What's Holding You Back? Best Use for Land, and More (Office Hours)

Each week, I'm going live at 8:30am CST for my "office hours" to answer your questions about commercial real estate on the show. Let's hear what you'd like to know when it comes to brokerage, investment, and development!

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

Key Takeaways:

• Launching the Brokers Mastermind program with over 270 people attending the introductory webinar. Enrollment closes on October 4, 2024, with pricing increasing in March 2025.

• Discussing the challenges of going "all-in" on commercial real estate, including the importance of having a 6-month financial cushion when starting a brokerage career.

• Highlighting the benefits of flex space as a commercial real estate investment, combining industrial and office needs, and the opportunities in converting existing office buildings.

• Advising on managing long-distance investments, such as using platforms like Neighbor.com for truck parking lots, and the importance of understanding local market dynamics.

• Emphasizing the value of networking, prospecting, and finding side jobs that don't interfere with building a commercial real estate business.

• Discussing ongoing development projects, including a boutique hotel, self-storage, and a new food hall concept.

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 live from the cobble group Studios here in Nashville, Tennessee. Back with another round of office hours. We're going live answering your questions around commercial real estate, whatever you got. Jump in, let me know, and we'll dive into it. Ask your questions, drop them in the live chat. Question of the day today is, what's holding you back from going all in on commercial real estate? I want to know what's what's keeping you from moving forward, and whether that's on the brokerage side, jumping all in, becoming a commercial real estate broker, whether that's on the investment side, jumping all in and focusing exclusively on Commercial Real Estate Investments, what is currently holding you back from going all in on commercial real estate? Let's talk about that today, because I don't think that is an uncommon fear at all. You know, I was a commercial real estate broker for five years before I decided to go all in on the investment side of things. And, man, I wish I wish I had done it sooner, but it's it's tough to make that leap. Let's catch you up on what's been going on for the past week. It's been a wild week, that's for sure. We launched the brokers mastermind. We had our introductory webinar to the group on Wednesday night. We had over 270 people in that in the webinar, which is pretty cool to see. So excited to be launching the brokers mastermind. It's going to be based on a similar format to my cre accelerator mastermind, which is exclusively for commercial real estate investors. We do have some brokers in that group, though, that want to transition into investment. But it'll be weekly group coaching, calls, quarterly, in person, meetups. We're gonna have some big name brands come in and talk to us at least once a month about how to work with them, how to find them. Sites, some really, really interesting stuff that's going on. So if you're interested in taking your brokerage game to the next level, we are closing enrollment this Friday, which would be Friday October. You fourth Friday, October 4, 2024 we are closing enrollment. That doesn't mean that we won't open it up again at some point. It'll probably be March of 25 and the pricing is going to go way up. So if you want to get in and preserve the pricing for the initial cohort, go ahead and give me a call I've got or shoot the office at the cobble group.com email, address and email, and we'll get you a call booked with me. This past weekend, I was in Arizona with Ken McElroy hanging out at Orchard Canyon, which is his boutique hotel property up in Sedona. Absolutely gorgeous property. What an incredible experience. Ken and Daniil and their whole team, so generous and kind with their time and welcomed us with open arms. We put together some pretty amazing content for you all. We did a story on the deal on this property that Ken owns. And if you follow me on Instagram, you got to see some of the shots we were filming. So much, I did not have the time to really go all in on Instagram, but I shared what, you know, I shared a little bit. It's an incredible property, and even more incredible story, Ken is a really, he's an admirable commercial real estate investor. So really looking forward to getting that out for you all. And we did something new on that one, since we were flying out to, you know, Arizona, taking a trip, we filmed a little travel vlog, little behind the scenes. What it looks like actually shooting some of this content. We'll see how it turns out. You know, I not a big travel vlogger. Obviously, we've never done that before. I will say, I think it'll be cool to, like, share some of the behind the scenes stuff, it's tough to actually film that type of content, so I never really thought about this, obviously, because I've never gone out and shot anything like that. But you've got to think about, like, there's some, you know, more personal moments that happen where it's like, Oh, hold on, let me pull my camera out. Will you say that again? I'm not that kind of guy. I'm just I'm not gonna do it. So you either have to have the cameras rolling 24/7, which is just