What Every Business Needs to Know before Signing a Lease Pt. 1 | Brokers Round Table

Commercial leases aren't easy to navigate, especially if you're a business owner going through this process for the first time. In this episode, we'll delve into the key terms and conditions to look out for, common pitfalls to avoid, and strategies for negotiating the best possible lease agreement. Whether you're a startup or an established business, this episode will provide valuable insights to help you make informed decisions and secure the right space for your company's needs.

Key Takeaways:

• Commercial leases are much more complex than residential leases, and everything is typically negotiable

• New business owners should assemble a team of professionals (broker, attorney, lender, etc.) to help them navigate the leasing process

• Determining the right amount of space for your business can be challenging, so it's important to physically tour spaces and get a sense of the space needs

• Landlords typically prefer longer-term leases (5+ years) but may be willing to do shorter terms for new businesses if they have a solid business plan

• Having a detailed business plan can help differentiate your business and give the landlord confidence in your ability to succeed

Check out CRE Central: www.crecentral.com

About Your Host:

Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate developer 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:

0:00

This episode of the commercial real estate investor podcast is brought to you by cre launch Pro. This online commercial real estate program is designed to take you from beginner to pro commercial real estate investor with access to all of my courses, our online community and monthly group coaching calls. Learn how to confidently buy your first commercial property today at www dot c r e launch pro.com. Welcome back to the commercial real estate investor podcast live with another brokers roundtable today we're going to be diving into what every business owner should know before they sign the lease. Listen to this podcast, watch this video before you do it. Because we're gonna be covering a lot of things that we have seen. And mine and Chad's 10 plus years each in this industry that have gotten some people in some serious trouble, because they didn't know really kind of how to approach it. But before we get into that, Chad, you had a really cool Post this week on social media, where you were working with Lego on on a building. I mean, talk to me about that.

1:04

Yeah, so I'm, I'm a huge LEGO nerd. And not not my whole life, actually, probably from the ages of six to 12 as a big Lego nerd, and then not for 20 some years. But when you have kids and I happen to have two boys that are also both big in Lego, I came full circle on my Lego hobby. So combining industrial real estate, which I'm a huge industrial real estate nerd with being a Lego nerd. I sourced out a Lego designer who was able to custom design from scratch a property and industrial property. So yeah, I made that ended up costing a lot like it was not cheap. But it turned out so good. He said he made instructions for it, he sent me all the pieces. It's so cool. So I think I might use it as like a closing gift or a thank you gift, because I have included all the part lists on it as well. So I can go in order it at any time and send them the instructions. So I might just try to use it as like a cool thank you gift or a giveaway or something. But yeah, it turned out really cool. I love that man. If you want to do a giveaway, let's let's jump in, I'll pay for half of it. And it'd be it'd be a lot of fun. But I want to I want to get the guy's contact information. Because I agree with you. I think it's a really cool thing to give as a closing gift, but also like, man, just to have that, like the memories of the different projects that you've like, for me that you know, investing and developing in or projects that we've sold or something like that. That's such a cool thing to have

2:29

the wash because imagine Yeah.

2:32

If I could still watch Lego set, oh my gosh. Did people say four? People would love that bias out of it. Yeah. Maybe next next episode, I'll be more prepared. I'll bring the Sentinel. I'll send you the instructions. You could pull it up on screen and let's do a giveaway. I think that'd be a ton of fun. That'd be awesome. Yeah, well, we'll do it. I did a giveaway this morning on the office hours. And it was a it was a lot of fun. And I think we ended up having like 45 people jump in on the giveaway. It's kind of wild. So yeah, we should do it. We'll do a broker's Round Table giveaway. So yeah. If y'all are watching live, join us in two weeks from today. And we'll do another giveaway then. But diving into today's topic, shameless plug back in, gosh, I don't know I was 25 years old. So six years ago, I wrote a book called open for business The Insider's Guide to leasing commercial real estate based on the topic that we are covering today. The reason I decided to write that I had a gosh, she must have been 23 years old girl call me. And she had opened up a boutique in Hillsboro village here in Nashville. And she had signed a lease not looking at it. She just, you know, got right out of college didn't think anything about it figured, hey, you know, every lease I've ever signed apartments, you just sign it, you don't negotiate it, you don't look at it, you just kind of got to do it.

