From Corporate America To Real Estate Investor w/ Randy Langenderfer

Ever pondered the leap from a steady corporate gig to the rollercoaster world of real estate investing? Randy's your man, and he's sitting down with me to unravel his journey from executive to real estate maverick. Transitioning from a secure high-paying job to taking risks with fix and flips, Randy's story is a blueprint for anyone itching to swap their office view for a portfolio of properties. His pivot to multifamily commercial real estate syndications in the promising Houston market shows just how strategic real estate endeavors can lead not only to wealth but to an exhilarating new lifestyle.

Grasping the complexities of a bustling city's growth, like Houston, Texas is crucial, but it's the shift in mindset that's the real game-changer in property investment. I'll share how my undying thirst for knowledge and personal growth has shaped my approach to real estate, fueling my commitment to mentorship. If you're wondering why multifamily properties might just trump single-family homes, or how a community can bolster your financial freedom, then you're in for a treat. It's not just about the numbers; it's about the people, the learning curves, and the shared success.

For those of you ready to take the plunge but feeling weighed down by self-doubt or financial constraints, fear not. We're dissecting the journey from uncertainty to triumph, emphasizing the power of education and the strength found in partnerships. And because I'm all about giving back, I'm thrilled to share a sneak peek into the educational offerings at Multifamily Maestros. Don’t just take my word for it—join us as we navigate the highs and lows, sharing stories and strategies that might just inspire your next, or first, real estate venture.

Podcast Intro 

Transcript

Tony: 0:38

I would like to thank everyone joining The Professionalist Real Estate Investing Podcast, I have my friend Randy here. How are you doing, Randy?

Randy: 0:44

I'm doing great, Tony. It's great to see you Thanks so much for letting me be in your show.

Tony: 0:48

Thank you so much. With all our technical difficulties, we got this going.

Randy: 0:53

Yeah, your audience will go off seamlessly for them, but it was a challenge.

Tony: 0:57

Exactly exactly. So yes, I'm talking to Randy. Randy, can you give the audience a brief rundown about you and everything and how you got into real estate investing?

Randy: 1:22

from there. But my journey started back about a decade ago when I was in corporate America and I was working for a large private equity company, carlyle-based one of their Carlyle companies. I was an executive, I was making a very healthy dollar and a great position, but I quickly realized that I was in jeopardy of getting laid off, not because of anything I had done performance-wise, but just because of the state of the business and the economics. And at that time I had a real aha moment, Tony, which was you got to find a difference, another set of income, randy, you need to be protecting your family and yourself. So I set about a very conscious effort to find something and I looked at small businesses. I looked at franchises. I looked at franchises. Had a brother-in-law that got me into single family fix and flips. We were hard money lenders living in Cleveland, ohio at the time, lending to a group out of South Florida, dade County. Did that for several years and that was profitable.

Randy: 2:20

Moved to Houston, texas, for business for several years and that was profitable. Moved to Houston, texas for business. Found multifamily of commercial real estate syndications. Learned the syndication business, started investing in properties myself with my own dollars and educated myself About 2014, 18, I did my first general partnership where we identified and acquired a property. So, fast forward to today, I'm a general partner in about 1,500 doors in Texas, carolina, arizona, and I continue to invest in other people's properties. So I am a passive investor in probably 3,000 other doors, investor in probably 3,000 other doors and left the corporate world just a year ago after choreographing that transition. As I said, finally cut the purse strings and I am enjoying life. So that's a beautiful thing.

Tony: 3:16

How was the transition from going to a full-time corporate job to doing everything on your own? How that space right there? How was that transition?

Randy: 3:27

Yeah, I had, unlike other people that have just kind of you know, some people just happen to work into it or it happens to them. I said I did not get laid off. I was thankful of that. So I had the ability to plan that transition over an extended period of time and so I, very consciously, as I said, started investing and getting passive income that way, and then more. So when the time came to actually do it, I was very ready.

Randy: 3:55

I was very ready intellectually, and probably I could have left a year or two earlier, because my emotional and my mindset was not in the corporate world, it was in real estate. And once I came to the realization I wasn't really serving my employer to the best of my abilities, if I can be so honest it was time to go and that's what I had choreographed. So it really wasn't a challenge for me at all. It was. I had had a health concern in there too, which my wife wanted me to leave even earlier than I did. But we stuck to the original plan. And so, yeah, your income goes down per se from where I was, but, yes, got enough to live on and we're doing just fine from where I was.