impossible to do with two people you know, me and my videographer, Brett, or you've gotta, like, do that awkward. Like, let's stage this whole thing. And to me, that's so inauthentic I can't. Do that. So there's some moments that we're not going to be able to share in the travel vlog that I kind of wish we were but it also would have ruined those moments for us in person. So I hope that makes sense, and I hope you guys are forgiving on that, but I think it'll still be really cool. There's still, I mean, there's still a ton of content for us to dive into, so it'll be a lot of fun. So we're doing a travel vlog. We're doing a story of the deal, and then we'll probably have a third video, because Ken and I talked so much just about our general thoughts on commercial real estate in the market. And you know, what we're looking to invest in and what we're avoiding investing investing in, they don't necessarily make sense for either video. So maybe we'll have a third video on, you know, tips from commercial real estate investors. This Thursday, I am going to New York City. We're gonna be filming with a pretty big commercial real estate broker there. Some of you all may know who I'm talking about, but really excited for that. We're flying out super early in the morning and then flying back super late at night. You know, anything for the content, right? So we'll be really cool and interesting to see what's going on in the commercial real estate market in New York and what the opportunities are there, because that's just a different level of game, right? I mean, you've got brokers there that are doing a billion dollars a year in sales, which is nuts, right? Absolutely nuts. All right, guys, question of the day again is, what's holding you back from going all in on commercial real estate? Wanna have a discussion around this. I wanna hear what's what's holding you back from making that your full time gig? Kyle is saying this damn multifamily property that I still own. Sorry to hear about it. Kyle, hopefully we can get that thing sold. Get you 1031 into into some triple net commercial or something like that. Envy stars is saying, trying to make a jump from fpna to investment sales, waiting on bonus to help cushion slow sales for a bet. I think it's a great point when you're first getting into commercial real estate brokerage. I mean, especially if you're doing some bigger deals, they take time. I mean, I've had deals that close after 18 months, right? So, I mean, think about that a year and a half without getting paid on something that I had to keep working on. And as brokers, we get paid commissions, right? That's, that's just how this world works. So you're not going to have the opportunity to get a weekly monthly draw or salary more often than not. So it is important that if you're gonna be getting into commercial real estate that you have, I typically tell people a six month nest egg, can you cover your expenses for six months? And that doesn't mean like, Hey, quit everything and figure it out for six months. When I first got started, I was bartending on the way or waiting tables on weekends, right? Or working in construction with my grandfather. I was doing anything I could just to make enough money to make ends meet while I was building up my commercial real estate business. And I only had to do that for about a year or two years, Max. I mean, it was probably about a year, though, and best move I could have ever made because I wasn't stressed about money. I had enough to keep me going, you know, while things were interesting, to say the least. And I don't have to do that anymore. Now. I get to work on weekends because I want to, not because I have to. Let's get this out of the camera. All right, let's see what else we got here. Evan is saying, Thanks for answering my question a couple of weeks ago, happy to answer your questions. That's what I'm here for. Every Tuesday, I decided to partner with an experienced investor for my first ground up flex based development. Will be interesting to see how things go. Evan, I think that's great. Man, Congrats on getting that done. Highly recommend just making sure that you have an attorney put all of your documents together, make sure that they are representing you and not both of you as partners. That attorney needs to be have a fiduciary responsibility to you, to making sure that you are protected in the agreement. Otherwise, I think that that is great. John is asking, Can we pay monthly for the mastermind? Yes, yes. So we took a different approach with this mastermind, the broker's mastermind is $10,000 for the year, or $1,000 a month, right? I mean, we fully understand that not everybody can just write a check for for $10,000 we know some people that are doing that because they want to save the two grand. However, you know, especially if you're earlier on in your brokerage career, it's a lot easier to just pay $1,000 a month. So absolutely, John, you can pay it $1,000 a month. Happy to accommodate where we can the dosu family is Evan. Where did you find people to partner with? Oh, cool. They're having a conversation in the chat about how they figure this out. Evan said I was introduced to them through another investor that I knew that's a great way to go out and find partners is one. It's just tell everyone and their grandmother that you are getting started in commercial real estate, that you're investing in commercial real estate, that you are going through