3:55

Well, that lease said that she took full responsibility for the HVAC in it. And we've talked about that before on this podcast, the HVAC, and it was like 14 or 15 years old when she took it. So of course, it was not even six months into her lease, when the HVAC unit blew out. And she had a three year lease, she didn't have the money to spend on buying the landlord of HVAC unit. But that is what she agreed to contractually. And she ended up having to shut her business down. And so that's one of the reasons I wrote the book because I wanted to make sure that business owners at least understood the process by which they should be approaching this from because it's not your typical like going out signing an apartment lease kind of deal. Every single item in a commercial lease, within reason is negotiable. Not everything, but just about everything is negotiable. So Chad when somebody's first started, I mean, let's assume that they're, you know, their startup right? They've got a small business idea. They've never opened a physical location before.

4:57

What are some things that they should keep in mind and

5:00

as they are really space planning, like, you know, we're not even looking for space yet. I'm, uh, you know, I make widgets in my garage. What should I start thinking when I'm considering signing a lease?

5:14

Yeah, that's that's a sad story. And unfortunately, I've heard many variations of like that of that as well. So my heart goes out to that that girl because she had good intentions. And she may have gotten swindled by a landlord that took advantage of the situation, I would say that the biggest thing that I would stress to new companies or companies that perhaps haven't signed a lease in a long time, is to recognize that it is complex, it's not as simple as going and signing a standardized lease agreement for an apartment, where a lot of those times there's there's law, and there's legislation in place that restricts what landlords can and can't do. And it becomes a very straightforward agreement that that a layman should and can understand. Commercial, for the most part just follows commercial law. So any two parties can really agree to virtually anything. And if you have a very sophisticated landlord, which a lot of them are, they buy a lot of property, they have very sophisticated legal teams, they have experienced people on their on their own in turtle teams, there is a clear advantage for that negotiation process. And then you add to the fact that a new company might be trying to be thrifty, they might be trying to save money, they might legitimately need that money for upcoming payroll or for marketing. So they might say, the soft costs of leasing a space. And generally that could be any consultant advice, legal team and accounting, an opinion on it having a broker involved, although quite often, they get paid by the landlord. But there's a temptation with a lot of new businesses to forego those costs and just try to go through it themselves. And it can be as simple as just saying, Well, I've read contracts before, maybe this one, I don't even have the ability to negotiate. So I guess I just have to accept it. And they don't hire an attorney, or they don't have a broker and accountant helping them with that process. That's usually the case. Because I suspect in in the scenario where your friend was involved, had she had a broker and an accountant and a lawyer involved in that process and probably would have been caught, should have been caught anyways. So that's unfortunate for her. But it's also just the cost of not doing business properly. And to do business properly, I think you need a full team. So that you're comparing yourself being that David versus Goliath kind of analogy, if the landlord is as big institutional landlord, or even just a landlord that's done it for a long time. If you haven't done a transaction in years, or this is your first one, you're at a clear disadvantage. So that's the biggest mistake that I see is that people just try to do it themselves. And if you forego having people on your side, working in your best interests, just carries a lot of risk. Yeah, I couldn't agree more. I mean, look, think about it this way. These landlords are mostly professional, right? They do this for a living, they typically own multiple units, they've been doing it for years. And they still have brokers. They still have attorneys, they know what they're doing. And they still have representation to help them go through this process and make sure that they're staying on top of things. So the only way for you to remotely level the playing field is if you are going out and assembling the right team. That's typically what I recommend. Absolute first step, if you're considering opening any commercial real estate space, find a broker, find an attorney, find a lender, find a contractor, a CPA, just start building out that team. And you know, broker can typically connect you with every single one of those connections. That's the nice thing about brokers. I mean, if you think about them, they're really the nexus point of relationships in the commercial real estate industry, it is their job to be able to connect you with the best people for the job because they want to get the deal closed, right? They only get paid based on commission. So Chad, let's let's talk about like defining your space needs, right? Like how do I figure out how much space I actually need for my startup? And, you know, that's a question I get a lot from, from newer business owners, people that are kind of going through the fundraising phase or, you know, just hey, let's, let's throw up a website and test it out. So, you know, you're typically working with industrial clients, right? We're talking professional services such as plumbing, electrical, but you also have some light manufacturing, right? People that are making widgets in their garage. I mean, how, how do you help them determine what space is actually going to fit their needs?

