FAST TRACK TO PASSIVE WEALTH WITH KARL PIERRE

https://www.jayconner.com/fast-track-to-passive-wealth-with-karl-pierre/

Karl Pierre joins Jay Conner to talk Real Estate.

In 2006 Karl participated in his first real estate transaction and had been growing his portfolio as an investor every since.

Karl earns over 1,000,000 every month, manages more than 400 workers, and he owns and controls over 15,000,000 in real estate assets.

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To listen to our Podcast, click here:

Karl Pierre, One Million a Month in Real Estate Part One

Karl Pierre, One Million a Month in Real Estate Part Two

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Jay Conner (00:10):

Alright! Hello folks! And welcome as you are coming into another episode of Real Estate Investing with Jay Conner. Apologize, we're getting started just a little bit late here from when we normally do here today, but we had a little bit of technical issues on getting started up, but as you're coming in, my special guest today, Karl Pierre. You're going to love to hear from, he's going to share with you some insights and strategies that you haven't heard before. He's got a very interesting backstory. He's going to talk with you as my guests about how you can control properties without actually having to raise money. Of course, raising money is near and dear to his heart as well. He raises private money as I do. So as you are coming in, as you normally do on Tuesday afternoons. We love to know who you are and where you are tuning in from.

Jay Conner (01:05):

So right below the video in the comment bar, whether you're on Facebook or you're on YouTube, go ahead and type in right now, say hello to everybody and where you are tuning in from city and state. I see that we've got Paul here saying good afternoon Jay, all the way from Milwaukee. So hello Paul. Hope you're having a good day and welcome here to the show. And yes, please leave a comment or ask a question as we get kicked off with my special guest. Karl here in a few moments. As we're waiting for folks to come in. Scott, how about join me here on the forefront here for a moment.

Scott Paton (01:42):

Hey Jay.

Jay Conner (01:44):

Hello Scott. How's your day today?

Scott Paton (01:46):

It's another beautiful day in paradise.

Jay Conner (01:49):

In paradise, also known as?

Scott Paton (01:52):

Metagene Columbia.

Jay Conner (01:55):

You know, you've been out there for so long now. I can actually, I think I can actually pronounce Metagene.

Jay Conner (02:01):

Did I say that correctly?

Scott Paton (02:02):

You did indeed.

Jay Conner (02:04):

I love it. So what's the weather like down there, man?

Scott Paton (02:08):

It's a beautiful spring day everyday here. And today is no different. The sun is shining. It rains either at night or early in the evening. So for a very short period of time, so everything is green and clean. And I got a hammock. So on my deck at the back, I now have a hammock that I can be in. So I'm really excited about that.

Scott Paton (02:30):

I'm pretty jealous there, Scott. I don't have a hammock. What do I need to do to get a hammock? Is Amazon still delivering these days?

Scott Paton (02:36):

I don't know. That's where you can go and get a hammock.

Jay Conner (02:40):

Welcome to the show Chris from Salt Lake City. We also have Jameson joining us from Sunny California. Hello Jameson. Welcome to the show coming all the way in there from YouTube. And we've got Miss Paula saying "Good afternoon Jay" from Palm Beach, Florida. Hello Paula. Soon as y'all are coming in, go ahead and just comment in the video below and let us know what city and state you're tuning in from are going to be going officially starting the show here with my special guest, Karl Pierre here in just a moment. So we want you to get your questions ready. Scott, what's the latest on the Corona's shut down in Metagene?

Scott Paton (03:25):

Well, everything's closed down. We have one day a week we can go to the grocery store, the pharmacy and the bank. And at from 2 until 3 in other words right now we're allowed to go for a walk for an hour and I'm giving up my walk to be with you and everybody else and it's a pleasure to be here.

Jay Conner (03:47):

Well, I'm glad to hear that. Yeah, that's sort of took me back. I was visiting with you yesterday. Yeah. And we were texting or Skyping or whatever and you said. Sorry, this is my one hour that I get to go to the grocery store for the entire week. And I thought to myself, my mother would lose her mind if she could only go to the grocery store one day a week. She goes to Walmart like every day just to get out of the house.

Scott Paton (04:06):

I'm the same way. If I had my way, I would go 4 times. Because, well, I grew up working in a grocery store. So the idea of buying all your groceries for a week is totally foreign because I would just pick up a couple of bucks worth of stuff on my way home every day. So this is quite a change for me.