Tony: 4:42

But got enough to live on and we're doing just fine. So that's, that's beautiful. I love that how you just went about from the corporate part to uh going to into real estate investing. Cause I tell people I said, uh, it's like I know I talked to a lot of people and they talk about real estate investing. It's like Tony, it's a bad time. I says it's always a good time to invest in real estate. I said, as long as those numbers are just right and it benefits you to your needs and your purposes, it's always a great time.

Randy: 5:09

Yeah, I think that's very true. People say when's the best time, and I always say 20 years ago or today. It's just that today you buy very differently, whether you're doing single family or multifamily, or office or retail. You buy very differently today than I did even 12, 24 months ago. So it's a very different underwriting process today for me personally. And if I find something that matches the criteria, then yeah, there's a higher interest rate, but if I can still get the kinds of returns I'm seeking, go, that's what you learn to, that's what I call the risk mitigation piece of the business. I did that a lot in the corporate world for many years risk mitigation, corporate risk mitigation and now I just do it in multifamily.

Tony: 5:54

And so I tell people you take a risk in everything. We take a risk in everything that we do, so why not do real estate? That's what I tell people. Yeah, and in everything that we do.

Randy: 6:01

So why not do real estate? That's what I tell people. Yeah, and I'm the king of that because I grew up well-educated, a master's in finance, cpa and they teach you the traditional 401ks and your equity and bond diversification strategies foreign equities, large cap, small cap, mid cap, equities bonds, tax-free, non-tax-free, et cetera, and I still have much of my old corporate stuff in there. But they never teach you about the alternative stuff, such as real estate. And it's just a shame, because the other illustration I always give Tony is my last corporate employer.

Randy: 6:46

A large academic medical institution here in Houston, texas, has a. They had their traditional asset diversification strategies of equities bonds and alternative investments, and alternatives made up a small portion of it. Well, now, today, fast forward, they have four different classes. They have equities bonds, alternative investments and real estate. So real estate has been broken out from a diversification strategy, real estate has been broken out from the alternative classification into a classification of its own and it equals anywhere between 8% and 12% of that overall portfolio. So I'm not a bright guy, but I can do the math of 10% of 1.5 billion.

Tony: 7:45

Ooh, we, wow. That is great. I just want to let you find out, like so you've done in different fields with real estate investing Um, what, which, which? What part is your niche Like from, like single family or multifamily, or wholesaling? What's the one that you really feel comfortable at?

Randy: 8:06

Started out in single family, switched to multifamily, in, I don't know, 14, 15. So I would say today I am my niche, my sweet spot, my place I feel most comfortable with is multifamily apartments, syndications. That's where I as a general partner am out going, finding deals, finding assets to acquire and then putting a group of investors together and go out and buy that asset. So the illustration I use most there for people is a lot of people, especially in the corporate world, executives, people maybe not even executives dual incomes that have some spending money. If we get them engaged on real estate, then the question is how do they invest in real estate?

Randy: 8:56

And I give the illustration of the airplane. There's primarily two different parts. There's the pilot in the front of the plane. He or she is worried about the weather, all the mechanical stuff in the plane air traffic control, et cetera. That's called the general partner in multifamily, or the person who's active and going out and finding the deal.

Randy: 9:20

And the other person in the deal is the person who's the passenger in the plane illustration, sitting in the back sipping their favorite beverage and reading a good book. They leave everything up to the general partner and so that's the limited partner or the passive investor in the syndication model, and either is fine the syndication model and either is fine. But I find a lot of people don't want to have to be involved in the nitty gritty details, and that's kind of. What I do is overseeing specific apartment buildings, overseeing third party property management who runs the day-to-day activities, and so it's a lot more time on my part than the passive investor. But the passive investor gets the advantage of real estate in their portfolio with really not having to do any of the work.

Tony: 10:14

Yes, true, because I was going to ask you about that. What does the general partner do? And, yeah, as much as I've studied from it and everything. Yes, they're the ones that orchestrate everything that's going on and, like you said, the investors. They're the ones that are sipping on their drink or reading a book, but you're doing the groundwork of everything. Make sure it's the best investment, the best return for yourself and for your investors.

