Common Real Estate Investing Questions | REIal Talk | EP. 58

Hello, everybody, Freedom fans out there. Welcome to another episode of of Real Talk. We are on podcast number 58. Yeah, we're racking them up. I'm Tina, I'm in operations, I'm coo. And we have Mark Woodring, our most popular guest, you know, co host here, answering your real estate questions. That is the topic for today is common REI questions. So we have a list here. We're just going to go through and share Mark's wisdom. How do I determine the value of an investment property?

Yeah, I mean, so obviously we've talked about it in a couple different episodes. People look at those investments differently. Some people will look at, you know, what's their cash flow position. Some people will look at the markets and, you know, will this house make money over time? So it's kind of like a question for the investor is what are the different things that you can categorize that are most important to you? Is it your return on your money? Is it just maybe getting into a market where it's a little bit less expensive and you can buy multiple properties? Because we've talked to investors that shop in markets where homes are three times what they are here in Ohio. So to be able to buy three properties that again, the real estate market is very hot. So it's going to go up over time in value plus that good cash return. So here in Dayton and Cincinnati, we have that 1% return. That's another one I think you and I have talked about in other episodes where maybe that's a metric that people use, you know, how close to that 1% of the rent to value of the house. So there's different things that people look at. And when I talk to our investors, I try to show them that Ohio is a very landlord lenient state. So maybe that's something that you do to, you know, talk about whether you'd like to get into that market or not. Taxes, you know, low taxes, high taxes. So there's, there's definitely lots of different things for them.

A lot of factors play into the decision making and determining the value of an investment property. What does it mean to that person?

Yeah, yeah, absolutely. Plus, I know that Chris and I, you know, in an episode we're talking about, maybe it was even flip, we were talking about, you know, whether you own a single family home or a duplex or a multi unit. So those are things to consider. I mean, with more doors, you know, there's more rent, but then there's also more hot water heaters and yeah, things like that. So everything's multiplied. Yeah, exactly. Now, the good thing is one roof, right? So. So there are different things that people look at in determining their investment property. And obviously we can always talk to the investor and try to figure out what's their best course of action.

Okay. So taking into consideration the factors that mean the most to them and also talking to maybe somebody who has some knowledge in the area and who can answer questions and help guide you in some way. Okay, gotcha. Should I invest in state or out of state?

You know, again, and just kind of tying in what we were talking about. You know, Ohio is a great state to invest in just because your dollar may go a little bit further. It's got great cash returns. It does have that 1%. So, you know, that's not really a black or white. Like, should I. Yes or no. You know, do your homework. You know, take a look at some of the information that we send out. You know, boasting about our markets, you know, compare that about other markets. You know, can they boast, you know, all the business that's coming to town, the growth of that particular area, taxes, all the things that you would do. Again, when you're looking at the value, you know, does that state have more value? You know, of course I say, yeah, be the champion of Ohio and say, definitely invest in Ohio. I mean, we'd love to date Cincinnati market, but some of our other markets, Columbus, Cleveland, you know, it's definitely a great state to invest in. And so I guess what's easiest for you, you know, also the other thing to take into consideration is the lender that you're working with, do they lend in that state? You know, we do have preferred lenders that we work with that are national lenders. And so they, they have their license to lend in multiple states. We have local lenders here that, you know, obviously can give that professional boots on the ground. So, yeah, make sure you check with your lender. The last thing you want to do is, you know, be in a state that unfortunately they don't lend them.

Right, That's a good point. I didn't even think about that. That's a good point to bring up. So it just depends on the person's comfort level. And it just seems like the world is getting smaller and smaller. People are getting more and more comfortable with having things at a distance. Like we have international clients. Have a lot of our clients are in California. You know, just. It's. The comfort level is going up, but it really just depends on how comfortable. Some people just want to know that they can drive by and go look at it or, you know, things like that. Totally understandable. It's just an individual choice.

Yeah, definitely it is. Whether you want to see your property or not. You know, some people, you're. You're correct. They just want to know, can I drive by and take a look at it? Sure. And so we do have a lot of local investors that buy with Freedom Real Estate Group, and it's because they like to be able to see it, put their hands on it. So.

Well, we have a lot of technology tools, too, for people who are out of state that work with us. We do the Mets, you know, we can do the 3D imaging of the property inside. You know, just send them inspection reports with detailed photos. So it's just matter of personal taste and preference and comfort level.

