Five Mistakes New Note Investors Make #Noteinvesting

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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 panties 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 Nodes, Scott Carson.

Good morning, good afternoon, good evening, everybody. Welcome to this episode of the Note Closer Show. As always, Scott Carson. Excited to be here with you today and today's podcast, I want to focus on really five mistakes that I see new note investors making. People new to the node industry. And it's not their fault that they're making mistakes because for the most part, they've developed these skills either being as a real estate investor or learning the property side of real estate. You know, I'm gonna go out and buy property. I'm gonna go flip a home, buy an reo, have a, you know, buy rental property. They've had this ingrained or they've watched TV and watched all those fictional shows on hgtv. Flip this house, flip or flop, and think what they're gonna get. Now, the first mistake, the number one mistake that we, we see note investors make is the fact that they're buying the note, not the property. Yes, the property is a collateral for the note, the note, the debt controls the property. But when you buy a note, you don't immediately get to take over the property. Now, if the borrower has signed a deed lieu signing the property back to the bank or the lender, which when you buy the note, you become a lender, then yes, then you can take it over. If they have left the property, yes, you can go in and change the locks just to secure your investment. Okay, if it's a vacant property, yes, you can go secure it, but that doesn't mean go rehab it and start doing all this stuff. You still have to go through that legal process of foreclosure to enforce your position to be able to take the property back into foreclosure. A deedal lieu or offering the borrower cash keys or something like that. That's the number one thing people think that, oh, I'm buying the property. You're not buying the property. You're controlling the property by buying the debt by buying the note. That's. And that's why it's important, I believe, make sure that you know what you're buying. Making sure it's a first lien, because that's all that we buy. Yes, you can buy a Junior lien if there's plenty of equity and you're getting a good price. But we like to stick to first lien investing because then we can. The only thing can really wipe us out is taxes. We're act of God. And how do you protect from an act of God insurance? Okay, how do you check taxes? Go to the county recorders or accounting tax office, pick up the phone and ask them to find out what's going on. So now that's also important thing to beat when you're buying the note. If the borrower decides to start to pay what they're due and reinstate the loan, they have that right to do. We've seen investors like, oh, we think the borrower is going to go ahead and walk away before close, so we're going to pay at a higher price for that note. And lo and behold, what's the bar do they reinstate and the investor is left with a lower ROI than what they would have normally done. So that's the thing. You also got to be very careful about buying the notes. Like I said, you're going to get access to property and you want to be very specific and very careful, especially if you're buying in a longer foreclosure state like New Jersey or New York, where it can take two to three years, years to foreclose. So you really need to know what's going on and what the lender's rights are in any particular state. Then it also supports you're going to foreclose. What's the eviction timeframe if the borrower is not going to walk away? This is why it often sometimes makes sense to offer cash for keys to help expedite this versus dragging this out. But you don't end up with a property when you buy notes. Not all the time. All right, yes. If it's vacant and you're foreclosing, yes, you can end up with that. But if there's a ton of equity, that bar is going to fight you for that asset. Now this takes us into the second mistake that we see new note investors make. Many of them come in like, oh, I'm a buyer property, I'm going to flip it and be in and out of it 90 days. That's not the case with note investing. We there are very few note deals that you're in and out in less than a year now. Yes, if you're buying in Texas or Georgia, those are fast foreclosure states that you can buy the note, foreclose and then be in and out in six months or less. But if it's an occupied asset, people can file bankruptcy to drag it out. You got to make sure you've got clean paper. Like I said, you'll buy the note. You don't end up with the property immediately. So you've got to go through that foreclosure process. And that foreclosure process will vary on a state by state basis. If a judicial foreclosure is going to be at least six months or longer, but non judicial can be anywhere from 30 days to roughly about five months, depending on what state's located. Now of course you have to look at what's going on with the borrower. You know, we ran into trouble during COVID where the federal government stopped foreclosures due to foreclosure moratorium, so you could not foreclose for a year. So it's a different time frame than going out buying a physical asset. Now the offset of that is that you're usually buying the assets a whole lot. You're buying notes a lot cheaper than you're buying real estate. Real estate we all know has been peak and people been overpaying for real estate. In a lot of cases that's