How To Start a Real Estate Fund From Scratch (2026)

In this video, we're going to talk all things what real estate funds are, how to actually build one and launch one. What's the difference between a fund and a syndication? Even what even is a fund or a syndication, how they work together. In this video, we're also going to talk about what licenses you may or may not need to run a real estate fund, especially in the United States. Also how real estate fund managers are paid and paid really freaking well. Real estate fund managers are some of the wealthiest people On planet Earth. So with that, let's dive into today's video. Now, just so you know, I know what I'm talking about. Over the last 3 years, I have helped over 210 people launch their very own fund. About half of them were real estate funds. We have multiple people that have come through our community that have launched funds over $100 million for their own real estate funds. Additionally, my brother is an investment funds attorney at the largest law firm in the world. for funds and former chief compliance officer at an $800 million fund. And my dad co-founded a deca-billion-dollar family of real estate funds. Whole story there. Never invested in any of my funds, but has been a great mentor and coach through this whole process. And now we've brought together dozens and even, I guess you could call it even hundreds of people together to talk and share about funds, how to build them, how to structure them. So, and we've developed a pretty cool process, an efficient process to building and scaling funds. Let's talk about the path of a house flipper. This is what a house flipper does. I'm going to summarize your job in about 20 seconds. A house flipper finds a house. Here they are. Ta-da! They go and they get hard money, their own money, bank money, or investor money. They then put that into an entity or an LLC if you are in the United States. They then go flip the house, make some money, and then they start over. How did I do? Pretty good, right? I had a guy join our group. He was flipping about 4 houses per year doing this model, which was a good model. I think the average house flip according to Google makes roughly $58,000. Not too bad. So, he's making roughly $200,000 a year doing this. But he asked me, Bridger, I want to scale. I want to go to the next level. Like, what should I do? And I said, well, we could launch a fund. What happened instead of flipping 4 houses, we launched a fund with him. The next year he flipped 72 homes. And in today's video, I want to show you how he went from here to here. So, how did he go from 4 houses a year to 72 houses? Well, what happened was instead of every time doing a syndication and raising new money, calling up investors on a Friday, hey, I got to get money in, wires are due. He raised the money once. He set up the fund once. And out of that fund, over here I'm gonna draw a new line, he could go flip these— all these little boxes represent houses. He could flip as many houses as he wanted. I think we raised— he raised roughly $5 million and set up the entities once. And this allowed him to do a couple of very, very cool things with this fund to scale. Now additionally, because he had a fund behind him, Do you think he could close on a deal if he found a deal faster or slower? Probably faster, right? So he could close on a deal faster because he had a fund. Do you think a bank would give him better or worse interest rates? Better debt or worse debt because he had a fund? Probably better, more favorable or lower interest rates, right? Because he's a repeat client, he's a volume customer. So he gets lower interest rates. Additionally, his investors are now more diversified across a portfolio of houses rather than just one. Because if you do 72 houses, well, guess what? 3 are probably going to go bad. 3 are going to go bad. Maybe 3 are going to do amazing and crush it. And the other, you know, 60+ houses are going to have a blended return of, let's call it, 18%. And what happens is as an investor, you're now diversified across this portfolio. Additionally, the final thing that he shared with me after, he said, my average cost to flip one of these houses went down. Because he had a volume play. He could have the same painting guy or carpet guy or electrician go from house to house. And because he's a volume player, he got a volume discount. So, his average cost to do a house and flip a house was significantly less than a syndicator. This is why sometimes me and you will go to an auction and we'll bid on a property and someone will bid up and overbid and you and me and you go, ah, they're such idiots. They overpaid. There's no way that pencils. You ever done that before? I was speaking in a crowd of like 300 real estate investors and everyone raised their hand like, yeah, I've done that. I'm like, I've done that too. And I said, But what if maybe they did overpay, that could be true. But what if they're not playing the same game that me and you were playing? And the whole room went like quiet and I said, well, yeah, maybe it didn't pencil for you because you're syndicating and your cost of capital is here and your average cost of flip is here. But what if the person bidding against you has a fund behind them? They can close faster, they get better interest rates, their average cost per flip is cheaper than yours? They can probably bid more than you and still pencil