Determining Maximum Allowable Offer, Partnering with Older Investors, and More (Office Hours)

This podcast discusses Tyler’s commercial real estate education platform CRE Central, provides advice on determining maximum offers, negotiating leases, and obtaining listings. Cauble also shares details on his development projects, cash flow management strategies, and tips for partnering with investors.

Get commercial real estate coaching, courses, and community to jumpstart your investment journey over at CRE Central: www.crecentral.com

Key Takeaways:

• Determining maximum offers on commercial properties involves calculating cash-on-cash returns and internal rates of return to set pricing.

• Personal guarantees and clear communication about lease clauses are important for protecting landlords.

• Partnering by providing sweat equity in exchange for a small equity stake can be a good way for new investors to gain experience without financial risk.

• Focusing investments on cash flow in addition to wealth building helps mitigate risk from having low cash reserves.

About Your Host:

Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.

Episode Transcript:

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Are you looking to take the next step toward investing in commercial real estate but don't know where to go? Series central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals. Whether you're a beginner or looking to take your career to the next level, cre Central has the resources you need. Visit www dot cre central.com. To learn more. Welcome back to the commercial real estate investor podcast live from the Carlyle Group Studios here in Nashville, Tennessee for another round of office hours. This is my weekly live stream on YouTube going live answering whatever questions you have around commercial real estate, and giving you some updates as to what I'm up to along the way as well. As always, I think as always, we've at least done it for the last couple of weeks. And I would imagine we'll probably continue to do it moving forward. Since you all love it so much. We are doing a giveaway. Every Tuesday 8:30am Central Standard Time join. The only way the only thing you have to do to get in on the giveaway is drop a comment or a question in the live chat. Let me know what is going on in your world looks like we got Jorge and Dylan Szabo already jumping into the live chat, couple of updates from me, you probably noticed a new ad roll. As we were coming on to the show. I have rebranded CR e launch pro into cre Central. I think Siri launch Pro is just too many words. And I got tired of hearing too many words on every ad roll coming into the show. So we've rebranded it to cre Central, I think that is a much better name for what it is anyway, it is a centralized location where we're going to be putting all of our educational materials, all of our group coaching, one on one coaching, any free trainings that we have, will all be on that one website. So cre central made a little more sense to me to have it that way. This past week have been spending a lot of time working on the course and working on our group coaching program the CRE accelerator, because I think that I mean, we've got enough people in there now it's time to step it up. It's been kind of crazy. I mean, it was funny. I was I was talking to the group yesterday in our our group coaching call. You know, it's, I didn't really start this with the intent of getting into group coaching and doing courses. I just started a YouTube channel back in 2020. And it's, it's been really fun to see how the community has grown. Just because there's not that much information out there on commercial real estate. I mean, that's why I started it right, I was frustrated I was in your shoes. When I first joined the industry almost 11 years ago, there was not a whole lot of opportunity to really learn anything. Unless you wanted to just work for someone for a few years, which you know, that's a great way to learn. But not all of us have that luxury. Later today I'm doing an interview with Matt Anderson, a good buddy of mine here in Nashville, and he's gonna be talking about how he built a $25 million commercial real estate portfolio part time. Damn, I wish I could have listened to that podcast when I was 2425 would have been would have been great. But yeah, we we finally built out like a true online platform for the group coaching which means everything is actually hosted on one platform. So all of our recordings of the group coaching calls will be hosted on there, we'll be able to do some challenges and have do some fun things like that. So I'm really looking excited. I'm looking forward to that. I'm excited about it. This past week has been a crazy one for me. I mean, I feel like I I mean, I look at my calendar and you know if you're watching live that's basically like 7am until five, you know 6pm 6:30pm Today, I've just got back to backs and pretty much every day is like that. It's I prefer days like this, you know, I do occasionally mess. The house slow it was during the pandemic was actually pretty nice. I mean, that's, hey, that's where the YouTube channel came from. That's where I started writing more. I do enjoy that. But man does it make your days go by a lot faster when they are full. It's a lot of fun. So working through some new investment opportunities. Were looking at a second version of the wash right now as you may have heard out towards Chattanooga. We are working on an industrial outdoor storage facility and an indoor climate controlled self storage facility. So hoping to get those off the ground here this year. We're probably To me raising capital for that, and then I've got a our hotel, we finally got our permits. So I know I've updated you all on that I'm probably going to keep saying that, because Damn, I have been working on that for two years. And I just feel really good that we finally got that going. It's, you know, it's a little bit comforting to hear that there are many other developers that are in our shoes that have been waiting for over a year, close to two years as well to get their permits. But at the same time, it doesn't solve the problem, right? Like, yeah, it might make me feel warm and fuzzy. But, you know, that's still two years, that we basically everybody loses, right? Everybody in everybody in the situation loses, the developer loses the investors lose, the city loses the taxpayers lose, because there's so much more in taxes. I mean, think about it, that lot is vacant, which means we have the lowest tax base we possibly will have for that lot for the future. Whereas it could be a hotel right now delivering property taxes, and hotel taxes to the city. That's just a lot of money that, you know, everybody's missing out on. Alright, Jorge is saying good morning, Tyler, hoping you have another successful day. Thank you, Jorge. Right back at you, man. This may be something for a full episode. But how do you determine the maximum allowable offer on a property? Who, so maximum allowable offer maximum allowable offer is more of a residential term, you don't typically hear that too often in commercial real estate. I would imagine it's because we don't typically, there's just not as much education around commercial real estate. And so you don't have a lot of though like, hey, the, here's the formula, here's the maximum, you know, Mao you know, when it comes to commercial properties, I just look at cops, right, I will get the cops and I determine, you know, here's, here's what I need to make as a return on this investment. So if I need to make, you know, a six to 8% cash on cash return, once it's stabilized, hopefully, you're getting more than that, and an 18 to 22% internal rate of return over the next five years, when you sell it, then I'm gonna basically back into it. And that will help me determine what my maximum allowable offer is. It's really tough to kind of bring the Mao into commercial real estate, because there are so many factors like residential, so simple and straightforward, right? You buy a house, you rent it out, you maybe throw some paint on it, do a little landlord special, you know, make sure you paint the light switches, we don't want those to go on painted. And then, you know, you just throw it up there and rent it out. Maybe you make $100 in cash flow a month, and you really hope that the HVAC unit doesn't blow out, right? I just I can't stand residential investing. Whereas in commercial, you know, do you want to put $10,000 into the space? Or do you want to put $150,000 into the space? Do you want to rent it as is at a very cheap rate? Or do you want to rent it for market rates, and put a bunch of money into it? There's so many different avenues that you can take, do you want to rent it to one tenant? Or do you want to rent to five, you know, and split up the space? So it really all comes down to what is your investment strategy? And Jorge, you're absolutely right, we could tell I mean, now that I'm realizing we've been talking about this for like two minutes, three or four minutes now, I could definitely do a whole episode on that. But I hope that helps. I hope that gets you kind of started in the right direction there.

