Well, I have an exciting episode today because this episode we’ll officially announce in launch our new division, if you will separate company, but it is Norada Real Estate Funding. It is essentially a sister company to Norada Real Estate Investments because we found that a lot of investors have different needs for mortgage financing. And sometimes you get limitations are capped out with your traditional or conventional financing, according to Fannie and Freddie, you can only have 10 of those 10 per credit score, theoretically 20 per married, couple, but you know, what do you do after that? Like what if you are acquiring more property than what you can get conventional financing for? Well, there’s this whole other world of lending that introduces mortgage products that allow you to purchase more property with leverage, with financing to a theoretical or hypothetical unlimited number of loans.
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Now, I have a guest on today who will talk about that in terms of what the limitations are, what this financing is, but I just wanted everybody to know that we have this financing available. So if you have reached a wall or a cap or a ceiling, if you will, of mortgages that are preventing you from purchasing more with financing, well, we have a solution for you. We have an answer for you also for those who have maybe some credit or financing or qualification challenges with conventional financing, guess what? We may be able to provide financing for you as well. And this might also be true for foreign nationals, but I don’t want to get ahead of myself. So with me today is one of our team members and mortgage analysts. His name is Eric Shaw, great guy, smart guy. He really knows his numbers. And with that, Eric, Hey, welcome to the show.
Hey Marco. It’s great to be here. Thanks for having
Me. Well, it’s great having you on. I know we’ve been talking about doing this episode for a little while and we finally, uh, picked a date and time, and now we’re doing it. As I said, this is the episode where we let the cat out of the bag and let people know that we, uh, have a funding arm or funding division. So I’m looking forward to talking about it. It’s really exciting. Definitely. Well, Eric, you know, let’s just dive right in. If you don’t mind, let’s talk about what this financing is and isn’t because we obviously know it’s not conventional financing. The typical product that most people are familiar with that is known in the industry is the cheapest form of mortgage financing. And this is product that is really just provided to us through the two government-sponsored entities known as Fannie Mae and Freddie Mac. But that’s what it seems that 95% of the people out there are familiar with and that’s all they know, but there’s this whole other world, this other industry mortgage financing that people refer to as non-QM or non-qualified mortgage financing that opens up all kinds of options for people. And so why don’t you kind of give us a, an overview of what that is and what that isn’t, and that will really set the stage of what we’re talking about today.
Sure. Yeah. As far as, uh, as you mentioned, most people are familiar when they go and buy their primary residence. When they buy their home, they go to Wells Fargo or Chase and they get their mortgage. And then Wells promptly sells that through Fannie Mae and, um, Fannie Mae waves, their wand, and they get this magic rate of 3% or so the mortgages that we’re talking about are for investment purposes. So these aren’t primary residences, these are a rental homes that people are buying and looking to make money from. And so Fannie and Freddie can be an option for people with these types of properties, but for certain reasons that you alluded to either their credit is an issue, or they don’t have W2’s or paycheck stubs, or those types of things, or they’ve already got 10 loans. A I think is the limit with Fannie and Freddie.
And so they’re kind of tapped out, they’re capped out with the conventional financing. So then where do they go? That’s where this private lending or non-QM world comes in. The rates are a bit higher, but amazingly, certainly post COVID the rates have gotten lower and lower to the point where, you know, it’s not going to be 3%, but, um, you know, you could see, uh, you know, into the forest fives for interest rates on these types of loans, they are mortgage loans. So they are backed by the property itself, but a big component of it is the borrower. Really, if you think of it this way, it’s credit and cashflow are what the lender is looking at. That’s what we are looking at. Uh, the borrower’s credit is important. There are limits. And in our case, the minimum credit score, and these are FICO scores is a 620,620 is the minimum credit score for our traditional one through four unit 30 year mortgage.
The better the score, the better the terms. So terms are anything from the interest rate that you’re paying the coupon that you’re paying to the loan size you’re given whether it’s going to be 80% of the purchase price or 65% of the purchase price will depend a lot on the person’s credit score. As I said, the other side of it is the cashflow. You know, everybody’s buying these properties, uh, not because they want to have, have some for somebody else to live in, but they, because they want to make money off of it. And the lender wants to see how much money you’re going to make. So I don’t know how far we want to get into the weeds, but, uh, really what you’re going to be asked for is the rental income expectation. It’s currently rented, you know, a seller that’s selling in the house.
