The $150K Land Play: How Rural Subdivides Create Huge Real Estate Investing Profits

Rick Sheldon (00:00)

Several years. So that’s why this type of deal is not our favorite, even though it’s the highest upside. You have to put money out that’s unsecured, because you have to like invest cash to even get through the preliminary approval process. And even then, if it’s a great deal, it might take two to two and a half years, somewhere in that ballpark to get that deal fully approved.

So even though you can make seven figure profits on those deals, we prefer that rural subdivide, especially the rural nature, which is where we can get through without the lengthy approval process.

Dylan Silver (02:04)

Hey folks, welcome back to the show. Today we’re joined by Rick Sheldon, the co-founder of Land Ally, a land acquisition company. Rick, thanks for joining us here today.

Rick Sheldon (02:15)

Yep, thanks for having me, Dylan.

Dylan Silver (02:16)

What type of deals are coming across your desk these days?

Rick Sheldon (02:19)

So with Land Ally, of course, we focus on land. And with our business model focused around PPC, I like to think of it like we’re a bit of a magnet. We attract all types of land that people want to submit. We do our best to target specific situations and specific types of properties, but really it’s about attracting people who want to sell and then filtering out the leads. So we disqualify a bunch and then we filter the rest into either land flip, subdivide,

or development deal. So rural subdivides are our favorite type of deal for sure.

Dylan Silver (02:53)

Now there’s a lot that’s tricky about land in general, right? If if someone tries to go and sell vacant land with a traditional realtor and a brokerage, they might not be equipped to handle that transaction. Can we break that down a little bit for our audience?

Rick Sheldon (03:10)

Yeah, so the thing is I would always recommend if you are gonna work with a realtor, you find one that is focused on land. They do exist. But the thing with land and compared to houses is a land agent is really looking for me. They’re trying to find me to buy that land. So going directly to a direct land buyer is a huge advantage compared to single family homes, for example, where the ideal buyer might be any random person who’s willing to pay retail.

But with large pieces of land in particular, the buyer pool is so limited that the agent they would work with would be seeking me out. So lucky them, you know, they can go straight to me, not work with an agent, close on their timeline and not really have this lengthy listing agreement that they’re beholden to.

Dylan Silver (03:57)

This is a great point because when people talk about market value of a single family residence versus a cash offer, people make this distinction between the two. And it can be confusing because you would think, okay, well, I can get this quickly for cash, therefore if I’m looking to sell my land, maybe there’s a separate price here. But when you’re looking at vacant land, something has to be done with it. It’s gotta go to an investor in many cases, in most cases, right?

So that buyer therefore is creating the market.

Rick Sheldon (04:27)

Especially when you think about parcels that are like forty, fifty, seventy acres, you generally want to subdivide it. So there’s a lengthy process that’s involved with that. And if you’re looking at small infill lots, that is a little bit less so, but that’s not really our bread and butter. You can only make so much cash on those. The average profit on these rural subdivides is about one hundred and fifty thousand dollars that we’re seeing.

Dylan Silver (04:50)

Traditionally when folks were going to list their land, is this something that would sit for a while typically or is this something where a broker would have relationships and it would sell pretty quickly traditionally?

Rick Sheldon (05:04)

Quite often it takes a long time to sell land. Even when we do everything we can to get really good listing photos and prepare a buyer packet that helps shed light on the situation and what the buyer would have to go through to ultimately build their home. So land in general is much slower moving than houses. And we just factor that into our offer price. Essentially we borrow money to buy the land. So we’ll borrow enough to make sure that we can make it through

about a twelve month period. Generally it does not take a full twelve months, but we do account for about a twelve month hold.

Dylan Silver (05:38)

Now when we talk about acquisition strategies, you mentioned PPC, but we were also talking in the green room about a really interesting model that you have of JVing with companies and investors who are looking for land deals. Can we break that down?

