Strategic Partnerships in Commercial Real Estate pt. 1 | Investors Round Table

In this episode of the Investors Round Table, we'll explore the world of strategic partnerships in commercial real estate investing. Logan, Matt, and I will share our experiences and insights from partnering on deals to help you understand how collaborating with the right partners can accelerate your growth and success in commercial real estate. We'll delve into the various types of strategic partnerships, discuss the benefits they offer, and provide practical advice on how to identify, vet, and approach potential partners.

Whether you're a seasoned residential investor considering the move to commercial properties or a real estate professional guiding clients through this transition, you'll gain valuable knowledge and practical advice. We'll cover crucial topics such as adapting your mindset, building the right network, and mastering the nuances of commercial deal analysis and execution. By the end of our discussion, you'll be equipped with the tools and understanding necessary to confidently take your first steps into the world of commercial real estate investing or to guide others through this transformative process.

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

Key Takeaways:

• Strategic partnerships have been incredibly pivotal in Tyler's career, allowing him to get his first development deal and syndication done, as well as the majority of his deals.

• Tyler emphasizes that you want to bring in partners who can help with things like signing on debt, providing different forms of cash flow, and contributing different skill sets and relationships.

• Tyler cautions against beginner investors trying to take 50% of a deal just because they found it, as they likely don't have the capital or skills to afford the downside risk.

• Tyler shares a personal story about a difficult partnership with a previously close friend, highlighting the importance of aligning values, communication styles, and being able to handle conflicts effectively.

• Tyler stresses that commercial real estate investing is a team sport, and there's no point in trying to do everything yourself. It's important to focus on your strengths and find partners to complement your weaknesses.

• Tyler encourages listeners to join the upcoming Brokers Mastermind that he and Logan are launching, as it will provide an opportunity to learn more about building successful partnerships.

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:

0:00

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.crecentral.com to learn more. Welcome back to the commercial real estate investor podcast today, diving into another round of the brokers roundtable, this time for strategic partnerships. Strategic partnerships have been incredibly pivotal for me and my career. That was what allowed me to get my first development deal done, my first syndication done. And honestly, the majority of deals that I have ever done have come from these strategic partnerships. Because, you know, you want to bring in other people that can help sign on the debt, other people that have different forms of cash flow, people that have different skill sets, different relationships. There's a lot of reasons for that, and that's why we're diving into the strategy behind doing these. So today I'm going to kick it off by passing it over to you. Logan, I mean, I talked a little bit about some of the advantages of of getting started with strategic partnerships. But, I mean, what do you see as the main advantages of forming these joint ventures, LLCs, whatever they are, as you're getting started,

Logan 1:43

well, first and foremost, I think it needs to be said that 50% of all partnerships and joint ventures within the first two to three years fail. I don't think that should surprise anybody. I'm surprised that it's not higher, frankly, because 90% of new businesses fail within the first two to three years as well. So I was really surprised that that didn't that statistic was not higher. But then I got to thinking about that. And if you are forming a strategic partnership in joint venture, and if you do it the right way, you should have a lower failure rate, right? So this is the statistics behind the statistic. You have to think about it a little bit deeper. And why do you have a lower failure rate if you have a joint venture opportunity or a partnership is because you are leveraging other people's expertise, and so strategic partnerships allow investors people to combine different skill sets, experiences, knowledge bases, and hopefully leading to better decision making and risk management. Like, look, I was just at the kickoff for the Kansas City Chiefs going for the three peat this this afternoon. And what struck me was that every single person in that room was not only bought into the process, everybody knew their role, and it was very strategic, right? They've got 1516, 20 coaches. They've got different players. You got players playing different positions, right? You got offense, you got defense, you have all of the back end staff making everything happen. So I think that's number one, is if you do it right, you can leverage other people's expertise. The number one limiter, I think, for people getting started in real estate, is they're limiting beliefs around access to capital. So pooling resources together with a partner can lead to increased capital, and that enables you to have larger and more lucrative investment. Here's one. I mean, not everything works, right? And so you have to think about sharing the risk, you know, and by partnering, you can share the risks associated with real estate investments, reducing your individual exposure. So I think that's one thing that people don't really think about a lot when they're when they're talking because you get started in a partnership and you're like, Man, this is going to go to the moon. I got ex Uber. I got the next Empire State Building. Well, let me remind you that in the 1920s and end of the 20s, into the 30s, when the Empire State Building was released to the public, it was called the empty state building for a long time, and I don't think that the partners that put that deal together thought that they would have an empty office building for years and years. And so that's just a story to kind of think about the shared risk. And then you've got your expansion of network, which I always say that opportunities do not float out in thin air. They're always attached to some body. And so if I've got a problem, I've got a challenge, I'm looking for. Opportunities. I've got five to seven people in my network that I am calling, and so partnerships can really provide access to a broader network of industry contacts, which can lead to more opportunities and insights. And then the last one that I would say is just scalability. You know, partnerships make it easier to scale operations portfolios as combined resources allow for significant and diversified investments. I mean, if you have an operator paired with someone who knows wealthy individuals, that can go really well. But if you both are operators, or you're both, you know, just networking individuals, then the operations might hurt or the capital raising might be hurt. So I think that there's scalability when, when done right in in regards to these partnerships Tyler, so that's what I would say, in regards to, you know, how it has helped me in my career. But also what other people should be should be thinking about,

