Live Training Q&A

All right, all right, welcome in. We got about a minute 15 left. Oh, we got an echo here. Let's make sure this is all working well. Give me a drop a 1 in the chat if you guys can see me and hear me. We're using a new software. Let's see. I'm getting echo there. All right, let's try that out. Drop a 1 in the chat if you guys can see me and hear me. I want to make sure this is working out. Okay. Um, welcome in everybody. It's gonna be a fun call. We're gonna talk about structuring your fund, structuring deals, how to put it all together. I got the whiteboard here. Uh, it's gonna be a fun call. Um, now we are live on the Facebook group, on YouTube. I'm gonna go live on Instagram in just a second. Uh, should be fun to have you guys on again. Let me know if this is working in the chat. Okay, I see a bunch of ones coming in. I got this pulled up. This is gonna be fun. So, Saheed, Mahmoud, Joshua, welcome in. Um, let me pull up Facebook as well. We got 15, 14 seconds left on the countdown timer. Again, too, this is a live call. I actually want to answer some of your questions directly. Uh, we're gonna have people moderating, helping out, make sure all the questions can kind of flow up to the right spot so we can have everyone involved and having fun. So it looks like people can see me and hear me. Welcome in everybody. Um, we got 7 seconds left. This is gonna be fun. We're gonna kick this training off. As you guys know, we go live every single week inside of our Facebook group and do trainings like this. So if you'd like to get more, if you guys are on our channel, come over to our Facebook group. If you're on our YouTube channel, go over to the YouTube— or on Facebook, go to the YouTube channel. Um, have you guys on there. So there goes our timer. Let's dive in today. I know it was— we're a little bit behind schedule. I actually have no clue how to work all this software, and I'm happy that people are saying they can see it. Let's go! Getting my 65. Let's go. Just wait for someone. I'm coming. Awesome. What's up, Bridger? Jesse, good to see you guys. George, welcome in. Let me stop sharing my screen here for a second. Um, this is gonna be a fun call. I'm actually very excited to have people on today. Uh, perfect. We've got— awesome. I've got chat here. This is all working out. It worked out great. You know when you try new software and you're like, man, I don't know if it works? Bam, here we are. It works. I'm gonna just pull up Facebook real quick to make sure we're good there, and then, um, we're gonna kick things off. So by way of, uh, just announcement, things that are going on in my life, we did this last week, an awesome event. You guys might have seen it on Instagram. We put together a small— we called it Cars and Coins. We had a bunch of supercars there. We had a couple McLarens and Lambos and some awesome Ferraris and all sorts of fun cars showed up. I was there with my little Audi R8. Feeling all cool. But, you know, like the lowest tier of car there. And fun event though. We had people come actually to a big awesome mansion. And then we had John Pennington, my dad, as some of you guys know, co-founder of a $20 billion family of real estate funds, has never invested in any of my funds or projects but is an incredible mentor. And a lot of our courses and programs stem from him and what he's taught me and my brother who's a securities attorney. We bring it all together. And so he was there, talked about economics, talked about what's happening with inflation, with negative interest rates, with monetary policy. Where does he see the future going? It's actually a very interesting conversation from what we had there on what the future holds essentially, on what potentially might happen over the next 18 months, 2 years. It looks like I don't see them raising rates. I know Janet Yellen talked about raising rates last week. Yes, she could do that. But I have a hard time thinking that she's going to raise rates over the next 18 months. Now if they did raise rates, I think they'd do it very moderately. And that might really hurt the real estate market. I mean right now we have pretty much free money and as much money as we want. It's pretty insane. And they're still telling us that inflation is is well below 2%. We're not even close to where we're supposed to be at. I don't know. I think it's kind of some hodgepodge. Josh, welcome into the group. Type a 1 in the chat if you guys are in the Facebook group. Let me know if you guys can see me and hear me. Brody was there. Brody, the event was epic. It was awesome. So we talked about that at the event and then I forgot to go live actually on Instagram. So let me check. I wish I freaking— Mason's in the other room. He didn't come over and help me. He He's just right across the screen here. So, um, okay, so it looks like we're live now. So that was the first speaker we had, John. It was awesome. Did a really great job. Did a little Q&A. We went back and forth. And then secondly, we did— we had Dan Young come up. And I think actually, let's see if Dan might hop on on Instagram here. Let's try him out. Um, Dan Young. Yeah, can you help me out? Just get the Instagram Live here. Thank you. This guy right here. I'll just give it to you. It's just not working very well. So Dan Young came live, did an incredible job. So Dan Young, my business partner, super great guy. He's on the board of Intel PC laptops, all that kind of stuff. See, it's still not working. And has done an incredible job with trading crypto. So he started, I think in 2013, started mining cryptocurrency and mining Bitcoin, sold a lot in 2017, and then has been in the games ever since and done very well in crypto markets. So he talked about the future of crypto. And he kind of went from beginner to advanced on there. So beginner level, just getting into the crypto markets in general. It's actually very interesting. Talked about crypto right now only has, I think it's the entire crypto market in general only has a $2.1 trillion market cap. That's it. I can grab it. Is it live? Yeah. Is it working? I think just this camera going that way. Okay. We can flip it. But flip it and put it right here. So anyways, he talks about $2.1 trillion market total. I mean that's it. Right? And you might say that's a big market. Apple, Apple's market cap's like $2.7. The entire Apple altogether is $2.7 trillion. Amazon I think is well over $2 trillion. Apple might be more. You guys can correct me if I'm wrong. I think it might be more than that. I mean the entire, an entire asset class is not even worth Apple. Apple I think is over $3 trillion. You guys tell me it's over $3 trillion? Not even worth Apple. So I mean you look at that and about the entire growth of crypto. Now which coin to buy is up to you and what to do. But I'm a strong believer in the entire market and how the entire market works and grows. And that was actually a great point he made was the growth of it. Now we're at this event. We're talking. He goes into a little bit deeper becoming a liquidity provider, staking. You can stake your cryptos and stake 2 coins against each other. And then we had actually a guy there roll up in an awesome Ferrari and he's been mining coins for the last few years. And he talked about mining different coins. We also had a former congresswoman in the crowd with us at this event. So Mia Love, she was a congresswoman from Utah a few years ago. Now she, I think she sits on a number of boards, all this great stuff that she does now. But she talked about, we asked about the regulation of cryptocurrency. And Mia kind of raised her hand and said, hey, I'll chime in on that. She actually sat on the board I don't know the name of the board, but it was like economic conditions. And they analyzed cryptocurrency. And she said, at least when she was there, this was 2018 she was saying, she's like, we really had no clue how to