the same return that you pencil. I said, additionally, what if they're buying— their goal is to buy up $100 million of single-family homes and they're going to pool that together and sell it to somebody else for $122 million. They're playing a way different game than me and you and Joe down the street are putting some money together to buy a $200,000 duplex. And flip it and renovate it. That's a different game. This is the game where we want to get to, and this is where we've now helped dozens and dozens of people actually go from the syndication person to the fund person. Now, before I move on, syndications are good. They're a great way to build a track record. If you're starting, if you're watching this video, this is the first time getting into real estate, syndications are an awesome way to go. We have other videos on our channel that talk about this. But this video specifically is talking about scaling to the next level of funds. So let's talk about what even is a fund and how to start and structure them. So this is how 99% of private capital is raised around the world through the GP-LP structure. If you're building a fund, this is the pretty much like 99% way that you're going to do it. So let's talk through this. This over here is you, general partner management company. I'm going to put you right here. This is the fund manager. This is me and you, the people that are running the actual investment product. Over here, the limited partnership, this is your fund. This is your pool of money. And what you're doing is you're having investors or limited partners are putting money into this fund or pool, okay? And this pool is again managed by the general partner and the management company. And we'll explain those in just a second, okay? So again, to review, general partner manages a limited partnership. which is the pool, which has investors or limited partners that put money into it, okay? Again, this is how 99% of private capital in the world is raised if we're going to the fund model. So bigger question is like, Bridger, what licenses do I need? How are these groups paid? We're gonna dive into all that right now. Now this structure is governed by 2 main documents. Those documents are called your LPA and your LP agreement. PPM. That stands for Limited Partnership Agreement and Private Placement Memorandum. Big, long, huge, thick documents that are 200 pages each that are very expensive documents that govern this whole relationship. Now, I get this question all the time. Bridger, can my fund do X or can it do Y? 90% of the time, the answer is yes. Bridger, can my fund— I want to go buy— I'm going to put down here so your fund is going to go buy commercial and we're going to do value-add and we're going to do residential something. Bridger, can I do that in my fund? Yes. You just write it in your LP and PPM. We lovingly call this the Bible. It's called the Bible because it's all the laws and covenants of your fund. The cool thing about funds is you get to write the Bible. Me and you Get to decide what's in it. Now, once it's written though, it's written. You can't change it later. Bridger, can I do a commercial and a value-add multifamily and residential? Yes. The bigger question is, do you want to though? We'll talk about that in a few minutes, building a fund that investors want. But the answer is yes. Bridger, I want my minimum commitment to be $100,000 in my fund. Great, let's write it. We write it down in our LP and PPM. $100,000 minimum commitment, great. And your Limited partners invest in there with a minimum commitment of $100,000. These documents will probably run you roughly $30,000 to get done, okay? So, one of the cons of a fund is it's a little bit more expensive than a syndication, okay? Just— but again, the liability goes down, the diversification, all the kind of scalability of doing a fund. But again, $30 grand is a rough cost I think you could have for your first fund for doing this. Now, down here as well, a lot of funds will set up underneath. So this is your pool of money, this is your fund. Your fund is the one actually buying the properties. Sometimes funds will set up like a holding co., which is a pass-through entity. So I'll put like hold here, I'm, I'm going over this one, and then you'll go buy the property, but it's still the same thing. And what happens is when the property makes money, it flows back to the hold co. and then flows back to the limited partnership, and it gets split between the general partner and the limited partners. That split is what's called a waterfall distribution. Actually, we're going to talk about that right now. We'll come back to this page in one second. But how do fund managers get paid? What's the split? How does it all work out? We'll come back to licenses and a couple things in a minute. So let me flip to the next page on here. Let's talk about how much you can get paid inside of a fund. All right, so how does everyone get paid in a fund? So what we have here is what's called a waterfall Distribution. I've got a nice beautiful timeline here that I drew myself. Okay, we got 0% returns, these are returns in your fund, 10% return, 20% return. Let's say your fund got a 22% return, and I'm gonna put after fees, like after a management fee. We'll talk about what that is in a minute. A lot of funds that you'll hear about, though, people will say like a 2 and 20 fund. We'll unpack that a little bit and kind