Analyzing Real Estate Deals: Insider Secrets

Stephen Schmidt (00:02.734)
Welcome to the show where we interview the nation’s leading real estate entrepreneurs. It’s your host Stephen Schmidt and I’m back at it again as I always say and I got a special treat for you guys here in the studio today I’ve got an absolute Swiss army knife of an investor with me here. I got Michael Doherty in the house Michael is in the New England space He’s in New England. I’ve got some friends in Maine. That’s how they would say it I’m not sure if there’s any crossover accents in Connecticut where he hills but

He’s built an incredible portfolio through creative finance, flipping and multifamily investing strategies. He’s got a ton of experience in the commercial aspect, class, property management, how to analyze deals, and we’re gonna go all over today. before we do that, just remember at Investor Fuel, we help real estate investors, service providers, and real estate entrepreneurs, two to five X their businesses, so they can build the businesses they’ve always wanted in order to live the lives they’ve always dreamed of. Because at the end of the day, that’s why we do this game anyway. So Michael, welcome to the show today.

Mike Doherty (01:00.046)
Steve, thank you so much for having me. I really appreciate your time and looking forward to it.

Stephen Schmidt (01:04.748)
You bet. So first and foremost, just so that way we can give some folks a little bit more background on you. started investing in 2015, but tell us how you got into real estate in the beginning and how it led to where you’re at now today, almost a decade later here in 2025.

Mike Doherty (01:22.274)
Yeah, absolutely. So I was, I’m sure like many of your listeners, working a W-2 job in finance. I had a great job out of college. I went to the University of Connecticut, go Huskies. And I was selling mutual funds to financial advisors. I had my series seven and six license. Worked hard to get those, was very proud of it. Was doing well, but you know, checked all the boxes that you you kind of grew up learning about and…

I started working there and had my nice cube, two monitors, the nine to five gig. And I started learning about real estate just as a kind of a side hustle passion. then…

I really grew to not like that job, which really prompted me to get my real estate license in what the hopes of kind of replacing that W-2 income with real estate income. I bought my first two family in 2015, 2016. I lived in one unit and I rented out the other. So I was able to pretty much live for free while making a pretty decent paycheck. And I was able to save a lot for the next deal. And that kind of transpired eventually in 2022, I worked in that job for

seven years. So over those seven years, I was able to build up a decent portfolio and quit that W2 job and pursue real estate agent business and investing full time. So I went full time in real estate in 2022.

Stephen Schmidt (02:50.125)
That’s awesome, Seven years of investing before you left your job is a commitment, man. That’s pretty incredible. Why did it take seven years instead of three years? I know COVID kind of played a factor in that, made you reevaluate some things based on our pre-show conversation, but like, why was it seven years and not like three? What was it about that mark for you?

Mike Doherty (02:59.394)
Yeah.

Mike Doherty (03:15.726)
Well, I think for me, everyone has a different lifestyle here in New England, especially Connecticut. It’s not a cheap place to live and it was very scary, admittedly very scary and daunting to give up.

Stephen Schmidt (03:21.271)
sure.

Mike Doherty (03:32.396)
you know, a pretty solid salary to go out on your own and, you know, grind it out in the real estate agent business and you never know when your next paycheck’s coming. in despite what many gurus say in the real estate investing space, you know, if you’re investing in two to two to four unit, you know, at least in our market, if you’re making 500 to 1000 bucks passive a month, that’s a win. That is a double to a home run. So it takes a

lot of property to make the passive income to supplement any current income that you have. So and that’s before a roof goes or you need to redo the driveway or

There the washer dryer leaks into the unit below you and you got to fix that so it just takes you know It takes a lot to buy a property You know after your first one you generally have to come up with 20 to 25 percent down Which unless you’re very wealthy which I’m not and wasn’t then You got to save up so you got to get creative with it So it you know it took seven years to build up a good enough book of business and the agent to at least come close to my w-2 salary in addition to growing that portfolio because I

guess I could have done it a little bit quicker if I didn’t I wasn’t investing on the side and all my money wasn’t going to that if I was just saving saving saving but I guess in a way you are saving by buying more multifamily so for me it was just the right the right time

Stephen Schmidt (04:59.127)
So you got your license as a real estate agent, you left your job. What was that experience like? Did you feel free?

