How Insurance Housing Pays More Than Airbnb (Hybrid Rental Strategy Explained)

Anja Schaer (00:00)
The long term market rent was about like two thousand dollars. I on the STR side made around like forty five hundred on average throughout the year. And with the first insurance contract, we were able to secure local family, like just like two adults, two dogs, because we do have a fenced in backyard. That was their kind of criteria. And we were fairly close to their home as well.

the insurance company paid us sixty three hundred every month.

Cody Crabb (02:01)
Welcome back to the Real Estate Pros podcast by Investor Fuel. I’m your host, Cody Crabb, and today I’m talking to Anja Schaer. Anja runs PeachHaus Group in Metro Atlanta, where she helps owners use a hybrid rental strategy, mixing short-term and midterm rentals for more stability. She’s also got a wild path from East Germany to real estate here in the United States. Anja, thanks so much for being here. I can tell this is gonna be a good one.

Anja Schaer (02:23)
Thanks so much, Cody, for having me.

Cody Crabb (02:25)
so I’d love to to give our audience a little peek. I mean, how did you go from growing up in East Germany to building a real estate business in the US? As we were chatting before, you know, y you you mentioned that i if if if only they could see you now, right? Like that they might be like, the Americans got to you. Yeah, right. So I’d I’d love to hear that that story ’cause it sounds like it’s a wild ride.

Anja Schaer (02:49)
It has been really a a wild and interest interesting story for me coming from from Germany and I never had any plans leaving the country. I never had any plans like immigrating to the US. It just kind of happened, you know, when once I met my husband and they already had connections to the states. And we at some point we just said, you know what? We just should give it a try. What what’s the worst we can happen? We we give it a year, if it doesn’t work, we just move back to Germany.

we are still in the US, things have worked out. and again, I’m just grateful. but Cody already mentioned my name is Anja Schaer. I’m from the Metro Atlanta area. I live here with my husband, our two sons and two cats. And it’s been a super interesting ride so far. starting with e-commerce, living in Florida, then we moved to Atlanta. And thanks to Facebook actually,

They Facebook made us do it. We jumped into real estate investing, dabbled a little bit with fix and flips, moved into wholesaling, and now specializing on furnished rentals, combining short-term and midterm rentals. And we developed our own kind of hybrid rental strategy to help homeowners maximize profits with their assets, with their properties. And this works well here in the metro Atlanta area and our urban markets.

And we started PeachHaus Group officially the beginning of this year. I got my broker’s license, started my own brokerage, and now we are just putting a lot of work and focus in building PeachHaus, building the systems, growing our team, building the brand. so people are, you know, learning more about PeachHaus or see us more on in in on social media or finding us actually now on on ChatGPT. That’s the fun part now with AI.

I’m asking clients like, How did you find us? ChatGPT suggested your company. And I was like, Okay. I think our SEO is working with with our website and that’s all my husband’s poor, like he’s doing all that the tech the system. he loves to dabble into AI. So we try to also implement and use this right away in in building our business, building our our brand with with PeachHaus.

Cody Crabb (04:47)
Really? Yeah, yeah.

Gotcha, yeah.

Anja Schaer (05:08)
Yeah, but it’s it’s doing great. We are busy on boarding a few more properties now over the summer and it’s been an interesting journey so far.

Cody Crabb (05:17)
Yeah, yeah, to say the least. Wow, that’s that’s awesome. so the thing that catches my attention, I mean, a lot of things catch my attention about what you said, but something that really catches my attention is this hybrid rental strategy. So our our audience is made of all kinds of investors. You know, I talk to lots of different people with lots of different strategies. midterm rentals is not one that I hear very often. So I’d love to, you know, introduce

our audience to like a simple version of the hybrid your hybrid rental strategy and midterm rentals specifically.

Anja Schaer (06:35)
Yeah. we started with like a lot of investors, I guess, twenty nineteen we started with furnished rentals and just throwing those properties on Airbnb. and then over time I was started following a couple of people on social media that were doing not just short term rampant rentals but midterm rentals. And I was really curious to see, okay.

How does it work for them? And is this maybe something I can apply to my own properties? Because as you all know, short term rentals, Airbnbs, it’s a very demanding business. It’s it’s a very, very high workload. You have to schedule all those cleaners. There’s like four, five, six guests moving in and out per month. So there’s a lot of scheduling, vendors have to go in in between, cleaners have to restock supplies, and it’s a lot of also wear and tear on the properties.