Randy: 10:40

We're getting the bank financing, we put money up front that we're at risk at as general partners for earnest money to buy the property, down payment on the loan, to get the loan before we ever go to investors. So, just like in single family, there's generally an investment summary that comes out for each opportunity explaining the market, the financials, the business plan, et cetera, et cetera. And that's really where the passive investor focuses. If I send you an opportunity in Toledo, ohio or Orlando, florida, you'd have different kinds of questions and that's so anyhow.

Randy: 11:24

But I think it's much like the single family space and that it's very relationship oriented. So an investor has to one, want to be in real estate. Two, multifamily, and then three, they got to have confidence. If it's not myself, it's somebody. And then three, they got to have confidence If it's not myself, it's somebody else called the general partner or the sponsorship group. They've got to have confidence in them that they are one competent, that they've done this before, that they get the kinds of returns they're promising, et cetera, et cetera. So it's very relationship oriented.

Tony: 12:04

Yes, it is Especially with real estate. No matter what part of real estate that you're involved, there's always a relationship bond and when you deal with the multifamily, is there a certain type of amount that you go with. Is it 20 doors or 40 doors or 100 doors? When it comes to the apartment, the syndication, so every I'll call general partner is different.

Randy: 12:36

Me and my partners, my partners and, I excuse me, my partners and I tend to concentrate on, we try to focus on assets that are about 100 doors or more, maybe 90 or more. Probably 90 to 200 is. 250 is our sweet spot. I have done some bigger deals with other people who have done some smaller deals, but if you were to ask me my avatar investment, it would be 90 to 200 doors in the Sunbelt, in the Southeast, southwest, those markets I'm in, as well as Texas, and I like those markets a lot. Why do we like those markets? Because growing income, growing population. I was talking to an individual who happens to reside in Rochester, new York, and he was telling me you know, there's no apartment complexes going up in Rochester, new York.

Randy: 13:32

Well, in Houston, texas, in Dallas, texas, san Antonio, austin they're everywhere, because there's, according to who you listen to, anywhere from 3 to 8 million housing shortage across the US, yes, and so there's a desperate need for this asset class too, and those areas are shifting to the Sunbelt area where populations are migrating and income growing. So that's no disrespect to a northern city. There's still opportunities there, but that's just a niche I've looked at. To mitigate risk investment risk. There's a higher probability of succeeding in one of those population and income growth areas than there are in a declining area across the US.

Tony: 14:27

Yeah, I'm glad you said that because I know here in California I've known a lot of people to migrate to Texas. Nashville, tennessee and the Tennessee state state a lot there too. The Midwest around Kansas City, cleveland, is a hot bed. Cleveland and Cincinnati I studied all the time and then my home state of North Carolina. There's a lot of people going from the Midwest down to Texas and they push it to the South, from the Midwest down to Texas and they push it to the South.

Randy: 15:05

And there's a lot of people there no-transcript. You can't really understand it until you see it. Um, sometimes, but there's a lot of people coming to Texas.

Tony: 15:25

Yes, there is, there's a whole lot. Yes, I've, I've was there a couple of years ago. I was in, uh, austin, and Austin was just booming like crazy, like crazy.

Randy: 15:37

That it's on steroids.

Tony: 15:39

Yeah yeah, that's a good way of putting it, just like that Everything that I was seeing, I was like this city is huge and it's like going up and up and you got the University of Texas. That's there too. Yeah, you're right. And then there's a lot of corporate buildings there too, headquarters there too, in Austin.

Randy: 15:57

Elon Musk has moved there recently, in the last couple of years, and people talk about the Houston traffic but Houston's got nothing on Austin traffic. Austin traffic is just as bad these days as Houston because of the population growth you speak to.

Tony: 16:12

But, anyhow. Yes, that is great. How do you stay informed, like educate yourself, with everything that's going on in your daily activities with it?

Randy: 16:23

I'd like to. That's great. I'd like to consider myself a lifelong learner. I said, you know, when I first got in this space I studied it for several years before not several years, a year or two before I ever invested. And then I invested my own money and so I still to this day. I go to conferences a couple of year, years at least. I am a nerd and I listen to your podcast and other people's. Whenever I'm in the car going someplace, my wife will get in the car with me and say, randy, can we listen to something other than a real estate podcast? Yeah, real estate podcast. It's just once you get the fever, excuse me, you're indoctrinated to it. So, conferences, meetups I do a lot of reading on the subject matter and then really an attempt to give back Tony, in recent, just in the last six months, a partner and I have started a mentoring business on how to help and teach other people how to acquire multifamily real estate and really enjoying that and kind of large national educational groups.