Jay Conner (04:29):

Wow. So is there any talk down there in Metagene about them starting to open up things anytime soon?

Scott Paton (04:36):

The president started to talk about it and the mayors of all the city said no. And the mayor controls the police. So we kind of do what the mayor says, not what the president says.

Jay Conner (04:48):

Oh my lands! Mercy! Alright y'all, we're getting ready here in just a moment to officially go live with this show and we really want to see where you're tuning in from. So whether you're on Facebook or you are on YouTube, go ahead and type in right below the video where you are tuning in from. Doesn't matter if you're Facebook or YouTube. Type in. Say hello to us. We've got Paul, Chris Jameson, Paula. Yes, Paula, I appreciate you too. And if y'all would do us a great big favor and subscribe to the show here. So that you don't miss out on future notifications. All right, Scott I'm going to go officially live here as you get us going and I'll bring our guest in.

Scott Paton (05:36):

All ready! Here we go.

Jay Conner (05:50):

Well, hello everyone and welcome to another episode here, Jay Conner on The Private Money Authority. I'm your host. And welcome to the real estate investing show where we talk about how to get funding for your deals. How to find deals. How to sell them fast. How to automate your business. And we talk about all things that relate to real estate investing from single family houses to commercial deals, to self storage, to land, to creative ways to buy and control houses by using terms as I said the using private money. And I got a free gift for everybody before I bring in our special guest today. And that is if you, whether you're brand new or you are a seasoned investor, I've got a free online on demand class. It's less than an hour long, about 15 minutes long and it will teach you and show you and take you step by step how to go from zero funding for your deals to having literally in the millions of dollars available for funding your deals.

Jay Conner (07:01):

And as you know, the majority of the real estate deals out there, regardless of how skilled you are with creativity and controlling on terms, the majority of the sellers require all the money and all the cash. So if you want more funding for your deals, yes, right here in the midst of Corona virus. I've got more new funding coming to me on my desk than I've had in a very, very long time because quite frankly, people are apprehensive and they're skittish about having or keeping their money in the stock market. And in this world or private money. It's a safe, reliable, and secure way for people to get high rates of return. So I want you to go right after the show. Get on over to this website and I'm going to show you and teach you the five steps to getting funding for your deals without relying on banks, mortgage brokers, or hard money lenders.

Jay Conner (07:56):

And it's www.JayConner.com/MoneyPodcast. Again, that's www.JayConner.com/MoneyPodcast. Well folks, I'm excited to have on the show today and by the way, as you're coming into the show, go ahead and type in your name, your city and state that you are coming in from. We've got T Rowe from Florida. We got Greg Ulmer, Hey Greg! Right up the road, mastermind member in Durham, North Carolina. Hello Greg, and welcome to the show. So my special guest from Fort Lauderdale, Florida, and we've got folks tuning in today from Florida, Karl Pierre is from Fort Lauderdale. His background is in the healthcare industry. He's got 20 years of leadership expertise, founding numerous companies in different marketplaces and fields of healthcare, staffing, radiology, home health care, hospitality, and he's been an entrepreneur. And he's been a driven chief executive for those number of years.

Jay Conner (09:10):

But in addition to that, and why I have Karl here on the show is because back in 2006, Karl participated in his very first real estate transaction. He's been growing his portfolio as an investor ever since 2006. He really likes the moment family part of the business, 1 - 4 units. He's getting ready to expand beyond that. But right now Karl earns and grosses over a million dollars every month of revenue coming in. He's now managing more than 400 workers and he owns and controls over $15 million in real estate assets. So folks, get your questions ready for Karl as I bring Karl Pierre right here on the show. Karl, welcome to the show, my friend.

Karl Pierre (10:01):

How are you? Thank you for having me.

Jay Conner (10:03):

Oh, well you're welcome, Karl. I'm glad to have you on and I appreciate you reaching out to my producer there. Scott Paton and as getting you scheduled on here. So your background is in health care. You got a lot of experience in that. But what is it that got you started in real estate investing and got you interested?

