Making a BIG Change to My Portfolio

Dave:I’m making an enormous change to my investing portfolio. I’m promoting shares and I’m doubling down on investing in actual property, however in all probability not in the way in which you suppose. A number of months in the past, at first of January, I defined my upside period framework for investing in 2025. It’s all about discovering offers that work fairly nicely in the present day, however have the potential to actually develop and dump rocket gasoline in your portfolio over the subsequent couple of years. And in the present day I’m going to share my upside period Q2 replace, together with some strikes that I’m making myself primarily based on all the pieces that’s occurring within the financial system proper now. As a result of as you’ve in all probability heard, there’s a ton of volatility throughout shares, crypto, and virtually each different asset class. However personally, I see alternative to benefit from these circumstances utilizing actual property investing. And in the present day I’ll clarify how I’m personally doing that proper now.Hey everybody, it’s Dave Meyer, head of Actual Property Investing right here at BiggerPockets. Welcome to in the present day’s present. In the event you’ve been listening thus far this 12 months, you’ve in all probability heard me discuss so much about what I consider is a type of new actuality in actual property investing, which I’m calling the Upside period. And if you wish to get the complete framework that I’m utilizing to explain actual property proper now and to explain my very own deal determination making, you can take a look at Present 10 66. It aired on January sixth, 2025, and it goes into deep element about all the pieces I’m fascinated about. So if you happen to missed that episode, I simply wish to maintain listening to this one proper now. Right here’s the gist of the framework and the way I’m fascinated about issues from 2013 to 2022 is what I name the Goldilocks period. It was mainly this excellent conglomeration of circumstances that made actual property investing actually engaging, comparatively straightforward and tremendous profitable.These are issues like costs taking place throughout the nice recession. Whereas rents saved rising, we had low rates of interest and by 2013, lending exercise had began to renew. So it was fairly straightforward to get a mortgage and purchase properties at a comparatively good worth, and that continued for like 10 years and lots of people acquired actually rich and it was nice for the complete actual property investing trade. Then as everyone knows, 2022 hit rates of interest began to skyrocket and now we have skilled what I’d take into account a correction or a recession in actual property. And I wish to be clear that I’m not saying that costs have gone down or crashed. I believe there’s some confusion once I say typically that there’s type of a recession in actual property as a result of the phrase recession and what I’m describing proper now actually describes the general financial exercise of our trade and that indisputably has gone down from 2021 to 2024, we noticed almost a 50% drop within the variety of houses which might be purchased and offered.So simply by that measure alone, now we have been in a recession. We’ve additionally seen largely costs have slowed down so much, they’re nonetheless rising, however they’ve slowed down so much. Lease progress has slowed down under long-term averages and in a variety of areas and a variety of asset courses they’ve really declined. And so it’s been a extremely powerful couple of years in the complete actual property trade in 20 23, 20 24, and clearly the second half of 2022 as nicely. However now as we flip the web page and go into 2025, I believe we’re coming into a very new period for actual property investing and it’s what I name the upside period. And I wish to be clear, and I believe that is actually essential, that this new upside period has a variety of nice alternatives and there’s going to be nice methods for actual property buyers, giant, small, inexperienced, tremendous skilled to revenue and profit from this new period, however it will be totally different from earlier period.It’s not going to be prefer it was from 2013 to 2022 when all the pieces was simply tremendous apparent and type of straightforward. As a substitute, you’re going to must be slightly bit extra inventive and I believe look slightly bit additional into the longer term to know easy methods to generate the very best returns. Alright, so that’s my overview of the Upside period and as I discussed on the high of the present, what we’re going to enter in the present day is a few strikes that I’ve personally made in my very own portfolio to benefit from this new period and the alternatives which might be going to be current and worthwhile going ahead. So earlier than I clarify although what I’ve really executed within the final couple of weeks, I wish to type of provide you with an perception into my technique and this framework that I’ve been utilizing for deal choice. So my private technique within the upside period is to search out offers that make sense in the present day.I don’t wish to have something that’s dropping cash. I need them to have the ability to break even inside the first 12 months of possession. And I do know that break even doesn’t sound like probably the most attractive factor, however let me simply clarify to you why I take into consideration this manner. Before everything, I’m not speaking about that social media break even the place individuals simply take their lease earnings, subtract their mortgage cost and say that’s cashflow. That’s not it. Actual breakeven, you need to be speaking about CapEx, upkeep turnover, value