regulate cryptocurrency. We wanted to regulate it. We wanted to figure out how to control it. But she said, we, you know, I was sitting down with a number of members of Congress and all of our resources, whatever we had, we had no clue. Hey, what's up, Instagram? Are we live there? Let me grab that. All right. We should be good. All right. Sweet. Welcome in, you guys. She kind of said we had no clue on how to regulate those crypto markets. As you guys can tell, it's a one-man band right here with the live. We got Facebook now, Instagram, and YouTube. It's our first time doing a 3-stream live. Come on. Give it up for the freaking team. This is the first one. Drop a fire emoji in the chat or something if We should do more of these. I don't know. Maybe it's too much work. We got like a bunch of cameras here. And anyways, buying softwares and all sorts of random stuff. So anyways, back to the event and the conversation. It was a really great event. Mia talked about that. She said at the time, no way to regulate the crypto industry. Yes, they want to regulate it. Yes, they want to do stuff. But right now, it's very interesting. The last point I'll make is Dan Young brought up the potential of of quantum computing to destroy the crypto markets. Now quantum computing, I'm not going to dive into all of it because frankly, I don't really understand quantum computing. I watched a number of YouTube videos. When I don't understand something, I just go watch YouTube videos. So I watched like, I don't know how many YouTube videos on quantum computing. And they had a very hard time explaining it. Quantum physics, quantum mechanics. I mean it's And it made sense in theory, but I just have no clue how they're going to harness, I mean they're doing it micro, at the atomic level, making calculations on multi-universes is what they call it. Anyways, apparently the fear is if quantum computing could crack Bitcoin like in a second, if they got that all to work. Now the argument that Dan Young brought up was, hey, if quantum computing comes and we actually can use it, there's going to be quantum security just as Just as well. So we're going to have quantum security that'll stop quantum computing cracking Bitcoin or Ethereum. Anyways, pretty interesting. So we had a fun event. It was really great. I had a lot of people come. This was a test event. Okay? This was a test event. We had about 50 people show up. We had about a dozen or so supercars, great speakers. We would like to throw some more of these. Anyone interested? We actually want to get people together, start talking more about funds. We'll probably do a couple. I'm in Salt Lake City. Throw a few in Salt Lake City. But we want to do more and more of these in the future. Let me know. I want to take a little poll actually. If we threw an event, you guys, if you haven't seen it, go look at my Instagram or whatever. We posted some fun videos. But if you're interested in doing something like that, give me like I'm in or something in the chat if you guys would show up. If we threw an event and we had speakers come on, talk about real estate, crypto from their— talk about funds, how to scale multibillion-dollar funds, Would you show up to an event like that? Let me know in the chat if that's something. Say like yes in the chat if that's something you guys would like to attend and be a part of. Okay, awesome. Okay, well cool. That's some good feedback actually on here. Yeah, that'd be fun. We're actually looking at throwing some of these events. It should be a fun time to do something like that. Now let's get to today's topic. Enough chitchat, enough hanging out. Let's talk about what we're supposed to talk about today. So As you guys know, now Instagram, you guys might be aloof. But in our Facebook group and in YouTube, we prepped this topic for today is actually fund structure. How to put together a fund, how to think through a fund, all that kind of stuff. So by the way, this is a live call. I want to answer questions as we're live. So drop questions as I go. This is not just going to be a me monologue type of video. I actually want to answer your questions as we go. And we'll do some of that, have some fun. Josh as well. I know Josh and I don't know if Nikita's on but Kalichi. If you guys want to help moderate, text me or whatever if things are going wrong, if things start breaking. Again, it's a trial run for us. So let us know how it works streaming to multiple platforms here. So let me, I'm going to actually share my screen here. I got the iPad back all charged up, ready to go. Love this iPad. So we're going to actually share my screen and actually whiteboard out how this looks and how you should think about structuring a fund. Now we're going to start basic. I know some people this might be, anybody actually, this is your first time hopping on a live call with us? We do these like every week, but anybody first time, drop a 2 in the chat. This is your first time ever hopping on a live call with us. Kind of want to get a poll of, of who's— this is like your first, first, uh, time here with us. Now, Instagram people, you're not gonna be able to see my iPad. Come over to our Facebook group, come over to YouTube if you want to see actually the screen share. For whatever reason, they don't let me stream to Instagram, at least to my knowledge. So, um, you guys are gonna have to hop over, but I'm gonna draw this out. Let's see if this is working. Bam! There it is. So we got a few people that are first time. Okay. A couple people first time on here. Awesome. Okay. This is going to be fun. We're going to start basic and we're going to go pretty advanced. That's how it's going to work out. And I'm going to talk through different structures of funds and how to think through these funds. Now what is a fund? Let's just start from the basic, right? What is a fund? I use the term fund a lot. Our program, we always talk about Fund Launch Formula. Launching funds, investment funds, hedge funds, real estate funds, private equity funds, venture capital funds. What does all that mean? Let's get into it. Down on the whiteboard. Okay? When I use the word fund, all I mean is a fund is a pool of money. I drew it in blue. It's a pool. And investors or limited partners, I'm going to put limited partners or investors, just the money. They put money into that pool and then us as the fund manager can draw from that pool. We go make investments. And when those investments make money, let me change my color here. So when the investments make money, the money flows back to the pool and gets split between the fund manager and the investor. Pretty simple. When I say fund and syndication, that's all I mean. Now let's go a little bit deeper here. Okay, that makes sense, right? So that's pretty, pretty, uh, and let's actually— Josh just dropped in here. Thanks for dropping that, Josh. I'm gonna pin that comment. Um, you guys can hop over to our Facebook group. We'll let you in right now if you guys want to see the whiteboard on Instagram. So that's a pretty, you know, pretty simple. So now how does this work at a big level? Okay, the, the crazy thing is actually Hedge funds, real estate funds, they're all running the same type of fund structure. And this is, so a real estate fund, I'm going to type real estate up here. Real estate fund, their pool, all they invest, same pool of money they invest into real estate. Makes sense. Private equity. Okay? Private equity uses the same pool of money. They go and invest into private businesses. They will buy private equity, equity ownership in businesses, in private businesses. That's it. Okay? That's all they do is they go buy private businesses. You actually saw Sycamore Partners. They've purchased Aeropostale, Nine West. A lot of these brands they purchased out of their fund. Last year, they were trying to buy Victoria's Secret. Okay? A lot of private companies they