And I started following a couple of people in my market and also nation nationwide see them applying those the midterm rental strategy and oftentimes securing leads from temporary housing agencies, displaced families that had either like water damage, fire damage, maybe a tree fell on the house, and they were providing housing for them for a couple of weeks, a couple of months until their own own house was restored.

So I started looking into this and said, okay, maybe let’s just for one property, let’s just give it a try. I submitted it to those temporary housing agencies. They they have websites, you can just submit your property. And when they have a need in your area, they would reach out by email or call you. And for the first property, I we got a call fairly quickly. it was a regular like a thousand square foot house, three bedrooms, two bathrooms, nothing too fancy.

The long term market rent was about like two thousand dollars. I on the STR side made around like forty five hundred on average throughout the year. And with the first insurance contract, we were able to secure local family, like just like two adults, two dogs, because we do have a fenced in backyard. That was their kind of criteria. And we were fairly close to their home as well.

the insurance company paid us sixty three hundred every month.

It was making me more money than on the STR side, and I only had to write I we showed them the property, like did an initial walkthrough. They loved the house, said let’s go ahead. I did the move in inspection with them. And then going forward, I only had like I was touching base with them once a month because we

Cody Crabb (08:50)
Mm.

Anja Schaer (09:10)
require mandatory monthly cleanings, especially with pets. So we have also eyes on the property. Cleaners gave us some feedback. How do things look like? Everything’s fine. And then they kept extending. The initial contract was three months. They kept extending. I think at the end they stayed with me for six months. And then we already got the next lead. So we had two days to turn the property over, clean everything, move the next couple in that also had a dog.

They stayed for seven months and we got paid sixty five hundred every single month. So from a cash flow perspective, I mean cash flow was way better. I only had one guest in there for six months and the other one for seven months. so my workload was really low. but my cash flow was way higher than on the short-term rental side. So I was like, whoa, like

We are on to something here. Let’s try to run all our homes with the hybrid rental strategy and see how it goes. And some locations work better than others, some ho houses do better than others, depending on how many bedrooms and zip code, because if especially for displaced families, if they have kids, right? It also depends on school district.

Cody Crabb (10:43)
Just go.

Get them

on.

Anja Schaer (11:05)
Be

too far away from their own house because also they have to be there often to meet contractors, the adjusters. There’s a lot of decisions to make, so they want to stay in a certain proximity of their own house. But we started with the whole hybrid rental strategy like in 2023 and then really worked on calendar management, building relationships with those temporary housing agencies, putting our homes on other platforms like Zillow and

Furnished Finder, building relationships more B2B with not just the tier one, like the the temporary housing agencies like ALE Solutions, Alacrity, CRS, but there’s also tier two providers again signing up with them. So we have more leads coming in to make sure we can fill our homes. And in between, that’s then the the beautiful thing with the hybrid rental strategy. in between we would fill the gaps.

with short term rentals if it’s allowed, right? If if there’s no restrictions or STRs are not banned. But so far it’s it’s doing great. And there’s only like the the tricky part is just to with the leads, there’s no guarantee when you get the next lead because nobody can tell you if there’s whatever some catastrophic events happening in your area. But the amount of water damage

Cody Crabb (12:21)
Okay.

Anja Schaer (12:23)
that people experiencing in their homes, for me it’s mind blowing. And you always think that just happens to other people. But once you work in that space and you connect with with adjusters and temporary housing agents, it happens so often. And that’s why I also like the strategy for our urban markets, because most of our homes are in like residential areas. So that the chances that there somebody’s experiencing

damage to their house is is fairly high. Usually have like a good a good lead flow for those. but yeah we we were just surprised it’s it’s working well and then we really worked on the strategy, the calendar management, the relationships. And that’s why I then also at some point like wrote my book, The Hybrid Rental Strategy, to just let others know and also give them kind of a blueprint to say,

Cody Crabb (12:55)
Yeah.

Anja Schaer (13:17)
I mean this is this is not a new concept, like midterm rentals, the midterm space, it’s it’s been there for a very long time. Me mostly on like for medical professionals, people think about furniture less medical, like travel nurses, other medical professionals. But the midterm space, it’s it’s there’s so much more out there and so many reasons why people do need something in between. I mean it’s people sell out.