of walk through how this would look in a fund. Many funds start with something like this. They say we're going to charge a 2% management fee. So I'm at my zero. I'm doing this before the zero. We're taking 2% as a management fee just to manage the fund. I'm going to put that here on the GP side. It's going to be a 2% fee. Okay. And then from zero, many funds will do what's called a pref or preferential rate of return. So what they'll say is the first 8% Of returns all go to the investor, to the LP. So for example, if this year after fees we got a 7% return, well guess what? All 7% goes to the limited partners, the investors. Okay? Now after 8%, so I'm gonna put pref right here. Hope you guys can see that alright. Pref, this is your preferential rate of return. It's somewhat of a little guarantee that you gotta at least get over this hurdle of 8% here. Okay. After pref, many funds will do what's called a catch-up to catch the general partner back up. In this example, let's do a 2% catch-up. So the general partner is going to take the 9th and 10th percentile here, or the 8th and 9th percentile to get us to 10. So that's 2 percentiles there to catch up. So for example, if the fund only did 9% this year right here, The first 8% would go to the limited partners, and then only that one percentile would go to the general partners, the GP here, okay? This is what's called a catch-up. So I'm gonna put here, for LPs we got 8%, and then we're gonna do a 2% catch-up. Now a lot of funds above now 10%, if our fund does better than we are, in this case went to 22, we're gonna do an 80/20 split. Split. So from the 10th percentile until 22, we're gonna split 80/20. So we have 12 percentiles here. Follow the math with me. That is 9.8% would go to the LPs. Excuse me, sorry, the math's wrong here. 9.6%. Okay, it's hard to do math in front of a camera. Okay, 9.6%. 9.6%. Would go to LPs and then 2.4 would go to the general partner. Okay, so you see how that worked? We had 12 percentiles here. 9.6, not 9.8, 9.6 goes to the LPs and then 9.4 goes to the general partner, which totals 12 percentiles. So if we add these up, the LPs got another 9.6 and the GP got 2.4. So if we add these up, your fund after fees got a 22% return, the entire fund gross rate of return. Your LPs are going to take home— your limited partners or your investors are going to take home a 17.6% net rate of return. That's what they're netting and taking home. The fund manager, me and you, are taking 2% plus 2% plus 2.4%. So 6.4% we are taking home running the fund. Now again, this does not add up to 22%. It adds up to 24% because it's 22% after fees. So it'd be 22% plus this 2% here. Okay? Now you might be sitting there and being like, okay, Bridger, that sounds cool, but I'm not in this game to make 6.4%. That sounds awful. You know? That sounds like not a good gig. No, yes you are. Because guess what? You're not making 6.4% on your own money. You are making 6.4% on the entire fund. And you're making that every— this is an annualized. This is every year. You're making that every year. So, for example, if you had a $100 million fund, that's $6.4 million a year. About a half a million a month. making with a $100 million fund. If you— and by the way, it scales. One of the coolest things about the fund model is the numbers just scale. If you're running a billion-dollar fund, that is $64 million. If you're running a $10 billion fund, that's $640 million that you are making in this venture. This is why funds have created some of the wealthiest people on planet Earth. Following this little thing because funds can scale and a lot of times you don't have to add additional headcount to scale, which is pretty darn cool. Hopefully that makes sense. Go rewind and watch that back if it didn't. Let's go back to our GP-LP structure here. Okay, so now we've talked about our properties come back to our investments. We split that between a waterfall distribution. Let's talk about the difference of management company and property managers and how those all play into a real estate fund. Now the cool thing is you can decide. You run the LP and PPM. A lot of funds will have an investment management company right here. This company actually gets the 2% management fee and the other additional, in our other example, 4.6% would go to the general partner. That's how some funds run. You don't have to do this. Additionally, property management. How does that work? You can actually do a couple of things. You could have a third-party property manager. And you pay them a fair market rate. And so the fund pays the property manager a fair market rate to manage the properties, like to get rents and lease-ups and all that kind of stuff. Additionally, some funds bring that in-house. So that's why I put it down here. You can do it third party or in-house. If you're going to do it in-house, make sure it's done at fair market rates. So now you have a property manager, and let's say you own this as well. The fund Is paying the general partner for carried interest. Yeah. The fund is paying a 2% management fee. The fund is also paying a property manager to manage the properties. And guess what? You and me own all 3 of these. This is how fund managers become some of the wealthiest people on planet Earth, okay? Additionally, most fund managers, I would— you need to also invest in your fund. You should also be an LP. So you're making money now in 4 different