buy and they put under one roof. They also own Staples, is owned by Sycamore Partners. I'm trying to think of them as well. Tai Lopez. You guys know Tai Lopez? Flashy Tai Lopez, cars, girls, all that kind of stuff. He launched a fund, private equity fund. They went and bought Pier 1 Imports. They bought Radio Shack. They bought Dress Barn I believe. All these distressed businesses, went and bought them in a private equity model. Same pool of money. They're just buying private businesses. Venture capital. You've seen this on Shark Tank. They're buying private interest usually in startup businesses. So very early stage seed startup Series A, B, C round. They're That's all they're doing in a fund. You have hedge funds. Okay? Hedge funds, broad term, hedge funds trade in public securities. That's it. So they're trading commodities, futures, stocks, bonds, forex, anything on public markets. Cryptocurrency would be under a hedge fund model. Same pool of money up here. Investors put money in, fund managers put that in. And they split the returns. That's it. Now the power of a fund is it allows you to scale. That's the most beautiful thing about funds. And that's why most people that are successful in the financial world and successful in investments all end up running funds. They all move into the fund model because there's 2 reasons. It's super lucrative. It allows you to scale. And it gives you control. over your investment. Let me talk about the scale piece first, then we'll talk about control next. That sound good? So let's talk about the scale piece. I'm gonna go down here a little bit. Scale. A lot of people— let's talk real estate. A lot of people want to get into real estate. Anybody, anybody in real estate in here? Give me a 3 in the chat if you're a real estate person, you know, looking to get into real estate or already doing real estate. A lot of people start in their real estate career, they start wholesaling, they maybe do a fix and flip, they start with a duplex. So 2 units, they buy a 4-unit, you know, and then they save up and one day they're going to buy a 12-unit and then they're going to buy a 24-unit and they slowly are going to work up over time. That's a lot of people. That's kind of their real estate career and they'll syndicate money together. I'll talk about syndications versus funds in just a second. And they're slowly going to grow their personal real estate portfolio over time. Not a bad model. So yeah. Now scale. You launch a real estate fund. Like let's mention, well, we won't mention them. But a lot of funds I work with very closely, they don't want me to use their names. But real estate funds, they'll launch a real estate fund. Smallest unit they'll buy is 200 units, apartment complexes. 200 units is the smallest they will buy. They'll buy all the way up to, I've actually seen them buy 2,000 units in one transaction out of a fund. Wow. A fund allows you to scale. See what happens actually right now in the current— any of my real estate investors, current the market, fourplexes and duplexes are getting, and they have been for a while, so overbid because everybody and their grandma and their cousin can put together a couple hundred thousand dollars and go buy a fourplex. Very few people can put together the money and go buy 200 units. Right? I mean that's the difference that we're seeing in the fund space. You go, actually I was talking to a fund recently. They're bidding on properties. There's 2 bidders that show up. 2. It's them and one other person. They're bidding. Obviously, you're going to get a lot better deals when there's 2 bidders versus I just went and actually I was bidding on a duplex. They had a 6-hour window. I showed up. This is like a month ago. I'm like, yeah, maybe I'll buy some personal real estate just for myself. I show up. They had a window of 6 hours to go see the property. It was like from noon to 6:00 PM, you go see the property. So I show up at like 4:30. Drive over. I roll up to this apartment. Just a duplex, nice little spot. There are 30 people outside. 30. And I was only there 15 minutes. I went through, I walked through the place. They had some renters. I didn't want to stay too long. I looked at the numbers. They said, hey, all offers are due tomorrow at noon. And I call the agent and he's like, yeah, we've had 24 offers. I think he said like 12 are all cash. And they're all over asking price, $50,000, $60,000, $100,000 over asking price. Right? That was what was happening in the duplex market. That's not happening on 200-unit apartment complexes. 1,800-unit cities that you're buying essentially an apartment complex. Okay? That's where you can scale through a fund. Is that making sense? You get access to deals that other people can't have. Now the second piece which is really crucial is you can transact. You have proof of funds. I mean actually, I'm going to talk about that in just a second. So the first aspect was scale, number one. If you're a great trader, why not trade, if you're trading your $20,000 pool of your personal money, why not trade $500,000? Why not trade $1 million? Why not trade $5 million? That's what a fund allows you to do, to scale. Your investments. Now number 1 is the scalability. Okay? Number 2 is the protection. And let's actually walk through. And by the way, people on Instagram, hop over to our Facebook group. You guys can check this out or on YouTube and you can see actually the screen of everything that's going on here. Okay? Number 2 is the protection. There's a great scene in The Big Short. I mentioned this I think last week. Let's Love this scene. Michael Burry is in his office. He's kind of autistic, always playing the loud music. And it looks like his biggest investor comes in the office mad, you know, yelling at him, you got to sell your short position. Get out of it. I don't trust you anymore. Give me my money back is what he says. And Michael Burry just says, no, sorry, I'm not giving your money back. And the investor screams and yells, but that's the truth of running a fund. Yeah. is you have control over what happens in the fund. Let me walk you through how that looks. Okay? This is how 99% of all funds and private money is raised in the world as I'm about to explain to you guys right now. Sound good? Drop a, give me a fire emoji in the chat if you guys are ready to get into this. And then I'm going to talk through this just for a minute and then we'll talk, I want to answer some questions, go a little bit deeper. We're starting pretty basic here. We're going to go a little bit more advanced. Most funds will follow this model. They will have their fund. I mentioned up here, okay, the pool of money. You have investors, fund manager up here. So I'm going to scroll down. That pool of money is called a limited partnership, limited partnership or the fund. And limited partners or LPs will put money into that pool of money. So you have a limited partner here, limited partner here. They put money into that pool. They'll write subscription agreements, all that kind of stuff. And then you over here are what's called the general partner. Okay? This is you and your management team. You guys are the general partner and manage what goes on in the limited partnership, in the fund. Is that making sense? Now this fund, let's use the example of a crypto fund. Okay? They're going to Use that money. They're going to go, you're going to go buy and sell crypto. And when you make money, it flows back to the fund and it flows back to the individual investors. Pretty easy, right? Not too complicated. Now there are 2 documents that govern this called your LPA and PPM. Stands for Limited Partnership Agreement. And this one stands for Private Placement Memorandum. These are just, these are thick documents, about 100 pages each. Or more. These most of the time will cost $30,000 base all the way up to even $100,000 to get these set up. This