Cody Crabb (13:31)
Yeah, yeah.

Anja Schaer (13:44)
house the new house isn’t ready to move in yet or they have to sell the old house first to move into the new one but they already have we’re moving out people relocating to the area and they wanna they want a furnished place first so they kind of have a landing spot and then once they are here then they’re looking into where do we wanna buy or rent.

Cody Crabb (14:05)
See, I find this really interesting because I feel like it’s all the benefits of short term and all the benefits of long term. And on top of that, I mean I imagine yeah. And I imagine also that it’s it’s a little more consistent. A lot of time you you said a lot of times it’s the insurance companies paying for these. They’re not they’re not gonna be late on a payment. They’re they’re just scheduling that and forgetting about it. So

Anja Schaer (14:29)
And so there is no risk of like, what if if I have a long term tenant, what if they stop paying? And and but they are in my house. How do I get them out? So there is no fear of kind of evictions or like b people turning into squatters because you have the the temporary housing agency, like the insurance behind that paying for it. and usually they pay a premium because it’s most of those cases it’s urgent. They need to find a place for that family. They oftentimes put them into a hotel first.

Cody Crabb (14:35)
Yeah.

Anja Schaer (15:39)
Right, if if it’s water damage, fire damage, I mean they have to move out right away. So oftentimes they go to a hotel first and then look into options of what kind of furnished rentals are in the area. And that’s something I also like with us providing those spaces because I I like to call them community assets. We are providing an asset for the local community. If somebody has something happened to their home, right, they experience one of those.

Cody Crabb (15:43)
Yeah, right then.

Anja Schaer (16:07)
events that they have a place in their neighborhood to say, okay, we we stay in the same school district. Our kids can maybe still take the school bus or we are still fairly close to our usual grocery stores and life can kind of still continue even so, right? It’s a very stressful situation. And for us it’s just great to see we we can offer them a temporary home away from home. Staying in their community.

Cody Crabb (16:21)
Yeah.

Yeah.

Anja Schaer (16:35)
having a place that’s that’s safe, that’s comfortable, that’s functional. and most of those tenants are very, very grateful. It’s I mean, we had really beautiful stays and and made connections and they referred us then out to other friends that wanted to come in on the short term side. Yeah. And it’s just great to get to know those people and ca again helping someone in a really stressful situation.

Cody Crabb (16:59)
Yeah.

In your own community too. That’s really neat. So I think a lot of in a lot of people listening to this are like, sign me up. I’m already in. I I want to do it now. So what types of properties work work the best for this? In my mind, I’m thinking like, you know, fenced in yard, pet friendly, li in a regular kind of neighborhood with where where other families are. What kinds of things do you see that make make a situation like this more successful?

Anja Schaer (17:26)
There is not a like a b specific type of property where I can say buy a whatever four bedroom, three bath home and and it will do

Cody Crabb (17:33)
Because every situation’s different, yeah.

Anja Schaer (17:35)
Yes, every situation is different. In our portfolio, we have a couple of townhomes, like two bedroom, two and a half bath townhomes, all the way up to five bedroom or six bedroom homes. it’s all about again location. yes, a lot of people do have pets, so it’s always a big plus if you allow pets in your house. So if you have hardwood floors or the luxury vinyl planks, makes it easier to keep it clean versus having corporate in there and then of course fenced in backyard.

It’s always a big plus because you limit yourself a lot if you do not allow pets in your homes. And the majority of our stays we had from temporary housing agencies, meaning displaced families, they all had a pet. Like one or two doggies, sometimes cats, chinchillas or whatever, right?

Cody Crabb (18:22)
Well and and the thing is like when you I mean you so you might be thinking pet friendly and like someone has three big like German shepherds or something, like really big dogs or something. But like me, I have a nine pound dog that’s like fourteen years old. Like like that is the there is no problem there. It’s you barely even notice he’s there. Yeah.

Anja Schaer (18:44)
Maybe

every house has a different kind of like requirements also depending on what the owner is comfortable with. Not everybody is comfortable taking dogs. So usually we have a weight limit from like let’s say forty pounds and then it’s up to the owner’s discretion to say I I allow one, two or three. But oftentimes like everything is negotiable, right? If if you have a family that says we have we have a nine pound Chihuahua but we we also do have a fifty pound German Shepherd.

