From Zero to Wealth: Your Guide to Rental Arbitrage Mastery

John Harcar (00:01.618)
All right. Hey guys, welcome back to our show. I’m your host John Harcar and I’m here today with AJ and Dawn Jones and what we’re going to talk about besides their journey in real estate and business, you know, we’re going to talk about how they’re helping entrepreneurs, real estate entrepreneurs really truly build wealth with short-term rentals and those types of exits. guys, remember at Investor Fuel, we help real estate investors, service providers. I mean, all entrepreneurs, two to five extra business. We do that with the tools and the resources.

Help grow the business they want to have which helps live that life that they’ve wanted to live. So AJ dawn welcome to our show I’m fit. Yeah, I’m fantastic man. Thank you for asking and I’m excited to talk about this. I love short-term rentals But before we kind of get into the weeds of all that Why don’t you give our audience a little little background on you, you know, how you got into the business? What got you into real estate and kind of what got you to today?

AJ & Dawn Jones (00:38.946)
Thank you. How you doing, John? Thank you.

AJ & Dawn Jones (00:57.358)
Yeah, so Dawn and I, we’ve been married for about 27 years now. And thank you. Thank you. And we started actually in 2008. It was about the time of the crash. Most people were running away from real estate because of the crash. We were diving in because of the opportunity because of the crash.

John Harcar (01:02.112)
Congratulations.

John Harcar (01:18.078)
Love it. Yeah. Yeah.

AJ & Dawn Jones (01:19.604)
Yeah, so we started out doing fixing flips and wholesaling and really did very well at that time and leading up to the current time. know, we’ve bought many houses, done many flips, many wholesale deals, done some creative financing. At one point, we owned the Homevestors franchise as well. So part of the Homevestors family for a good bit. And that was the time that I had opportunity to meet Mike. And yeah, and so it was a great time.

John Harcar (01:40.16)
Mm-hmm.

AJ & Dawn Jones (01:49.76)
And now leading up to today, say probably about a dawn two and a half years ago. Yeah, about two and a half years ago, we were looking at how can we start a real estate focused business that we can do together? My background is in sales, cybersecurity sales. I cybersecurity, cloud security, one of the largest cybersecurity companies out there to the Fortune 50, right?

John Harcar (02:18.398)
Mm-hmm. Yeah.

AJ & Dawn Jones (02:19.344)
boys, walk targets. And so those were kind of my clientele and people that I was used to. But I was looking at, you know, making the transition, coming into full time. And Dawn has an IT background. She can share more about that. And we decided that short-term rentals was something that we wanted to kind of look into. And so we started looking at how can we get involved. And other than owning our own properties, we knew we wanted to scale fast. And the fastest way

to do that was through rental arbitrage, right? And so that was a strategy that we went forward with in launching our business. then so we acquired our first apartments via rental arbitrage. And then as people started to see what we did, they started asking us to host. I’ll let you talk about. OK, cool. So my background is IT. was desktop support management. So I had customer service type background. My husband tells the story about us being

real estate together, but I really kind of was just along for the ride. He started with his twin brother and, know, both as wives, we walked beside them, but I felt like it was complicated and I really was not all into it until now. And so, you know, after the Homevestors franchise transition and he wanted to transition into something different and have a real estate business inside of a business, that kind of piqued my interest. The I.C. side, the customer service side, and

John Harcar (03:32.682)
Mm-hmm.

John Harcar (03:46.474)
Got it.

AJ & Dawn Jones (03:49.086)
the styling side of my interior.

John Harcar (03:51.008)
I gonna say, there a reason? Does she do the styling? I bet she does the styling.

AJ & Dawn Jones (03:55.054)
But he’s pretty good at it too. Don’t get it twisted. He’s come back. He’s like the doctor of it all. If you move it over just a little bit, I’m like, ooh, chef’s kiss. So he’s good at it as well. Just kind of going along the journey with him, we kind of started on this path together, just seriously kind of glued together on this path a little bit more.

John Harcar (03:58.088)
Right?

John Harcar (04:07.432)
Right. Awesome.

John Harcar (04:21.074)
I love it. And real quick, AJ, you have a twin?

AJ & Dawn Jones (04:24.438)
I do, have a twin, we’re fraternal though, so we don’t need…

John Harcar (04:26.457)
I have a fraternal twin brother and I have identical twin daughters.

AJ & Dawn Jones (04:31.028)
Okay. wow. See me?

