How Stephen bought 150 units in 2 years (without his own capital)

To structure these deals in a way bring capital partners in that still gives him majority ownership. So welcome Stephen, thanks for being here.

Thanks so much, Jonathan. Appreciate that.

Yeah, man. So we're gonna break down this exact process. And look, we've been, we've been friends for a while. You've been a part of the community for a while and you've done an incredible job. Everyone loves you. But I want you to be able to break down these deals and how you scale because the people watching, a lot of these guys are looking to use capital partners to invest, fund these deals, are looking how to find these off market opportunities that actually pencil out in a way that can give their investors, you know, 20% plus returns. They can actually make a solid income from these deals or double their income, you know. And another big thing Stephen did that I just, you know, were excited about is he did a deal, a 51 unit deal that early on jump started the portfolio and the growth exponentially within that deal was around, I think it was around a $5 million deal somewhere around there, raised about $1.7 million. He then over a period of two years in that one deal, added $1.6 million in equity in one deal, made one $1.6 million in a period of about two years. All right, so I want to break down exactly how he did this. And so we're gonna, we're gonna jump in. What Stephen, like walk us through where were you at before all this happened in terms of just your, your situation? I mean, you were the, the biggest thing about this is you had very little time. You were, you know, active military, you were, you had, you were an attorney, you had a big family, very little time, and you still were able to jump into this. Talk to me about like what was that beginning? Where were your bottlenecks? Where were you stuck? What was going on?

Yeah, I think there was a lot of self doubt initially about, you know, whether I even had the time to pursue something like this. I had started off doing a townhome and then a single family home, a duplex, a triplex, kind of started to build my way into real estate and get a good idea of how to operate multifamily real estate. And I just really started to begin that process when, you know, I found REI accelerator and then started to acquire apartment buildings. And you know, that's what really jump started it. But there was a lot of self doubt at the beginning about whether I would have the time to commit to doing something like this. And I think the biggest hurdle that I had to overcome was realizing with more doors, you're actually diversifying your risk, you're spreading it out further. But also the time that you're spending to acquire something of a much higher value is actually a lot more efficient with multifamily, especially large, multifamily like apartments. So if I had gone about just acquiring duplexes and triplexes without acquiring an apartment building, it would have taken me a lot longer to build up to that. And I think that really helped to kickstart things despite the fact that I had a very busy schedule, to say the least.

Yeah, because you already had a few single family or a few, a couple duplexes and you were, you were just like, man, this, the numbers don't make sense. My time, I just don't have that. It just, it's not scalable.

Right.

I mean, you're kind of like, you know, maybe if I, if I had a full team or something like that, then I could start buying more. But it doesn't make sense to jump start you to where it makes, you know, your, your time efficient. Right. And that what it was. Or did you.

Yeah.

Was there other reservations?

Yeah, I mean, you know, to, to use other people's money too, in order to do these things. Right. Having capital investors, I had done that on a very small scale. I had had, you know, single individual investors and you know, one of the duplexes that I had bought and you know, there's a little bit of intimidation about whether you can raise the capital necessary to take down an apartment building, for example. And yeah, that was kind of a mental hurdle that I had to overcome in this process too. There was definitely an educational aspect of that where, you know, I, I was really digging into this and learning the lessons that REI accelerator teaches and understanding how to attract capital. And so that was a huge part of this as well. And once you realize that actually bigger projects attract larger capital, you know that, that's kind of a breakthrough that I think a lot of us have made is realizing that, oh, investor excitement is actually tied to taking down something larger. It's harder to get people excited about investing in a single family home compared to the returns, the tax advantages and just the overall excitement of getting into an apartment building or an RV park or something like that.

Yeah, yeah. So many people get stuck and capped at that single family because it's dependent on their credit, their money, it's all about them. But they don't realize. And even if you are getting funding in those single family homes, you don't realize until you step into multifamily, people want to invest in multi family. That's where the real money is. And yeah, that's awesome, man. So, yeah. And so what was the big goal for you as you were stepping into this? Like, what were you looking to achieve? I mean, you obviously blew it out of water, but what was that looking like for you?