vacancies. So I’m saying that you simply break even and nonetheless generate precise optimistic cashflow after correctly accounting for each expense and sustaining a money reserve. And if you’ll be able to do this, although it doesn’t sound as attractive as what lots of people say their offers are, I nonetheless suppose that is really higher than a inventory market return as a result of let’s simply say breakeven, you’re getting a 1% money on money return.5 years in the past, nobody would purchase a 1% money on money return deal, however on this upside period, I’ll inform you why I’d at the very least take into account it. I’m not saying I’d purchase something that breaks even. Lemme simply provide you with an instance. In the event you have been to generate a 1% money on money return, that’s a little bit of a return, nice. However you then in all probability get two to three% return simply from amortization that’s paying off your mortgage. Then if you happen to get appreciation even of two% with leverage, that may be one other three or 4% upside and return in your funding. After which tax advantages are normally one other 1% return as nicely. So while you put all these issues collectively, you’re speaking a few seven to 10% complete return throughout your complete funding. And that’s not cashflow. I needed to make that clear. That may be a mixture of constructing fairness and cashflow and tax advantages, however while you have a look at that return profile, I believe it’s at the very least pretty much as good or probably higher than what you get within the inventory market as a result of if you happen to look traditionally, the inventory market returns someplace between eight and 10% annualized return.So we have been speaking about only a break even actual property deal doing in addition to the typical inventory market 12 months. And that is what you need to be evaluating your offers to as a result of yeah, this won’t be pretty much as good because it was in 2015, this excellent Goldilocks golden period of actual property, however as an actual property investor, you must be fascinated about useful resource allocation and the place you might be placing your cash. And admittedly, none of us can put our cash right into a 2015 actual property deal. You could possibly both put your cash in a financial savings account, you can put it into bonds, you can put it into crypto, you possibly can put it within the inventory market or you possibly can put it into personal actual property. And so I encourage you, whether or not you make the identical selections as I do or not, these are all subjective, however I actually encourage you to consider your investing selections this manner.The place are you going to place your cash in the present day to finest enhance your monetary future? Don’t be evaluating in the present day’s actual property offers to historic offers that will by no means be coming again. So that’s the first a part of the framework. So don’t get me mistaken, I’m not saying simply exit and purchase any type of break even deal that’s simply the primary standards for offers that I’m trying to purchase. It has to at the very least break even as a result of that units my flooring the minimal for my funding might be doing about in addition to the inventory market give or take a few factors. And it additionally clearly depends upon how the inventory market performs that 12 months. However then the second a part of the framework is actually the essential, and I believe the thrilling half is the place you must establish two or three, what I name upsides per deal that would take these common breakeven offers from stable and on par with the inventory market to wonderful and one thing that’s going to outperform the inventory market nicely into the longer term.As a result of sure, I do need my deal to do in addition to the inventory market in 12 months one, however let’s be trustworthy, actual property investing is extra work. It’s extra stress than proudly owning inventory and shopping for an index fund. And so I want elements of my deal to supply upside far and away above what I’m incomes in an index fund. And that’s why I must search for these two or three upsides. And simply as a reminder, a few of these upsides are mainly ways in which I can take that seven to 10% return and switch it from one thing that’s simply a 12 to fifteen% return. And these are issues like investing within the path of progress, in search of zoning upside the place it might add a unit, add a bed room, add an A DU. That is issues like discovering locations the place there are provide constraints and rents are prone to go up.These are all totally different upsides. And while you have a look at the framework altogether, if yow will discover a deal that’s breakeven after which you’ve got two, three, possibly even 4 of those type of little bets that you’re putting in your property, if one or two of these bets come true, you then’re going to take this from a median actual property deal to an important actual property deal over the course of a number of years. And though this would possibly sound a bit totally different than how different individuals make investments, that is type of the way it’s at all times labored, proper? You’re at all times looking for offers which might be going to develop and enhance over time. I simply suppose it’s notably essential proper now on this upside period to set your expectations appropriately for what offers are going to seem like while you purchase them after which calculate how the return goes to develop over time and deal with that as a result of actual property investing frankly simply is a long-term sport and that’s how you actually should be fascinated about it in in the present day’s day and age. Alright, so