1774: Client Case Study with David and Gina Nelson, Appraisal Principle, Return on Equity, Equity Stripping, Asset Protection

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Welcome to episode 1774. 1774 on the show where we help you turn your castle into a kingdom. Yes. So I recently ran across one of the old ads that I ran when I first got into the business of helping people invest nationwide. And the ad was entitled turn your castle into a kingdom. And we actually trademarked this because we thought it was such a, such a unique idea. And so the genesis of it was that we were, of course, you know, mostly working with people in California back then. That's where I had built a pretty incredible real estate career as an agent with ReMax, one of their top agents for many years, and then had my own real estate company that was later sold to Caldwell Banker. And most of you probably heard the story, right? Right. But I thought, you know, what is the thing you say that you know, you want people to do? What is the hidden opportunity, the opportunity for in the real estate business? I remember when I was getting my real estate license years ago, I was 18 years old and going to real estate school and I remember learning about the appraisal principle. And that principle is called highest and best use. Highest and best use. Very important principle for anything in life. Not just appraisal, not just real estate value, but making sure that every asset we have is working as hard as possible. And one of the largely hidden assets that many people have is if they own a home, they have equity in their home. And there is this metric largely used in commercial real estate, but you can also find it and you should get a free account@propertytracker.com because we have a free and a pro version of property tracker. Now. If you do not know, you can go to propertytracker.com and get a totally free account. Take advantage of that. You'd be crazy not to. It's the best real estate evaluation software on the market, bar none. It has a few weaknesses, but let me tell you, for evaluation, it is the best. It is the best, best, best. Okay, so go get your free account or hey, better yet, go get a pro account. And you know, it's just a nominal fee. It's not much money either way. One of the metrics that is listed there is called return on equity. And this is a metric that is used commonly in the commercial real estate world. You hear about it all the time. Return on equity, roe return on equity. However, this is somewhat misleading, this metric. Why? Well, it's misleading because it doesn't really have a return.