Rick Sheldon (06:42)

Yeah, and they’re actually one and the same. So our JV model is also a PPC model. And the reason it’s so appealing to us and to our partners is because of the long cash conversion cycle and the risk that’s brought along with that for a land investor who’s just getting started. If you were to start a PPC campaign, it might be about six, seven, eight months possibly before you see profit. So if you’re putting out a large ad budget

with no expectation of getting it recouped in a creative way that we have kind of built into our model, you might run out of cash, right? Like you might have to start with a cheaper lead generation service or system and then evolve into PPC. In our model, we actually partner with acquisition focused closers and they fund their own ad spend. So they pay me, I’ve got experience

and a great track record so far generating leads for about 70, 80 bucks a lead in the land space. And then it takes about twelve to fifteen, maybe eighteen leads per contract, depending on the closer’s abilities. So if you do the math out, it turns out to be about five thousand dollars for us to get a deal to the closing table when you account for the fact that only about one in three of them actually pass due diligence. So

we’re getting contracts for about fifteen hundred bucks a contract. And let’s say one in three makes it all the way to the finish line. The profit on those deals is about eighty-three thousand dollars that we’re seeing across all the different deal types. So the model is amazing, the return is amazing, but the length of time that it might take to get that profit can put a lot of people out of business. So we’ve just got a really great model with a ton of support that’s

amazing for us and for the partners.

Dylan Silver (08:22)

I wanna dive in here and maybe give away some of the gold, but not all of it. Let’s give away a nugget but not the whole bar. When we talk about PPC and any type of marketing campaign, not just PPC, people tend to have a bias towards needing to see results immediately. And you mentioned that, like it doesn’t really necessarily matter how large your budget is. You may need to roll this thing out for months and months and months. Now you have a successful campaign

that you’re running. So it does shorten that time between cash outlay and contract. Can we dive in a bit there?

Rick Sheldon (08:56)

Yeah, so there’s a few things going on here. One is we have been running these types of campaigns for about fourteen months at this point. And when we started, our cost per lead was closer to $150 per lead. And with our continual optimization and split testing, we’ve driven it down consistently to about seventy to eighty bucks per lead. So working with somebody who’s already got that data and the conversion tracking setup and all that, you really get more bang for your buck and then

plus the support that we offer to our partners. But the real thing is it doesn’t necessarily shorten the time that it takes them to profit, but it really removes a ton of the risk involved with getting started with a new channel like that. And then the other thing of the the other part of this that I’ll mention is it takes maybe five, six, seven, eight months or so to profit, depending on just the leads that end up coming through the pipeline. But that’s after you consider buying a deal

and selling a deal, which each of those parts can be broken down into quite a few more parts. So buying a deal, we have to generate the leads. We will do that like day one, day two. We’ll hopefully get multiple contracts in the first month if you’re keeping up your end of the bargain and calling the sellers, not texting your offers and things. Like there’s some things that we do to make sure that we equip the partners with all the tools they need, but most of our partners get multiple contracts in the first month.

And some of those contracts you can already look at and see, like, okay, we’re buying it if it makes it through due diligence at like $3,000 per acre. And I can already tell, we’ve already spoken to this realtor who told us it’s gonna sell for $12,000 per acre. So you don’t really bank on the cash until it hits the account, but you can already see the writing on the wall with how great the model is when you start getting a few of those deals under contract. And then it’s just about being patient for it to make its way through due diligence.

Then we purchase it, then we have to add value, because that’s a big piece of it as well. We have to add driveways, clear the land, do a bunch of things like that, add some value, then we sell it. Once it’s on the market, that’s where it could sit for six months potentially, maybe even eight months. So all of those together are where the deal takes quite a while to start to see some profit. But it’s just very encouraging when you start to see the deals that are coming through early on.

Dylan Silver (11:14)

You mentioned rural subdivides. When we talk about what that could look like once it’s completed, are these all single family homes? Could this also be small bay industrial or self storage? What does the end product to the final purchaser look like?

Rick Sheldon (11:29)

Yeah, so we run our ads statewide for the most part, and we attract all types of leads. The ones that we would bucket into that rural subdivide bucket, they’re out of the city limits, they’re in a municipality that might make it very easy to subdivide. So maybe we are able to subdivide without some lengthy approval process, as long as the resulting parcels are over a certain minimum, quite often that’s gonna be about five acres.

In Texas, for example, it’s ten acres. So as long as the resulting lot is over ten acres, you can get through with just an administrative approval. No hearing or anything like that. We’re willing to go through those hearings and some of the juicier deals. But if we can get through with just an administrative approval, that really cuts down on the time and the risk involved with the due diligence process. So that kind of dictates what that end lot is going to look like. Let me say five acres,

seven acres, ten acres, that’s a really great range that we target. And somebody can go out there, they can build a home, they can drop a manufactured home most of the time. Maybe they even just want it to hunt or enjoy. That was one thing that was kind of surprising to me when we first started selling the land, some of our first couple buyers literally just bought it to own it. That was it.