Yeah, I'm a big fan of like kind of aligning your short term goals with your long term goals. And long term, I want to provide for my children's children. As the proverbs say. I want to glorify God through my life. And that includes my use of my money and my time. And so entering into real estate was really a large result of me realizing that inflation is not going to get really any better over the long term. There's too many unfunded liabilities. So you have to be in assets, especially if you're going to pass on generational wealth. So those were kind of my long term goals and my values that were driving my short term decisions to get into multifamily. And then like I said, I think once you start to dabble into multifamily a little bit with duplexes and triplexes, you quickly realize that actually there's a lot more, there's a lot more opportunity to spread your risk with more units, there's more opportunity to attract additional investors and there's a lot more investor excitement about these things. So you know that that's a really a huge part of why I aligned in, in the short to medium term. You know the strategy of acquiring larger multi family.

Yeah, yeah, that's good. A lot of you don't, you don't know Stephen. His values are just super in line with ours. And that's why when we first connected, it was just like, yeah, we need to work together. He came to one of our boardroom events and said, my why is to hear well done, my good and faithful servant. And I just love that, to know that we've given everything we have in this life and, and get, and given everything we had and done. What the Lord wants us to do is most important. So I appreciate you being open about that. So in these deals. So let's start with that 51 unit deal. Since then you've scaled 150 units, man, I'm just amazed at that. But that 51 unit deal was just a strong staple and kickstart in that growth. So how do you get, how do you find those deals? How do you, I mean, even, you know, what's the strategies around finding good deals like that, you know, how'd you get that? And then what was the process in analyzing these deals and deciding yes or no move on all that kind of stuff?

Yeah, I'd say there's two aspects of that. One is deciding what kind of properties you want to be in based on your strengths. And that could be geographical strengths such as, you know, in my case, I had a lot of properties in New Hampshire and a good operational setup in New Hampshire where I had people that I could depend upon being an out of state investor. So when you set up your buy box that will and buy that for any newcomers, it just means, you know, the geographical area and the kind of properties that you're looking for that's going to drive a large part of where you find these properties. But also, you know, how, how broad of a, of a reach are you, are you trying to achieve in looking for these properties? But I think one of the most undervalued aspects of where you find these properties or how you find these properties is also listening to your investors. So you have people maybe who invested with you for a single deal. What are they excited about? You know, what do they see going on in the economy? What are their anxieties about investing? Once you really tap into your investors, there's probably more investors who are like them as well who have similar concerns. So you can kind of use that to gear yourself more towards a particular market or a particular asset class. And I'm a big fan of making the investors happy because that's the biggest testament, you know, to future investors is, hey, we had this many return investors come in on the next project and they're excited about this deal and they were happy with the returns we were able to get them in the last deal. And that's a huge strength, especially when you're funding your next deal.

Yeah, that's what's amazing is you have one investor, you find just one investor. And what's that worth? Because I mean, if you take care of them, they stay with you for life and come to find out they have more money. They have, they know other people with more money and it just becomes this big snowball effect. And I think that's exactly what you, you experience. I, I remember you after that 51 unit deal. You're like, man, that was, that was a big undertaking. You know, I may just manage that for a little while. And I was like, no, your momentum is, is here, man. Like you've got so much momentum. People know about you and so Many people said, I want to invest in the next deal. And, and you were just, I remember you took down that next deal and you were just blown away, all the people that wanted to come back after, you know, for that very next deal. And so that was exciting, man. Great, great job on that. So talk to me. You've created $1.6 million over two years. You made $1.6 million in equity in two years off one 51 unit deal. Why don't you break down. How did you do that? What, what was the learning lessons there? Like, what happened? How did you increase it to that degree?

Yeah, so I think the, the biggest takeaway from that is skill in operations. You know, we're kind of leaving a decade where you could kind of just throw money at any sort of real estate project and you could just watch the, the big numbers go up. And now it's, it's getting just harder on the ground to find these properties that are going to be, you know, good to operate and where they align with what your strengths are on the operation side. And so I think this, having a really good handle on your metrics. So, you know, why are people coming, why are people leaving? You know, potential renters are turn, you know, turning themselves away from your project. You know, what's affecting your cash flow? Why are your expenses going up? You have to have a really strong handle on this. You have to meet with your property manager and kind of manage the manager to some extent. But having a really good handle on metrics and having a good handle on, you know, what's going on with your property and your, who your market is, is really going to pay dividends for you in the future. So I attribute that in large part to the success and being able to generate 1.6 million in the value over those two years was just staying on top of things. You really got to make sure that you are keenly aware of what your critical numbers are and how you're getting those to improve. You have to have a plan. If you don't have a plan, then you're planning for failure.