Well, it sort of does, but. But in a way it doesn't. Here's what I mean. When you look at return on equity, you're looking at the amount of money invested in an investment. Could be a real estate deal, could be a stock, could be anything, any asset. You put the amount of money in and then you look at how much did I get back versus how much I invested versus how much I have into the deal. But it's different with real estate because most investments require you to use a 100% down payment. In other words, you're buying all cash. Typically when you buy stocks or cryptocurrency or precious metals or bonds or mutual funds or pretty much anything other than income Property, you're doing 100% down. Now, I know there are ways around that, you know, I understand that, but they're not commonly used because they're not a very good deal on those assets. But they're a great deal on real estate. You put in 20% of your own money, you use 80% of the bank's money, so your equity position is lower and you get the benefit of leverage. Of course, you also get inflation induced debt destruction, and that's incredible. But just on leverage alone, it's pretty darn powerful because you've only got one fifth of the money into the deal, right? So you get the return on the whole deal, and that's great. Return on equity is better there because your equity position is lower. So the less equity you have, the higher your return, the higher your roe, the more equity you have, the lower your return. So that would obviously tell us that we want to have as little equity as possible because the investment will work harder for us with less equity. And contrary to what some of the less informed believe, we'll call those the low information investors, that's not you. Don't worry. It's the people who aren't listening to this great show. They're the low information investors. They leave equity sitting around. And a lot of people do this with their own home. So this graphic of California and the your home is your castle, right? That's how it's commonly viewed. Your home is your castle. That's an old cliche. We've all heard it. So your home is your castle. And your home might have a bunch of equity on it sitting around. And when equity is sitting in your home, I want you to notice, or equity sitting in any piece of real estate, I want you to notice that you receive on your other investments, you receive a 1099 that is filed with the IRS every year. And you have to report on your tax return. And you got that 1099 because you got a return on something, might even be a bank account. Now, admittedly, the return is insanely low in a bank account, but you get a 1099, and it's lower than the rate of real inflation or even stated inflation. Quite obviously, this is financial repression. It's a way to screw over the people who've done the right thing, the people who've saved money, delayed gratification. Those are largely older people. This is totally unfair, but it's what we have. So being pragmatic, we live in that world, as unfair as it is, and we're going to do the best we can to game the system and to win with the current environment we have. So you don't get any statement from your home equity, you don't get a 1099 saying, hey, this was your return on equity. No, you notice you didn't get that statement. It never shows up. Never shows up every January with your other 1099s. That's because the home would have appreciated or depreciated, and if it was a rental property, would have rented for the same amount of money, the same amount of appreciation, the same amount of income, regardless of your equity position. So the lower your equity position, the better your return on investment. So when you turn your castle, your home is your castle, into a kingdom, you take that home equity or that equity in other rental properties and you strip it out and you use it to buy more common sense properties. Now, of course, debt needs to be used responsibly. It's a very, very powerful tool. Incredibly powerful tool. Look, I remember sixth grade, my great teacher there, in sixth grade, she spent a whole semester. Do they have semesters in sixth grade? Yeah, I think so, right? Half the year talking about Egypt. We studied ancient Egypt and I was fascinated by it. And there was a King Tut exhibit in Los Angeles, which is where I grew up, where I went to school. Los Angeles, not such a great place anymore. Not even that great back then, but better then than it is now. And we went to see the King Tut exhibit and I was fascinated by how they built the pyramids and nobody really knows how they did it. And it's, it's an absolute miracle. Incredible thing, right? One of the seven wonders of the world, man made wonders, right, is pyramids. But one thing that's certain, even if aliens came to help us build the pyramids, right? Maybe that's true. They used leverage. Leverage is a very powerful tool. Archimedes said. The great mathematician and philosopher Archimedes said, give me a lever long enough and a fulcrum on which to place it and I will move the entire world. See, with enough leverage, you can move anything. You can move those 16 ton limestone rocks to build pyramids with enough leverage, right? With a, with a long enough lever and a fulcrum on which to place it, you can move anything. And that's how our investment returns are so high with income, property. So I encourage you, if you have equity sitting around, let us help you. You know, you're going to have the same amount of equity. You're just going to have it diversified, which is more prudent, into multiple properties instead of all in one place.

So the way to turn your castle into an entire kingdom is to use that equity that might be sitting in your personal residence, in your rental properties. Hey, we do a free portfolio makeover for anybody. All our investment counselors can do this for you. Where we will tell you how to get the highest and best use out of equity and properties. Money in a 401k or an Iraq. Money in stock accounts, in. In bonds and mutual funds, in precious metals, in cryptocurrency. How can you get the highest return? How can you get the highest and best use out of these things? Well, this was just a great ad that I used to run many, many years ago entitled turn your castle into a kingdom. And many of you are sitting on a potential kingdom Right now, make sure you're using it because your home will appreciate, depreciate at the same amount, the same level, regardless of the amount of equity. Your properties, if they're rental properties, will rent for the same amount of money regardless of the equity you have in the property. So learn more about equity stripping. It's a great technique for asset protection, by the way. If you want to know more about that, check out our free web class@jason hartman.com protect that's jason hartman.com protect learn about tax strategies, asset protection. All good stuff taught by our lawyer affiliate Bob. He does a great job at that. And be sure you are using your equity regardless of where it is. Equity in stocks, bonds, mutual funds, real estate. Make sure you're using your equity to its highest and best use that principle and appraisal of highest and best use, a very important principle. Okay, for the second half of our show today. Well, it's not exactly half, but whatever the second part, phase two of our show today. You've heard them on the show before, our clients, David and Gina. And they did another case study. They did one on the show before with us, but they did one with one of our local market specialists. And I think you'll get a lot out of this. We just love them. They've done such a great job with their portfolio and always appreciate their participation. They, you know, they come to our events, they're involved in our empowered investor inner circle and they're just doing a fantastic job. So thought you'd like to hear another perspective, not with me interviewing them, but with someone else interviewing them. So let's dive into that.