I even. I even did a FaceTime a couple days ago with one of our clients, went down to Cincinnati and did a FaceTime. So, yes, you're right. The technology is there and, you know, we'll set up the time to make it. Make it work for you.

Yeah, absolutely. All right. Okay. Wow. We got a long list. So we got to. We got to turn to rapid fire. How do I determine the right rent for my property?

Well, like here at Freedom, you know, obviously we're going to go through the metrics for you. You know, we're not just going to get on a website and pull what is the rent for that. We're going to lean on our property management company that has over 550 doors and ask them, what is the rent that we're collecting in that area? And we're going to try to move that obviously to the highest end that we can for you, maximizing that rent. So determining the right rent for your property, again, this may be something that the property manager has a more detailed question or Q and A with you as to, like, what you want to do to determine it. Ultimately, it's your property. You do whatever you want with it. But sometimes maybe lowering that rent, you know, just a little bit, can attract more clients. It can also maybe keep them there longer, you know, so there's advantages to obviously being the high end of the market. You're maximizing your cash flow, but sometimes you may just need to, you know, sidestep a little bit and be like, you know, hey, instead of collecting a thousand, what if I went to 900 and kept that client there for years? So there is definitely different ways of looking at it. And I think that your property manager, Chris, and the investor should have A very good Q and A to try to figure that out.

Yeah, for sure. That even goes into kind of a question that's further down on the list of how can I maximize my profits? So I'm glad that you mentioned about the rent. Not always, you know, because people think maximize profit, that means increasing my rent, increase my rent. Not always. Because if you do it a little bit lower or you keep it at the same for if you have a good resident in place and it'll keep them there, it's worth it because then you're saving money on return, you're saving money on marketing, you're saving money on paying the utilities while it's empty. You know, all those things that you might not really think off, think about off the top of your head.

Right.

Any other things that you want to mention for how to maximize profits?

Yeah, so we had kind of talked about it back and forth a little bit. I mean, there's so many things that you can do to maximize your profits. Obviously like you talked about, you know, a tenant that pays obviously is the best tenant. So. Yeah, so that's one. There's little things like making sure that you have the best insurance quote. Shop your insurances. Even if you can save a couple hundred dollars by the coverage that you need, you may not need like the big package and the over coverage and all that. So just shopping the right insurance quote, save you a couple hundred bucks, put that away, you know what I mean? For things that may come up. Yeah, I mean there's obviously different things. Shopping your lender at the very beginning there, making sure that you're getting the best rate, you know, looking, keeping an eye on the market and rates. Like when is it best to refinance things like that to maximize your profits, you know, pulling out equity of the house, if you have any refinancing, and using that to put somewhere else. So that's one of those ones that I think that, you know, of course you have to have a high level conversation with your financial planner or cpa, then you know, obviously have a conversation with myself and see if we can put together a strategy for you that would maximize properties.

I like all of this. Insurance people don't even think about that. They just think of, oh, I just need property insurance and go for that. And that's a good point. There's different plans, different coverage levels. Okay, Absolutely. How long does it take to get a return?

So I would say that like once you close on a property, then of course we have to find the tenant and then once the tenant starts to pay rents or deposits or what have you. Probably within 30 to 60 days, I would say would be a normal to collect your first draw. Now that's on a property that is untenanted. But again, some of the properties that we offer are instant cash flow. There are tenants in place, so as soon as you close, you might start getting draws almost immediately or within that 30 days, because they're already there, they're already paying. So it's one of those things that working with Chris and our property management and whether you work with other property management or not, I'm sure that they have systems in place to kind of show you when you're going to get that first draw. But I would say within 60 days you're safe.

Yeah, that's a reasonable expectation. Yeah. Okay. And speaking of Chris and property management, should, should I hire a PM company?

I mean, for me that's definitely a risk reward. You know, even though I'm local, I would rather have a property management manager for me because, you know, that's less that I have to worry about. There are some people that like to self manage. There's definitely different apps and applications when we're talking about the technology that's out there. But of course you can self manage, you know, but again, that's a headache, you know, is it not worth maybe, you know, that small percentage to have a professional that does it every single day manage your properties? But again, it's ultimately up to the investor, you know, is. Is what you think what you'd save worth your time?

Yeah. Yeah, that's true. How, how much is your time worth? Yeah, correct. Yeah, it's a good point. Personal. A lot of these sound like they're going down the road of personal preference and comfort level, so.

No, absolutely.

The answer is pretty much it depends on all of these.

