EP 452 – Detroit “NO SDIRA” City

This is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property for pennies on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now here's your host, CEO of We Close notes, Scott Carson. Good morning, good afternoon, good evening everybody. Welcome to this episode of the Nook Closure Show. As always, Scott Carson, excited to be here today with you. It is a kind of a rainy day. Got a thunderstorm going on outside here. Rain's coming down pretty hard. So hopefully the Internet keeps going and rocking while we're rocking through this episode. But I wanted to bring this up. This episode is going to be discussing a little bit about Detroit, Michigan and some of the changes that are taking place there now. Kind of just sprung up actually from a conversation yesterday I had and then working with a couple of our students to get things, couple deals closed in Rock City, Detroit. Rock City, as we say. Now, Detroit's been a hot market the last couple years because of a couple of things. One, lots of inventory. Two, price points still cheaper. Three, values are rebounding strong. I think Detroit itself has seen at least a double digit appreciation over the last couple years just because it's affordability for one thing. But there are still a lot of troubles going on in that neck of the country as well. Especially Detroit's got a lot of blight in different parts of it. You've got a lot of economic development going into it with the new bridge, the Gordie Howe Bridge. You've got. Oh, who is it? The gentleman from the Cleveland Cavaliers. I want to say Snyder, but I'm probably wrong. A little tired, but putting in a lot of money and developing downtown Detroit. It's nice to see, you know, really nice to see. But you also, there's issues with the city that are kind of still lagging around. The cities basically been on the verge of bankruptcy for the last couple of years. And so the city is really trying to get aggressive in their outreach for taxes and fines and things like that because they just don't have the money to operate for the most part. And so kind of an interesting story took place yesterday and I guess it's something relatively new. We had a couple students get ready to buy a couple contract for deeds, couple performing contract for deeds in Detroit and they were going to be using their own funds, their own self directed IRA to fund, sign the contract. They get ready to fund, they send in the paperwork to their self directed IRA custody. In this case, it's Quest IRA and Quest. Quest informed them that they would not be approving the transaction. And it was kind of surprising, like, wait a second, this is my investment. You can't really tell me yes or no on the investment because I've done the due diligence. I want to use my money to fund this. And I said, unfortunately, some crazy things are going on in the city of Detroit. They are smoking a lot of crack over there in a couple of ways. First and foremost, they said they're getting aggressive on the outreach to try to collect on taxes and things like that. Well, what question for me. I had a long conversation with our buddy Derek Long over there and Nate Hare. Great friends, big shout out to Quest Trust Co. And what's funny is that Nate had actually texted me about two hours before I called him to find this out to actually discuss the specific deal with which I love it. They're like, hey, we've got a, there's an issue. We want to reach out to you and give you the way to fix it. So I was like, awesome. So anyway, I just hear from the student, hey, Questin is gonna fund this deal. What would we do next? I'm like, well, let me call Questen, find out. Lo and behold, text message, missed phone call from already. I like that. So anyway, I get on the phone and here's what's going on. When you buy a note in your ira, usually if you're funding with your ira, how does it get recorded at the county? Well, if you're using Quest Trust, it's going to read Quest Trust Inc. For the benefit of, let's just say Scott Carson, IRA number 1, 2, 3, 4, 5, 6 7. Or it'll say Quest Trust Co. For the benefit of IRA number 1, 2, three, four, five, six, seven. Right. So what is happening? There are investors that are buying assets in their IRAs. Not just Quest, but other trustees. They're not following through and they're not paying taxes. They're letting the product go to tax sale. Well, the city of Detroit is now reaching out and suing the self directed IRA custodians. And I guess it's happened, it's happening all across the country. It's just not happening at Quest. It's happening to other people out there, other entities out there as well too. And as I was talking with Nate Harriet, he was saying, hey, listen, Quest has been sued several times by the city. Even though it's not our deal, it's an investor's deal and we have to work to pay to get these things done. It's costing us money. So they have made an administrative decision not to fund deals in actually