Mike Doherty (05:09.144)
free ish but you actually you know let’s say you’re working 8 to 5 9 to 5 you know you’re punching in you’re punching out your weekends are free when you are out on your own and your own business owner you work twice as hard so I was you know I’m still in in you know and so free yes as you can make your own schedule and you know if I want to work out at 10 o’clock in the morning and

Stephen Schmidt (05:23.2)
100%.

Mike Doherty (05:32.352)
I can instead of 530 in the morning because you have to get to your 8 o’clock time slot. So flexibility is there, but I’m putting in 10, 12 hour days like nothing as many other entrepreneur investors are. So yes and no.

Stephen Schmidt (05:44.673)
Yeah, 100%.

Yeah, well, even, no, I totally get that, man. You know, it’s kind of like there’s this glorification of freedom and whatever. it’s like, to an extent, I think really what people are looking for in terms of freedom, I’m growing to a point in my own.

life where I don’t think freedom is the right term. think it’s more of that flexibility like you talked about because like even me, I’m responding to messages last night at 930 at night. So it’s almost like you trade that eight to five, those golden handcuffs for a five to eight. The only difference is that you have a little more flexibility with what happens between that five and eight.

Mike Doherty (06:31.594)
Yeah, and there is something to be said about, you know, no one’s telling you what to do. You know, for example, like going to a wedding this weekend in Cape Cod, Massachusetts, right?

Stephen Schmidt (06:43.191)
nice.

Mike Doherty (06:43.822)
you know, there was a welcome party tomorrow, Thursday, and you know, my wife had to take the time off, take Thursday, Friday, and we’re extending it to Monday, and she had to get approval for that, where, as me, I was like, I’ll just push some stuff around, I’ll figure it out, you know, maybe even work from Cape, who cares, but like, having the opportunity to do that, I’d say, is really glorifying, and I appreciate that a lot.

Stephen Schmidt (06:57.324)
Right.

Stephen Schmidt (07:06.614)
Sure. What’s been more important to you and how is this, so I’m trying to figure out how to frame this question the right way. What’s been more important and how has these two things involved time or money? Does that question make sense?

Mike Doherty (07:26.752)
Yeah, see if I can answer that for you. So Obviously money is important, but I think going back to the freedom piece that is I place that at a higher emphasis than I do money. I think I think You know if you do something you love you don’t really work a day in your life and the money will ultimately come and I think real estate from for me fits that that bucket I would rather

You know, I live in a pretty modest house and for a while we were looking for like a bigger house which comes with a bigger mortgage and you know, I’m in real estate so I see all these people buying these and getting tied down to large mortgages and…

when you take a step back, I’d rather go on three or four vacations and get experiences and not be house poor per se. And I’m a big car guy, so admittedly, I probably have one too many cars that I’m buying. But I’d rather spend money on experiences than, you know, have to make a million dollars to have a crazy nice house and kind of, you know, keep up with the Joneses, so to speak.

Stephen Schmidt (08:14.048)
Mm.

Stephen Schmidt (08:36.31)
sure.

You know, I think that’s a really interesting mindset shift that we’ve had culturally for people in your position. You know, my position eventually too, I think is it used to be like our grandparents, know, the just expectation if they were going to be successful because they didn’t have the AI and it was harder to get connections. We didn’t have Facebook or LinkedIn or masterminds or whatever to be a part of. was just so much harder to get around successful people back then. So the expectation was almost you’ve got to work 16 hours a

day, seven days a week to build a business. So eventually when you’re 60 or 70 years old, then you’re able to go and enjoy golf and hopefully you still have your health. And then your next generation, they get to enjoy, you know, all the fruit of your labor. Whereas I think in our generation, what’s shifted there to your point is we’re not so much worried about making money so we can live in a great house and never be there. We’re more focused on like, you know what? I want to actually like experience the world for what it is. That’s a huge thing for me and my wife that we’ve

talked about even ourselves is it’s like, it’d be nice for us to have a million and a half, $2 million property on the beach in Florida, but at the same time, and even though we’re not on a level to even consider something like that now, it’s almost like, yeah, but we could also have one that’s like a third of that, and it’s still 10 minutes from the beach, and we could still go and enjoy crazy vacations with our kids as we’re raising a family. So I think that’s a really interesting shift. Let me…

Mike Doherty (10:04.622)
Yeah, it’s just like what it at the end of the day like does a bigger house make you happy? I mean maybe the day you close it, but it’s more cleaning more maintenance a higher mortgage payment likely and I think you just got to figure out like what truly makes you makes you happy, you know

Stephen Schmidt (10:06.389)
Go ahead, go ahead.

