What I Wish Every Investor Knew About Turnkey Real Estate Investing
John Larson and the Real Estate Cowboys talk passive income real estate investing.
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Announcer: Have you thought about becoming financially free through real estate investing, but don’t have the time or knowledge to get started? Welcome to the Real Estate Cowboys podcast. Each week we discuss passive income investment opportunities in the red-hot Texas market. John Larson and the Real Estate Cowboys will show you how to leverage their team to build wealth in real estate through passive investment opportunities. And now here’s John.
John Larson: Hello and welcome to another episode of Real Estate Cowboys. This is your host, John Larson. This week we’re going to be talking about what I wish every investor knew about turnkey real estate investments. And the reason why I wanted to cover this topic is I just got back from California. I was out with Real Wealth Network and Kathy Fettke’s outfit there in San Francisco, San Diego and LA and went and did the whole weekend tour. And so I got to meet a lot of investors while I was out there and there was a lot of questions that were coming up. Many investors, you know, they were still trying to consider what markets to invest in. They feel like there’s some markets that are just not safe to invest in right now. I feel like a lot of investors out there are starting to notice that you know, the market’s cooling in some areas. They see the interest rates going up. They see the prices still going up. This has been the longest period of time that we’ve had without a market correction and I can just tell some investors are getting a little nervous. And I think that’s why a lot of investors are going with the private money lending option that we offer in Dallas, Fort Worth, because investors really liked the Dallas Fort Worth market, but it just isn’t making sense from a cash flow cash flow perspective for DFW, single-family homes due to the rising prices and now rising rates which are just causing the cap rates to compress. But anyway, um, you know, investors were saying, “John, I’d love to invest in Dallas, but just, you know, it doesn’t bring the cash flow that I’m looking for right now. And so I’m thinking about going to some of these markets that I wasn’t necessarily hot on years ago, but it’s just so hard to find cash flow and I’m still trying to build my portfolio. Am I doing in the right thing by investing in these markets? Should I still be buying single-family homes right now or should I just kind of wait on the sidelines?” I want to cover some of these concerns, especially when it comes to working with a turnkey provider as well and trusting a turnkey provider because you know, any turnkey provider in these areas are going to talk about how great the neighborhoods are. They’re going to talk about how great the markets are. But really history has told us that a lot of these markets are just not the best to invest your money, especially right now, okay? Just because I feel like you could potentially be overpaying for the property in a lot of these markets. And the last thing I want is for my investors to be upside down on their mortgage. So what we wish, what I wish that every investor knew about turnkey real estate investing or investing in single family homes or investing in market specifically.
You know, it just seems like turnkey companies are popping up everywhere. And they’re popping up in cities that we wouldn’t have normally invested in five years ago because there were better opportunities and more stable, more diverse economic cities across America. And you know, you’re starting to see turnkey providers popping up all over Alabama and Albuquerque, New Mexico, and you know, a lot of these areas that we just wouldn’t have invested in years ago. So you could pretty much find a turnkey provider in every major city in the US. However, not all turnkey real estate companies are the same, and they’re not all in markets that can really produce you long-term success in my opinion. And it can be difficult to identify good turnkey providers unless you have an idea of what to expect. So as I mentioned earlier or earlier on other episodes, anyone can slap a coat of paint on a property, take some compelling before and after photos, pick a tenant out of a hat and advertise what they do is turnkey. But is this the type of turnkey real estate company that you want in charge of your money. You know, so before you take the plunge and purchase your first turnkey investment property, take some advice and learn what we and what I wish every investor knew about the industry.
And so with turnkey real estate, you’ve got to consider the market and the property, you know. But number one, the market, is the market conducive to what I’m looking for, is it going to produce long-term success for me? And so you’ve got to understand that you’re not just investing in the home, you’re investing in the market, and you’re investing in the company that’s providing the property for you. So you know, you’re going to want to know, what are the vacancy rates in the area, you know, what are the vacancy rates when things aren’t going. Right now the economy’s going good, you know. So all the markets in America are doing okay, right? And you’re seeing growth in a lot of these markets that are usually more susceptible to a downturn in down economic times. But I would ask, you know, and do some research, “What were the vacancy rates during the last recession?” And that would show me, you know, history does tend to repeat itself, in another recession that vacancy rates are going to go up as well. These cities are going to lose population. So know that going into a long-term hold investment that if we’re about to go into another market correction, another down economy, what do the vacancy rates looked like then? It’s not so much about what the vacancy rates look like when the market’s doing great and the economy’s doing great – what are the vacancy rates look like when the market’s not doing well? Okay.
