Make Money On Your Rentals In Multiple Ways | Real Estate Investing | REIal Talk | EP. 49
Aaron Davis and Chris Soneno explain why cap rates alone don't determine a good rental investment. They cover rentability, property condition, local appreciation, tenant quality, management, and financing strategies like BRRRR and debt recycling.
Questions this video answers
Podcast number 45.
Monthly rent ≈ $1,000 (1% of $100,000).
Three to four times the monthly rent (3–4x income).
Foreign.
Welcome back, Freedom fans. Once Again, podcast number 45. I'm Aaron Davis, the CEO of the Freedom Real Estate family of companies, here with Chris Soneno. What do you do?
What are you doing here?
I don't know, man.
Chris is our director.
So when you guys all make the make the decision to buy properties from us, he's the guy that takes care.
Of you throughout the life of the asset. So, yeah, you run the biggest division here and do a great job doing it.
Appreciate it.
So what we're talking about today is cap rates.
Cap rates aren't all that yay or nay. They aren't everything.
Right, Right.
Cap rates are important, but yes, we're talking about why cap rates are not.
The only thing you look at. They are not everything you look at in the deal.
Yeah, we mentioned it briefly, briefly in.
The vlog that cap rates are important. Like they definitely are definitely part of the due diligence of finding and analyzing deals, but they shouldn't be the end all by all decision.
Then we have a conversation with Mark a lot.
I know I'm drawing on those conversations. A lot of how can we tweak this to make the cap rates more appealing? And I think sometimes that's a bad context. Like, yeah, cap rate's not the discussion we should be having. Is it rentable? We have a list of things. Is it rentable? Is the property area good? Is what's the quality of the rehab?
I would always rather, instead of tweaking some pricing or presentation or assumptions we put into a cap rate assumption calculator. I would always weigh, prefer tweaking what our investor understands about investing in real estate.
Right.
Like there are 10 other things, maybe.
Half a dozen other things that are also really important.
Right.
So anyway, a bunch of them come to mind.
Yeah. And that's the basis of like when.
I get involved in the sales process. Right. Because I'm not actually overly involved. I don't think a lot of people know that I'm not overly involved in the sales discussion publicly. I contribute a lot in the behind the scenes. But when I actually get on a call with an investor that's looking at attorney, one of our assets, TurnKey and or ICF or one of our products, we usually talk about things like this, like, what is the rent? What's the area like two years down the road, what can I expect? We have a little bit about appreciation up and coming, things in the area that are going to make this, this appreciate faster, which is a little bit of different sales context than talking about Cap rates and cash on cash returns and things like that, which is what our sales team focuses on. You know, it's fun.
You just added something to the list.
It's important in the invest who's going to manage the property.
Right.
And how good are they at it?
Right, right.
Like if I'm buying a property in.
Some geography that I don't have any resources lined up and I'm starting cold in terms of finding a handyman, finding a property manager, finding a leasing agent, whatever, Whatever it might be, that's the gap that exists.
That's. There's a.
That's a much different value to me than getting into a property or an investment in a property where I've got.
A known resource that can do, you.
Know, property management, all the things that come with it.
Yeah, yeah.
Because we talk about assessing you.
Yeah, right.
Yeah.
As part of that turnkey deal.
And your team is another big variable that matters.
Yeah.
Because we, I think we miss the.
The mark a little bit on time is also money. So if our investors are spending a lot of time finding contractors and coordinating with realtors and appraisers and managing the tenants and all that, like, that takes away from their ability to cash flow in some context. Because now they're spending a lot of their time. And I think we all agree, like, we don't get in real estate investing to be landlords.
That's right.
We do it to be investors. So, yeah. So you bring up property management.
So there was a point years back where I sold off all my rentals.
Because I was tired of dealing with.
It and it didn't even occur to.
Me I should just hire somebody to.
Deal with it, you know what I mean? And take less.
Right.
Instead I, instead, now I'm taking zero. I just got all my cash out and whatever. It was a bit of a mess.
Right.
You live and you learn.
But yeah, the quality of the PM.
Is a big deal.
And then in the vlog earlier, you.
Mentioned the performance of the property, how it performs as a rental. What kind of things came to mind when you brought that up?
A couple things.
You know, we recently had a few.
Owners that are like, oh, well, I'm.