Yeah, and that goes into the underwriting, right? You found, found a property below market rents. I remember you knew that property. You knew, you studied that area and you knew that you could get higher rents than what it was currently getting. Right? And so you put that in underwriting. That's how you sold investors. That's how you got people to come in. I mean, what was the projected returns for your investors and what did it come out to be and like, how did you find those capital partners? Why don't you just tackle those. The, the capital side and the underwriting.

Yeah. So finding capital partners. If I could just address that part first. Yeah, you, you have to maximize your, your network. And a lot of times that comes down to not just family and friends and like, asking dad, like, you know, okay, can you come into my, come into my real estate deal? You know, these are people that you've built up credibility with by, you know, doing good work in the past, especially on your first large deal. You really have to go to people that, that, you know, have money to invest a. But also are, you know, invested in you as a person, too. They, they've seen your track record, they've seen you be successful in the past, they've seen your diligence in other areas of life. And, and we all know these people in our lives, and sometimes we're a little bit reluctant to pitch them a deal because it feels like we're selling them something. But in fact, we're delivering value to them because a capital has to be placed somewhere, and real estate is a great way to place it, Especially if you have confidence in your numbers and you've done your due diligence, you know that you're going to take care of those investors. So, I mean, that, that's, that's such a huge part of this is, is leveraging your network and making sure that you're contacting the people in your life who do have money to invest and could really benefit from what you're trying to do. So reaching out to them. And then there's also, you know, one of the unique things about real estate is that you're able to, if you structure it correctly, even reach out to members of the public as well. And so that's something that I was very late to the game in doing with my first real estate deal of this size, was leveraging using social media and, you know, advertisements and things of that nature to reach out to people who are already in the market looking for it, but they don't know you very well. Once you can use those things to get your first deal and you operate that deal well, people will be coming to you with future deals. And so that's kind of where I'm at right now, is that once you have a couple of these successes under your belt, people are approaching you now and saying, hey, I got this thing. And, you know, it's, it looks like a good deal. Would you be interested in partnering with me on it? And that, that brings out some really good opportunities that you weren't even searching for.

Yeah, yeah. What would you say for people who are trying to find new investors and maybe they're feel like their mar, their, their network's tapped out, whatever. What do you, what would you say to those guys?

Yeah, I mean, so there is some prudence in being aware of, you know, what, what money exists in your network. There are genuinely some people who maybe, maybe don't have enough of a network to take down something large and in which case you maybe have to start off with something smaller. There's nothing wrong with starting with a 10 unit. You don't have to jump into a 300 unit right away. So, you know, it's good to have self awareness of that. And I don't want to dismiss that. But I would say in my case, and I think in the case of a lot of people, they underestimate how much net worth is actually in their network and they're not aware of the fact that they have these people who have been rooting for them on the side, people who want to see them do well and people who really need to place their capital someplace. IRAs, oh man, IRAs are like this, this pool of, of capital that people need to move over into other things. And you know, they're, they're facing their, their minimum distributions and things like that and you're doing them a favor by giving them something that they can put that into. And these are just huge pools of money as, as those people are hitting their, their ages where they have to start taking their dividends from that. And so, you know, it's, it's an awareness that that is something that exists. You're probably underestimating it and you need to be able to look at your network and say, hey, these are, these are the people that I can reach out to and, and start to, you know, sensitize a deal with them.

Yeah. And let's talk about structure because you know, you came in, values aligned. We were just like, yeah, we got to work with Steven. You came in, we, we worked together. You took down this 51 unit. I got the privilege of partnering with you making and Larry both did as a limited partner and, and, and you structured the deal in a very wise way. You gave eight and a half. I believe it was eight and a half percent press. Was that right? Eight and a half percent preferred returns out the gate plus an equity percent. Can you just break down how you, how you did that? I know it's the 506C. Was, is that right?

Correct.

Okay. Yeah. Why don't you break that down for us?