9:55

Great question. And it's it's a function largely of that company getting to the stage where they

10:00

Need a space. So it could have been they were working, there's two partners, they're both using their garages as space and their wife said, You need to get your vehicles out of the garage so we could park, parking it again. So they usually have a pretty good idea. Like if a garage is 400 500 square feet, and they're like, well, we need at least four times this, then that's the entry level decision that usually gets made is let's go for a small 2000 square foot Bay, that just so happens that a lot of that smaller, small bay inventory is in that two to 3000 square foot range. I would say and, and stupid we didn't have Jesse and I had him on because they're the experts in retail and office, maybe you could give some commentary on as well. It's different in office, because there usually are some pretty good estimates that you can use, like how many employees you're going to have, what size of offices do you want, how much bullpen space kitchen area how much circulation space you need, with industrial usually just comes down to getting a sense for what you're putting in there, how big you need, how high you need the ceilings, if you're going to put racking in there. And I found that for a lot of first time tenants anyways, it's, it's important to just walk through spaces. So you might want to walk through a 2000 square foot space, you might want to walk through a 4000 square foot space. And that preliminary walkthrough gives you a pretty good sense of how much space there is, and then also what you get and what it's going to cost you for that space. So I think it's in the industrial side, at least for this new beginning smaller tenants, I think it's helpful to just walk through a few spaces and orient yourself on how much you can do with this much space. Or if you have higher ceilings, if you're going to put racking in there, how much does that contribute to it? But it really is just a function of have seen for yourself, because it's really hard to conceptualize it by just looking at the picture. Yep, I agree. I mean, I think you know, when you're first going through that process, it's almost impossible to say yeah, oh, yeah. You know what, I think for this concept, I need 1500 square feet. Most people have no idea how big or how small that is. They don't I mean, I've taken clients into a 5000 square foot space, and they thought it was 3000 square feet. Right? I mean, it's it's, it's kind of wild how people don't necessarily have a conception of that, because like, the only way that we think about it is oh, my apartments, you know, 750 or 1000 square feet, right? It's a very different thing. So yeah, go out, walk other, you know, if you're a retail clothing boutique, go on other clothing boutiques, look at how much product they have on the walls. And think through Do you have that many skews do you need that much space.

12:34

And it also kind of comes down to design as well, right, like, especially if we're talking about retail boutiques, and I'm going to try and fill in for Adam he's way, way, way better at the high end stuff than I am. But, you know, there's, there's a very fine balance there. Because what you don't want to have is too little product in too much space, or too much product in too little space, right? There's a very fine balance that makes your customers you know, comfortable. And same with the office office is relatively easy. You kind of look at your team and you go well, I've got you know, three people, I'm expecting to bring it on the executive team. So we need three private offices. And we'll have, you know, five, you know, interns and admin, so we'll need a bullpen and a reception desk, right? It's like, okay, well, that's, you know, you tell an office broker that they go, okay, cool. You need like 1200 square feet, 1500 square feet, whatever that is.

13:23

And you can kind of go and tour some spaces from there. So when you're going through this process, Chad, and somebody you know, is wanting to sign a lease as a startup, how long do you typically recommend for their term? Does it make sense for a tenant to just come out and sign a 10 year lease right off the bat?

13:43

This is such a funny topic, because this is a comment that I hear more than any other comment from new tenants is that they all think that their business is going to grow three to four to 500%. In the next coming years, I hear that all the time, every company will say, Well, we're probably going to double or triple. So we don't want to walk into a long term lease. And of course, that's lofty expectations. And sometimes they don't last at all. But that is a comment that I hear and and I appreciate that. That hesitation to want to commit to something long term, when you really don't understand your company. There's always a bit of push and pull on this. And it's we talk about levers a lot on this on this show. For some reason. We always mentioned the lever analogy, but it's no different. If you pull one lever and you want a short term lease, that means that the landlord now has the uncertainty of not having a longer term tenant. And would they prefer to just wait until someone comes and has term? It's one of the advantages of commercial and industrial real estate is a you can have longer term leases. So if you're proposing to the landlord that you only want a short term lease for a number of very good and valid reasons, that landlord has to forego something and that could be passing on another tenant that perhaps came two weeks later and was willing to do a longer term lease

