0:00 cast. I'm your host, Mr. Daniel Martinez. Today we have a special guest hailing from Chicago. Mr. Jean Marshall. I'm actually originally from Hammond, Indiana. I grew up there for 21 years I worked in Cicero I worked in Joliet. My dad worked in construction for like 30 years all over Illinois. I'm very familiar with Illinois. Interesting. I was talking to my Chicago guests. I get them every once in a while. So I was talking about Chicago and growing up outside Chicago. And the shenanigans that happens in Chicago that no one really understands unless you're from Chicago. 0:37 Thanks. Yeah. It's a lot of folks today from Chicago who were by Schaumburg. Schaumburg Northwestern suburbs. So not necessarily Chicago, but yeah, good deal. Good deal. Thanks for having me on the show. Appreciate appreciate you for allowing us to be here. Allow me to be here. 0:54 Yeah. So I said, I say I'm from Chicago and long from Hammond is same thing as like St. Schomburg. But it's one of those things where like, you asked me where I was from, from Southern California, like where I'm at. We're exactly in Southern California. And like, it's pretty big, because, like LA and San Diego almost like touch. Pretty much. And that's that's how most metropolitan cities are. So like, I always like when people ask me Oh, from Chicago, because I am from Chicago. Chicago just stretches out really far. So I'm from Chicago. But I'm from Indiana. I'm from the Indiana side of Chicago. There you go. All you go. And we have only been in real estate. 1:34 Great question. So I've grown up in Chicago my entire life. Born and raised Southside Chicago grew up in the far south side, a very small community known as Roselyn. And then ended up transitioning into Hyde Park, which is also Southside Chicago, near University of Chicago. Where, you know, President Barack Obama is from his house is still there. I've been in real estate space since 2018. And majority of my rentals are all in our on the Southside Chicago in Hyde Park Township. 2:07 Okay, so you invest where you sleep. 2:11 Exactly. That's exactly. That's the best farm area to have. 2:15 Yeah, it's a lot of people invest out of state and I think investing in Chicago has its own tendencies. I haven't I interviewed a another rental rental person from Chicago cup. So let's go. And he's talking about how he takes pride in like, revitalizing neighborhood because you actually have to remodel or fix and the scars are old city, so a lot of older homes, especially on the south side. So it's kind of like revitalizing the revitalizing the city, one house at a time. 2:45 Yeah, and Chicago has a ton of historic architecture, as well. So you know, being able to play a hand and everybody revitalization, ultimately just it just wakes the city back up and those areas that need it most. So kudos to him. Yeah. 3:01 Yeah. It's a Chicago is definitely a it's a market to experience. For sure. How do you feel about like, I know, Illinois is not necessarily landlord friendly. But how do you traverse not being in the landlord friendly state? Maybe you should buy houses and Gary? 3:23 Yes, that's a great question. So interestingly enough, and we probably won't talk about this later, but my I bought my first triplex in 2018. FHA two, or 3k, we rehabbed it, whatever. And when I closed on the loan, there was three tenants in the property. At that time, you know, when I first got into the space, you know, I'm listening to other podcasts and reading books. Robert Kiyosaki, bigger pockets, whatever. And I hear about this thing, Cash for Keys. And so I'm immediately thinking, okay, whatever, I'm going to be able to get these folks out. You're not just going to do Cash for Keys, hey, here's a couple grand and move out. I'll pay for your movers. I'll do the clean out for you and get to worry about anything I just did you out, did not work. So ended up having to to evict those tenants, unfortunately, and I did not want to, but I had to. But to answer the question, how do I navigate that space? You just got to screen hard, okay. You really got a screen hard with your tenants. And we have a very durable screening process. And in fact, I literally just listed a unit on Saturday, and I've been getting like 2030 hits a day. But of course, before you list that property, you got to have an understanding of who your I who your ideal tenant is. That way you're not wasting time doing showings for everybody. Because you already know exactly who you're marketing to. And so for me, my ideal tenant is that you University of Chicago students. So I like students as tenants. Most of my properties are all in Hyde Park. So I get a lot of that University of Chicago traffic. So just answer the question just got a screen very, very thorough, thoroughly. 5:15 That is a I will 100% agree with that. I don't know, I'm not a rental landlord person. But I think that there's, there's the, and I don't know if he had them, but there's a professional tenant out there that they've learned. And they learned the regulation and the, they play the game. And they're trying to, they're trying to they're trying to take as much as they can without paying anything. And it's it's hard to see, but I think screening, and Cash for Keys does work great when it works. But screening, screening, and this is where I think I think you might have a good location if you if you know, you have a lot of potential school people, school young men, young men, a woman passing through, it could be your potential target, and you can target directly to them. Using different strategies. I had another guy on a podcast, and he targeted storage for schooling. And he would go out and like right on the sidewalks. When he had when he had storage availability, and they'd go in and they'd go into like housing, student housing and pack up all their stuff and put it in storage. Looking back the next year. 6:20 Oh, very nice. That's creative. Very, very creative. 