Detroit, Michigan. If it's going to be the title is going to be held in Quest Trust IRA account. Now there's a workaround for this. There's definitely a workaround because that was one of the biggest things. Okay, if we can't do this, how do we get this done? Well, as Nate said, and I totally agree, we actually had the same idea because you can have the investor. This is what I love about Quest is actually the solutions actually works faster to solve the issue to get funding done versus going the traditional route of having a deed of trust or a note or things like that. Have not to provide copies of the new transfer stuff. Nate said you can go out, create an llc or if you create an LLC with a third party, usually somebody that's not the, as we say, the IRA Macarena, not your parents, not your kids, not your siblings, but have somebody else outside of that Macarena, like cruff, top down side sides like kind of crossing through the whole cross across. Have somebody have be that as the operating. So you can't create an LLC with your managing member, but maybe you have your cpa, maybe you have your attorney, maybe have your best friend have them, the operating manager, the managing member of that llc. And then what you would have do the investor. If I'm buying notes using my ira, I would say have my attorney be the managing member of an llc. And then what I would do is then I would have my IRA fund that llc, which is a private entity, a private placement investment. Really easy to do with. Chase is just basically filling out a couple forms. You don't have to provide copies of the notes. You just say, hey, we're funding this ira, we're investing in this entity. And then of course what happens is title of that note, title of that contract on the assignment or on the deed, if it's a contract for deed is in that entity name, not in Quest's name. And it solves the issue. So while yes, it requires you have a separate llc, separate person managing actually adds a level of asset protection to your deals. It actually adds a little bit of extra between. And a couple of reasons for your ira. One, your name isn't floating out there. So somebody like Scott Carson or any of our students can't jump on the county clerk website. All right, County Clerk, county appraisal district. You type in Quest Trust to find people that own IRAs who have funny deals with IRAs that would just show up as an entity. If we don't know the entity name, there's no way to track it down. Does that make sense? That's a nice little extra thing. Is your name, your IRA name is not out there. So that's a bit of anonymity and asset protection for you as well. Now, the thing you got to keep in mind. Yes. Now you've got to pay separate filing fees for the LLC in that state or other states, obviously, living in California, buying in Michigan, if you have to create a new account, you've got to pay that extra filing fee in California. California wants their pint of blood. No matter if you breathe in California, you're paying your annual registration fee. If you're creating an LLC in Michigan, I think it's less than 100 bucks. But that's the thing to keep in mind. That's the workaround. And actually it's a pretty easy fix for that aspect. But I would not be surprised if you run into this. As Nate said, other IRA companies are already running into this and they're just avoiding Detroit, Michigan, until Michigan realizes, hey, you can't be suing Quest Trust company. Got to sue that ira. You have to sue the account holder, not the actual company. So do not be surprised. This is something that's just popped up. I actually was trying to track down any other articles I've seen pop up about this and have not. So it was really great to have the conversation yesterday. And then of course, I reported back to our students, said, hey, here's the fix. Reach out to your cpa, reach out to your attorney, reach out to somebody who's not in the Macarena. As far as the arm's length transaction where it looks like that entity is buying the actual asset and then the LLC is funding that asset or funding those that llc, which is basically buying the asset. So easy to made a phone call to the person helping them with the deal with the note seller, say, hey, here's what's going on. We're going to get this fixed. I'm vouching. I just got off the phone to get this solved. This is something you're going to run into, selling more assets in Michigan, especially Detroit, Michigan, if you have other people that are funding with their IRAs. And he's like, wow, thank you. I appreciate the workaround. Appreciate you jumping in and helping to get this thing solved. So the thing is, now you can usually create an LLC in 24 to 48 hours. And get it all fixed and the contracts resigned. And then that way it's all done and buttoned up and still closing, usually in 20, 40, 48 hours. Because now you don't have to resend in the copy of the assignments, the copy of the deeds, anything like that. You just basically, the private placement