Hey, everyone here with what I consider old friends now, David and Gina, we've worked together for I believe, five years. We came together to work on the Build to Rent. And I'm excited to kind of interview you guys on some of a little bit about yourself and what you've been doing with us here in Florida with new construction, investment property. So welcome guys. Thanks for being here.

It's good to be here. Thank you.

Well, let me ask you, could you guys just for a few minutes, tell us a little bit about yourself? Just your career, family, whatever you want to talk about. Just tell us a little bit about yourself, where you are.

You go first.

You're the real estate guru.

No, Jim's the real estate guru. I'm learning from Jim. I've been a corporate rat forever, you know, 30 plus years. And in 2015ish, I really started getting interested in real estate. And I talked to A friend of mine, and he recommended going through Jason Hartman. And I started there in 2016 early. And then soon after that, I purchased some properties in. In Georgia, one property there, and then Tennessee. And then we moved on to Florida with you guys. We got a turnkey from you, your. I think your very last one in Jacksonville, Randolph, we got that. That was our first dip. Dip in our toe in the Florida water there. So that one. That one was a good experience. You, You, You. We had a problem with the fence. You fixed it right away. You got.

You.

You were right on top of it. We have had great rents there, and so we started getting into the new construction, and the new construction has been amazing. Just the thing that we don't go for. We don't chase appreciation. But wow, you guys have really, in Florida, have really killed the appreciation, man.

It's.

It's been amazing. And the rents have, you know, been good. But. Yeah, so our experience has been really fantastic with Suncoast and. And you guys.

I appreciate that. And why did. Why did you guys.

What.

What was that kind of nudge to start investing in real estate? You said you started talking to calm, but what was kind of going on? I'm always interested because that push 23 years ago.

That's a great question. Because we. I've been thinking about it, and I mentioned it to Gina off and on throughout the years. I just didn't know how to start. And it's. It was always in the back of my mind, and it was like, there's got to be something better to what I'm doing. And waiting for a pension, waiting for Social Security, that kind of stuff. I don't want anybody else to control my financial destiny. And I knew there was a better way. And Gina. Gina's an entrepreneur. She's branched out and started her own business since we started the real estate business, you know, and finally pulling the trigger was. Sometimes you think about it for so long, and it was one of those, you know, I procrastinated too long.

Oh, yeah.

I think I was, you know, it was probably like timing. The perfect timing in 2016 when we got our first rental. And then. Because we were mentally ready for it.

Yeah.

Now even when you first sign those docs, I remember signing my first sales contract for a Property in Lompoc, California. 23.

That's right.

That's where I'm from. Yeah. Oh, that's right.

Yeah.

We have. We have that in common. And so everyone knows.

But.

But yeah, that first contract, guys, 152,000 for a three family house. And I remember I was hyperventilating in the kitchen right after I signed that contract. Yeah, it's that kind of that feeling. But you kind of do it anyway. You do your homework and do it anyway and. And I'm going to share some numbers with everyone that I couldn't be more happy for you guys. And I really appreciate you putting the faith and trust because like you said, you did a turnkey. The new construction is something I saw as a future trend we couldn't compete with. The prices were just going too up on old houses. We couldn't get the volume, we couldn't get in the right areas. So new construction is a different beast. It takes a little bit longer, but I do think there's a payout. We're going to talk about that. With that said as well, could you guys just be honest? Why did you choose to work with us? I always like to know why. Because it's just something of interest that you know what, you have lots of groups you can work with.

I might answer part of this. So like Dave said, we were both corporate rats and doing this. Real estate was really foreign. Neither one of our families were entrepreneurs at all. So they were just, you know, put money in retirement socket away. And Dave was really conservative that way. He wasn't really a big risk taker before real estate. But going to, you know, Hartman's, you know, presentations and being just around, we've been doing a lot of mindset work and doing a lot of reading and looking at what wealthy people did. And we certainly, as hard as we were working and as educated as we were, we were not on that path. And so being around people like that in the Hartman organization, it just like lifts the lid of what's possible. And then obviously, you know, I'm a therapist, so I trust my gut a lot. And I know when we saw you speak, there was just something about you that was really humble and honest. And I think there's a lot of people that are in this industry that are kind of shady and we knew you were not one of them. You know, we felt like you were, your integrity was there. And so we took a risk and went with your organization. And it's been great. In fact, I've actually moved. When I left my corporate world and went into complete private practice, I took my whole 401k and put it into a solo. So, okay, self directed Ira so I could purchase. And so my first house that I purchased out of that is also in Ocala.