Going to buy this property. And then it was actually, luckily not turnkey. It wasn't one of our assets. It was an owner that had bought with us before and they just found something on the MLS or some listing site, but they brought something over and.
They were like, oh, yeah, like I.
Looked at Rentometer, like these are the prices and all these things. And I'm like, well the reality is like the demographic of tenant that we're going to get in that area or the fact that there's not a grocery store within a half mile or two mile radius, like there's certain other things that we can look at from a renter standpoint that are going to be a turn off for that property.
Yeah.
So yeah, it may count for twelve.
Hundred dollars, but the reality is like we're probably going to list it for probably 10%. We were talking about the cost and.
The decision in the rehab about a.
Property that needed central air.
Right.
So I consulted with you and said, hey, what's the, you know, I know we're not in El Paso, you know what I mean? I know we're not in Arizona over here, but it gets hot.
Right.
So what's, what's the sensitivity that our market has to a place with no central air?
Right.
And I think even that conversation, that specific properties, like we're talking about the.
Difference of rent between eleven hundred dollars and like nine hundred.
Yeah.
So that would, it was a pret.
A deal maker or breaker.
Right.
It was a pretty substantial difference on the cash flow for that property.
When you're looking at your analysis, cap.
Rate, cash on cash, does that have central air?
Right, right, right.
But it comes back to the more seriously it's, you know, the performance of the rental and being able to assess whether or not your forecasted rents are realistic given does it have the central air? Does it have the garage? Does it, is it in proximity to.
Public transportation, the grocery store and a couple of the other things that a.
Good property manager can put their, you.
Know, kind of, you know, can feel the pulse of that market. Yeah.
And not every property has all of.
The things like you have to compromise on some things and you have to.
Yeah.
There's some subjectivity there though. You kind of have to guess a little bit.
Right.
Well, and then there's like we talk.
About different asset classes and all that. I mean, definitely we talked about briefly, like people have an A class properties that don't cash flow the greatest because they have, you know, rents or you know, whatever.
Right.
They're standard or you know, at market, but they have HOA fees, additional costs in certain areas that affect cash flow.
And then.
Yeah, a friend of mine, I was telling you, he was, he's, he's all about these A class properties. You know, he wants to rent houses to executives or whatever. And so he's got a couple really nice homes and he's a, he's a pretty well to do investor himself.
And one of them is a house he moved out of and he picked up another one.
And you know, we had a conversation the other day about our business and most of ours, or most of what we do for our owners is B.
And C class properties.
Right.
And the cash flow a lot better. Your cap rates look better.
Right.
But what my friend loves about his A class properties is that they're, they're really low maintenance and he's, he enjoys speculating a little bit about what's going.
To happen in that neighborhood.
Right, Right. So he sees this development going on, he sees that happening at city hall or whatever else. It's his local market. And so he enjoys the speculative opportunity at a capital appreciation that others aren't accounting for.
Right, True.
That might come true, it might not.
But that's what he wanted to participate.
In as an investor. Right.
So that capital appreciation is a big.
Variable that you want to think about.
Right.
Is that neighborhood a war zone? It doesn't matter how bad it is. Is it going down or is that neighborhood something that's up and coming, they're about to put in an interstate off ramp or whatever?
Right.
So those variables matter too.
Yeah.
So it's more, what we're getting at.
Is there's more than just a line item on a pro forma that says, hey, this is a number that we, we've typed in a function that calculates this for you based on the data we have and what we're projecting for asset value versus what's real. Like what is the economy looking like, what is the demographic of people in that area and all of that. And getting a holistic approach to making an informed decision.
Yeah. I think it makes sense to always ask, even if you, even if you know, and realistically we should know that we can't know what's going to happen to that property's value in two years.
Correct.
No matter what you might speculate, there's always factors out of your control.
Right, Right.
So you can't know, but you, that doesn't mean you shouldn't ask.
Right.
What's going to, what's been happening and what do we think is going to.
Happen to that area in the next couple of years, 10 years. The next two to 10 years? Because that capital appreciation question is one that, that's going to impact the value of that.
Yeah. I mean, we're currently living in a very interesting period in real estate where.
I'm buying a house right now. Don't remind me. How crazy Things have been for the last two years. Price is outrageous, man.
Yeah, we're like, home values are skyrocketing.