You also want to know who’s renting there, what is the demographic, what is the median income, so on and so forth. The problem right now in America is a lot of investors are chasing cash flow, and they’re jumping into markets they wouldn’t have normally invested in. They’re jumping into lower property classes because those ones have the spreadsheets that look like they’re gonna get the highest rate of return. But we all know, or most sophisticated investors know who have done this for awhile and have invested in a lot of different markets and a lot of different properties and property classes, the lower income areas and the lower priced properties are usually the ones, yes, they have the nice spreadsheet that shows a high rate of return, but that rarely if ever comes to fruition. So if you’re investing in areas with, you know, lower income neighborhoods, those are typically the areas that are also going to have the higher crime. Those are the areas that are going to have the higher turnover due to evictions because the tenants just can’t afford the rent. If you know, you see a lot of turnover in their, in their careers and their jobs, you know, they’re not salaried positions, they’re hourly jobs, and there’s just a lot of turnover in these positions.
So one missed paycheck can typically result in an eviction. And so you really want to know who’s renting there. And we’ve talked about it before, flying out to these areas if they’re not in neighborhoods that are in your own backyard and checking them out; checking out the areas, checking up the turnkey provider, meeting the team. Um, and then you want to see, too, are the homes appreciating in value. Typically a neighborhood that is appreciating is also gonna have a strong retail home buyer demand as well. I like to invest in those areas because my exit strategy is stronger. There’s less crime in those neighborhoods; they’re more stable neighborhoods. Um, those are the areas that I like, and those are the areas that are going to tend to appreciate. So you want to look for that too when identifying a property. And I’m just very much before I even look at the provider, I really look at the markets that they’re in first and I got to feel comfortable with the market before I even feel comfortable with the provider.
I know it’s very important to work with a solid provider, but the best provider in the nation is not going to be able to keep your property leased if the city they’re operating in just doesn’t work when the economy goes bad. And these are going to be a lot of the cities in the rust belt that look great for cash flow right now. But when we’re in a down economy, you know, manufacturing jobs tend to tend to go first. That’s where you see the most layoffs. They’re just not producing as much product. And so those are the people that tend to leave and migrate to areas that are, you know, they have more opportunity, right. We have more opportunity. We have a lot of opportunity down here in Texas for example, and through the last recession, you didn’t see a steep decline in pricing in the real estate market.
You didn’t see a decline in population growth in these cities, you saw an increase in growth because people are moving here for opportunity. And so you know, Forbes and CNBC and just a lot of major publications and news outlets. You see Texas in the news a lot and a lot of times it’s for positive things. And you know, Forbes recently ranked Dallas back in 2016 as the top real estate investment market in America. CNBC just rated Texas as a top state for business for 2018. And you know, so when building Forbes list specifically for the top real estate investment market for 2016, they looked at some key indicators that could assist you in your due diligence of a market. And you know, real estate key indicators would be you know, past and projected job growth, cost of living, income growth and projected economic growth. And you know, if your market is hitting all four of those things, you know, lots of job growth, affordable cost of living, income growth year over year and then projected economic growth. Are there more jobs moving in? Are there more businesses planning to move in to the market in the future, that should result in a pretty successful investment in my opinion. Because the market is going to support long-term success. And so you really, really need to pay attention to those things when investing in any market. And even before you start doing due diligence on a turnkey provider, you need to be doing due diligence on these markets. Because I just feel like right now with the recession looming, with the market correction looming, there’s many cities that investors are investing in right now where I feel like they’re overpaying for property and once they own that property, the next year or 18 months, we could be in a market correction. We can be in an economic downturn and there’s going to be job loss in those areas. And the economies are just not diverse enough to support longterm success with rentals. You’re going to see some population declining in these areas and moving into cities with thriving economies, um, and you’re going to then see some higher vacancy rates and we all know that these properties don’t perform unless there’s somebody willing to rent the property from you. And so, you know, investors are a little bit shaky on the DFW market and the Houston market and some of these other markets in Texas where people are moving too rapidly because they’re just not hitting the cash flow numbers that they’re looking for. Or they’re not hitting the rate of return that they’re looking for. But at the end of the day, if you’re just cashflow neutral, even in a down economy, you are still successful. You have a business professional tenant that’s paying down your loan each month, you know you’re holding real estate, you’re still taking advantage of the tax benefits, you’re still hedging your bet with inflation when it comes to inflation, by locking in that longterm finance for 30 years at a low rate.
