it was simply somebody who had a chapter, I wouldn’t essentially let that crimson flag cease me from renting to them if I knew what the chapter was about as a result of there are numerous conditions that trigger chapter that don’t have a lot to do with if that particular person is. an individual who can and can make funds on time. Like individuals file chapter due to divorce conditions, due to medical payments. Medical payments are loopy, man. For positive, yeah, medical debt. Like if it’s medical debt that’s brought about you to have chapter, that won’t cease me from renting to you as a result of most individuals on this nation can’t afford their medical debt. Can you discover that out although? Like, is that one thing you simply ask and belief them on? Yeah, I’d ask them, however you may have a look at their credit score report usually and discover out. You need to look into what’s inflicting it. Now, the late funds plus the chapter, and if I discover out the chapter doesn’t have something to do with medical debt or a divorce or one thing like that, then no, I’m not going to lease to that particular person. The issue with late funds is, look, individuals get behind. I’ve been a tenant who’s obtained behind on lease earlier than and it occurs. However there, it’s only a few and much between that I discovered the place tenants get behind after which really actually get caught up. And so sort of, when you play that, I’ve sort of gotten behind sport. It’s very, very arduous to get caught up. And so to me, I’d anticipate a extra certified tenant than renting to an individual on this explicit state of affairs. However I don’t have an issue renting to anyone that will have some quote unquote crimson flags. It simply will depend on what these crimson flags are and why and the way they obtained there. I believe that’s nice recommendation to actually have a look at every particular person state of affairs and never simply apply cookie cutter recommendation. I’m going to confess one thing to you that I’m very mad about, Henry. I missed a cost on a random bank card this 12 months as a result of I stay in Europe and my invoice went to my dad’s home and this complete silly factor, it was for like $80. And my credit score rating dropped 100 factors in a single day as a result of I used to be 30 days late on like an $80 factor. So I simply, clearly that’s not a really severe state of affairs, however you realize, if somebody checked out my credit score report proper now, they’d see a late cost. And so I believe it’s tremendous vital to identical to take this stuff in context. Now for me personally, if there was a historical past of late funds and it was latest, that will concern me. I believe if it was two years in the past or three years in the past or 4 years in the past, they usually may inform you an inexpensive story about what occurred they usually’ve been capable of pay lease just lately on time, I believe that wouldn’t concern me as a lot. That stated, should you don’t really feel assured that they’re going to have the ability to pay, I take the emptiness each time. Each time. You bought to take the emptiness as a result of actually, you’re going to get the emptiness eventually. Yeah. After which discover a fantastic tenant, then take an opportunity on a state of affairs that I don’t really feel assured in. After which I’m going to only have a emptiness a pair months down the highway and numerous stress. 9 instances out of 9, after I discover myself on this state of affairs the place I don’t have a great intestine feeling about somebody and about what’s on their utility 9 out of 9 instances, it finally ends up going South, proper? I don’t have any tales the place I used to be like, I had a nasty intestine feeling, however they turned out to be wonderful. Like not one. Yeah, that’s a extremely good level. Yeah, it’s sort of like, I speak about this like with hiring usually, like at BiggerPockets or elsewhere. It’s like, it’s obtained to be a hell sure. You already know, like it’s important to really feel actually good about it. And I believe that’s true, regardless if there are crimson flags on somebody’s credit score report. I’ve positively rented to individuals who have had late funds earlier than and it’s labored out tremendous. Like I stated, not tremendous latest and extreme late funds. However you realize, individuals get behind they usually can flip it round financially for positive. Life be life in. Okay. So Henry, earlier than we transfer on, let me simply pose a hypothetical right here. Trigger we don’t know the precise state of affairs, however let’s simply assume that Sandra thinks about this decides this isn’t the fitting tenant. What do you do from right here? You simply preserve the identical lease. Do you decrease your lease? Is there