6:24 Yeah. There's just a lot of cool things with with with, with schooling, and a lot of personal opportunity. Do you do like roommates type thing or multiple rooms and sublet rooms? Are you just looking for one, one person to handle the full rent? 6:42 Yeah, one person. So we're going after one person. So like the couple that just left, they were married. And most of most of University Chicago students are going for a PhD or something like that. So they do have one other person to accompany them a spouse, per se. And of course, you do have some some folks that are just going through your undergraduate program. But nevertheless, we're looking for one person or couple to occupy that place. We're not doing roommate matching or anything like that. We're just looking for one ideal candidate that can come in, have a place to call home for the next 12 months with the opportunity to ultimately sign the lease if they if they like if they like having an experience. 7:28 This is for I don't want to take spoil spoil your area. But what is your getting like good rent rates? 1% 2% rules? I haven't looked at housing in Chicago ever. So I have no idea what the what the house should go for versus the rent you receive. And I'm sure College Area might you might be able to yield higher rents. I don't know what's like the what's the average you can buy a house and what's the average you can rent it like you're not your normal rental? 7:54 Yeah, great question. So just like many markets, the location does dictate, you know, what you can get for market rent and so forth. I would say the 1% rule was, was a bit was a bit accurate. Maybe prior to 2022, maybe 2020 2021. Last year, this year, we haven't really been seeing a lot of properties actually meet the 1% test. And out looking to buy properties all the time we every Saturday, we're going out we're shopping, we're analyzing deals, we're trying to find new opportunities as well. But you can only imagine with inflation, and a lot of people that bought properties in 2020, when interest rates were low and 2021. You know, a lot of people got into these into these into these investments. And they realized that, hey, I don't want to be a landlord, you know, and now they're putting these properties back on the market. But of course, they're trying to get get, they're trying to get all their money back. And so a lot of these properties are overly inflated, because a lot of folks that entered in 2020 2220 21 are trying to exit. So haven't really seen a lot of the 1% rule. lately. It hasn't been as common as it used to be, but in Hyde Park, depending on you know, the characteristics of the property. So I just listed a three bedroom, one bath over the weekend. And I got into 1600 You know, the last couple that was there. They was paying 1400 And they just moved out two weeks ago. Right. So it really does depend on you know, the market and location. But yeah, 9:34 just are you doing turnkeys are you you're modeling as well. You're buying like a little bit of both. 9:40 Beautiful question. So this particular investment I'm talking about we did have to do a rehab, but for the most part I am buying turnkey and most we're just doing lipstick, you know a big cabinets painting tile. We're not doing any harm mechanicals with the PVC electrical or anything like that is just in and now the quicker we can get that bad boy to start cash flowing. The quicker that you know, everybody else is happy, right myself my bank account and everybody else that's involved. So Turkey 100% 10:13 I'm sorry. No, it's such a it's such an interesting model for sure. You see, I saw on your bio who uses you're also into taxes. So a little bit about taxes, how long how long you've been doing that? Because seems like you're very, very new to real estate. I'm very new to real estate to myself. I think I started selling some teens. So it sounds 19. So my little bit of Texas Tech side a little bit here. 10:35 Yeah, great, great question. So started in real estate 2018. I've been in the tech space for four years now. And I own my own tax advisory practice known as Magnolia tax services. We specialize in tax planning, tax preparation, tax representation, and bookkeeping for individuals and small businesses, about 90% of our clientele at this moment in time is all business owners that are in the real estate space. So developers, realtors, general contractors, we got a handful of folks that own their own trucking company and so forth. We don't turn anybody down is predominantly around where they are in gross in gross revenue and their business. Because that ultimately determines if they are at a space in their in their entrepreneur journey where they can ultimately afford us and to, we can help them. But yeah, so I've been I started macaroni tech services in 2022. Last year, 11:32 okay. Yeah, no, no, that's it was well, not it's very cool, man. I think I think a lot of this, I think what you're very, you're marketing side, I can tell you a little bit of a marketer too, because you want to make sure you talk to the right people, and everybody wants to make sure they're in there. They might want to, they might want to target the right people to understand who their target avatar is. So you as are you as a rental landlord, look, yeah, I'm looking for students that are going to school that are either single or married, or I'm looking at a couple but not we're not doing rooms, you're not subletting and then on the on the CPA side? Yeah, we're looking for businesses that fit in this, what's the parameter as far as your your business criteria? 