that’s the upside error and the recap of the framework that I’m personally utilizing. And we do must take a fast break, however once we come again, I’m going to share with you the strikes that I personally made in Q1 to set myself up for much more upside in Q2 and past. We’ll be proper again.Welcome again to the BiggerPockets podcast. We’re right here in the present day speaking in regards to the upside period and earlier than the break I type of did a recap of the upside period and my framework for getting offers right here in 2025. Now I wish to present you simply with a private replace and the way I’ve been fascinated about my very own portfolio, the strikes that I made again in QQ one and the strikes that I’m desiring to make and the way I’ve set myself up for progress by way of the remainder of 2025. So Q1, I’ve been engaged on one greater deal. I’m doing a reside and flip, which I’m tremendous enthusiastic about, however I’m not going to get an excessive amount of into that in the present day. I’ve made some provides on a few rental properties, however I haven’t been in a position to pull the set off on any of that but. However I did make an enormous transfer in Q1 that I believe goes to actually set me up for achievement for the remainder of 2025.And I wish to share it with you as a result of I believe it explains a number of of the totally different ways in which you can earn returns within the upside period and the way I’m fascinated about positioning myself for the long run. And I believe a few of the concepts and ideas that I take advantage of to make this determination and to make this transfer may useful to you. So let’s speak about what I did. And first I simply wish to say that I wish to share this with you within the spirit of transparency, however this isn’t private recommendation on what you must do. You bought to consider it, your individual private scenario, your individual threat tolerance, your individual asset allocation. However with all these caveats, I mentioned what I did was promote about 25% of my equities portfolio mainly that means my inventory portfolio. Now, I didn’t promote any of my tax advantaged accounts.I didn’t promote something in an IRA or 401k. These are accounts that I intend to maintain into my sixties and seventies, not pay a penalty and use that for long-term wealth and my long-term retirement. However I offered about 25% of my regular brokerage accounts. Now, I do know that I’m slightly bit totally different than a few of my mates that I convey on the present right here like James Dard or Kathy Feki who’ve virtually 100% of their web value in actual property. I’m not like that. I estimate that my equities, my inventory portfolio is sort of a third to possibly 40% of my complete web value. And if you happen to do, the mathematics 12 months is say, has offered about 25% of that, that’s like eight to 10% of my complete web value, which is a fairly large transfer for me at this level in my investing profession.So the query is then why did I do that? Do I believe the inventory market goes to crash or what’s occurring right here? I’m not a inventory knowledgeable. I do observe it fairly carefully, however I’m not so assured in myself that I believe that I can time the market and say when and if the inventory market goes to crash. However once I have a look at the actually massive image and I zoom out of all the pieces that’s been occurring in several asset courses throughout the financial system for the final decade, the final 20 years, I believe that shares are going to underperform within the coming years. I don’t know if meaning there’s going to be a crash after which a rebound. I don’t know if meaning they’re simply going to develop very slowly over the subsequent couple of years. However while you have a look at a few of the most elementary methods of valuing the inventory market and projecting its efficiency ahead, what you see is that shares are very, very costly.And there are a variety of other ways which you could worth the inventory market, however two that I personally like to take a look at, one is named the buffet rule, which is a ratio of the nation’s complete GDP to the worth of the inventory market, the full worth of the inventory market. And by that metric, shares are very, very costly proper now there’s one other quite common method of valuing shares known as PE ratios or worth to earnings ratio, which mainly compares the value of 1 share of inventory to the full earnings of that firm. And if you happen to have a look at each of those metrics of evaluating inventory market or a number of different of them, they’re very, very excessive. And former occasions once we look traditionally when equities values have been this excessive, the inventory market underperformed and in lots of circumstances it has underperformed 4 years and typically that’s three years, typically that’s 5 years, typically that’s 10 years.And once more, that doesn’t imply the market is essentially going to crash. It simply means we simply had two years in a row the place the s and p 500 went up greater than 20%. That’s wonderful. It was nice. I used to be very comfortable to be closely invested within the inventory marketplace for the final two years, however I simply don’t suppose these returns will be maintained. I believe that the very best beneficial properties have been had, and this isn’t essentially even a commentary on the financial system as a complete, though there’s recession threat. Don’t get me mistaken. That is simply type of an evaluation of earlier durations the place inventory valuations acquired this excessive and what occurs after. In order that’s my have a look at the inventory market. And this type of relates again to what I’ve been speaking about with