It depends on the situation. Then we usually ask for a higher security deposit. They have also have to pay a pet fee that’s non refundable. So you also have kind of some cushion if there should be any damages. but you either have the temporary housing agency that’s also liable if there should be any damages. And on our side, we also always do we use Truvi. It’s a damage waiver program.

That we also use for gas verification. They have to sign a rental agreement on the short-term side. But it also covers accidental damages up to fifty thousand dollars. So we have like several layers in place if again there should be any damages. Oftentimes, I mean with dogs, you know, we just have to do a very thorough deep clean at the end. Sure. And they are they are paying for a move out cleaning fee. So we we know then we just have to pay more attention with pet hair.

Oftentimes we just if we have like a a living room rug, we just kick it out and buy a new one. the cleaner do the regular deep clean. So we’ve already built those things in and then providing blankets. if they want to have, you know how it is, if you say no pets allowed on furniture on beds, if there is I mean really dog lover, they’re gonna take them into

Cody Crabb (20:11)
Why not?

Yeah, there’s there’s no there’s no stopping that. so what I’m what I’m hearing you say is the real the real perfect property is not a perfect property type, it’s flexibility. It’s you know you’ve you’ve kind of built it you’ve built it to be flexible.

Anja Schaer (20:42)
Is a plus if you wanna accept dogs. But we had we had a two bedroom townhome with a fenced in backyard where we just had a family moving out two weeks ago. Again, was just a couple with with two dogs. We had them f since November. They moved in mid November, they just moved out two weeks ago. and again, I think for over the time, my gosh, I have to look up the number, but I mean they paid over five thousand dollars every month. Since November.

I so again for me this this income stability is huge for me and because I’m all about stability. I if it’s just like a short term rental property and you look into the calendar and you look into it’s all empty, that freaks me out. But with my midterm rentals, I know, even if I have a contract for two months, I know they’re usually gonna extend it.

So I know exactly for the next couple of weeks to couple of months. I don’t have to worry about this property. I don’t have to come up with specific pricing strategies, special promotions on Airbnb, VRBO, how do I market, how do I fill this property? On the mid that’s why I like on the midterm side. It’s income stability. I know it’s one one family or one guest staying there for several weeks. Makes it way easier for me to handle.

Cody Crabb (22:00)
Mm-hmm.

Anja Schaer (22:02)
So again, that that’s why I would always prefer the hybrid rental strategy just compared to to short term. And you can also tell like over the years, like things are getting hotter and hotter on the short term side. Like we have seen the comparison since twenty nineteen. This year on the STR side has been super, super slow. Atlanta has so many listings, everybody wants a piece of the cake.

Most people are desperate. They have to pay their mortgage. So what are they doing? They’re dropping the price. And we use PriceLabs, we use dynamic pricing. So they are dragging me down with them. How do you get out of this cycle? Hey, it’s I don’t want to drop my prices any further, but I if my properties are they look so much more expensive than if I’m not dropping the prices, yeah, then I’m not getting booked. So that doesn’t doesn’t help me at all.

Cody Crabb (22:38)
I see what you’re

Yeah, I see you’re s I see what you’re saying. And so I think this is really interesting. And I also think this may this may appeal to someone who’s maybe you know either maybe wants some use of that property still, where you can say, I just am not gonna use it for the next six months. Or I could also see it being like, hey, it’s a little bit safer because I have that that cushion. You said yourself the the rents tend to be significantly higher. So you could say

Well, maybe I can afford to have, you know, three or four months of the year where I’m not actually renting out because these other months are are higher. what do you think is a mistake that people make when they are starting to kind of dive into this space? And they think they’re all covered, but maybe not as much as they think.

Anja Schaer (23:36)
number A is really make sure that that they have some financial cushion. Because for the midterm space, it there’s a possibility your house might sit empty for a couple of weeks until you’re able to secure that first lead. Sometimes it it takes a little bit to get the momentum going and and submitting your property to all those different platforms where people look for monthly stays. so always make sure you are able to maybe cover the mortgage and utilities where everything stays in your name.

make sure you have the financial cushion to maybe pay for the next two or three months if you don’t get a lead. but then also just focus on on promoting the property on the correct platforms. And again there’s there’s a really a niche for that and and now also with the whole digitalization, people can work from everywhere. So you also have people that are

kind of moving around and say, I’m I’m flexible. I can work with my laptop as long as I have Wi-Fi, I can be anywhere. And they they might hang out in Atlanta for for a couple of weeks, a couple of months, and then they’re like, okay, I’m done here. Let’s move to Florida or California or somewhere else. so you have more people looking for those flexible type of arrangements and and properties where they can only rent it for three months and don’t have to be

Cody Crabb (24:34)
Yeah.