is what stops most people from starting a fund. By the way, in our groups, we have a mastermind, we have other programs, we can get this cost way down for you. Most of our guys that do it are spending anywhere from $8,000 to $15,000 to set up their fund. And that whole fund setup is reimbursable by the fund. Okay? That's a— we teach that inside of our mastermind group. It's pretty fun. But these 2 documents will govern everything that happens in the general partner limited partnership. Okay? Is that making sense? Okay. Let me scroll down a little bit here. So is that looking better, Josh? Josh is texting me. It's not working right on the screen. It's showing this. Let me, might be a delay on here. Let me reshare it on here for a second. So that's what you're seeing inside of a fund is the general partner limited partnership. lot of you guys know that structure. That's kind of the basic structure of how it runs. Now there's a few more pieces that go into this. Let me go a little more advanced here. I'm going to reshare my screen. Let me know if this is working. Hey, we're trying this out for the first time. We got Instagram, Facebook, YouTube. There's got to be a glitch or two, right? Bam. All right. We're back. Let me know if that's working. Now there's another piece over here that you'll set up depending on your fund type. Now this can change, but typically You'll set up your registered investment advisor or your investment advisor. Okay? This team is usually managed by the same group of guys and gals that run the general partner, usually the same team, just separate entities. Each box here represents a separate entity. Okay? The RIA, and so it stands for registered investment advisor, and an IA stands for investment advisor. Now the difference here is RIA is for if you have over $150 million, you fall under the, and this is for the United States. Okay? SEC, Securities and Exchange Commission. You fall under their umbrella once you get over $150 million AUM. And you have to file with, it's not a choice. You have to be a registered investment advisor. Okay? When you get over $150 million. Now if you're under, I wish that, I'm going to erase a few things here. If you're under $150 million, let me pull this up. Some of you guys are like, that's the first time Bridger's ever erased something. My whiteboards usually get way messed up. Like the first time Bridger's ever erased something ever on his whiteboard. Okay? So I know. There is an erase tool and I know how to use it. I just used it. There you go. Now if you're under $150 million, okay, you fall under the state level and you have to file. And this is the state where your primary business location is at. You're going to, and now there's different states with different laws. So I'm not going to go through all of it. Inside of our mastermind group, we actually walk through all that. We have a guide that gives you all the state levels you guys can have as well. You guys will inside of our Black Card group. You guys get all that? But in general, states generally follow what the SEC has. So similar rules, but some states have great exemptions. And so you'll, this is for, now SEC up here is going to be all the same. We teach all those kinds of rules, licenses, things like that. Some states have very favorable laws. Actually, surprisingly, California, who always has like terrible laws for businesses, I'm just going to throw that out there, They have really great laws for funds actually. They have laws that they, in your fund, they have a fund, I think it's called the Fund Exemption Act where your fund, you don't need licenses. They're very deregulated. It's actually a very easy process to run a fund in California. Not too bad. Utah is the same way. Utah is actually a very easy state to run a fund in. Florida is pretty good. Texas. I mean every state's going to have different laws. You got to check on those laws. But a lot of times you don't need licenses in these state levels if you're under $100 million depending on the state that your primary business is located. Is that making sense? You guys following along? So that's the difference between RIA and investment advisor. Now this is fund structure. This is the topic for today. You've got your RIA, you've got your general partner here, and then you've got your limited partnership or fund that you're running, right? Separate entities that are running. Now with this, depending on your fund type, this is just, I'll give you a few examples. If you're doing a crypto fund, like we mentioned before, you might have a prime broker that you're going to work with. And this broker for hedge funds will help you execute trades. For a real estate fund, you might have a management company that actually manages the properties and actually is the one that goes and leases it up, all that kind of stuff. You might have separate entities depending on the type of fund you're doing. That's kind of the basic structure here. Is that making sense? You guys following along? Let me look at some questions here too. I know some of you guys have already heard that. It's kind of basic, but I wanted— there's a lot of new people on here today and I wanted to walk through that first. So you see that? All good now. People in this chat are all alpha mangals. I love it, Josh. The iPad's fixed. Okay. Late fire emoji. Awesome. Bunch of people with fire emojis. 3s, 2s. Okay, cool. So that's what we see here. on the basic fund structure. Now going a little bit deeper, right? Let's dive into different offering, different types of funds you can set up. And actually, I want to talk through syndications and funds for here a second. So let me go back to my screen here. A lot of you guys are, anybody, I'm guessing there's a number of people that have already done deals in this space and you might be intimidated to run a fund. You don't know how to build a track record. Anybody like that? Like I want to build a track record. I want to get started. How do I actually get started in this space? So let me walk you through this. Come on, iPad. Boom. There it is. How it all works. Now, when I mentioned syndication, this is what I mean. I think house flippers are the best example of syndicators. Okay? I'm going to draw a little house here. Boom. We got a little house. And we're gonna use house flippers for example. House flipper, typically how they'll do it, they'll go find a house, looks awesome. There's 100 bidders at houses right now. They find a great one. They win the bid, whatever. It's crazy. But then let's just say they find a house. They will go and they'll talk to their money sources, whether it's them, you know, I'll just write me. I'll write hard money, meaning they find like, you know, a loan from, you know, a hard money lender that'll lend money to them or they'll find investors. in this pool, one of these 3. They'll get the money together. They will go then and put together an LLC. The LLC will be structured. Each member will, depending on their structure, you know, they'll have debt or equity partners. They'll set up a new LLC. They will get the money, fund the deal, purchase, actually get the deal. They'll fund the rehabs. They'll flip the whole thing. You guys have seen TLC. They walk you through the whole thing. Chip and Joanna Gaines are out there doing their whole thing, right? And then they make some money. They got to pay back their investors, themselves, and hard money lenders. And then they restart. Okay? That's a crash course on how it kind of works. Right? They will set up an LLC each time they find it. Then they'll restart. They'll go find another house. They do the same thing. They find, they either fund it themselves, hard money vendors, or investors. They set up an LLC. They put the money in there. And then, you know, sometimes investors change their mind. Hard money lenders will change their terms. All this kind of stuff. And it's a little