That's right. Whatever you're comfortable with.

Okay. What do I need before getting started?

Money. Right? Yeah. So just the things that we're talking about, making sure that you're doing your homework, that you understand the market that you're shopping in, you know, the pros and cons of the market, the growth of the market. So again, homework, you know, talking to people like us who are boots on the ground that can answer those questions for you to make you feel comfortable with the market, especially if you're investing out of state.

Yeah.

Then again, shopping your lenders, making sure that, you know, that there's a good competitive rate, obviously they lend in that state that you're shopping in. So making sure. That you have money to cover the down payment, closing costs and then I know we have talked about it and other recordings. Having a little bit set aside for that just in case you don't want to drain your bank account to get that first property. You may be overreaching that a little bit. You want a little bit of reserve. So making sure that you have some reserve capital, again, shopping, insurance, making sure that you have that set up, doing a Q and A with the property manager, making sure that you feel comfortable with the property manager who is managing your property. So a lot of it, you know, again is homework and hopefully, you know, a lot of that we can get out of the way answering those questions, setting realistic expectations. I know that that's one of the things that we talked about is being not only ready to invest, but like managing the expectation of what this is the process is going to look like.

Yeah, exactly. And the more that they know, the more prepared they are, the fewer surprises down the road. If you know, you can eliminate pretty much all of them. It's pretty basic, you know, it's an easy concept to understand but there are layers and different things that you have to consider too.

Sure.

So I like that. Thank you. And what is the best strategy? Now this question I was like, this is kind of wide open so I'm going to let you interpret that however you like. What is the best strategy?

Whatever you like. No. So yes, it's different strokes for different folks. It's whatever your investment appetite is. We work with investors who only like single family properties. We like people who only only like multi unit. We have investors that feel more comfortable in C properties because again, maybe, you know, higher cash yield on a lower entry point, B properties A properties where you're not going to be making as much cash flow but you're paying down that mortgage on a house that's rising in value. So there's so many different strategies. I would say that, you know, again for the investor, when you're doing your homework, taking a look at like what is your risk reward? Like what do you want to have happen?

Right.

You know, what's your five year plan, what's your ten year plan? Do you want to be cash flowing X in five years? Do you want the values of your properties to be X in 10 years? So just your strategy is based on where you see yourself in the future. What is the spending level going to be like 10 years from now? So it's a lot to take into consideration because most people are here in the present. It's hard to look for the future. I mean, everyone's investing because they want that passive income in the future. But you have to be obviously realistic about how are you gonna get there? What is your strategy? How many properties do you plan on buying per year? When you refinance in three years, what are you going to buy with that? So it is something that you literally have to write it down. And obviously, we've all read the books about the most successful people are the ones that write it down. Write it down. I mean, it doesn't mean that in three years you can't reevaluate or change the plan, but just kind of stick with some sort of strategy. Again, I'm here to answer any questions that any of our investors have about what is the best strategy. Because. Because we get that. That question. Sometimes I'll sign calls like, well, what should I do? Yeah, and obviously, you go right back and say, well, what do you want to do? Yeah, give me your five year. You know, where do you see yourself? How much money do you need to make in five years? So, yeah, and I know it's a kind of a loaded question, and there's so many different things to take into consideration, but, yeah, it's. It's in essence, planning strategy is just planning. It's just, you know, coming up with the best plan for you and your family.

Yeah, but you have to start with the goal. You have to know what you're shooting for in order to develop that strategy. I think that's the main key point here for that question. Again, it depends. But, you know, the main takeaway that I have from that is the planning part. You know, you have to start with a goal, and then everything else you can kind of. That will shape your strategy. What's the time frame? You know, that will kind of determine what moves you make.

Mm.

All right. Should I invest my own money or finance it?

Yeah, right. It's. It's always best to use somebody else's money. But again, that. That could come down to something talking to your tax professional, you know, or a financial planner. Like, is it time to use your money? You know, is this something that you need for a tax advantage to use your own money for? Whether it's rehabs or, you know, a hybrid borrowing money from the bank for the purchase of the house, your money for the rehab of it. So again, with interest rates, they're still relatively low. So it's one of those ones where, of course, if your return is higher than the money you're borrowing, then, of course, it makes sense to, to use somebody else's money. But again, sometimes you just have to take a look at, in the planning of, does it make sense to use that other money now or use mine? You know, can I refinance later? Like, will rates go down? Nobody has a magic crystal ball and can tell what's going to happen in the future. But yeah, I would say right now most people are using, you know, lender financing.

