Real Estate Investing: Why I Refuse To Fund Your Deal

and connect and add value as much as I can to their life. So thank you so much again for being here and thank you for everything you do. Thank you guys for— Now, this next person is the CEO of this organization. His name is Kobi Otter. I embrace him as my brother. Personal mentor. And, you know, I don't have enough time to really just go into all of that, but at this time I'd like to yield the floor to Mr. Toby Powder. Please join me in giving him a round of applause. Come on, Praises! Come on, Praises! Where we had the Elvis thing happening? Hey, holy cow, you took me Oh, it's been waiting for you. You wouldn't have came down. Oh, I would have come down for one person. Hey, thank you everybody. How's the food? Great, great, man. It's been a while. How's the food? Good, good. All right, so as, uh, Billy Ray, uh, so graciously announced, my name is Sylvie Potter. I'm the CEO of Global Trading Finance. Um, if you all have heard of us or was around several years ago, we used to host these deals. We would have 200, 300, 400, 500 people show up. We actually took over the Lava Cantina event hosting these customer appreciation events. And so as I was sharing with the team over the last several months about, you know, we really need to get back to the community, to our people, and really show them why we're here, who we are, what we do, and why we do it, and to really embrace them as partners in growing this business. You all may know, may not know, interest rates are on a hike. We just got another quarter point hit today. We really honestly believed that the Fed was done 4 or 5 months ago, but they are not. We got a quarter point hit today. We have another one coming up at the end of the year. And so a lot of people see this as a massive disruption. We see it as a great opportunity. When interest rates go up, stock markets start to turmoil, banks really get nervous, they change their leverages. You may know or may have had some of your other hard money lenders who are no longer doing business. We saw a tremendous amount of those really close their doors in the first of the year. And so we are proud to say Hey, we're still here. We're still funding. We are very, very liquid and we are extremely aggressive. And so I told Billy and I told Jean and I told the team, I said, hey, we need to get our people back. We need to bring them in once a month. We need to share with them who we are, what we do, and why we're doing it, and really let them know we're still funding and we want their business. And so here's where you are tonight. We appreciate it. And so I want to really just kind of tell you a little bit about why we do what we do. I started this company— all right, you got to bring donuts tomorrow morning. That's a guaranteed absolute rule. The phone goes off, you got to bring donuts the next morning. Billy still owes us like 3 or 4 or 5 or 10 dozen of donuts. I know it's a bunch, and I'm ready for that day to happen. But so Global Integrity Finance was founded in 2015, really not having a clue why we were doing what we're doing. But as the years have come about and we've evolved, we've really set a foundation, a mindset, and a platform to make a difference in people's lives. Period. It's one of the hardest things to manage, to teach, to train, and to do day in and day out. Because everything about money, which it shouldn't be, but it is, is emotional. When you guys are looking to buy a property, when you're looking to get a loan, when you're looking to do a deal, there's nothing but emotion in it. Very, very little logic in it. And if things go south, emotions rise. And when we're trying to teach people the processes, the programs, the changes in the directions that we are all moved around day in, day out, there's a lot of misunderstandings, there's a lot of unknowns. And you all lean to us to be the subject matter expert, and we try to have all the answers we can. We sometimes fail. And when we fail, sometimes things don't go the way they should. But our goal, our foundation, our premise, day one, is to help you grow your business. There's not a person here tonight that's not here because they love where they're at, they love where yesterday was, they love where they're going. Where their future was headed. You're here tonight because you want something different. Rochelle and I used to go to the RIA and speak in front of about 200 to 300 with Phil and Shanoa, and that was my number one platform. Every one of you are here because you're looking for a better tomorrow. You're looking for a better financial system. Nobody, I don't believe there's anybody here that said when they were 10, 12, 15 years old, I want to grow up and be a real estate investor. I really don't believe that. Now, if you did, you're a— I want to say freak, but you're different. But nobody did. But as you got into your job, your career, whatever, you saw that, you know what, this isn't going to get me where I want to be when I want to get there. What else is out there? And as we all know, real estate is extremely lucrative. Real estate has shown through the test of time that it is the absolute best investment you can do. If any of you were in the business in 2008, 2009, you saw a massive crash. We believe, my wife and I believe Armageddon was happening. When we were in the business, we were bigger than life. I had over 70 loan officers, I had a RE/MAX franchise, I had a title company. And you've got to now bring them. No, that's Billy's fault. Billy now is up to 7. We had a RE/MAX franchise with a title company and literally felt like we were going to work every day printing money and then all of a sudden the bottom fell out. I mean literally within 6 months over 252 national lenders went bankrupt. Lehman Brothers, one of the largest The largest banks in the world bankrupt. Countrywide gone. And you're thinking, holy cow, this is Revelation. This is the sign of the times. Armageddon is right around the corner. And guess what? 18 months later, the real estate market was right back up and running without even feeling a ripple. So that shows you, we had COVID. Y'all were heavily invested during COVID Loving life. 2021 was a record year for us. COVID hits March 13th, 2020, and our business was flatlined. All capital markets, all Wall Street, all investors pulled out of the quote-unquote private equity lending, hard money, and they believed that the, that the default rate was going to go through the roof. If we're lending this money out to people that don't even— we didn't put qualify you for a job. There's no way they're going to pay these payments, so default is going to go through the roof, and therefore we're going to have just an onslaught of debt that we can't cover. Didn't happen. 