15:00

So there's there's an opportunity costs for both the landlord and the tenant in this perspective. That being said, on the small base stuff, and I have one client that he's actually my longest running client, he's been inclined to mine for 18 years. Now, he owns a handful of built industrial buildings with a lot of small base. So I've done dozens and dozens of these over the years. And he's pretty receptive to it. He understands that small businesses going in there, he likes to see a business plan he likes to see, okay, well, here's how we're actually going to project what we're trying to do. And he likes to have it in his mind that if the company is doing really well, he will try to expand them or try to give them an extra bay or whatever it is. But he's, he's pretty lenient. On the other hand, there's some landlords, they'll just refuse to do anything less than three years, maybe even five years on the small base. So I think it's, it's a battle of trying to find landlords that are receptive to it. And also balancing out the fact that if you do go and start into a new space, you probably don't want to spend a lot of money on it. Because if you go in, and let's just say you have an arbitrary rate of $10 a square foot, and you go and spend a bunch of money in that space. Now, if you leave, that's the landlord's property now, and you might be faced with a higher lease rate, or whatever it is, or moving costs, there's so many factors that go into it beyond just the lease term, that it really does become a bit of a juggling act, where tenants still have to do what's in the best interest of their business, including term, but that's one component of a lease. So I totally understand that I sympathize with tenants or do want to have shorter term leases, because of the uncertainty and, and all of that, I also understand the landlord's position of not necessarily wanting to give a short term lease. So it becomes a bit of a game. And it's it's searching, and it's making sure you find a landlord and a tenant that are compatible, and they're out there. But it does take work. It's not as easy as just saying, Okay, well, I want to start a business, I'm gonna go find a space for one year, and we're going to try it out. It's not that easy. A lot of landlords are very reluctant to do short term leases, especially with new companies. Yeah, and at the end of the day, I mean, I like longer term leases, five years plus, because at the at the end of the day, it's it's not uncommon in commercial real estate to have a sublease and assignment clause in that lease. So as long as you're being very conscientious about space planning, and, you know,

17:27

design, right, to where it's not overly burdensome for somebody else to come in and sublease it from you.

17:35

Because the layout works very easily, the colors are kind of okay, right, like don't paint the walls black, something that's going to take 20 different coats to cover up,

17:44

then you'll you'll be able to sublease it right? You've got that right in the lease, just make sure that you understand what that means. Because I mean, one, you'll have the flexibility, right, you may be able to negotiate better terms with a landlord who would prefer a longer term deal. But you'll also be able to backfill that tenant, whether your space, you decide, hey, you know what, I don't need space anymore, or Wow, we are outgrowing this space so fast, we gotta get out of here, you can always sublease it to somebody else move on and not have to worry about it.

18:12

Chad, you mentioned earlier that, you know some tenants have to prepare a business plan going into like to present to a landlord, that may be something kind of new for some business owners, right? They're putting together business plans for maybe some investors, maybe for their banker to get a loan. But why do business owners have to present a business plan to the landlord? And what else should a startup company be thinking about preparing before they start searching for a lease?

18:41

Yeah, really has become a lost art where business plans seem to be a lot more popular in years past, and they're not as much now. And I don't think you need to, it's not imperative that you have a business plan. But I think it separates you from another tenant that doesn't have one. And this isn't uncommon. If a space comes available, a little 2000 square foot warehouse unit, it's not uncommon that there might be a couple tenants that are interested in that. And all things being equal if the tenants are very similar, but one has a business plan and one doesn't think it's differentiating one from the other. So I would always recommend to a tenant to have a business plan, because quite often they don't have any financial information to share. If it's a brand new company, they have nothing if it's a two or three year old company, their revenue and retained earnings and everything that that a landlord is going to want to look at is probably limited. So supplementing whatever you have with a business plan at least shows to the landlord that you've given some thoughtful consideration to what you're trying to do in that space. And going back to the earlier comment, there's there's still an opportunity cost for the landlord to lease out space. And I think what a lot of new tenants

19:53

almost feel misinformed about is that any landlord should be grateful to just find a tenant for their space.