Yeah, yeah, because it's cheap money for now. You know, you can leverage it and then, you know, buy more and just leverage that and put that as part of your strategy. Right?

Yeah, no, absolutely.

Okay. How do I screen. Ooh, how do I screen applicants for a lease?

Yeah. So as we had spoken about earlier, there's so much technology out there.

Yeah.

So, you know, different property management companies use different apps or ways to take a look at whether it's credit history, rental history, criminal history. So there's so many different apps that you can, you know, whether you use clients that get assistance or not. So yeah, there's just so many different ways that you can, you know, take a look at your future tenants. But I would say that, you know, having that conversation with your property manager and asking them, what do you do to vet these tenants? Because even though you have a good paying tenant, you also want to make sure that, like when that lease breaks, you know, do they have any history of trashing their place on the way out? I mean, so things like that you might not think about are important questions to, to ask how those are vetted.

Yeah, definitely do your run, you know, screen them. You want to check for criminal record, you want to check for, you know, income, eviction history. If you're self managing, definitely call their previous landlord or somebody that they've rented from before to get the real goods. Right. So.

If you're local, take them out for coffee. Right. Have an interview.

You know, the biggest thing I think that I've learned over the years is that if somebody comes with a bunch of cash and they're just trying to distract you with the cash, like, I can move in, I'm ready, I have all this, you know, I can pay the deposit, I can. It makes me kind of hesitant because I'm like, what are you trying to distract me from? So that's when I dig in a little bit deeper and you know, definitely get references and all that stuff. But really, I guess I'm just bringing that up to say trust your gut on things, you know, because sometimes, and that just comes with experience sometimes. But other Times just common sense. Do your screening, you know, do the best that you can. But screening, screening, screening, screening, trust your gut. That's the number one tip I have for screening applicants. Yeah.

Even to piggyback on that one, when we were talking a little bit about setting your expectations and maybe tempering your ability to jump for a tenant, I know I've spoken to Chris about this before, is that, you know, a lot of our new investors, they want a tenant in immediately, immediately, immediately. Just put, pump the brakes for a second. Put a good tenant in. Even if it takes a little bit more time, the first tenant in may not be the best fit for your property.

So yeah, because if you're going back to the trust your gut, you know, I would definitely prefer to wait a month or two or longer for the right one.

Right.

You're hiring somebody or you know, anything like that, you want to wait for the right one. Because in the, in the long term, if they're going to be a headache or problems, I mean it saves you so much more headache and time and money and effort and all that stuff. So.

Sure.

Once you've been burned, you will, you'll slow down.

Right? Exactly.

Not to say that they're. There's a bunch of bad people out there because you know, everybody needs a house to live in and most of them are great people. You know, just, there's just a few just like, just like there's not to say renters versus homeowners, but you know, just in any group there's going to be some that, you know, a few bad apples in the bunch. Okay, how do I. Yep. How do I collect monthly cash flow?

Well, collecting the monthly again whether you're self managing or you're working with property management company, they'll have different apps and things like that that are set up for you. You know, at Freedom Real Estate Group, your draws are just going to be electronically submitted to you. So that's how you, you're asking like how do you set up cash flow, receive it or are you asking?

That's just the question. It says how do I collect monthly cash flow? The I guess the way I read it is, you know, maybe there I like how the direction you took as far as what ways can I collect it? Because some people think, oh, they mail in a check or you know, go deposit into a bank account. We definitely recommend electronic as much as possible. It's just more secure, it's less, you know, whatever. And then in those cases where people cannot pay online for whatever reason, we do have pay Slips where they can take a pay slip to the pharmacy and pay a cashier if like they can only pay in cash or whatever, whatever the case may be. So there are alternatives, but definitely better than mailing checks because things get lost in the mail and I don't know, I guess dropping off a check at the office is not bad, but electronic is my favorite. It's just easier for everybody.

Today's world and technology, it's, it's kind of where it's headed.

Yeah. And then you have a record, you know, a trusted record. Like this is the date it was paid, this is the day it came through, this is the day that, you know, okay, so how do taxes work with these kind of investments?