12:12 Great question. So at a minimum, they have to have they have to be grossing at least six figures. So $100,000 to $4 million. So we're working with predominantly small to mid sized businesses that fit their criteria. Yeah. 12:25 And first businesses that small I think, there, it's 100% needed. And then as you get bigger, you need some you need a little bit something a little bit more, not that you're not you know who your target audiences. And you might need to get in house or in house, bookkeeping. And so using third party, when you get to a certain point, business requires certain things to be brought in house when you hit a certain level. 12:50 Yep, very well said. Yeah. 12:53 So and I'm just I'm learning all this stuff to myself, it's pretty crazy. But there's, there's like different levels to business. And sometimes it's better to outsource and partner, or hire that third party person to come in and actually do the things you can't, and help where they where you need help. Because it's cheaper that way than hiring an actual person to fill that role. And then when you actually have the ability to afford it, you feel like you bring in a person for that role. 13:21 I present, I was just having a, a, did a presentation on Saturday, for local chamber here. And I tell the folks that typical our time. And I was telling them that as a business owner, you know, our number one responsibility of sales, right, getting leads into business generating leads, and then ultimately closing those deals. And then the third, the third part to that is making sure they do have a good product and good delivery as well, so that you can retain those clients that you just brought in. But more importantly, as business owners, we have to really focus on high income generating activities, and everything that's low income, like trying to get your taxes filed and trying to do them yourself. You need to be outsourced to them. Right, you need to bring an expert in bring somebody in who has the competence that has experienced it hasn't know how, so that they can ultimately, you know, focus on all the things for you, you can focus on high income generating activities, right, that's going to help you propel the business. So I just wanted to piggyback on that. Absolutely. 14:19 And this is where like you have to, I think us as early business owner, you have to wear like multiple hats, boom, boom, boom, boom, boom, boom, boom, boom, boom. But you can hire a third party or fractional services to fill certain needs. That way, it's not all on you. Because growing a business is hard and taking all this responsibility on yourself. It's hard to so you got to delegate and pass on responsibilities that are not your skill set. 14:45 Yes. 100%. I was. So maybe about a month ago, I went to grant cardones 10x bootcamp and I'm one of those people where it's like I prioritize personal development happened over I would invest it into my education investing in my network. And so when I go to these places like, hey, I want to sit front row, the reason why I sit front row is because I know there's other people that care about their business just as much as I do. And they pay enough to be there. Right? These are the folks that I want to connect with. These are the folks that I want to meet with, in one thing that we talked about at the conference is the seven promotes always promote who you are always promote what you do always promote the impact that you're that you have in order to promote why you do it. And then the fifth one was promote things that you don't want to do anymore. And that's consuming too much of your time. You know, kind of going back to what we talked about right now, you know, is outsourcing things that ultimately doesn't make sense, depending on where you are in your business. 15:43 100% 100%. Well said well said. Tell us a little bit about your multifamily. Are you you're kind of delving into multifamily now, is this in Chicago, or what's what's your multifamily experience? Wanting to know? 15:56 Yeah, great, great question. So that's a big focus of mine, like huge focus. And I realized over the last few years that I've been playing small, with buying duplexes, three units for you to do this, I've been playing small. And so now what we're really looking at is large multifamily properties, 20 units, 30 unit buildings, we're not looking at Chicago, per se, primarily because Chicago is is expensive, you know, is the number one city in the world drink twice. So Chicago is is pretty expensive. So we've pivoted and we've actually been looking at at Hammond, Indiana, we've been looking at Kenosha, Milwaukee, Wisconsin, with stylus, Wisconsin, we've been looking at Peoria, so some of the surrounding areas outside of Chicago, that ultimately get us closer to that that 1% rule, if you will, but gives us enough net operating income so that we can raise rents over time, we're also you know, raising money from, you know, private money partners, folks that I have access to. And then some of the folks that are actively engaging in these type of deals with me are also having the same conversation with the same caliber type of people that we're