ways. You're making money as a limited partner. You're an investor in your own fund. You're making money as a general partner. You're making money as a manager, investment manager, and a property manager. Isn't that kind of crazy? Now, we can— I have other videos that unpack all this. And still, with all this and these little fees, investors take home usually pretty good rates of return. They're making above market rates of return. They're making a 17%, 18%, 19%, 20%, 21%, 22% per year return. in these funds. I'm an investor in 2 investment funds and yeah, they take fees here and here and I'm still happy. I still make plenty of money. I don't have to worry about tenants and termites and toilets. I love being an investor in real estate funds. It's awesome. Yeah, take some fees, sure. But I'm still getting a great rate of return and I don't have to deal with any of the crap. I just get a K-1 at the end of the year. Boom, bada bing, it's awesome. Now, last question on this section. Bridger, what licenses would I need to run this fund? Now, real estate is kind of cool. You guys get a very couple very cool things. Real estate has a few different exemptions that you can qualify for to actually run all this without a license, which is kind of cool. The first one is under— I have other videos that go into this, but you go look into it. It's called the 3 exemption. It's under Reg D. So, if you're on a Reg D 506 or 506 fund, you then run a Beneath that, you would select the 3 exemption. You have to have over 80% real estate in your portfolio to qualify for this exemption, and it's actually pretty cool. In a lot of states in the United States, you can actually run a fund without a license. So again, confirm that with the legal team. I'm not giving you legal advice, but this is just what I've seen in my opinion. Okay, the second thing is underneath this management company, what's going on here is you're getting paid for investment advice. And if you're going to get paid for investment advice, you have to have a license. And usually that license is what's called a Series 65. That's the same license that your cousin has that works at Merrill Lynch that's like, hey, let me help you with your investments, right? And you pay them a fee. That's the same license. You're getting paid for investment advice right here. Now, because you're doing a real estate fund and real estate's technically not a security. There has been a lot of groups that have qualified for a couple different things here. Number 1, you cannot have a management company and roll your fees another place. You can do a 3 exemption or you can qualify as an exempt reporting advisor. You're actually exempt from reporting. You still have to file with FINRA but you can run an ERA on your management company, still collect 2% management fees without having a Series 65. We have a lot of people in our group and actually my fund I currently run, we have a hedge fund and we qualify as an exempt reporting advisor which means our team does not have to have Series 65s and we can run a full-out hedge fund doing that. So, 2 things you guys can look up on our other videos, 3 and exempt reporting advisor on licenses. Okay, now let's go forward to the actual launch of a fund like what are you going to do to actually launch and scale your fund. With now launching 210 funds, we've got through a pretty cool process of building and launching funds, and it's more a process that we discovered rather than invented. What we saw was just all these funds, they followed the same pattern for launching, and we started to formalize. We finally put words behind it and kind of made it a step-by-step process. So what I want to share with you next is what's called the fund launch formula. Now, most people, when they want to start a fund, if they come talk to me— I've talked to now thousands of people about funds. They always want to start with legal. Okay, Bridger, give me the lawyers. Let's talk to the lawyers. Let's get going. Let's start building out the legal process. And I always go, hold on. Before you build legal, actually legal is on the— we have a 4-step formula here you can see. Legal is actually number 4. And it always shocks them. They're like, wait, why? And I go, we've helped— and now I've interviewed hundreds of fund managers. They all say the same thing. Same thing. This is the most best efficient way to launch a fund. Legal is actually last. It's the last step in this formula. So what do you do first? The goal of this whole thing is, I wrote down below, you want to build a fund investors want. Anybody can just go hire a lawyer and build a fund. You guys could do that right now. It's kind of like going to the store. Anybody can go to the store and buy a plate, like a platter dish. I could just buy a dish. Does not guarantee that on that dish will be yummy, amazing, awesome food, gourmet food. Anybody can buy the dish or the wrapper or the covering, whatever analogy you want to use. I like the dish example, but there's a big difference between Gordon Ramsay presenting you that dish or, you know, me cooking, you know, salmon on the weekends. Like, it's a little bit different experience, right? Anybody can pay for legal. The bigger question is, can you build a fund or a meal That investors want, that people are dying to have. That's the crux of this whole game that we're in. So, let's go back a few steps. Crux number 1 on this, starting with