multifamily value add strategy Underwrite 100 Deals Close 1

Hey everybody, this is Toby with Global Integrity Finance. We're here at the Quest Trust Expo here in Houston 2019, and we're here with Kaylee, the Apartment Queen.

Yes.

And so we're gonna talk to Kaylee today about who she is, what she does, and talk to us about the Apartment Queen and what you do with apartments and how that works.

So really, as far as apartments go, we just have a value-add structure that we use. So value-add, if you don't know what that means, basically we're buying something pre-existing, it's already cash flowing, meaning there are tenants, it's full or somewhat full, 90% plus full, I guess you could say, or occupied. And then we find little things that we can change in the apartment, like changing cable contracts, switching out the unit fixes and increasing the amount of rent we can charge every month. A lot of different little fixes we can make. It's got good bones. But all those little fixes, I mean, based on a cap rate or capitalization rate of the property, that gives us a huge exponential increase in value. So then we look to basically flip it, if you will, 12 to 48 months has been the track record, but it will be a little bit longer now, possibly with the cycle coming, to double the income and the value of the property and then sell it again.

So let's talk about that. So you're finding an apartment that's already active with leases. Are you guys rehabbing it? What are you doing to improve the value to be able to get any kind of rate of return?

So like I mentioned, little things like changing out cable conduit, contracts, renovating the units. So if we do have a few vacant units, we'll add, depending on what class property we're buying, it's usually a C+ B- property.

Okay.

So it'll be like putting in a new countertop and then changing out to vinyl plank flooring and then repainting with a two-tone color and then putting in nice fans.

You are upgrading them basically.

Yes, yes, and we do need to, otherwise there's a lot of slumlord. I don't like to increase rents without giving the tenants something. Plus we also improve the actual property. So, you know, if we find there are a lot of families, we like to put in the like little kiddie parks and add like benches and grills and pergolas and things like that. So the residents actually get to enjoy.

So you are going there and really improving the environment and then you're putting it back on the market?

Well, kind of, but yes.

Okay, in a sense. So how are you finding these deals?

Um, it's random. Um, really so far it's been through relationships. I mean, whether it's a banker I work with or a broker I work with or, you know, an SEC attorney or— because we do have, uh, these are securitized offerings, so we do register our offerings of the SEC. And when we do these things, those people are friends of ours now. And so then I'm like, hey, you know, if somebody is falling out of contract, they can't close, they can't finish due diligence, whatever, let me know and I'll buy it, you know. So that's kind of— that's how they started. And then some of them, it's like, uh, we happen to have the neighbor in one of them where they, um, it wasn't a, uh, it was a probate case. It was actually, uh, the apartment was in a trust and then the mother passed away and the son was running the apartment into the ground and noticed I was buying next door, so like, hey, I'm like, okay, I'll look at the numbers and see if it's good. And so that happened to be a good property.

So do you have a niche like 10 units to 20 units, or do you have a demographic? 60+ units, that's where the numbers work for your business?

That's where it makes sense to have a full-time maintenance staff, full-time property manager, and basically be able to build that into the operating income.

And if it's less than 60 units, it's just not— the profit's not there?

It's not economical. Yeah, so you could do it, but it would just take too much of a profit to make sense. It's really something, you know, when I have done third-party management on a smaller property, 50 units, less than that, we just have someone part-time in the office.

Gotcha, gotcha. So when you take over the deal, you have a management team that you put in place on this project, and they're taking it from where you start to where they finish. That's their job.

Yeah, each piece of the puzzle has different people responsible for different duties. So the property management company, I mean, they're literally 50% of how well the deal goes. Okay. So it's really important to have a good partner in that sense. They have a track record, you've worked with them before. So they do all this stuff as far as lease-up, evictions, I mean, increasing rents, I mean, all the pro forma plans. So I sit the whole team down and I say, okay, construction capital expenditure guys, you're going to do this month 1 through 12. Each month we go through everyone's jobs. Property managers, you do this. You know, I do this, my partner does this. Yeah, so we all work it.

So, and how big is your team?

Uh, it's deal to deal, right?

Deal to deal.

Yeah.

So you bring a team on for each project?

Yeah, so we have our basic, you know, property managers and attorneys and all the pieces of that puzzle that you need, right? But, um, the smaller deals, it was just myself and one other female partner on two of those. And then the next deal, it was a 48-unit, that was four of us. And then a 236-unit we just closed in Phoenix that was 4 of us also.

So you're doing this nationwide?