Karl Pierre (10:24):

Actually, I got started in 2006 out of need. The program that I was in, which was the, I went to Stony Brook university school of health, technology and management. And my concentration was in radiological studies. So that was X-ray CT, MRI, and it was a newer program in the university. And as a result of that, it wasn't accredited by the university yet. So me and my buddies that were in the school weren't guaranteed housing once we graduated and we had to do a post-back clinical year just to get our specialty or expertise in the field that we're going down. And fortunately for us, one of the guys was a loan officer and in those days anybody with a heartbeat could get a mortgage. And we were able to...

Jay Conner (11:09):

I remember those days.

Karl Pierre (11:12):

We were able to qualify for a single family home. It was $410,000, hundred percent financing, plus 6% for closing costs and all the incidentals. On our student income which was absolutely crazy, but our idea was very simple. It was just to occupy the property. You know, it was a four bedroom, three bath house with a full finished basement and the living room, dining room done. So with all the extra space that we could convert into bedrooms. We did. And then we started renting out those additional rooms, to our classmates. And that first property we're able to collect just a little over $6,000 a month in income and realize that, you know, there's some money to be made here cause we weren't the only ones. So we started to buy additional properties immediately adjacent to the university within walking distance and...

Jay Conner (12:15):

now if you had been renting that single family house out traditionally as a traditional landlord tenant relationship and you rented it out by the month just to a family, what would the monthly income have been instead of 6,000, whereas you rented it out by the room?

Karl Pierre (12:35):

At that time about 3000 - 3500.

Jay Conner (12:40):

So you're able to double. At somewhere around double your revenue by renting out the rooms instead of renting out the house, right? How did you come up with that idea?

Karl Pierre (12:49):

It wasn't an idea. It's how are we going to pay for the mortgage?

Jay Conner (12:55):

In other words, necessity's the mother of invention, right?

Karl Pierre (12:58):

Yeah. It wasn't like this brain child. At that point, I already had my staffing firm and I got pulled into the deal that way because I had enough cash on hand to put down the binder requirement, which was 8,500. So I had the need for housing. Everybody had the need for housing. The loan officer came with the idea and even came with the house and said, Hey, you know, I think this house would work. So the only thing was that we were missing that binder amount to actually lock up the property and binding contract, even though we were closing with, you know, 106% financing. So that was my contribution at that point. And I also had some experience working in construction. One of my best friends, his father was a contractor. He's the buildup Abercrombie and Fitch stores.

Karl Pierre (13:44):

So I was able to kind of say, all right, well this room could be sectioned off into a bedroom by just adding a door and it'll cost X amount of dollars. So that was my input. And then in exchange for that input, I got free rent for the year. And then it just kind of evolved out of there. It's like, alright, well initially we had seven bedrooms before we did the basement, it was seven. So that was 4,200, cause we were doing $600 per room. And once we added the additional three bedrooms we now got 10 rooms out of the house. And that's how we got it up to 6,000.

Jay Conner (14:23):

You know what marketing principle you started applying when your first real estate investing project, right?

Karl Pierre (14:29):

No clue.

Jay Conner (14:30):

Yeah. You were buying it by the gallon and selling it by the squirt. I love it man. So I'm intrigued with that business model. I've got a couple of other friends that do that model on a consistent basis, but I don't know many that actually focus on it. So how did you manage that? Did you collect from all different tenants? Or did you have one person that was responsible for the utilities and all the rent and then they had to collect from everybody else?

Karl Pierre (15:07):

No, we would collect from the tenants and manage all utilities and all.

Jay Conner (15:11):

Because you were living there, right?

Karl Pierre (15:13):

Yeah, we were living there and then when we started getting the other properties, it was three of us that were instrumental into the management of the properties. So my area was always the maintenance side of things. So there was damage or anything that needed to be built out or adjusted. I took care of that. One of our friends who's like a stickler for, he's like, just like the cheapest guy on the planet. He was responsible for all collections and payments and another one that was responsible for showings and building the interest in marketing the properties. So we each took our respective roles and just manage everything and we made it in a way where, you know, Internet's included. A lot of students would leave behind their furniture. So furniture was included as long as they wanted to use the furniture that was there. Electricity is subdivided by the room so everybody pays their equal share of electricity and we cover like heat and water.

Jay Conner (16:08):

How did you find your tenants for that first property?

Karl Pierre (16:12):

The first it was mostly myself, my fraternity brothers. And then..

Jay Conner (16:19):

So it was word of mouth because you were there living on the campus, right? [Yeah]

Karl Pierre (16:24):

Word of mouth at first and then it moved to Craigslist after that.