something you’d advocate to her that she may do to attempt to fill this emptiness? So if you consider a property, it’s both going to be three issues that cease anyone from renting it. It’s both the worth, the situation or the advertising, proper? a type of three issues is out of whack or a number of of them are out of whack. And so these are the levers it’s important to pull. If it’s been listed for 3 months and it’s listed in every single place the place it must be listed, the place individuals can get eyeballs on it, which means the advertising is nice and the situation is nice, then it’s important to alter the worth. Proper? Now it might be that it’s priced what it needs to be for a property of that dimension and sq. footage in that, that individual neighborhood space. And whether it is, if every part round you is priced equally and is renting, then it’s in all probability your situation or your advertising. And so I’d have a look at your competitors and see what have they got that you just don’t have? Why are individuals selecting anyone else’s earlier than they choose yours? And the advertising, that’s simply one thing you’re going to must analysis. When you’re the one doing the advertising, perhaps you’re not good at it. Perhaps it’s not. It’s true although. Inform it to them straight. Take into consideration who your ultimate tenant is after which how that ultimate tenant appears to be like for a property. And is your property seen in these locations? If the reply to that’s no, then your advertising’s unhealthy. So these are the levers I’d have a look at. One different factor I’ll add there too, is that the rental market may be very seasonal, which means that there are occasions when it’s rather a lot simpler to seek out tenants, and there’s instances when it’s rather a lot tougher to seek out tenants. This put up got here in mid-November, and it’s robust. I don’t know should you’ve needed to do it, however I’ve at all times struggled to seek out tenants in both November, December, and January. Sure. And so that you would possibly must decrease lease to attempt to appeal to a top quality tenant there. After which I at all times advocate to individuals, should you do discover a good tenant, you both do like a six month or an 18 month lease to just remember to don’t end up in a state of affairs the place you’re once more, it’s simply sort of preventing uphill. You’re attempting to push in opposition to the grain after which as an alternative get your leases renewals in April via September, you’re going to be tremendous. Yep. Agreed. Our subsequent query comes from Larry Nelson in Venice, Florida. And he says, I personal a rental property, however I’ve had them for some time. I’m now taking a look at a property that’s tenant occupied, going to a month to month in November. It’s a long-term tenant who has not expressed curiosity in leaving. The present lease is about 500 much less monthly than what my analysis tells me it may very well be for this property. I do know this can be a enterprise, however recommendation on buying a property and wanting to lift the lease as much as truthful market from being a lot decrease. Henry, what would you do on this state of affairs? I’ve had this case rather a lot. And the very first thing you need to make certain of is that this tenant actually is an effective tenant. If the tenant is an effective tenant, they’ve nice cost historical past. The unit they stay in is in good situation. Proper? Like that’s gold. Good tenants are arduous to seek out. Proper? And particularly in the event that they need to keep, like I need to assist them keep. Now it’s a enterprise and it is advisable to get them nearer to market rents, however there are a number of methods that you would be able to go about doing that. Firstly is simply having a dialogue with them and letting them know that you’d love for them to remain and also you need to work with them to have the ability to keep, however need them to know that like I needed to pay for this property, which implies I do have a mortgage to pay, which implies I’ve to attempt to get this worth up. So I need to work with you. on that. And so I’d have that dialog and say, Hey, market lease is a couple of thousand {dollars} a month for this unit. That’s what I may get if anyone else have been to maneuver in right here, however I’d like to have the ability to preserve you. Do you assume you could possibly afford $800 a month? And if we may step by step stair step you as much as 800, do you assume that will be affordable? And numerous the instances they’re prepared to do these issues as a result of most tenants know that they’re getting a deal. once they have actually, actually low rents. Sure, they do. And should you can preserve their lease decrease than what it might be in the event that