Anja Schaer (24:52)
signing a twelve month lease. So I think that’s what what we also gonna see going forward. People want the flexibility. You have A, the baby boomers that are now saying we sold our five bedroom house in Connecticut and our kids are one is in Texas, the other one is in Florida.

Cody Crabb (25:09)
yeah, I didn’t even think about that. Yeah, that’d be a great situation.

Anja Schaer (25:12)
If

if the kids maybe right, their kids are getting a baby and they are like, We wanna be close for a couple of weeks, help them out but we don’t wanna be in their house, so we wanna get our own place.

Cody Crabb (25:22)
And hotels are expensive. I mean if you look at the price between yeah, it’s it’s a perfect situation. Yeah. Yes.

Anja Schaer (25:28)
And the place for a couple of weeks and say perfect, like we don’t want to sign a six months, twelve months lease, everything is furnished, utilities are paid for, we got Wi Fi. We just move in with our luggage with our suitcase, and we can spend the couple of weeks with with our kids in Florida and then let’s move to Texas to their other son or daughter. so there is more and more of those those people that are looking for those flexible spaces that are furnished. And

That’s I mean, especially if you’re already doing short term rentals, you already have a furnished property. So why not put it on more platforms, like give it more visibility and be open to people that say, Okay, we are moving to the area or we we only have a special assignment, but also looking into corporate travelers. We’re only here for six months or three months, construction workers, IT con like consultation.

Cody Crabb (26:02)
Yeah, true.

Yeah.

Anja Schaer (26:23)
So tapping into the corporate world, corporate market, where people only need a place for a couple of months and the corporations are paying for the rent.

Cody Crabb (26:31)
Yeah. Are there any downsides to having a like having this on multiple platforms? Like I I would imagine that it’s just the that there’s no real difference.

Anja Schaer (26:39)
No, it’s just a little bit more tedious because you have to more platforms. And when it comes to short term rentals, right, like we use OwnerRez as our property management system and there’s Guesty and Hospitable and you have your listing on Airbnb and maybe on VRBO or Booking, all the communication flows into your property management system, right? All those booking inquiries and and questions, they all flow into one

Cody Crabb (26:42)
Yeah.

Anja Schaer (27:06)
property management system, but if you have your property listed on Zillow, on Furnished Finder, on other platforms, you have to monitor those other platforms kind of manually. It’s not all flowing into one property management system. So it’s a little bit more work, but that’s and we were we are working with virtual assistants for many, many years now. So then they have they get those tasks assigned to say you have to check

Furnished Finder or Zillow daily to make sure we are not missing out on any of those leads. And that was also one of the reasons. right, you have tools and software for short term rentals, you have tools and software for long term rentals, but there’s nothing really for midterm and nothing that combines all three platform things into one.

and that’s what we are now challenged with as a brokerage. wanna do short term, midterm, and long term. I you wanna offer all those three strategies to our investors to say, we can choose the strategy that works best for your house or maybe for your portfolio, and you can mix things up. You can have long term, this property would be best for short term, and this property would be a great hybrid.

How do I bring all those leads and all the things I have to manage? Cleaners, maintenance, how do I bring it all together in one software? Yeah. And there was nothing out there, so we just build our own. So that’s what we are working on now. I don’t want to work with all those different tools. And my husband, again, he he loves AI, so he just sat down and said, Okay, let’s let’s build our own. And at some point, we can roll in tools like Slack.

Like team communication. Roll it into our own software. All the leads are coming in. People can schedule discovery calls. And then we kind of move them through through different phases. where they move from discovery call to okay, they are interested. We sent them a property management agreement, they signed onboarding. So we have all those different phases. And down the road we want to move all our other

software tools that we are still using for sending out agreements for e signatures, right? Usually you have DocuSign or again you’re paying for all those other tools and it’s adding up. It’s it’s a lot of money. And we wanna roll everything into one software to make it easy for those operators that are also trying to do short term, midterm or maybe long term. And there’s nothing out there. so that’s another kind of

Cody Crabb (29:21)
Seriously.