Jay Conner (16:27):

Aha! So that was your first property, you know, renting it out by the room. So what happened next in your story of growth in real estate investing?

Karl Pierre (16:39):

The market crashed. And anybody who's been investing for the past 15 years. They know that pain. The market crash and these loans stopped, they stopped existing. And you know, fortunately since I was already investing, my ears were open to any kind of opportunity that existed. And I went to one of these like a flip that house seminars, I forgot which guy, I think it was Tim Merrill. I went, I went to that seminar. And you know, those are really, I don't like them too much. And because their format is the kind of get you excited. And then up-sell you. And then up-sell you again. Until they milk you for all your capital. So I got upsold once to the weekend program and that didn't work out. And then I was just kind of touring seminars to kind of get information cause everybody was, you could buy properties with no money.

Karl Pierre (17:39):

Right? You don't need any money, you don't need anything. It will teach you how, and we no longer had money because all of the lending facilities that were used to, dried up. But I did go to one conference that was held by National Grant Conferences. I'm not sure if you're familiar with them. Cause they're pretty scammy as well. But I did get some useful information. So their package was, what they did was that they actually condensed every state and federal loan and grant into one book. And they sold you the book plus I guess like a consultant that will teach you how to fill out the applications. So I said, okay, I have this healthcare company, I have a nonprofit as like, and I'm interested in real estate. So there's going to be something in this book, this magical book that they were selling for $2,000.

Karl Pierre (18:28):

So there's something in this book that I'm going to learn that I can apply. And in that book I came across the FHA 2O3K loan program and this was in the fall of 2008. Obama had just gotten elected. And I came across this loan program. Now remember everybody else who was doing mortgages prior to them had all, you know, so many different programs out there that when I started contacting banks, they were telling me that they've never heard of this FHA 2O3K loan program. Until I came across Wells Fargo and someone there was, knew that they were offering it and they were the ones who originated the debt.

Jay Conner (19:08):

Go ahead and tell it about what that program is?

Karl Pierre (19:11):

Okay. So the FHA 2O3K loan program is a federally backed mortgage program that allows you to purchase real estate as a first time home buyer. And that's like a flexible term. But a first time home buyer with only 3.5% down. And right now the minimum credit score is 640. Pre-corona virus was 620. And they'll let you finance the entire renovations of that project. So you're able to get those distressed, you know, foreclosures, short sales, things that traditional lenders won't lend on. You're able to use this program with 3.5% down to buy these dilapidated properties and price in your renovations. And there is not many programs out there like that because the cash requirement to start is so low and also the credit requirements. And they also include, they force you to use a consultant. Who's there to kind of mitigate between you and the contractor to protect you from getting burned. And the really cool part about it is that a lot of the hard money lenders function almost in the same way. So it really prepped me for moving into hard money, which is how I finance most of my purchases today.

Jay Conner (20:26):

Right. So did you get an FHA 2O3K loan on a property?

Karl Pierre (20:31):

Yes, I did.

Jay Conner (20:33):

Alright, well tell us how that went.

Karl Pierre (20:35):

So in 2009, the reason I segue into the Obama election is that 2009 was the low of the market. And at the same time they were announcing a first time home buyers tax credit, which was $8,000. And the property that I purchased was 300,000 I bought it from an older couple that was retiring and moving South. It was 300,000 and the property's value was around 420 when renovated. And I priced out that it would cost me about 70,000 to fix. So I got that property, my 3.5% was just a little over $10,000. And after I closed, within a few weeks, I got $8,000 back in the form of a tax credit. And I rolled into my closing costs. So like my out of pocket cost to get that property was around $5,000. And then I was able to do the renovations with our property and then get it rented out to college students once again. And I remember when I bought that program, telling myself, you know, I felt like an idiot cause I felt scammy and I was like, I'm going to find something in here that I recouped my $2,000 on. And by July of that year of 2009, that property was already obviously fully occupied and cash flowing. And I also own that one until this day. So I've recovered way more than $2,000 on that little bit of information that I got out of that book.

Karl Pierre (22:03):

Oh-oh...

Karl Pierre (22:35):

Well, I still seem to be in the show according to this. But it looks like Jay has cutout. You got me, Scott? I don't, you know.

Scott Paton (22:52):

You're still in the show. Jay is gone. I muted myself and I always talk when I'm muted.

