Michael Finch

EPISODES


Episode 55.

Michael Finch, Executive VP at SVN | SFR Capital Management

00:00:00 – 00:04:01

Great skyrocketing home prices pulling back? Where is the opportunity? Good news, It’s out there. Michael Finch of SVN SFR Hub. I called Michael the s FR Guru. He helps us wade through the murky waters and find silver lining opportunities for investors in today’s market. I’m Dalton Elliott. This is the Real Estate of Things. You’re listening to the Real Estate of Things podcast. Michael Finch, my dear friend. Thank you for joining Dalton, Thank you for having me, appreciate the time for sure, you and I very fortunately we’ve been on some webinars in years past. Um, I think maybe we’ve been on a panel together here there who knows our paths cross constantly? Very fortunately, So I’ve give the folks of the Real Estate of Things some quick background on you and SBN. Yeah. Happy to and um yeah, thank you all for for listening and watching. UM. My name is Michael finch On, the executive VP of three companies here and a principal founder of our three companies are Our first company is sp N s FR Hub Advisors that is a national commercial real estate brokerage focused on the s FR and build for rent asset classes. Literally all we do. We don’t do multifamily, retail, office, industrial, hospitality or the typical SERI sts. We operate nationally. We currently have listings and states right now UM, and a lot of opportunity forthcoming as well. UM. We’re bringing on some some good new deals, so keep keep your eyes posted on that. Our second company is s FR hub dot com UH. That is a data research valuation technology platform UM that we capitalize several years ago UM, and it’s really of the spine of of everything that we do. It enables us to underwrite accurately and efficiently, clean and verified data UM and and you know, more closely find what the true retail value is of any home within a portfolio, and then you know, aggregate each individual at home UM to that portfolio aggregant price. UM. We’ve underwritten almost fifty billion dollars of single family and build for rent deals at us of our hub dot com and UM on the b f R side, in particular BFR beinging build for rent UM. We do a lot of consulting out of us our hub dot com. UM. We’ve been working with developers and builders for a year helping them to think through how to value a build for rent home, how to optimize it, you know, whether or not amenities are needed, right sizing the lots, creating the right floor plan and unit mix for you know, an investor’s perspective with cash flow and mine and and really out of optimize and n o I, it’s a it’s a commercial real estate investment asset class now. And you know the builders traditionally for last hundred plus years they’ve been building for sale UM. You know, so it’s a different product and there’s a bit of a learning curve UM you know. But are are two worlds are colliding, so to speak, the residential and the commercial here within the s FR and b f r ST class. And and you know now that it’s a known institutional sset class S of our hub dot com has been really leading the way and in UM you know, evaluations, research data and and more recently last few years, a lot of consulting UM and we’ve teamed up with some of the industry leaders on some of those as well. UM. You know some of the big groups that you might know Hunter Housing Economics or John Burns UM. So that’s our second company, our dot com and then UM SVN S of our capital Management that is our third…

00:04:01 – 00:08:01

…company that is an investment firm, an asset management and operating company that’s aggregating and built for int communities. Currently UM around the country, mainly in the Sun Belt. We’ve got a number of deals under construction UM and under contract today and UM we’re very excited to be working with UM, one of the one of the nation’s best equity groups that that’s been heavily involved in the single family asset class today as well. So UM plan with SPNs our Capital Management as an asset management operating companies acquire thirty five thousand built for rent community our homes within self contained communities around the country specifically focused on build for rent. Yeah, a lot they are, and truly in the space of single family rentals, it’s tough to find a group that has the level of expertise that you and the crew do. So UM that’ said, I want to jump right into it and start picking your brain. Uh. You and I were chatting before the call, just kind of comparing notes of the last couple of days and weeks and UH talking two years swaps and everything fun there. But on the value side of the fence, UM, talk to me about discovery on retail values. Right, we’ve been up in to the right since COVID started. Uh that the winds have changed on that right where Yeah, like a flat and declining markets. So how’s that affecting? And more specifically like, are you already starting to see particular pockets getting materially hit? Yeah, I mean it’s you know, we’ve been the last couple of months, you know, and and the that just raised the rate again as as I’m sure everybody knows another um, but we’ve been spending a lot of time, uh, educating sellers on listings that we had prior to you know, the rates really starting to explode in July through today, UM, as well as educating groups that are that are interested in selling today or that have been in the last you know, call it sixty plus minus days. And you know what’s you know, everything’s lagging today. Right. So nine months ago, there was no worry we we would value and we still do today. We value every single home in a portfolio that’s coming in at the retail price. UM. And nine months ago, if we had a hundred home portfolio, say and the the average retail price was three grand and it was a four nine cap that was a sellable deal. That’s not the case today. So so what we’re doing and and you know, really having to educate potential sellers on is hey, we’re gonna value your portfolio at where the suggested retail price is today, you know, based on comps um, you know, based on quality at home, all the things that go into it. But at the end of the day, if that aggregate retail price of all hundred homes in a portfolio, let’s say twenty million dollars, but the you know, the return is uh, you know, at the stabilized return on current n ol I if that’s a five cap today. It’s a real conversation that we have with this. We have to have with the seller and get him educated on where, you know, where the buyers are going to need to be because that wasn’t a concern before um. It was always retail and if the returns worked out, or if or if there were some value add where a buyer could quickly see that they could get north of a five cap, it was gonna we knew it was gonna sell um. And that’s you know, in the A and B class you know sort of arena sees, is you know,…