they needed to transfer, as a result of they don’t need to transfer, transferring prices cash, transferring prices time, after which they’re going to must go pay a thousand bucks some place else. So if they will keep, not spend the cash or the time, and pay 800 or 700, they’re in all probability going to be prepared to try this. After which I’d work with them on both taking their lease, stair-step it up, perhaps 50 bucks a month till we get there, perhaps it’s 100 bucks each couple of months, such as you and that tenant can determine what’s financially affordable to step them as much as that over time. Perhaps it’s we go up 100 bucks each six months till we get there, proper? Like you might have to have the ability to determine that out. However protecting them in that unit, in the event that they’re a great high quality tenant they usually’re paying persistently is gold. You don’t must get all of them the way in which as much as market. I couldn’t agree extra. I really feel like there’s some individuals who take this method the place it’s like, I’m the owner, I personal this enterprise, I’m coming in, I’m telling you what lease is. I’ve by no means performed that. Prefer it may work. It may, however I simply agree with Henry that usually in these conditions, I purchased a property this 12 months, the place this occurred, the particular person had been there for 18 years, I used to be like, this in all probability is nice tenant, proper? And I’m what, why would I kick out a fantastic tenant in a property that I intend to, to personal for a very long time, however on the similar time, like the way in which I underwrote the deal was to get rents near market charge. So I believe that may be a actually vital a part of that is that should you’re going to throw the guide on the tenant and say, Hey, I’m going to get this to the utmost lease I can underwrite it that approach. That’s tremendous. That approach you’re saying, Hey, utilizing Henry state of affairs for the primary 12 months, I’m going to get 800. And the second 12 months I’m going to get 900. After which by years three or 4, like that’s how I give it some thought. Like by years three or 4, like I’ve to get market lease at a sure level, however I’m prepared to kind of. stretch that out for a great 10, particularly when it’s been there for many years, like I’m going to work with that particular person. In order that’s one factor is to underwrite it. The second factor is, while you discuss to individuals about market charge, like I believe Henry’s proper, individuals know that they’re getting a deal. However at the least perhaps it’s simply me as a result of I really like information. However I like to inform individuals be like, right here, that is what issues are renting round you simply so like, you present that you just’re not making this up out of skinny air, you’re not nickel ing and diming them. I believe the third factor that at the least tenants perceive and the half that kind of makes me really feel snug at this, as a result of it’s awkward, such as you don’t need to screw somebody over is that the present property proprietor has put this rental unit up on the market. And so somebody goes to come back in and be a brand new landlord on this state of affairs. And I at all times wish to place it that the tenant feels that The most effective factor that might have occurred for them is that I purchased this as an alternative of another person, as an alternative of some company landlord who’s not going to speak to them. Who’s going to identical to, say this quantity and be actually arduous. And so I discover should you take that method and also you kind of put your self of their sneakers and clarify to your, your sneakers too, like I purchased this property, I’ve all these bills and simply have a dialog with individuals, at the least for me, it’s at all times labored out. Um, and so I believe taking the longterm. Every part I suppose I do in actual property is rather like, take into consideration the long-term right here and don’t identical to battle over $200 that’s going to ultimately result in a emptiness and lack of a great tenant. It simply doesn’t make sense. Trey Lockerbie I agree with you, however you completely want to try this diligence and ensure they’re a great tenant. Jeff Sarr Completely. After which the opposite factor I’ll say is that if this can be a multi-unit to deal with individuals equally and never like say, hey, this one tenant, you realize, you get to remain the opposite one, we’re going to max it out. I believe it’s important to take a comparatively related method with everybody to only be truthful, no matter circumstances, supplied that they’re all stable tenants, have been paying on time, handle the property, and so forth. All proper, so we’ve talked about non-public