Not necessarily. That's not what I was looking to do. It was just I'm searching in Texas. That's all I focus on because there's so many things going on with rent control on the East Coast, West Coast. I'm like, come on to Texas, you know. It's landlord-friendly, tax-friendly. It's a great state, you know, to be a landlord. Um, but, uh, that Arizona deal just popped up with a team of fellas that have like a great great track record, and after vetting the deal and going through the numbers and all that, I mean, there was only one problem that I saw and it was fixable.

How many deals have you done?

Uh, 1, 2, 3, 4. 4 on my own as key principal or general partner, and then, um, is this just an interview? Like, I don't know where to look, there's like 3 cameras.

Yeah, this is our volume down here.

Um, so what'd I say, 4 on my own and then 3 before with a mentor where I was the limited partner learning.

Okay.

So he just was like, yeah, this is how we renovate, go through the units, how we order in supplies, how we time everything. This is the price range you want to do for every unit.

Nice.

Yeah.

And how long have you been doing this, Katie?

It's my second year.

This is your second year?

Yes.

Outstanding. What got you into this niche of real estate investing?

Right. Um, so you're— I knew I wanted to invest when I was younger and just didn't know what that looked like because like my whole family, like, hey, we work at Dairy Queen and like work for other people and like we have no idea what is. So, right, but I just didn't know. So long story short, my buddy was like, hey, you have this other business that you're running. If you want to scale it, you need people, systems, advertising, you need more money. And I wouldn't suggest go take a loan out for your business, right? Get into real estate, you know, get into selling residential, sell 5 houses, use that income to run that business. Well, I don't go into anything half-assed, so I just was like, oh, I love this. And then I realized in real estate there's so many niches. I mean, no, Apartments, single family, fix and flip, buy and hold. I mean, so I did some single family fix and flip, uh, ended up turning that one into a rental. I just had such a bad experience with the contractors. I was just like, and I thought everything was planned out and timed right with the bank and draws and everything. A mess.

But do you not have that same fight with your apartments? Why? Why is that different?

The, um, the contractors are just so much more professional because it's a small industry. And like in single family, I feel like a lot of people can hide. There's so many people doing it. Yes. And in multifamily, you know, you have to have the right size crew. Like, my first company that I used for renovations, they've got 50 guys ready to go at any time. And like, if I have a whole floor that's vacant, they can do it too.

They can go in there and they've got more stability in that.

Yeah. And economies of scale is the other cool thing about multifamily, not just people but materials. And so you can just, you know, you have 50 rooms or 50 houses in one room And you can just order in bulk, save money, get it all done.

Countertops, paint, flooring, all that stuff, you're just not gonna track home on each floor.

Yeah, exactly. So what got me from, I was flipping houses to multifamily, there was someone speaking at Propelio actually before I was speaking on their network. And his name's Will Crozier. And he spoke at the end of one of the, at the end of the night. And his deal was like $780 million AUM under 8 years. That is me in 5 years right there. Because, you know, the culture of my business, the bottom line and what like my why is, is a lot more important to me. And the flipping houses was investing, and that why was still there, but I knew it was gonna take me a decade or more to get to that place where there was enough income, there was enough physical space to give back to people, to do what I wanted to do. So I just saw that this was just adding another zero, you know what I mean? It would just get there faster. And it's really what he preached. And that why, you know, as far as culture of my company. There's two different things that we promote or that we work for the community, um, creating independence. So being able to help people identify toxic codependency and be able to give them a way out. Real estate was my way out of an abusive family relationship that I had forever, um, and have been able to start over. And then also changing the face of multifamily. There, there are not enough female operators, brokers, any in commercial period.

You're absolutely correct, and you have basically taken this niche and you've run with it. I mean, I've known you for about 2 years and you are all over the place with it, and you are very pronounced and you're very driven. That's one thing that I will say about you. Where is the multifamily industry going?

It's slowing down because we have an impending cycle coming, right? So, you know, for us, we have to buy super smart. Like, don't stop buying because that will cause a recession, right? You know, it's our American duty to to buy, to go shopping.

Right, you got to keep the cash flowing, right?

Otherwise the economy shuts down. We can't freak out. I don't watch CNN, I don't, I don't watch Fox News. I don't— it's just gloom and doom, you know. So in reality, there's economists that I follow and I'm friends with, and those are the people like, okay, this is— look at 30 years ago, this is how this really works. Look at where we're at in the cycle, here's where we're really at. Um, so we buy just very cautiously. So we do a lot of stress tests before we purchase. I underwrite probably 100 deals a month before I really one that might be worth an LOI.