Yes. No. And I have the numbers here. We're going to talk about that. And I appreciate that. Again, my first, My first business love is real estate. My second, as you guys know, is I have the passion family, education, business, which again, another overlap, obviously. We've sat and talked for hours about family therapy and things of that. And I do always appreciate those conversations. So it's funny how I think what I always try to do with business is attract people with the same core values. Never identical, but good overlap and core values that assimilate because it seems like there's better conversation, better trust. So it's the same thing. And nothing is more honorable for us than for you to say we appreciated you with our money so much. We're going to do it again and we're going to do it with something like that. So thank you because there's no greater compliments for me other than results, which we're going to talk about in a minute. But before I talk about the results, what's your overall experience been with us? And please be honest. You guys know, I want you to be brutally honest. How's it been, what with Florida? If you could just give an overview for people. Because I want, I just want the honest.

Well, the, the purchase experience was really just. We'll just go soup to nuts. Because it starts off with, you know, you, you sign that first contract, right? And since then, I mean.

We were.

Provided updates regularly from the permitting process on through the purchase process. So we weren't left hanging, you know. And we know nowadays new construction with COVID and everything, things have taken a different turn with delays and things. We get all that. But before COVID we were always given updates. We were given photos, constant, you know, bi weekly, I believe. I can't remember back then, but I think they were, but they were regular enough for us to be comfortable. And then, you know, then you turn it over into the property management side and the suncoast has been. Been good for us. The tenant consistency has been good and the rents have been good because when there's a tenant turn, you reanalyze the rental market and you'll take the new rental market, which whatever that bears, and that's been good. And the rent, the rent turns have been, you know, fairly quick.

I've had properties in other areas and other geographical areas that have sat for months just because they're not getting tension. And that's, that's, that can hurt, especially when you have a, you know, when you have a mortgage against it. Right? So, yeah, so the experience has been good. That Their numbers have been accurate. We haven't had any. I can't think of any real like, oh my God, we didn't see that coming. Moments, which I've had in other markets and it happens in real estate, just our experience. That's why we've gone back. I think we have nine. I don't remember how many units we have with you guys. I think it's around that many. You probably know better than I have to look at my whiteboard.

But no, I just to be, you know, there's been some minor maintenance even with the new construction, but it's been really solid that way. But you know, the 210. You guys have honored the 210 warranty. We haven't had any major expenses there.

And the 210 warranty, just so I explained to people, I've always done older foreclosures, fixed them up, rented them or worked with clients like yourself. With the older houses, I could only give a one year warranty. That was the standard with new construction. The, the goal with new construction was happier tenants, less maintenance and repairs, and better longevity. So with a new construction model, we can do what's called a 210 warranty. That's two years basically on the small stuff, 10 years on the big stuff. And that's a very broad overview. But that was kind of the levels of protection we wanted to get. Again, you guys are across the country now. You were originally in Oregon and now in Idaho, correct?

California.

California. And that's okay. So we were both in California as well. And now you're in Idaho. So obviously, you know that, that, that's not an easy commute. You're not saying on a Sunday afternoon, hey, let's drive by the rental property. So I wanted less headaches and that's why it was a big decision for new construction. And even when you guys came on with this five years, that was a turning point where I was saying, guys, I'm not going to do older turnkeys anymore. I'm going to do new construction. And overall, just what do you guys think about the switch from older properties to new construction?