Tyler Cauble 5:56

yeah, I think those are great points. And you know, one thing that we hear a lot from beginner investors is, you know, Hey, I found a deal. I don't have any money to put it into it, or how many skills to do this, but I want 50% because I found the deal. I mean, what you laid out, there is a great argument for why, if you don't have any money, you should never take 50% of a deal, because you're not going to be able to afford the downside risk of doing that deal, which means your first deal, if it fails, will bankrupt you, right? Which means you're not going to get another bat at bat on a commercial real estate deal for years, if ever again. So we want you to take small wins on your first projects, because you got to work, right? Matt, I mean, you know you're on the legal side of things, right? And we talked about partnerships. We talked about joint ventures. Like, what are some of the different types of structures that you've seen people use? Like, what's the most common and what are some other ways that you could also structure these deals?

Speaker 1 6:54

Yeah. I mean, most common is, is joint venture, I would say. And then followed by partnership. And then followed by, you know, LLC is the next most common, right? But at the end of the day, there's, there's so many, there's almost an unlimited amount of ways to structure strategic partnership, right? I mean, because there are some people who go in on a handshake or who do a deal and they come up with an option agreement, but they work together, right? There are some people who's going to bring the lease and the other person who's going to be the landlord. So, you know, depending on how you think about it, almost an unlimited way, amount of ways to structure a partnership. And so really, what you want to do, I think, is, you know, you want to strategize, you know, the partnership with the strategy of the deal, right? So what is the deal? What is the strategy for the deal? How much capital is needed? Is it something that's going to require a lot of operational lifting, right? Is it a big construction project, or is it something that's more turnkey? Is it something that's going to require heavy capital or low capital, right? Is it something where your lending relationships are going to be incredibly valuable, or where you're going to really need a real estate broker to dig on, dig in on absorption rates or, or, you know, exit cap rates, and think things of that nature. So I think you've got to start with, well, you know, it's a common the common question is, right, do you start with the deal, or do you start with the relationships? You know, that's kind of a common debate among investors. Do I spend my time first trying to build the relationships or find the deal? But I think the reality of it is, at the end of the day, you're going to need both, right? And the deal could determine what kind of relationships are more valuable than others. So, yeah, there's a lot of things we could go into there. Yeah. I mean,

Tyler Cauble 8:40

it's kind of like raising capital. You kind of kind of need to start making these partnerships yesterday as soon as possible. Yeah, Matt, let's, let's talk about JVs partnerships, you know, traditional LLC structures, like, what? What are the pros and cons of of these different variations?