John Harcar (04:32.864)
So when I told my mom I’m having twins, she looked at and laughed at me. She said, haha, paybacks, you know what?

AJ & Dawn Jones (04:38.766)
Yeah, have a twin brother, but we didn’t have any twins.

John Harcar (04:45.768)
No, OK. Yeah, it’s twins or twins or a different ballgame, man. It’s that’s another whole podcast was in itself. OK, so let’s if you guys ever watch any of my podcasts, you’ll know I like to go backwards sometimes. Right. So we got a cybersecurity dude and we have an IT lady. Where did real estate even how did you find it? How did you think about it? Was there an influence? You know, a of people tell me about that purple book that they read. You know, was there anything specific that kind of

AJ & Dawn Jones (04:52.119)
Yeah? Yeah.

AJ & Dawn Jones (05:03.533)
Yeah.

AJ & Dawn Jones (05:12.558)
All

John Harcar (05:14.856)
triggered that real estate itch.

AJ & Dawn Jones (05:17.998)
You know, was something I don’t know, John, for me when I was 21 years old before the Internet, you know, and you had to get real estate books if you want to learn. I just always had this this desire to know and have a real estate business. I remember 21 years old buying a box of books that came on real estate. And I met with my mom, my brother around the table said, hey, I think we should really do real estate to build generational wealth for our family. I’m at 21. I don’t even know what I talking about, but.

John Harcar (05:25.312)
Right.

John Harcar (05:47.433)
Right.

AJ & Dawn Jones (05:48.236)
funny now that I think about it. But it was like, yeah, let’s let’s do that. Right. And of course, life happened. I was still in school, finished school. And then about 35 years, was around 35 years old, somebody sent me something in the mail and said, hey, go to this real estate course. This guy’s coming to town. He’s going to be teaching you how to invest with no money down and no credit, you know, creative financing type.

John Harcar (06:10.442)
Sure.

AJ & Dawn Jones (06:11.914)
And so I told my wife and my brother and his wife and we all went and at the two days at that event we signed up and the rest was history and that was 2008. Yeah. Ron LeGrand. New school professors don’t know anything about Ron LeGrand.

John Harcar (06:22.088)
Who was, do you remember who that was by chance? Ron LeGrand, man, okay. So.

So this was in 2008 and so was it you and your brother and then both your guys’ wives, you guys were all in it together. Don, what were you doing in the business to start off?

AJ & Dawn Jones (06:43.662)
So just kind of paperwork and I don’t even remember what type of paperwork, I think we did subject to creative financing. So I would call people on their behalf and ask them what they’d be willing to do the deal subject to and then I would pass it over to AJ and his brother and things like that, yeah.

John Harcar (06:51.092)
Okay.

John Harcar (07:02.41)
Subject two would have been something that had been relatively newer back, not necessarily newer, it’s been around forever, but as far as like, you know, the mainstream stuff we’re talking about now. So obviously you didn’t learn all these tactics and techniques and stuff at that today. Did you sign up for like a course? Did you sign up for the mentorship? What did you do?

AJ & Dawn Jones (07:20.096)
Yeah, so we did sign up. Ron had a two, I think it was a one week course at the time. He came back, for five days and taught us the basics, mainly focusing around wholesale and fixing flip, right? That was butter. But he did touch on those other ways of doing creative finance and such as subject to. And then from there, we found other mentors, other people that were going more in depth. I can’t recall who was teaching it, but we signed up for a lot of courses back there because we were trying to learn it all and figure it out. And yeah, and then we just kind of find found out how to do it that way.

John Harcar (07:45.514)
Mm-hmm.

John Harcar (07:50.4)
Okay, why was it so important for you to have a mentor as opposed to just kind of going out there and trying to figure it out? I don’t want to say I’m on your own because you know, I mean there was stuff, you know Out there that you could study with but why did you actually need a mentor to guide you? What was it? Why was it important to you?

AJ & Dawn Jones (08:05.582)
Well, for me, mentors give you speed, right? They give you speed. And that’s the most important thing. I don’t have time to make the mistakes. And if other people went before me and they’ve done it already, and they can give you that path to success, like Tony Robbins says, success leaves clues. And so following people who’ve been successful at it, to me, is the fastest way for you to be successful. And so anything we ever done in terms of launching a business or doing anything new, even developing a new skill set, we all

always search for people who are doing it and doing it well and we see their mentorship.