Yeah, I would say, you know, we definitely have different ideas on how that that could work. But definitely talk to your cpa, your accountant, financial planner, somebody that looks over your things for that. But you know, here in Ohio, if you buy a secondary property or an investment property, any of the money that you put towards the repairs or improvements, you can write off, I believe, dollar per dollar on your taxes. So if you spend $10,000 on the repair of your house and write 10,000 of that off, there may be some caveats to that though. So for maintenance and repairs and things like that, maybe they do not use that because that may be part of just the upkeep of your home. So you want to make sure that when you're talking about write offs and tax strategies and things with your professional asking them like, hey, what things can I write off if I make an addition to the house? How much of that can I write off if I'm just paying a plumber to go and maybe fix a minor plumbing issue? Is that write off? So you want to make sure that those are things that you can write off before just blindly putting them on your taxes that you are doing.

Use a professional. Yes, absolutely.

But yeah, I mean, like when we're talking about when you're borrowing money, of course you can write off percentage of, of what you borrowed and the interest on the loan. So there's definitely different things that you can. And I think that's why investing in real estate is so attractive to people versus your traditional stocks, the market, if you will, because there's so many things that you can use tax strategy wise. That that's why I think a lot of people are getting into it.

Yeah, definitely. That's the big. One of the biggest benefits is the tax advantages, not above and beyond the cash flow. Right.

So absolutely. And I mean, and that's just looking at it through like a turnkey lens, you know, here at Freedom Capital, you know, I mean, you could get into syndications, so you can take money and put it towards a bigger project with bigger returns. But I don't think you could touch the money for a while. But there's different, you know, I mean, so I, obviously we can talk to our investors about that, but if you get into that, whole new tax advantages for that as well. So there's just. Real estate has just advantage after advantage.

And so that's true. That's why we love it so much.

That's right.

I was hooked pretty early on. Like, as soon as I figured it out, I was like, okay, yep, this is where I'm staying.

Real estate. That's right, exactly. Looking at my 401k. And I'm like, oh, gosh.

All right, we're winding down, we got a few more to go. How do I finance my first investment? Hmm, couple choices here.

Yeah, absolutely. You know, the obvious is obviously saving up so that you can, you know, afford the down payment on your, your first investment, if you will. You know, having that money, having those reserves. We talked about going through a lender, probably the best option for starters, new investors, then, you know, more seasoned investors. They can, you know, refinance properties, sell properties, use that money in 1031 exchanges. And yeah, there's, there's so many different things that money comes from. But you know, again, I would say the first thing is probably that, that first property just having enough money to pay for the down payment, get your feet wet and then take it from there.

Oh, yeah, we've, and we've had clients purchase out of their self directed IRA too. So that's an option as well. There's just, there's, there's lots of ways to find it when you need it and then turn it into cash flow, turn it into tax advantages, turn it into just letting it sit and not reinvesting it. You know, it's just doing a disservice to your dollar. Let it grow.

I mean, another popular one that our investors are doing are heloc, so home equity line of credit. So the current primary residence that they're in, they have it reappraised, they take the value of that, give you a percentage of that money that you can use for whatever you like. And a lot of the times, though, those are lower interest rates. So in essence, you're purchasing that property with a lower interest rate, you're paying yourself back for that money. And then when you Go to refinance, you could pay off your heloc, because longer terms. So, yeah, there's just, you know, lots.

Of ways you're just moving the equity from a heloc, the HELOC from the property, moving it from the equity from one property into an equity into another one, because you're using it now as a down payment. So it's just moving the equity and just. And growing your portfolio at the same time.

Sure.

All right, what is my financial goal? What does ARV mean? I think we covered what my financial goal is when we talked about strategy. So let's talk about arv. This is a quick answer. What does ARV mean? Right.

The after renovation value. So now with that, though, I always like to say that that is what the current market value is. And a lot of the times we determine that ARV months before your house is done. You know, so when we purchase the property, we're guessing at what that ARV is at the moment, that current market. It's not to say that like say we purchased a property, we do the rehab on the property, and for some reason it took three or four months, and now you're in the middle of like a hot buying season. We're not going to readjust that arv, we're going to keep it at what we calculated it at. But, I mean, your appraisal may come back 5, $10,000 higher because the ARV after interval value of that market has shifted. And then again, I know that in other episodes we've talked about managing your expectations and don't worry about it. Your investment property will grow over time. It always does. And especially in the markets that we're shopping, your ARV three years down the road is definitely going to be higher. So. Yeah. So ARV is the after renovation value at the current market rate.

Okay, so it's a snapshot of the current of that value.