Based on demand and interests and all these other factors that play into that, but very aggressively over like a two to three year span. That's right. Unprecedented. And that affects rent rates. That affects. We're also not seeing increases in household income at the same rate. So what can people afford versus what the cost of the good is? Right. There's a difference there. So we're living in it right now. So like if you would ask me three years ago, four years ago, hey, where you see rents going?
I probably wouldn't have projected this.
Right.
But now we're, we're living in it. And I'm, you know, make, trying to make trend projections for the next year.
Two years, three years, and they're going to be wrong.
And they're going to be wrong to some degree.
I just don't know what degree.
Yo.
But what we try to do is calculate what controllable variables do we have. And then that kind of brings us me into our next kind of point is we talk about the 1% rule, which for the longest time was like.
The end all be all, like, oh.
Does it fall my 1%? Because I'm not buying if it isn't the 1%.
Which kind of plays into cap rate.
And a couple other things. But like if our, if our 1% rule, for those of you don't know.
Is it's, it's the, it's the general.
Basis that is used for investors to analyze what the rent should be.
Yeah, it's, it's the basic drive by sniff test.
Yeah.
Rule of thumb.
Rule of thumb, Just general like, hey.
Does it fit this rule? Okay, it's worth my time to dig in and get some deep numbers.
1% is.
Well, so if the property airs for.
$100,000, you should get about $1,000 in rent. Right.
Monthly rent should be about 1% of that.
Obviously, if it's more. Yay.
Right, right.
But generally it's one percent, so.
But you know, if you're in that 0.9, that one and a half percent, whatever, you're good. You know, that's worth looking deeper.
Right?
Yeah, yeah. Because even if you're like, I would say probably 0.8.
Yep.
To one, to your point, like, we can adjust the rent, we can move it up.
You know, those types of things happen. If you're above one, that's probably a slam dunk. But let's look at the numbers and.
Dive in what we're seeing now is.
Like the 1% is hard to get.
And if you're below 1%, let's say you're, you're at a point, 7 5% or whatever, should you be snubbing your nose at that or should you be asking more questions?
Questions.
Right.
And I think the answer to that is yes, you should be asking more questions. One percent is a good rule of thumb, but it doesn't, it doesn't tell you what's going on in that neighborhood. It doesn't tell you the quality of the rehab is another one.
Right.
Kind of hinted at or whatever in the.
Right.
It's another important thing to consider.
Right.
What's the condition of the property?
Yeah.
So perfect example.
And I'm gonna make this a little bit personal, but like we talked, like, I'm looking at buying a house probably next year, depending on the market.
Okay.
You know, and we're like, okay, what.
Are we gonna do with our current asset, our current primary residence? So like, obviously I'm just impartial. Let's keep it as rental.
Sort of analyzing.
And look at the 1% rule. Like, it doesn't fit the 1% to value rule because of the value of the market right now and the realistic. In our area where I live, the rent isn't going to stretch to the 1%.
Okay.
Like, we're probably sitting at a 0.6, to be honest.
Does that mean I should st my nose at it?
Right.
Right.
Because the reality is there's a lot of equity built into that house.
Know the value of that condition of that property, you've been living in it. So there's a different level of confidence you can.
Right.
You can bring to the analysis about what kind of expenses you expect to have.
Correct. And obviously, being live, having lived there, I know what the expense expenses are firsthand.
So not saying definitely, you know, how.
Old the roof is, you know, the condition of the flooring.
And that's where you can rely on.
Your resources and your professionals in that area to make those assessments for you. Because that probably is not going to have the greatest initial, you know, on paper. Look. But honestly, I know what the expenses are. I know what it's going to perform. And I haven't calculated the cap rate yet, but it's probably pretty good.
Yeah, but you know, but the holistic.
Approach to making a decision on that.
Is where the condition of the property.
Is a big one. Does it need to be renovated or has a renovation been done?
And what things did. What did. What things did the renovation did we opt not to do.
Right.
What things do we say we can live without that? What kind of materials were put into the property?
Right.
Is it a good rental? You know, hard floor is better than carpet.
Right.
So in terms of a rental that's.
Going to turn several times over the course of a decade.
Right.
So the condition of the property as.
A, as a rental property is another important question. Obviously when we do our turnkey properties where we, we deck them out to be rentals.
Right.
So they're kind of designed that way. The materials we use and so on are designed to be a little bit more hard.
Yeah.
We advertise it as above rental grade.
Just because we, we have seen what rental grade is in our market just generally. But it's defin a standard that is worth noting that it's above average.