Speaker 1 8:58

Yeah, well, and then, just to start with too. I think a lot of people don't even realize that when a partnership has started, you know, a lot of people don't understand that, if you're entering into a deal and you're expecting to share profit, you probably have partnership, and people don't realize that means you're sharing liability as well, right? So, when you're going out and you're doing business with someone, whether you have documentation or not, you're taking on liability and you're taking on risk from these people you're working with or coming up with these commitments or agreements with. So from my point of view, the more paperwork the better, right? So if you've got a partnership and it's a little bit of a lighter lift, you still want a partnership agreement. You still want a JV agreement. You want to at least paper up, what are the roles and responsibilities and who's sharing which risk and liability, and then if you want to take it a step further, which is going to depend on the deal, then you do the same thing, but you do it with a limited liability company or some or a corporation or some formal entity, and that's going to give you the ability to act. Actually get asset protection, and the other and this ties back to the bank. It ties back to the deal, right? Sometimes you may have financial reasons why you don't want to form an LLC or a corporation, or you may have tax reasons you want to form a corporation instead of an LLC, right? But at the end of the day, that's kind of the spectrum right, as you get in there, from no paperwork to multiple layers of entities. You can you kind of you need to make the strategy work with the strategy of the partnership and the strategy of the deal. So,

Tyler Cauble 10:30

yeah, Logan, you mentioned earlier scale, and you know, there's not really a point in jumping in bed and doing these JVs or partnerships with other investors. If you're going to continue doing deals the same size, right? Because you're you're really just giving up more of the pie that you could kind of already get yourself. But I mean, how, how can partnerships, how can, how can people leverage partnerships to start to scale their portfolio in ways that where one plus one equals three,

Logan 11:01

yes, and I think that some points have been made very well that you do not have to have a overarching partnership at the beginning of a relationship. That means every deal that you do is going to be in this structure with this type of arrangement. I've seen very successful investors bring what they need or what they want in the particular, specific deal, versus an overarching theme. I think that's that goes back to the question that you are asking, which is, what is the vision of what you're trying to build, are you looking to try to build a company, a private equity, real estate company that owns and operates and is going to build legacy wealth over a long period of time? Or is this something that you just came across, a really great opportunity. You don't have time to set all that up. You didn't even think about that, and you need to get the partners in to be able to get a deal done, right? I think that's number one is, what are you trying to build and are you doing this full time? When I think about partners, there's a couple questions that I always try to think about, and the first one being is, do we want the same things? You know, yes, money is usually a shared motivation, but how much people want and how badly they want it, as well as how it fits within the mix of other motivations, like work, life balance is a key discussion point in the relationship time, not seeing a whole lot of partnerships where everyone is balanced In all of the different components, whether that be knowledge, experience, skill, money. You know, there's a lot of times where somebody might have capital, but they don't have the knowledge and experience. And you find someone who has knowledge and experience, there's very few times that, honestly, unless they're doing something really large, that they're searching for the capital because of their prior, you know, track record, right? So I think, do you want the same things as number one? Number two, how hard are you going to work? You know, relatedly, two people are inevitably going to have differences in when and how much they work. You know, admits all of the excitement of exploring a potential partner. You know, it might, it might seem a like a buzzkill to ask, but like, hey, how many hours a week are we going to work on this? What about emailing at night, on the weekends? You know, are we going to work on vacations? Like, those are types of things that need to be vetted out. You know, how are you going to value contributions, right? It's like, you know, you're going to do this, and I'm going to do that, and what value are you putting on it? Because you can get out of out of balance really quickly if, if you feel like one person is is providing more to the partnership than the other one, right? I mean, how are you how are we going to make tough decisions like, you know, they're going to come sooner or later, and so before they arise, is the right time to figure out how to make those right, and I think that's very important. That's probably just not, not just more than the operating agreement, but like, how are you going to handle conflict in the situation? You know? I mean, I'm not going to put Tyler on blast here. But like, man, when he was in Kansas City, I got to listen into a 3545 minute conversation about, you know, one of his friends and business partners that I was like, wow, I just got an insight to how Tyler is going to handle, you know, tough decisions and conflict in the future. And I will say I was very impressed with how he handled the situation, and which is, you know, is a, is a indication to me that like, hey, if there's future opportunities to do business like that was a good way to handle that right. And so if you can get color into that early on in the process, you're going to have a really good idea how it's going to be handled when that bank is calling you, you know, and or the occupancy drops from set 90% to seven. 80% and the water heater goes out on Christmas Eve. Like all of those different things are components to what people need to be thinking about. So back to the question about scalability. This goes to that, because if these things are aligned, and you understand that, then when they they arise, you're able to continue to move forward. But if you get stuck on one of these six questions, and it goes, boom, that thing happens now you're trying to fix that system, and that system, it might take three to six months to fix, and there might be a lot of scar tissue from that, and now you're not scaling right. And so these are, these are not just questions that I've, I say you know, that are complete at the theoretical level, but things that have happened in my own experience and in my own in my own life,