cash. We’ve talked about tenants with crimson flags, and we’ve talked about elevating lease. Now we gotta take a break, however once we come again, we’re gonna speak about one thing in your wheelhouse, Henry. Whether or not or not individuals needs to be utilizing the 70% rule in at this time’s day and age, we’ll be proper again. Welcome again to the BiggerPockets Podcast. I’m right here with Henry Washington, reply group questions. And Henry, I gotta throw this query to you as a result of I’ve by no means flipped a home and this one’s about flipping. It comes from Cheyenne who says, whats up everybody, I’ve a number of questions for the repair and flip traders. I did two flips final 12 months. One I made a revenue on, the opposite one was mainly break even. I realized rather a lot from each initiatives and hope to study extra. I needed to know what are your ideas on the 70% rule? Do you guys nonetheless apply that rule? For all of the offers right here in South Florida, I’m not capable of do 70% and it looks as if the revenue margin is de facto small. What greenback quantity or share do you search for in repair or flip properties? So Henry, I’m gonna throw this to you want I stated, however first perhaps you may clarify to everybody what the 70% rule is after which inform us should you use it. Yeah, the 70% rule is a air quotes rule that happened perhaps what 5, seven years again when it obtained actual fashionable, which is actually saying, you realize you’re shopping for a great deal or you realize you’re shopping for a deal that’s gonna become profitable should you purchase it at 70% of the after restore worth minus the repairs that it wants. So in different phrases, if the home ARV or after restore worth was $100,000 and also you’re shopping for it for $70,000, you might have hit the 70% rule. however it’s important to subtract the repairs. So if it wants $20,000 price of repairs, meaning it is advisable to subtract one other 20 grand, which places you at a couple of $50,000 buy worth. And so what it was saying is this can be a fast and simple approach so that you can know what to supply on a property for it to be a worthwhile flip. Now, the 70% rule has at all times, to me, simply been a rule of thumb. It’s not- You imply it’s not legally binding? It’s not the regulation, proper? Like- I believe individuals use it as a result of it’s a fast and simple option to provide you with a suggestion worth, however there are different fast and simple methods to provide you with a suggestion worth which are going to be a complete lot extra exact and are going to be a complete lot extra market particular as a result of the 70% rule shouldn’t be market particular. It’s only a common calculation. And so I don’t use the 70% rule. As a substitute, I do my very own fast and simple calculation. It’s only a max allowable provide calculation. and I do it actually on the calculator on my cellphone. Firstly, you want the after restore worth. That’s an important quantity it’s important to have. So when you have the after restore worth, I take that ARV minus bills, which might be your closing prices, your holding prices, and your commissions. Okay. Proper? So for closing prices, I usually do. In my market, it’s in all probability gonna be anyplace between 5,000 to $10,000, and that… counts the purchase and the sale. Okay. Since you’re gonna pay closing prices twice, proper? Whenever you purchase it and while you promote it. So you might have to do a little analysis sufficient to know what’s closing prices usually gonna value you in your market, each while you buy and while you promote. So ARV minus closing prices, minus holding prices. That is one thing it’s important to determine for your self as nicely. What are your typical holding prices? So for me, I’m utilizing… non-public cash or arduous cash and I’m usually paying 11 or 12% curiosity solely. And so for me, it’s going to be anyplace between a thousand to 2000 bucks a month, relying how a lot I’m shopping for the property for. After which it’s important to take that and think about how lengthy you’re going to carry that property for. So if I’m paying $2,000 a month in holding prices and I plan to carry that property for six months, that’s $12,000. So ARV minus closing prices minus holding prices. after which minus the repairs. And the final and most vital factor that it’s important to subtract is the revenue that you just need to make. So you employ the revenue virtually as an expense, proper? Simply in my thoughts, I’m constructing a calculation right here. And so we have now ARV, proper? You begin with the worth that you just assume that you would be able to promote it for. That comes from comps. Let’s simply use an instance right here. Let’s say it’s a $200,000 property. So that you stated, you realize, Closing prices are going to be 10 grand. That takes you to 190. Let’s say that we’re going to, you realize, smooth prices. I’m simply going to make up numbers right here. Let’s say it’s 30 grand. It will get you to 160 and say that to your time, Henry, you want this to make you 50 grand, proper? 