Mike Doherty (10:28.212)
a paid off house and maybe a small mortgage on a smaller condo somewhere. That sounds amazing. Or the ability to go pick up and go on a month cruise somewhere. I don’t know. Never been on a cruise, but sure I’ll try for a month if the opportunity came. I think just having the, again, back to the flexibility to be able to do what you want when you want. And if you ever have kids, spend time with them. So I think that’s why we all did the real estate thing.

Stephen Schmidt (10:42.388)
Yeah. Totally.

Stephen Schmidt (10:55.82)
Yeah, 100%. Now you said you’re a car guy too. I just gotta ask this more personal question than anything. are your favorites you’re into right now?

Mike Doherty (11:06.126)
So three cars I have I love. My daily is a 2022 BMW X5 M50.

Sometimes I don’t like driving it because I’ll go into like as far as real estate agent stuff I go see some pretty sketchy stuff So, you know, I’m driving in some war zones and I’m like shit should I I probably can’t swear But I’m like need some bulletproof glass on this thing. No, I Love that car. I will never give it up It’s a great daily driver. It’s safe. It’s big go anywhere you want with it

Stephen Schmidt (11:26.025)
sure.

Yeah.

No, you’re good.

Mike Doherty (11:43.982)
And then I really like classic cars. I grew up going to Carlisle, Pennsylvania, my entire life. Went again this year. It’s kind of me, my dad and all of his buddies have been going since I was probably 12 years old. So I grew up, you know, he had a 1970 Chevelle. He had a 1969 GTO.

My dream car is probably like a 20, you know, a new Porsche 911 Turbo S. You know, that’s a nice $250,000 price tag. So I’m not there yet, but that would probably be the dream car. Right now I have a 1968 Camaro. Actually, I was driving it today, but that sits in the garage. And I only take that on nice days. I bought that probably five years ago. And then my kind of fast supercar, we’ll call it as an 09 GTR.

love the car, more car than you’ll ever need. I’ll probably trade it in for a Porsche one day, one day, not yet, but one day. So kind of got the daily, got, and then the two toys.

Stephen Schmidt (12:34.923)
Sure.

Stephen Schmidt (12:38.229)
Yeah, I love it, man.

Stephen Schmidt (12:43.515)
Dude, that’s awesome. I’m a big car guy too. You can actually kind of see it on my wall but I’ve got a got one up there and then I’ve got a little list of List of a few on my shelf here a few McLarens and a Lambo, but my wife actually man, so here’s the thing I actually I Don’t actually have one dream car to be quite quite transparent. You know, I think the one that I’m gonna feel like This is like it’s gonna be it’s gonna hit different

Mike Doherty (12:56.34)
Nice. What’s your dream car?

Stephen Schmidt (13:13.193)
would be the 720S. That would be the hits different car for me. But my wife, she bought this one up here and it’s actually a coinus egg gemara. And she’d asked me this question. She was so sneaky about it. This was like two years ago. And she said, you know, what’s like, she asked me the same question. What’s your dream car? And I was like, you know, babe, the more I drive like right now, I just actually paid off my truck.

Right? I owed almost nothing left on it. I just wouldn’t pay the stupid thing off because I had like a 4 % interest rate. You know, so it’s like, yeah, it’s like, it’s like, yeah. So, but I finally was like, you know what? I’m gonna bite the bullet and not have a car payment for a while. I got 200,000 miles on it. It’s 12 years old. It’s like that classic, that classic deal of I could go get something and I could drive something a whole lot nicer.

Mike Doherty (13:43.182)
Yeah, it’s free money. Free money.

Mike Doherty (13:52.366)
Thanks.

Mike Doherty (14:00.642)
Sure.

Stephen Schmidt (14:03.327)
but also like I wanna do different things with my money right now. And I’ve kind of come to a phase where I don’t necessarily wanna have one, like I wanna have the option to drive a vehicle for six months and then just trade it for something different. I wanna try it all. I worked in the car business. So getting to drive a bunch of different cars in earlier careers was really neat. But how I look at it is my, I’ve made it, there’s nothing left for me car.

Mike Doherty (14:19.512)
Yeah. Okay.