That helps with long term maintenance cost keeping. Keeping long term maintenance cost down and also helps with rentability.
Rentability.
You see that kind of modern gray, you know, the, the long neck faucet on the sink or whatever. A couple of these little things that.
We like to add.
Right.
And it just makes it more appealing, shorter time frames to get things to.
Be able to sell it to a renter.
Right.
Yeah.
So yeah, rentability is a big one too, huh?
Yeah, we talked about the air conditioned thing or whatever, but that, you know.
There are little variables in certain markets. You know, if you're, you know, downtown San Francisco and you don't have a garage, who cares?
Right.
But in Dayton, Ohio, in Dayton, Ohio.
You have a 900 square foot house, people care. And then the garage detached and it's.
Like 700 square foot.
That matters because that's going to rent that place.
Yeah, that's a huge asset.
Yeah.
So I mean. Yeah. So we have to, we have to.
Make a holistic full approach to, to how to analyze this stuff and then have this conversation. Sometimes they're tough conversations with the investors, like, hey, look, I know it doesn't look pretty on paper, but like this is what we're seeing. These are the trends. These are, I have properties down the street. Like this is how those properties are performing similar finish.
So you're sometimes a 7% cap rate could be better than a 9% cap rate.
Yes, absolutely.
It's crazy that.
People make that snap judgment that it's always better, but there's times when it's not. Cap rates are, are forecasted first of all.
Right, Right.
I mean retrospectively that 9% is better than 7, but the assumptions that are put into forecasting That I expect to have this. Right. How aggressive is the, is the rent forecast?
Right.
And is it accounting for that garage, that air conditioner or whatever?
Yeah, unfortunately cab rates aren't a hard fast rule.
Right.
It's more as a subjective projection and.
Even in our business, like do all.
Of these things perfectly and you could get this guy.
That's right. Any given time you don't know what.
A tenant's going to do.
So that kind of brings us back to that A class, C class thing.
Right.
So like in a C class property, you're going to have a different experience on the average.
Right? Right.
You're going to have a different experience with your tenant than you're going to.
Have in an A class property.
Right.
You're also going to have different risks. That doesn't mean that any given C class tenant is going to be a.
Worse tenant who's harder on your property and doesn't pay rent as well than an A class. It doesn't mean any given one.
But on average.
Right.
You'll have a different experience. You're going to have potentially higher cash.
Returns on that lower grade property. You might be, you might be over that 1% rule. Your cap rate might be higher, but you also might turn the property more often. You also might have to deal with evictions more often. You also might have to deal with some of the bad things that happen more often than if you're in some.
Safe, low paying, B plus.
Cap rate, lower cap rate property. Right. So those, those variables matter too.
Just the element of risk that comes.
With appealing to a different, a different price point in terms of your tenants.
Right?
Yeah. I mean, because you know, we part.
Like to bring it back to the PM realm. Like when we qualify tenants like we look at their income.
Right.
So if we're, that's why pricing the rent is so important. Because it's not just important for the investor to make sure they're getting the returns that they are looking for and projected. Especially with our turnkey assets where we try to guarantee returns a little bit like hey, this is what we should be at. But also for the residents sake. Like we require three to four times income to rent ratio, which means that On a, on $1,000 a month rental, that tenant's got to make what, 36 to $48,000 a year.
Sure, sure.
And if you're trying to rent to somebody who's living on minimum wage, they're not there.
They're not there. So we have to price in a way.
It's like okay, can it be rented realistically?
And second, is it in a position.
That you still have room to grow? That's the other part to the 1% that's important to, for our investors to know is that it's okay to be a little bit below that because in next year or in six months or whenever we do rent increases, we're able to actually grow into that a little bit.
So when we, when I look at.
Market analysis, like when you guys ask me like, hey, what's this going to rent for? And Mark comes back and goes.
I'm.
Like, well, yeah, absolutely. We could definitely, we can set the.
Rent to wherever we want, but it has to rent.
And then also we have to be.
Able to appreciate that rent. Right. So next year I should be able to increase it anywhere from 3 to 5% without any problems, possibly more if the market allows. But also the tenant has to be able to afford that.
Yeah.
So, you know, we talk about a thousand.
I keep going back to a thousand because it's an easy, nice, easy number to work with. But like a thousand dollars, like understand that's $12,000 a year that are residents paying in rent. Yeah, they have to be able to afford that.