been harder to find foreclosures. Well, one of the valuable thing is since we do have that timeframe before we take the property back, we're usually buying below 70% of the as is or fair market value depending on what the debt is owed on it. So that's the thing is we're getting a bigger discount because we do have to hold onto that asset for a longer time. Now the great thing is, hey, you know, sometimes you get the borrowers back on track. We've had borrowers that in two weeks were ready to reinstate. They were ready to start making payments and modify the loans are paying on time again before the servicing of that note was transferred from the old servicing company to our servicing company. So it was great. I mean we bought the note, we became a lender. But there's a transition period at least two weeks, sometimes 30 days. It takes place from the old lender servicer to transfer it to your servicing company to start the collection process. That doesn't mean you can't talk to the barter in that 30 days. Doesn't mean you can't set up, you know, trial payment plans. You just can't really accept the payment until the actual servicing is transferred over to you. That's a whole but different thing. But that's the number thing. The time frame is different, you know, most fix and flippers, if they're taking out money, we'll talk more about the money difference. It's on a traditional piece of property, it's a hard money loan that may be six months or 12 months, usually the most or less right. Or they're able to to go get finance and we'll talk about that later. But with the note investing side, you have to really plan on at least being 12 to 24 months, sometimes 36 months in the longer foreclosure states out there. So that's it's still short term. When people think of note investing, they think of 30 years. That's another mistake. A lot of people get into it, I'm going to be tied to this deal for 30 years. That's not the case. We talk short term and our short term is usually 12 to 36 months. Now that's long term. If you're an active fixed flipper or money lender that you want to lend money out, make points every time. This is why it's important to raise capital. We'll talk about that later on. But like we said, the first mistake is people evaluating just the asset for the property. They're getting the property back versus it being the notes aspect of things and evaluating their ROI based on the note return versus just, you know, flipping the property. Second thing is the time frame takes a longer. The third thing is, is pricing. And pricing is different for performing notes than non performing notes. You cannot apply what you're used to as far as your pricing model coming from the fix and flip or the property side and apply that to your note investing side, you will get burned. I've seen this happen many, many times where a fix and flipper or a realtor gets in the note space and they're oh, that property's worth 200. I'm going to offer 70 cents and a dollar for that. You know, 200 grand after repairs? Well, they're offering 140. Well, maybe only 100 is owed. You don't want to pay 40 grand above what's owed. There's no reason for that. You also have to realize too that like I said, you may just end up with a note, not the property. So you have to evaluate your pricing based on if the borrower is going to reinstate or not reinstate or modify the loan. So you got to kind of know what's going on with that asset, what your possible strategies. This is why we're always kind of looking at, especially for occupied assets, we look to see what it would be to reinstate. We look modified or deed and lieu and then three, okay, if we have to foreclose, what's this going to look like? And this is why as a note investor, you need to understand all three of those strategies because it will end up happening. We've had deals that we thought were going to foreclose that would end up getting modified and brought money to the table to reinstate. We've also deals that we thought would modify real estate that we end up having to foreclose on. So you have to understand it's you're buying the debt, the debt controls the property and you have to know what that debt looks like. Now, same thing. Let's say that the debt is 250 and they only owe and the house is only worth 200. You don't come and say, oh, I'll pay 70 cents a dollar of the debt. Well, that's basically at what the property is worth. There's not a lot of profit margin there for you. So you got to compare what's owed in two terms. One, the unpaid principal balance, the principal balance of the loan, the legal balance or the payoff balance, which includes the back payments. And then also compare that to the fair market value. Are they underwater or do they have equity? Equity deals you're going to pay a higher percentage of the upb or payoff. If it's underwater, you're going to be paying no greater than really 70% or 60, 65% depending on the state that's in the foreclosure time frame. So pricing very important to know. This is why you always, if you're a brand new note investor, please, please, please, please run your deal by an experienced note investor, somebody that you talk to, somebody you've learned from. Hello, I'm here. Run your deal by make sure that you're not overpaying or making sure that you're taking into consideration other things involved. Now with your pricing, you have to consider what are your costs along that, okay, now your costs you got to figure in I'm going to have to have it serviced and that could be anywhere from 15 to $90 a month. 15 to 25 bucks for performing. 