6 months later, default went from 4.7 to 14.2. Capital Markets said, holy cow, these investors realize what they have is an asset that they want to hold on to. They're making payments no matter what it takes. Let's get back in the market. And you saw 2021 come out and just go gangbusters, record year for us. And then we run into 2022 where the Fed said, hey, inflation really stinks. We need to raise interest rates. We need to slow this all down. We need to make more money for the government. And here we are today. Through all this, one thing is stand strong. That is, real estate is a goldmine. Real estate is your best asset. To ever have, to ever want, and you need to gobble all you can up now. You agree? Oh, you do. I know you do. Real estate is a thing. So Global Integrity Finance understands that. We recognize it. We want to be a partner with you, for you. We want to guide you, direct you, mentor you, coach you, whatever it takes to help you achieve your goals. My team and staff is dedicated to doing all that they can do to be sure that your project will succeed. One of the things I teach, and we have new hires starting next week, the number one rule I teach: we will not do a loan if it does not guarantee success and profitability. And you'll be amazed at how many deals we get, comes across our desk, and I just say no. It doesn't work. Oh, but look at this, oh, look at this. It doesn't work. I'm telling you. I don't have a crystal ball, but I can tell you this deal will not work for multiple reasons. And here's the reason why I'm going to say no. Because if you do a deal and you lose your last dollar on that deal, yes, we got a commission, yes, we earned our paycheck, but you now are no longer a customer for Global Equity Finance because you're out of business. I've seen it so many times. I've seen it happen time after time. And I would rather you be mad at me because we didn't fund that deal and you stay in the business than to be happy we funded your deal on day one and be mad at me 6 months later when you lost everything. And so that is our foundation, that is our philosophy, and that is our motto. We do not do a deal unless it can guarantee success of completion and profitability in that completion. I don't care if you make a dollar or $10,000 or $100,000. I don't care. But if you break even on a deal, you have made money. Trust me. Because there's something there that cost you that you didn't realize. And you didn't over-budget, over-bid, and over-buy, and you still broke even and you can get out with the shirt on your back. Most of the time you will come out with money ahead when we do a deal. So understand, one of the things I used to teach, and Rochelle will tell you, I would take all— you guys see all this money stacked around? It's fake money, so you can take it if you want. You're not going to get rich here tonight. But I would take it in a briefcase and I would say, guys, ladies and gentlemen, I have money. I have lots of money. It sits in a vault, and in that vault it doesn't earn me a dime. When I lend it out is when we make money. and I need to lend it out. I need my money to make money. So if I tell you no on a deal, if my team tells you no, it's because I also don't want to lose my money. I mean, I lend it out, you don't succeed, the property doesn't perform, we all lose. So Global Attorney Finance is 100% dedicated and devoted to ensure your success. We are here to partner with you. We're here to help you at whatever level whatever stage. If you need some one-on-one coaching, we're here to guide you. If we tell you no, ask why. They are trained. There's two things I teach them from day one. Number one, it must show success and profitability. Number two, answer all the whys. Their job is to ask you the whys. Why this property? Why this contractor? Why this broker? Why, why, why, why? So that you can explain Can you explain to us your mindset? What you're doing, why you're doing it, and how you see it proceeding? If you can't answer that, then you're just grasping at straws. You're just going after any deal you can get because you're desperate for a deal, which then will cause failure. So when you have all the answers and you can explain to us your why, we can pretty much tell you how the deal will work. I used to tell my clients, clients when I originated on a sticky deal, meaning it's got a lot of issues, I say, look, look at me as your defense attorney. I don't care whether you killed the person or not. What I do need to know is where the body's buried. When you tell me where the body's buried, I can have to build a defense about it. I can make a lot of noise over here while the body's buried over here. Same thing in lending. If you tell me meat, all the potatoes, everything about it, everything you need to know, I need to know about it, then I can understand why you think this deal needs to happen, why you believe this deal is a viable deal. If at that point in time I agree with you, we'll fund the deal. If at that point in time I say, you know what, here's where the flaws come into place, and we've seen it, we've seen it 100 times, um, Realtors say And I hope there's no realtors in here if this gets offensive. If there is, I apologize. But realtors— oh, I can sell that, you know, my realtor said they can sell that property for $650,000. I'm like, really? But all the comps in the area— and we'll get on Zillow together— shows that it's worth $495,000 max. I mean, that's the biggest sale on the property in the area, $495,000. How do they sell for so much more? I don't know, but she says she can do it. Then here's what I really I've done this before, God is my witness. Realtor gets on the phone, she— oh yes, Mr. Potter, I, you know, I've been selling properties