Dylan Silver (12:42)

I mean, we talk about the multiple use cases for this here. And you mentioned Texas being ten acres as one of the minimums. When folks are looking for deals as a buyer, I can imagine that the more you have available land, maybe the pickier people will get, but also too, it can still be a confusing process, right? Because if I’m a land buyer and especially a first-time land buyer in Texas,

and I’m trying to know where to go, sometimes it feels like the secret is behind a cloak and a dagger and that the good deals are already had. Does that check out in any way?

Rick Sheldon (13:19)

It does. I think there’s private inventory and then there’s public inventory though as well. So on the MLS, you can go work with an agent. You can have an agent represent you to buy land. So we put all of our deals on the MLS for the most part. We even work with a listing agent. So in that scenario, it’s a very traditional situation where I’m represented by a listing agent, the buyer’s represented by a buyer’s agent, each of them have our own best interests

and the deal’s best interest at heart. We are very upfront with as much due diligence as we’ve done and share that freely with our buyers and things like that. On the private side, like we do have an inventory app as well that we run Facebook ads to. We’re always testing demand on Facebook ads. And then once we buy parcels, we put them on and continue running ads there. I think we get a little bit more of that uncertainty when it comes to people coming through our

personal funnel, but the majority of our land does sell on the market. So that’s a great situation where these agents can really help provide some of that protection and certainty.

Dylan Silver (14:23)

I want to pivot here, Rick, and talk about corporate buyers and national developers. Where are these big developers sourcing their land from? Do they have their own acquisitions team? Are they getting their deals from wholesalers? What does that look like? Are they going through brokerage relationships?

Rick Sheldon (14:43)

Mm-hmm. So let me take a step back and just frame it in those buckets again. So we’ve got the land flip, that’s where you buy a deal and sell it as one parcel. The subdivide is you buy a large piece, you subdivide it. And the third bucket I said was development deals. So the development deals will end up going to those builders. And those builders fall under a continuum, I would say, about how much risk they’re able to take on and how much they’re able to push these deals from the non-entitled

raw land to entitled land that they’re able to actually secure as a project that they’re trying to build on. So some builders will never touch or even look at a deal that’s considered raw land. They would only buy one that’s already approved for what they want to build on it. It reduces a lot of the risk, but that’s where we would gain a lot of equity. So if we buy a piece of land that’s raw,

we get it entitled for something that would then be appealing to that type of buyer. Now we’re going to charge a lot more than they would have had to have paid for the raw land. So that’s where we fit into that equation. But there’s also some builders who have an in-house team and they are willing to take on that raw land and take it all the way through the process. So what I like to do is we get a piece of land like that, once we’re in the due diligence phase, that’s when we’re already trying to source our buyer who’s going to be a great partner to work with so that we

know exactly what they want and we can shape the entitlement process to match their needs. So I’ll find them on LinkedIn generally. So I’ll do some LinkedIn outreach, pretty automated, but it doesn’t have to be. You just find people who are land acquisition or director of land acquisition, all these job titles that kind of fit in line. And then we reach out to them and say, “Hey, we’ve got this size piece. Seems like it could be developed into this thing that I can tell that you

like to develop. Do you want to take a look at it?” And we’ll generally get a twenty percent response rate on that.

Dylan Silver (16:36)

When we talk about the entitlement process from raw land to entitled, how lengthy can this be?

Rick Sheldon (16:44)

Several years. So that’s why this type of deal is not our favorite, even though it’s the highest upside. You have to put money out that’s unsecured, because you have to like invest cash to even get through the preliminary approval process. And even then, if it’s a great deal, it might take two to two and a half years, somewhere in that ballpark to get that deal fully approved.

So even though you can make seven figure profits on those deals, we prefer that rural subdivide, especially the rural nature, which is where we can get through without the lengthy approval process.

Dylan Silver (17:16)

What is typically the reasoning behind shooting it down? If a governing body says we’re not interested in titling this, that seems almost counterintuitive because there’s always a need for more single family homes, is there not?

Rick Sheldon (17:29)

Well when I talk about the administrative approval as opposed to going through a hearing process, the key there is that you don’t have any neighbors. I can’t remember the phrase—not in my backyard, NIMBY. Like there’s a lot of NIMBYs who will show up at the hearing and throw your whole project to the wind because that one party convinced the officials at the hearing that it would not be in the county or the city’s best interest.