20:00

It's vacant right now. So any tenant willing to pay anything they should be, they should be thanking them on their knees. And that's just not the case. Unless you're dealing with a landlord that's under considerable duress. And that's rare, you're dealing with sophisticated landlords that have that that might be their only vacancy in their portfolio. So I can assure you, that landlord is not begging you to lease their space, I can just say that from 20 years in the business, they're not begging you to lease that space. So I dispel that idea that a landlord should just be grateful that you're there and you want to take it, because they're still taking a risk that your business doesn't succeed. And if it doesn't succeed, now, they've got to go through the process of getting you out of there. And that's a process in itself terminating a lease and dealing with all the things that come with that, is there equipment that that's in there that's being leased? And do they have to deal with that, and if it goes into a receivership, they have to deal with lenders and lawyers, it the process of getting a tenant out is quite frustrating. So a landlord is going to want to have a pretty good conviction that the tenant is able and capable of paying that rent well, before they even get excited about it. So that a tenant that doesn't have that is just already at a disadvantage that I know from firsthand experience, and even within my own portfolio of properties, I would be very, very reluctant to lease to a brand new tenant that didn't have a business plan. It's it's just not worth it. And maybe if it was the office market, maybe they're willing to take a flyer on it if there's 30% vacancy, and they just want to have people in there, maybe. But if you're in a normal market, and like retail, or industrial or multifamily where the vacancy rates are low, they're just not willing to take that risk. So I think having that business plan is ultimately what's going to just give you a little bit of an edge, it might not be a silver sword, but it's at least something which is always going to be better than nothing. Yeah, you've got to have a business plan. I always ask for like a branding and marketing package, right. Like I want to know more about their company who they are, you know, brand, you know, you can also do that through a website today. But some some brands have that, you know, I like to see two to three years of financials. Right. So tax returns a personal financial statement, something like that. I mean, pretty much whatever you're going to be preparing for your SBA lender is what you need to expect to prepare for a landlord to review. Kind of like Chad mentioned earlier, I mean, there is no fair housing act when it comes to commercial real estate, this is business. So a landlord can deny you based on your financials, not meeting his criteria, or based on your business plan, not meeting his expectations of you know what level of business needs to be going into that space. And I want to break down what Chad said further two.

22:51

Landlords are not desperate for cash flow. A lot of tenants think that oh, well, you know, this space has been sitting vacant for a while, if I just sign it for $1,000 a month less than what he's asking, you know, he should be grateful. Well, let's run the math on that. And I'll show you exactly why that doesn't work for landlords. So let's take a $5,000 a month triple net lease. So the base rent the NOI that the property is valued on is 60,000 a year for that lease. If I divide that by an 8% cap rate, that lease is worth $750,000 on that property. So that's a $750,000 increase in value. If I just go down $1,000 a month. So now we're at $4,000, triple net, which gives us $48,000 In noi a year, on an 8% cap rate, it's now worth $600,000. So just by going down $1,000 a month, the landlord has actually lost $150,000 in value.

23:55

I don't know about you, but if my rent is 60,000 a year, I'll let it sit for two years before I start thinking about making money in a different way. Right? And go ahead. It's such a profound point and breaking that down like that is genius, because you can actually see how that value gets crystallized. It also has a compounding effect that if you have a multi tenant building, and other tenants catch wind that you did a deal less than what they are paying. And if they're coming up for renewal, you better believe that they're going to be using that as a comp when they're trying to negotiate their renewal as well. So now you spread that over the whole building where tenants seem to unionize like you. You could have really good relationships with your tenants and I think every landlord strives to do that. But tenants will always talk because they see each other all the time they see each other when they're taking out the garbage. They see each other when they're just in the parking lot. So they talk and if one tenant finds out that the new tenant just got it at $4,000 a month when they're coming off a $5,000 a month lease

25:00

Aiden, they're coming up for renewal, they're gonna be pushing for that, too. So it's just further erosion of the asset value, as opposed to looking at it just in the context of cash flow. So brilliantly explained that's, that's very, like every new agent and new broker and new business should really pay attention to that, because that is exactly how that works. You this? Yeah, it makes a big difference. And that's why landlords just don't care about the cash flow. Like, yeah, like cash flow is great. But I'm not willing to get the cash today to lose $150,000 in value. Because I mean, if you think about it, like there's also loan covenants, right? If now my property is worth less than my lender might call me and say, Hey, your property just went down in value by 150 grand because you signed this lease, you need to put up another 25 or $30,000 to get your loan to value ratio, correct. There's all sorts of things like that, that, you know, I mean, you'd almost rather have it vacant than deal with that. Right? Because at least they could still valued at 750. Vic is saying, Hi, Tyler Viken, what's going on? Good to see you. Again. Vicki was in here earlier for office hours. How do you build a resume to get a loan from a bank? Kind of like what we're talking about right now, Chad? I mean, what are your thoughts on on building a track record? To You know, this is probably more on the investment side? But what are your thoughts on, you know, building a strong enough resume to where a bag is like, Yeah, I'll give you some money.