That's great discipline.

Yeah, I mean, I'm not ever in love with something so much that I have to do the deal.

Yeah, it's all business, it's all numbers. And so when you're doing that underwriting, tell me about that underwriting process a little bit.

Sure, uh, what do you want to know?

So, so I bring you a prop, I say, hey, this, uh, 70-unit over here isn't for sale. What's your first step you're going to do?

I need the rent roll and the D12.

Okay, so then you're going to look at the DSCR. On it and see how it's servicing currently and where you're going to be going with it.

It's part of it.

Okay.

Um, so the spreadsheet, I've got a hybrid that my mentor and I built from a couple different like mentor groups, and we just like, this is good from here, and just made our own.

Okay.

Um, so really you're each— there's several different tabs like going through the market itself, you know, so underwriting the market. I've got like a 4-step process that basically you take, take the delta or take the change over 6 last 15 years of crime, income growth, job growth, house value, several different deltas. You want to see if it's trending up or trending in the right way, right? Right. So then that's a good market, we can move forward. Next tab is then taking all of the rent roll data and seeing where, um, what the gross potential income is. All those numbers need to go into the spreadsheet. Um, I don't want to get too much into the weeds because it really is— yeah, it's It's not fun. I don't love doing it. I actually have a partner now that crunches the numbers for you.

So you just turn it over and say, give me the data when it's all said and done.

Uh, yeah, and then I look at it, and then there's usually some tweaks I have to make based on the market. You know, they don't know that market, and that's why I focus on Texas, because I physically know Lubbock and Dallas and Houston and San Antonio and Austin, like the reversion cap rate when we're on sale. Because the way we buy, you plug all that stuff into there, and you know what you're already going to sell at before I even put in an LOI. I know all the stuff. And if it makes sense, it makes sense. If it doesn't, then I can go back to them and say, let's tweak this price, let's do this. And if they're not willing, then peace.

At what stage of this process do you walk the property and see how much more money you got to put into it to get it to that maximum rent roll?

Yeah, so once we underwrite and then we get the numbers at the end that they look good, I like to see double-digit cash-on-cash returns for my investors. I like to see triple-digit on-sale returns for everybody. Um, so So when we're kind of in that range and the cap rate makes sense for the class of property, right?

Whether it's C, B, or A.

I don't want to do a 4 cap with a C property that's not stabilized. It doesn't make sense. Then we would go ahead and I would communicate with the broker or whoever gave you the property and say, okay, what do you guys want as far as terms? What's important to the seller? Sometimes it's money, sometimes it's short closing, sometimes it's different.

Right.

And so then I would basically construct an LOI, and then before submitting the LOI, I have a couple of different capital— we call them CapEx, but like renovations crews, those guys. Like, I love Heritage. They're all over Texas, San Antonio, whatever.

Oh, they're everywhere that you can call them up and go—

I go, hey, can you guys go out to this property this week on Wednesday and walk it with me or someone else or whatever, and they can give us estimates on all of the exterior stuff. Okay. Because interior, based on what my materials cost, I already know what it will cost to flip every unit based on the square footage. So I build in money per unit times our many units, uh, for interior. But exterior is always a question mark. Right. And in commercial real estate, uh, brokers and sellers get really pissed off if you do what we call retrading. So in, in single family, it's totally normal to be like, ah, we'll just get it under contract and find problems, retrade, or, uh, make concessions to the purchase price later. No, they will, they will cancel the contract. They're like, no, somebody else will buy it, you're such a pain in the butt, right? Um, so here, that's why we do that first before we submit an LOI, so we know exactly what the roof is going to cost, the foundation, what's messed up, the stuff under the hood. We don't see that till we're in due diligence. We make some, um, assumptions for that.

What about mechanical?

Uh, mechanical, so some of those things you can just see if you're doing a property tour. Like, I really hate chillers. Yeah, those things cost about $150K to replace, and you pretty much always have to replace them. They're like 60 years old. Yeah, uh, so 1960s-ish and older properties, they'll usually have those. Um, so unless it's newer, I don't love them. But anyway, so you can kind of guesstimate— or not guesstimate, but assume, right, we're going to have to replace it, build that in, build it in anyway. Yeah, we know that's part of the budget. Um, so yeah, those guys will go out there, um, and know exactly what we to be done on the outside. Because what the broker or whoever will say later is like, uh, you can look and see the roof and you can see the foundation and you can see— no, we're not regrading that. Yeah. So yeah, so then they do that, then we submit an LOI. And then depending on how competitive the market is, what size the property is, you know, we did some in a bigger area recently. So you go— my first couple, it was just to submit an LOI, gets accepted, just need one other person, they like mine better, um, PSA from the legal team, right? And then we go back and forth negotiating, and then we settle on something and move forward. But, uh, when it's a bigger market, you'll have like best and final, second best and final, right? And then maybe get the opportunity to buy it.