and finding deals and opportunities, and that you want to be connected to high net worth people that may not have the time to go out and find these deals themselves. And you want to give them the opportunity to invest with you and make and multiply their money, right? A lot of people, when they are first getting started in the commercial real estate investing side of things that they're worried about raising capital, right? Here's the thing, you don't have to have a single dollar to your name to go out and do these deals. I've done massive deals where I borrowed the earnest money I didn't have to come out of pocket for it, right? My attorneys don't send me a bill until the deal is closing, right? They just include their bill in the closing there's things like that to where, you know, you can kind of push off some of these expenses out of pocket expenses until the deal closes, so that you don't have to worry about that. They go out raise the capital, you know, I hear all the time, like, Ah, just, you know, I feel like I'm asking people for money. You're not asking people for money. If you're going out and raising capital, you're giving people an opportunity to multiply their money. Right now, don't go out and guarantee that you're going to give them a return on the cash. I mean, at the end of the day, every type of investment, whether it's gold or it's real estate, has some sort of inherent risk to where the value could go to zero, right? For whatever reason, the chances of that are pretty small, but it could happen. So don't ever say that you're going to guarantee somebody their their returns, but you're giving somebody a chance to multiply their money, right? And they don't have to do anything for it. If somebody came to me and said, Tyler, if you give me $100,000 Tyler, if you give me $100,000 today, I'm gonna give you $300,000 back in five years, I'd be like, cool, let's, let's talk about it. I mean, it's tough for me because I can, I can make higher returns than that on my capital invested. So maybe if they came to me and said, Tyler, for 100 grand, I'll give you 500 grand back in five years. All right, let's have a conversation that that makes sense to me and that, there you have it. That was a negotiation with an investor. Every investor is going to have different wants and needs for their capital depending on what they are exposed to. So highly recommend just having the conversations, asking these investors what they want and need. John is saying there's an oversaturation of brokers. I would agree with that in some respects. So if we're talking on the residential side of things, 100% there are way too many residential real estate agents out there. I mean, at the end of the day, 10% of them do 90% of the work. And in that 10% they're really, really good at what they do. On the commercial real estate brokerage side of things, I actually think that we're pretty well balanced in the market, I don't know, at least in Nashville, right? So in my anecdotal experience, Nashville is not oversaturated with brokers. We've got a pretty good balance to where there's plenty of deals out there for the brokers and luck at the end of the day. And this is what we're going to be diving into in the broker's mastermind, the better brokers get all the they get all the deals, right? I would rather be in the 10% of commercial real estate brokers out there getting 90% of the deals and 90% of the commissions, because those numbers start to look really, really insane, which is pretty cool. Rosa is saying, Evan, how did you decide on flex space? I think that's a great question. Evan said, land is by the highway and populated areas as well as demand in that area for small businesses. So flex space is a really interesting product because it kind of combines a couple of different needs, right? So you've got the industrial side of things, which is doing really well with e Commerce today, but you've got office which people are kind of worried about, like, oh, nobody's leasing office space. Yeah, they are. It's just called Flex now, and also office space. I mean, I'm in again. You guys have heard me say this 1000 times, but I'm in a 30,000 square foot office building here that I bought in 2019, it's 100% occupied now. I mean, it's, it was 40% occupied when I first bought it, but almost every single one of our spaces is under 2000 square feet. We've got two tenants that are bigger than that. Most of them are a lot smaller, and so it's these three to five person companies. Think about what those companies want and need as they're going through their day to day of being business owners, like, what are their needs? Because, yeah, Samantha's saying, Don't be afraid of office. Absolutely not. Look, if you had bought retail 10 years ago when everybody was freaking out about, you know, retail dying, you'd be crushing it right now. So where is that opportunity in office today? I think there's so much of it and it's on sale. I mean, we were looking at, we had a Siri accelerator mastermind call last night, and one of our