forms is really simple, easy. You've got a copy of the joint venture agreement or the lending agreement that takes place on that. So it's kind of a cool aspect of getting things solved. So that's something to keep in mind. Like I said, I know many people out there are buying in Michigan. They like you like that state. I love Michigan, but this is just in Detroit. This is just in Detroit. Now, another thing about Detroit, Detroit's got so much growth going on in it as well, is you've got to be careful if you're buying property or buying notes that need work in the outlying areas, Flint, Pontiac, some of the other areas, that's maybe a half hour to hour outside of Detroit, you're going to have a harder time finding contractors because a lot of contractors, especially right now, are feasting in Detroit. They don't want to spend the time to drive out of Detroit, to drive elsewhere when they can find so much work going on in the city. So that's something to keep in mind too. I have to thank Adam Adams. Adams, AAA Adams. Adam Adams was AJ Investments. Sorry for sharing that with us a while back. And I thought I'd done a podcast episode talking about that and realized I hadn't. It was just him and me passing when we were up in Michigan last summer when we got a chance to hang out with them and with him and his lovely wife Jennifer, when they were up there looking at assets as well too. It was kind of a funny thing is social media like, oh, hey, you're in town. Hey, we're in town. Hey, we're 20 minutes apart from each other. Why don't we just meet for coffee? And Adam was giving us some insights and some of the stuff that he's dealt with there in Flint and other areas of the country, because he's a big fan of Flint. I'm a fan of Flint. May not drink the water, but still been some really good cash flow because the assets have been cheap. So that's the thing to keep in mind when you're talking to your potential funding partners and they want to be on the assignment of trust or assignment of mortgage or the deed of trust with the cfd. Like, listen, let's go ahead and create a Separate llc. Have your IRA fund that LLC and then we'll put the entity in that llc. Now if you had a series llc, it's a pretty easy thing to do. Just create another series. Especially here in Texas, that's kind of what we do. Hey, we're buying assets, we'll just register that series and you're funding that series. So. And then working through obviously, so we're not violating security laws or things like that. So I highly recommend you talk to an attorney. And there's also some changes going on in Ohio with the state wanting you to have an office there. Especially primarily if you're in a second lien position space. You want to double check that law and clarify to make sure you're not violating anything by buying notes in Ohio. CFDs are currently exempt from that law. I'm wanting you to have a spot or office in there, but just reach out to your servicing company. I had a good conversation with Shantay Duffy over at Madison, found that we are exempt from that just fine because we don't own any junior liens. So that's one thing that you'll want to keep in mind when you're looking at buying in that space as well too for everybody. So, you know, laws like this change, you know, things pop up. Those that understand it and keep abreast of it that figure they'll work around, you know, hey, I can't go this way, I got to go a one, you know, instead of like going exit, I got to go to this exit instead. And how we structure the deals to make things happen out there. So excited about that. Everybody, I mean it's an easier fix. One thing that just springs to my mind is if somebody were to do some research, it might be a great way to offer up a service to somebody, to investors in that neck of the woods. In that neck of the woods. I've used their IRAs. Now obviously if it's performing out, you're like, okay, it's done been funded already. They're not going to go and kind of you take it out of that entity may put it into something else. But you never know. They might be if they're IRA investors, buy or funny deals or bought assets in the neck of the woods. It's something that they have to be concerned about as well. And I would not be surprised if you start seeing letters from other self directed IRA custodians and trustees reaching out to their existing investors, their existing database to alert them to this change is taking place in Detroit City, Detroit, no SDIRA City as we like to say. So that's a couple of things you want to keep in mind. Everybody out there, things will come, things will go. You just move on and keep rocking and rolling there. Now one of the great things that I highly recommend is this. What I love about Quest Trust company is being able to pick up the phone talking to somebody literally in minutes and coming up with a solution to get this fixed. Solutions to help save the deal. That's the thing I love about them is that hey, we can fix things. There's usually