00:08:03 – 00:12:01

…moves that pips up a little bit on returns, but today it’s totally different. You know, we’ve got you know, interest rates you know, going near seven. I mean, we’ve been getting quoted six and a half, you know, six and three quarters, um, you know, a month ago, and now we just had another rate hike. So you know, mortgage rates are going to six six plus conventional terms you know, on these on these loans for for portfolios, they’re higher than that. So, um, you know, we it takes a lot of time. You know, if the retail price shakes out to a seven and a half cap, great, you know, we’ll go to market on that. If it doesn’t, then you know, we’ve got to have a real conversation with the seller on on where the pricing needs to be for the portfolio. So investors, which I think ninety five plus of of all buyers are using leverage, you know, so that they’re all they’re all held to essentially similar standards. Obviously, you know, certain sponsors you know, may be able to put more down or you know, have greater scalability, which is a little less risky for a lender, but at the end of the day, you know they’ve got to be able to get a return to purchase purchase a deal. And if it’s a five cap and somebody’s being quoted six and three quarter, you know, interest rate, how can you how can you make that pencil? So it’s you know, there’s been a lot of a lot of educating lately, and and you know, the good news is is that we’re we’ve been successful in that in the last you know, call it six weeks, and we’ve got a number of deals coming in you know that do have higher cap rates that that are going to get attention. UM. And you know, there’s no denying that the SFR and BFR market is a great headge still and a great you know mitigation of risk compared to other commercial st classes. Um. There’s a shortage of homes and and runs are staying strong. Values are they’re not precipitously dropping today because it lags, UM. But you know, I think it’s you know, I think will probably see a declining values nationally. UM. Different markets are going to be different, of course, you know, some like you know, Phoenix where we’re headquartered. UM. You know, we’ve had some of the highest price appreciation your year of any other market in the country, so maybe that maybe that pullback is going to be a little bit greater. Um, you know, nobody has a crystal ball here, but but you know, homes aren’t selling and you know, whether the new construction or on the mls because you know, you either can’t get the loan or people aren’t sure if prices are going down. So it’s just gonna take some time, you know, for everybody to kind of figure it out. So I wanted to touch on one thing you mentioned though, the home supply piece, right, that definitely is playing a big role in blunting or rather stunting the effect of the depreciation that’s happening. Right, Like, if not for the inventory issue and lack of inventory, you know, it might be you know, who knows, but maybe double the drop off definitely a more precipitous drop off the edge of the cliff, right, Yeah, I mean, you know on on resale homes. Um, you know it’s in my mind, values are I mean, everyone knows that values are coming down. But you know a large majority of homeowners have have locked in rates sub five percent. I think it’s like of homeowners have sub five percent mortgage rates and a good chunk of those you know are around three per end um.