students, Larry, brought up a deal that he and his partners just invested in. They're getting an office building in the Georgia area. I mean, Atlanta, Georgia area, right for $64 a square foot, and they're going to be converting that into flex space. And guess what? It's going to be a lot cheaper on a price per square foot basis, for them to buy that building, renovate it into flex space and lease it out, than it would be for them to build it ground up, not to mention the amount of time saved by not having to build ground up. So what are those options? Opportunities out there in your markets, right, that you can find, as far as you know, determining what type of use to use on a specific piece of land, you know, typically, you're, you're probably going to have an idea going into looking for land of what you're going to do with that land, right, which, because with zoning, you've got to kind of pay attention to that as you're going out, right? Because if you want to build flex space, you can't really go buy something that is zoned for residential, right? So that will kind of help determine what the use will be. But let's say you've got, you know, some zonings, like what Nashville has, right, where we have CS or commercial services, which has a wide range of uses. If you're just looking for CS zoned land in a good area, how do you determine what use would be best there? Well, there's a couple of different ways to do it. I mean, I have always just studied the hell out of a neighborhood so that I fully understand what is going on there and what everybody needs. So for example, when I when I started investing in Chattanooga, back in 2021 I had been looking in Chattanooga Since 2019 and studying that market, that was how intense I took learning what is going on there before spending any investment money, right? Because I can't go to my investors and say, Hey, I think this is a good idea. Let's buy it. It's no I gotta know, right? And so I studied the market, spent a bunch of time out there, traveled out there, talked to a bunch of brokers, looked at a bunch of deals, until we finally figured out, okay, here's here's how this market operates. Let's make some moves. And I think you should do that, especially on the land side of things, because then you'll be able to recognize really good opportunities pretty quickly, right? So when we first started working in East Nashville back in 2018 there were, like, no dental offices, right? And I knew that because I started surveying the market and saying, Okay, well, here's this type of tenant, this, that and the other. And you can also just, like, print off, like, a list of all the different types of businesses that are out there, and then just start Googling them in your neighborhood and seeing if they show up or not, right. Like, daycare, dentists, grocery stores, restaurants, bars, whatever it is, right? And that's a great way to determine, like, Okay, well, there's not a lot of dental offices here. There's a lot of people moving here. There's a lot of kids here. And if I'm a parent, do I want to drive my kid 20 minutes away to another neighborhood to go get their their dentistry done? Not particularly so we started focusing on that. We did a handful of dental deals in the area, because there's all different kinds of dentists, right? And I'm not even going to try to try to pretend like I know anything about that. They're all just dentists and orthodontists to me, sorry, I know that's that's very overly broad, but that's how we did it. I mean, there was another one that we did, where I went and surveyed the neighborhood I got on Facebook, posted in the facebook group page. Hey, you guys live here. We want to deliver something that y'all want and need and will use on a daily, weekly basis. What do y'all need? We got some really stupid answers. I mean, I got, like, Laser Quest, right? Like, I'm not gonna do a laser tag place in the middle of a neighborhood, also in a 6000 square foot building like it's that's way too It doesn't even work. I thought that was ridiculous, but we got some really great answers, and one of them was a pharmacy. And I thought, Oh, that's interesting. I would never have thought of that. So I went on Google and I typed in pharmacy, and the nearest pharmacy was, was a 10 minute drive away, which, I mean, you know, doesn't seem like a big deal, but, I mean, hey, if you're elderly, you're in your in your 60s, 70s, 80s, it's far more convenient for you to get everything you need in your own neighborhood, and to not have to leave and, you know, deal with all that. So we put a pharmacy into that building, and it was, I mean, everybody loved it, right? It was a, it was a big success. And then I turned around and sold the building to the pharmacy so that they could always be there, right? So it was, it was a pretty fun deal. John is saying, what are the best jobs you would recommend to keep afloat? Sorry, this is an odd question. The best side jobs you recommend to keep afloat? Wise, you're as you're getting started in commercial real estate brokerage.