Yeah. So we structured it as. Because this was. This is an apartment that was in New Hampshire. So it was kind of C class in terms of the area that it was in and the kind of tenants that it was attracting. So you need to make your preferred return kind of align with investor expectations and the risk profile of the product. And so in this case, 8.5%. We, we kind of use that as an initial test, and we found that there's a lot of investors who are interested in that. You know, when you compare that to, for example, you know, putting your money into CDs. So this is something that, you know, a lot of people are interested in just from, you know, what they could possibly get from the preferred return. But then also was using a percentage of the equity in the deal as well. I retain 50% of the deal, which is more on the aggressive side for a general partner, but not unheard of. A lot of deals that I'm seeing are structured 70% towards the limited partners and 30% towards the general partners. And I think that that's, you know, a great way to structure it as well. It depends on what your investors are looking for. And this is why it's really important that even before you get a deal underway, you're talking to people who could be potentially investors. That lets you, right size the kind of deal that you want to be getting into. It lets you set up your buy box well. But it also helps you understand what are they looking for. There's some who are. They're really just looking for the tax benefits, you know, and they, they recognize that this is something that can be beneficial for them. Okay. So then you write up an operating agreement that skews the tax benefits towards them. You know, there's, there's things like that that you can do in order to make sure that your deal is structured in such a way that it's aligned with what your investors are looking for. And you know that that's not everything. Obviously, you got to take care of yourself too. You have to make sure that you're getting value out of the deal. You know, I, I didn't include for that one, a, a manager's fee, you know, but you know, that, that, that is something that people can do in order to retain value in the deal as well. But I mean, you know, it's, it's really about understanding, you know, what's the best mix, what are the levers that you can pull in the operating agreement to create an ideal situation for you and for your investors. Most of the time, they're not looking for everything. They don't want 100 of the deal, 100 of the, you know, you know, a 40 preferred return or something crazy. They're looking for certain things that are very important to them. And if you can make sure you listen to the investors, really take the time to ask them what they're looking for and then set up the operating agreement accordingly, that's where you really get a lot of good success.

So good. That's gold. Make a win. Win. That's, that's huge, man. And so now you have investors for life. You take care of them, you, you put it in a structure like that. And I mean, they're going to come back, they're going to refer, they sit down with us, they say, man, where I got so many friends that need to put money somewhere. Especially here we are at the end of the year, I've gotta, I've gotta put money somewhere asap. You know, can I tell them about it? They literally asked us, can we tell someone else about your deals? Right. And there's a lot of need out there right now to be able to have a tax break and be able to get into these types of deals. So after the 51 unit you met, you know, two years of operating that made $1.6 million. That's wild. But what was scaling like after that? Because I know you started, you, you were doing some more deals in that area, doing even smaller deals. And, but, and, and that's something that obviously we primarily teach people to. Big deals, you know, big, you know, 10. I mean, consider a 10 unit big, but 10 to 100 unit deals. But it makes sense in some circumstances to do even smaller than that if it's in your backyard or, or if you already have a team in place there. So, like, talk through, you know, what was that like? And how did, how did you even leverage your time there? Because you're doing all this with very little time. So what was that? How was scaling there like?

Yeah, so as much as there's an advantage to larger deals, it attracts capital, right. Investors are excited by it, and you get good economies of scale. You know, I would tell people not to turn up their nose at smaller deals as well. And I built up a lot of that additional 150 by closing quad plexes or, or 5 units or duplexes even. And it really just depends on the strength of the deal. If you start to get a reputation as a good operator, as somebody who can close a deal as somebody who could see it across the finish line, people will start to come to you. At least that's what I found.

Yeah.

And they'll start to approach you with deals.

Yeah.

I had somebody call me this week about a single family. And I, I'm not even in the, in the market for a single family, but it was almost too good of a deal to turn down. And so I, I would say, you know, don't necessarily put a number of units on a pedestal and say, oh no, I'm not going to even consider that because I'm trying to achieve, you know, xyz, you know, if you can get and put together, you know, five duplex deals, that's a 10 unit, you know. And so you, you, I think you really have to just focus on the strength of the underwriting, of the analysis that you're doing. If you have individual investors who are looking to do small, smaller deals with you as well, you know, then you can lean into those in addition to trying to hunt down your next deal. But don't wait on getting the perfect right, you know, 100 units. That's going to push your assets under management, you know, way over the top. And in the meantime be turning down really perfectly good deals. And you have investors who are ready to go who want something smaller or more personal.

Exactly. Yeah. Yeah. And for those who don't know, like, if you're just jumping in, you know, Steven started with a major, you know, or he got his big first deal, it was 51 units. And, and that really allowed him to be able to close a, a quadplex every month or close a couple quadplex every two weeks, you know, whatever that is. But then you also got into RVs, you got into other things. Like, I mean, what's, what's scaling look like now and what is, what, what's the vision for the future?