looking to ultimately partner with to acquire some of these deals. So it's a very new venture. For me. It's something that I'm very passionate about, I'm aggressively we are aggressively looking, you know, we're doing direct mails we're doing, we're cold calling, we're doing a lot of traveling, going to different real estate conferences to meet people, so that we can generate those leads as well. But it's a new, it's a new space that we haven't necessarily. We've gotten close, we've gotten stuff on the contract. And then for some, for some reason, a lender or a pull out or something just didn't, didn't go go well. So we haven't haven't closed yet. But some of them I was like, aggressively try to get done. 17:57 The lender, I think the lending space where we're heading to is going to be interesting. And one thing I really want to hone in on to is that I think if you're starting in the multifamily, you're gonna have to look out into the tertiary markets. And this is where a lot of people are like, oh, I want to own a, I want to get into multifamily, and I want to own a multifamily in Chicago or Dallas, like, well, you might pay a pretty penny you might be there might be at that point to get to that point right now. So you have to, it's always you always invest in the outskirts, and the outskirts is where you're gonna find a good cap rate, good ROI. And you're gonna be able to buy something you can afford and get those reps in, because you got to get reps in for sure. 18:42 Gotta get things represent. You know, it's funny that you say that is, it's funny that you say that, because when you think about real estate, the number one reason why real estate is so attractive to a lot of people is because of leverage, right is is one of those assets that you can buy with leverage. And the way that the you know, the Fed is going the way that some of these banks are going, they will get loans is is really required for us to nowadays put a lot more down than we used to have to and 2020 2021 in prior years. And it's ultimately make you rethink, you know, how do you buy because, you know, part of the reason why we like real estate is leverage. So if you have to now starting to put 40% out, you know, instead of 20 25% on some of these properties, now you got to put 40% down just to make the numbers work. You start really double thinking that deal if it doesn't actually make sense. Does it? Does the market make sense right now or does that market make sense? 19:46 Yeah. And that could really, I'm always trying to like I do a lot of creative stuff. So I'm always trying to pick up creative and not everybody's open to creative and this is where like I think multifamily and commercial It's hard to do creative as a whole, really flexibly just because there's always recurring and revolving debt on it. It's really, really hard to do creative. So any creative you can do is very minimal, which can help but it's still difficult as a whole just because the debts always revolving. 20:19 Yep, we'll see it. Yeah. 20:21 So it's an interesting dynamic, which is why they land on the big land guy, we can talk about that later, but it's fun. So I like I think it's gonna be I've I do a lot of seller financing. So I'm always playing like the lender side of it. And the big reason why multifamily scares me is because they're having so much downpayment, like you said, 40% down, that by that part scares me, because it's one of those things where, like, the lenders covered I mean, there's 60 66% UVB, but the lender is always covered, but the weaken always loses the investor capital that's put in so what type of return are you looking for normally to like, the capital required? And uh, why like, what, how does how does that paper out? Because I know it's getting more difficult. And it's as interest rates are slowly trickling up, it's getting to get more even more difficult even after that. So like, what how you combating like this interest rates and down payments and working with other lenders that may not require another larger downpayment? Like there's there's ways around that and finding differently requirements and networking. I think that's the point of networking to do you find a bank that's a little bit less risk averse. That's kind of a down that might be a huge upside. 21:50 Yeah, well, well, we'll say, great, great question. So what we've had to do in a couple of times, is take a few steps back. Right? Honestly, because because you can be working on something for a while, and you can get the edge of just like, hey, I just need to make something happen. I just need to get a transaction, I need to get something done. But the number one mistake, in my personal professional opinion that people make in the real estate industry, is they overpay for property. You know, they overpay for property, because they want to get in, whether it's for themselves, whether it's for their family, whether it's for social media, whether it's to be a part of the conversation, and they just want to get in take that photo posted on social media, Hey, I just closed and the numbers don't work. The the numbers don't make sense. So for me, what we've had to do is actually take a step back and reassess how we purchase where we purchase, and constantly asking ourselves, is it the right time? Right? Is it the right time for us to actually get out here and make some things happen? So at first, it was traditional, okay, we're gonna go to a lender, and we're just going to meet the down payment requirement, and just just just buy things or fashion. But now it's more creative, right, doing some form of seller financing contract with the land contract, subject to you name it, but we're entertaining other opportunities for us to purchase property so that we just do, you know, have good positive net cash flow, rather than as, you know, buying a property off potential, which is something that you don't want to ever do is buy a property or potential. 