Tyler Cauble 15:46

yeah, that's, uh, thanks for bringing that up. That's funny. I mean, that call was one of the worst calls I've had to take in a long time. And of course, I'm in the car with Logan, and it's one of those calls where it's like, I I have to answer this right now. I'm so sorry. All those turned into a 30 minute yelling match, but, yeah, I mean, it was one of my previously best friends. We did some business together. He, you know, honestly, stepped out of a deal when I needed him most, and things went sideways, right? I mean, Matt, I'm sure you've seen a ton of that, and I it's, it's been a while, I called him out on it, and anyway, by the end of the call, you know, Logan, and I, Logan was like, Dude, that that was kind of wild. What just happened? Because by the end of the call, was like, so we're getting beers next week or what, like, are we gonna catch up and but, yeah, it matters. It matters when you're when you're when you're getting into bet with somebody, and you know, Logan and I are launching the brokers mastermind in October, right? We've had very frank, upfront discussions around, okay, what are you better at than I am? What are my weak points that you you know, you can handle? What's your day to day going to look like compared to my day to day? That way everybody's on the same page, so that if you know I'm doing something today and Logan's not, I'm not pissed off because Logan's not doing something, because that's not fair, because tomorrow Logan's going to be doing something, and I'm not right, but you got to have those conversations up front. What were you going to say? Matt? Sorry.

Speaker 1 17:18

No, no, you're good. But I mean, I think that's such an important point like that. Those examples, it's like part of partnership. It's not just, are you good at this, am I and am I good at this? But it's also, do our values align? And yeah, when things go when things go bad, can I do I really know that this person is going to have my back, because a partnership really sucks when you signed up for two people to share in all the the outcome, and then you're left holding all the responsibility, right? That that's really not fun, right? So some of these intangibles are really, really important when you're choosing your strategic partnerships, like, what do other people? How long have you known the person? How well do you respect them? Have you seen them interact with people? Have you seen them interact with waiters at restaurants? Have you inter seen them interact with other business partners? They have a great track record with partnerships, etc, right? Because you need to be able to count on those people.

Tyler Cauble 18:12

Yeah. I mean, back back when I used to drink, my go to whether I was going to do business with somebody, or hire them, or, you know, we were looking at doing deals together was, I'm gonna go to a bar I could probably out drink you. Let's see how much we can drink, and let's see how you handle yourself, because that oh my gosh, that tells you so I mean, honestly, the only other way to get to know somebody super well is to get into a deal with them and let it go sideways or not, let it just have it go sideways, right? There's no other way to learn until you're really under pressure. But Matt, let's, let's, let's pick that apart a little bit more. I mean, what? What are the quality? What are the qualities like? What are the personality traits that you're looking for within these people like to determine whether or not you have the same moral compass, the same value? Yeah,

Speaker 1 18:58

and, and also, just a segue off of that. So when you do see somebody when when you know things get really ugly, and you see how they handle it, and you're like, Wow, I like the way he or she handled that, or I respect that, or you see someone who's been wronged, and they handle it very well. You you need to pay attention to that. So one of the things I do is I'm always looking for people like that, because that's not always that easy to find. So when you see someone who they have every excuse to show bad character, and they show good character, right? When their backs up against the wall and they keep fighting, when you notice those people have those interactions, then you want to create a relationship with those people, right? So part of strategic partnerships, partnerships is being strategic with who you make relationships, right? And there's actually this Munger. I can't remember whether it was Munger or Buffett, but they talk about one of the things that they did really, really well, and they said one of the most important things they did really well is they just constantly, always tried to re associate with the best people they've ever met. And that's all they did. And they spent a time. Of energy just finding the best possible people, and they built relationships and strategic partnerships with those people only. So I think that's a big part of it, because the reality of it is, as much as, as much as you want to, we all want to pretend like we're a good judge as a character. But you know, for somebody, I've made so many hiring mistakes, I've got to stop pretending like I'm just gonna be able to read somebody correctly. You know what I mean? So, like, the only way, I don't know, I mean, what you're looking for, obviously, is honesty and transparency and integrity and character and someone who has the ability to do the right thing in tough situations, right those the things we all know about. But I don't know that there's a shortcut to knowing that about a person, other than just being in the trenches with them, or spending enough time to get to know them, to know how they act in the trenches?