So there’s a lot of other things that are still playing into the success of buying and holding real estate in the right market. So the whole point of this episode, I mean there’s just so many questions I was getting from investors out in California and I just felt like I needed to address these subjects that yes, although some of these major Metros in America where there’s a lot of job growth are not producing high cashflow, but if you need to put your money into real estate or if you’re looking to still continue to grow your portfolio. I’m not saying it’s a bad time to invest in real estate. It’s never really a bad time to invest in real estate, but it could be a bad time to invest in some markets across America that I do feel like are on the cusp of a possible recession and a housing crisis. And so those are the areas that you’re going to want to take a wait and see approach on right now. Okay. So we’re going to take a quick commercial break, and when we get back, we’re going to talk about more indicators. Um, you know, more things that I wish investors knew about turnkey real estate investing. And so stay tuned. We’ll be right back.
Hey, welcome back to the Real Estate Cowboys. We’re talking about what I wish every investor knew about turnkey real estate investments. What I wish every investor knew about investing in general and single family homes in specific markets. So we talked about the market, what to look for in the market. Now I want to talk about the location; diving a little bit more into the specific neighborhood of where you’re investing with a turnkey provider or investing in single family homes in general on your own.
And so even in thriving markets like Dallas, home values and property classifications can vary from neighborhood to neighborhood, and we talked about this when we were talking about identifying A, B and C class properties on one of our previous podcasts. But when you’re looking at a potential investment, think about some of the criteria you think of when you’re buying a home. What are the neighborhood demographics? How are the schools, and what amenities are available nearby? Quality neighborhoods not only attract quality tenants, but the homes in these areas are more likely to hold or even increase in value. These type of neighborhoods are also best for exit strategy. Many turnkey providers, many “gurus” and investors, they don’t always talk about exit strategy. They talk a lot about buying as many properties as you can and holding them for as long as you can, but that is not really the best way to invest. I mean, some of the properties, hold long term. Some properties, depending on the market that you’re in might work better for you as a short-term hold scenario; markets that are appreciating at a rapid rate, take advantage of the 1031 exchange, sell and perform a 1031 exchange and take that capital gains and roll it into other investments. There’s other things that you can do with buy and hold properties. It’s not just hold long-term. So I myself, when I invest in neighborhoods, I mostly look for strong exit strategy as well, which is why I like to buy high B and A class investments. I don’t like to buy low C and D class investments and be a slumlord because those don’t have really the best exit strategy or really any exit strategy unless it’s going to another investor who’s going to want a very deep discount to take the property off your hands.
So that’s something that you always really need to always consider when you’re looking at locations, you’re looking at markets to invest in, and you’re looking at property classes. You’re also gonna want to ask about the renovation quality. When you purchase a turnkey investment property in a quality market and quality neighborhood, your tenants expect a quality home. You know, if you’re purchasing a property in a nice middle-class neighborhood, you’re not gonna be able to get away with, you know, a very inexpensive finish out. It’s just not going to rent. The type of tenants that are going to be looking in those neighborhoods and say the demographic, they’re gonna want a nice home, an updated home, you know, not something that’s completely dated from the sixties. So you really, really need to consider that. And before purchasing a turnkey real estate property, you want to ask the provider about the renovation and focus on the large expenses like the roof, HVAC, water heater, uh, things of that nature, windows. Because those are really costly expenses and you do not want to have to deal with those early on an ownership and it good turnkey providers should be taking care of all of those things. And I’m not saying that all those things need to be brand new. But on your inspection, ask your inspector what they think, how many, how many, how much life is left on these big fix items. That’s important. And you know, just about anybody can be blown away or dazzled by before and after photos. Some paints and a nice photographer can give the illusion that the property that you’re purchasing is in pristine condition. So you need to ask the important questions and make sure that the turnkey provider offers a warranty on the repairs that they’ve made or the things that they’ve replaced. And you don’t want to be a turnkey real estate investor who constantly spends time and money on repairs. And if you’re not working with the right company or if you’re buying a property that just had, what I call, like a lipstick renovation, just new carpet and paint; and the major fix items have not been replaced or you know, or they don’t have a sustainable amount of life left on them; Or if you’re buying a property in a just a bad neighborhood, that’s just not going to attract the tenants that are going to take care of your home. You’re going to constantly be running into maintenance issues. And so you really want to avoid those sort of things. Which is why I don’t like to invest in lower-income neighborhoods and in these low C class, D class property neighborhoods. It just seems like there’s always something going wrong and there’s always repairs that need to be made.