Stephen Schmidt (14:32.435)
Is what I look at it. And so I told her probably a coin a sec, because if I ever get to a point where I’m comfortable dropping a few million dollars on a vehicle like I’ll know at that point, like there’s just nothing left. Like at this point, it’s just all philanthropy. That’s all I’m going to do for the rest of my life because like I would feel uncomfortable right now driving a hundred thousand dollar car. You know what I mean? Because of what I’m accustomed to. And so.

Mike Doherty (14:49.824)
Yep. Yeah, it’s.

Stephen Schmidt (15:00.689)
So for now, I’m just like I’m I’m doing what the crypto guys call hodling right like I’m holding on for dear life Because once that can of worms get open i’m gonna be exactly like you man i’m gonna have four cars in the driveway need to rent a place to put So it’s gonna be bad So i’m holding off as long as I can

Mike Doherty (15:16.75)
Yeah, space becomes the biggest issue. I’m also a big proponent of that. I’d be scared to drive a hundred thousand dollar car because it’s like, you you go to a parking lot and it’s like, anyone going to ding my door? I got to park a mile away or, you know, a rock flies up and scrapes it on the highway. It’s like, just, you know, you don’t end up driving it. And that’s not the purpose why you buy these things. You buy them to drive them. you know, I like, you know, I definitely got good deals on all of these things.

Stephen Schmidt (15:39.455)
Right. Sure.

Mike Doherty (15:46.924)
Yeah, I don’t know. It’s a hobby. It’s a passion.

Stephen Schmidt (15:49.525)
To your point, man, I love what you said there. We buy them to drive them. And that’s the thing for me, like where I’m at in my current state, I would feel uncomfortable for the same exact reasons. Somebody gonna ding it. Is that gonna ruin my day or whatever, right? So no matter what I buy in the future, I wanna be at a point where I had this old mentor of mine named Chuck. And Chuck had a mentor back when he was actually involved like early Amway days, crazy enough. It was really successful in the business, interestingly.

and he was driving out, is in California, and this Minter had a Rolls Royce Phantom, and he goes, hop in the car, Chuck, and they went on this little trip, and he talks about how he was driving down a gravel road in this Rolls Royce, and you could hear the chips of the rocks hitting the car, and my Minter, Chuck, looked over to his Minter, and he goes, man, aren’t you, like, we’re driving in a Rolls Royce, like, aren’t you concerned about the paint and it chipping it?

And he just looked over at him and goes, it’s a car. And so it’s like, for me, to your point, I’m not worried about somebody dinging my door in the parking lot. My sidebars are resting out, know? So it’s like, I’m able to drive it with no concern and I always want to feel like that when I’m in a vehicle. You know what I mean?

Mike Doherty (17:05.762)
Yeah, I also love the thought of just being like, like unbeknownst multi millionaire driving the most like basic car and like basic living cell but yet you have like, you know, millions in the bank. I always thought that was cool. Like the the, you know, the the low flyers.

Stephen Schmidt (17:25.983)
Yeah, nobody knows, man. I’ve got a good friend of mine who I’m sort of relationally connected to who owns a very, very, very, he’s a second generation, very successful, put it like this, I don’t want to give too much away, but the company does 25 million a year. They essentially manufacture a certain product that they then white label to other folks and they’re sold in like Kroger’s, know, like Kroger’s or Dylan’s, whatever you guys have up there.

Mike Doherty (17:53.934)
Mm-hmm.

Stephen Schmidt (17:55.823)
And the dude drives an infinity, know, like he’s been, he’s, he’s probably making five million net and he drives an infinity, has no fancy cars. And he lives in a big house on a big property cause that’s his jam, you know, but you go out and you’d never know. You’d never know. So, well, man, we could, we could talk about cars all day, but let me, let’s talk a little bit about real estate before we go over time. So I know one of the things that we talked about was your experience in the commercial class.

Mike Doherty (18:00.417)
under the

Mike Doherty (18:08.502)
Yeah, that’s his jam. Yeah? Totally get it.

Stephen Schmidt (18:25.054)
how to analyze deals, things like that. What’s like, when you’re analyzing a deal, what are the most important things that you’re looking at?

Mike Doherty (18:32.27)
Yeah, so I think with any investor, you’re always looking for value-added deals, no different in the commercial space. You just have to analyze it a little bit different. With residential, one to four units.