a way to make it work so it doesn't violate any law. You, you don't risk losing your whole self directed IRA asset protection by doing something stupid. And they've got a way it actually works out to be better in asset protection for the borrowers or not for the borrowers but for the investors out there, whether it's performing or not performing, the city's gonna still want their pound of flesh to pay for taxes. And that's just unfortunate. So some opportunities there. Everybody keep that in mind when you're looking at it. Cause I know Michigan is usually a top two, top three market for a lot of our students across the country that are buying an individual or in bulk aspect of things now also too another thing that has popped up recently is just got in a large list. We're excited about this list. It's a pretty good size value on the assets here. A portfolio in from a major hedge fund. 96 assets, 97 assets roughly average UPB is like 381,000. I know it's a pretty good size value assets. The estimated average value, all this stuff pretty much current values pulled within the last 12 months. Anyway our value is at 497,000. So a lot of assets with some equity, some older loans but complaints have been filed. The bank has already started foreclosure process on this stuff. This has got a portfolio of stuff in New York that's not a big surprise but quite a bit of stuff in Florida. New Jersey, couple in Illinois. Ah, Cook County, Pennsylvania. Oh, hang on a second. Hawaii. Ooh, I might have to look at that. Durham, North Carolina, Maine, Massachusetts, New Jersey already. Couple of Nevada. Some nice stuff in Nevada. Really nice stuff in Nevada. It's the values on these things. Oh, not so bad. Decent price stuff with. Oh hang on a second. Yeah, basically they're un. Over encumbered on in Las Vegas, a condo and then a house there and then. Yeah so and some stuff in Texas, a couple assets in Oregon, Pennsylvania, Washington state, one in California as well, Ohio, I already mentioned Oregon but there's some decent looking assets in this. We're pretty excited about this. We're going to. It's a major fund out there. I give a big shot to Logan out there is closing on a couple of deals off this tape. He called me up, he's like hey, I'm working with this fund and they want to buy some bigger, sell some bigger pools off. What's the amount you can handle? Well let's talk to. They'll finally find out what they're looking to sell. How big a pool they look into, how small pool. And one of the great things about having a mastermind group is we got 40 people coming together to discuss working together on a portfolio like this where everybody gets a piece the pie. Everybody's working together and coming and co bidding together on assets to help really knock some things down. So we're excited about this. We'll be putting this tape just for the mastermind members in some really nice markets. Some higher price stuff but some stuff that could actually be kind of nice for some people who are raising capital and looking for some nicer priced assets as well. Yeah, Florida sticks out. North Carolina, Oregon. Well in Ohio like I say, gotta love the tropical island Hawaiian. Some stuff here in Texas too. Pretty stoked about this. Texas. Oh wow. Wow, that's some equity on that one. $42,000 unpaid balance and they owe 130 was it at 130 they basically still got some equity but still though the UPB on this stuff and the back payments, they're over encumbered. So pretty stoked about some of this stuff. I mean you're starting to see this everybody banks are moving stuff. When you start seeing more banks moving residential or bigger funds being open to selling off smaller trades, not the 20 million or 50 million but even a $5 million trade is not that huge anymore these days there's so much money sitting out there ready to get to work. So pretty stoked on the stuff. I see some stuff I look at for our portfolio and looking forward to spend this time this weekend. So we're excited. Like I said, we got 40 people coming in Austin. We go through a variety of different things, rule changes like what's going on in Michigan. Like I just talked about some of the different tapes we see and the different opportunities for people to partner together on assets and trades so that it's a win win across the board for everybody. So that's one of the great things out there everybody if you can keep track really build your riches aren't in the niches. I mean we've got a niche here but more so than anything else, I think a lot of the wealth in the next 12 to 18 months is going to be coming from you working with other investors. Not that you aren't going to make money as an individual investor. But I'll give you an example. I think it's becoming harder and harder for individual investors that one off buyers to get deals done. Why is that? Well for a couple of reasons. Hey, they're looking at maybe they only have a little bit of limited funds. They're looking to fund their deals with their