bit of a hassle. I actually have a number of friends that have flipped hundreds of homes. And they go, it's kind of a hassle sometimes. You have to find a couple of good investors you know will transact. It just is a hassle to do this over time. And I call this a syndication loop. Okay? Syndication loop. And it's kind of like a hamster wheel. I mean you are on the hamster wheel of doing properties and deals. And you can do, you know, 2 to 3 flips a year. I have a couple friends that do this, 2 to 3 flips a year, and it's awesome. Okay? They do a great job. By the way, people on Instagram, come over to our Facebook group. You guys can see the iPad, see all the stuff that's going on here. So the same thing you can do, not with houses, you can do this with buying businesses. Put together some money with investors. Usually I would say under maybe 6, 7 investors. You don't want to go much bigger than that. Grouping them together. You are all on the LLC. You are actually full voting members on the LLC. That's the only way to structure it. You are full 100%. Like if you're going to do an LLC, and let me walk through syndications for a second. You're going to buy a business. You want to buy the crab shack down the street. Let's say it's $1 million. You, this is how I've seen a lot of people do it. You as the person putting together the deal will reserve 20% equity for yourself. And then you'll say, hey, we've got 80% available pro rata, whoever puts money in. And so let's say someone puts in half of the money. They're going to get half, 40%, excuse me, 24%, yeah, 40%. They put in half the money, but they only end up with 40% equity. Okay? And then let's say you have another investor that puts in some money. They're going to end up with 10%. This guy's going to end up with, you know, 12%, 15%, whatever. And it gets broken up and sliced around to different investors. Now on paper, you are all voting members of this entity. Right? Like this is your LLC. You own 20%. Yes, you're going to be managing the business. But on paper, you are going to be, you know, you have a 40% owner, 10% owner, 50% owner on paper. And I would put some kind of clause on there. No member can be voted out unless there's an 81% vote. Meaning unless your shares go down, you can't, you're not going to be voted out of the deal. Now between the partners, Maybe you're going to have an understanding. Yeah, I'm going to run the whole thing. That's why I'm getting 20% for free. I didn't put any money in, but I'm going to get 20% for free by doing this. But on paper, you need to have partners that are all in here because inside of an LLC, some of the risks of running, again, this syndication loop, a few risks that happen is this. Now if everyone, if the company makes money, does well, everyone's happy. No one ever gets in trouble for anything. It's only when things, the tide goes out, you see who's not wearing shorts. Great Warren Buffett quote. When the tide goes out on a syndication, starts losing money, they're going to obviously come after you. Okay? Hey, Bridger told us that we were going to buy this crab shack down the street for $1 million. He was going to make a ton of money. We lost some money. It's going down. I don't like Bridger. I want to kick him out. And we have this whole legal battle. And they could potentially go to court and maybe kick you out of your own entity. They could sue, whatever. And now if they came and said, Bridger lost all his money, he raised money, you would say, you lost the money. We're all equal partners in this business. You are not passive investors. You are equal members of this business with me. And you own 40%. You lost the money. See how you kind of get back at it? It protects you a little bit legally. they have to be voting full members on there. Now that gives them authority as well though. They want to take out lines of credit, other things. Hopefully you'll have things to protect that. But those are some of the risks of running an LLC syndication. Okay? Is that making sense? Pros and cons of the LLC syndication. So pros, you can set it up very quickly. You do it on a deal-by-deal basis. Very low cost to set up. Usually less than $1,000 works out pretty good. Now this is a great way to build a track record, to do a deal or 2, to get people warmed up to you. And actually my first thing I did in this world, I did a syndication. I had 5 or 6 different investors came together. We had an LLC. We put money together and it was awesome. Made a lot of money for those investors. I sent investors back. It was great. Okay? Now let's talk through why most people that are successful at this scale to a fund. Okay? This is what they do. Because you have a couple problems here. Problem number one is investors. You're depending on investors to put money in and depending and hoping that they won't sue you down here and take out lines of credit. You don't have as much control over what's going on. In a fund, you do the same thing. You find properties, you find investors. You will then set up though your LPA like we talked about earlier and PPM. And if you guys missed that, go watch the recording. You'll see that later. LPA and PPM. And you set up your entities once. You raise capital from investors once. And then you can go out and do as many deals as you'd like. So you set up your general partner, like we talked about earlier, limited partnership, and you can scale and you can, you know, let's say you raised $20 million. Well, you can go theoretically, instead of just one you know, crab shack. You can go buy 20 crab shacks that you're going to put together. I don't know why crab shacks. I've never actually been to a crab shack. I don't even know if they're good or not. We have a bunch of crab shacks around our house. I live in Utah. Who's running a crab shack in Utah, by the way? We live like, we're not even close. We're like 12 hours' drive from any ocean remotely close. Anyways, a bunch of crab shacks in Utah though. Let's say you go buy up 20 crab shacks. You can do all that. You have all the money. You can transact. You're not hoping that an investor wires money on the last day on a Friday. You're going to transact. You have all, you have the entire fund set up. The money's already secured. The entities are already set. Everything is set up. And investors have no control over what happens in the fund. You have 100% control over what happens in the fund. Back to the example, Michael Burry. Let's say one of your investors doesn't wants you to sell the Crab Shack, whatever. You say, sorry, tough. Unless I committed fraud, unless I committed some securities fraud or did something illegal, sorry. No, this is the thesis. This is what we're doing. And that's why funds are so beautiful. It allows you control over what happens inside of the fund. And that's why most people scale through funds. And then secondly, we talked about up here was the— so the protection, the scalability, and the control of what you have in there. Is that making sense? So that's kind of what you get. Let me— I'm gonna, I'm gonna unshare the screen for a second. I wanna answer a few questions here, but that's kind of how most people scale from the syndication to the fund. Now, we help a lot of people do their first syndication deal. I think it's a great way to start. I think syndications are a great way to start to get people to warm up to your idea of running, you know, managing money. They want to trust you as a fund manager. But ultimately, the goal is to run, get into that fund model because you can scale. And that's where the big bucks are. That's why all these billionaires are making billions and billions of dollars running funds is because of the scalability and the protection of what they have inside of their funds. Is that making sense? You guys following? Like drop a 1 in the chat if that's making a little bit of sense so far. Now I want to Answer