So this can work for or against you. We actually have an entitlement piece in Mecklenburg, near Charlotte right now. And we have a neighbor to that parcel who’s trying to get something developed. We’re working out a partnership opportunity and we hold a bit of leverage over them because no advice of ours, our seller has volunteered to go and get in the way of that neighbor’s hearing

if they don’t want to work with us. So we didn’t recommend that. She recommended that, but that’s exactly what can happen here. That one person could prevent that whole deal from going through on that.

Dylan Silver (18:31)

This term NIMBY, I’m gonna have to add this to my real estate acronyms. I learned a lot from our podcast guests, and I’m definitely gonna take this one forward. You mentioned it, right? NIMBY, not in my backyard. I’ve heard this when it comes to multi-family ground-up development, especially if it’s right next to, Caddy Corner, a residential neighborhood, and there isn’t an apartment complex nearby. So this could bring

a different type of sentiment to the area. What shocks me though is that people might be resistant to other single family homes being built. It would do nothing but increase the property value, I think. But then I also think, and if I wear my Texas realtor hat, people like living out in the countryside, right? And so if you take the countryside and now it starts to feel more like the burbs, the suburbs, that could potentially change just the whole

culture of the area.

Rick Sheldon (19:22)

Yeah, a couple things there that come to mind. So one is you’ll always wanna have the city’s plan. They have a ten year plan generally published online that you can see what corridor your property is in and what else has been developed and what they’re going to allow, even without really petitioning to have the zoning changed. Just getting it approved for what they want is generally a lot easier. But then the other thing that is somewhat unrelated to that, but more in line with what you were saying:

I live on one acre here at my house. Out behind my house, there’s wide open woods and acreage and it’s great. The developer back there, a couple of miles, he already has it carved out. I can tell in a couple of years he’s gonna be building, let’s say, twenty homes, which will be about an acre and a half away from my property. And at that time I’m going to lose this free property that I don’t actually have to pay taxes on or own, but I can still go kind of explore and enjoy.

Like that will no longer be available to me once he’s built that. And while he’s building that, there will be a lot of construction noise.

Dylan Silver (20:23)

That’s true, right? And then the construction is an ever present—if my Texas audience can relate to this, it’s like there’s construction, we’re used to it at this point. You really have to be out somewhere in order to be away from the construction. It’s everywhere you turn. You mentioned earlier these administrative approvals. If the entitlement process can take potentially years if it’s gotta go through a hearing, how long is the process if it’s an administrative approval?

Rick Sheldon (20:47)

So it is much quicker. What we see is generally about a sixty day due diligence period and then we’ll close on a deal within thirty days after that. So we generally go under contract and buy a deal about ninety days later or less. And a lot of that isn’t even about the approvals. A lot of the areas, which I’ll pivot into and talk about in a sec, are pre-approved essentially. If you go into certain states and counties and you understand their

their regulations. But a lot of what we use our due diligence period for is soil testing and getting a survey done and these other things that can take a few weeks each. So the time really adds up pretty quickly. But what we like to do is we target states that have statewide exclusions on the process of getting it approved as long as the resulting lots are above that minimum. So that minimum that I mentioned

in Texas is ten, and South Carolina is five, North Carolina’s ten. Each state is a little bit different. Some states don’t even have the statewide exclusion, but we target states that do have the exclusion. So we know even from as soon as the lead comes in, that we’ll most likely be able to do what we need to. And in addition to that, we can often in those same counties go a little bit below the limit. And that’s where it might take

a week or so. You have to get the survey, you have to submit the survey with the application process, pay twenty bucks, thirty bucks, or something very little. And as long as your resulting lots are above their minimum, it’s almost guaranteed. And even if it’s below, you can quite often push those through pretty quickly as well in those rural markets.

Dylan Silver (22:23)

I wanna touch on something you said. You mentioned surveys and soil testing. Certainly anyone that’s familiar with some of these rural markets can understand the necessity for that. But I’ve heard so many land buyers who’ve done it without surveys and without soil testing. Walk us through the risks of that.