That's a great question. I mean, look, great question. I mean, look, John, I think I think bartending is a really good one, right? Because you can work at night. So I would think of, what are the things that are not going to impede your prospecting efforts? Because the most important thing to do when you are first getting started in commercial real estate brokerage is to network like hell and to prospect like hell, right? You've got to meet everybody in the business. You've got to call everybody in the business. And so, you know, that's why bartending waiting tables is pretty good, because you can do that at night, right? And it's typically only, like, four or five, six hours. So I know that that's, you know, I mean, at least it's not an eight hour gig, right? And I know that's a lot, right? Because you're going to be working six to eight. Hours, you know, doing the commercial real estate stuff, and then probably another four to six hours doing waiting tables. But look, here's the thing, you can make 234, 100 bucks a night. You know, depending on what you're doing, you do that a few times a week, as long as you keep your expenses low. You know, maybe you're only doing it on weekends, right? Maybe you're doing it Friday, Saturday, Sunday, and you're not taking weekends off and you're working as a commercial real estate broker during the week. I worked construction on the weekends because I could, I could get there at, you know, seven in the morning and leave at three and still have a little bit of my time on the weekends. Now that's physically exhausting work, so it just depends on, you know, what you would like to be doing. I mean, I'm a bigger guy. I've always enjoyed working outdoors, and that was a fun thing for me. Is like, cool. I get to, I get to go work with my hands after a week of having to use my brain so I can kind of shut my brain off, let that rest for a little bit, put my body to work. And then when I go back to work on Monday, I get to shut my body off, turn my brain back on. So it was, it was actually, I really enjoyed that, because it helped me actually get rest. Joe is saying coworking office space seems to be getting popular. Yeah. I mean, there's a, there's a place here in Nashville called Switch yards. I think they're based out of out of Georgia, somewhere, probably Atlanta, and they're crushing it. I mean, I've got a membership there. It's like 100 bucks a month. I mean, I love it. It's very easy. You know, they're kind of taking the planet fitness model approach toward, you know, co working space. And it's really nice. I mean, it's kind of all you need, right? So, I mean, coworking is actually still working really well despite what's going on with WeWork. Ryan is saying, is Nashville a good place to invest in commercial or do you recommend checking outside your state? Ryan, I almost always recommend that you invest close to where you are, at least for your first deal or two. That way you can keep your eyes on it. You can get out there and work on it as needed. Or can very easily get a team out there. The problem with investing out of state is now you got to spend a whole bunch of time learning that market, a whole bunch of time building a team up out there, and then you got to figure out how to run and manage all of this remotely. That's not necessarily a problem if you have systems in place and you know how to go ahead and operate the deals. It's it's a lot tougher when you're first getting started. So, I mean, look, if you're in an area like Los Angeles, well, yeah, I mean, unfortunately, you're just, you're probably going to have to start somewhere else. So what are the tertiary markets outside of LA you could easily get to within a day. That might make sense. But I would say, yeah. I mean, Nashville is a great area. Here's the thing, there's so many different markets within Nashville, right? Like green hills is entirely different than East Nashville and Germantown is entirely different than Bellevue, right? So there's so many different opportunities within one massive market, just depending on you know what you're going for, what you want to look at, Kep talks is saying, any idea what the demand for flex warehouse space is in La Verne? I'm assuming that's Laverne, Tennessee. It's right outside of Nashville. Rough rent per square foot considerations looking at five lots I can build them on cap, I don't know. I focused almost exclusively on East Nashville, so I would have to spend time digging into that market and figuring it out. I mean, as far as flex space goes generally, this is a pretty general concept. Ideally, you're spending around $5 a square foot for the dirt, right? Which puts you at around 200 $250,000 an acre. Now it's probably going to be more than that. Laverne, right? I mean, you might be looking upwards of 345, $100,000 an acre. I haven't looked at land out there in a little bit. It's a very popular industrial area, and also retail is growing pretty, pretty rapidly there. And then, as far, like, if you're, if you're building it, you're, you're ideally in that, like, $120 square foot range. That's probably where you're going to be in Nashville. It's higher than you'd really like to be. I mean, we've one of our students in the mastermind is building flex warehouses for $17 a foot. I don't know how she and her husband are doing that, but it's amazing. I told her, You need to come to Nashville. I will give you all the business in the world. But, I mean, that's