Yeah, right.
Owner has to be able to understand that we're renting that class of people to A class properties when we're dealing with, I think our most expensive rental right now, things like eighteen hundred dollars like that is a very different asset. That's a very different tenant base than somebody that's only paying 800.
I remember you're reminding me of an experience from back in 2006, 7, 8.
The Great Recession, if you will.
Yeah, I'm old enough to remember that. Well, and I was in a, I was in a personnel industry or whatever, hiring people. My, my business suffered big time.
Right.
Because a lot of organizations local to Dayton, this is a big manufacturing town and a lot of ancillary things to that. And when the wheels grinded a little bit and things slowed down, a lot.
Of organizations went on hold and projects are on hold and manufacturing slow, blah, blah, blah. And there were a lot of layoffs, there's high unemployment and there were a lot of defaults. I presume I wasn't deep into the real estate world yet, but there were a lot of defaults and threats thereof.
Right, right.
And so those are things that sometimes your local property manager has, is attuned to. Like, you know, the Great Recession was.
Followed now in our present day by.
The great resignation or whatever. And like, what's the impact of the local economy in terms of employment and.
Wages and all that kind of stuff.
Right.
I've definitely seen some. Some aggressive hiring tactics and wages advertise high, you know, high wages higher than you would expect to advertise.
Whatever. So we're mirroring to some degree, not. I don't think we fully caught up with the rent demands and the things that have happened in property values by.
Any means, but we are mirroring to.
Some degree, we're following a little bit of what's happening in the housing economy is starting to happen in the employment economy here, and that's good.
Right, Right.
Those are things you can't. You can't really know unless you're seeing.
Those street signs and those job ads and those recruiters chasing you and whatever else. But how likely is your tenant, your local tenant, to be able to afford the increased rents that are being asked?
Correct.
Right.
So I'm glad that we're. We're not suffering too bad from that disparity, but that is a important gap to be attuned to.
Right.
Well, and it's.
It's more important for our clients to be able to set those expectations because.
And I'm not.
Okay.
I'm not. Okay. We live out spreadsheets every now and then.
So I'm not. I'm not downplaying spreadsheets, but a performer.
Is essentially a screenshot of a spreadsheet that's doing calculations for projected or projected cash, a bunch of assumptions, but clients are making informed decisions about that. And so setting the expectation clearly, like.
Hey, this is real data.
I mean, I manage almost 600 units.
In the greater Dayton area through Cincinnati.
So we have a pretty decent pool.
To pull from saying, hey, this is real data.
Right.
This is really what we're doing.
That's right.
And it's usually pretty close to our pretty informative data. Yeah.
So.
And the performers, I'm not saying they're wrong, because they're not. Um, but like it when we talk about due diligence. Absolutely.
Do due diligence. Yeah.
Ask people.
And if you don't buy from a turnkey provider, obviously, we bring a lot.
Of that due diligence.
Correct.
Absolutely.
And that's. That was the second part of that.
Is like, we here at Freedom Real Estate Group have done a lot of that due diligence for you, and then they pull the other resources like me and, I don't know, pack sometimes when we need to say, okay, how do we become to this decision, this acquisition or this disposition, how do we come.
To this, there's always a subjective burial. You and I were driving in part.
Of our territory today.
Yeah.
And we're looking at, oh, that property.
And we're. Hey, that's.
That's something we could buy. That's something we could buy.
And we're saying, oh, look, there's a.
Bunch of people working on these properties on the street.
Right.
I love that.
That's exciting. That means that's an interesting opportunity for our investors when other investors are upgrading that area.
Right, Right.
And you can't see that yet in.
The data that exists on the Internet.
You can't see it. You only see that if you're driving through.
Right.
Yeah. When we were driving through and we're like, well, there. There's some that physically have work trucks.
Parked in the driveways and they have areas taped off.
And then we have others that are like, completed projects.
New siding, new driveway, fresh landscaping.
Three, three.
Three houses. Four houses in a row. And then one that is about to fall down that.
Let's buy it. Let's buy it.
Let's do something with this because, I mean, it's exciting. I mean, look at the data.
Are you gonna look on Zillow or something for those properties that were just fixed up or whatever?
You're not going to see it reflected, right?
Absolutely.
So, I mean, there's a lot of opportunity.
And then that we're going to go through.