Anja Schaer (29:35)
project we are working on on the side to building a system that we then down the road we can also sell to other providers and say, Hey, if if there’s maybe other brokerages or operators that say we want to do everything, we don’t want to be just limited to STR, we want to do MTR and LTR. Here’s a system that kind of blends everything together.

Cody Crabb (29:57)
Well, I love that. It sounds like you’ve sounds like you’ve really found a a place where you you feel comfortable, but also you’re kind of helping people figure out how awesome it is as well. So if people want to if people want to kind of learn more about this, you said you have a book, you said you’ve got all all kinds of things like that. Where can people learn more about this type of rentals? But also get in touch with you. Who should be getting in touch with you?

Anja Schaer (30:20)
Yeah. the easiest way is probably our website, peachhausgroup.com. and otherwise I’m also on LinkedIn. I am on like Facebook, Instagram, if you search for either Anja Schaer or on Instagram it’s it’s @anja_invests. they can find me. the hybrid rental strategy, our our book is on it’s on Amazon. So if they Google The Hybrid Rental Strategy,

Anja Schaer it this will come up so people can get a better idea of is this maybe something I can apply in my market or for my properties. So it’s kind of a blueprint and also to see, okay, how can this work for me? And again, there’s different strategies because it I think it depends if you are in a typical vacation market. So if you have furnished rental like Florida on the beaches or like Smoky Mountains, for those markets it makes sense to say you just

have it as an STR in the peak season and then switch it over to MTR in those slower seasons. But for our market being in Atlanta, Metro Atlanta, those urban markets, we run the hybrid rental strategy throughout the year. We don’t we don’t switch from just STR to just MTR. So we we try to run it throughout the year. because again, oftentimes I can make more money with an MTR versus STR and especially now for the summer.

Cody Crabb (31:20)
Yeah.

Anja Schaer (31:42)
it’s the World Cup, right? We have many games in Atlanta, but it’s really disappointing for the Atlanta market. I have to say that it’s not what they thought they can make. We had properties sitting empty in June. And you would have thought there’s like half of people traveling to Atlanta. we didn’t have the best teams for the group stage, so we didn’t have those top notch games.

Cody Crabb (32:07)
Gotcha.

Anja Schaer (32:07)
Well it wasn’t drawing as much, I guess, visitors as other locations. and then also, I mean, with the economy and and there’s so much uncertainty, there’s right, there’s still a war, Ukraine, Iran, and a lot of people in Europe are like on the fence to say, do I really want to spend tens of thousands of dollars to fly to the US, get those tickets? I need a hotel, I need a rental car. I mean, it’s really expensive if you think about it.

Cody Crabb (32:35)
Yeah. Well, all the more reason to get this strategy where I mean corporations can pay your pay your rent. Yeah.

Anja Schaer (32:42)
And I was looking into our calendar and a couple of properties that we had hoped for that would fill for the World Cup that are like close in close proximity to the stadium. They were sitting empty. And then we had those other properties where I’m like, Thank goodness we have like I think right now like five properties with midterm tenants, like insurance claim tenants. Wow. You know, like I don’t have to worry about the summer and maybe not getting the World Cup bookings that I had hoped for.

Because I got somebody in there who’s staying for six months. I mean we we got an insurance claim contract for one of our properties, twelve months, a full year paid by the insurance.

Cody Crabb (33:21)
That’s awesome. Well this sounds I I’m I guarantee there’s gonna be a few people that that are listening to this that are gonna the first thing they’re gonna do is put down their phone and Google the the strategy because this sounds like a really great situation for a lot of people that maybe wanna do the short term thing, but just maybe don’t have the bandwidth or they wanna kind of make things a little safer for themselves. thank you so much. This has been really awesome. I think you took something complicated and you make it really sound practical. It’s

It’s just a it’s just a difference in in how you’re thinking about it. So thanks again for being here and sharing your story. and for everybody listening, if you got something from this, make sure you’re subscribed. We will see you on the next episode. And thank you very much, Anja. It’s been a pleasure.

Anja Schaer (34:01)
Thank you. You’re welcome.