Let's see, Dylan Szabo is saying, can you get a loan on an empty piece of land for a business? Yeah, absolutely, you can. So you know, you'll want to have some plans put together for what you're going to build air for the business. I mean, maybe you're just doing it as an you know, vacant lot. But even then, if you're doing it as a vacant lot, and your business is going to be occupying it, the SBA or your lender, is going to be looking at your business and what you plan to do with it, right. So you'll want to have some pro formas put together cash flow projections to show them how and what you're going to be doing. If you're planning on building on this empty lot, then they'll want to see, you know, architectural and engineering plans. So want to see, you know, bids from contractors, they'll want to make sure that you have everything pulled together before they're willing to just give you the money to close on it. Typically what I recommend as if you're buying land, just close on it and cash and then use that as your collateral to get a construction loan. If you're doing the project, right, it's not going to be that much more than the 20% required downpayment anyway, right? It's probably gonna be about the same. So something to keep in mind, and it'll make your life so much easier. I promise banks love to give construction loans. They are a lot slower to give acquisition and development loans. So there you have it. Alison, good morning, Tyler. Good morning, Alison. The pros and cons of giving $1 number versus negotiable versus leaving blank rental rates. What do you prefer and why? Oh, gosh, I have a good a good story on this one. So back when I was a wee little broker, this was probably 2014 In, I sent out an email blast, and the client that I was working for at the time, keep in mind, this is like one year into my brokerage business. My only client was the developer that I worked for. So 100% of what I knew about leasing commercial real estate came from him. Well, he preferred that we kept everything negotiable or, you know, call broker for rate, right, you know, something along those lines. I never thought anything of it. I just thought that that's kind of what you did. And I had there's a I mean, he's still works in Nashville today. He's, he's, he owns his own boutique, commercial real estate brokerage. And, you know, I sent out an email blast to all the brokers in Nashville that said, you know, hey, we've got this retail space available, the rate is, you know, you know, call broker for the right. He sends me an email back. And he's like, You are wasting my time by sending this out and not giving me a rate. What's the point? I mean, like he sent me an email that he was like, really upset about, I'm reading this going, What in the hell is wrong with this guy? Like, I thought this was how this business is done. So of course, you know, me being a smart assets and have an email back that said, Hey, man, sorry for ruining your day. Here's the price. He sent me back another tirade of just you didn't ruin my day, how dare you think that you did that? I got him good. So that being said, I think that it depends on the asset. If you've got like a Class C shopping center, give me the damn price, right? There's no point like, let's not be coy about this. If you have something that is unbelievably special or unique, and there's a reason that it is so compelling, I'm going to call you anyway, because I want to get more information on the space, totally fine. But if it's just your standard run of the mill property, I think just put the price on there, there's no sense that you're actually going to, you're going to prequalify a lot of people that will waste your time anyway. And, you know, the only time I ever put negotiable is if it's like, this is a big deal, right? This is something special, this is something unique, we need to talk about it, or there's just a lot of moving factors, you know, right? Like the the landlord may be willing to do a TI package or free rent or something that's crazy, that would completely change the rental rate. And we don't necessarily want to, you know, set the wrong expectation of pricing. So that's a long winded way of saying, it depends, which, unfortunately, is everything in commercial real estate. But I hope that kind of gets you in the right direction. Alison CRA group of saying, hey, from no deck again. What's up, Kristen, thanks for joining us. Hope everything is starting to look like summer in North Dakota. I mean, it's been cold in Nashville. I've got to imagine it's got to be cold there. Derek is saying good morning. All Good morning, Derek. Frank, good morning. Thanks for the time. Once again, of course, happy to do it. You're always welcome to join me Tuesdays 8:30am central standard time to dive in all of us. What are the most important things you like to have in place in a lease in order to protect yourself as a commercial landlord? Oh, that is a good one. Okay. So funny enough, we're actually doing part two of negotiating commercial leases, for the brokers roundtable this afternoon. So join in on that 3:30pm Central Standard Time. And if you're listening to this after the fact, it should be that, you know, a few episodes away from this podcast. But, you know, clauses that I like to have me one a personal guarantee, right, the majority of tenants that we deal with are LLCs, they're typically local to regional businesses, right, at least on my property. So we do have a bunch of national tenants as well. But that's a totally different thing. So, you know, the problem with an LLC is that it can be dissolved overnight, people can disappear, or it could just never be dissolved. They pull all the money out of it, and it's just a shell, and there's nothing to go after. So I have a personal guarantee from anybody that owns 10% or more of the business. And that's so that they don't sign a lease, I give them tenant improvement allowance dollars or pay broker commissions, or whatever costs I'm going to have of going through that because it's never free for a landlord to just sign a lease. And they just disappeared, no pay rent, right? So if they're personally guaranteeing the lease, that means that the only way they can actually get out of those rent obligations is if they file for personal bankruptcy. And most people aren't willing to do that. Some people are and they think that that's a great way to solve a lot of problems because you get to just walk away from your debts. But it's most people are not willing to do it because it will screw you for about seven eight years when it comes to getting loans or doing any sort of business so at least at that point, it makes them want to come back to the table Come and talk to you. Of course, you know, another thing is your insurance, right? A lot of people don't pay as much attention to this as you really should. You have insurance requirements in your lease for a reason. And it's good to have them almost every lease I've ever seen has them, but most people don't enforce it or don't pay attention to it. Right. So that's one thing that my property management company does, is we do insurance audits, do we have certificates of insurance from every tenant for the amount of liability or whatever is on the lease that states what they are supposed to have, we had a tenant one time that had some damage done to a roof and their property. And they were supposed to have this was we this is a property that we had taken over. So we were in the process of going through and figuring all this out, like who who do, we need to get COAs from the roof got damaged. And their insurance would have covered that, if they had had insurance, they did not have insurance, but it was their responsibility of the lease, which meant they had to pay for the roof. So it's, it's as much of a protection for you as a landlord as it is for the tenant. I also like to be very strict on my, you know, wait causes and stuff like that. You know, if you're fine, you know, rents due on the first it's late by the fifth. And, you know, it starts to accrue from there, things like that. But honestly, you know, the best thing that you can do to protect yourself as a commercial landlord, have a conversation with the tenant, sit down with them as you're signing the lease and go through every damn clause and make sure they understand exactly what they're signing, and get the questions out of the way on the front end. I've seen a lot of landlords that tried to sneak one past might I mean, I get what you're trying to do, but it's going to cause some issues at some point. So you might as well just be a good person, be a good landlord, have the conversation with him on the front end and be like, Hey, here's how this is going to work. You know, do you have any questions on that? That is honestly the best insurance policy you can get for yourself. Gabe is asking for updates on salt Ranch, Gabe, we got our permits a couple of weeks ago. So we met with our contractor this past week, we are getting the plumbing crew and the electrical crew out there to kind of do their survey and figure out exactly what we need to take the next steps. And we're about to get started. So really excited for them. Draya saying Happy Tuesday. Hello, I appreciate you. Thank you Draya. excited that you're joining us. Let's see Jorge. Thanks, Tyler. It does help. Awesome, man. Glad to hear it. Sometimes I give these answers. I'm like, Ah, man, I feel like I just walked in a circle. I don't know if that was really helpful at all. Derek, what is your opinion on a ground lease? We actually just wrote up a blog post on my website, if you go to Tyler cauble.com/blog talking all about ground leases. And, you know, Derek, my opinion on them varies depending on what the deal is. So if you're,