money. So it's a limited amount. And I think your hedge funds, your asset sellers, your banks would rather deal. It's not would they rather they prefer to deal with larger trades and less people just because of what it is they're not set up to handle with a hundred buyers. So if you can work together, I won't call it like a buyer's club but it kind of comes down to that where you're a note buyers club working together, taking down trades. Probably want to put some paperwork together for sure for asset protections and working together really takes some things down and win together as a group. We are making some changes here in our offices on some of the things that we're doing wise. I'll give you an example. There's different ways that I think we're one of the best at when it comes to pulling data and marketing out there. And I'm just going to go and say we're the best at what we do in our field. And so the fact that we can pull like I'll give you an example, pull a list of self directed IRA owners and investors out of specific counties that we're buying in those lead to great leads for buyers of assets in those areas. Well if we're also working the other side of the equation by building lists of asset managers that we reach to building lists of funds and available tapes that are available for people to cherry pick from or co bid on or carve out a mini tranche for their own portfolio or together as a group that means you basically are just connecting the two. As I was called by Investors Business Daily being the Chuck woolery of ugly paper, the love connection ugly paper. That's kind of what we're focused on. We've got some really great things that we're doing movements masses right now. But since we've done such a great job of the last few years of really building A great database of such. We're gonna keep doing that. You know, the need to go out and go to three or four conferences to meet 400 people has really been nullified by what's going on with LinkedIn and Meetup and Facebook marketing and things like that. That's where I think a lot of the funds that get it are going to make a lot of money because they're going to have less overhead when it comes to marketing to go to an event, to spend five grand or twenty grand to send people to a convention where they can sit at home, market, work in their shorts and T shirt if they want to. I have no problem with that. And market to areas, market to cities, market to the funds and realize, hey, you've got these 40 assets in Michigan, let me take them down. Get these 20 assets in Florida, these 30 assets in Ohio, these 12 assets in Texas, whatever I'm looking to buy. And what's funny is I think you look at some of the news, like yesterday afternoon, Keller Williams announced that they were going to get into the I buying space. What's that mean to be buying assets? They're joining Zillow in that space where Zillow is going to be buying real estate to turn around and sell that themselves. What's that mean? Well, that's taking the need to have Realtors. Even though Keller Williams is a big real estate marketing firm, one of the better brokerages in the country here, located in Austin, Texas. Technology is driving that stuff. So what it reminds me of more than anything else. If you've ever get a chance to read the book the Flash Boys, the Flashbuyers, do I have this? I have a book written by the same guy who wrote the Big Short and Moneyball, talking about how New York traders will pay billions of dollars to get 100th of a speed faster when it comes to trading on the New York Stock Exchange and Wall Street. Well, you're gonna start seeing that. And I think Amazon is in the works to announce something major too. Because last year for a brief moment, a real estate buying page appeared on Amazon's website. I didn't see it, but news came out that, oh, are they gonna be getting into the ibuying space of real estate? Are they being offering that up as another service of being able to buy houses without the Realtor side? And you already look at the mortgage side. A lot of the mortgage stuff is, if you can, is being automated as best you can and streamline things. Rock and roll. So you see that in the housing side, you see that in the realtor side, you see that on the mortgage side as far as origination, you're going to see more of that. Specifically here on the note selling side of belief too, you're going to see more funds using the automation and marketing tools as they start understanding it. I think it's one of the strengths of us is moving these assets and be able to find buyers or sellers and putting the piece together and high frequency trading basically on the debt side, making a little bit of something versus trying to knock it out of the park. But if you can speed up your velocity of capital and you're making a point and can get stuff done in a month versus it taking three months, you can speed up your money, you can increase your returns and really knock it out of the park. So if you're