Rentals vs. Seller Financing

Mike Hambright
Hey everybody, welcome back to the show today. I’m here with my good friend, Eddie Speed. We’ve been friends for a long time here in the Dallas market. guess we’ve been. doesn’t really matter where we live or friends. And we’re going to be talking about why you should maybe why you should consider selling your rental properties and owner financing them in probably a unique way that you’ve never heard before. So Eddie, welcome to the show. How are you? Yeah. Good to see you, buddy. Always good to hang out with you. Yes, sir. Yeah. So obviously a lot of folks know who you are, but maybe just share a little bit about your background for those that that somehow don’t know who the one and only Eddie Speed is yet.

Eddie Speed
Well, I’m a specialist. I started in 1980 buying seller finance notes. My wife and I married in 1982. We moved from Mississippi where the guys that mentored me and got me started. And we moved here to Dallas Fort Worth to buy notes. Back then you kind of needed to move to the market. And anyway, that’s turned out great for us. And we’ve been here for I now have about four and a half decades of buying notes. And it’s been many turns along the way and been been quite a ride.

Mike Hambright
Yeah. Yeah. And there’s a lot of folks that owner finance. I have some owner finance notes, just some rentals I sold off and kept the notes. But you really do way more than the kind of simple owner financing. So just tell us a little bit more about kind of what your area of expertise is.

Eddie Speed
Well, I’ll go back a little bit. So in the 80s, I was buying notes from generally just individuals that bought notes. I bought I I started buying more and more from real estate investors that created notes over and over. And there was a couple of brothers here in Dallas, 4th that did that and their last name was D’Angelo, right? And so then Ken came along and he wanted to start Homevestors and he came to me and says, look, I’m doing a franchise. My franchisees have to know how to make a hamburger, right? Every hamburger needs to be the same hamburger. And so that would launched it me into a whole idea that the industry had never done, which is basically take a real estate investor and build him a mortgage banking platform, a definition for terms of the sale, terms of the loan, terms of the underwriting just like a mortgage bank. and we killed it. mean, we really did really well doing it. We, and then that launched me into the fact that I started doing it for a lot of other real estate investors. And that’s kinda, people say, why, how in the world have you bought 50,000 notes? Like nobody else in the note business has come close to that, but buying seller carry, right? And the answer is pretty simple. I did it because I built a note manufacturing system that they could then sell their notes and not take a big, you know, discount and what they sold the notes for.

Mike Hambright (04:28.634)
Yeah, yeah. So a lot of us as real estate investors, we… historically have aspired to build wealth through rental properties, like Keep Rentals. And you know I have a rental portfolio as well. so we look at it for a lot of reasons. It’s like, hey, I’m going to generate some cash flow, which they’ve never really cash flowed as well as I’d hoped. The appreciation’s been real, but there’s also been destruction of the dollar at the same time. And so we usually look at it as like, I was just talking to some folks in Investor Fuel yesterday, and we were Long story short, were talking about how it’s kind of hard to sell your real estate investing business. You’re usually a solo. I mean, you might have a team, but you’re the guy. You’re the man or the woman that’s running the show, right? so they’re like, they were talking about starting another business that might be able to get a multiple of and sell at some point. And I was like, look, the real kind of wealth in your business is rentals, which you kind of keep. But I didn’t really talk about notes, because that’s not my area of expertise. You know, I guess a lot of us are trying to find ways like we kind of make the today money through wholesaling and fix and flipping and we want to build wealth at the same time. And so kind of, you know, tell us a little bit about like how that makes more sense with notes than it does with rentals.

Eddie Speed
Well, first of all, it’s market timing. You know, I would never have told anybody if you start acquiring rentals in Dallas for worth in 2013 that you picked a bad time to buy. Right. Property was on sale. was you could buy it at 40 % discount. Yeah. But the rents weren’t on sale. rents were good compared to values and so as we’ve progressed and values have risen rents haven’t risen at the rate of values and of course during the virus they certainly didn’t so if your property doubled in value your rents didn’t double right your expenses exceeded probably your expenses far exceeded your rent raise. Yeah. So if rents went up, they went up and kind of settled back down is what seems to be the market condition overall, is what people are telling me. So rents went up, say by 20%. But expenses went up by by the same timeframe, expenses went up by 50%. Well, if that math is true, and that’s a lot of fractional CFOs and people like that are telling me that Well that means that expenses are two and a half times greater than the rent rise. And so the problem is, let’s take your current house today. So I’m just gonna pick on a house in Dallas Fort Worth that I kinda know the math of, because it’s kind of an example that I’ve, a real example, but it’s something I’ve used enough, and I bet it looks just like one of your rentals. It’s now worth $250,000, but it rents for $1,800 a month. you’re probably netting half of the rent, so you’re netting $900 a month. So take $900 for that house, and that’s a little over $10,000 a year, and divide that out, and guess what? You’re earning a four cap. The question is, is do you think at a four cap on your $250,000 house that that’s underperforming? if you do, then you have to look at like what are my alternatives. Right.