00:12:01 – 00:16:00

You know, so unless they have to move cities for a job, the odds of them being a seller right now are are pretty unlikely because you know, what are they you know, what do they buy? You know, prices right now are at arguably at the height of the market um, and and are everybody’s expecting them to fall um and you know it. So I think the the resale supply is going to stay low because of that. The only people that will likely be selling, you know are those that you know probably need to move um for some particular reason or maybe you know, there’s other life situations that you know, I couldn’t possibly foresee. But um, you know, I think that’s going to keep the resale MLS supply fairly fairly low, you know, which is again going to kind of slow down. How we see that fall and you know, it’s probably just gonna show up, you know, in a couple of months and and and we’ll we’ll have a better idea of where that decreases. And it’s not drastically different on the you know, the builder side. Um, there’s tons of standing inventory out there now, but most of the publics and large reasonals are slowing down on ongoing vertical on any new lots because they’re already sitting on a good chunk of standing inventory. Um. You know, I think, um, I think Ali Wolfe was on Bloomberg the other morning and mentioned, you know, KB has seen a fifty decrease in contract sales over the last couple of months. When are she said, was that twelve percent? Um? But that was because they’ve been you know, offering pretty significant incentives, you know, cutting their base pricing, you know, in an effort to you know, keep selling homes. But you know, um, there’s gonna be some some standing inventory out there. It looks like for a while because we’ve been on boarding, um, thousands of homes where the builders are saying, hey, do you think investors will buy these for rent? You know, and they’re all over the country. But some of the problem with buying some of these homes for rent, even with a you know, maybe even thirty percent discount to the retail price today, is that, you know, these homes weren’t ever thought to be rental products. So there square foot three bed, two bath homes with very high end finishes that that is a challenging product type for you know, an investor to rent the home because a renter doesn’t unlike a home buyer, a renter isn’t looking at or willing to pay more in rent just to have more space. And it also for an investor’s perspective, you know, thinking about the future of cap X and and turn costs to to retrofit it back to more dura both finishes. You know, um, is is cost prohibitive? Um? So you know, I think it’s it’s gonna take a little bit of time. Um, but there’s there’s a going to be value depreciation um, both on on the resale and on newly constructed homes. Yeah. So how how do rents play into this or where do you foresee rents going? Do you think it’s gonna stay flat or do you think the i’m more prohibitive nature than we’ve had earlier in the year for home buyers in terms of prices, rates still being high, even if they come down some on the UH price side of the fence. Uh. Still the appreciation the last two years has been astronomical. So homes still gonna be relatively expensive when you compare to twelve eighteen, me four months ago. UM So what…

00:16:00 – 00:20:02

…do you what do you see on the rent side of the fence, Well, I think you know they’re there in lies some of the silver lining here for UM investors and even you know, going back to our previous point about you know, uh, a homeowner that you know has locked in low rates and and you may not want to sell, but if they have to move UM and sell their home today, you know, the opportunity I think in that situation is to move into you know, let’s say they’re moving from Phoenix to Dallas, find a home to rent. It is significantly more affordable, even with high rents, to rent a home today than than to own a home. And with the current prior to the rate hike this week UM, the average entry level home mortgage was eight hundred and thirty nine dollars higher than renting that same home. Now it’s going to be north of a thousand No if Hans or butts about it, I don’t know where it’s going to shake out, but it will be north of a thousand dollar difference or right around there. So for those that need to sell UM, you know, they should look at renting for a while and just get comfortable in the market, you know, get the lay of the land where you’re living. UM. But it’s also cheaper to rent than to own. And and for investors UM. You know that the investor concern is always about catching a falling knife, right, and then nobody wants to buy when when prices are going down. But this SFR market is unique because you know, data going back to the eighties shows that the sfr UM, you know, the single family rental market has held up better than any other asset class in the country. You know, when we’re going through recessionary periods, and I wouldn’t think we’re in a recession right now, and I’m talking the macro economy, but we’re certainly in a housing recession right now. I mean I would I think nobody would argue that we are in it it started. We just don’t know where the pricing is going to go. But that being said, values are are going down, builders are offering greater discounts UM, and homebuyers are also going to have to reconsider. You know, their price of a home two or three or four months ago is now going to be below that if they want to sell UM. So there’s opportunity in in that regard to buy homes where values are going down and rents are going up, and and rents are still projected to go up over the course of the next several years, and largely due to a lack of supply on the market. There there just aren’t homes to rent, so and and if people aren’t buying homes, they’re likely unting homes because families aren’t typically renting you know, one and two bedroom apartment units, so they’re going to be looking for single family homes. And I think John Burns indicated recently that um, you know, year over year UM, effective new lease rents are are still moving at six up today and and a lot of the major markets are still projecting a four to six percent rent increase year every year UM through the end of this year. And I I suspect and based on some of the data that I’ve read, um, you know, I think it’s you know, it’s going to normalize a little bit that rent growth, you know, and that that to to two and a half to five percent range, you know, but really probably averaging around around three with which fits into you know, kind of the typical forma you should be putting together…