So how many deals do you submit an offer on? What's your ratio on submitting to actually getting? So, I mean, you said you look at about 100 a month.

It's not good because I just pumped the brakes 2 weeks ago going, I am exhausted myself doing this. This is stupid. It doesn't make sense. I'm literally, you know, I'm on CBRE, SVN, uh, Greystone, uh, Greysteel, um, all the brokers, um, lists for all their properties. No, not Netflix, but just private brokers that they're listing it. So, um, they'll send me stuff every day cuz there's so many people selling right now, and it's just— I'm like, you know what, Everybody is looking at these. I'm nothing special.

That's right.

So I'm just— it's just a waste of energy. So what I did was I was like, let's stop. I've got a partner that he's really good at being with people. I mean, he's really good at listening. And so we split up the time. We've decided to physically go into brokers' offices, sit with them, ask them what do they need, what's their goals, what's our goals, how can we work together. And so I've been able to get some first look properties that are going to list. So that's all I ask for now. Like, I don't even— I don't even—

it's listed, I'm done.

Not that I'm done, but sometimes I'll look at it and the pictures, there's just not— every— everything is value-add now. It's not value-add. If you look at pictures and there's some shag carpet, if there's some crappy colors on the walls, yeah, that's good. I'll go click on that and then underwrite that. But 90% of them are like already renovated, and they're like, hey, there's 3 units left. I'm like, that's not enough meat on the bone to do anything with that.

It's already at top value.

I want to buy it at 80 to 90%, yeah, you know, of meat left on the bone, and then sell it about 60% after we've done a little bit of renovations. Because you want someone else to want to buy it. Yeah, you know, they need a little bit to work with.

Gotcha. So you're never looking to buy and hold? These are all looking to buy and flip?

So right now, because it's, uh, either secondary markets or it's smaller properties This one in Phoenix is the first big one I've ever done. Um, so that one is a flip, uh, but you never know what happens with that market. We have a 10-year long loan term, so if need be, we could hold, which is no problem, right? Uh, cuz Phoenix can be cyclical.

Yeah. Um, or boom and bust, you know, supposed to be the one moving fastest right now, right?

So we'll see. Yeah, but that one could turn into a long-term hold play, and that's in the PPM. Like, all the investors know they're okay with it because it's in a primary market, so it would be fine, uh, they would never have vacancy problem. Right. But moving forward, what I want to do, the plan is on these smaller ones, the 24-unit, 26, 48, is to— when we're selling, we're syndicated the deal with a bunch of Quest clients actually, and then some other individuals, and they let me be the operator. I make all the decisions, and they just, they know what the choices are in the PPM, and they just write it and let it go. The option that we chose is 1031 exchange the proceeds from the properties into a larger one. Keep rolling it up, right? Right. So you don't pay capital gains taxes. And then the larger we go, we're close— working on going closer to a big city. And then once we are, you know, at more of a stable value, you know, 4 or 5 cap rate in a big city, that would be a long-term hold play.

So is it just strictly apartments, or do you do condos, townhomes? None of that, just straight apartments. Why is that? What's, what's the Pros and cons.

You have to focus because you gotta have one shot. Yeah, yeah, yeah.

Like, can't be shotgun approach.

I am so ADD, so squirrely, like, you know, it's really hard for me. But the amount of understanding— and I'm still learning stuff, I'm learning stuff every day— that just goes into this one category of stuff, like the different classes, right, the different markets, um, the different strategies, different lending strategies, debt types. I mean, family offices versus syndicating versus— I mean, there's so many different things I'm still learning, uh, that I've decided to just focus on one thing for now. And then inside that deal, going, okay, how am I different than everybody else? That's where the apartment comes in. I'm like, I'm the only girl, woman that's like, I'm out there, you know? Right.

So what about ground up? Why not go buy some land and develop it and sell it off that way?