Yeah, so I, I've, I've really learned the value of partnership, which is, you know, people who know you very well know what you're looking for, know that you have a reputation as an operator or as a closer or as somebody who can bring on capital. And you, you partner with other people to start taking down even, you know, things that you couldn't take down just by yourself. And that's knowing also how to apportion your time correctly, lean into your strengths. Like, I'm good on the, on the operation side, but I don't really have like a, you know, a large strength on the administrative side, like, you know, making sure that, you know, the, the smaller administrative tasks, for example, are taken care of. I, I'd say I can do that, and I have done that with the majority of my, with my portfolio. But, you know, if you have somebody who you can bring on to a deal who is strong in that area, and it's going to take away more time that you could be spending on finding investors or, you know, finding new deals or, you know, focusing on operations. You need to lean into where you're going to be most efficient. So I think partnering with other people is, is a great way to do that. REI has been good in that way that, you know, it puts people together that, you know, you otherwise would not have met and you're in the same room with them for different events. And that's, that's just a really great way to, to continue to grow. I think also just thinking outside of traditional multifamily and looking at things like RV parks, again, just being open to where the numbers are going to take you, you know, how strong the deals are, how, how much of return can they provide? What's the internal rate of return? There's a lot of commonality between multifamily. There's some differences, you know, but there's a lot of commonality between that and doing a cabin or an RV deal. So for the first time, you know, we're, I'm starting to lean into doing some of those deals that are outside of traditional multifamily. That was really a big step this year. And, yeah, it's been going really well. Yeah.

Yeah. Let's go, man. Let's scale, dude. Well, big thing. I mean, so what would you say to somebody who has very little time? Because I remember you came to, as you said, yeah, I got three to five hours a week to be able to invest in this. I'm, I'm, I'm an attorney. I'm active duty military. I've got a family. You say I got three to five hours a week. What would you tell somebody who's in that situation, who really, maybe they're in a 9 to 5. They, they want to be able to replace their income, or maybe they're just buried in, in real estate right now and they've gotta scale to be able to afford people to come in and relieve them, or would that, what would you say to them?

Yeah, so I'd say a couple of things. First, don't be too pessimistic about the fact that you only have limited time. There's a lot that you can get done and still do, even With a limited amount of time on your schedule, if you're able to be really aggressive about what is the most important thing, where do I need to put my time now and what things can I kind of, you know, that are really just busy work that you're convincing yourself you need to do? I think another huge part of it is identifying things that you could potentially outsource. Like I use a virtual assistant for my social media who has, you know, access to be able to go on and do posting and other stuff that's kind of churning in the background. Bringing me deals, bringing me investors that I would otherwise have to sit on a computer for an hour out of the day and just start plugging that information Is my, you know, law degree and investment experience and everything else, is that worth me taking an hour and doing something that somebody else could do with, you know, relatively little experience? Somebody more at the intern level or, you know, maybe starting level? Yeah, you know, probably not. So, you know, it's, it's, it's figuring out where is your effort best placed and how can you use that most efficiently. So that's going to eat away at the amount of time that you need to do something like this. And then as you grow, I mean, it becomes its own machine. It's producing its own efficiencies, right? Because you're bringing in investors, they're telling other people about it. They're telling other people about how happy they are and how successful deals are. Now you're doing less work to acquire investors. You know, now, you know, people, instead of you hunting down a deal, deals are coming to you. And so that's saving you time. So success begets success. You have to be willing to do some work initially. For sure, there is a time commitment to all this. You do have to be able to commit some time. But once you make that initial investment, you start to see the rewards from that. It's kind of like parenting, right? Where it's like, you know, you look at it and you're like, man, this is such a massive task. It's exhausting sometimes. But if you do the things that you're called to do as a parent and you're putting in that work in the beginning, man, you know, it's a blessing to be with your children later on, right? They're, they're, they're helping you. They're helping you do all the things that you're supposed to be doing. And I think business is structured the same way. If you're doing the right things and you're really putting a lot of focus and emphasis into investing in areas that are efficient uses of your time. And you're making sure that, you know, you're putting the most important things first and you're prioritizing correctly. And you're being very aggressive about pushing things off of your plate that are either things somebody else can do or things that are just going to eat up your time without a lot of payoff, then you're going to be successful.