90, 95 bucks a month for non performing. You're going to have are taxes paid? Do I need to reduce taxes for my bids? Do I need or you know, can I work out a payment plan with the tax authority? Do I need to really pay to avoid a tax foreclosure get wiped out? You know, foreclosure costs, foreclosure costs will vary. You know, about 10001500 bucks in a non judicial state like Texas or Georgia, all the way up to like 5 to 10 grand in a long foreclosures state like, you know, Florida or New York, New Jersey, depending on the situation. You also have to look at too if, if you're buying an asset, a premium asset in a portfolio, a seller selling a portfolio, loans, and you're buying the best asset on that tape, you're going to pay at a premium for that one off asset versus buying in bulk, which will often get a better price point. So you got to keep that in mind too of what you're buying. Not only the individual asset, but are you buying more than 1? You buy in some mid level assets that can get reperforming or some junk that the borrower, not the bar, but the seller is looking to offload to save them on a monthly basis. Sometimes you can negotiate some pretty good deals on that stuff that may not be your A plus prime asset. Sellers know what their best assets are. That's why they want a premium for that. So keep that in mind. When you're looking at pricing, you also got to look at it. It's hard. This is one of the hardest things for new investors is oh my gosh, I can't see inside the property so I'm going to over exaggerate my repair costs. And that's a hard thing to do because if it's occupied, here's my solution, here's what I look at. If it's occupied and somebody's living in it, guess what? They probably want to stay. And you're probably going to have about 60 to 70% of the time. Get somebody back on track. If they aren't paying, get them back at some sort of modification. Especially if they're less than two, three years behind on mortgages. If they haven't made a payment in three years, I really won't modify the loan. It's like, okay, basically now Covid was, you know, 2020 and 2021, okay, get off the government free. You need to start paying, you know, pay you, no stay, ladies and gentlemen. So that's the thing, we look at pricing, you got to think, like I said, look at the asset, look at kind of what your strategy is going to be making sure your price, what you offering from the note. If they reinstate, does it make sense? If they pay a little bit extra, is it still going to be a good deal? If you have to take a deep loom and then sell the Property off and like I said, repairs. It's hard to figure out. You always got to figure you're probably going to replace. You're probably do paint, carpet and a clean out for the most part. And then judge your asset based on the exterior. If it's in good shape on the outside, it's probably pretty good shape on the inside. Try to always get eyes on the back door if there's a fence, making sure that it's just not a hoarder living in there. You know, we had one guy go by and take a picture of a property in Flint and it looked great. When we got to the back, when we actually got to the asset, there was a big hole in the roof where it was snowing into the house. That wasn't taken because the, the realtor that went by didn't take pictures of the backyard. We would have also seen a lot of trash bags drug outside. So luckily we bought the asset to the cheap enough price. It still made sense for us on it. But this, that's the thing you got to look at now. I get it. If you've never rehabbed the property, that could scare you. So you probably want to stick to buying occupied assets where the bars, you know, maybe are less than a year or less than two years behind. Something that be pretty easy to get reinstated. You would probably want to stay away from vacant assets, specifically assets that are outside of your area of expertise or knowledge. You don't want to be doing rehabs all across the country. Now I'm not opposed to doing some slight cleanouts. Realtors can often help you with that in different markets. But do not get into where you've got to do heavy rehabs. Like we just canceled the bid on a property in Evansville, Indiana. We could not get in the property. It was a vacant property. We did have a lockbox code, but the lockbox was locked so we couldn't get into it by another safety door. And. But we could tell based on the previous bank's inspection. And then also a realtor who peaked in the windows where there was mold throughout, all the sheetrock would have to be ripped out. That's not a light rehab Sheetrock, that stuff. Yeah. I get replacing carpet pretty easy. Okay. Replacing appliances, paint pretty easy. When you start pulling out sheetrock and appliances and other things, that's not a light recap. So we canceled it because it was too. It was a skinny, not really a skinny deal. But when you add in that added cost and the fact that it was, you know, 900 plus miles from where we're located, it did not make sense to pursue with the deal. So that's the thing. Stay away from heavy rehabs begin with. Especially if you don't have a rehab background or you do not have assets in that state or that market. Now if you're got a wealth of, you know, a team, I've got a big experience in fix and flip stuff like that, then you can kind of calculate some repairs on that. But for the most part, we, we avoid heavy rehabs unless we're buying the asset really, really cheap. And it's only. And if it's in Texas or Florida, those are the really the two states that I like because I