Tyler Cauble 20:47

Yeah, I completely agree. I mean, it's you learn so much about people when it comes to that that, I mean, look, here's the thing anybody can learn about commercial real estate. Anybody can learn how to build a house, how to renovate a property, how to look at a spreadsheet, that stuff is all teachable. What you can't teach somebody is how to be a good person. You either got it or you don't. You know, it's like being a salesman like you either got that by this point or you don't. I can teach you the commercial real estate side of things. I can teach you how to broker deals. I can't teach you how to go knock on doors and take rejection, right? You either got it or you don't. Logan, how do you find these people? You know? I mean, if you're sitting in the audience right now, you're probably thinking, yeah, that all sounds awesome. Obviously, I want to go find total badasses and get into deals with them. But like, how do you how do you find like minded people like that? Where have you found your partners? Well,

Logan 21:45

if you are a broker and you are listening, I know that Tyler said he can't teach you how to be a salesperson, but I can, and I will be watching out for the launch of the broker's mastermind, because I have 170 slides ready to go for you. Anyways, segwaying into finding and vetting potential partners, right? Like that is the question. How do you go about finding and approaching potential partners? Well, let me tell you guys a quick story. So before I met my wife, Darren Hardy in the book, the compound effect, I think, is what the book is called. He was talking about how he wrote down exactly the type of woman he would want to be married to. He wrote down the qualities, what she looked like, how she responded in certain situations, her values, all those things, and then she sorry. Then he decided, hey, I'm not just going to go search for that type of woman. I'm going to try to become a man that would attract that type of woman into my life. And so I think a similar exercise here is important before you work on networking, referrals, market research, online platforms and all those things that I have talking points on, is understanding who you need to become to attract the right type of partners in your in your in your business, right? And so a great example of that is, okay. Well, if I'm going to attract a capital partner into my business, and I better be an expert, a whiz at not only excel and underwriting and understanding it, but the operation side and construction and make readys, or have assembled a team around me that I can rely on and that is going to be attractive to a capital partner. You go to somebody who just exited out of their business for 2550, $100 million and you're like, hey, you know, I know you had a big exit. What are you going to do with all that capital? And they're like, Well, you know, I've been really thinking about getting into real estate. And you're like, I start to light up, right? However, then you say, you know, then you answer the question of, like, well, what? What are you working on? Well, right now, you know, I'm really trying to put this, this and this in place. That person is already checked out. They're moving on to the next person that has figured out, the protocol, the model, the team that they are going to be working with. So I think that is highly important, is to do that background work and that that introspective work of who you need to become to attract the right type of person, additionally knowing yourself extremely well. You know, Charlie Munger and Warren Buffett were very attuned at who they were and what they needed to fill their gaps on right, and they knew themselves extremely well. How did they do that? Well? They took objective tests. You understand, their personalities. They they were rigorous on feedback. Radical transparency is what Ray Dalio talks about. So if you can understand what your strengths and weaknesses are, and then have stories and experiences to back those up, then you're going to be able to understand what your blind spots are, so you can go attract that that partner into your. More into your world. So I think I'll stop there, because the other stuff is pretty tactical and just not really strategic. I think the point I want to make here is understanding who you need to become and understanding yourself to be able to attract these right potential partners into your