Rick Sheldon (22:44)

Yeah, well, you can absolutely do it. There is a risk continuum, and it costs money to get a survey and a soil test, and it takes time. So for example, if we were to have a seller come in and say, “This property is worth five hundred thousand dollars and you can buy it for a hundred thousand dollars as long as you can close in the next three weeks,” we might consider doing that deal without those things. It’s not that we have to every single time, but getting a survey and a soil test,

among other things, are ways of really reducing your risk. The soil test in particular, because if you don’t really understand what that implies, that means it allows you to build a septic system there without having to use some advanced geoengineered septic system. So as long as the soil’s really good, you can basically—I don’t even understand all of it. So, as long as they tell us that it passes,

I know that we can get in with just a standard septic system. So once we check that box, then the survey is important. And the survey is important mostly because—well, first of all, we want to know that there’s no encroaching properties and things like that. But a lot of the times we’ll build our contract even based around the survey’s output. So for example, we are under contract on a property right now in South Carolina. It’s eighty-nine acres

and $275,000. But our contract says that once we get a survey, if it turns out to be under 89 acres, we will reduce the price on a pro rata basis. And we are pretty confident that that 89 acre property is actually 78 and a half acres based on our data tools. We use Land Portal and Land ID and a couple other things. So we’re pretty sure that we’re actually only going to pay $240,000 for that property instead of $275.

So that one survey is going to save us well over what it’s gonna cost. And it would have been important to get it anyway because we’re subdividing. So that’s the other part of it. If you’re subdividing it, you really have to get a survey. If you’re buying one parcel and selling it as one parcel, like I would call a land flip, that’s where you could be okay if you don’t get a survey. But generally we get those also.

Dylan Silver (24:51)

I wanna ask you about an idea, land banking. I’ve heard people talk about this idea of land banking, right? Purchasing some land and not making any improvements, just parking your money there. What’s your kind of knee-jerk reaction to this idea of land banking?

Rick Sheldon (25:08)

Without getting too conspiratorial, I think as long as that land has water, that’s not a bad idea. I think access to water in the next twenty, thirty years is going to become more and more important, securing a source of water for yourself and your family. So I think with water, that kind of justifies it in my mind. And the taxes are so low that I think it’s a fair concept regardless.

Dylan Silver (25:33)

There is something to be said, right, for folks who may be looking at their investment journey in chunks and they’re like, “Okay, I’ve got the money for the land now. I don’t want to take out additional debt. I’m just gonna buy the land, pay minimal taxes on it, and then I might develop the land later on.” It’s a long term play, but it’s a place to start. And I have heard of people doing this. Do you ever come across folks who may be looking at their investment journey in phases like that, and

not coming at it from the perspective of like an institutional buyer or a developer, but from the perspective of, “I’m gonna buy some land and I’ll figure out what to do with it later on”?

Rick Sheldon (26:10)

Yeah, no, absolutely. So it’s not super common that we come across that, but I think I heard maybe Investor Girl Britt talk about it once, but I think it resonated really well. Where if you can imagine one of the simplest business models in the world being look at a major city that’s growing, buy land kind of far away in the path of progress, and wait. Eventually that land is absolutely going to become much more valuable than it is today. Like, no question about it.

So I think it’s exactly like you said. Some investors, some seasons of an investor’s journey might lend itself more to that. I’m not in that season at the moment. I’m trying to really crank up the return as quickly as I can and keep it moving. We’ll even sell land below retail value just to get rid of it and keep the pipeline velocity up. But I do think there’s a ton of logic behind that, especially if it’s intentionally built around

targeting a market that you really think is going to continue developing in a certain direction.

Dylan Silver (27:07)

I want to pivot completely here and talk about farmland. I’m kind of a fish out of water in this space. And this is an area that I don’t think gets enough light in real estate circles. People don’t regularly talk about selling farms and farmland. But when we talk about land acquisitions, one of the things that comes to mind is, well, what’s the value of farmland? And would this have to be sold to someone else who is a farmer? Maybe it’s more valuable to them. Can you turn undeveloped land, raw land, into

farmland? Thoughts on that?

Rick Sheldon (27:38)

First thought that comes to mind is owning a farm is a massive tax benefit to the owner. So some people will buy a farm that’s unprofitable because of the fact that they can run a bunch of expenses through there. There’s quite a bit of leniency with how profitable and how many years out of seven years, for example, that it has to be profitable before the IRS starts to, you know, say, “What’s going on here?” Like they expect farms to run at a deficit quite often.