Huge. And guys, what he just said is gold. I want you to understand that. Because if there's one thing I see Stephen modeling, it's just an abundance mindset. It's a. It's a. I'm going to do whatever it takes mindset. I mean, he. He came in, joined the community and immediately was like, hey, I'd like for you guys to help me, you know, hire a va. A virtual assistant, you know, and, and start calling sellers for me. And he just pulled all the levers, you know, and he's. He's not holding anything back. He's like, I have limited time. I've got to do everything I can to make sure that we're here where we need to be. And he just, he executed. So if there's one thing about him, he executes. And so I'm. I'm really appreciative for you joining and sharing your story, your family. How many kids you have now?

Four kids.

Four daughters, four kids. He keeps. He keeps having them. And so I have to check in every once in a while. But four kids, how are they feeling? I mean, as they watch this journey for you, how has it impacted them?

Yeah, it's. It's been great because I also homeschool my children, the ones that are old enough to be in school right now.

Yeah.

And real estate is a great classroom. It's. It's great to bring my kids to deals, and I bring them to my closings, they get to see it when I. I bring a notary by to do a remote closing for one of my real estate deals, and I talk to them about interest rates and about, you know, how things appreciate over time and, and things of that nature. My oldest is. Is 11. And you'd be surprised, I mean, how. How much of it they pick up on and get. And these are the lessons that I wish I had learned at the, you know, when I was in those years. You know, you kind of learn, you know, through the traditional school system, you know, how to get a job and how to do, you know, essentially be a. A good worker. Which is important. It's. It's good to learn those things, but you don't learn about how money is really made and how the rich are staying rich and how you can grow capital and things like that. So I'm trying to impart a lot of those lessons from me onto them, using real estate as a vehicle to teach them about it. And it's exciting. Like, they like visiting properties, they like seeing, oh, what's dad buying now? And it's been really cool to see that.

Yeah, my wife is doing homeschooling. A lot of. A lot of thanks to you and a lot of your insights and stuff. So your wife, I'm sure, is pretty thrilled about the progress as well. How's. How does she come along the journey with you on this?

Yeah, my wife is just by her nature. You know, people have different, you know, temperaments for investing, and she's more on the risk adverse side. And, you know, it's one of those things that I think it really helped her to see when I did close that first apartment deal, like, oh, okay, wow. Like, this is. This is something that's real. It's not, you know, you know, something that. Where it's gonna blow up in your face. You know, it's. So that was important for her to see. I think now she understands a lot more, too. And I think if. If you come from, like, a family environment where, you know, there's. There's really nobody doing something like this, it can be scary at first. It can be a little bit intimidating to say, hey, you're gonna put your name down next to a loan that's in the millions of dollars. And, you know, you're not used to seeing that. That can be a little bit intimidating, and that's. That's fair. Like, you have to also demonstrate to the people in your life. No, this is something I can handle, and this is something that's actually going to be a blessing for us. And now she's very much bought into the. To the. To the program with it. She doesn't get too deep into the details, but she does like seeing the successes that we've been able to do.

Wow. Well, thank you, Stephen. You're an inspiration, and I appreciate you sharing all your insight. Here is anything that Elsa, you would want to say to those watching that really want to break into this and really want to. To really grow their portfolio?

Yeah. I mean, put a good team around yourself. I think REI accelerator was really good for that. Put yourself in a position where you're surrounded by people who are also seeking the same goal and are aggressive about taking it across the finish line. Be willing to put in initial diligence, just like we talked about. That's going to pay off over time. So be prepared to do work that doesn't necessarily mean that you're committing an enormous amount of hours out of your life, but those hours that you do commit, you have to be diligent. You have to be breaking down the underwriting for these deals and making sure that you're. You're getting into something that's going to be profitable for you. Yeah. Just don't underestimate yourself and be ready to take decisive action.

Yeah, that's good. Well, look, guys, if you are wanting to connect with Steven, I'll put his website link in the description. Kyrios Capital llc. In fact, he has a video in there about that 51 unit we just went over and him walking that property. It's a really cool video. You should check that out. But if you're looking to partner with Stephen, if you want to be, we personally jumped in and was capital partners for Steven's deals, and we gladly did. So it's been an amazing journey. So I would encourage any of you who want to partner with Stephen, you need to be a part of whatever he's doing. Whatever he's got going on, you got to be a part of it. And so go in the description, click there, and you can connect with him in that way. But look, guys, I thank you for joining. Thank you, Stephen, for sharing, and you guys have a wonderful day. We'll see you next time.

Always a pleasure. Thanks, Jonathan.

Yes, sir.