So what is the renter paying now, or what is the expectation for that rent after you get a new renter in there, and then the expenses, the taxes, the insurance, the principal, and the interest on the loan and all that goes in to show what the debt service coverage ratio is, um, which really basically says, how much does the rent does the income cover the expenses? And we want to see that that number is greater than one, meaning that, uh, the rent is covering all those expenses, at least 1.1 times. So, uh, for example, if all of your expenses are a thousand dollars a month, we want to make sure that the rent is at least $1,100 a month. And we would like to see more, but again, the higher that number, the better the loan terms. But I, I think I’m getting a little too far into the details.
Yeah. So when we’re talking about debt service coverage ratio, I know we might be getting a little bit too deep into the weeds, but just to make it a point of clarification here, how are you calculating that DSCR Debt Service Coverage Ratio? Because obviously, you know, when you do an analysis on real estate, you’re not supposed to include the mortgage payment or what’s called debt service into the calculation of expenses because expenses are really separate. So you have income minus expenses minus your debt service. That is what equals your cash flow. But debt service coverage ratio is a very specific item it’s calculated.
Yeah, you’re absolutely right. When investors looking at it, they’re funding their financing. Typically doesn’t go into the calculation of their profitability on the property. A lender is looking at it a little bit differently. We want to see the big Trump primary driver that we’re looking at is the principal and interest on the loan. And so the debt service is just that it’s the service of the debt, debt meaning the principal and interest payment on the loan. In addition, we throw in the taxes and insurance as a proxy for all of the expenses. If it’s a condo, for example, there may be HOA dues that go into that. If it’s in a flood zone, say in Florida, the flood insurance money, you know, that will go in there. We don’t get too detailed into, you know, property management costs and stuff like that. Just a little bit more high level. Really, if you think of it as proper principal, interest taxes and insurance P I T I, and then if you want to throw an a at the end of that for HOA dues, that should cover the expense side of the equation.
Okay. Got it. So let’s just go back to rates for a quick moment, because I know that no matter who you’re talking to, when you’re talking about these portfolio loans or private money loans, essentially non QM loans, the rates are always going to be higher when compared to conventional financing. And so with conventional, you know, you might be with a 30 year fixed rate mortgage, you might be in the 4% range, depending on how far back you want to look. It’s been in the 5% range now, very aggressively. I think it dipped below 3% at one time for investment property, non-owner occupied property, but you can answer this, Eric, the rates for non-QM loans starts in the 4% range and goes up into what the 7% range can. Maybe you could break that down.
And this is where it really, it kind of depends. And I hate saying that it depends on the deal. It depends on the borrower, a good quality borrower, meaning call it seven 20 or above credit score and property that has, let’s say a, a large enough debt service coverage. That there’s no question that the rent is going to cover all of the expenses. You could see rates relatively easily in the low fives to high fours at, and this is where, again, I don’t know, as far as pricing goes, there are things called origination points. So a borrower in order to lock in a certain interest rate, you may be given a, a table of rates, meaning, okay, borrower, um, if you’d like to pay one origination point, and that just means 1% of the loan amount, you’re going to pay that at closing upfront. So let’s say it’s a $2,000.
You’re going to pay $2,000 upfront to get a rate of five and a half percent. But if you decide to pay $3,000 upfront, we can get you a rate of 5%. And so then you have to get up the calculator or Marco can turn around and tell you, by the way, it will take you two and a half years to pay off that additional thousand dollars that you paid upfront in the savings that you’ve had in the interest. So, you know, you have to gauge how long you’re going to carry the property and do your kind of breakeven analysis. But by and large, let’s called buying down the rate. It’s paying a little bit more upfront, but in actuality, we can get down to, in some cases, 3.8, 5% now, which, uh, again, you’re not necessarily at that Fannie Mae rate, but you’re pretty close if you’re interested in really keeping your monthly expenses low.