23:44 Yeah, buying off the performance with the agents, who are what the brokers were like, hey, it's a it's this, this and this? Like, okay, sure, it is. 23:55 You know, what it's, like, was was interesting is, and me and my partner, we've been out looking at properties, and I really liked working with a realtor, that's investor friendly. You know, and they, they know how to crunch numbers. They know if the deal makes sense. And, you know, just you be out here looking at stuff and, you know, Hey, you want to put our phone this? Okay, we think the property's gonna sell for probably 4050 over asking, well 4050 Or asking the numbers don't make sense anymore. Right. It may make it may make sense for you as an agent so that you can get paid and this person to get that house so but it doesn't make sense for my portfolio don't make sense in my bank account, if that makes sense for my legacy that makes sense for anything that I'm trying that I'm truly trying to build. And so we've we've just had to take a step back man and really figure out what what what the not figured out but go back to what the initial game plan is. Because sometimes what in I'm pretty sure you've gotten it before. Sometimes you get you get real estate fever, you know, you get you get this fever you slide, you're like, Yo, I want to do another rehab or man I want to do I want to buy another piece of land. But sometimes you just gotta go back to the go back to the basics. 25:14 I think one thing I've mentioned on this is exercising restraint, because not every deal is a good deal for you. You gotta exercise restraint, because a lot of people will get in a buying frenzy. And I think that's the wrong way to be as an investor, is you have to really look at like the outside of it, like, Hey, we're in this point of a cycle, it might not be best to buy every one out of 10 deals, you may have to buy one out of every 50 deals. And we need to look at more deals just to make sure we're buying the right deal as a whole. So you have to like out a little bit to make sure you're not you're not looking at, you're not you're not potentially buying every opportunity out there because it might not fit. And this is where it comes down to where you have to have good follow up systems in place, because it might not fit for anybody's Buy Box, unless they're super rich and can afford for PCAP. Like, you know, like there's, there's buyers out there for that too. And that's okay, they can have all the property forecasts that they want, but it's not for me. 26:11 We'll see. We'll see said Well said, everything, everything isn't for everybody. 26:18 Everything isn't for everybody. And that's okay. You have to understand that when you're looking to buy that everything isn't for everybody. I think the other side, I come across this sometimes too, and I bless their hearts per se, where they're so they're so like magnifying glass focused, that they don't ever do a deal because they can't find one that fits the parameters. There's like, there's two sides of that coin, were like one like, Yeah, this is great. And then the other ones, like, I need an amazing deal, and I gotta buy it, well, you might be hunting a lot harder. So it's one of the things we got to find like that middle ground. And it's up to your personal risk tolerance, how much capital you have how much reserved pirate capital, what type of returns in your department, we need to bring on that side. Like you have to weigh your options because like, if you have cheap capital, you might be a little bit you might have you can open up that restraint a little bit and like, Hey, I got cheap capital, I can buy a lot more things over here. But if you if you have expensive capital, you're like, Okay, I gotta tighten up a little bit. I might have to underwrite more deals, and I might have to work a little harder just even pull out a deal. And it's, it's a little bit more difficult. But I think it's it goes, it goes back to the point of where do you find your capital? And what do you offer? Because times are changing and raising the capital is what gives you the ability to even operate in any market? 27:46 Yeah, so great, great question. So for me in this is this is kind of kind of a sweet spot with the territory here on the tax side. So I am looking at, I'm doing tax, we're doing taxes, all right. And on the tax advisory side, we're strongly encouraging our clients to get out here and buy a piece of real estate. You know, of course, you're going to get those handful of folks that are going to say, Well, I'm nervous about getting into the space, because I don't have any experience in the space, or I don't know anybody that's already in the space. And I don't have any time. Right, try to try to get somebody to do something when the first things they come up with to say I don't have enough time. Right. So if you know that that person is having enough time, then that's an indicator for you. If you're already in that particular space of figuring out how you can get people to leverage your time, leverage your experience, leverage your value, right leverage are subject matter experts and people on your team. And so, in these conversations, within