step 1 is find an incredible, and I put deal in quotes. Deal could be literally just a single deal that you're going to lead with. It's like a dream come true sweetheart deal, and what you're going to do is run through that and you're going to say, hey investors, we found this amazing deal. It's on South Beach. We're getting it for a discount. It's off-market. It's It's amazing. And in our fund, we want to do 13 other deals just like this one. Okay? It could be actually a deal, but more importantly, it's a process. What you are showing investors is that we have found what's called asymmetrical risk. What asymmetrical risk is, that's a financial term of we have found something with— you know how investment advisors will tell you, hey, This has, you know, medium risk, medium reward, or high risk, high reward, or low risk, low reward. You've probably heard that before, right? What we are paid big money to do is find asymmetrical risk, or things that have relatively low risk with high return. Another term for this is called alpha. Finding something that you can minimize risk to have high return. I was with Ray Dalio just a few months ago, and Ray Dalio, king of Wall Street, and he was actually talking to us, he said, I can minimize 80% of my risk without losing any of my upside. Essentially, I can lower my risk by 80% without losing my return. That's what we always look for in our funds. We've done that a number of our funds. And I was like, wow, that's awesome. You guys can do this especially in real estate and small funds. There are very inefficient markets. You guys know this better than anybody. There are buildings that are inefficient that people have not spent time or money. You guys come in and say, our team, our expertise, Minimizes the risk and we keep the return the same because we've done this for 30+ years. We did a building just like this down the street. We minimize the variables and we can keep the same return. You guys know what I'm talking about? Does this kind of make sense? This is what you're trying to show in step 1. We have other videos on our channel that talk more about this. Now, once you've done this, you actually show we have found asymmetric risk and by the way, don't move on until you've done this. I have some people like, Bridger, I just want to do legal, but they haven't found something that has asymmetric risk or alpha or low-risk, high-reward things and invest. No one wants to invest. And they come to me later, Bridger, no one will invest in my fund. I can't raise money. Not raising money is a symptom of not having good alpha. That's the deeper problem. There's plenty of money in the world. You just don't have a good enough offering that investors want. Does that kind of make sense? So step number 2, Found a great deal. Now you got an awesome deal. You're okay. I'm excited. I'm ready to go. I go, hold on. Hold on before you move on. Step two is go and actually frame the fund. Frame how everything will play out. Today we don't have time to go into this. We have other videos to talk about open versus closed-ended funds. Do you want to do an American or European waterfall? Three C one, three C five, three C seven fund. How? What's your lockup periods on your fund? All the different intricacies of your fund. Our channel talks all about this. How your fund is going to get framed out. You drive all this down to usually a PowerPoint presentation or some kind of presentation pitch deck. So, you got the deal but now let's frame out how the fund will work with investors, the LP/PPM. Now, step 3, let's actually go and raise capital. But wait, Bridger. I don't— haven't done the legal yet. I can't raise capital. Yes, you can. See, what I do with people is say, go and actually test the market. Go take this potential fund with this potential frame and go pitch 5, 7, 10 people that are mentors or people in your space, and what happens is they're going to give you feedback, and I'd pitch them just like this. I'd say, hey, I got this fund idea. Do you have 11 minutes? I could run it by you. Great, let's sit down. We run it by them for 11 minutes and I say, hey, the legal's not done yet. We're working on it right now, but this— I'm just floating this around. If everything checks out, everything I've said today, we all— we can— and you can have your legal team look through it. But let's just say it all checks out. Could we put you down for a $100,000 investment in this fund? And they go, well, yeah, maybe. And I go, really? Can I put you down? They go, probably not right now. And I go, well, why? Can you give me some feedback? And what happens is step 3, they give you a lot of good feedback. And they say, well, you know, I love you, Bridger. But man, this frame is a little wonky. I don't want to have my money locked up for 5 years. Can we lock it up for 3 years? Well, let me see what I can do. Or, I don't feel like you guys have a really good process for deal flow. And what happens is they're going to send you back to step 2 or step 1 and you're going to come and iterate on your fund. And you're going to say, okay, thanks for the feedback. You know, let me go back to the team. Let's fix a few things. Can I come back in a couple weeks and see what we come up with? Sure, Bridger. That's great. Or maybe not. You go find somebody else. But what happens is this is you testing the market to see if they like your offering. Our goal with Black Card, which is