Profits and property management is another thing to consider. So investing in real estate is, after all, it’s an investment. So seeing a financial return is the bottom line. And if you’re not working with a good property management company, you can see yourself just not; the investments is never gonna work. You know, property management just plays such a crucial role in keeping that property performing, keeping it occupied, keeping it cash flowing and keeping expenses down. That’s what good property managers are supposed to do. They’re supposed to have your back. And they’re supposed to, you know, manage your investment like they would manage their own. And if you’re doing that and if you’re working with a property management company that’s doing that, then you’re going to have a successful experience, you know, but help your property manager help you. Don’t buy a property in a super distressed area that’s just never going to be able to attract good tenants, you know, and then expect your property manager to work wonders. You know you can’t do that. I mean, there’s just really no property management company that can get a full grasp on a property that’s just not in a good neighborhood.
It’s just not gonna happen. So you need to be really careful about that. And that’s what I’m saying; with investors that are looking for a passive experience, you know, you can’t get high cashflow on paper and a super passive experience. There’s just no way to achieve that, especially in today’s market. So you need to find a fine balance between both; except a little bit more of a moderate cashflow and a moderate rate of return on cash flow. But on the flip side, have less problems. Because what is higher cashflow on a spreadsheet going to matter, if all you’re doing is just taking that cash flow that you’re making and throwing it back into the property? Or when the property goes vacant, you’re having a difficult time re-leasing it because it’s not the best area. Or you invest in a property in that area and an eviction happens and the property goes vacant and then the place is robbed and vandalized. That’s just not gonna work. So, you’ve really got to help your property manager help you, and that’s by identifying a good market and in investing in, you know, a good property class; a B, high B, A class property, somewhere very close, if not at the median value for the market, very close to it. So you’re positioning your investment in a better neighborhood. That neighborhood is more desirable. People want to live there, and especially business professionals, people with good jobs, people that are going to take care of your home, they want to live in those neighborhoods. So that is the way that you can help your property manager help you.
Um, you know, the profits you see each month depend on a variety of factors, including successful tenant placement. When you purchase the property from a true turnkey real estate provider that also offers property management, you are more likely to have a quality tenant placed in your home. The success of a property, and i say this all the time, the success of a property management company and a turnkey provider rest as much on the quality of the tenant as it does on the quality of the property. It is so true. Because poor tenant quality results, like I said, a lot of eviction, lot of turnover, and a lot of damage to your property, and so there’s just no way to have a successful investment and successful rental property if you just have poor tenants in there, and if you’re positioning it in a neighborhood where you’re only going to attract poor tenants. So it’s just, that’s something that you have to really be conscientious of, especially if you want the property to work for you, especially if you want it to perform long-term. You know, especially if you want to easily exit out of it one day. It’s just got to be in a good neighborhood. It’s got to be in a desirable area. It’s got to be in an area that there’s regular homeowners that want to buy there. Okay? And so when you’re working with a professional property management company, they’re going to help you avoid costly situations. And so you want to let your property management company handle the following: evictions, tenant damages, vacancies, late or unpaid rent, turnovers, tenant complaints, maintenance requests, and specialty repair estimates, high cost repair estimates. You know, good property managers take care of all this stuff for you. If you’re managing your properties yourself, you’re dealing with all these things and that is anything but passive. It can quickly become a job and it can become a job sometimes just managing one home if it’s not in the best neighborhood because you’re going to see these things, you’re going to see evictions. You’re going to see tenant damage, going to see vacancy, late payments, chasing down rent, you know, more and more turnovers, more tenant complaints on lower class properties. I’m telling you, um maintenance requests, just more and more prevalent and specialty repair requests. If it’s in a bad neighborhood and the house gets broken into and vandalized and there’s theft, you’re replacing furnaces, you’re replacing appliances, you’re replacing copper piping, you know, there’s just things that are going to happen. So if you want a passive experience, you need to let the property manager handle these things and like I said, going back to helping your property manager help you by just buying in better neighborhoods so you can really limit these common, um, misuse and common risks that are associated with owning rentals.
And keep in mind you can profit from real estate while outsourcing your property management. The eight percent, 10 percent fee on gross rents is really worth it if you’re dealing with a good company. If you’re dealing with a bad company, it might not be worth it because they’re just sitting back collecting a paycheck and they’re not doing much for you. So be wary of that. And so finding a true turnkey real estate provider, it can be hard, right? There’s a lot of companies out there that just kind of say they’re a turnkey provider. Why? Because what? You go, and you renovate homes, and you hand them off to a third party management company and just say, okay, here you go. I mean, that’s not really the definition of turnkey. That’s not really dealing with a company that’s got a solution for you from A to Z.