You are a beholder to what’s called the sales comparison approach and this is just a valuation method that any appraisal will use They’ll say okay, you have a two-family house. It’s four bedrooms two baths 2,500 square feet What if other four bedrooms two baths 2,500 square feet ish sold for in that in within a mile radius? Depends on how big your city is right and that’s how they’re gonna derive the value

They’re going to use market rents so it doesn’t really matter what it’s rented for. could be vacant. It could be rented for a top dollar. They’re going to use market rents, which is fine. So you kind of with a good degree of certainty can figure out what your ARV is in the residential world. But you’re a beholder to what your neighbor does and how much is sold for. In the commercial world,

It’s primarily based on the income approach of valuation and it’s based on the net operating income. So with the property before your mortgage, what it makes, you have your income, you have your expenses and that’s your net operating income. And then you have your mortgage and you divide the NOI, net operating income, divided by the going cap rate in your market. And the cap rate is set by a multitude of economic factors, but it’s kind of like the projected return of the property, so to speak.

if you take your NOI divided by your cap rate, it’s gonna spit out a valuation. That valuation is ultimately what around what the properties were. in theory, if you can manipulate your NOI, your net operating income by either decreasing expenses or increasing income, you can raise that NOI, therefore raising the value of your property. And, you know,

Mike Doherty (20:21.856)
you can really manipulate the value of commercial assets by doing that. it, you know, the sales comparison approach will be used a little bit in a commercial valuation, but it’s heavily, heavily, heavily weighed on the NOI and the income approach. So I can know by buying undervalued.

commercial asset by increasing my rents by XYZ amount and maybe decreasing taxes or decreasing expenses, whether it’s, I got a better insurance quote or, you know, right now it’s owner paid utilities, but I’m going to separate all the electrical and all the heating and I’m going to put those utilities on the tenants. I’m going to decrease my expenses. I, with a good degree of certainty can know what the valuation is. And we’re talking to hundreds of thousands of dollars of increase in value. You don’t really

see that in the residential world. So that’s why I like commercial is because I can kind of manipulate the numbers a little bit better.

Stephen Schmidt (21:28.018)
I was muted somehow. That is probably the 90 second synopsis that, the most succinct synopsis I’ve ever actually heard on that. That is incredible. what I like to say is at the end of the day, like when it becomes a bad deal is when you’re up, when you’re, when you’re in, or

Mike Doherty (21:29.771)
yeah.

Mike Doherty (21:39.358)
I appreciate it.

Stephen Schmidt (21:45.898)
when your outgo exceeds your income, your upkeep becomes your downfall, right? And so ultimately it’s flipping that around to where your income exceeds your outgo so your management becomes your upside, right? That’s super interesting. Thanks for that. I feel like I’m, me an invoice afterwards. I appreciate the mentorship. So with, cause you’re also, you’re also,

Mike Doherty (21:57.614)
That’s right. 100%. 100%. So, yeah.

Mike Doherty (22:05.195)
Yeah

Stephen Schmidt (22:12.517)
an expert when it comes to the property management side of things. What are some of the unique pieces that you bring to the table that are maybe a little bit different than what you’ve seen others doing?

Mike Doherty (22:21.614)
Oh man, property management’s a whole topic in itself. We were talking about this before we went live, but I’m so, I have such a, a, I’m torn with property management. I’ve done both. I’ve had third party, I’ve managed myself. You know, thinking about, you know, like we were saying before, it’s like,

I’m always going to be of the belief when you buy your first, for all your listeners, when you buy your first rental property, I really, really think you should manage yourself at least for six months to a year.

After that point, will have learned pretty much everything, a lot, enough to be dangerous to know what you would want to expect when you go to hire a property manager because you’ve done it yourself. And no one, I don’t care, anyone will tell you different. I don’t think anyone will manage it better than yourself. Like you care the most. It’s your assets, your baby. So, but I do think, you know, you get to a point where maybe you’re a busy W, know, busy nine to five guy and you want to spend time with your family on the weekends.

want to get the broken toilet call on you know when you’re after dinner with your wife at Ruby Tuesdays you just like I don’t want to be bothered so

I think there’s a place for third party property management, then I think you get to a point where maybe that’s 10 doors for you and you hire a third party property manager. You’re paying them 68 % gross rents. You know what to expect because you’ve already done it yourself. But then as you keep scaling, does it make sense to bring management in-house? You’re not taking those calls anymore. I’m not saying that, but you’re now hiring a full-time handyman 20, 30 hours a week on payroll and you’re lowering your expenses because every

Mike Doherty (24:01.164)
An issue happens you have to pay someone for that to solve that problem, but if you have a full-time leasing person or full-time Handyman you just pay them you know what your expenses are for that year right and they’re still solving those problems Maybe you have a virtual assistant to take those incoming calls So you have to have a good amount of property to be able to get to that point It’s gonna be a different number for everyone, but I think that’s where I’ve always toyed like do I keep the third party or do I?

kind of bring everything in house and figure out and by the way, eventually if you build up enough of a successful property management company, you could start managing other people’s property and eventually you could sell that off as a business. If you always have third party property management, it’s their business, it’s not yours. So you can never sell that, it’s not tangible.