John Harcar (08:40.65)
Yes, even if it costs a little money now, it’s going to save you and make you a lot more money later. All right, so.

AJ & Dawn Jones (08:44.974)
Yes, sir. Yes, sir. I mean, we spent probably, you know, excess of six figures on mentorship and, you know, it’s paid off well, well more than that.

John Harcar (08:54.272)
Oh yeah, oh no, 100%. You know, like I tell people when I started with Investor Fuel in 2018, I mean, I went from five deals a month to 10 deals a month in four months. And it’s a matter of the people you’re around and the mentors and what you learn and the opportunities. So now what did you start doing? Wholesaling, fixing, flipping? Did you just like kind of cherry pick which ones you want to flip? What did you do?

AJ & Dawn Jones (09:14.348)
Yes, yes. Yes, yes. Yes. We did wholesaling. Yeah. Our very first deal was a subject to deal actually, you know, though. Yeah, we subject did a subject to with a town home at that time. was our first deal. And then the next deal was wholesale and then fix and flip, you know. And so, yeah, and we had a good success early on. think very early on I did a wholesale deal made sixty thousand dollars, you know.

John Harcar (09:16.028)
Love it. Okay.

John Harcar (09:23.667)
Nice.

John Harcar (09:43.538)
Ooooohhhh! Love it!

AJ & Dawn Jones (09:44.974)
Yeah, for a house, but well, we just cleaned the carpet, like $300 and put it on the market. And at that time we learned, you know, people will have their reasons for why they do what they do, why they’re to give up equity, you know, learning how to solve their pain and really finding out what it is, their problem. That’s what they care about the most. And if you can get at that, you know, you can do very well.

John Harcar (09:57.204)
Yep. Yep.

solve their problem.

John Harcar (10:08.743)
And I think that’s what a lot of people try to, you know, maybe lose sometimes in the art of the negotiation part is just trying to understand and put yourself in their shoes, like meet them where they’re at, solve their problem, you know. What were some of the biggest struggles for you guys when you started doing deals and started growing and all that?

AJ & Dawn Jones (10:26.798)
you

Yeah, I would say I mean fear of just kind of stepping out, you know, but you kind of gain, you know some traction with your mentors. They kind of help you get gain the confidence you need, but um, it’s making the first call, you know, putting together the first deal understanding the numbers that was for me. What about you? Yeah, I would say that’s a challenge, you know, in terms of okay, it’s something new, but you know, again, getting over the fear, uh, uh, to get those reps in, you know, that was the critical piece, uh, learning, you know, I think at the time, um,

we learned that, you everybody’s not going to say yes. So we used to say, for the no, right? Expect the no, go for the no, because if it take you 20 nos to get to a yes, you’re one no closer to that yes, right? So we started kind of approaching it like that and that helped kind of lower the fear. So, you know, we wasn’t surprised by the no, we were surprised by the yes.

John Harcar (11:11.326)
Mm-hmm.

John Harcar (11:19.998)
I know, right? You’re like, wait, what? You’re like, no, you kind of you’re going to set your mind up. ask a question and you just are starting to pack stuff up. And they’re like, they’re like, yes. OK, that sounds good. Wait, wait, what? Well, and I think that that’s just kind of what we’re conditioned to. But I like that, you know, when you go for the know, it’s a great book, by the way. But when you go for the know, it’s also it’s being more optimistic and looking at it. Right. It’s like, yes, this is a no. But guess what? I’m that much closer to my. Yes. So.

AJ & Dawn Jones (11:25.336)
Yeah.

Right?

Yeah, yeah, so…

AJ & Dawn Jones (11:47.242)
Yes, absolutely.

John Harcar (11:49.662)
What does your business look like today? I mean, is it just you guys? Is it your brother still? I mean, what does that all look like?

AJ & Dawn Jones (11:56.15)
Yeah, so we still do deals. and my brother together, we’re still doing fix and flips. But for Dawn and I, we’ve kind of transitioned one full time into the short term rental management and arbitrage space. We also have some rentals that we hold now as well. So we’re looking to build our rental portfolio for cash flow. But yeah, the STR is our main bread and butter right now.

John Harcar (12:19.676)
Awesome. All right. So just so all our folks that are on here, all of them might be as experienced or knowledgeable about the term. So let’s talk about this. What is arbitrage?