actual property, proper? My philosophy about investing is discovering belongings which might be comparatively protected and low threat which have upside.I simply don’t see that a lot upside within the inventory market proper now, even when the market doesn’t crash and there was a variety of volatility these days, however even when the market stays near the place it’s, I simply don’t see it going up that rather more within the subsequent couple of years as a result of it’s already simply so costly. You’re in all probability questioning, can’t you make the identical case for actual property? Actual property is tremendous costly, proper? Nicely, not likely, or at the very least that’s not the way in which that I have a look at it as a result of yeah, actual property is actually costly proper now, but it surely’s as a consequence of actually totally different points. We received’t get absolutely into that, however if you happen to hearken to the present, you in all probability know that a variety of the rationale that actual property is so costly proper now’s principally as a consequence of a provide subject. There’s a lack of complete housing stock in america.It’s getting even an increasing number of costly to construct, and that has actually pushed up actual property costs during the last decade or extra. The opposite factor that adjustments the way you consider the true property market versus the inventory market is that housing is a necessity, proper? Folks must reside in these house, nobody wants inventory. So when inventory market will get risky or actually costly, individuals may simply promote them with out actually any implications for his or her speedy high quality of life. That’s not true within the housing market. One other issue with the housing market is that 70% of people that promote their houses go on to rebuy. So that you wouldn’t simply go promote your private home since you thought costs would possibly go down a pair proportion factors as a result of then you would need to go purchase into antagonistic market circumstances as a substitute of what occurs within the inventory market the place individuals dump when issues get too risky or too costly. With actual property, you can simply do nothing so long as you’re in a position to make your mortgage funds, you can simply select to not promote. And so although it makes the dynamics and the basics of the inventory market and the housing market actually, actually totally different. So to sum this all up, the way in which I’m seeing it’s that there’s much less upside in shares and equities proper now than I see in actual property. That’s it. We do must take a fast break everybody, however we’ll be proper again in only a minute.Welcome again to the BiggerPockets podcast. We’re right here speaking in regards to the upside period and how one can benefit from it right here in 2025. So let’s speak about these upsides in actual property which have me excited and making these strikes and really did a complete episode on 10 totally different upsides that you need to use in your individual offers. That one got here out on January twenty seventh. It was present 10 75, so you possibly can go test that out. However a few the upsides that I’m personally in search of are one lease progress. I’ve made the case previously and we’ll proceed to that, though I believe the primary half of 2025, possibly all of 2025 might need sluggish lease progress. There’s a extremely good case that lease progress goes to select up from 2026 going ahead. The second is path of progress and constructing in areas the place there’s a variety of infrastructure and cash being invested.The third is worth add. These are issues like doing the burr technique, flipping or simply discovering methods so as to add capability to houses. The fourth is zoning upside the place including ADUs or extra models on properties and naturally different issues like proprietor occupied methods, which I’m already doing as a result of doing this reside and flip this 12 months. So on condition that and on condition that I simply offered an enormous chunk of my inventory portfolio, how am I going to reinvest that into actual property? As a result of frankly, the rationale that I like actual property and I make investments primarily in actual property and that I’m making this transfer is as a result of long-term, my long-term aim is to get sufficient cashflow that I can reside off of. And so each time I see that there’s type of a chance to reposition a few of my cash right into a asset that’s going to construct me long-term cashflow, that’s type of what I’m going to do, even when it’s not going to be the very best cashflow proper now.However as I mentioned at first of the present, I really haven’t been in a position to make any rental property offers work thus far right here in 2025. I’ve supplied on just a few, I’ve been taking a look at so much. I’ve underwritten fairly just a few offers, however I haven’t been in a position to make any work and that’s okay. I don’t prefer to push it. If the offers aren’t there, I’m not going to purchase them. However as a result of I do suppose market circumstances are type of ripening for higher offers to be on the market, I’m mainly going to separate the cash that I pulled out of the inventory market into two various things. Before everything, I’m going to take 50% of what I offered and put it right into a cash market account. In the event you haven’t heard of a cash market account, it’s very related. He’s a really related rate of interest to a excessive yield financial savings account.There’s some variations that I received’t get into, however mainly I can earn 4, 4.5% on my cash proper now, and I like that for 2 causes. First is that it’s extremely liquid if you happen