for 20 years. I'm with Keller Williams or Abby Holiday, whoever, because I don't want to offend anybody. Um, and yes, I know what— I said, then here's the deal, do this. You're going to make 6% listing commission, right? Absolutely. Give me that check. Cut me a check for that amount today. I'll hold it in escrow. We'll fund the deal. When the rehab is completed and the house goes on the market and you sell for that amount or more, I'll double your commission. I'll give you your check back plus another check. Oh no, I would never do that. Why not? Why not? You're so solid about this valuation, but you're not willing to invest with the client on it. Guess what? Realtor's gone. Client goes, oh, you know what? I'll buy the book. This is what we do. This is how much we care. Now, there are lenders out there that will fund those deals all day long because all they care about is commission. They don't care if you fail. They'll repossess. They'll take it. They'll sell it. It's not Global's mentality. It's not our mentality. We're here to show, to help you grow, to see you grow, and have you tell all your networking buddies who we are, what we do, and why we do it. Any questions? Man, that means I answered everybody's question in one little spill. How come you stay away from the rural property? Because of the demographics of resale. If you have a property that has a low demographic, which is a rural property, especially now when home Home buying is limited and everything's driving that way. Everything is right. And once those houses and that demographics gets there, I'm the first guy there with you, buddy. Uh, rural properties, uh, and, and it's not me. So here's something else I need everybody also understand. Yes, we have money, we lend it, it's our money, we underwrite, we close, we fund, boom. Then I turn around and I sell that off to Wall Street, okay? I sell everything off Wall Street. I do not hold any loans. For over 30 days. So if Wall Street says, "I don't want it," I can't do nothing with it. And so we have to almost be guided by what their appetite is. Rural properties, there's so much going on in the inner city areas that we don't need to take a risk on a deal that can't move because nobody's moving in that area. Billy had an amazing deal the other day, I loved it, but it was on a lake, it was rural, and there's like no population, like 2,000 people in the whole town. Nobody's moving in there, so it's a limited deal. And it's not that you can't get it rented, because that's what you guys are looking for, is rentals. It's that if something goes south, I take it over and I got to sell it, I got nobody wanting to buy it. They're gonna— everybody wants a fire sale on it. Okay, great question though. I wish it was different, trust me. Um, there's, there's two products I want to enhance and grow on. One is rural, and there's a gray area of rural area. Now you go into a town that's a population of 8,000 and you're in the dead center of town with the town that's designated as rural, came to death and died. Nobody's moving into it. You look at the population declining year over year. People are moving out, they're not moving in. We consider rural. So rural means if you don't have city water, sidewalk, or city septic, it's rural. And then go by population less than 20,000. Okay, so that knocks out— that doesn't make much more this way. I'm sorry, but moving towards this way? No, north. Yeah, yeah, to Anna Melissa, all that the other way. So Trenton, Leonard— oh, you're talking about the people that can't afford— yes, those areas are going there. And as investors, when we buy the home, it's getting there, we can only afford some of those houses. You can't afford to be invested in McKinney. Unless you're gonna spend— no, you can't. I can't either. Yeah, I'm buying all day long and I can't. I won't either. I won't buy them because, because it's not electric too high. But now, so you— so there's, there's not every deal in Trenton's rural, but if it is on well, if it is, uh, co-op electric, I can't touch it. But if it's city water— and I've done deals in 2019 in Anna where it was right outside the city, but it was city, city water and city septic. It was annexed in as they were growing that in 2019. So there's those areas that are expanding and growing in the cities, annexing in. We can take them over. So you'll look at something? Yeah, absolutely. Absolutely. Yes, sir. But what about like a place like Argyle, which is notoriously one of the fastest growing areas? And so the other thing that we look at, so when you look at population, we don't look at just, oh, less than 20,000, we're done. We look at population growth year over year. So is it growing like you're saying? Then yes, if we see that it is growing and it's trending, then it's definitely moving in the right direction and we will definitely look at that. If it's the opposite, it's a 10, 15, 18,000 population and it's declining, we're out. Does that make sense? What if it's 5,000 and growing? That's a positive. So here's one thing, here's the third thing I tell all my guys. Does it make sense? If the deal makes sense, financially makes sense, then I am in and I'm in your corner. If it doesn't make sense, then I— there's nothing I can do. Now, your definite— this is why we ask the whys. Why this property? Why this? Why this? So I can understand why you think this makes sense to you. In that, I get a full understanding of your mindset, your projections, and your business plan. Then I can fully understand hand and say, "I agree, let's move forward," or, "Here's why I don't agree," or, "Here's what I don't see the same as you do, therefore I can't." Okay? Understanding the whys answers everybody's issues and concerns. We need to do more of it as a society, not just my office and my team, but as a society. You know, if we would ask more of why is this happening, Then we get a better understanding of the mindset of the person we're dealing with, and then we can be more compassionate and communicative back. I think this is where— when I grew up, that's all we did. I grew up on a farm, and I'm telling you, there was never any question about where somebody stood and why they stood there. Today, we're afraid to ask. We're afraid to offend. I'm