Yeah. And people listening to this that are hearing about these, you know, points. This is not uncommon. Even with conventional financing, there’s always an element of points. It’s basically the cost of the money. It’s cost of an upfront cost in borrowing the money. So you’re kind of, pre-paying some interest upfront and it’s not uncommon. In fact, if you look at your closing statement or your settlement statement, you’ll often see that there are different fees on there, and it’s not uncommon to see points that are being charged by the lender sometimes. And it goes by different names and labels like origination fees, origination points, whatever it may be.
Keep an eye open for those fees. Cause they, in some cases, uh, are proxy for an origination point. And I do want to point out because I’ve seen this somewhat regularly where people are like, I don’t want to pay any points. I don’t want to pay for this loan. So, you know, give me what the rate is with no points. And we can certainly do that. However, you’re paying one way or another. You’re either going to pay upfront, or as Marco said, you’re going to pay for it over the life of the loan. And it really doesn’t take long to realize that, you know, the higher interest that you’re paying on a monthly basis is actually costing you more over time than just paying for an extra point or two upfront to get that rate really low. And again, these are long-term months. These are 30 years, primarily fixed-rate loans.
We do have options where you can get a hybrid, meaning it starts off fixed. And it floats at a certain period fully amortizing. Again, throwing that out, meaning you’re going to pay principal and interest every month until the entire loan is paid off. At the end of that hundred 60th month. After 30 years, we do have interest only options. For example, if your debt service is not coming in where you want it to, we can schedule it so that you’re only paying interest upfront for the first period of time, usually five or 10 years, and then the principal kicks in. And by that point, yes, your payment is going to be higher after that interest period, but it may qualify you for better terms up front and then, you know, call it five, 10 years down the road. Either you refinance or you just decide that you’ve made your money up front and a, and you can afford to pay that higher payment going forward.
Yeah. And I think a takeaway from that is that there’s not one product or one fixed type of product. There’s different variables or leavers that can be pulled and pushed to make adjustments to the type of product, the rate, the points, and just how it’s going to fit with your investment, your acquisition. So there are variables that we can play with and points being one of those things. And I just want to stress something. You said, Eric, you know, the whole thing with points is that it’s really just interest that you’re going to pay either upfront or over the course of that loan. So it’s nice that you have the choice of being able to prepay some of that in terms of whether it’s one, two or 3% upfront and just pay for it. Now, get it out of the way and have a much lower rate for the life of that loan, whether you amortize it over the full 30 years or whether you’re holding onto that property for five or 10 years, at which point you’re selling it or refinancing it, it makes financial sense. If you run the numbers to prepay some of that upfront in the form of points, because you’re going to have the lower rate, which over time is going to save you thousands, tens of thousands or more.
Yeah, absolutely. And one thing I wanted to stress, um, you mentioned at the beginning, conventional versus this non QM or private loans prior to the financial crisis, this wasn’t necessarily the case, but now conventional lending doesn’t have any for consumers. It doesn’t have any prepayment penalties associated with it. Prepayment penalties are something of a standard for private lending for this non QM, at least for these investment properties, meaning that if you either sell your property and repay your loan, or if you refinance within a certain period of time, then you will owe some additional money. Then it’s usually again in terms of points or, or percentages kind of the standard or the, the starting point, uh, as I’ve been describing these rates, uh, is a five-year prepayment penalty. So in our case, it’s a declining penalty points. So yes, it’s very punitive upfront the first year, if you repay your loan, then it’s going to cost you 5% of the loan amount.
But the second year, it’s only 4% of the third year. It’s 3% and it just goes down. And if you’re planning on holding your property for at least five years, then you know, it’s worth it for you to get that lower interest rate with that five-year penalty. If you’re thinking that you’re going to either refinance or sell the property or do something with it, where you might repay the loan, say in three years, we have that option. We make those adjustments, the interest rate is going to change. It’ll go higher. So in effect, you’re kind of buying down. If you can think of it that way, you’re buying down your penalty. So take that into consideration when you’re thinking of paying points. If you have a five-year pre-payment penalty on the loan, the expectation is you’re gonna hold on to that loan for five years. If you’re breakeven if you’re going to go from say one point or two points to three points of upfront origination costs, that’s usually pays for itself. Not always, but usually pays for itself within the first two and a half years in savings. And so, you know, it might be worth doing that by down or, or getting the lower interest rate by paying points because, you know, you’re kind of locked in based on that penalty anyway.