to haven’t heard this time period earlier than, liquidity when it comes to investing mainly simply means how simply you possibly can flip an asset or an funding into money and cash market accounts are much like high-yield financial savings accounts. You could possibly simply simply spend that cash. And that’s essential to me as a result of I’m going to be actively in search of offers, rental properties, and I’m really beginning to take a look at and underwrite multifamily offers proper now, and I wish to have that cash shortly accessible to me in case that I discover that deal, which I anticipate finding within the subsequent couple of months. I need that cash accessible in order that I can act shortly. Sure, within the inventory market, you possibly can promote it comparatively shortly and you may pull your cash out inside every week or two, however I don’t wish to be ready the place I’ve to promote my inventory on a day that it occurred to go down two or 3%, proper?That may be horrible. So I as a substitute selected to promote 25% of my portfolio on a great day after which put that cash into this cash market account in order that one, I’m incomes greater than inflation, so I’m nonetheless incomes an actual inflation adjusted return and I’ve extremely liquid belongings that I can use to purchase actual property offers within the subsequent couple of months. And truthfully, a 4% return proper now appears fairly good to me in comparison with how risky the equities market is. And I might be mistaken, the inventory market may go up 5%, it may go up 10%, however proper now, the danger adjusted return of equities versus a cash market account, I’m not complaining a few cash market account, particularly as a result of it has the secondary advantage of giving me liquidity. So that’s the very first thing that I’m doing with that cash that I pulled out of the inventory market.Now, the second factor I’m doing, and I do know that is in all probability going to be controversial for some individuals listening to this podcast, however I’m going to make use of it to pay down my mortgage on my reside and flip that I’m going to be transferring into right here in Q2. I do know what individuals are saying, you must leverage as a lot as potential or that’s going to decelerate my scaling. However simply give it some thought this manner, for each single greenback that I pay into my mortgage and I don’t leverage as a result of I’d be taking out a mortgage at let’s say 6.5%, I’m mainly incomes a six level half p.c return on that funding. And once more, I might be mistaken, however I don’t suppose the inventory market goes to get that over the subsequent couple of months. And within the meantime, I can cut back my dwelling bills by like $1,500 or $2,000 a month.That’s some huge cash that I will be saving, including to my liquidity, including to my stockpile of money that I can use for actual property. And at the very least to me in my evaluation of various asset courses on the market, it takes a variety of threat off the desk. And to me, it’s worthwhile to do that on this investing local weather, and possibly I’ll do that for years if circumstances keep the identical and I’ll simply maintain a extremely low mortgage on my main residence. However my expectation is that I’ll in all probability simply refi this and possibly I’ll refi it three months from now or six months from now. It is likely to be years from now, but when charges come down or I see a deal that’s higher than that 7% money on money return, I get by paying down my mortgage, I’ll refi and I’ll simply use that cash to gasoline my portfolio once I suppose circumstances are higher.So to me, this strikes simply is sensible. I don’t see an enormous quantity of upside within the inventory market proper now, and so I’m taking some cash and incomes a optimistic return and giving myself liquidity to be able to purchase actual property within the second half of the 12 months, and I’m taking different cash and simply decreasing my dwelling bills, taking threat off the desk, and that cash doesn’t have to remain locked in my main residence without end. It is going to keep in there till I discover different alternatives to make use of that cash, whether or not that’s three months, six months, or three years from now. So personally, that’s what I’m doing, however as I mentioned on the high, that is primarily based on me, my objectives, my present useful resource allocation, my learn of the scenario. However the query is what must you be doing with your individual portfolio? My first piece of recommendation is to judge the danger adjusted returns of various asset courses your self.In the event you haven’t heard this time period earlier than, threat adjusted return, it mainly means you possibly can’t simply have a look at the upside potential of each single deal. You even have to take a look at how dangerous that individual asset is as a result of this falls on a spectrum, proper? On the low finish of the danger adjusted return spectrum might be bonds or cash market account, like what I’m investing in proper now. These are very low threat, however very low return choices for holding your cash. On the opposite finish of the spectrum, you in all probability see cryptocurrency the place you’ve got alternatives to double your cash or triple your cash, however the threat of you dropping a variety of that cash can also be actually excessive. And so you need to type of have a look at every asset class, every potential funding on this lens. How probably is it for me to earn a superb return? How probably is it that I’m going to lose a few of my cash?That calculation, that thought course of is threat adjusted returns and albeit, determining and considering by way of threat adjusted returns, it’s