a few questions here. I don't want to just have this be me talking right now. Let's see. Froze. Awesome. Thanks for sharing the info. You got money on call, baby. Awesome, Joshua. Alpha Mangoes. Let me pull back, make sure I have some questions here. Mailer. Yeah. So people on the IG, come over to our Facebook group as well. You guys can see the fit in the chat here. So people asking too, hey, what's in your mastermind thing? I don't want to talk about that much today. But we have a mastermind program and a Black Card. You can see my shirt, a Black Card program. This is where we help people one-on-one. We coach people, help mentor people. We've helped a number of funds get over the $1 million mark. I think over almost a dozen funds now over the $10 million mark. We have 2 funds over the $50 million mark. And one fund actually, they just messaged me, they are over a billion dollars. Wow. they have raised in the last 12 months. All of these companies have started within the last 12 months. It's been insane. And so, and most of them are in our Black Card programs and mastermind programs. Actually, all of them in our mastermind program. Some of them are in our Black Card program which is our top-tier kind of inner circle program. If you guys would like to learn more, this is not meant to pitch anybody. People are asking, hey, how do I learn more about, you know, what's going on? If you'd like to learn more, I'm going to drop a, you guys can hop on a 15-minute game plan call with a couple of my advisors. I've trained them myself. And actually, they will hop on and talk to you about funds, what we do, all this kind of stuff. Does that make sense? That's it. So if you want to book a one-on-one 15-minute game plan call with one of my guys, see what we do, learn more about funds and how they could work for you, potentially get access, we have a lot of free training and other programs that are just free and stuff like that, free content you guys can consume, all that kind of stuff. I'm going to have you guys, if you want to drop a keyword in the chat in just a second, I'm gonna have them skim through and they're gonna DM you guys and send you a message as well. Does that sound fair enough? So the keyword, if you guys want to hop on a 15-minute call, learn more about what we're doing, and potentially work with us directly— that's— this is as much as I'm going to share and pitch or whatever you want to call it today. If you want to, in the chat type free call. Okay? In the chat right now, type in free call is the keyword. And you will be able to hop on a 15-minute game plan call with one of our guys. And you can work your way and ask questions, hop on a call with one of our advisors, whatever it is. We want to help your fund grow. If we're not a good fit for you, we're not going to sell you anything. We're not going to try to sell you. We want people to come in that we can help scale to the freaking moon, baby. That's what we're, that's what gets me excited. I run successful businesses, other things. This is fun. I do this for fun. This is why I do this channel. I have this page. It's for a lot of fun. I like being on. I like to practice doing live streams, all this kind of stuff. And I like sharing secrets of the ultra-rich, of this ultra-secretive category of fund managers. I like to do it. Okay? So this is why we're here. This is why we're doing this. We've assembled an incredible team of mentors and coaches. And we have over 150 tutorial videos. We have Excel downloads, legal templates. We have lawyers that come on and coach. We have access to softwares in PitchBook that are $25,000, $30,000 a year that you guys get access to. All that's included inside of Black Card and our other programs. So if you want to learn more, type free call in the chat. This is as much as I'm going to say about it. But if you guys want to learn more, this is what— we have programs, we have coaching, we have a lot of stuff that we do to help funds get off the ground and get launched faster. Now, this works if you already have a fund and want to scale, if you're just starting a fund, or if you're just doing a syndication. We help people who are just starting out on their first syndication get launched and scaled. Okay? We're in the game to help you guys out and to help people grow and launch and scale. And it's actually really rewarding and really fun to see the results of people and how well they're doing. Are you a millionaire? Yes, I am. I am a millionaire. I don't like to flaunt stuff online. I don't know. I just don't want to be that guy. Yeah, I make some good money. I'm definitely a millionaire. And good question, Julian. Thoughts on international emerging market funds from Ross. Great question. Emerging market funds are actually, I am very bullish on emerging markets right now. I personally don't know a lot. Like I'm not, me personally, I'm probably not going to go start a fund to do emerging markets because I am not educated enough on emerging markets unless I had great partners to partner with, which is probably what I'd do. I'm very bullish on emerging markets in general. Now that's a broad Broad, broad term, just emerging markets in general. But these developing countries that are coming into first-world status, they are skipping steps like crazy. I was actually reading a few, we actually a few weeks ago had a guy on our show. He runs a $2.5 billion ETF. EMQQ is the name of the ETF. Started a few years ago all for emerging markets. So Emerging Markets QQ is the name of their ticker. talked about emerging markets and it was just, it was fascinating. He mentioned that emerging markets are skipping credit cards. He goes, they went from cash. Like our United States, we went cash and then kind of went check and credit card. And then credit cards kind of took over. And now we're moving into Venmo, digital currencies, cryptocurrencies kind of a thing. That's kind of where we're moving. He's like emerging markets went from cash to Venmo. They didn't even use credit cards and never will use credit cards in the traditional form that we think about credit cards. They completely skipped that because, and he goes, in a lot of ways, you would think, and he's like, I live in Silicon Valley. You would think Apple Pay in Silicon Valley would be like the number one thing. He goes, it's more Apple Pay type of products that's similar on your phone where you can pay is way more adopted in emerging markets than it is in the United States. They have actually, they're ahead of us in places like Nigeria, South Africa, all the emerging markets, India. They use phone transactions way more than we do. The other example I used was desktop computers. They have completely skipped desktop computers and probably will never, never use them. You know, we think of a traditional business, people have computers, they sit down, they work. In emerging markets, everyone uses their phone. That's the computer of today. And yes, they use laptops for businesses, but a traditional desktop computer just isn't their space. I am very bullish on emerging markets. I think they're moving faster. And as they're making more money, they want all the stuff that the rest of the world has. They want, they're going to be, they're huge consumers. They want chairs and couches and TVs and beds and awesome mantels and custom-built homes and all this great stuff. I just think it's a huge opportunity. Now the exact niche to get into, I'm not sure. Emerging markets, you know, you have countries' GDP that is going up 30% a year. United States GDP growth is, you know, 1%, 2% a year. It's slowing down. It's 0.5% a year. You have GDPs that are going up 20%, 25%. The United States isn't on the top 100 country's fastest GDP growth by percentage. It doesn't even make the top 100 list. And nor do many like Australia, UK. They just don't make it because they're so big. They just can't really grow. Emerging