And so that’s where a lot of investors get tripped up, and you know, there’s a lot of investors, like I said, that are buying in these markets that they shouldn’t be. They’re chasing this cash flow; they’re chasing this make-believe number that’s never gonna come to fruition. And sure the house is cute. Sure. You know, it looks great on a spreadsheet, but you know, this company doesn’t have the management solution. They’re just handing it off and wiping their hands clean at that point, or you know, they’re putting you in a neighborhood that’s just not going to be built for long-term success. They’re basically selling you a spreadsheet and then handing it off to another company and just saying, here, you guys take care of it from here. And if it works, great. If it doesn’t, great. You know, we’re out of it at this point.
I don’t know if that’s the company that you want to build a relationship with. You’re probably going to end up just having a very unhappy experience. The property management company that they hand you off to, you’re probably going to end up having a bad relationship with them if they’re not performing. Now you’re out trying to hire a new property management company hoping for better results, and the fact of the matter is the problem really lies with where the property’s located and the type of tenants that are going to consistently be attracted to that home. You know the only type of demographic and tenant that you can get for that home is just going to be somebody that’s going to constantly cause you problems. And so with all that I’ve mentioned here, you’re probably thinking about the work that must be done upfront before the cash flow can begin.
It doesn’t matter if you’re a first time investor or a veteran investor, you no doubt would like to have someone do all this work for you. That’s the role of the turnkey real estate provider, it’s typically a company of experienced professionals within the industry who gather all the data, select prime properties, grow them into cash flowing machines and hand them off to investors like you. Here’s what you need to expect from that provider; guidance on property searching, assistance with the closing process, recommendations on property management services, regular updates on your property and support for any issues with your investment. And the only way that you can really support your investors throughout the entire life of owning that property is to also do the property management in-house. If the provider’s not doing that for you, then basically all they’re doing is just being a middleman between you and the property management company and now the turnkey provider is trying to manage the property management company so the management company is meeting your expectations. It’s just a messy situation. There’s just too many people involved. When really, you know, if you’re working with that turnkey provider, hopefully that turnkey provider has in-house management, so you have the same point of contact throughout the entire time that you own the home. That is how success is born in this business. And so that’s why I really think it’s important to find a turnkey provider who will be there every step of the way, before, during and after the ink is dry on the contract. And even if you purchase a quality home and excellent market, you may still leave money on the table if you don’t have a good team to support your investment. Trust me, I’ve seen it before time and time again. Um, I’m just very cautious about investing in any other markets where I personally don’t manage homes or you know, I still invest in Detroit and I don’t have a management solution there. I haven’t bought in Detroit in some time, but my friends are managing my homes, my friends and family and obviously can trust that team and that’s why my investments are relatively successful up there. So you know, you just need to consider all these things and I think that this is the, these are the topics that I wanted to discuss after going out to California and talking to some more investors. That’s why I love just getting in, hitting the streets, talking to investors, find out what their concerns are, and that just prompted me to have this episode and talk more about what you need to look for with a turnkey provider and like I said, it really just goes back to, look at the market first. look at the locations first, consider what type of tenants these properties are going to attract. Consider the market landscape that we’re in today.
I don’t expect things to run really great from an economic standpoint and from just a market standpoint for much longer. There’s definitely a shift coming. Be careful about the markets that you’re choosing today. These markets could come back to be great opportunities in 24 months from now. You know, once the values drop down, there’s more deals available, there’s better cash flow, there’s better rate of return on properties, you can buy properties more affordably in good markets in some of these secondary markets across America. But right now I just feel like you’re overpaying for these homes and the last thing I want is for you to get upside down in your mortgage and you need to exit out of the home and just can’t quickly and easily do so. So we need to be really, really conscientious of that. Really, um, you know, and, and also just today I want to talk about, you know, once again reiterate what you need to look for in a good provider.
And you know it was just too many people, I think right now are just trying to chase that number on the spreadsheet and aren’t taking in all the outside factors. Who is managing the home, who’s producing the home and what market they’re producing it in? And so just be very careful in today’s market. That’s all I can say. We’re going to take a quick commercial break. When we come back, we’re going to wrap up this week’s episode of the Real Estate Cowboys, so stay tuned.