not as straightforward because it was 5 years in the past. There’s simply no method I’d’ve paid down my mortgage as a substitute of shopping for one other rental, simply no method. I by no means would’ve considered doing it. However in the present day, once I reevaluate threat adjusted returns, it makes a variety of sense. And the fact of that is you actually just do have to do that for your self. There’s no goal analysis of what the very best threat adjusted returns are, proper? You would possibly see big upside within the inventory market proper now and suppose that I’m loopy to see threat there or threat of underperformance there. That’s completely as much as you for me, my private understanding of markets, my threat tolerance, my threat capability, my long-term objectives, my present cashflow, it’s simply totally different from yours.And so you must take into consideration this your self. The second factor you must do after you type of look across the market and assess the danger adjusted returns and totally different choices to your cash is to contemplate your objectives. Do you wish to be actually lively in your investments? Do you wish to be managing and fascinated about your cash day by day? In that case, you can doubtlessly take into consideration reallocating into totally different asset courses, but when not, if you happen to’re extra the kind of one who’s mentioned it and neglect it, I simply wish to purchase index funds, that’s completely what you ought to be doing. You don’t should be doing what I’m doing. I’m comparatively lively in managing my portfolio, and so I’m at all times fascinated about these offers. I’m at all times researching these offers. If this isn’t one thing that you simply do or wish to do, then simply go away your cash and your allocations as they’re.The third and very last thing that you ought to be asking your self as you’re fascinated about easy methods to benefit from the upside period as we go into Q2 is would you really do one thing with the cash, proper? In the event you have been fascinated about promoting equities or possibly you’re fascinated about promoting a rental property or some actual property, take into consideration what you’ll realistically do with that cash. As a result of if you happen to have been going to promote your index funds, for instance, after which simply do nothing with that cash, you’re going to place it in an everyday financial savings account and never earn some huge cash, and also you’re simply type of doing it out of worry, you’re in all probability higher off, at the very least traditionally talking, simply retaining your cash within the inventory market and letting it compound over the subsequent a number of years. But when as a substitute, you’re reallocating as a result of you’ve got a plan to instantly earn higher returns, otherwise you wish to place your self to benefit from alternatives that you simply see coming within the subsequent couple weeks, subsequent couple months, subsequent couple of years, I believe that’s a very totally different factor as a result of keep in mind, if you happen to do promote actual property otherwise you do promote shares, you will must pay taxes on it.There are repercussions for that. This isn’t identical to, oh, I can take my cash out of the inventory market, see what occurs, after which I’ll simply put it again in if it doesn’t work out. I imply, you can do this, however that’s not a superb transfer since you’ll have paid taxes unnecessarily. It’s a must to have a plan to your cash. So my three items of recommendation as we head into Q2 on this upside period are, once more, one, consider totally different asset courses for threat adjusted returns. And that’s not simply inventory market versus actual property. Try this for particular person actual property asset courses. Take into consideration threat adjusted returns for single household houses versus small multifamily versus flipping versus short-term leases. And assess if you happen to suppose there are good alternatives, and when you have the best ready for the place you’re placing your cash relative to the second step, which is your objectives.So once more, have a look at these threat adjusted returns, then take into account your objectives and take into consideration when you have your cash in the best place given these two issues. After which lastly, actually simply intestine test your self and make it possible for if you will make a transfer, if you will reallocate capital, reallocate a few of your time within the upside period, just remember to’re really going to observe by way of on it as a result of type of doing a transfer like this halfheartedly might be going to go away you worse off than while you began and simply worse off than if you happen to simply did nothing. So once more, do these threat adjusted return assessments, take into account your objectives, after which just remember to even have a plan to do one thing along with your cash. That’s true if you happen to’re reallocating sources or if you happen to’re simply making an attempt to place extra precept into your general portfolio right here within the upside period.Alright, everybody, that’s my upside period replace for Q1 and supplying you with some ideas about the place I’m stepping into Q2. I’d love to listen to what you all are doing along with your alternatives for upside as we enter Q2. So if you happen to’re watching right here on YouTube, be sure to let me know within the feedback. However if you happen to’re listening on the podcast, hit me up on both Instagram or on BiggerPockets and let me know what you’re fascinated about. Thanks all a lot for watching and listening to this episode of the BiggerPockets podcast. I’m Dave Meyer. We’ll see you subsequent time.