markets GDP is crushing it. Anyways, I could talk about this for a while. It's pretty cool. Someone's saying, Aloha Summer saying Japan though too. Great content. Awesome. You guys want to talk about, I got a lot of questions about crypto. I am not the crypto expert. I've actually brought on our show though incredible crypto experts that know their stuff way better than I know my stuff. I though, I mentioned this at the beginning, I'm a believer in crypto. I have a decent portfolio of crypto. I put about 5% of my net worth I put in crypto. And you know, it's a decent provider. I think I made like $30,000, $50,000 last month just on, you know, not made but on paper, it went up. Right? And it's growing and going down, up and down. But I am a long-term believer in crypto markets because of the, it just is so, I believe in useful coins, by the way. I don't buy, we had Jason Newby on our show last week, did a great job. He's made $10 million in crypto in the last 3, 3 and a half years. His basis is $700 grand. He's beaten Bitcoin's returns by I think like 4x, something like that. And he kind of mentioned the same thing. He goes, I don't go after the hype coins because they're just pump and dump. You know, it's hard to play that market, to play that game. It's a gambler's game. He says, I invest into coins that I truly, truly believe in that are going to revolutionize technology, that companies like Oracle are using. IBM uses it. Microsoft uses it. He mentioned 2 coins, VeChain and Chainlink. He goes, those coins, I think anyways, don't quote me on this. He said Chainlink saved Walmart, it was like $240 million last quarter. It was either Walmart or McDonald's. I don't want to be misquoted. But one of those 2 companies saved them almost a quarter billion dollars. VeChain did, or is it Chainlink and VeChain? I can't remember. One of those 2. I'm sorry. I'm botching this whole thing. But saved them a quarter billion dollars on supply chain. That's what they do. They help supply chains become more efficient. I believe in cryptos like that. That's the type of, and I'm in it for the long term. I'm in it for the 5, 10 years. Total market cap on cryptocurrency markets right now is what? It's like $2.2 trillion, which sounds like a lot. That's not that much. Apple, we mentioned this earlier, Apple's over $3 trillion market cap. Apple. I mean cryptocurrency as a whole sector is barely half of Apple. Okay. That's like, that's what we're looking at here as the potential growth of an entire asset class that a lot of people are interested right now. You have institutions, you have smart money getting into it. That's when I think it's a good time to do it. Shauna is saying it's Chainlink. Okay. Awesome. Thank you. Yeah. Thanks for correcting me. I know you guys are smarter than me in crypto. I'm not a crypto expert. I'm a buy and hold. I'm a boring crypto guy. I just buy and hold. I take about 5%, 10% of my paycheck every month And I just put it right into crypto as a hedge against the U.S. economy, as just hedge against inflation, against all sorts of things. I believe in it long-term. It's Chainlink and Walmart. Okay. Thank you. Thank you. I know both of those do similar things anyways. There's coins like that though. And I like to believe in those coins. I have most of my position though is in Bitcoin and Ethereum and just kind of the boring coins. I've not bought a single altcoin that That's just me. Some of you guys are probably way smarter and have other channels that talk about that. The guy is Jason Newby is his name. I think his Instagram's like Jason_Nuby, something like that. Really great guy. Awesome friend. Actually wants to start a crypto fund here pretty soon which is cool. Crypto funds are doing very well right now. I mean everything does well in a bull market. Right? Like how do you lose in a bull market? But a lot of money is flowing to crypto funds. A lot of investors are like, hey, I don't understand it, but I'll just write you a check because I want to get into this space. You saw Goldman Sachs launching a crypto division that they're going to start trading crypto. You saw Fidelity. They're going to, I believe, announce it on their platforms. You see, you know, Charles Schwab. You just see these big players getting into it. Smart money is starting to move into crypto. The market cap is so small, $2.1 trillion, $2.2 trillion in the entire crypto space. That's small. That is so small if you think about an entire asset class and the potential growth that an asset class can have over the next 5 or 10 years. I don't know. I think it's worth it. Yeah. I posted a story about him. He was on our, actually in our mastermind group, in our Black Card group. We had, our Black Card group had a private call with him where they were able to answer, ask questions, go back and forth, and talk directly with Jason in there as well. The keyword is free call. If you guys want to hop on a free call with our team, it's free call in the chat. And, uh, you can go there and, uh, and we'll send you a DM. So type in free call. We'll come through. If you're on YouTube, um, I don't know, maybe Josh, you want to go over and just drop a link on YouTube? I'm not sure if we can find their, you know, DM them directly, but go over there on YouTube and just, and, and look through the people that have messaged. Just drop that link where they can just book a call on there. Probably work out best. Josh, thank you for doing that. Um, so free call is the thing, and you guys can hop on a 15-minute call with our team, just learn about more stuff that we do and how to do all this stuff. Okay. Does this work internationally? I've got someone on here. What is it, what if you are based outside the U.S.? Can you still use the same structures, for example, in Dubai or UAE? So great question. And I'm guessing a lot of people here are international. Canada, UK, Dubai, wherever you're at. First thing, now I'm going to say some broad things here because I can't say for specific countries. In general, most countries have modeled their securities laws after the United States. The SEC was the first regulatory division and group that was put together in that manner. And a lot of countries copied the SEC after. Okay? So there's similar rules. Now, number 2, if you are going to start a fund, now there's a few questions you got to ask. Okay? If you're in Dubai, let's use the Dubai example, are you going to run the fund out of Dubai? And where are you going to raise money from and where are you going to invest into? Okay? So if you're in Dubai, you're going to raise money from Dubai and invest into Dubai. Okay? All in the same country. You are going to obviously follow Dubai's laws. You're going to follow their securities laws and follow everything that goes on there. Now I don't know Dubai securities. You're going to have to hire a securities attorney. The structure and the concepts are very similar. And we actually, in our groups, in our Black Card program, we have a number of people all over the planet that have joined our group. And we help them wherever they're at in the world. Okay? It's not like we only, we don't only teach stuff in the United States. We teach stuff all over the world and it helps them. So you would follow Dubai's laws there. Now anytime you cross a border, you have to abide by that country's law. So if you're in Dubai, you're going to invest in Dubai, but you also want to raise money out of the United States, you now have to follow SEC law when raising money And you're having to comply with those laws and tax codes of the United States. And so now money's, whenever you cross a border, understand you're going to probably pay a lot more in tax, not taxes, but tax advisors and lawyers to understand how those 2 countries work together. Does that make sense? Yeah. So anytime you cross borders, And I've talked to a number of fund managers. Make