Right now, so I do have a buddy Dave that I was with, him and his partner Glenn in Austin Austin last weekend, and they are starting to get into some of that. Yeah, but they're, they're being really smart about it because right now, depending on how big the city is that you're in, absorption rates aren't favorable really. And then with the impending cycle, you could end up with a building that's 50% occupied and have to suck it up. Yeah, uh, but what they're doing is they're building in areas of Austin that are right outside the city, so like kind of suburbia, you know, but not where all the houses are, but say, you know, so suburbia, I guess. And then they're building B-class, which that's the deal is so I love C-class and B-minus class because you can bring those up. Well, because no one's building them anymore, right? They're, you know, there's high demand and no supply. So I'm going to always win because they're always going to be people needing workforce housing and affordable, right? People wanting to live there. Yeah, blue-collar, or I mean, workforce housing. So with them, instead of building A-class, which is what most people do when they do ground-up stuff, is they're building B. Okay, so then they found some guys that can build it at $100K per door, which is like less than what you're buying in Austin. Yeah, use the C-Class, you know what I mean? So I'm like, wow, that's great.

That is great.

So they just feel confident based on that, they're able to command about $200 less than everything else in that same area. So like, we will not have a problem speaking to—

Great. What about— I mean, we—

I'm not comfortable with it yet, but I'm learning from you.

And I both know the growth in Dallas has been amazing with Liberty Mutual, with State Farm, with Toyota, and all those large corporations coming in, would that not be a market that you would want to jump on in your apartment world with the B, uh, A, B class apartments, knowing that demand? Yeah, the new build, new construction. I don't think you're gonna find any existing because most of those are going to be more like in the outskirts. I think anything that's going on right now to supply that demand of people moving in, it's going to be a B or A class new construction. Would you not agree?

Um, so it depends on what area of Dallas. For example, like, uh, Frisco's the anomaly. I mean, I still will sell a house for a friend here or there if I really like them because they respect my time and they know I'm busy. They know if I do open houses, I'm gonna have another agent do it, or I'm gonna sit there and underwrite while I'm sitting there at the house, you know what I mean? I'm not gonna really be all in it, right? And they're like, oh, it's fine, you know, you're good. So the Frisco one, I mean, I had my ex-boyfriend's house I sold in 4 days, you know, because I do drove everybody.

But anyway, so that's an anomaly for a market just because, like you said, Toyota, Frisco, Colony, all those areas seem to be the place that you want to create housing, right? In your world.

Yeah, so, um, I don't know, it's just scary because it is already happening. Yeah, for someone like me, you know, I don't have a big family fund, I don't have a whole bunch of money. So right now I'm sitting here using other people's IRAs educational savings account from their children. So if I'm gonna do something, I need to know it really, really well, and I'm not gonna take a risk. Yeah, I treat it as my money. Good. Like, once it's in my account or whatever, the company's account, I'm like, that's my bank account. And would I really buy this?

Right.

Or do I know this will work? No.

I don't have enough knowledge yet to jump in.

I've had to send back money on that last deal to people because we filled up real fast. But too, I was like, you know, there's no reason for me to keep it. You know, you need to reinvest that somewhere and make some interest off it or something. Yeah, yeah. Um, I appreciate that. Like, yeah, how would I want to be treated? Exactly. So I'm not familiar with it, one. And two, um, one thing I saw when we did have, uh, like downtown Dallas, for example, yeah, there was a whole bunch of supply of high-rise apartments, yeah, and like across the street from each other and stuff. And all of them, because 2 years ago when I started in real estate, I was an apartment locator, so then I was placing people in those apartments, they were all 50% occupied, and so the buildings were struggling. And then, you know, having—

and the upkeep was not good.

It's just, it's so much supply, you know, that it's really competitive, and so they can't keep them full. And that's the last thing that I want to do. So in Plano, uh, they have built some, um, high-rises, mid-rises, really by the Star Center and stuff, Frisco. So I'm sure those are doing well, but again, I don't know enough about it. Not yet.

Too soon?

Yeah, I'm learning. I was able to go with Dave and his partner to their planning and zoning meetings and go see how they're building.

Be educated.

Yeah, working on, you know, what are we gonna do for the mechanical, electrical, plumbing. Right. So I'll get there.

Good.

Not in a rush.

What's next on the horizon for Kaylee?

So my goal this year was to be involved in 1,000 doors as a general partner.

Okay.

So after closing my first 2 buildings at the end of last year and realizing it took me like 3 months to take down 50 units, uh, in 2 different buildings. Just, just the amount of stress that it was. I fundraised everything by myself. Like, it was, it was the most hard thing I've ever done in my life, honestly. And so after 4 months, I was like a little overweight and like depressed and super tired. I was like, I can't keep doing this.