Stephen Schmidt (24:50.312)
Right.

Yeah, I think to your point too, it depends on your strategy, of course, but if you’re really wanting to be a fully vertically integrated real estate business owner, right, you’ve got to have those different pieces, right? You know, no different than, you know, any other business that I think…

is it? It’s kind of a little bit of a different scenario but like Buffett with Berkshire right you know he’s got the real estate side owns the insurance company owns the furniture store and owns the railroads the furniture gets shipped on right so it’s just a constant ability to take the same dollars and make them work multiple times where they continue to just circulate right I think that’s Chris Cron told a story at an event that I was at one time if you’re familiar with Chris he’s a

Mike Doherty (25:36.268)
Mm-hmm.

Stephen Schmidt (25:44.506)
Huge real estate tycoon out from Provo, Utah and he told a story of when he went to India one time and he was speaking to a very wealthy person over there and he asked him he goes what’s your guys’s word? Here in India for wealth and the guy goes well We actually don’t have a direct word that that actually means like wealth But he goes the closest thing was whatever word it was and he goes and what it means is circulation

And I love that. That’s stuck with me for probably the last, I can’t remember how long ago it was, two years or so. And it’s always stuck to me of like, man, to really build something that you can walk away from and step back from entirely, whether you put a CEO in or whatever, but to really do it and not ever have to worry about the money running dry is to figure out how to circulate the money and you own it all. You know what I mean? So, man.

Mike Doherty (26:30.52)
Yep, 100%. We’re all still trying to figure it out.

Stephen Schmidt (26:34.709)
This is such a great show man, appreciate you coming on and sharing some insights with us. I don’t want to run too over time, be respectful of your time, although I’m sure we’ll stay in touch. But if these folks want to connect with you for more, where should they go for that?

Mike Doherty (26:50.114)
Yeah, I’ll email you everything but I’m on Instagram at Mike Doherty Realtor. I can share my email with you. I can link it to the show notes. We have a website, my business partner and I, SkytreeInvestments.com. On there we have kind of our portfolio of properties. You can learn more about us. You can invest with us. Also host a podcast, Sky’s the Limit. You can check that out. So yeah, happy to share.

you know, whatever you need for the show notes. So thank you again for the opportunity. It’s been awesome.

Stephen Schmidt (27:24.041)
100 % Mike and one last question before you go. What is the next? What do you see on the horizon for the next 12 to 24 months for you guys right now? I know you got some decisions on the property management side of what you’re gonna do there and you alluded to a little bit But what do you really see in the next 12 to 24 months? What’s on the what’s on the grand vision put together?

Mike Doherty (27:32.194)
Hmm.

Mike Doherty (27:41.44)
I’d like to get two to three more properties under the belt, which I think will help make that property management decision a little bit easier. Right now, I’m right on that border. But looking to pick up a couple more properties. And then also, I’d love to do more private lending. I had my first private lending deal in the Midwest. I had first position, lean on it. I got paid back and made some interest on it.

If you can do that at scale, that is truly passive. You got to underwrite the deal. You got to vet the borrower. But I really enjoyed doing that. So I’d like to get into that a little bit more. You know, it was only I lent out $70,000. You know,

So wasn’t a ton of capital, I mean, that’s this is what banks are doing. That’s how they’re making their money. So, you know, I think, you know, building up that reserve and keeping that kind of cash flow going, I think that would be that that’s what I would love to do.

Stephen Schmidt (28:42.323)
You wanna be the bank. I love it. Awesome. Well, Mike, thanks so much for being here. Y’all go connect with him on Instagram. Check him out. Show him some love from the real estate pros and Investor Fuel. And we appreciate him being here. And we’ll see you guys in the next episode. Thanks again, Mike.

Mike Doherty (28:44.216)
Set, set.

Mike Doherty (28:57.432)
Thank you, Stephen. See ya.