still old school. I still wear boots and jeans every day. And I'm still country and I'm not afraid to fail. So yes, sir. So speculation property, like along the tollway, it's going that way. Yes, sir. Yeah. So any of those areas that are growing, wherever, and we all are seeing it. And yes, the gentleman there, you know, you're right. I— you need to be buying in Trenton, you need to be buying in Bond, you need to be buying it because In 2 years, those properties were 3 times what they're worth today. That's an absolute guarantee. If you and I would have bought— that's the problem. And I'm lost there, and I can't refinance them because the rules— who's your loan officer? No, not here. Okay, I am the new loan officer. Speculation in real estate is the smart move. If you've got properties in Trenton, you've got properties in Bonham, you got properties in— I want to say White Rite, which is— I hope you don't— and Bells, because I live out there. I live in Bells, so I know the area, I know the growth, I know the development. But here's a great example. 121, as you all know, is being completely redeveloped going from McKinney all the way to Bonham. I drive it every day. It's been an absolute nightmare for the last year and a half. It's finally getting better, but you see all the growth that's going up. You see the new high school, you see the, the 218-unit apartment complex going in, you see all the retail. So you know Melissa and Ann and all that's developing and growing, all that. We also saw a storage unit going right there, 121. Um, you've got an oil refinery right there, so you got all this. We also I saw 2 years ago a builder go in right there at 121 and 160, went in there, cleared some lots, put in some road— well, dirt road— put in some roads, put up his sign, and 2 years later, not one lot is sold. Now, I don't know what he's asking, but this is where he's ahead of his time. It's not a bad decision. It's just not right right now. When you have infrastructure development, like you're talking about, 121 coming up. We have to look how far out of the timeline are you. And the fear, for all of it is, is that if you go belly up, I now own that property. What can I do with it? I don't mind owning real estate, but not every deal do I want to own. So I need to understand what's my risk-reward on that deal. There's some deals I beg to go belly up. When we first started in 2017, 2018, we were really just doing this right in a 90-mile radius. There were some deals we financed and I was like, dude, I hope you don't perform. I'm telling you, I have 3 caveats. One is you must make all your payments by the first. On the fifth, you get a late notice. On the tenth, I file for foreclosure. In Texas, I can foreclose in 21 days. So number one, you must make your payments. Number two, you must do your rehab work in a timely manner. Meaning you must be taking these draws out pretty periodically or we're going to get you for non-performance. And number 3, you must do the scope of work that you said you were going to do. If you did any of those, if you failed on any of those, we were having some talks about you signing your deed over to me on some properties. Some of them I'm like, dude, I'll give you some latitude, you keep it. But there were some properties I wanted. They were good sweet deals. So we have to look at that. Is Trenton a great area? Absolutely. Trenton is going to be the next Melissa, Anna, but it's probably 3 years out. It's probably 3 years out. So that's that risk reward. Um, there's nothing major moving into Trenton other than the highway. And we don't know who's moving out there. Now, I mean, I don't know if you drive 121, but you probably saw that big refinery that's there outside. Like, who the fuck would stick a refinery refinery right here. And they did that 2 years ago. I thought it was a water plant for all the housing coming in. A water processing plant. So as this evolves and develops, there's people so much more smarter than me, heck of a lot more money, that knows that they're willing to pay $50,000, $60,000 an acre for all that on 121. And they're going to buy it. They're going to develop. They're going to build it. and then Trenton will be the next cash cow. So you need— I, I'm, I'm leaving tonight, head to Colorado, so I won't be able to look at your deals. But when I get back, I'll get with Andre. I want to look at your deals and see what the problem may or may not be, okay? Um, and, and we'll, we'll discuss it. I'm— again, we're not here to turn deals down. If the deal is viable, makes money, can perform, does perform, then there's an opportunity opportunity there for us to fund the deals for you. Does that answer your question? Maybe, Simon, a little bit. Totally is great. I mean, you look at when the tollway started coming out of Dallas and hitting up into, uh, at the time, uh, George Bush— our 635 and then George Bush and now 121— and it's still going on. You know, the one thing that I learned a long time about real estate is if you have the opportunity to own land, you need to own it because they ain't making any more of it. They're not making any more of it, and when it's gone, it's gone. When there's a structure on it, it's gone. So as 121 continues to expand and grow, all that will develop accordingly. Okay, any more questions? Did I answer your question? Yeah, you're good. I mean, I can pick your brain all day. How much time you got? I got— well, I mean, if you want to ride to Tulsa Tonight to catch a truck to Colorado. Let's go, we'll talk all the way up there. Becky, if you want to go to Colorado, let's go. It's a 12-hour drive. Hey, I was just there. Yeah, sure, I can go again. That's where she tore her ACL, so I'll show you what's key. I'm going fly fishing. Oh, okay. Yeah, so obviously nobody all told y'all tomorrow's my birthday, so you all need to sing me happy birthday. No, we can't. So I didn't really dugly. So, uh, any more questions real quick? Oh, we're running out. Hey, there's your donuts all wrapped up in one. Yeah, all wrapped up into one. He's clear now. So how old are we tomorrow? We are over 50! Alright, on 3. 1, 2, 3. Happy birthday to you. Oh, you guys are so good. Happy birthday to you. Happy birthday, dear Toby. Thank you. Happy birthday to you.