Karl Pierre (22:58):

Okay. So you want me to hold tight for him or I can continue with that story at least to give him some time to get.

Scott Paton (23:05):

Yeah! Let's finished that story off.

Karl Pierre (23:07):

Okay. Sorry about that. So essentially with that program, I've been able to, you know, pay down that house now for 11 years. So on a 30 year mortgage. I lived there for a year because that's one of the requirements of the FHA 2O3K loan program is that it has to be owner occupied. So I was right out of college. I didn't care living with the college students. I had a room in the basement. And lived there until I got another property. And then moved into that one.

Karl Pierre (23:38):

So I think for people who are interested in investing in 1 to 4 family homes, especially like 3 and 4 family homes and you haven't gotten started before and you have a limited amount of money, be FHA, 2O3K loan program or even the FHA programs are great because with the FHA program, you can get in for that 3.5% down and if you have a four family, you're able to live in one unit and in most cases the revenue from the other three units would fully pay for your asset and allow you to cash flow. I used it in a single family home scenario where I was still living there and renting out to college students, but for someone who's like not quite ready to live with college students, cause that's a different way of living. If you're not ready for that, I highly recommend that program on like the triplexes and fourplexes out there because you can buy up to four families with 3.5% down. To me that there's, I know there's some VA loans that you get in for 0%, but if you're not a veteran or you're not working for the armed forces, I think that's one of the best programs you can get yourself. Get yourself into to get started.

Jay Conner (24:52):

Karl, thank you for keeping the show going. I lost internet connection but it looks like I'm back now. Everything good on my end right?

Karl Pierre (25:00):

Yep. I hear you loud and clear.

Jay Conner (25:02):

Excellent. Well thank you for getting the story going. So did you just share with everyone about how you got into multifamily and how you funded that?

Karl Pierre (25:11):

Into, actually I don't get into more than one to four units, but what I do get into like twos and fours and singles. So that's, my portfolio is mostly single family homes. I do also have a coworking space, which is commercial. And that was born out of need once again. And it's kind of the pattern that I follow is create what I need. So a big piece of my portfolio is that, I have a 11,000 square foot space in New York, New York right across the street from the iconic Macy's building. And that started out as just a small project getting office space because I was in a coworking space and I didn't like the landlord and I felt, you know, I have enough experience. I have a little money behind me, I might as well do this myself. But I'm looking personally to get into multifamily development because that to me, that's the natural next step for me to start accelerating my portfolio beyond what it is now.

Jay Conner (26:19):

I got you! Now I know you're into raising private money like I am. You were sharing your story about the crash 2008, 2009. That was actually my biggest blessing in disguise, was getting cut off from the banks with no notice in January of 2009 and like you out of necessity, I had to find a better way and quicker way to get my deals funded. I learned about this wonderful world of private money and since that experience in the third week of January, 2009 I've never missed out on a deal because I did not have the funding. So I've got one last question for you before we call it a wrap on the show and then we'll let everybody know how to continue the conversation with you and to get in contact with you. But in your experience of raising funding for your deals, what do you consider to be the most consistent problem that people run into when they are looking to raise money for projects?

Karl Pierre (27:18):

Lack of experience and a lack of being able to get investor confidence, I would say is the biggest issue.

Jay Conner (27:26):

And how have you fixed those two problems in your experience?

Karl Pierre (27:30):

With me was, really just talking to more people, right? And waiting until somebody was either interested in supporting, you know, what I had going on, cause I already had a few properties. So I was able to show, look, this is one college property, that's how much it costs, how much it rents for. This is the spread that I make. I haven't had a vacancy in X amount of time. I'm going to repeat the same, you know, up the street. So I had some traction already that made it easier and made it more palpable for people to be interested in. But for someone who is completely green, you're going to have to be able to communicate that you know what you're doing and that you're going to be able to execute some way somehow. Either you have relevant experience cause you're a contractor or you've been in property management or you're a real estate agent and you're very familiar and you've negotiated a great deal. You're going to need to be able to present to your investors that you're the person to execute. And you're the person to not lose money. Right? If you can't do that, you're never going to raise, you're never going to raise or unless you keep working and you find someone who just doesn't know better, but chances are they don't have much money if they don't really know how to assess good from bad.