Randy: 17:32

Lifestyles here in Houston is perhaps one of the largest. They do both multifamily teach how to acquire multifamily and single family and how to scale those. I mean there's Jake and Gino, micah Blank, sumrock Group, mark Kenny, just to mention a few. And so they're what I really call the big box and we're trying to offer much or something much more personalized, like I call it, the true value. Hardware illustration of if I go into the big box of Home Depot.

Tony: 18:14

That's a great way of putting it.

Randy: 18:15

I can't find somebody to help me, but when I went into my local true value hardware it stuck out to me recently looking for something, and somebody greeted me at the door and said how can I help you? And they walked me right to the item that I was looking for. So that's just, uh, what we're trying to differentiate it at, and it's a whole lot less than than one of the big boxes too. So, um, uh, it's, it's fun for us and, uh, just trying to give back to the overall population, because, I'm sure you can relate, there are many people who built into your real estate development, as there has been mine, and so I think my own personal opinion you give back by this podcast and giving a lot of value to your audience. This podcast and giving a lot of value to your audience, and I really think that we all should have that at top of mind in terms of giving back to the profession that has blessed us.

Tony: 19:14

Thank you so much, randy, then that's the reason why I started and just like an example with you, randy people who are professional at what they do I mean you have to start somewhere. I tell people you start from the ground up and I commend you in everything that you do. Everything that you speak about, you're actually you're still teaching me. I'm still learning day to day, every everyday activities, and especially with the apartment syndication and multifamilies. That's like my, that's, that's my baby right there, but I like to do in all aspects of real estate, but with the multifamily and you being a general partner, and everything that you do, because I've studied what the general partner does and they have a lot of tasks and you've took it upon yourself to help it with investors and everything. So I commend you so much about everything what you do.

Randy: 19:59

Well, it's a team sport, as they say, and I used to hear that and it didn't resonate with me until I bought my first building with a couple of partners and it truly is a team sport. You know, uh, and the the advantage of of multifamily over single family, and nothing wrong with single family. I know many people who have made very wealthy because of single family, but for me personally it was difficult to scale in single family and in multifamily it's much easier to scale and there's as much work in acquiring a hundred unit built property than there is a 10 unit property. But the economies of scale are much better in the 100 unit than they are the 10 unit. And I say do you want to own a large percentage of something small, be it you own 100% of 10 rent houses, or do you want to own 10% or 5% of a $10 million property that has 100 units or 15 million? No right or wrong answer.

Tony: 21:05

No.

Randy: 21:06

No right or wrong answer. It's just what you're most comfortable with and what works best for you and your family.

Tony: 21:13

Yes, and then that shifts also to mindset. So when it comes to real estate investing, you've got to have a mindset. Can you explain that for individuals out there? Because they just think you just put money into it and that's it, but a lot of it plays with your mindset also.

Randy: 21:32

That's great, tony, because I think you're absolutely right. The mindset shift was a big one for me. First mindset was I'm really not smart enough. I don't have enough money to do this. Um, I own a home or I pay a mortgage on a home, but that's about my extent in real estate. So, um, and then I, I started getting into this and dipping my toes into the water and I still thought, um, I wasn't good enough, I wasn't smart enough or I didn't have enough money. And so, wherever you are in that journey, uh, you can get started, either as a passive income or buy a rent house or whatever you choose to do. You just need to narrow and focus it. And that mindset mindset shift is huge.

Randy: 22:23

I was doing this for several years before I really began to see that. You know, I'm not any dumber than any of these other people that are highly successful in this space. And the one guy finally told me, the one mentor, said Randy, this isn't brain surgery, it's not. You're not doing anything that hasn't been done before. All you need to do is just follow the playbook that's been written and been very successful by others, be it the single family or the multifamily or whatever other class you're in, just follow the playbook. Then, when you have a small success or a big success, I remember when we sold our first multifamily property as a general partner, when I was able to double investors' money in 21 months you only need some small success or big success to really get you even more excited than you were before. And the other thing about the mindset is that there is a gazillion reasons why not to do this. Yes, there is.