Wait a minute, wait a minute. Is that how you all are going to sing Happy Birthday to this man? Uh, Toby, do you know me?

I know— no, you don't know me.

I don't know you.

That's right, I don't.

But I was invited here to sing Happy Birthday.

No way.

But because I don't know you, it feels kind of awkward, right?

No, no, no way.

I'm going to ask everybody a question. I'm going to customize a song for him. We're going to start with the people that know him the best. You're going to give me one word or a short phrase. Six. All I need is six. Don't give me more because my memory is a little short. And we're going to customize a happy birthday song just for you.

That's awesome.

So who wants to start? Energy. Energy. Determined.

Determined.

Confident.

Enthusiasm. I don't know what it is. Inspiration.

So we said energy.

What was yours?

Um, enthusiastic. Energy. Enthusiastic. Confident. Determined. Determined.

Very confident.

I need two more. Stylish. Stylish. Give me one more.

That's it. Stay with style here. Hold on. I like her. Let me go up here.

One more, one more.

Lion. Yeah, there's a lion. That's good. A Leo. Yeah, a Leo. A lion. Hey, that is true.

Energy, enthusiastic, stylish.

A lion.

Confident.

We're gonna throw that one in there.

So we're gonna go ahead and sing this birthday song. Happy birthday to ya. I'm just gonna sing the blues.

Yeah.

I said happy birthday to ya. This song's just for you. Yeah.

This is awesome.