Well, I mean, like you said, I think there's more security. Hopefully there's. The clientele is maybe a little bit higher quality, maybe a little more invested in that because they're wanting something that hopefully they're more prideful of and they're not going to destroy it. Now, that doesn't necessarily always happen, but we've certainly had some of our older homes destroyed by people with evictions. And those kinds of things. So we've had some of the bad side of that. But I think you have to be a little more patient on the new construction because the return on investment doesn't show up right away while it's being built. And you're kind of hanging out waiting. But as I'm sure you'll show in the numbers, by the time ours actually closed the rent to value and went up and you know, or at least the rental was and the actual property value went up too. So.

Yeah, and that's actually something I would love to share with your guys permission. So I pulled it up. I have four of your properties here. I think there's a fifth, but I got. I have four of the properties here. Actually the fifth one would be, would be the turnkey we did on Randolph, which I know personally has gone up at least 50,000 in value. I did not comp that one today, but I know that area. I also have properties in there. So I know that that's gone up and probably rents $125 rent increase since the purchase. So that one I didn't include because I really wanted to work on new construction today, which is the only focus if people came to me for an older house today. I don'. I just don't want my own sum. But I don't even, I don't even rehab homes. I only do new construction. But this is pretty exciting guys because again we've spent a lot of time together, we've gotten to know each other and my job was saying look, our model is to get you into.

New construction property in high growth areas that will experience rent growth and appreciation growth. Because I know a lot of strategies out there say don't depend on appreciation. And what I've always said is let's not depend on it but let's do our best to get in its way. Because there's times I got in its way in California years ago and now Florida and it's been really lucrative and these were exciting. So let me just share with you guys one of the first duplexes that you bought with us. You guys bought that for 181 9.

Today that property is comping at 249 to 259 per our, per our current market values. The rent when we first sent it out to you guys for the marketed rents originally was 845. So that was per side. So there's a duplex per side. Today the actual rents are 1,000. Okay, so we've had an increase of $150 per side or $155 per side. And we've had a value increase from 181,900 to. It was comp. Between 249 and 259. That's on property number one now. Have those stayed and again, I want those stayed occupied for the last group of years. Yeah, I just want to make sure and something I do so people know. I look at the portfolio, meaning all the clients I work with once a month. I do get an update on anything that goes over 30 days I want to know about. I want to stay involved with whether it's something that happened six months from now, a property you bought or five years ago. Like you guys. So that's. That's exciting to hear for everyone.

Two duplexes in Ocala.

Yeah. Well.

And then the other duplex, again, you guys were smart. I think you bought two. Another one? Yeah, at Northeast 78. Same numbers. 181 9. Today it's between 249 and 259 in value. They started at 845. And today's rents were 1,000. So that's an increase of over $300 in rent per building, you know, 150 plus percent. And then an increase in about 70 to $80,000 in equity per building. That's great. Congratulations. Super excited for you guys. We also have the duplex on Raintree. Now this is Palm Coast, a coastal market. It's a little bit more of an expensive buy in. Like I told you guys, I got engaged there. So I'm very.

Beautiful area. You guys know that you got into a duplex. There was a three bedroom, two bath duplex on each side. Now this was a higher price point. It was 3,099. Okay. The rents originally I think were at 3. 1325 was the promise. Today's market rents are 1450 aside. The values you bought for 399 today. If we were to list this property for you, Jen, who you know, our sales director, said she would list it for 449. 9.

Nice.

449 9. I was super excited to give you guys that number.

Yeah.

Again, new construction and high growth.

Yeah.

So this is the first time we're sharing this. I didn't want to share it with you guys until we were actually on. But. But I know we try to keep you in touch, but that's an increase in rent of about $125 per side and a value increase of 140,000 in equity.

And we closed that just in December.

So you're look you're talking about and a really short time frame with remarkable numbers there.

Well, this is an interesting point David, because remember you guys got when you, when you build a new construction property with us, you're looking at 6 to 12 months to build. And now it's more like 10 to 12 with inflationary effects, materials, permits. But as you said, the patience can pay off because there's growth during that time we set you at the price and then there's growth at that time that you guys had already stepped into by the time you closed. And then again, inflation is not always a good thing. But one thing, rents are indexed to inflation. And normally on properties like this values can actually increase. And did you guys, did you lock into a fixed rate loan?