Mike Hambright (07:50.402)
Yeah, the biggest saving grace that we have is we’ve never really refinanced our portfolio. Now, do I wish I’d refinance it at three and half, four percent? Like, yeah, but I didn’t. So we have a ton of equity, but it’s trapped. So I kind of look at, I’m wealthy on paper, but it’s trapped. Right now it is until I do something, refinance or sell them off or maybe owner finance them.

Eddie Speed
I hear there’s a story that it’s hard to eat those equity sandwiches. Yeah. You can’t put that in the bank. The issue is, is you’re a math guy, your wife’s a math lady, right? I know you guys, like you’re smart. And if you look at your net worth and you think, is my net worth earning? The answer is, if you think a four cap is under earning, then you say, okay, what are my alternatives? Right? Yeah. I’m just simply saying take the same $250,000 house and look at a model where you sell or finance it. You sell it for $250,000, you get, and I’m just… rounding numbers here. So if you got a calculator in your hand, just know I’m doing off the top of my head, right? You sell it for 250. I believe you can get 15 % down. There’s every market data in the world that represents to us if you believe you can get 15 % down. That’s a fair market condition. Right? The average down payment for a Fannie Freddie loan today, the average down payment conventional lending is 19 % down. Okay, so that’s Yeah. And then and then you’re creating what we call a non QM loan. Meaning they’re not Fannie Freddie standards. But 40 % of mortgage market alone origination market 40 % of that market are non QM loans. Wow. Okay. Yeah. So you’re gonna write that.

Mike Hambright
By the way, these are people that can’t qualify for a traditional mortgage. And it’s not necessarily because they have bad credit, they just might have no credit, they might just be

Eddie Speed
let’s just let’s just talk about the competition. If you’re the bank, who’s your competition, Fannie and Freddie. FHA. right. Okay, well, let’s talk about that mortgage bankers generates a chart called the mortgage credit availability index. Since the virus started, the virus the day the virus started, it was at 185. Today, it is at 95. So basically, 50 % of the people that could get a mortgage before the virus through a conventional mortgage can’t get one today. So you’re saying I have a huge opportunity to fill an underserved market and I’m not chasing the guy that’s instable. I’m chasing somebody that’s super stable. I’m just giving them a chance for home ownership. So. This triggered with me a couple years ago. This whole idea of why would you sell or finance your rental portfolio. So pretty well known guy, John Burns, they came out with an article, you know, a couple years ago, and they said, your people’s mortgage payment on the identical same starter home that they’re renting, their mortgage payment is $1,000 more than their rent. Now bigger pockets and other people like a lot of people have now written about it. But see, when most people see that they didn’t see what I saw. When I saw that article, I said, well, wait a minute, that’s time for me to be the bank. Because it looks like the bank’s making a lot more money than than the landlord. Yeah. Right. Yeah. And so I modeled that math. And I’m like, sure enough, he’s right. If I owner financed it, I’m making way more money than the landlord. But

Eddie Speed (10:22:31)
the market wasn’t ready for that yet. In other words, people weren’t willing to consider that then, because we’d just been through an era where you had this crazy lift in values. And everybody’s like, oh, we’re just going to sweat our way through rentals and stuff. But you’ve had rentals a long time, Mike. You saw a big surge in the market after the virus, but that wasn’t necessarily consistent with what happened over the life of your portfolio. That’s true. Right? Yeah. So now you’re looking at your portfolio and going saying,

Eddie Speed (10:52.14)
is my equity is my asset value not meeting a annual income standard that I think is acceptable for what my portfolio should produce. So here’s the question. What if I said you could take the same house and instead of making a four cap, you could make an 11 cap. Yeah, sounds good to me. So that’s what the math turns out to be. And