you know, if you're a business and you're wanting to sign a ground lease to build a building, I don't know that it makes sense. Or if you're an investor that is wanting to do a ground lease, you know, or wanting to buy a ground lease, or you're buying a building that has a ground lease. I don't know that it makes sense. Like I just I wouldn't buy a piece of commercial real estate that didn't own the dirt beneath it. Unless it was like a 99 year lease for a building, you know, down on Main Street in Maine, in New York City. Right. I mean, it's very common in somewhere like New York City for you to have these massive towers that sit on ground leases, because the families own the land. They know how valuable it is they're not going to sell it to a developer. So they give them a 99 year ground lease developer comes in and builds it. It can work in situations like that. But more often than not, it doesn't like in Nashville. There's there are very few places where it would make sense to do Bradley's. All right, let's see. I'm Rita. Yeah, Maria, what's going on? She's saying if there is a commercial property and a residential triplex on the same property for loans, can this qualify under residential mortgage? Oh, that is a good question. I would assume no, simply because if there is a commercial property there and a residential triplex, that's probably going to be considered an investment. That will likely depend on the lender though. And I mean, you would have to live on site for it to be considered a residential mortgage. Otherwise, it's going to be you know, an investment. So you know, if you're going in and I think if you're going for FHA, they don't allow anything commercial going on to the property. So I would imagine that you're probably going to be going under a commercial loan. But that is a question that I would take Your lender, because I think some banks are gonna have different policies when it comes to that. I mean, that's, that's a, that's a really good question. I actually don't know that I'm going to ask. I'm going to ask my buddy about that, because I don't know the answer, like 100%. That's something I need to know. curious now. All right, David, Christy Tyler. Good morning. What kind of property management software do you recommend for managing commercial property? So we use a program called resin, it's not an endorsement. I think resume is fine. It works for us. I think, you know, we've used building before, we've never used App folio. I liked building them, I had no problems with it. That is also not an endorsement. You know, gosh, I'm trying to think of what the first one we ever used what it was like. So bare bones. It's not even really about me, it was a property management software. I like resumes. At the end of the day, I think it's whatever software you're actually going to use, right? It's like I have this conversation with the brokers all the time. Like the best CRM is one that you're actually going to use. Resume is great. Building is great. You know, they all get the job done. And I know a lot of people use that folio. Right? So Rozman used to be just residential management, hence the name Rozman. But it was a smaller company. And my partner's worked with him quite a bit. And they built out the commercial real estate side of things kind of based on our feedback and input to them. So it's like perfect for us, which is Greg evidencing How do I talk about partnering to an older investor without coming across desperate, he would fund it for an equity partner and I would manage construction operations. Also, he brought up partnering will hell, Evan, if he brought up partnering, I don't think you're gonna come across as desperate. I think it's a great situation, man, I would I would jump all over that. I mean, that look, that's how I did my first deal. You know, I came out, I partnered with a developer that had the money had the connections, I put in all the sweat equity into it. Here's, here's what I would say. I would tell them, You know what, you're, you're gonna put up the money, you're gonna help me get the loan, which means you're you're taking almost all of the risk. I will work on this project until it is done, you will get paid back first. And then I will get paid as well. You know, I want 10% equity in the project. And go out there and bust your ass and learn everything you can. That's what I did on my first deal. A lot of people think that 10% is not a lot. But let me tell you this, if you don't, are not putting up a single dollar, and you are not signing on a note, still to this day, right now, if somebody came up to me and said, Tyler, I will sign on the note. And I will give you all the money to do a deal. Will you take 10%? I would say hell yeah, where do I sign? That is a phenomenal deal. Trust me. Because you don't have any financial risk. And all you have to do is go out there and perform. So you know if you can set up a deal like that for 10%. I mean, hey, if you can negotiate better than 10% Go for it. But I'm just saying like, I would be happy with 10%. So