Oh no, it's not a sad song, no. It's just how I like it. Toby, now, tomorrow is your birthday, yeah. And I hope you have a lot of energy for flock fishing. I said tomorrow is your birthday, and I know you enthusiastic about your day. You're driving all the way to Colorado. I know it's in style, you know, right? Come on now. Your confidence is all over the building. You talk to all these people about shoes and money and finances and deals. I said, your confidence is all over this building, yeah. And I know that you like it too. There's nothing wrong with that, 'cause I heard you were a lion all the time, yeah. Happy birthday to you. Yes, wow.

I'm Billy Phil's cousin. Oh, bless you, bless you.

So you have been my mentor. I've known him all my life, and he said, Shayna, I don't need you. That's awesome. Wow, that was great.

So this is my granddaughter. I don't know if you all have met Jelly Bean. She is my world. So every day she comes up— Taylor used to be, no more, she's been replaced. This little girl comes to the office and sits right next to my desk and we work all day long and she is amazing. You talk about God blessing. I don't know if you all have grandchildren or not, but this is, uh, unbelievable. All right, any more questions for anybody? Thank you so much, Billy. Thank you. Yes, ma'am.

Absolutely.

No, ma'am. In fact, I'm telling you, so I read an article today that I'd be glad to share with you. So insurance companies are raising premiums almost up to 100%, doubling previous year's premiums. Your big box apartment owners are dumping their older apartments. They're dumping their less profitable apartments, which is a great thing. Class C, Class C apartments. Class C apartments, they're dumping them. I mean, and when I say dump, they're dumping. Banks are getting rid of non-performing notes on apartments. And there's so many deals out there right now for Class C, low Class B apartments. Run with them. I tell you, we're not overbuilding because the interest rates have gone up. Everybody in 2020 who didn't buy a home will not be able to buy a home now for the next 3 to 5 years. Those people who were looking for the great deal or whatever but was unable to buy a house when rates were in the 2s and 3s are no way ever going to be able to buy that home when it's in the 7s. Okay, so they're back to renting or continuing to rent. So no, we're not overbuilding apartments, and I'm telling you, you need to get into apartments fast and furious. I myself, my team is is mad at me. Okay, they will tell you. They won't tell you why I'm here, but they'll tell you when I leave. They're mad because I stepped out of running Global Integrity Finance, turned it over to Doug, to Billy, and the team, and said, you guys go get this. I'm gonna go buy all the apartments I can find. And I'm spending every day— Nick and I, wherever he went, uh, are spending every day evaluating, underwriting at least 7 to 10 apartments a day. Um, and so they're To me, that's where you want to go. If you understand it, jump on it. If you don't, get with somebody, get educated. There is so much money to be made in apartments over the next 3 to 5 years. And here's the reason. Here's the other reason. Interest rates are going up, valuations are coming down. Okay, every valuation of property is coming down. Appraisers are cutting the bottom out of valuations. We're fighting with the appraisals, saying, do you know what, we know this property's worth more. Agreed, it's probably worth more today, but the bank is looking at the next 6, 8, 10, 12 months where that property's gonna be at. So if I lend you $450,000 today on a property that's worth $500,000, and in 6, 7, 8, 9 months, a year from now, it's only worth $450,000, you're at 100% leverage. So they are projecting and protecting under that concept, which helps us in buying Apartments because now we can buy them cheaper. Valuation is coming down. Your big box apartment owners are dumping apartments. Banks are getting rid of non-performing. They're forcing them out. They're calling them due. You can gobble them up. So to answer your question, no, we're not overbuilding. In fact, I don't think they're building enough. I don't think there's enough apartments available. Conversions are huge. Hotel conversions is another big thing. Get in— Office conversions, I don't know much about. I'd like to take this building right here. How would I convert that into an apartment? You know, this building right here, um, we— our name is on the building. Do we convert this to condos, to townhomes? What do we do? I don't know. So that's something I'm not educated in. But I know with the hotels, you've already got the plumbing, you've got the infrastructure. All you gotta do is move some walls. It's a simple, easy deal. Cash flow immediate. Does that make sense? Here, you look at it, you don't see any plumbing. You don't see any septic sewers in Silver Run. So we have so much infrastructure rework to do, it might not be cost prohibitive. Okay? Anything else? All right, ladies and gentlemen, thank you so much. Billy, Greg, Denise, John, everybody, thank you so much.