Yeah. And again, all you’re doing is you’re just prepaying some of that interest up front rather than amortizing it over time, which makes financial sense because it’s actually a saving. And the other thing to consider is that it’s a cost of doing business. I mean, you’re, you’re building a real estate portfolio, it’s your business, it’s your investing. And this is just a cost in that process. And most of the costs are upfront, you know, in the closing costs, title fees, title, insurance, and all that other stuff. So this is just part of that overall cost structure on the acquisition. After that, you know, it’s gone, you don’t have to think about the points anymore. And also I believe correct me if I’m wrong, but paying points is also a tax write off, is it not? It’s an expensable item.
I am going to take the lawyer response and say, I am not a tax advisor. So, sorry. I don’t know about that. I apologize I do know. And you mentioned something about the points. Um, if you are working with us to refinance a loan, say you, uh, you have the property and you have a loan on it now, and you want to do, what’s called a cash out refinance or even a rate term. So you just want to, you want to refinance your loan because you think your interest rate is too high, or you want to refinance and take some money out of your property. Many times we can roll those closing costs into the loan itself, uh, such that you, you may not have to come to the table with any cash to close the middle, just, uh, kind of be, be financed within the loan. Obviously that doesn’t work for purchases, purchases you know, there’s a set amount that, uh, you’ve got to come to table with with a down payment and the closing costs. But, uh, but just something to think of, if you’re looking to refinance at some point before.
We transitioned real quick on the LTV, what is the maximum loan to value on the loan products that we’re offering? And also related to that question is what is a typical loan to value because sometimes people are shooting for maximum loan to value because they want the largest loan possible. Whereas I seen sometimes if you get a loan that is five to 10% lower than the maximum LTV, the rate, there’s such a big break in the interest rate that it’s actually worth paying the extra 5% down payment.
Yeah, no, absolutely. So, um, to answer your first question for purchase loans expect that you will have to come to the table with 20% down payment. So we’ll finance up to 80 of the purchase price, not of the value. And I just want to make that distinction, if you buy a property for $300,000 in appraisal comes in where it’s worth $400,000, we’re not going to land the lending alone will be based on the $300,000 amount. And it’ll be 80% of that. So it’s great when it comes in higher, but you’re not necessarily gonna reduce your, your down payment because of that for the refinances, for what’s called a rate term refinance where you’re really not looking to take money out of the property, just to refinance your loan. We again can loan up to 80% of the value in this case of the property, because, you know, presumably you bought it a couple of years ago, a new appraisal would come in and, um, you know, if it’s like most of history, uh, the price has gone up, so the value is up.
So it’s going to be up to that 80% on a cash out basis. And you know, not to get too descriptive of why this is, but, um, because they tend to be riskier. People are kind of taking money out of their, uh, house, uh, inequity in a cash basis. And if any of you, uh, were around during the financial crisis of Oh eight to 10, those using your house as an ATM machine was risky. So the leverage is a little bit less, we’ll do up to 75% of those. But to answer your second question, that’s a great point. Like if you’re buying a property and the max leverage the maximum mountain, and I say, leverage the maximum percentage of the purchase that we will lend is 80%. Maybe you’ve got some cash and you only want 70%, your loan coupon, your interest rate is going to be much less. Well, I’m looking at one example right now. Um, it looks like it’s about a 0.3% less. So instead of a 5.1%, it’s a, uh, it’s a 4.8% rate. So if you’ve got cash and you’re okay using it for this investment versus saving it for a different investment, it could be worth it to do that analysis to see, you know, what the interest rate difference is by putting more money down. Cause it is a benefit in this case.
Yeah. Okay. Good stuff. So as far as the financial properties, what does this include? Single families, duplexes, triplexes, fourplexes.
So, um, there’s really kind of two categories of properties that we look at. And the one through four, meaning like you just described single-family duplexes tries and quads fall into one category. And that falls into this bucket that I’ve been talking about today. We can also lend on multifamily and multi-family would be five plus units, five to figure 20 after 20, it kind of falls into a different category and that’s a, probably a different kind of alone. But, uh, but if you’re looking at, you know, garden apartments or, um, you know, eight units, then there are options for that. They’re a little bit different than I’ve been describing. The leverage tends to be a little bit less, but the terms are a little bit different. They’re all hybrid loans. And I don’t know how many of your investors are looking at those kinds of properties, but there definitely are options there. And we can certainly talk about it more if you’re interested.