Eddie Speed (11:20.614)
and then all of sudden, then comes the big question. Okay, yeah, but Eddie, I have an underlying debt. Yeah, but Eddie, I have this. Yeah, but Eddie, have like, then all of sudden, you start realizing what I’ve done for my career, which is I help real estate investors recapitalize with their note portfolio. And you don’t have to go sell your whole note at some giant discount. There’s other ways to do it. What if I said, Mike, sell that house, create a note. And what if you decide what if what if you guys decide, hey, we’re going to keep I don’t know, let’s keep third percent of the income off that note. If the note’s $2,000 payment, let’s go keep $600 a month. Then you can, then I, then I have, if you create the note to the formula, if you follow the yellow brick road that we try to help you do, then all of a sudden you could keep $600 a month and go sell 70 % of the payment. But wait a minute, Mike, if you sold 70 % of the payment, you likely can get even more than 70 % of the amount of the note. You might get 75 % of the amount of the note, but keep 30 % of the payment.

Mike Hambright
Yeah, I think there’s a lot of people as real estate investors, they think they’re either in or out.
And so I’ve always been intrigued by you talking about partial, selling partial streams and things like that, but I don’t think the average real estate investor, the average person listening to this right now, this is probably new. It is. Yeah. But this is not new in the in the mortgage banking world.

Eddie Speed
I’ve done 25,000 partials. Yeah, I mean, so for me, it’s pretty regular, right? But once again, this is where I found out a long time ago that I serve the real estate investor market. Right? I consider you to be a specialist, right? You are you you have this incredible mastermind. You have these marketing systems, these mail systems, these things that you have perfected, like I consider you to be very top of your game at helping real estate investors with what they need, because you understand what they need. Well, I understand a decent amount about real estate investing. But I understand a lot about offering financing.

Mike Hambright
Yeah, yeah. So let’s talk about, you know, how seller financing is the solution. If you’re somebody with a rental portfolio right now that feels like taxes have gone up, insurance has gone up, your rents haven’t gone up, maybe they’re down in some markets. I don’t think our rents are down here, but they haven’t been rising for sure. I mean, they did, but they’re not now, really. And I think we’re starting to feel stuff. Somebody else is managing mine, so I’m as involved in the day to day. But I’m sure we’re having a little more turnover, a little more drama going on, which kind of happens in a down market. And if you’re a guy like me, you and I have been talking specifically about my situation. for folks that are listening, they’re like, you know what? Maybe there’s another thing I can do with this. Because in their mind, they’re either going to sell them off. They could owner finance them and stay the bank. they have all that equity, all that capital is still stuck for a long period of time. You’re going to get a stream over time. But not many people are thinking of selling out a partial stream of that and keeping a part of it. I don’t think anybody knows that’s a thing. So let’s just talk about this as a solution. for people to have a portfolio that might want to sell?

Eddie Speed
Well, the first thing I would say is just my observation, people do a lot better job qualifying their tenants than they do seller finance buyers. I mean, I’ve bought a lot of notes. I see them every day. I don’t find that people really look at it like I’m really running a mortgage operation. And so I think we can help them with that. Like, I’ve got vendors in place that can help them with, you know, processes so that if you don’t have a back office built to do it, there’s some disciplines around it so that you end up, whether you sell the paper or you keep the paper, right? We have better stats on performance characteristics of seller financing than I would say virtually anybody in the industry. Right. So we’re just we’re not trying to make it difficult. We’re just trying to make sure that when you create paper those payments are sticky. There you’re going to get the money not wake up in a couple of years and figure out oh my gosh I wish I wouldn’t have sold to him. Right. That right. Or they can’t afford it. Now you’ve now you created stress for both of you though your buyer can’t afford it. Now you’re having to go deal with a legal problem of repossessing right right so that you’re trying to avoid that and so I would say that’s the template that we’re trying to do and 25 years ago I’ve been doing the whole industry for 45 years 25 years ago what I figured out was this Mike people don’t know what they don’t and i built a school i built i’m i’m a legitimate note buyer that’s very active in the market like i’m not a guru teaching something i have limited experience with russia i’m still deeply involved in the space but the school teaches people the principles that also unlike now they know how to do it and now like you said partial like what is that And when people every time people say that, or if people come down the road with us a little bit, we were talking about you guys like even coming to a class, right? They’re going, you know, I’ve been once before, but you have, you have been a while. And but people walk out of there going like, I had no idea. That’s the that’s the common answer from super seasoned real estate investors to beginner real estate investors. I had no idea. And so we just found out we’re just uniquely specialized knowledge. and we’re just sharing something with them that’s common to us and now all of sudden when they see it, it starts showing them you can be just as creative with your financing as you can be with other aspects of your business.