AJ & Dawn Jones (12:29.88)
So rent arbitrage is simply you, instead of buying a property, what you do, you acquire that property via a lease. You basically arbitrage, you lease the property with the right to sublease it out, right? And so in that, we focus on mainly apartments, but we also have some single family houses as well. And we present an opportunity for them to lease it to us at full price. Some people, even pay them even more than what they’re asking. And then they give us,

return the right to sublease that out and what we do we sublease it out as a short-term rental and so and that’s you know think Airbnb and for us also we do a lot of insurance stays or what they call in corporate housing yeah

John Harcar (13:16.288)
corporate housing, midterm, do you do any midterm type of stuff?

AJ & Dawn Jones (13:19.574)
midterm, right? And so the definition of a short term is 30 days or less. Midterm is 30 days or more, usually typically 30 days to a year. So we do both. Our business is split amongst those.

John Harcar (13:31.497)
So then how are you finding these properties? mean, are you just going out and looking for properties that are listed on Zillow for rent and reaching out to those homeowners? I mean, what does that look like?

AJ & Dawn Jones (13:41.292)
Yeah, so we focused in on initially class A apartments, right? So finding areas that we want to be in for the most part. Currently today we have about.

quite a bit of apartments down in the Bentonville, Rogersville area where Walmart is headquartered. Found that because I had a friend who owned a building in that area and told me to come in that area and take a look and see what all was happening and transpiring. Walmart just launched their new corporate office, which was the largest construction project in America at that time. And so you could imagine the amount of business and real estate opportunity in that area.

And so we reached out and found a company that liked what we do. We tend to do what we call an elevated look and style of to our Airbnb apartments. And he loved that and wanted us to bring it into not only the building we look at in Arkansas, but other buildings nationwide. So that’s how we kind of got started. And then on the co-host side, know, Don are involved in other real estate groups, RIAs, and people ask what you do.

and we shared it and it’s like, you know, I wanna get involved in that, but I have no idea how to do that. Will you guys be willing to manage it or host it for us? And so that’s how we began to start doing co-hosting. And so with the combination of both of those strategies, we now have about 70 properties under management to the tune of about gross revenues of about 3 million a year now. So, yeah.

John Harcar (15:17.14)
Wow. So what’s the difference between co-hosting and arbitrage?

AJ & Dawn Jones (15:20.706)
So the difference between, you wanna explain? Yeah, so the difference between co-hosting and arbitrage. Arbitrage is kind of your own property that you sub-lease and then co-hosting is somebody else’s property that you’re kind of managing for them on those platforms, Airbnb, booking, things like that.

John Harcar (15:36.532)
So it’s someone who already has actually a short-term rental. It’s been operating as a short-term rental. You’re just coming in and saying, hey, I can manage it better.

AJ & Dawn Jones (15:45.422)
No, no, managing it as a short-term rental at all. You’re bringing them on the platform. So the owner who has a house, they say, hey, I would like to do, you know, I would like to put this on Airbnb or verbal or booking, but I don’t want to manage it on my own or, you know, myself. Can you do it for me? And then we can, you know, take it over to do that. Yeah.

John Harcar (15:51.296)
Got it, okay.

John Harcar (16:03.264)
Sure. Okay. And, I just had the question slip my head.

Bear with me one second. As far as the short-term rentals go, are you looking at specific areas, like you said, like a Walmart development? Are you looking for vacation areas? mean, where do you guys specifically target?

AJ & Dawn Jones (16:28.406)
Yep. So what we found out, you know, which is interesting is that it’s not just the vacation areas or the tourist areas that people want to travel to. People want to travel in every area, every neighborhood you could imagine. Right. And so because we understood that we really was like, OK, let’s find great areas in a sense, using some of the criteria that you use when you’re looking for long term rentals. Right. So good areas, know, good schools, you know.

economics look pretty decent, you know, where a family might want to visit because they have loved ones that live in that area or they’re doing some type of business in that area or they’re there for some type of event. So we kind of look for those areas and those were kind of the places that we target using some criteria as well. But you’d be surprised it’s like your bread and butter neighborhoods. not, you know, it doesn’t have to be on the coast or on a beach or you know anything like that.

John Harcar (17:16.224)
Okay. Cool.

John Harcar (17:26.464)
And how do you guys evaluate, how are you guys using it or what tools are you using to evaluate it as a, if it’s a profitable or could be a profitable Airbnb or something like that?