have the resources. You may be different. Okay. Now the fourth mistake that we see a lot of new investors make is the strategy side. And I will say this because this is a mistake that I made early on. I came from the fix and, you know, renter side, the reo side back in 2007 and eight, before I got into the note investing side. For the most part, in the first two years as an investor, I didn't modify anything. I went and foreclosed on everything. And that was the wrong mindset. When I look back at the assets that I bought in my first two, three years, I should have modified a lot of those that have been great cash flow for a long time. And that's, that's the thing a lot of investors make. They get in wanting to chase the property. Like I said, mistake number one. And that dictates their exit strategy. You as a note investor, your number one strategy should be being the lender cash flow working to get the borrowers back on track. It will be easier for you because they're occupied. Less rehabs, less foreclosures, more opportunity to get people back on track without having to put any repair costs of the asset. The properties are gonna be in better condition. Cause the air conditioner is still there, the copper's still there. There's not a major, a hole in the wall or anything like that because somebody's living in the property who's the lent the borrower. So I made, like I said, I made the mistake trying to foreclose on everything where now it was 12 months of outlaying foreclosure costs and servicing costs to then get to an REO and sell it. When I look back at what I could have made in the cash flow and then selling the Note off after 12 months, I would have made more and had less headaches if I would have changed my strategy of being a performing note investor. And that's really well, you have a lot of funds that do they buy pools of notes. Their big focus is to spend the first 30, 60 up to 90 days trying to get the bars back on track. After that they're looking to offset the ask, you know, what they paid for the asset and make 5, 10%, sometimes more on that margin within 90 days because they can make 10% in 90 days. That's a 40% cash and cash annualized return to it. So that's your number one strategy looking to get the borrowers back on track now. Yes, you will buy assets that are vacant that borrowers are not going to come back to the table. You actually Fannie and Freddie Mae released numbers recently that on the note sales that they did the last from 2014 to 2021 vacant assets at a 50% higher increase in foreclosure. That's kind of an obvious thing. People have already moved on. They don't have a lot of motivation come back to the table to work it out with you. They just assume hide their head in the sand and move on. So you all buy some assets if it's in your backyard near hey, yes, it's vacant. Yes, it looks like it's a light rehab. We could be in and out of it, sell at the auction without having to take too many rehabs, repairs ourselves because that's a great thing. Strategy because you have the right as a lender when you get to foreclosure to list it what you want to at the foreclosure auction. And if you want to price it where you think it'll move based on numbers, you can do that. I do not. If you're looking just for reos, I don't think this note investing is a strong strategy because oftentimes deals will get bought up from investors who understand the asset will pay a bit more to buy the asset because they truly believe they can get the asset performing. And you're going to be outbid if you go in with a low ball bid like just blanket like what a lot of investors used to do with like 20 offers to REOs hoping they get one. That strategy does not work in the no business space. You got to bid based on a get reperforming if it's occupied, if it's vacant than what it is to foreclose and sell the asset off. Second strategy is often the deed and lieu where you offer the borrower some cash. And what I like to consider is my, my deed and lieu number is what's it going to take me to foreclose? So does it cost me $3,500 to foreclose? Attorney? That's what I would offer in a deed to loom to expedite. Now I will go more than that depend that number would go higher or less less if there's taxes owed higher that amount would be if I have a buying at a better price point and to pay them double what I would normally do. Still makes sense for me to make a good return. And I've paid anywhere from 500 to $10,000 for cash for keys or DDoS. So. But knowing that I would not be buying non performing occupied assets with a goal to foreclose and add them to your rental portfolio, that's just create another job. You might as well just modify the loan for cash flow without having to deal with toilets, tenants and trash outs and expect the cash flow coming in immediately versus it taking you 6 12, 18 months to foreclose, get it rehabbed, get a renter in there without having any type of income. We get a lot of landlords who are tired of that. The triple T's toilets, tents and trash outs and get into the note space because now they don't have to deal with it. Nobody calls the bank at midnight when the air conditioner goes out in 110 degree heat. Nobody calls the lender when little Timmy flushes the rubber ducky down the toilet. So that's something to think in mind. But that's the strategy should always be if it's occupied, for the most part you are buying for your own portfolio. We see a lot of new note investors that come in too with a goal that oh, we're just going to wholesale notes like we did with real estate. Yes, you can