you can get 15 17.25 Cool. But I would just tell them, yeah, you know, Evan, sit down. I mean, use chat. GPT. Right. So I'm going to work as the, you know, sweat equity partner. On a commercial real estate development project, please put together a scope of my services and work to present to my financial partners. And it'll put it together a whole thing for you. It's kind of wild. So then you can just sit down with your partner and say, look, here's everything that I'm going to do. And you know, where where do I sign? I think that'd be a great way to do it. Jeff, Jeff, what's going on, man? Good morning, brother. Question revisited from Vermont. Where are you killing it? And where are you flirting with disaster, personal or professional? Anything that community can help with you help you with right now? Oh, gosh. So Jeff is in my mastermind. We met up in Burlington, Vermont. Back in January. He's actually coming into Nashville this week. So Jeff, looking forward to seeing you man. That is a great question. Where are you killing it? And where are you flirting with disaster? Man, where am I killing it? You know, I would say that I am killing it when it comes to social media content right now. I'm feeling really good. But the amount of podcast episodes live streams, the quality of the produced videos that we're doing here on the YouTube channel. I've really, you know, it's great. I mean, we've we've been kind of fine tuning this machine for about four years now. So it's really cool. To see it kind of coming together. Where am I Flirting with Disaster? personal or professional? I'm trying to think I mean, okay. So 40 with disaster. I mean, this is nothing new. This is something that I've always dealt with. And I think that any commercial real estate investor is going to deal with this Is is cashflow, right. So I have this problem where if I have more than six figures in a bank account, I have to put it into real estate. So because of that, I always keep very little cash on me. Well, you know, there's pros and cons to that, right? Like, that's a good thing. In many ways. It's not like I'm going out and spinning it on cars. But it's bad because you know, it's nice to be liquid sometimes. Sometimes it is nice to just have a bunch of cash sitting there. I just for whatever reason, I haven't been able to do I can't do it. So you know, that's, that's not I mean, I guess that's the closest to Flirting with Disaster where I am right now. That being said, it's not like we have any cashflow issues, like we don't have anything going on, where I'm worried that that's going to become a problem. But that is something to where that could be a problem. Like if something happened, you know, if all of a sudden the brokerage didn't close a deal for three months, you know, then we might have some problems, right. There's there's just things like that. So that's one of my goals this year is to invest specifically for cashflow. Jeff, you'll appreciate this, it is on my one sheet. Right. So that is like my biggest goal this year is to invest strictly for cashflow over the past few years, since 2019. All I have done is invest for wealth building, which means I'm going in that the ground of developments and the heavy value adds there's no cash flow at all. But because of that, I've been able to grow my net worth significantly, significantly over the last five years. But you know, it doesn't come without pain. Right. So that's probably where I appreciate the question, man, I mean, anything that the community can help me with right now. I mean, you know, I would just love your feedback, you know, what do y'all liking about the show? What do you not liking about the show? You know, I want to you know, continue to deliver the best high quality commercial real estate educational content out there. So, you know, if you're, if you're listening to this, you know, on YouTube, drop me a comment, let me know what you like, what you don't like, what we can do better at, if you're listening to this on the podcast, you know, right and leave a review and, and I will read it, I promise you. So if you have feedback, I would love to listen to it. Dre is saying How did you work office and retail listings in an up and coming area? Any lead generation tips? So Draya I, I mean, there's a couple of ways one, join the Chamber of Commerce, right? There's a lot of office retail business owners that are in the Chamber of Commerce, and you can network with them there. I would say honestly, just knocking knocking on doors, you have like a seven and a half percent conversion rate on in person meetings, right? So go hand out flyers, seven and a half out of 100 fires you hand out will lead to a conversion that doesn't mean you're gonna close that deal you'll probably close 10 to 20% of those deals. So you know, go out and just talk to him you know, the great thing about retail is more often than not especially local boutiques, the business owner is the is in charge of the Instagram account, just send them a DM so you know, I was very intentional about that