Randy: 23:28

Especially.

Randy: 23:29

Let's just say I talk to a lot of high net worth individuals and they say I don't need it and I go yeah, but my diversification strategy.

Randy: 23:36

So you can talk about it from a diversification strategy to maybe you want to be active and maybe in the single family space you like to be a contractor and do pounding nails and that kind of stuff. Sweat equity is great and if you prefer not to do that, there are other venues to do it. But, tony, when I wrote my first check to do a multifamily, I remember my hand was literally shaking as I wrote that check the first time and because I'm a, as I mentioned, a finance professional and generally risk adverse and I thought of all the reasons and all the things that can go wrong and bad things can happen. But bad things can happen in the stock market or other equity investments and you know you, just as my, my mentor, rod Khalif, said, you just have to take massive action. You have to take action. So I coach people that you know. If you've ever heard the old illustration ready, aim fire on anything left.

Randy: 24:43

So you know, and I would put myself in the category I started out ready, aim, aim, aim, aim.

Randy: 24:51

And then, before I finally fired, there are other people I know that aim fire ready. They just do it, you know, and so my personality didn't mix them. My point of it is that mindset shift is huge, but I think of all the people that I know from the corporate world. I call it speculation. They just throw money at a bond fund or a mutual fund, a large cap, a small cap, and they don't have any idea. They see they got a return last year of X and they start allocating some of their money towards it. That, to me, is speculation versus I wanted to be an investor.

Randy: 25:35

In my mind, an investor is someone who studies the business plan. Someone who studies the business plan, studies the risk, understands the risk and what is being mitigated to address those risks. Be it whatever asset class you're in, how is the operator mitigating those risks to you, the investor, and then finally investing, pulling the trigger? But I think it's two different mindsets and people don't have any hesitation in throwing money at a mutual fund, but they have great hesitation in investing in a single family or a multifamily and I understand that. But they could partner with you, me or many other people to be in real estate without having to, as I call it, worry about tenants, toilets and termites. So there are many different avenues, but that mindset is one that and your mindset changes.

Randy: 26:36

So today, my mindset was that I'm not really competent to do a 200-unit apartment building. Mindset was that I'm not really competent to do a 200-unit apartment building. I can't raise enough money. Well, I can't. But there are people that I've partnered with that have experiences that, combined, were off and running. So you don't back to that team sport. You can find partners to assist you, and so mindset is everything, and once you start to believe in yourself and that you can do it, you'll see the rewards. And I'm sure you can point to people in your space that are, forgive me, less smart than you, that are probably making a lot more money than you. Yes, and maybe they have more time for it, or they just have more risk tolerance or any combination of the above.

Tony: 28:12

I like what you said. Randy too is in the old expression you don't need to invent the wheel, the wheel is already invented. You just go by their steps to this. You learn those steps. That's all it is my mom always I haven't used this expression a lot what she says, but she says there's nothing new underneath the sun, and when I hear that, when she told me that, that's always stuck with me because I think every there's always been somebody in that position that's always stuck with me because I think every there's always been somebody in that position.

Tony: 28:45

And just like with real estate investing, oh yeah, there's been a lot of fearful people in real estate investing starting off, but then they stuck with it and they got into it and they look back just like this the example when you said you wrote your first check, you had a $50,000 check and your hand was shaking like crazy. You, and a whole lot of people too, have been in that same situation. And then you look back. You're like you know what? I'm glad I fired. I'm glad I fired that shot.

Randy: 29:10

I can say I am immensely glad I fired that shot. Yes, but at some point you have to take take action. Whether you're a passive or an active or whatever single family, multi-family wholesaler. Maybe you want to be a real estate broker or an agent, but I believe many people, more than they do, should have real estate in their portfolio beyond their single family or their house that they may own, if nothing else other than a diversification strategy. But that's Randy speaking.

Randy: 29:52

And the two things that's always stuck with me when it comes to real estate investing is.

Tony: 29:58

It's a need. Everybody needs a place to live. God's not making any more dirt and God's not making any more land. And when I heard those two lines, I was sold off. I was sold with real estate right there. I'm like that's so true.