I don't agree with that, but go ahead.

Well, that— I mean, I've taken a vacation for about a week in Mexico about a month ago so I could recharge. But I mean, I was just like in hiding. I didn't leave the house for a while. I was like, I can't do this. So I knew I needed partners. I knew I needed to team up.

Couldn't do a one-man show anymore.

Right. So that's kind of where I've turned my focus a little bit. We all— so I find people that want to do the exact same thing as me and they're open-minded, eyes wide open. Let's give each other criticism. They don't take any BS. They don't hide anything. We trust each other, so that's really the goal. So right now I'm going deal to deal, saying each deal that I've done is a different team. And so it's kind of like dating right now. And then if I really like them, that's who I'm going to keep sending these off-market deals I find to them and say, let's take this down together. And then we're like, boom, boom, boom, boom, you got the money, you got the whatever. So I'm just kind of waiting for the right team, but doing 1,000 doors this year. Right now I'm at 326. So I'm not quite there. It would just really take probably 2 more 250s, you know, to get close.

To get close, yeah.

And that's kind of what these guys I partnered with in Phoenix, that's what they're looking for. So we looked at a 365-unit, 356-unit in Lubbock recently. Wow. They didn't like it because they're super safe, but then my buddy Dave from Austin, we looked at it and we're like, we would just have to make sure there's someone local It's on the ground, and I said I'm willing to be there every 3 weeks to go manage the manager. It's just a heavy lease-up. I gotcha. Um, in Lubbock, we would have to make sure, because it's only 70% occupied, yeah, we'd have to like go crazy with the marketing, make sure everything runs real smoothly, attract the right tenants, because you don't want trash in there that's going to bring the place and not pay.

Lubbock's a huge college town, yep, so you don't want a bunch of college kids in there.

It's far enough away from Texas and whatever community, it's fine. Yeah. Um, And yeah, so, but because what we have to do is a bridge loan.

Yeah.

So because it's unstabilized right now, we'd have to like gung-ho, go crazy getting people in there. Once it gets to 90% occupancy, then the bridge will roll into a Fannie or Freddie.

Yeah.

Depending on what we do, which is a non-recourse loan, stabilized. That's what everybody wants to be a part of. They just— it's a little risky. So we're talking through right now, do we really want to do it? Do we not? Because we've got, um, a partner or future partner or he's got a 1031 exchange, it's like a $15 million deal and he needs to place it the next 30 days. So we're trying to figure that out like right now. Yeah, so I'm like, okay, I'll find something this weekend, you know, I'll keep asking and telling people and see what comes up. Something will pop up, I'm sure.

Nice. How do people get ahold of you, Kaylee?

Uh, y'all can email me, uh, admin@theapartmentqueen.com.

And a phone number?

Nope.

Nope. All right, so you can email her, uh, Anything else you want to tell the audience about where you're going and what's so exciting about, you know, what you're doing?

Yeah, so really just keep you guys— keep your watch out for what the company culture is going to be doing. That's really, I think, that's what gets me out of bed every day and excites me. Multifamily and my why, just they are in tandem with each other. But there's a few things I'm personally fighting through that I have been for years that are now kind of coming to a head and I'm excited to talk about them and share kind of how I dealt with it and have been able to stay strong and stay focused through it and hopefully be able to nudge other people to do the same thing, to not be afraid to go out there and go for it, you know.

Now you have a radio show you guys are getting ready to launch, right?

Yeah, yeah. Talk about that a little bit real quick. It's called The Drive. It's on KVGI Radio and that— well, actually there's two. So KVGI Radio, it's me and another female, Brandi Meiger. So it's It was her show and I'm co-hosting with her. We actually do that in Frisco, Texas, and that's on— I think our next show is the— what's today?

Saturday, the 24th.

So next one's on the 3rd, the day after my birthday, and then the 17th. So we do it every 2 weeks on Tuesday at 1 PM. And then Jason Bible and I are getting back together again to do another show because he's kind of quirky like I am, you know. So we just— so we're working on that right now, but that should be coming probably once I get back from Barcelona in about a couple weeks to start that again. So that'll be— I don't even know on what channel yet, but again, just stay updated.

It'll be on our website. Kaylee, it's been an honor and a pleasure to visit with you, talk about everything you do. And again, if you need anything, you can reach us at globalintegrityfinance.com, 214-548-5190. Thank you so much.