office buildings go in and take a picture of their directory, you know, I mean, they have them right there on the ground floor every single business is right there on one directory. So what I used to do I would just go in and take a picture of it look up every single business and start you know connecting with them on LinkedIn sending a messages whatever. As far as like getting office and retail listings, you know, kind of the kind of the same thing sometimes you'll pick up subleases that way sometimes the owner of the building is there. But honestly the best thing to do is to just send them letters and cold call and network make sure that you are I mean because you can look all these people up in your tax records. So send them all letters cold call them and start hanging out at local real estate investors associations get to know you know the people that would know the investors. Right so when I first moved to East Nashville, my my best friend Brandon Miller, he owns wagon wheel title well guess what title companies know everyone, they man they are the underworld of real estate. They know everyone because they're closing the deals. Right? So they're dealing with the investors, they're dealing with all that stuff. So find the people that are you know, also connected to the people that you want to be connected with. Hope that helps. Salem is saying good morning Tyler watching from Kenya. Thank you, Sal. Man. Good to see you. Vic in Good morning, Tyler. Dig. Do you know a commercial investor local to Philly. You know, I don't but I would imagine you'd be able to just go in and and Google it. See what you can find. See if there's some commercial real estate investing meetups out there. There's gotta be Phillies a big enough city, you're gonna see some stuff like that. Alright, I know we've got some other questions to get to. Unfortunately, I won't be able to get to them today. I gotta make sure that I can get you all in here for the day. for the giveaway so if you have a question that I was not able to get to please drop it in the regular comments in the YouTube video and I will make sure to get to you so I'm gonna put in everybody's names here and now I got Alison we got CRA group once let's see