Randy: 30:12

So multifamily space. The other thing is just really nice is it's the only place where I can get a non-recourse loan. Meaning to your audience, that means that I'm not personally liable for the loan the bank because it's a business. The loan is guaranteed by the assets. So at the absolute worst, if Armageddon were to happen and I struck mud, I'd lose my investment, but they couldn't come after my house or my cars or my other assets, whereas every other asset I looked at like buying a franchise or buying a small business you had to sign a personal guarantee. Yes, you do. Those assets are at risk. So that's another beautiful thing for me a little bit later in life.

Tony: 31:03

Yeah, so we got into the mindset. Yeah, get your mindset straight to get into real estate investing, even if you want to partner, just like you, with being a general partner. Then you move on to the education part and you said, you said, you teach education. Where people they can, they can know exactly what, what they're working with when dealing with real estate investing.

Randy: 31:30

Yeah, we, we started. It's how to how to acquire multifamily properties. So that is the intent is how to help people acquire multifamily properties. So that is the intent is how to help people acquire multifamily properties. And, very simply, we've got we've only been a couple minutes a couple months into it, but we are trying to do just that give back by that means. And we've got people in the program that are brand newbies that I jokingly say they can't spell real estate. And then they got other people that are, you know, having us overlook their deals to. They want to acquire.

Randy: 32:07

Wednesday night we were talking about a guy who wants to acquire, of all things, a hotel, and so we were helping him talk through it. So, really, to your audience and if it's not ours, there are many others out there the value in this is the teamwork and meeting people like-minded, whether it be at local meetups, national conventions, podcasts but you really need I mean, if you're just going to buy a rent house, you need professionals to help you on the close. You need to develop a vendor list of who you're going to have on your assist you. That's the same thing on multifamily. So one of my mentors told me no deals are made in your home office.

Randy: 32:48

So that's true. You got to get out there and network and meet people, and what you'll do is you'll find people that have the same desires as you, people that have the same desires as you, and hopefully you can begin to build a relationship with them over a period of time. I mean, that's how I found my first partner. We were both attending a large, large educational group and went to the same conferences and talked and hey, you want to do this, I want to do this. Rather than doing it individually, why don't we do it together? And that's about as sophisticated as it went.

Tony: 33:30

And that's the easiest way, but that's just the way to start off, being around like-minded people who have the same. They don't have to have the same exact goal as you, but around the same goal as you, because you might, they might want to acquire more doors than you, but at least you're all in the same frame.

Randy: 33:49

You're starting out together and the only caution I would give is my mentor again told me that partners are like a marriage they're easy to get into but they're expensive and painful to get out of. So just have some. If you're going that route and I did not hear that when I did my first partnership and we still have successful and talk but, yeah, you have to understand each other's strengths and weaknesses where they are. You don't want to get married to somebody just like you. Uh, opposites do attract yes, they do.

Tony: 34:26

Oh, randy, I'm so glad to have you on, uh, this episode right here. Um, how, how can people get in touch with you? I'll make sure I have everything in the show notes for them to get in touch with you and everything well, tony I, I just really want to thank you again.

Randy: 34:41

It's been a pleasure to be on your program and talk to your audience, and I'm a nerd as I tell my wife, I love to talk real estate, so if any of your audience ever wants to chat about something, there's a couple of ways to get ahold of me. My corporate webpage is invest I-N-V-E-S-T. Hyphen A-R-K. Invest hyphen arccom. There's a contact page on there.

Randy: 35:03

If you got any interest on the educational arm that we talked about spoke about. If you're anybody from your audience hears this and would like to talk further about that, they can get on the I'll put it in the show notes the multifamily maestros all one word com and book, a discovery call to talk about that, and I also want to give something to your audience that we'd love to offer to your audience. If they'd want to join on a trial basis for 30 days, that educational arm to see some of our online modules and join our group calls just to get a feel for it, we do that. We give them a one-time offer at $197 for 30 days. So we think just for your audience today, though. So we'd love to offer that.

Tony: 35:48

Yes, I'll put that all in the notes and everything, randy, and it's been an honor and a pleasure. I'm glad we got to do this interview together. Even with all the technical difficulties, we got to it squared away.

Randy: 36:05

I would love to have you in the future and everything. We can talk even further. Tony, you know where to find me. I'd love to join and I'm happy to talk real estate anytime almost anywhere, so let's do it again, all right.

Tony: 36:19

All right, randy, and I want to thank everybody who's been listening to the Professor's Real Estate and Investing Podcast, and y'all have a blessed day.