00:20:02 – 00:24:00

…conservatively on rents. Anyways, Um, so I don’t think we’re gonna see the the exceptionally high rent rate increases that we’ve been seen, But all numbers across all ninety nine of the major markets in the United States are still indicating rental rate increases. If you have the ability two you know, to buy prices while they’re going down and you can still lease them at increasing rent rates, it’s an opportunity, you know. So for the capital I think out there, you know, in regards to catching that falling ninth, I personally don’t think it’s a good idea to wait, wait, wait until the absolute bottom hits, because you know, maybe maybe today you can you can buy a six and a half cap when you know nine months ago it would have been a five and a half cap, and you know, maybe in a couple of months you can buy a seven cap and then maybe it’s a seven and a half. But if you’re if you’re deploying capital and buying good return assets, UM, you know that that’s generating cash flow covering your debt service ratio. UM. You know, when you’re getting a good NLI margin, you know that there’s there’s a opportunity to continue deploying capital. So the silver lining I guess is you know, we’ve got we’re starting the process of falling prices and rents are not going down. Um, they’re not even stabilizing, they’re still going up. So you know that’s a that’s a good thing for an investor. Definitely silver lining on any you mentioned a little bit about the Phoenix market. Are there any other markets that, whether you would put a plus sign or a negative sign next to it, any other markets that have been really attention grabbing for you lately? Um, I mean due to the the the increasing tightening on on debt, um, you know, it’s getting harder than it was nine twelve, eighteen months ago to look at secondary and tertiary markets. Um. You know, so I think you know the top twenty markets in the United States are you know, probably where you know the it’ll still you know, it’s going to be more challenging than it was, but you know that’s where you’re still going to be able to get the debt on board because you know, just the strong fundamentals of you know, having ms as you know, over a million and a half people, good job based, good job growth, good you know, schools, you know all the things that that at an investor needs and you know, those secondary and tertiary markets that were you know, I have seen also good price appreciation and rent growth um and population growth, a lot of that driven due to the pandemic work from home. I think there’s going to be a little more of a pullback from the debt and equity on wanting to work with investors and focus on those markets temporarily until things shake out. So um, you know it doesn’t you know, again, from a rental perspective, things look good across the board and the top under markets in the country, Um, you know, but I think there’s there’s certainly going to be some some some tightening on debt nectary equity requirements for you know, kind of secondary and tertiary markets, even though they know many secondary markets still have very good fundamentals. But you know, the confidence in primary markets will will override I think in the short term. Yeah, at the day job at leg one Capital, seeing and…

00:24:00 – 00:28:00

…feeling the same thing, right the price whenever you sit in a credit review committee meeting. Um, there’s a little more safety and security in this primary markets and secondary markets still, but there is just a different different view and not to say that it’s nixed or falling off the edge of the cliff, but just a little more um time spent peeling back the layers, the further away from a primary market you get, just to make sure all the eyes are dotted and teaze crossed well. And for opportunistic investors, you know, um, the markets where values really skyrocketed are also are on all the primary markets, so you know, the the assumption would be they will have the greatest retraction and values as well. Um, you know, so that there’s gonna be there’s gonna be opportunity to to buy right soon. Um. You know, with with rents that are arguably at an all time high showing no sign of going down, So even if they didn’t increase, they’d stay at an all time high right now, stabilized over the next couple of years, which is not the prediction. But if that was the case, you’re going to be able to buy homes at at a lower value still at all time higher rents. So you know, there, there, there is. You know, there’s some unique opportunities that are gonna show themselves here soon. Yeah. From a cash flow perspective, and like that, from an investor’s perspective, opportunity to be had, just have to be arguably more mindful than you had to be a year or two ago. Whenever. H p A is just saving anybody and everybody, and that was your buffer. The stakes are a little higher now. And to steal your falling nie of analogy, Uh, that’s that’s that’s a really good picture to paint on. I’m just gonna be a little more cautious and do a little more due diligent. You do, you do. And And it was interesting, you know, because I lived through the last recession. You know, I was that guy in the big short walking around half built subdivisions wondering what the hell is going on? You know, I mean it was you know, I lived, I lived through it all, and and um, you know I I you know, my my background was you know, heavy and and land um and and land development for home builders and multi family developers. And you know, as as time went on and the groups that still had money by two thousand and ten, um, there there were a number of investors that just kept sitting on the sideline. Even even when you could buy you know, B class apartment unit for a door and it was a legitimate ten cap the concern there was, well is this the bottom? And I remember thinking, who cares? You have a ten? Right, Like, how does that not work? It doesn’t you know, even if it goes to fifteen a door, you’re still you’re you’ve got it fully leased at a ten cap. So you know that that’s it kind of gets to to what I was saying just a little bit ago. Um, you know, if you have capital deployment needs, Yeah, you’ve got to be more cautious because you don’t know where values are going. But there is going to be a point where the returns just makes sense, you know, and maybe you can try not to worry so much about the value. So you’re getting your capital out and you’re creating and aggregating a portfolio or adding to your portfolio with better turns and you could buy a…