Yeah.

So you're in a fixed rate loan. So now that that interest rate is fixed. But as the inflation index up, you guys are at a locked in amount on your loan and but, but, but not on the rents going up. Right. So this is, this was really exciting for, for me to share with you guys. That's the biggest equity growth. Again, the rents went up 25, 130 per side. Which is still a jump not as big as Ocala, but again that's why I like that balancing effect of rental growth and equity growth. So now you guys know that you have that in your portfolio is now at a lower LTV loan to value. One of the other ones that you bought as well was the single family. On our net, the rents started at 1375.

I'm sorry 1325. And now they're at 1425.

You bought the house for 178 9. And today it's worth 229.

Nice.

Okay. I had not valued that one. So that, so this is why I.

Wanted to get you guys on that one.

And I didn't know how much Raintree. I knew the duplexes in Ocala their appreciation, but I had not. No, I didn't know Rain tree was that that had gone up that much in that short a period and are no either. So that's amazing.

Yeah.

Palm coast has been an interesting market. Again, it's, it's coastal. It's a little higher end. Again, it was harder to get cash flow numbers to work, but we did and land prices have even gone up. So if we get priced out of a market, to be very honest on here, I think Palm coast will be.

One of the first.

But you guys don't have to worry about now because you have a foothold in there with, with six bedrooms and four baths working for you. So I'm very excited.

Yeah, I had the choice on that one to go with the 2:2. And I just said, you know, for that, for the price of extra cost of getting a 3:2, you're going to open up your rental market to, you know, just those that are willing to pay more with a 3 2. So I think it was worth paying extra for the three two, three bedroom.

The way that property is laid out, which I obviously been by, it is almost like two houses. It's a duplex, so it's two units together. But, you know, being a three to a young family can that is that it's a house with yards, you know, favorable neighborhood where there's a lot of home ownership. So I think you guys obviously did well. But. But my thing is high fives.

Hooray.

You guys took the faith and trust, you looked at our system, you visited us, you put your money in, you took, you know, retirement money and put it here. And I wanted to be able to give you these numbers today, you know, so that you can share this, talk to other people that, other investors that we work with, but also let you guys hear the results for yourself.

Thank you. That's awesome.

The walnut's not in here, though.

The walnut.

He.

That's another alcoholic one.

Oh, the walnut one. That's the one we didn't do. You know what, Gina, I'll get you those numbers because that's the one that was bought out of your.

Out of the ira.

Ira. So when we pull up the name David and Gina Nelson.

Oh, that didn't show up.

It didn't come up because. Because you bought it. I believe that one in the entity. Correct?

Yes, yes.

So that one was bought in the entity. So I knew there was another one. There was that and there was Randolph.

Authentic freedom.

I can get you numbers on Walnut, but that's also going to be very favorable. Ocala has been really our surprise market. I think I joked with you guys when, when my building partner said, let's go to Ocala, and this is six, seven years ago, I said, isn't there only like 10,000 people out there? And I was totally wrong. Marion county has almost 400,000 now and growing. And obviously you guys have seen the effect and have been there live. But Walnut, very good shape as well. I mean, those, those single family homes, again, that's a great area of home ownership and rental. So the demand just keeps growing for that area.

Yeah.

So we'll get to those numbers as well. I would have liked to given you one more piece of good news, but.

Yeah, no, that's good.

That's good.

Yeah.

But now you guys can hear these numbers and overall, you know, what do you think?

I think we need to refi till we die.

You know, I was thinking. Yeah. When you mentioned the duplex in ocala going from 182 to 245 to 255, I'm like, well, that's you know, 60 or 70 grand in both units. So you could, I could pull out, you know, like she said, refi and get another one.

Yeah.

You know, and.

Yeah. Which.

Yeah, I started that process, but then we.

We actually went under contract on a property in Inverness.

Yeah.

With, with you guys. So we didn't mention that one. But that, that one we just locked in, I think last month.