sure that it's worth it. If you're in Dubai, you're running a $100 million fund, and you've got $500 grand that wants to come out of the United States, it's probably not worth the legal expense and the headache to get that money out of the United States. Now if you've got $40 million that wants to come out of the United States, well yeah, it's probably worth it. Let's hire the tax consultants, the lawyers, all that kind of stuff and put it together. Okay? Now the same thing is true in the UK, Ireland, all this kind of stuff. Now what you can do as well is you'll set up blocker entities. Now this is where we get a little bit deeper and we can, I think we can talk a little bit further about this. But so I'll give you an example. Just this is a different example. United States. Okay? We're running a fund in the United States and you're raising money from Hong Kong. Okay? And this is just an example. Don't quote me on this. I just want to give you a metaphor of how this works. Let's say you're raising from 20 investors in Hong Kong that want to give you money in the United States. You go talk to these 20 Hong Kong investors, they love it. Now, if they wrote a check directly into the United States fund, into that limited partnership, every year they now have to file a US tax return in the United States. And they've got to now hire a translator, they got to hire a tax guy to understand US tax laws because they're in Hong Kong and do all that kind of stuff. It's a little bit frustrating for some investors, Especially if they're investing into a U.S. fund, a U.K. fund, a Dubai fund. Now they've got to file tax all over the world. It's just complex. So most of the time, large funds will set up blocker entities. That's what they're called. For this example, I'll use the Cayman Islands. Okay? Now before you're like Cayman Islands is a scam, yes, there are scam Cayman Islands funds. This is a legit legal way to use a Cayman Islands fund. What you would do is you would set up a Cayman Islands fund in the Cayman Islands. Now Cayman Islands has zero taxes. Luxembourg does the same thing. Ireland does the same thing. Usually they call them tax havens for a reason. You set up one in Cayman Islands. The investors, those 20 investors in Hong Kong, invest into the Cayman Islands. And then that Cayman Islands entity writes one check into the fund in the United States. Is that making sense? So they write the check in the United States. Now at the end of the year for taxes, what happens is the US fund sends one tax return to the Cayman Islands fund. And the Cayman Islands fund pays their taxes. They have to pay tax because they're investing in the United States. So they put one tax return out there. They pay their taxes. The taxes are deducted And then they go pass through the money to their 20 investors in Hong Kong. And the 20 investors in Hong Kong don't have to pay, don't have to file taxes. That yes, taxes were deducted, but they don't have to go through the hassle of filing a tax return in the United States. Is that making sense? Now why do you do this? Because it takes the tax burden off of the investors and puts it on the Cayman Islands fund. Yes, the same amount of taxes are paid, but investors overseas don't have to go through the hassle of paying these taxes. And actually, it's a way that more money can flow in the United States. Is that making sense? I explained that in 2 minutes. That is international. That's high-level tax structure. That's how a $20 billion fund would run. They have funds. Now it depends on the country. Every country will have different Tax laws. So Australia will have different tax laws. So sometimes they will do stuff in Alberta, Canada or Luxembourg or Ireland, whatever it is. So all that kind of stuff. Anyways, Dom is saying, I'm so lost, but I love Bridger's voice. Makes sense. Sorry if you got lost. We've got other videos that if you guys want to learn more, we got videos on our channel that talk through that again. But that's kind of just in general, you are doing that so that investors don't have to file tax in the United States. Taxes are still deducted, but they pass through a Luxembourg entity, an Ireland entity, Dubai, Ireland entity. That makes sense. All right. Okay. Last call. Free call is the free word if you guys want to hop on. Josh, are we good? You gone through and got everybody before I close things out? Yep. Next week, by the way, a little teaser. Next week, we're actually doing a fun live call to everybody. It's going to be a private call. We're probably Monday, we're gonna drop a link. We're gonna do a lot of giveaways. We're gonna do a lot of, um, we're having, we have some big announcements coming next Thursday. So it's gonna be next Thursday, 1 PM Eastern. Um, we're gonna do a big fun, as you guys know, you guys saw our call like 3 or 4 weeks ago, right? We gave away, I think, $12,000 of prizes. We're doing another one next week. Okay? So you gotta show, you gotta be live to win, number one. We're gonna give away a lot of money, a lot of prizes. We're gonna do some in-depth training. It's not gonna be like all scattered like this. It's gonna be on one Zoom call. You guys are gonna hop on the Zoom call. We're gonna do one training. And we're gonna give away live stuff, all that kind of thing. It's gonna be really fun. So look out for that next week. It's gonna be pretty, pretty darn fun. I'm excited for it. Come and we're gonna do a lot of training. We have a couple big announcements we're gonna make, especially about Black Card. We have actually some pretty cool announcements we're making. So inside of Black Card, I'm not gonna spill any more beans, but that's gonna happen next week. That's a little teaser, tease you guys up a little bit. Um, so all that kind of stuff. Um, okay, if you guys want to learn more about our program, I got a bunch of questions about our programs and stuff. Type in free call. We'll come through. We'll send you a direct message. If we don't send you a message, DM me. If you don't get a message in the next like 2 hours, send me a direct message and say, hey, I was on the live call. I tried to book a call with one of your guys. No one reached out to me. I'd like to book a call. Just send me a DM on Instagram or Facebook. Okay? That'll make it way easier if you don't, somebody doesn't hit you up on there. But what they're going to do is they're going to actually, one of my guys will send you a direct message. Kalichi or Josh or Nikita or Drew is going to send you a message and say, hey, I saw you're on the call. I saw that you wrote down free call. Let's set up a phone time. And you're going to book a time on their calendar. Show up for the call. It's 15 minutes. Come ready to talk. Come ready to talk fast. As you can tell, I like to talk fast and get things done. And we'll work through and help, you know, answer your questions. And if you want to learn more about funds, we want to send you content, whatever it is on there. Okay. Cool. I'll make sure these guys are all here. Next week, it's going to be Thursday at 1:00 PM Eastern. Thursday at 1:00 PM Eastern is the call next week. You'll see emails and a ton of announcements. No way you can miss it. We're going to be posting it everywhere. So you'll see the links and you can sign up and all that kind of stuff. Okay. All right, you guys. Thank you so much. It's been a fun time hanging out. Fun call. Join us next week on Thursday for that call. It's going to be a really fun time. And maybe you'll win some money. We some, we give away shoes, money, gift cards, courses, all sorts of fun stuff. So should be a fun time. Okay. Thank you guys so much. Let me know for next, well, next week, in 2 weeks, we'll come live again. If you have topics, questions, all that kind of stuff, let me know and we'll hop on then. Okay. Thank you guys very much. And we will see you later. Bye guys. Let me end Instagram and