our top group, we try to get everyone in here about $2 million of verbal commitments. Of people saying, yeah, you know what, if it checks out, yeah, I'd put in a quarter million. I'd put in half a million. I'd put in $100 grand. Then and only then. So once you've done step 1, 2, 3, and you've gotten a few million or whatever your raise goal is of verbal commitments, then and only then we go to legal and you walk into a lawyer's office and you go, hey, I want XYZ with a drink and a side of fries, like boom, and they just build your docs and it's done. It's way more efficient. Now, you might be sitting there like, Bridger, I don't believe you on this. Let me give you another example. I had a friend, he did not follow this process. He went and did legal first. On his first fund, they spent over— get my marker here. $500,000 on legal docs for their first fund. I spend $20,000 to $30,000 on the same docs. Why? Because they went to legal and then as they still had to iterate and guess what lawyers, they love iterations. Yeah, they bill you $1,200 an hour. Hey, lawyer. They walk in and they say, well, do you want to do a pref, a catch-up, carried interest? What's your split? And you go, I don't know what that means. The stuff we just talked about and they go, well, let me teach you. And a lawyer will sit down and teach you for $1,200 an hour what's a waterfall structure and how a pref— and they usually talk very slow and they, you know, they go long. That's— they're just trained to go long because they're paid by the hour. You don't want your lawyer to also be your teacher. It's a very expensive teacher to have and very inefficient teacher to have. Additionally, another thing I say about this specific to funds. There is a lot of strategy built into how you write your documents. It's kind of like let's take American football, for example, American football. So we have our field right here. Here's our field, right? And we got end zones and field goals and stuff. Could you go talk to a referee and learn the rules of football? 100%. A referee for the NFL could come and tell you all about what's a first down, a fourth and what's a fourth and long, a punt, a field goal, an extra point. How do these all work? How many timeouts in a quarter, okay, or half? They could tell you the rules and help you with the rules. But there's a big difference between talking to a referee and Bill Belichick, former coach of the Patriots, won all the Super Bowl titles. A little bit different. Bill Belichick also knows the rules, but he knows the strategy within the rules. See the difference? A lawyer will tell you, yeah, this is the sideline. The sideline is here. And great. And by the way, you should play in the rules. Every— this game you have, there are rules. There's very defined rules for funds. Make sure you play in the rules. But within the rules, there's a lot of strategy. What to do on a 3rd and long or 1st and 10 or a red zone situation or clock's running down, 2-minute drill. Like, how do you actually perform in those scenarios with your team? That's a little bit different. And that's why just going in, yeah, I'm just going to pay a lawyer to do this, is kind of like getting a plate With nothing on it. And there's a big difference between Gordon Ramsay making a, you know, cordon bleu and Bridger Pennington making a cordon bleu on the weekends. It's a big difference, right? So that's why I— that's why the Fund Launch Formula exists, is because I've seen so many people do this opposite and do it the wrong way, and they waste a ton of time and money and effort. And then finally, some funds, by the way, you're going to come through this process. You might come to step 3 and no one likes your idea or fund or pokes some really good holes and you might say, you know what? They're actually right. This fund idea, we're going to take shipping containers and we're going to go and build mobile homes out of shipping containers just isn't the idea and we tested the market, we're not— it's not fitting. Let's tweak it a little bit. Maybe it's not shipping containers, maybe it's some other modular home. I'm speaking from experience by the way. We were going to do a fund on this and it It just didn't land. This is a few years ago. And thankfully, we didn't spend the $30,000, $40,000, $50,000 to learn the market didn't like this product. There were other products that were cheaper, more efficient than shipping container homes, at least in the region, that market that we were looking at. It actually didn't have asymmetrical risk. We didn't realize that until we got to step 3 and started talking to investors. Then we realized, oh crap, there actually is an asymmetrical risk here. We're just gambling. So we shouldn't do this fund. And we backed out of that whole idea. And then guess what we did? We went back to the drawing board, we found something new. And we tested it through this process and iterated till we found a product that investors want. That is the crux of this whole thing. So there you are. There's waterfall, GPLP. We have a ton more videos on this channel. Today I can only share a fraction. I could go for 5 hours on this stuff. I could talk all day. That's why we do events and other stuff. You guys are amazing. Drop a comment down below and let me know what you think, other questions you have to make follow-up videos to this today. Thank you so much. See you in the next video. Bye. Thank you.