these meetings, I'm advocating heavily for my clients to invest in real estate. And for those that don't have enough time, don't have enough resources, I give them the opportunity to ultimately invest with me. Right and, and invest with with us. And most people, they most people, right most most folks that do have a financial advisor or a they have an accountant, that that they're working with, strategizing with and playing with people trust the folks that are helping them, you know, manage their, their their funds, is especially if they have the results and they're consistent. And they have their own tax documents and stuff that they can actually show that they're actually in the business of doing this themselves. And people feel more comfortable. And so I give clients an opportunity to invest with me, after me encouraging them to do it themselves. In terms of the return on investment, it depends on that particular Investment itself. And then also how much capital because I'm one of those folks where in some people don't do this. But I wanted those folks to where I tell clients all the time, I have skin in the game myself, right? I'm not just 100% raising funds, or I actually have some skin in the game myself outside of just my time I'm talking about I'm talking actually monetary contribution, monetary commitment. So it does depend on that particular deal. If it's a if it's a buy and hold, is it a, is it a rehab, we're gonna do a cash out refi? Am I giving this person a equitable position in the property too? Or are they just more of a private money lender, somebody that's just kind of handing us has given us funds to operate just depends. 30:54 So I don't know if you've done this before. But this is a fabulous thing is that capital, private capital, it comes in different forms, and they might have different motives. So if you can offer, maybe tax incentive, instead of cash flow, or more cash flow, instead of tax incentives, you can kind of give them different things that they may need in their personal life, that can leverage them, where they can put their capital into it and maybe get tax incentive, because they're high income earner. Or maybe they're they want more cash flow, and they just want to give them more cash flow versus tax incentive, you can kind of create a custom ROI that makes sense for that individual person. And it's less about like what ROI they're giving, they might get $100,000 less than their taxes, because they might make 300k a year, like they might want to do that they can put money into it and make less money, like 31:48 their depreciation depreciation. 31:49 So there's a lot of reasons a lot of custom fits you can do for your private capital. And it's asking the right questions to make sure you and your capital are aligned and the goal of why they're investing. Absolutely. So quick little tip out there for everybody listening. What is the quote that is yours or somebody else's that you resonate with? 32:10 So great question. So let's couple. The first one is Jim Rohn. Work harder on yourself than you do on your job. That was, that was a quote that I really just took hold of, and 20 2018. And it's just really just telling you, hey, you could work harder on yourself than you do on your job, because you can become more than the person that you are right now. If you become more value, and a lot of people they want to lock some folks in a lot of people, some people want to make more money, and they want to do more things, but kind of going back into the issue of time, hey, I don't have enough time. Yeah, well, if you don't have enough time, then the only other thing that you can increase in his value, right. And if you don't like what's in your bank account, right now, your bank account is nothing more, nothing less, but a reflection of, you know, what you know, and the people that you're connected with. And you get connected with certain people based on the type of value that you show up, and you bring to to that atmosphere into that industry and into that particular group. So for me, the first one was recording yourself to doing your job prioritize self development, right. And then number two was Bob Proctor, Thoughts become things if you can see it in your mind, you can hold it in your hand. And as you really controlling what you say to yourself, how you show up for yourself, and ultimately believing that you can accomplish more. And your thoughts actually have more power and control, then you think, you know, so you got to be very cognizant of not entertaining any negative thoughts for too long? Because you know, Thoughts become things if you can see it in your mind, you can hold it in your hand. Those would be the two that I chair. 34:03 Okay, awesome. Awesome. Where can people find you online? And we know a little bit more about you and your services? 34:10 Yeah, great question. So you guys can find me online on all social media platforms at underscore underscore, Mr. Marshall, and you can find our website for the tax firm at Magnolia tech services.com. 34:25 You don't appreciate your time and thanks for coming on the show. I hope people learned a little bit more about rentals and a little bit more about raising private capital. And if you're starting into multifamily, you know where to go. You're going to the outskirts. I appreciate your time. Thanks for coming on. Appreciate you everybody. Have a great day. Thanks for coming on the show. You'll like subscribe or share it with a friend you know what to do. We'll see on the next episode. Thanks guys for tuning in.