00:28:00 – 00:32:02

…year ago. Yeah, it’s like, be be prudent, don’t be greedy and an eor right, Like if if if the numbers pencil out and you are SFR investor who’s looking at cash flow, Liken, SFR investors looking at cash flow, make that the kind of a tribute and appropriate weight to that in your diligence, you know, and I mean you know I remember talking to guys in and that finally started to play in capital and they all, I kind of wish I would have bought yeah, because you know, they weren’t sure when the next cycle was gonna end. We you know, which a typical cycle in real estate is five to seven years. So by twenty fifteen we were already at that seven year mark. Nobody had an idea that things were just gonna go up for another eight years, um, which they did. So everybody has been writing a wave of success, whether or not they did it on purpose or you know, are they just got successful because of market conditions? Um? You know, but you know, now out here we are and this is going to show who the you know who the kind of who was who was smart recently or who got you know, maybe a little lucky recently, but but more so, you really got to sharpen the pencils now. Um. And you you’ve you’ve certainly you know, you’ve got to be more careful. And that equity is going to hold you to that too. So um, you know, there there there’s some real real restrictions in place now, but like I said, there’s there’s gonna be opportunity. Um, you know, to buy to buy right while the rental market is still still rising all over the country. What you were saying reminded me of trying to time the bottom of the market right, no different securities, and that you know, generally speaking, you’re not gonna be able to time the bottom perfectly. So if see opportunities that pencil out, I’m go for it, right Yeah, Yeah, I mean that’s that’s exactly it. You know, you wait for the bottom um, you probably won’t realize you missed it for at least a year, exactly. Yeah. And you know, the maybe riskier, maybe smarter or or whatever you want to call them, those investors that you know that that find opportunities that cash flow and deployee capital will be buying better returns um and you know they’ll they’ll they’ll probably be thankful for it years from today. So for people I’ve been on of course have been on SVN site, the other sister companies, you’ll have always great portfolios, great opportunities in there. The data that you provide allows investors to get a really concise bird’s eye view of uh kind of the nuts and bolts of each opportunity that’s in there. So for folks who are active investors, which is most everybody listening. Uh, tell us how to get there where we should look UM and get in touch with you all. Yeah, I mean, you know, all of our deals are are found at sm R hub dot com. It’s very simple registration process. It’s free, like the registered button in the of our right hand corner, filling your information UM and will certify you and you’ll have access to you know, all of our deals across country and then UM you can and once you see you know something that looks…

00:32:02 – 00:36:00

…interesting and contact us via email or our phone UM, which is all on there, and and you know, we’ll send you the dock vault that has you know, all the more pertinent information. UM. You know that we’re not publicizing, you know, on the site because we want to make sure that you know, people sign the NDA and you know, we don’t want to give away you know, sellers information UM just for kind of looking looking at a deal online. But you know, once once you get our our property tape UM, which we call an a s R an Advanced s of our scrub Report, that’s that’s a pretty extensive Excel spreadsheet that has all the pertinent information that that any investor is going to need to analyze the home and it’s all the same information that the lenders are gonna need. So so we’ve really created UM a product that is UM you know, equally equally favorable to help the buyer understand, you know, the opportunity as well as to to put it right in front of their lenders so their lender can plug all the same information in. And I know we’ve done this together, you know, multiple times on portfolios with LIMA one. So UM. You know it’s a it’s a great tool and resource and and UM. You know it’s something that the industry has has i think come to respect and UM and we’ve we’ve been very proud of what we’ve created. You know. So we put together institutional off free memorandum so you know, somebody that really likes to read, you know, they can go through and read all the content. Some investors are more bullet point driven, just want to look at the bullet points UM and dig into the t twells and look at the property tape. UM. But we we really put a whole dock vault suite together to give whatever type of investor you are, if you’re down in the weeds and you want to read every single word we’ve We’ve got plenty of info for you have if you really just want to dig into the numbers, you know, we’ll get you current and actual numbers and performing numbers. Um. It’s all in there, so very complete package, um, you know, really structured for institutional investors all the way down to mom and pop investors. Yeah, as plug and play as it gets. And as someone who lives on the lending side of the fence, and and like you said, we’ve done plenty of deals together. Uh yeah, just as plug and play as it gets for the investor, for the lender. Makes life easier, which is always greatly appreciated. And that’s why that’s actually why we created that’s our up dot com years ago because we started in the space in and it was it was so apparent back then, Um, the disconnect between buyers and sellers and values and and even anybody knowing what they even had in their portfolio because so many people you know, bought homes and foreclosure. Um you know, so there’s really no you know, due diligence that comes with those um you know, So we were cleaning and verifying data you know on these large portfolios back then kind of the old fashioned manual way. Um. And and that’s what we created the tech around to help automate that and use our processes of underwriting to just get through the faster because you know, take a hundred hours to do a hundred homes if you really did it right. Um. But the big problem back then was, unlike the commercial world where most people use co star, you know you already there’s a few sites, you know where everybody’s kind of gauging off the same information and you know it wasn’t correct because no data is. But you know, in the SFR world, you know, if you had a buyer…