marketing today, like our great conversation, our episode previously with Darren Adams talking about how everybody is a marketing company, everybody's a media company out there. So here's one thing that I would love for you guys and gals are listening to you to do. If you go to our website, we close notes.com youm'll see immediately when you scroll down three boxes that pop up. Okay, three boxes that pop up. One's either going to be I can share my screen here. I might as well just do that here for those that are kicking it a little bit. Obviously if you're listening to this, you can't see your screen. But I don't want you getting a wreck if you're listening to this while you're driving. But if you're on the treadmill or doing something else, you can go over to weclose notes.com and go straight. It's our homepage for everything, podcast, note investing, things like that. If you go to weclosenotes.com and you just scroll down, you'll see sign up for the Buy Notes, sign up for one of our virtual classes or sign up for our Mastermind information. So what I'm asking you guys to do, just click on the Buy Notes side. Click on the Buy Notes side. That's going to take you directly to our note funding link. Sign up. You see the sign behind my shoulder here and it's going to ask you email address, first name, last name, cell phone number and the top three states that you're looking to buy in. We're not going to do cities but we'll do the stateside initially. So if you were like Ohio as your first state, great, only buy one state, then just put one down. But if you got three or three favorite states. Just put your three favorite states. Don't be like somebody. Try to put 25 states in each one. That doesn't make sense. Just put one state in. If you need to go in and have a different email address when you want to do three more, then that's what I would do. But the thing to keep in mind everybody is this will be in your database as we have assets available that fall in your neck of the woods. You'll get emails, you'll get updates to it. Our goal is to be able to send out text messages directly to your cell phone. That's what we're working on right now with specifics of the deal. How does that work? Well, hey, if there's a deal in Detroit, boom. Here's the numbers behind it, here's the photos, here's what we found in due deal. Just if you'd like to reserve it, click here. If you'd like to go ahead and order an O and E, click here. If you want to order a bpo, click here. If you want to put it under contract, tenant of contract, put here, boom. We'll charge your card to pull it off the market. Boom. 500 buck refundable charge in case you don't want the deal. But those are some of the things that we are working towards, been working towards for quite a while to really get things done. We're seeing some of it working in some of the assets that we're selling now or basically have been really good over the last couple years of pulling people's database or data as far as their states and interests and things performing non performing, whatever. There's some opportunities there. So I'd love it. If you want to get registered weclosenotes.com Click on the buy notes page box and that'll just list on your top three states. No, we're not gonna spam you to death on things like that now. That's not what we're looking to do. We're looking to provide some great content for you guys out there as well. Now one thing I wanted to bring up so that I mentioned Note Camp a little bit. Our next upcoming commercial Note Camp is slated for July 26th. 27th. 28th. So if you go to notecamp commercial.com youm'll be able to get signed up for that right now at half off. But we are uploading and releasing. We've already got a few of the episodes released. I think the first week of episodes, our note camp six videos and I'm sorry, podcast if you go to Not Camp podcast and it should be hang on here, was it Not Camp Season 2? I believe we have basically three total podcasts that we do in the note space. Obviously the Note Closure show which are on here. We're excited. It's playing across obviously all across the country in over 80 different countries. But we also have our Note Night in America podcast which has our replays, our audios of our open to the public Note Night in America conference calls. Yeah, if you just go to Note Camp or regular Note Camp podcast, you see it says no Camp Season 2. We've uploaded 34 more episodes that are uploading a Day at a time. Big shout out to Tom and Tracy Hazard and Alexander Hazard potatoes for helping get this uploaded. You can go listen to a couple of those episodes. We basically have about a week of them published for you. Good chance to go back and listen to stuff. Go listen to the residential stuff. I think that's some really great things with investor panels. Bulletproof due diligence from Pro Title usa. We've got Franco and Tony from the Satillo and Brill law firm on there. Nate here was a guest. I was talking about the self directed