Mike Hambright
Yeah. One of the things that people push back on I think is and I’ve been guilty of this of saying The appreciation, I’m worried about losing out on appreciation. That’s one of the things with my notes. I mean, I’m trading at a high level. I’m trading off. I don’t have to do maintenance stuff. I’m not doing make-readies. I don’t pay a property manager. But I get the appreciation. But again, I am a recovering finance guy. But at the same time, if I think about it, it’s like, well, what has inflation been like? I mean, there’s a margin there. It’s not like just because my property’s gone up. 100 % in value or 400 % value in some cases the dollars worth less today than it was when I bought them 12 years ago right it is yeah so what what are the talk about the kind of typical objections to why somebody should sell a rental and maybe

Eddie Speed
So one of the things when somebody comes to comes down the road and they want to go to to our note school right we one thing I like to do is like I’m we’re fairly good at math and we’re fairly good at actually just using math tools and you know what I’m saying right like I’m not making up numbers I’m plugging it in the calculator in Excel and saying tell me the number right so let me give you some easy math okay I’m owed a thousand dollars today i’m holding a thousand dollars so i have the thousand dollars and saying what’s the present value that money today one holding in my hand it’s worth a hundred cents on the dollar but wait a minute mike let’s say that you promise to give me a thousand dollars five years from now right and i know you and you’re good for it So I know I’m going to get the money, so I don’t have to bill in a risk variable, just a time value of money variable. Right. OK? So I’m going to get paid. It’s just when am I going to get paid? And so in this scenario, you’re going to pay me five years from now, and I plug it in Excel at an 8 % yield. It tells me it’s worth $0.60 on the dollar. But wait a minute. You’re not going to pay me in five years, you’re going to pay me in 10 years. Now the money is 10 years away from me. Same thousand dollars just due further in the future. I ask Excel, present value of future dollars, it’s worth 38 cents on the dollar today. That’s just math. Right. So the answer is, is if you can get money now, more money now, it will always outpace what you think it’s going to do in the future. And I will challenge that I can take anybody’s rental portfolio. somebody could have perfect market timing. okay they bought a property in two thousand twenty one and the market went lost their minds now said need like okay that that can happen but is that gonna happen in the next five years is saying market appreciation is that hockey stick and it could be at the same rate right in the next five years that it was today yeah and so if you think not then also you start realizing like yeah like analyzing when i get the money is just as important is, am I gonna get some money?

Mike Hambright
Yeah. And so one of the things when you own a lot of people, me included, like all my owner finance notes, which I don’t have a ton of, but I have some, is I just… made up stuff that kind of made sense right I know that’s one of the biggest things that you are doing it is standardizing the paper so you can resell it. Yes saw to an institutional buyer they don’t want to have to analyze every note if it doesn’t fit these guardrails then we’re not interested right. That’s right. Talk a little about that because I think most people are just like I’m going to try to get the highest interest rate I can I want to try to get some money down. In fact I was trying to not get a lot of money down because I knew it would be worth more if I wrapped it into the note and I was just willing to take that risk. But like talk about how the mortgage banks look at it if they’re going to be your buyer.

Eddie Speed
Yeah, so you’ve got minimum standards for an underwriting box. have minimum standards credit, minimum standards in down payment, minimum standards in the debt to income ratio. By the way, these institutional investors are not crazy. They already own hundreds of millions of dollars worth of these assets. Right. They know who they know what performs and what doesn’t perform. I know what performs and doesn’t perform. And so we’re just saying it’d be like me going you and Mike say, Mike, what’s your underwriting standards for qualifying a tenant? And I’ll bet you $1,000 you and Lindsay can tell me exactly like we’ve done this, we’ve done this, but we found these are minimum standards, right? You’ve defined that for your rental business. I’m just helping you define it for your seller finance business, right? And now all of a sudden, you can go sell the loans at a far lower yield, which is more money to you, the lower the yield you sell the loan at, the more money it brings back to you. And that’s because you’ve created loans that are homogenous like like for our friends in other states like they’re all going to brag and say yeah the I solar finance I write it on a land contract well let me just tell you something you just annihilated the institutional market. Like they’re going to pay at least 10 % less. Really? Yes. Don’t look, homemade is not good. Homogeneous is good. Like homemade does not fit the institutional world. Look at commercial real estate. Look at multifamily. There’s properties that fit the corporate buy