wild. 17 bucks a foot, but you're probably gonna be like 100 120 all in so, you know, I mean, including the dirt, maybe 130 140 and then you're likely going to be around 1516, bucks a foot net. But those, you know cap, I will say like those are just broad brush strokes. Don't quote me on it, but I'm just trying to give you kind of a range so you have at least an idea of what to start looking at. There. Hope that helps. Man dosu is saying we were looking to buy land that we want to use for truck parking. I love industrial outdoor storage. The property is about an hour from us. Do you know how we can manage it being it's that far? That's a great question. So there's actually a, oh my gosh, I think it's neighbor.com there's a. Company out there. We had them on the show at one point. And let me look it up and see I think it is neighbor.com Yeah, yeah, go to neighbor.com Let me see if I can just share my screen right now. So parking and storage Made Easy. These guys are great. We had the CEO of the company on the show not too long ago. So you come on here, type in your address. I'm just gonna type in my office address, type in, let's just do vehicle. It's pretty easy to use. Let's just do sedans, right? I mean, you can see you can pick all sorts of different ones. So this is going into, like, you know, hey, you can park in somebody's driveway. Here's a parking lot for 59 bucks a month. Here's an unpaved lot for $86 a month. So it's a good way to actually find comps, right? So let's try and zoom in here. So, I mean, here's something in East Nashville, right? An unpaved lot 30 by 50. I could rent that entire lot that's not necessarily for parking, but, like, you know, they will just, you know, let you, you know, rent it for kind of whatever you want, right? I mean, that's, it's pretty nice. So, yeah, go check out neighbor.com really, really interesting programming that they've got going on there. I think that'll help you really understand what's going on. Vicin, good morning. Good morning. Vic Good to see you here. Joe, driving Uber isn't too bad you get to familiarize yourself with your market and drive for dollars. Dude, that's a brilliant idea. I didn't think about that. Yeah, driving Uber would actually be a great way of going about doing that, because, yeah, you have to drive the market. And guess what? You're going to be going to areas that you normally wouldn't, because that's where you are, right? That's where people want to go. Colin is asking, how much debt? Is too much debt? Anything over 80% loan to value? I mean, I think, I think it's a loaded question Colin, because it really, really, really depends. It really depends. It's tough for me to say, like, how much debt is too much debt, right? Because there are people out there with a billion dollars in debt, but they own $2 billion in assets, right? So even if they had to fire sell everything, billion dollars in debt is not a lot, because they've got $2 billion to pay that off, right? So I think it really comes down to what you're comfortable with, what the bank is comfortable with, and what type of debt you've got, right? I mean, credit card debt, any kind of credit card debt, is terrible. Debt. To have $20,000 of credit card debt is bad, whereas $250,000 of debt, of debt that is a loan on a commercial property, that's nothing, right? I would encourage that. So it just depends. It's more of like, take the smart approach, right? Jay is saying, what is the best background to start as a real estate developer, architect? GC, I mean, Jay, here's the thing. I know, that real estate developers, they come from every sort of background, super educated, like Harvard, educated to you know, high school dropouts doesn't matter. You start off as a GC, an architect, a CPA, a commercial real estate broker, doesn't really matter. I think it all depends on how you want to make your entrance into the into the business. I don't believe that there's any one way that is better than anything else. Colin is asking, what real estate development projects are you working on? Great question. So we just, we're still under construction on salt ranch or boutique hotel here in East Nashville, hoping to or aiming to deliver that in March of 2025, so hopefully you guys will all come hang out in Nashville and stay at the hotel, and you know, we'll throw a big party. We are working on our approvals for some self storage in Chattanooga, about 150 units industrial outdoor storage in Chattanooga, and then another food hall, which I'm really excited about this. It's basically gonna be a second version of the wash that will include a dog park and a playground. It's gonna be really cool. So I'm really looking forward to that. And then we just went under contract on a self storage facility here in Nashville not too long ago. So, you know, it's, I'm

kind of all over the board, man. I'm just looking at like, what are the biggest opportunities today? All right, we are out of time, and we've got a bunch of questions remaining guys. I'm so sorry that I'm not gonna be able to get to these today. We got two options, leave them as a permanent comment on this video here on YouTube, or save them for next week. I will see you guys next Tuesday, 8:30am Central Standard Time for another round of office hours. Appreciate you all for jumping in and asking all of your questions. We'll see y'all in the next one. Don't forget to like and subscribe. 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 you.