We're going to go through the dirt.
And try to find gems and try to present those.
Cash on cash is another popular point.
Of reference, but I think it's worth.
Distinguishing your cap rate is, you know.
What'S the return on your investment in the property?
Right.
As.
As a whole, like the value of the property to. Or the cost of the property to the.
To the money that you make.
Right.
And then cash on cash is important when you're leveraging.
It's important otherwise, but it's important when you're leveraging.
How much cash do I have to.
Come out of pocket?
Correct.
How much cash do I get back?
Right.
So that relationship, I think, is just as important, if not more important.
Depending.
On how you finance the deal.
Correct.
If you're buying everything all cash, then they're all one of the same if you're. You're.
Right.
If you're not.
And those things change a little bit.
Absolutely.
That is important.
What else we talked about debt reduction, the BRRRR method.
Transactional cash flowing as opposed to just, you know, property per property cash flow.
Yeah. So when you find a property that.
Maybe the cap rate doesn't, isn't as appealing. It might be.
It might be just a different investment.
Strategy than what you're normally accustomed to.
We always, you know, try to gauge.
What our investors are trying to do with their investments. But like I use an example, like I have a client that he's definitely very much a cap rate investor. He likes to look at that and say, okay, yeah, no, I'm gonna pass. But recently in the last year, he's grown his portfolio almost by double just by going, okay, well my all cash entry.
Right.
So acquisition and rehab and holding costs, it's X number of dollars ARVs, maybe not the greatest, but I can run it for a fair amount. You know, I can rent it for 908, you know, $900,000. But his all ins, like maybe 70,000 all in. So he's like, well I can refinance and pull my cash back out of there. My, my resident's still going to pay my mortgage for financing and I get to pull all my cash back out and put in another deal.
So honestly just ties his cash up.
For six months while he does his whole process and get it rented and he's really not out anything. And he's in a better position because now he's got an asset that's cash flowing he can potentially borrow against down the road. Talk about debt reduction. You can do that on the option.
Pay attention for a little while and then you leverage it elsewhere.
Yeah.
So I mean that's what we're talking.
About, the bar method a little bit. It's not always just a straightforward buy. This asset, it's rented. Yeah, yeah, there's some play you can do there.
We have a team of people that.
Are very well, very well versed in investment strategies that can definitely help for specific properties.
I know I get a lot of.
Calls that are like, hey, I saw this property. What method should I use?
We have to kind of talk through.
Pros and cons, list style.
But our per method entry point, we call our equity advantage.
Equity advantage?
Yeah, I mean you buy the equity advantage, then you manage the rehab.
We got a rehab team you could utilize and whatever but.
And we've done estimates on what the rehab is and things. So that way you maybe still a.
Little bit more of a turnkey entry.
Into a burr method of investment strategy.
Yeah.
So there's definitely options.
I only bring all that up to say.
Be open.
That's right. Yeah.
The numbers, they may not look good.
In one strategy, but they look good at another. It may Be worth it to look at another strategy to see if another deal would work.
Yeah.
You know, one.
My. My favorite approach is the ICF approach. The inch of the cash flow.
It's already rented. It needs renovated, but it doesn't have.
To be done now.
Right. Collecting.
You're collecting right now.
I love that because I like. I like getting into the experience of.
Owning the asset and being able to kind of postpone that decision and figuring it out. Out as I go.
That's right.
Just because of the nature of who I am and how I like to get right to stuff.
But it allows me to do further analysis. It allows me to be indecisive for long.
Right. Anyway.
Cool.
I mean, that's. Cap rate's not everything, Right?
Right.
Cap rate's not anything. I hope that was helpful, guys. Anything else we want to add to it?
No, I think we've hit pretty much every major point.
Very good.
And as always, these, you know, these subjects that we bring up and talk about should provoke conversations with you and people close to you and perhaps with us.
Correct. If Chris can be a help or Mark can be a help when it comes to doing a property analysis or whatever, these are the kind of things.
We'Re thinking through as we're investing into.
A property and preparing it for the customer.
So hope that's helpful as you're thinking.
About getting into the investing world.
Cap rates aren't everything.
One important thing. But there's definitely a lot more to it.
Right.
All right, guys, as always, invest smart, live happy. Thank you very much.
Thank you.
Bye Bye.
Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions and information on this show are not guaranteed. All investment strategies have the potential for profit or loss.
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