00:36:00 – 00:40:01

…comping off the MLS, a seller comping off a Zillo you know, or truly or just wherever, there were so many different sites and the values were never, never the same. So you know when we when we recognize that, you know, we were like, wow, we gotta get We’ve got to create something that the market recognizes as as good data research and valuation so we can get the buyers and sellers starting a negotiation off the same information. So you know this property tape or a SR that I mentioned, you know, when we would underwrite a deal, and the seller would agree to the pricing, we’d go to market and now we’re sharing good data with the buyers, and now the buyer and the seller are on the same you know page. Obviously, a buyer needs to do their own research and they can go to wherever they want. But at the end of the day, you know, instead of starting with a sixteen or eighteen percent price discrepancy, if you’ve got a seller using one data source and a buyer using another, we start them from the exact same playing field and then you know, it just it just made the it’s proven to make the negotiation easier because you know, it’s it’s it’s trusted data on on both sides. Is very true. I think we’re gonna bestow upon you the title of s f R Guru. Oh I don’t know about that. Your to YouTube humble Michael, But thank you so much for carving some time out to walk through the current state of the market and where we see it going. Always enjoy chatting with you. Always learn uh and yeah, it’s it’s interesting times right now and interesting times ahead. Just hunkered down, stay prudent, but there’s little opportunity out there, so um yeah, I think that’s takeaway. Yeah, i’d say keep your pencils sharp, be patient, um, you know, scrutinized deals heavier than you were before. Um. And and you’ll see, I mean, there’s there’s always silver lining when you know, there’s market corrections and and that’s still relying is really finding the gems or the diamonds and the rough so to speak. But but they’re going to be out there, and and there will be more of them as time goes on. Um, you know. But yeah, it’s it’s not a it’s not a bad time to buy at all. It’s just it’s just a matter of doing more critical due diligence was well put. So thank you, Michael. And I’m sure I’m gonna see you sometime here in the next couple of months. Is the conference circuit heats back up. I can’t wait for that. I’m sure i’ll see you in December at the SFR Fridston and Scott. Well, I’ll actually miss that one. I turned thirty and I’m gonna be out of the country for a couple of weeks. I’m getting old, Michael, So I’m yeah, well, well you enjoy that. That that sounds you know. The s of our conferences are fun, but you know, birthday vacation and out of the country is probably Yeah, it’s it’s a decent trade off for this year. So but I will see you some points soon and thanks for joining. Yeah, I really appreciate it, Dalton, Thank you for sure. Thanks everybody for listening. Take care. Are you a real estate investor looking for the right lender that can finance all your deals and help you scale. Lima one Capital has the best suite of loan products in the industry barnet. Whether that’s fixing flips, fix and holds, building new construction, or buying rental properties, they have incredible financing solutions for it all. A reliable, common sense lender is one of…

00:40:01 – 00:40:44

…the most important parts of your investment team, and that’s exactly what you get with Lima one. Let Lima one Capital show you how they’ve helped thousands of real estate investor scale and increase their wealth. Check out Lima one dot com or call eight hundred to five nine zero five nine five to speak with the consultant and preparation for your next project. Thank you for joining us today on the Real Estate of Things podcast. Subscribe and tune in weekly for new content from the industry’s best while we continue to unpack the nuances of this dynamic market. Follow us across social media for additional insights and analysis on the topics covered in each episode, and remember to rate, review, and share the show.



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