Tyler Cauble 25:14

life. Yeah. I mean, look, commercial real estate investing is not bodybuilding. You do not need to focus on your weaknesses to make them look better, right? Go all in on your strengths, right? If you're the best at finding deals, be the best at finding the best deals. Because the guy that's going to be the detail guy that wants to put all the paperwork together or raise all the capital, he's not going to be the deal guy. If you're incredibly detail oriented and you don't like calling people make sure that you are as as detailed and organized as possible. And you've got all the paperwork you're going through, all the investor, you know, administrative work so that you can compliment the person that's doing all the other work, commercial, real estate's a team sport. There's no point in trying to do all of this by yourself. I've done it before. It's not really fun, because you're going to have to do things you just don't like doing. Matt, I've called attorneys before to dive into doing due diligence on partners, because attorneys sometimes have some resources that you know other people may not necessarily have, that how do you do due diligence on partners? Because you mentioned this earlier, too, and I've had the same problem. People come off great in interviews, right? When you're just hiring someone. Anybody can lie at a networking event, anybody can look good on LinkedIn. Anybody can seem like they're doing something. But how do you actually do due diligence on these people?

Speaker 1 26:33

Yeah, I mean, one thing I always do is encourage people to do is do background searches, right? Do intensive background searches. Have they filed bankruptcy? Have they been in lawsuits? If so, what were they right? All these different things, criminal record, personality tests, multiple personality tests, usually, right? And we've talked about that. Logan just mentioned that I think that's a very important tool, because a lot of times people will try to come off as if they have certain strengths, or they have a certain, you know, personality or value they add. But then you actually look at their their background and experience and their personality test, and it shows that that's not really their real skill set, right? And then another one that's just huge, huge. And it's surprising how often this has dropped the ball. Is just talking to other people that have really gotten the chance to know that person, right? If you're going to partner with someone who has partnered with three other people on deals, you probably want to talk to those people, right? Just like if you're going to hire someone who just left the job for you know that they were there for two years. You want to, you want to understand why they left. You want to talk to their previous employer, right? So that's, that's something I don't really understand. You know how often that gets dropped, is just talking to the to the other people that know them, and trying to understand from them. So those are, those are some of the things. The the secret sauce for the for the lawyer, a lot of times, is the background searches and pulling up everything that's happened in the record. Because you'd be surprised, at least the really bad actors. You'd be surprised how often there's something there, there's there's red flags there, especially

Tyler Cauble 28:03

in this business, right? Because there's always going to be something that was filed, and it's interesting to at least go through and see that guys, we were out of time. We're not going to be able to dive into all of our questions. So y'all come back for part two. We're going to talk about actually structuring these partnerships, how to manage them successfully, pitfalls, risk mitigation, all of the fun stuff before we go am is asking if any of us have done business with wholesalers, and how that relationship has been. AM, I have never done a deal with a wholesaler. I've i There are great wholesalers out there. I've had some bad experiences with wholesalers. So, you know, I think, for better or worse, I think in the residential world, wholesalers can do some really good deals. I haven't really seen too many good ones in the commercial world. Matt Logan, you guys have any other experiences

Speaker 1 28:52

to share? Oh, go ahead. Logan, sorry,

Logan 28:56

I was gonna say most of the wholesalers in the commercial world are, I find to be daisy chains. So they will figure out a deal, that it's actually somebody else's deal, and then they try to build their own list. So it's not worked traditionally very well there, however, on the small residential side and small multifamily side, absolutely, I'm on the list, and I watch it considerably. And the one thing with wholesalers is they're a good one. Those deals move fast, and they move really fast. So anyways, but on the big commercial side, no, I haven't,

Speaker 1 29:29

yeah, I'm similar. I would say the most of the wholesalers that I see who mass market, it's hard to find a really good deal from them, if you have a relationship with someone, where you can kind of get a pocket listing, if you will, sort of thing from a wholesaler or or you're the first person to hear about it. That's where you can really make some magic happen, in my opinion, to find deals and but I haven't even been successful with that in commercial. That's only been in residential and small, multi family well,

Tyler Cauble 29:54

it's just tough in commercial, because there's so much due diligence that you have to do. The timelines are so. Long that you then have to add in even more timeline in order for you to put it under contract, then go find somebody that's going to be at the buyer, then for them to do all of their due diligence. So it's just it's tough to make it line up and make it work. But guys, thanks for joining us today. We will see y'all in part two of strategic partnerships. We'll talk to you that are you looking to take the next step toward investing in commercial real estate but don't know where to go? Siri 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. Series Central has the resources you need. Visit www.crecentral.com to learn more you.