And welcome back to the Real Estate Cowboys. This your host, John Larson, we are talking about a few different things today, but mostly about what to look for and what I wish every investor knew about turnkey real estate investing. And so we focused a lot on the markets today. We focused a lot on the location, you know, markets that I think are a good market to invest in today. Markets that I would maybe take a wait and see approach on. And, and like I said, even though a provider, some providers out there are getting a lot of accolades are a good company to work with, they just might not be positioning you in the best market right now; especially with market correction looming and economic shift is also looming. So, you know, a lot of my investors, they’re very, very hip on and very much gravitating towards, uh, the private lending opportunities. I have a lot of investors that come to me and say, John, you know, I want to invest in DFW. I love the market. There’s so many people moving there. The jobs are there; the economy’s really good. The only issue is, you know, there’s just not enough cash flow there, and I just told my investors, look, if cash flow is the number one thing that you’re looking for, then do private lending.
You lend me some money to do developments in a market that’s just so hungry for new development. Even when the market shifts, even when there’s an economic shift, I still believe development is going to be needed in markets like Dallas because there’s so many people moving here. And when these other neighborhoods, these other markets across America become depressed, you’re going to see more and more people moving into the Dallas market for jobs and opportunity and affordability. Okay, so that’s what I tell my investors. If you want cash flow if you want a fixed rate of return if you want to know what you’re going to get every month to the penny with no variables involved. Also, when you’re loaning that money it’s backed by a hard asset, you’re getting a deed of trust. You have recourse in case we the borrower default, you have recourse; you can foreclose, you can take ownership of that property. It’s the safest investment that we really have.
So that would be my recommendation right now. If you’re kind of waiting on the sidelines but you, you have this extra money that you want to get working for you. If it’s in your IRA or 401K, you’re sick of the ups and downs of the stock market; self-direct that money. Do private lending, take that cash savings, do private lending. I’m working on some things right now where I’m going to see if I’m able to even get our private lending opportunities; there’s some loopholes where I could possibly allow my investors to do a 1031 exchange into a private lending opportunity. And then once that money’s working for you in that private lending opportunity, and it’s time to pay you back, I could work out a way. I’m working on it. I’m not promising anything yet, but then you can take your initial principal investment and all your proceeds that you made and reinvest it again in another private lending opportunity and not have pay any tax on the money.
So I’m working on some things there to where, you know, we could also take advantage of the 1031 exchange through a private lending model. So stay tuned for that. I’ll provide more information as it comes available. But if you’re interested in getting involved in purchasing single-family homes, still adding to your rental portfolio, even in today’s market, DFW, I believe is still a safe market to do so. Reach out to our team, go to RealEstateCowboysDFW.com. Put your information in. A member of our team will reach out. You’ll also be on our mailing list. You’ll get private lending opportunities sent to you. You’ll get off market rental property opportunities sent to you by joining our mailing list, and then also just education updates on our podcast. My new book just came out, “The Passive Income Guide.” You can purchase that from RealEstateCowboysDFW.com, or through American Real Estate Investments website, AREIUSA.com.
Just go to either one of those websites. There’s tons of education there. If you’re just still kind of learning, you know, you can take an investor quiz and find out what type of investor you are. Are you a single family investor, are you a private money investor, are you a vacation rental investor? Take that quick quiz and find out what type of investor you are and just do your due diligence. We have tons of information on the sites that you can use to educate yourself more, past podcasts that you can listen to, to educate yourself more before jumping into the market and deciding which option you want to go with. But yeah, feel free. Checkout our website. Feel free to reach out to our team for more information. Thanks so much for listening to the show. Again, I appreciate all my listeners. It was great to see people out in California too who have said that they’ve been listening to my podcast and are big fans. It’s such a humbling thing and I’m just so grateful for all my investors that have been following me. And uh, you know, we’ll see you next week. A little tired, a little jet lagged from just getting back from California. So I’m going to take a nap here, but couldn’t miss out on doing another episode of the Real Estate Cowboys. And, uh, just I’ll leave you with one final thing, you know, remember what’s your return on life. this John Larson signing off. See you next week.
Announcer: All opinions expressed by the host of the show are the opinions of American Real Estate Investments LLC and do not reflect the opinions of guests or sponsors. No personal or professional advice on this program should be considered an endorsement to follow a real estate financing or investment strategy. Before acting on any information, seek advice from your financial tax, mortgage or real estate advisor, as the information is not guaranteed and investment strategies have the potential for profit or loss.