AJ & Dawn Jones (17:36.494)
Yeah, so we have one, use Airbnb’s own data. You you could do some more data and market research using their platform. And so we use that. There are some other platforms out there, some other third party sites like MashAdvisor and AirDNA that also give you some data that I would say not necessarily 100 % accurate data, but it kind of, you know, give you an idea of what that market might look like. And so taking those tools,

putting them all together, we kind of get a good sense and a good feel for if that’s a viable area for a short-term rental.

John Harcar (18:13.738)
Got it. When you look at other folks out there that have short term rentals, right, and they’re doing it on their own, what mistakes are you seeing people make?

AJ & Dawn Jones (18:22.51)
So many. Yeah. Yeah.

John Harcar (18:24.21)
Well, just give me the top cup.

AJ & Dawn Jones (18:28.025)
Yeah, first design for sure Just you know in order to you know kind of beat the competition you want to put a good design I always have a philosophy if you don’t want to stay there then you know what makes you think there’s somebody else might so that you would design it with an eye of you know I would love to be here. You know, this is a relaxing place and I would say outside of design. Yeah, I would say one thinking that any area might work

John Harcar (18:42.25)
Sure.

AJ & Dawn Jones (18:57.323)
Right.

person to come stay in any any location, you know, really you need to do your research. You need to see one. So one thing that’s really big right now with short-term rentals is regulations, right? There are a lot of cities that are banning them, restricting them, you know, and so you need to really understand that. So before you go spend fifteen, twenty thousand dollars on furniture and think that you’re about to become a short-term rental millionaire, you really need to understand your city regulations first and

John Harcar (19:12.778)
Yeah.

AJ & Dawn Jones (19:28.56)
Is it allowed? If it is allowed, is there any type of licensing requirement?

John Harcar (19:33.973)
Mm-hmm.

AJ & Dawn Jones (19:34.88)
If it’s not allowed, then what are the restrictions? What can I do? Because maybe I can’t do 30 day or less, but I can do 30 days or more, and I can have a midterm rental in this area. Or is it all together bank because they require minimum one year or six months to a year? And so really understanding those dynamics, I’ve seen investors step out there not doing that research on the front end, and it comes to buy them back later. And dynamic pricing. So you can tell static pricing versus dynamic pricing.

meaning a person priced at 250 through the whole week, but having pricing tools in place that knows when certain events come, time of year is. So the dynamic pricing to allow them to make more money. Yep, yep. And so there’s software out there that do that for you, right? And really understand, because there’s different dynamics, as Dawn said, seasonality, events, competition, right? So that thing.

John Harcar (20:12.928)
Mm-hmm.

John Harcar (20:30.856)
Right. So is that kind of like AI with like AI type of, I don’t know, like a tool that would pot, know, like for like if a football games in town or, you know, college, whatever, right. They’ll just automatically jump prices based on, okay, that’s pretty cool.

AJ & Dawn Jones (20:43.043)
year.

Yep. Yeah. Same thing hotels do, you know? Same concept. Yep. And so you can get a lot of revenue if you just set your price, set it and forget it. You know, that’s a terrible way to do it. Because sometimes you might have to even adjust down because, you know, it’s a bad time in the market, right? And so, you know, having those data tools and analytics and AI that can make those adjustments is a critical piece.

John Harcar (20:49.684)
Yeah, yeah, yeah. Wow, that’s pretty awesome.

John Harcar (21:12.96)
Do you guys have any goals or visions of getting, people are glamping Airbnbs and they do all these different type of, just different ones. Like in here, but in Idaho, there’s a big potato Airbnb. I it really is, look it up. But do you guys have any goals of trying to do anything like that? Okay.

AJ & Dawn Jones (21:26.35)
Thank you.

AJ & Dawn Jones (21:32.438)
No, not really. We kind of like the red butter born stuff. You know, we keep it simple in our business. We had an opportunity. We go to Costa Rica a lot and we had opportunity to do acquire some units there and, you know, have it managed remotely. And one of the opportunities was to do glamping actually up in the mountains. was, you know, it’s cool, but you know, it requires a lot of.

John Harcar (21:36.586)
Yeah

John Harcar (21:59.104)
Yeah, a little bit more than your bandwidth wants to deal with. Yeah.

AJ & Dawn Jones (22:01.774)
Yeah, yeah. But we do create experiences. Airbnb is big on experiences, so we will put a game room or a spa type experience in the house or a backyard fire pit. So we do create some elements in the home that’s a little bit different from the average Airbnb.