Correct. What we, what we feel, you know, some of the other agents in our company and what we've determined what we feel is the current market value. But of course, your lender and the appraiser, sometimes they have different feelings of what they think the market value is.

Yeah. And one of the biggest things you probably have heard, if you've been around or listening or educating yourself about real estate for any period of time is comps. The term comps is thrown around. So that's a big part of the recipe as far as figuring out value. What are light properties close by selling for, you know, in similar condition. We had the benefit, though, of you know, recently remodeled properties tend to appraise better because we, you know, over, not over renovate, but a little bit of a higher level than a normal rental grade. So it's a snapshot, bottom line, snapshot in time based on comps in the area and property specific property details as well. Okay, how, how do I find opportunities? What should I expect as a first time investor?

Okay, so there you go. So finding opportunities. So like we had spoken about, there are local investors. Sometimes they can just drive around and you know, be in those particular neighborhoods and find the property themselves. Yeah, I mean we have investors that.

May work mean like a for sale sign or how did.

Well yeah, I was going to say like sometimes you see a for sale by owner, maybe you see a property that you know, looks unkept and you have, you have a way of contacting the owner of that property and, and looking for that opportunity. Now obviously that's a lot of work for that investor.

So yeah, we have a whole company that does that.

We have a whole company that does that. Right. So we go out there and look for these for our investors. And so I mean, so you can find opportunities that way. I know that I have some investors who know of course that I have my license as a real estate agent. And so they will get online and they'll look themselves and see if they can find an opportunity to purchase a house. Especially if they're looking to do like the brrrr method. Right. They just want us to represent them as an agent in that close they plan on using some of their own money for, for the rehab of it. So, so yeah, there's, there's different ways to do it, but I mean, I guess the simplest way is let us buy the opportunity for you. You know, again we have a company that is designed solely for that, you know, finding the property, finding the opportunity. But yeah, as a real estate agent, I'm more than happy to take a look at any property that somebody's found. What do you think about this? You know, we can definitely give them our honest feedback on what it would be.

Yeah.

And then of course, you know, the other part of that question you're asking is our marketing department, you know, works very hard to try to keep our investors top of mind of what's going on. What we have coming down the pipeline was becoming available. So I know the marketing department does a great job of trying to keep everybody in the know.

Yeah, for sure. So sounds like connect with people who can give you those opportunities. Your network, you know, just other people who are doing. Doing this every day is the easiest way to find the opportunities. But if you want to do it on your own, there are certainly different ways you can look on the mls, you can, you know, try to reach, like you mentioned, driving around, maybe see a for sale by owner sign. There's lots of different little ways that you can find opportunities to purchase properties. Okay, and last one. Can I start investing in real estate with little to no money?

You know, there are books and things out there that talk about, you know. Right, exactly. And so, you know, Yes. I mean, I mean, there's definitely ways that you can. Whether it's hard money, you know, using someone else's money for things. So there are ways to purchase properties with little to no money. At the beginning, when we were talking about, you know, why invest in Ohio? Because, you know, I can probably get you a property around $100,000 or, you know, close to that. So, I mean, you're talking, you know, your 20% down payment. So $20,000, I mean, that's a lot of money. But you may have that in equity in your house. We'll talk about different ways to finance that versus, you know, if I'm trying to invest in Florida or California or, you know, some of these markets, even Texas now. Some of these. Yeah, some of these properties that you're buying a $300,000 house. Well, now with your 20%, you're investing 60 grand. So if you have that same 60 grand, you can buy three houses here.

You can.

So, yeah, to answer that question, yes, there are ways, creative ways to get started with little to no money. But at the end of the day, I think the safest way is only invest what you have. When you start playing with other people's money, usually that means other strings are attached. So again, it's up to the investor as to what their appetite is for investing. But I would say the safest way is just use your own money. Be safe.

Yeah, I mean, like you mentioned, there's a lot. There's plenty of strategies and different ways to get creative, but also just if you're especially somebody starting out new, it's a little bit of a learning curve and a little risky. So you just have to temper that with a little knowledge first and, you know, and a little. Little bit of backup. Some cushions, as I always like to say, you just need. You need that. Those funds for a rainy day or for the surprises. Okay. All right, great.

We did it.

We went through the whole list.

There you go. Got there at rapid fire.

We did. Thank you. Thank you for taking the time and sharing your knowledge with our people, our Freedom fans. And you know what I'm going to say. Invest smart and live happy.

Thanks Tina.

Thanks. Bye.

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