26:22

I think it all comes down. And not that it's a secret. But I think it comes down to just putting yourself in the other person's shoes. So if you're going in and asking for money, and you've never done a commercial project before, and you don't have a lot of money to put in, and your credit isn't great. Put yourself in that person's shoes, are they are you going to lend to that person the other way around? And maybe, maybe if you've got to hit quota, and you just have to get money deployed, because banks are in the business of lending money. But I don't know of many banks that are willing to be that generous. So I think what banks are going to want to see is a plan, how can you give me comfort that this loan is going to get repaid, because the last thing I want is this getting sent in for receivership or foreclosure and then it looks bad on me and I pitched this deal. They all want comfort. And this is all that a bank wants. They want to securitize their money against the real estate. And they want to have covered that coverage and comfort that if the property didn't go through, they have some gap. That's why the loan to value is typically in that 65 to 70% range, they want to have some margin in there. But they also want to know the borrower's capacity to pay it back. And you might not have a lot of experience to share. And that is the toughest part with getting into investing. First property for I did some residential when I was younger, but first and industrial property I ever bought in 2014 was a really small industrial condo was like $400,000. But we had to buy that my partner and I bought that we had to buy that because we had no track record. Fast forward today. And we've done a number of transactions. And now we can tell that story we have a narrative on on our track record and our history. But even with that first deal, we did a business plan, we put together exactly how we're going to manage this what our game plan is what the long term outlook was a full pro forma on it on a $400,000 condo, we put together that full plan, because sometimes you just have to start small. So I would have a very competent plan, no matter what you're doing. It's just whether you're a broker or business investor. Having a business plan isn't just a platitude. It's not just something that you have just because somebody might want to see it, it really is setting your expectations for how you can navigate a very crazy world because real estate and business in general is crazy. So it's always going to change as always things punching us in the face and uncertainties and geopolitical crap and political things. There's we're always getting bombarded. But if you have a plan on saying these are, what my projections are, here's how we'll adjust and adapt if we have to. And here's how we're going to weed through all this time. I just think you're already in a much better position for yourself, irrespective of whether a lender or landlord wants it. That's that's a bonus because they are gonna want it. But having a business plan, like I just can't emphasize that enough. It seems so obvious. And there's that's business one on one. But you'd be surprised how many people don't actually put together a business plan. It's scary, actually. Oh, yeah. I mean, at least just write your thoughts out on how you think you should be doing things like, come on. Yeah, I mean, look, at the end of the day, banks are the most conservative partner that you're ever going to have in any kind of deal you do. Right? They want to make sure that there is very little risk in anything, right. So maybe if you went to a bank and you had zero track record, you wanted to borrow a million dollars, but you were putting $7 million into a deal. They might say you know what?

30:00

We'll take a flyer, we'll give you a million dollars, because the property is worth way more than the loan that we're putting on it right, your loan to value ratio is, is very, very low.

30:11

Which means that they're de risked, right? I mean, that's why banks require you to put money down and commercial real estate, right? Typically 20% or more. Because they know if they have to foreclose on you and take that property back and sell it at a discount, they're probably still gonna get their money back because at least there's 20% in the deal, they can get the rest of their 80% covered, or, you know, whatever that amount is. So, you know, important to keep in mind and also find a partner. I mean, go JV with good people, you know, you get to add their track record to your track record, it makes your life that much easier. And, you know, I couldn't, I couldn't recommend that more. That's how I got started. Chad, I'm sorry, man, I've gotta run, I got a text message that I've got to go help somebody do something. So, audience, we will turn this into a part one and part two. Next time, we're going to be covering the different lease types, key terms and conditions that you should be paying attention to in the lease, evaluating the landlord. Yes, you should also be interviewing the landlord to make sure that you guys if you're gonna be signing a five year lease, you're gonna get along. Appreciate you all joining us live today. Your way next week to giveaway don't forget the giveaway. Yes, in part two of this series, which will be in two weeks from today. You know what, let's just go ahead and plug the date. That is going to be April 23. At 3:30pm Central Standard Time, we will do a Lego giveaway. So join us live. We'll make the rules really easy. How do you enter a comment or ask a question in the live stream and you'll get entered. We'll do the drawing live. We'll make it we'll make it a lot of fun. It'll be great. So again, appreciate you all. We'll see you all in the next one.

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