50 grand, okay. So meaning that you’d be prepared to pay $110,000 for this property, proper? Trigger you’re promoting it for 200. You’ve got 10 Okay of closing prices. We stated, 30 for smooth prices, like financing, that sort of stuff. After which 50 in revenue, you’d pay 110. Precisely. OK, and so that’s not 70% rule, proper? As a result of I believe the 70% rule is doing it backwards, proper? It’s simply saying how a lot revenue you ought to be proud of. However you place revenue earlier into the equation. Completely. I need to dictate how a lot revenue I need to make, given the quantity of danger I could also be taking over for a job. If I’m taking a look at a property and it’s in a neighborhood the place issues are promoting sluggish, it’s obtained basis points or perhaps it’s obtained a bizarre structure, I need extra revenue for taking over extra danger. And so I’m going to bake that in on the entrance aspect to know what I’m prepared to pay for it. I’m not going to let some arbitrary calculation dictate to me how a lot I ought to make on that property. If I’m shopping for a home and it’s in a rock star neighborhood, it’s a beauty rehab, I could also be prepared to make much less revenue or provide extra to try this deal. And so I dictate the revenue that I need to make primarily based on what that deal is telling me. So how do you provide you with that revenue although? As a result of that absolutely is smart to me. That is true of any sort of funding. The quantity of revenue, the quantity of reward that you need to get relies on how a lot danger, how a lot time that you just’re placing into the deal. However like… I can think about it might be straightforward to only say, hey, I need to make, you realize, on a 200 grand property, I need to make 100 grand. How do you provide you with one thing that’s each formidable however sensible? So the rule of thumb I take advantage of for the revenue that I need to make is I usually need to make what I’m spending on the rehab. So if I’m doing a 50k rehab, I’d wish to make a 50k revenue. Now I’m prepared to regulate that slider primarily based on the issues that we talked about earlier than. How possible is it to promote on the ARV? Is it in a fantastic neighborhood? Is it bizarre? The extra bizarre issues that occur that home has, the extra revenue that I’m gonna wanna make and vice versa. So it’s a sliding scale, however the rule of thumb is that if I spend 50, I wanna make 50. In different phrases, I don’t wanna go do $100,000 rehab and solely make 30 grand. To me, that’s not gonna do it. So if I’m underwriting a deal that has $100,000 rehab, I’m in all probability gonna attempt to bake in $100,000 revenue. After which I’ll be prepared to slip that primarily based on a few of these components we talked about. I think about that additionally will get simpler as you do extra offers. Or discuss to different traders and say, hey, on a median stable center sort of danger, center effort deal, you may often anticipate $40,000 in rehab prices, $50,000 in income. And so you may kind of tune your radar slightly bit to say, OK, that is on the spectrum, the fitting spectrum of danger reward. profile for me. However that’s one thing you study over time. Or should you’re new to this, like this poster within the BiggerPockets group, that is precisely why you go on the BiggerPockets discussion board and ask these sort of questions as a result of identical to Henry simply defined, somebody hopefully in your market can inform you what kinds of revenue you could possibly anticipate for what kinds of properties. Completely. All proper, nicely, thanks for educating us on that one, Henry, a lot appreciated. And thanks for your whole knowledge on this. This was numerous enjoyable. I admire all of your enter for the BiggerPockets group. Hey, thanks for having me. We must always do extra of those. This can be a lot of enjoyable. I really like, I really like answering these questions. Similar. I believe these have been actually good questions. If you’d like your individual query answered both by Henry and I, or by the BiggerPockets group, make certain to go to biggerpockets.com. The slash boards, you may ask these inquiries to actually hundreds, if not thousands and thousands of skilled actual property traders utterly without spending a dime. You may get the knowledge of the gang proper there on biggerpockets.com. That’s all we obtained for you at this time on the BiggerPockets podcast. Thanks for listening. We’ll see you subsequent time.