And there’s the properties that fit the mom-and-pop buyer, right? It’s true in every asset class So I’m helping you create paper that fits the institutional world Yeah, because that’s where you’re sell it for the most money. Yeah, I can I bought 10,000 land contracts in last 10 years It’s not like I don’t know how to buy land contracts. They’re just not I just don’t pay as much money for them Yeah, yeah, so talk about the underlying debt. So sometimes people have bank debt They might have a sub to that they want to like how do you handle those situations? That’s

That’s where selling part of the payment comes in is now you’re recapitalizing. You sell the property and get 15 % down and then you can go get hypothetically 70 % of your loan balance. Wait a minute, that’s 85 % of what the property sold for. that gives you, so some people don’t have enough equity to make the math work, but we’ve built some modeling that’s fairly easy to do. One of the things that I’m gonna have a little deal where people can get this little class.

things I’m going to give them is come into the classes, I’m gonna give them a little spreadsheet. And with that little spreadsheet, they can just, it’s what I told you, you can just enter your property information, literally about four columns, and it builds out all the note model potential. Yeah. Yeah. So maybe talk about the long term value of like, do you have to because you’re these notes could get refied, right? That’s one of the other risks is

you could model it out and say, over 30 years, I’m going to make X. But some of these refi out, especially with interest rates as high as they are. I mean, it used to be when I was owner of finance in my houses, they were usually around 10%. But the market was five. And so now that spread isn’t as big. And so just talk about the need in this model to continually do deals maybe because you got to keep feeding them, feeding the machine. I think that’s always going to be true. I mean, you’re getting a

Mike Hambright (24:11.904)
more cash flow so you’re getting a lot more but once again then all of sudden but it’s like you and I were talking about personally.

like wait a minute what if you and Lindsey considered buying notes like buying long term notes not even just doing hard money loans but what if you considered like buying notes as an alternative to buying the next rent house I guarantee you you’re gonna like the math because the cash flow is probably a 3x if the rent house netted you a thousand you can take that same capital and buy an existing note and you’re probably going to be close to three thousand bucks on the same dollar

So it’s, so understand that’s why I built a school is to say, what do we see that’s common to us, but.

a real estate investor very, very much understands buying property, they understand the collateral, they understand repairs, they understand all of that. So we’re saying they’re already kind of 80 % there because they already understand concepts. We’re just kind of adding to things that are that aren’t so common to them. Yeah. And one thing that people we haven’t talked about yet that people don’t people kind of forget about is

If you sell your rentals now, like if I sold my rentals now, I’d get hammered with a tax bill. either have to 1031 them or if you own a finance them though, talk a little bit about basically you stretch it out over over a long period of time, right? Right. And there’s two things you can stretch out. You can stretch out your gain and you can also stretch out your long form depreciation.

Mike Hambright (25:45.856)
So if you know your recapture, right. So because ours are fully depreciated at this point. Yeah. But once again, your long form depreciation has an installment sale strategy somewhat like your game. And so there is a tax hack to it. Yeah, there’s more tax hacks even there’s even stuff I can show you about that people like just never thought about.

like that, you know, is a little deep to get into in this interview, but just to say, just think in terms of.

Most of my clients are professional real estate investors. Most of my clients are you, Mike. They have a portfolio and they’re buying properties. They can do the same thing on a brand new acquisition they can on existing rentals. They can create notes and create income strategies. And then all of sudden, I’ve been asked a million times, well, what about this? And what about that and stuff? And so we’ve stumbled into, I think, some pretty good tax hacks that, like, just people generally haven’t thought about. Yeah.