Yeah.

And so I'm not doing anything, you know, crazy until we probably get that one.

And the good news is I think you, I like the way you guys have built it. You can refi out, pull out, dump into the next property. I've done that a lot. You can also have earnings from your other, you know, cash flowing businesses and ventures and put that into a property. And now as you guys continue to build, it's a pretty cool situation because you now that you have a foothold, you can make cool decisions. You could refine, dump into another. You could also over the next few years, if the market really goes up, say, you know what, let's rank our properties. This is our favorite, this is our least favorite. You know, we like them, we like them all, but these are our least favorite. You take the bottom three, you throw it towards the debt of the other. The others are now just cash flowing machines still with some leverage on it, but very little, little exposure and still a lot of equity. It's a nice kind of mix and match situation that, you know, as we, as we get footholds in certain markets, at least that's what I've done. You kind of play this mix and match and you guys are now in that situation and the wind is at your back. I know at the last IMN conference that's the big build to rent here in Miami. All of the institutions and hedge funds which proudly we've avoided working with because they're kind of a pain in the rear to us. They think that we're in the second inning for Build to Rent in Florida. That was their words, not mine. So you guys have a nice Runway looking ahead to you and Anyway, this gives you options. I'm super excited. But hopefully these numbers kind of give you a little reassurance and high five.

Yeah, they're great.

Absolutely.

Yeah. That's amazing. Very cool.

Well, any final comments you guys want to say, for anyone that's looking to work together or is getting into investing? Any kind of words of comment, advice, wisdom?

Yeah, I would say don't get caught up in the paralysis of analysis. You hear that one before because I've been there. So. People tend to try to time things, and whenever you try to time a market, it's just like going to Vegas and covering your eyes and throwing your dice out there. The advantage is it's a multidimensional asset, so the advantages are so great. If you pull the trigger now, you can start getting the tax benefits now and then that's not even accounting appreciation, which you don't chase, but just pull the trigger. I mean, that's what we finally did. And now, you know, we're. We're going to set ourselves up to be completely independent going forward and not depending on government, not depending on pension like we were talking about earlier. So we. Because we want to be, completely own our destiny as much as we possibly can financially, and real estate is a great asset to do that in. But I agree.

I agree totally. Any other words on top of that, Gina?

Are you just.

He's my guru.

I just.

This is cool.

Me, I don't.

I don't pay much attention to all.

The boards and the spreadsheets he's got, so it's kind of cool for me to get an update.

I told him I need, like, a.

Monthly business meeting just so I know what the heck we have, because.

Yeah. Right.

Yeah. Well, it's nice when you're going. I didn't even know this had gone up or that had gone up, you know, steady and you're not having to overthink. I think things grow as well.

Yeah.

It's great. I love it. I learned from, like, people like Jason Hartman. I've been paying attention to you, your. Your. Your wisdom and your business and. Because you guys have grown like crazy, too.

Yes.

And when you follow people who have done it well, I mean, that's another thing that we pay attention to is you listen to people not because they can talk, but because they've actually performed.

Yeah.

They've actually achieved what they're talking about. They're not. They're just, you know, concept.

Right.

You've learned lots of lessons. Like, we've learned some lessons that weren't Some things we're not going to repeat in the real. In the, in our business side. So. But you just have to take that and as a lesson and not dwell on it and just move forward.

Yes, that's important.

But it's been great experience. I agree.

It takes a village to raise a real estate portfolio. That's.

There you go.

And I love working together with you guys. We appreciate you. I'm excited to get you the numbers on Walnut, excited for your next property in Inverness. Again, that's hop, skip and a jump from Ocala in a beautiful little town growing and you guys have been a pleasure and an honor to work with. I really appreciate taking the time to come on today. We look forward to, you know, working together for years. We're here for you and you know, thank you for sharing your story today. That means a lot to not only me, but a lot of people out there, I'm sure.

Yeah, you got a great team.

Thank you very much. Well, if you guys have anything you need, let us know. It was great seeing you again today.

Yeah, take care, man.

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