John Harcar (22:07.712)
Mm-hmm. Okay.

John Harcar (22:21.202)
Okay, very cool. No, I yeah, I I heard that is a big thing to do, even if it’s just a regular Airbnb, try to make something stand out, make something different, right? Build that experience. What do you guys attribute your keys to success? Sounds like you’re running a pretty great business. What’s your keys to where you’re at now?

AJ & Dawn Jones (22:28.124)
Yes, yes sir.

AJ & Dawn Jones (22:39.138)
man, it’s hard work. You first of all, you know, I think it’s our passion for it. You know, we bring that to the table every single day. We really enjoy doing it. We enjoy working together. We see this as us building a family business that we’re going to leave a legacy to our seven grandkids that we have now.

John Harcar (22:57.066)
Seven grandkids. I didn’t think you guys were old enough to have grandkids.

AJ & Dawn Jones (23:00.366)
Seven. We got seven. They’re all on your phone. Thank you. And so I would say that that passion is one key to our success. And that translates when we’re talking to other investors or when we’re reaching out to people.

John Harcar (23:03.178)
Wow, congratulations.

AJ & Dawn Jones (23:19.138)
property management companies and we want to do some rental arbitrage. And I think really just our professionalism that we bring to our approach because we tend not to want to do the average. We want to be better than the average. We say elevated stays and elevated management or hosting. So we always keep that mindset that our approach is to do better, to achieve excellence in what we do. And I think people sense that, they see that,

John Harcar (23:26.912)
Mm-hmm.

John Harcar (23:32.691)
I love it.

AJ & Dawn Jones (23:49.193)
and they want to partner with the Senate. Sorry, go ahead.

John Harcar (23:52.65)
Sounds… I was just gonna say sounds to me like you guys are achieving it, man.

AJ & Dawn Jones (23:58.738)
Thank you. Yeah. Marriott, we just joined Marriott because of that very reason. They saw our elevated design and they wanted us to be a part of their portfolio with our Airbnb properties. Yeah. Yeah, thank you. We’re one of only three in the Chicagoland area that have been approved for our properties to be on their Marriott Bonvoy program where Marriott customers can use their Bonvoy points to book stays at our properties.

John Harcar (24:10.762)
Wow, congratulations, that’s awesome.

John Harcar (24:21.023)
Hmm?

John Harcar (24:25.972)
Wow, that is so cool. That’s a, mean, we could talk a little bit more about that as well. Unfortunately, we’re running out of time. If there are folks that are listening to this and they want to talk to more about the short-term arbitrage or co-hosting, maybe they want to talk to you about coaching and how to learn how to do it. What’s the best way for folks to get ahold of you?

AJ & Dawn Jones (24:32.011)
Right.

AJ & Dawn Jones (24:43.49)
Yeah, so there are two ways. So if you want to learn more about us and our company and what we do, maybe if you want us to explore hosting your property, we do hosting in other states nationwide. We’re in three states now and we can essentially do it in any state. You can reach us on our website at LCP, like Legacy Corporate Properties, lcpstays.com, S-T-A-Y-S.com, lcpstays.com.

teach this, John, and that came out of people just asking us, hey, we want to learn what you do. So we are actually right in the process of launching the course. And so if there is anyone out there that want to learn how to do rental arbitrage, how to do co-hosting, how to acquire properties with both methods and build and scale quickly, we scaled in up to 70 properties in two years, then they could get a relaunch list. It’s at Elevate.

John Harcar (25:18.336)
Mm-hmm.

John Harcar (25:40.16)
Incredible.

John Harcar (25:48.628)
And I think I have here on the, I’ll get it and I’ll put it, I’ll put all that stuff in the show notes. So that way anybody who’s watching, you guys can click on that. You’ll be able to get right, right in touch with them. AJ Dawn, thank you guys so much for coming on and talk with us. Great story. I mean, I love what you guys are doing. You guys sounds like you guys are on the right track. Guys, if you want to learn more about the Arbitrage or Cohosting, please reach out to them. I hope you guys took some good notes and had a great show. I mean, I know I did.

AJ & Dawn Jones (26:00.577)
Awesome.

John Harcar (26:17.93)
Thank you guys again and we’ll see you all in next one. Cheers.

AJ & Dawn Jones (26:18.414)
Thank you. All right. Thank you, John. Take care.