let's see

I told you guys last week like at some point I will have a will have somebody sitting in here that's going to help me put all of these names in here as I'm going through this process but not today. Not quite there. Plus it's also kind of nice to just sit in here by myself I like not having people in the room when I'm doing these live streams which I know is kind of funny because I'm live with a bunch of you all right now but there is something nice about you know just being in a quiet room me and my thoughts

gosh you know a lot of people jumping in last minute here you guys are really trying to squeeze in the comments. All right, and that is that tweet is saying pig may absolutely do and we'll see what we can do about it. All right, guys. So let's see first what you're going to win

of course, you know on here we've got Tyler AI underwriting spreadsheet, one month of group coaching one on one coaching open for business coach. Oh, wow, somebody's got one month of group coaching. That's excited to see you can also win a copy of my book open for business you can win the beginner's guide to commercial real estate my course. So one month a group coaching Let's see who the winner is.

The gold color, the gold color is the winner. Thank you all for joining us today gold colors, shoot me a DM on Instagram and I will get you hooked up with one month of group coaching. Appreciate you all for joining us. Again, if you have any questions that I didn't get to drop them in the comments below. I'll make sure to respond to everything. Appreciate you all. And I will see y'all in the next one. Are you looking to take the next step toward investing in commercial real estate but don't know where to go? Series central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunity seeking opportunities and guidance from experienced professionals. Whether you're a beginner or looking to take your career to the next level. Care Central has the resources you need. Visit www dot cre central.com To learn more