So there’s some tax benefits to owning a farm. But as far as buying a farm as a business, I think it’s a very tough opportunity. I think there’s a lot of work that goes into it. There’s a lot of risks involved. The macro environment is moving towards consolidation. So I think there’s a lot working against you if the goal is to buy it to become profitable. But I think if you’re doing it for the lifestyle or for the tax benefits, totally justified.

And if you are not, then I would probably opt towards chopping that thing up and really doubling or tripling the price per acre of it.

Dylan Silver (28:40)

You mentioned earlier this idea of knowing what the city plan is and buying land that would fit into that plan. On a granular level, would this look like, hey, if a city is looking for more residential housing in this area, then you wanna buy properties that you could then take to that administrator and say, “Hey, I would like this zoned residential”?

Rick Sheldon (29:03)

It’s in the opposite order in my opinion, for the most part, based on how we operate. We are a magnet online. We’re like, “Hey, sell us your land.” We attract all these people who want to sell us land. We disqualify maybe thirty five, forty percent of those leads. We bucket the rest in as a land flip, subdivide, or development deal. If it’s a development deal, now we’re getting into our due diligence period. We’re looking for that buyer who’s building something that the city will want and allow.

So it’s really reactive. It’s like we’ve got this piece of land under contract. Now what? Now let’s figure out what they want built, try to like fit within the lines of what they want, so we don’t have to go get it rezoned. We just need to get it entitled for that. And we could get it rezoned if it’s really better off as something else. But if it’s in line with what they want built, and we can find a developer who’s like, “Yes, I would build that thing right there

if we got a good price.” Now we’ve got them lined up, we’ve got the city in our pocket. Now we start working through the pre-application meetings and things like that.

Dylan Silver (30:05)

This is something I should definitely know the answer to, but zoning versus entitlement. Can we break these two terms down?

Rick Sheldon (30:11)

Yep, so everything will need to be entitled and approved for its land use. It doesn’t necessarily have to be rezoned if the land use is going to be what the city already has zoned in that region.

Dylan Silver (30:24)

I got it. I got it. Like you could have—it could be zoned commercial, but the entitlement could be a specific type of asset class within commercial.

Rick Sheldon (30:32)

Mm-hmm.

Dylan Silver (30:32)

Okay, okay, very interesting. I want to get your opinion on small bay industrial. We’ve had recently many guests who are involved in small bay industrial parks, building them, acquiring them, but this is a land heavy play, of course. Are you seeing more and more small bay investors

from your seat at the table, from your vantage point?

Rick Sheldon (30:55)

Well, anybody watching this who is a small bay industrial developer in Mecklenburg, please reach out. We’re looking for that developer partner on a deal that would work well for that. Again, because the city already wants to see it and the math checks out. But I would say overall I don’t have much of an opinion or too much insight in that asset class because like I said, it’s really reactive. It’s like we get the piece, then we go figure out who’s gonna be able to help us do that thing there. So

light bay industrial, I know that it’s growing, industrial flex space in general is growing. There’s a ton of developers who have reached out to us wanting to do that, but it’s pretty hard to like have all the pieces lined up before you get the deal, where it’s like, “I know that this person is looking in this area and now that land fits their buy box.” So it’s really more in my mind, like we’re just building relationships with as many developers as we can.

We’re learning their buy box, and when a piece of land comes through and its highest and best use matches what they build, then they’ll be one of the first people we send it to. But I can’t really speak too much on that asset class in particular.

Dylan Silver (32:05)

We are coming up on time here, Rick. Any new projects or activities that you’re working on? Also anything you’d like to mention directly to our audience.

Rick Sheldon (32:54)

Yep. So cold email is next on my list. Like we’ve got the PPC engine cranking and growing. We’re still bringing on JV partners as well. So if anybody’s interested, you can go to JVP, like joint venture partner, JVP.landally.com. So the PPC program is cranking in that regard. We’re scaling up a cold email program as well, which is just a freebie value add bonus, whatever you want to call it, for those partners.

Because like I said earlier, they are our acquisition team. So we’re gonna be sending out about fifteen hundred emails a day very soon that will turn into maybe ten to twelve warm leads per day. And we’re gonna distribute those across our JV partners. So a little bit of a bonus lead source for you, but we’ve got our first amazing deal under contract from that source. So I’m very excited to get that cranking.

Dylan Silver (33:45)

Rick, thank you so much for joining us today. Thanks for your time.

Rick Sheldon (33:49)

Thank you.