IRAs. We got Shantae Duffy and Servicing from Madison Management talking on their interview in there. Sue Nelson talking about some commercial note stuff. Don Rickabaugh's episode the Dance Between Property and Paper went out today. So there's a good seven, eight, nine episodes there for you to get listened to. We'll be releasing one a day. Check it out. The Note Camp podcast. That's the third one that we do besides Note Night in America. Check it out Releases an episode day up through I believe it's May 19th. Yes, May 15th actually, but it means the full Note Camp from November. All the episodes, all the recordings are available there for you to download and listen to in your piece. In case you missed it and you're new to the Note Closer show or the WCN footprint of different shows up there for you to listen to. So that's there for you guys to listen to. Highly encourage you to check it out. Download them if you have questions for some of those the people speaking, they have workshops or offers they're still available for if you're interested. So if you're interested in a product that they're offering or class or workshop, they usually have new dates. Feel free to drop me an email. I'll be glad to reach out. Oftentimes, if they get these educators getting email from me regarding a new student, they're often willing to match that offer that they offered up six months ago. So highly encourage check out Note Camp podcast. It's on itunes. Stitcher all available. The link is also on our homepage@weclose notes.com for you guys as well too. So anyway, kind of quick recap again if you're just joining us. Once again everybody, you're using your self directed IRA to buy a note performing non performing in Michigan, specifically Detroit, Michigan. You're going to need to use an entity in place for title for the assignment for the deed of trust, whatever instead of Quest Trust equity bust whatever, use a third party entity, somebody that's not related to you, the whole Macarena, not your parents, not your kids, not your siblings. But an arm's length transaction with somebody manage it. Usually your accountant, realtor or very close to your friend as a managing member of that LLC. We're going to have the contract go in that LLC's name, the deed of trust title and stuff like that. And then your IRA can fund that llc. Simple transaction private entity investment with Quest Trust. Just a couple documents and they can still fund because the cities, especially Detroit is now starting to sue the IRA custodians when people aren't paying their taxes. So that's one thing out there. Once again everybody take it. Feel free to pick up the phone, call Quest Trust company, let them know. Talk to Nate here or Derek Long over there. Big shout out to both of those guys for being very proactive yesterday in alerting to us this new issue that's taking place and a way to work around. Still get to work, still have our students close on deals, some double digit return to some performing contract for deeds. So proud of them. And you know it's great to have work well with a company that's going to work out. Find a way to alert you of a situation versus let you just sit there and make a mistake yourself. So check them out once again guys. If you're using the code CARSON19 it'll also get you a discount to the upcoming Quest Expo Quest Trust Expo taking place August 23rd, 24th, 25th. Carson 19 also should get you a discount off of any fees to start or open a new account. If you're open up a new self directed IRA or Roth whatever or rollover, check out Quest Trust and tell them that I sent you Carson 19 to get 25% off your account opening fees. But that's about all I've got for today's episode. I just wanted to alert everybody to what's going on there and show you the way to get it fixed. It's important if you're partnering with somebody's IRA or using your own IRA funds to be a little safe to take the guesswork out of it and not to put your IRA at risk of being sued or more importantly the IRA company of being sued and not wanting to do business at all in that city or state. So you know, a little bit of a hiccup, but nothing big for everybody out there that's dealing with this. It's an easy fix. Just got to spend a little bit time and heck, if you don't have an entity, you probably need to get one anyway. Start doing it. Have your attorney be on the managing member or somebody else out there to help you keep it arm's length transaction so you're not facing an issue when it comes down to, you know, asset protection or if you ended up running, you're not jeopardizing quests or your IRA custodian out there as well too from being sued. So that is all I've got for you guys and gals out there today. Go out and make something happen. Take some action. Check out the website like I said, check out the weclosenotes.com register, get our note buyers list and as we've got stuff available, we'll send them out to you as well. But otherwise we'll see you all the time, everybody. Bye.