wholesale notes. But here's the issue with that. Your wholesalers, your wholesale buyers can often be your funding sources for your deal. So instead of going and being a waiter and just taking orders and trying to go out and fill that order, why don't you just invest for yourself? Why don't you just go buy notes for your own portfolio? You'll make more money in the long run. Instead of trying to wholesale a deal where you got to make cash, you might as well make cash flow every day or every month with performing notes. So that would be like I said, it's one of the biggest mistakes I made early on. My investing career is not focused on the performing side, not focused on getting non performing borrowers back contract. Now if you like, you're too busy for the non performing side, it does take a little bit more time. I would just focus on buying performing notes. Especially if you've got capital and you're happy making a 6, 8, 10% return. Lots of places out there you can buy performing notes or re performing notes at close to a double digit return for your investment. But and then you still need a service to handle it. So that's some things you gotta look at what the cost of the servicing side and then if it does go non performing, is there gonna be enough room there for you to recoup your foreclosure costs or get your money back? Okay now number five, biggest mistakes we see a lot of new note investors make is we call, I call this the twofer money and marketing M&M's. Now we're not talking about that melt in your mouth, not in your hand kind of candy. We're talking about that you have as a note investor. You're going to need cash to close the deals. You're not going to go get a line of credits, you're not going to get a hard money lender to give you money to buy note very rare. Now if you have a line of credit already against your house like that, yes, you could use that to go buy your own notes. But you're not gonna go for the most part and get a note on a note. All right, you're gonna get cash. You need either your own money or using opm, other people's money. Now don't let that scare you. I had a guy that got all scared when I was talking to him yesterday. It's like, oh, I don't think I could raise. I'm scared of using some other people's money. Like listen, everybody starts off somewhere. One of the most beautiful things about note investing is the fact that we have vendors holding our hands, servicing companies, attorneys. You've got people that help you out on that process. You've got a pretty warm community to help you out with answering your questions and stuff like that in the note nation. But people are scared to raise capital and I don't understand that because if you have Wall street, you have banks that are using other people's money, giving you less than 1%, they're going out and making 4, 10, 12, 20%. You might as well be your own bank as well. The biggest difference though, that's great about notes versus fix and flips people. If you're not, if you're a brand new fix and flipper, you're going to make a lot of mistakes. You are going to overspend your butt. You're going to go over your budget. You're going to go through that learning curve of getting vendors, you know, from the Sheetrock guy to the carpet guy to the plumbing guy, the electrical guy. You got to coordinate all this stuff with the city too. Ah, that's a, that's a learning curve in itself. As a note investor, you're going to have servicing companies and attorneys to help you out with it and another note investors to help you out. That if you're buying the note at the right price. Remember like I said, if you're, this goes back to the pricing. If you run your deals by an experienced note investor, make sure that you're buying the right price. There's not much that can go wrong. Now you, yes, you still have to coordinate with your servicing company. Yes, you got to make sure the taxes are paid. If you're that, you got to talk with your attorneys and tell them what to do. Talk with your asset managers and service and direct them on kind of strategy that you want to go. But if you're marketing for deals and if you're a marketer for wholesale deals to other people, you might as well just change the language a little bit. Your marketing. Start marketing for money. There are so much private capital out there. I have a student in Kansas city or in St. Louis who was looking for investors and in five minutes we found 88 IRA investors, people that have an individual retirement account self directed, that was just with equity trust. We found that in five minutes. Looking at the county appraisal district in St. Louis, we found 178 investors in Kansas City and Jackson county doing the same search as well. So in just a few minutes we found over 250, 260, 270 actually. If you had it up, I think it was right. We finally ended up as over 200, 270 IRA investors. We know that you know their mail address. We know that they're investors that we know they've used their self directed ira. We know they're looking for deals. It's a great match to have a raising capital. And this is not me saying this is our students that say this. Our students say that raising capital is actually a lot easier than what they expected. They thought it would be harder to raise capital than it is to find deals. And it's the opposite way around. You got to put some marketing time into raising capital. And it's easy because if you have a good deal, a good deal will find money. Okay, so that's One thing to keep in mind is, is the money and marketing side of things. Raising capital is just all about marketing. Finding deals is all about marketing. You know, you just have to embrace. It's a different. Yes, it's a different thing. It's a different skill. You know, it's kind of learn. You got to learn how to walk all over again as a note investor versus a real estate investor. But it's not difficult. There's so much money sitting on the sidelines out there. You just have to be willing to share what you're doing and willing to start spreading the message. And it's the same thing. 