Yeah. So if folks are thinking like, I’m intrigued by this, I want to consider maybe turning my rentals into notes or maybe with new acquisitions, even turning those into notes so that they can, because the truth is like, let me, let me ask you this. If we walk through an example of somebody that would buy and fix and flip a house, let’s just hypothetically, just to keep the math simple, say it’s $100,000 house, which isn’t realistic in many places anymore, maybe no place, but let’s just say an ARV, the market value of a house, $100,000, just to keep the math simple. So if they

we’re gonna say it was say they buy that for 50 and they put $20,000 into it and they’ve got 30 % of kind of equity but they’re gonna have some closing costs and transaction

Mike Hambright (27:26.03)
cost there and they sell it for $100,000 on the MLS and maybe they net 20. ish. So walk through that scenario of instead of selling at the traditional retail way, how you could sell that and sell the note and sell the note and keep a partial of that this because I really want to I I think I think this is this is what this is what I generally believe will the math will prove to be true. You can take a brand new deal that you have some equity in either because you buy

bought the equity or you put some capital into it. Whatever you could do with a burr model, you can kill it with a note strategy instead. And I was at an event that you and I were at the other day, like these are all pretty high level bunch of people and stuff. And I basically said, in most cases, this will crush a burr model. And somebody goes like, what?

But you got to remember, I’ve been modeling this for two years. Right. Right. And so I’ve seen enough examples. I just kind of know what the math is. If you have equity, whether you inserted the equity by cash or you bought the equity and buying it at a deeper discount, then that model, that cash flow model, you’re going to like a note better than a burr. Yeah. In this example of selling it for $100,000, though, the bank

the mortgage banks would maybe buy this from you for 75%, which by the way, you only have 70 % in it. So you could potentially make money on a sale. You might defer some of those gains. But now you’ve got a piece of the mortgage, maybe 25 or 30 % that you keep on ongoing basis. But you don’t own the house. You’re just getting a stream of.

payments for as long as that mortgage yeah i mean if you if you did the bar model in the same property you’re gonna have debt service and how much you netting after you have debt service on a rent house today it’s not only great math right right so understand what if you could keep thirty percent of payment

Mike Hambright (29:27.02)
you sold it for a hundred you financed you’ve got fifteen percent down so you only financed eighty five thousand you took fifteen thousand off the table right cuz you got it in a down payment right so then all of sudden you’re saying okay i got a i got eighty five thousand or no it’s throwing off just make up a wild number it’s throwing off eight hundred and fifty dollars a month right then all of sudden boom i could keep thirty percent of that payment and

and already got all my money back plus profit so it’ll help when people come and we can whiteboard it’s a little bit difficult just kind of describe it with your hands kind of thing but you get the point is like you I know I know how savvy you are and I know when even when I sat down today before we started the conversation you’re like

wait a minute you’ve been kinda say in this to me but i what i wasn’t really following the math as much as your explaining it today and that’s the conversation i’m having over and over and over a lot of your great clients lot of your great sponsors in your group

really spun their head around to this because they’ve realized the market’s probably not changing. Maybe should I change how I’m looking at my assets? Yeah. Yeah. Yeah. So if folks wanted to get started with this, how do they do it? Like, how do they move forward here? I there’s, there’s an educational piece of this that a lot of people don’t have yet. Yeah. So the easiest way I think is we have a little masterclass. It’s virtual. It’s a couple of hours. I do it with Max Keller, who you know very well. And we just

beat it up. Like we just go, we put real examples up there in real scenarios and we show people and it’s it’s showing them two dimensions of the business. Maybe the rental model or maybe just a note model and you start realizing that if you’re selling your rental and creating a note, you are now in the note business. So you need to have some understanding of what that means. And you know, it’s it’s something that we’ll do and give your guys. I mean, we’re not charging them.

Mike Hambright (31:35.79)
And if they decide they want to like it and go learn more, I’m cool with that. But if that was enough and it helps them kind of maybe realize it’s not a fit for them, or maybe it’s possibly a fit for them, then all of sudden they know more than they did. Yeah, that’s awesome. So if folks want to learn more, Eddie, this, like where can they go to learn more? So we built a link for your team. So it’s going to be noteschool.com forward slash investor fuel.

And that’ll take them to the registration page for a couple hour class cool I’m gonna take this class myself or I’m at least gonna get my wife to do it. So try to I have to ask I can’t tell her to get it. know that yes. Yeah. Well, hey, thanks for spending some time with us today. Thank you Yeah, yeah, appreciate you always buddy Guys, there’s a lot of ways to make money in real estate and this is intriguing to me We have a rental portfolio that has done very well, but we’re a lot of that wealth is on paper So I’d love to love to see more of that cash

flow coming in. So I hope you got some good value from today. Make sure you check out his, Eddie’s on school masterclass noteschool.com slash investor fuels. The link will add it down below in the show notes. So appreciate you guys a bunch. We’ll see you on the next show.

Mike Hambright (32:51.886)
Cool. Awesome.