Jay Conner (28:50):

Yeah. So given your expertise and your experience so far as a real estate investor, what would you say in this world of real estate investor you are really, really good at and set you apart?

Karl Pierre (29:05):

I think I'm really good at kind of seeing the realistic need that exists in an area. I remember like in 2012 the market was just starting to turn in New York and people start to get a little more confident. And I started looking at where can I invest that isn't as costly as Brooklyn and Manhattan, but offers the same value as Brooklyn and Manhattan for people who are commuting. And so I started just following the train lines into the Bronx, into New Jersey, Northern New Jersey, Newark. And I started to see that, you know, prices were like, you know, in New York city to get property for like a hundred thousand dollars per unit just doesn't quite exist anymore. But then you could in the Bronx, meanwhile, something in Harlem, which is in the North side of Manhattan, which is demographically the same as the Bronx, same commuting time properties were selling for anywhere between $400,000 and $700,000 per unit.

Karl Pierre (30:08):

So it's like, just take a different train for the same amount of time and it's, you know, 17 minutes to Grand Central Station. Why is this property only value at a hundred thousand dollars per unit? It doesn't make any sense. So for me, I can kind of look at an area and make sense of where's the value for the people who are gonna be occupying the space. And how much are people going to be willing to have that access to the highways, those sorts of things. Access to public transportation. So I could kind of look at an area and know that it has that upward potential or people will start to kind of relocate from the more expensive side of town to the more affordable side of town because it offers similar, you know, amenities or similar access to their workplace. So I think that's where I excel.

Jay Conner (31:02):

Excellent. Well, Karl, thank you so much for taking the time to be with us. We've had more people join us you know, starting to show we got Derek from Maryland. Welcome to the show, Derek! Karl I'm sure we got some folks that would like to continue the conversation with you and what is the best way for folks to be in contact with you and reach out to you?

Karl Pierre (31:25):

I would say the best way would be my YouTube channel, which is ENTPlife. Which ENTP is my personality type. It's not the entrepreneur's life. People think that. But it's my Myers-Briggs personality type. And there I mostly talk about real estate business and all the other things that I'm interested in, but it's heavily focused on how to create a business. How to organize your business. How to approach real estate investing from the newbie to maybe even the more seasoned investor. And I also am launching a program called Killing the American Dream, which allows people to get, you know, 14 hours of direct education and the opportunity to invest in learn so you would invest alongside me in a deal. I think that's the best way to learn how to invest in real estate is actually to participate in the deal. So rather than pay for education, you get your education for free and we both make money. It's not just kind of this money grab that I was used to experiencing when I went to seminars. I designed it that way just to, to actually offer something that was different.

Jay Conner (32:31):

That's fantastic. Now do you have a URL that's www.entplife.com

Karl Pierre (32:38):

yes, I do.

Jay Conner (32:40):

Excellent. So that's your URL and you also have your YouTube channel.

Karl Pierre (32:43):

Yep! Same handle.

Jay Conner (32:46):

That's excellent. That's excellent. So Chris just tuned in and said "Thank you Karl" he has subscribed to your YouTube channel. So that's awesome. Alright, Karl one last comment and I'll let you go. What's the number one best piece of advice you can give to a brand new real estate investor?

Karl Pierre (33:10):

Do a deal. That's the best advice I can give you is do a deal whether the deal works out and you were lucky and you made money on that deal. Awesome. You made money and you got your feet wet. If the deal is a horrible deal and you just didn't take the proper precautions. You're gonna learn a painful lesson, but you're gonna also still see that there's immense value there and what you could do better.

Jay Conner (33:38):

Yeah, I would compliment your advice for one piece. Do a deal with a seasoned investor that's already been through the mines, hence what you all for what you offer Karl where someone could work with you. Karl, thank you so much. I appreciate you being on the show. My friend.

Karl Pierre (33:59):

Not a problem. Thank you Jay.

Jay Conner (34:01):

And thanks to everyone. Thanks everyone for joining. Be sure and subscribe, rate and review. If you are tuning in now from iTunes, you may be on iTunes listening to the podcast or you maybe listening to Google play. If you're watching on one of our YouTube channels or Facebook, be sure to subscribe and like and review and leave a comment. I'm Jay Conner, The Private Money Authority, wishing you all the best, and here's to taking your real estate investing business to the next level. We'll see you on the next show. Bye for now.