80% of sales are made after the fifth contact. You have to start sharing what you're doing with your audience through tribe. And for some folks, you've got to build the tribe. But leveraging social media, YouTube, LinkedIn, email list, existing client list, and just sharing what you're doing and what your focus is, is one of the most important things in raising capital. Get the word out. You don't need a ton of investors. I think somewhere around, I mean if you're gonna, if you're looking to build $5,000 a month in cash flow and you divide that by $500 a month per note, that's 10 deals. That's technically 10 investors. That's not bad. That's a half million dollars in private capital in a lot of cases. And it's 10 investors or less. So there's a lot of people out there willing to fund a lot of places to find deals. You just need to know what mistakes to avoid. And I hope that I've outlined that once again. We'll do a quick recap here. Is first mistake is people approach it as a property investment versus a note investments, different rules. They think the timeframe is a lot shorter. It's a longer time frame of the note. But we also, we get better price because it is longer. The pricing aspect of it, it's different whether it's performing or non performing occupied versus vacant, underwater or equity. You got to look at that and understand it states foreclosure time frames also affect that as well. Fourth thing is you got to focus your strategy. Got to be a note investor. This is why banks are in the note space. They're not in the real estate space, they're not in the management space. They're in the creating mortgages and getting the cash flow space. And that's what you need to be make your number one goal to be most of the time and then of course number five is the money and the marketing side. Embrace the fact that you're going to raise capital. Embrace the fact that. Look at this, I saw something. Warren Buffett gave oxychemical a huge loan. Oxycam, one of the biggest chemical companies out there, took a loan, took a loan from Berkshire Hathaway. They use other people's money to buy stuff. Warren Buffett uses other people's money, people that invest in stocks to go buy stuff, invest in things. You might as well do the same thing. So I will tell you this most important learning curve you'll ever get is not taking a class. And I hope you do take a class because you got to get educated first and foremost, like we talked about in a previous episode. But one of the most important things you've got to do is you got to pull that trigger. You've got to buy a deal. You got to buy a note. The further you delay things, the more that you feed into your fears. And we all know fear stands for false evidence appearing real. You're going to delay your success. And trust me, we all get scared. We all get nervous. We all have points and periods in our investing career where we drift away or we get nervous about marketing or stuff like that. It happens. Especially if you've ever had a deal go south. You might be snake bit for a while. But the goal here, ladies and gentlemen, is if there's opportunities out there and a good deal, we'll find money. You just have to learn to market that deal to raise the capital and get the word upgrade. So I highly encourage you out there. If you're a new note investor, guys, please don't hesitate to reach out to me@weclosenotes.com, feel free to schedule a call at talkwithscottcarson.com the link will be in the description. Highly encourage you to take the time book 30 minutes with you if you're brand new getting your feet wet. Even if you've taken somebody else's class, you probably didn't have your answers completed for you. If I know what's out there, feel free reach out to me. Glad to help answer any questions you have. There's a lot of folks that are taking classes that are outdated from folks that aren't in the industry anymore and you just can't do that. You've got to keep guys be constantly buying and keeping track with what's going on the industry because buyers and sellers change. People come in, they leave. Make sure you're learning from is still buying notes in 2022 and not from before. COVID so you also too, you can't learn from an employee. An employee will never be able to teach an entrepreneur how to succeed. So if you're learning from somebody who's got a full time job, they're not a true note entrepreneur, they're a note investor. But they're not really, you know, cutting their teeth making everything they need from their note business or real estate. So keep that in mind. So anyway, love for you guys. Make sure if you're watching the video on YouTube you hit the subscribe button and if you're listening to this on any of our podcasting channels, make sure to hit that subscribe button and leave a five star review. Totally. We really appreciate it. Love all of you guys out there. Note nation and we welcome you and making it to the top of whatever your goals might be. It's all one step at a time, one deal at a time. Go out, take some action and we'll see you all at the top. Everybody. Sam.