Yeah, no, I think that pretty much covers, is it fair to ask the question? Who is this not for? I mean, I think people listening to this configure out, whether this is something for them. Obviously we always make the recommendation before we get involved in the financing that they max out their conventional loans. And because obviously that is the cheapest form of mortgage financing. You’re going to find out there because it’s obviously coming from government sponsored entities. And so it’s cheap credit, but beyond that, you know, you reach a cap and after 10, you don’t have a choice, but to look at other forms of mortgage financing. So I think people listening to this are going to say, yeah, okay, that’s me, this makes sense. But maybe who else does this apply to that? Does it apply to foreign nationals? Does it apply to people who are not quite credit worthy for conventional, but they can qualify with this because it’s more about the property than them themselves. How do you break that down?
Yeah, absolutely. There’s kind of a combination there. So yes, we can lend to foreign nationals and right. Or not the way we define foreign national is non us citizens. So, um, green card holders would fall into this. Although there are exceptions that on a case by case basis and really what the difference is, is mostly in leverage, mostly in the, uh, percentage of the, uh, of the loan or a percentage of the value that we can lend. It’s usually 5% or so less. So instead of 80% for a purchase, it might be 75%. It’s a foreign nationals, definitely the credit impaired. So it makes them distinctions, you know, somebody who is kind of run up their credit cards and has a high levels of credit outstanding. And their credit score is low. Absolutely. We can go down, like I said to six 20, below six 20, right now you can assume that that’s probably a hard floor and anything below that is probably not going to work.
However, and this is where we take the higher or the highest of all the partner’s credit scores as part of the project. And, um, we didn’t talk about this, but we would like to, in most case require that the purchase be done in an entity, whether it’s an incorporation or an LLC. So for example, if someone has a 600 credit score, but they’ve got a partner or they can bring in a partner or their spouse or significant other or son, or what have you has a higher credit score, we can use that higher credit score as the indicator, whether or not a, we can do the loan and then B the terms of the loan, whether or not, you know, we can do maximum leverage. And those types of things, as far as credit goes where it bankruptcies, foreclosures, those are red flags when it comes to conventional financing.
And I can’t remember, I was scrambling right before the call to try to look up exactly how far in the past they need to be in order to be kind of waived by Fannie and Freddie and I, and I didn’t get there, but you can do your own research. As far as we’re concerned, we can lend to people that have had bankruptcies and foreclosures in their past, as long as they are at least two years old or more. So, if you are a foreclosure or if you’re a bankruptcy, um, has been, uh, closed and released more than two years ago, we should be fine working with you where I might caution is mortgage lates. So I said in the beginning, credit is super important. Keep your credit clean as much as possible. That’s going to allow you more options. Part of credit is paying your mortgages on time.
I am not as concerned. We are not as concerned about lates on credit cards, on medical bills, on student loans. Those we w for the most part, ignore mortgage lates. If you are late on paying any of your mortgages in the past, that’s going to be a difficult thing for us to overlook and we’ll want a little bit more explanation. So, you know, for tips in the future, Hey, your mortgage first and work on the other stuff afterwards, but we’re definitely a lot more flexible as far as credit is concerned. And background is concerned than perhaps the conventional financing is. So it can, you know, if you’ve been turned down by some of the big banks, this can be a relatively easy alternative, maybe a little bit pricier, but certainly easier. And I would go off to say faster for the most part in closing.
And I know you didn’t ask this question, Marco, but I’ll answer it anyway. Sure. The, uh, you know, conventional financing can take what 45 days, 60 days, depending, you know, when, when everybody was refinancing a few months ago, it was even longer. In some cases, these kinds of loans that we’re doing figure four weeks is pretty standard pre-COVID. We could close faster right now. A lot of our constraint is based on appraisals because we require appraisals. And because a lot of people are now refinancing and buying properties, appraisers are really busy, so the appraisal times have taken longer, but, um, but figure four weeks is a good time period to think of a, as far as closing goes. So if you’re putting, uh, putting something under contract, if you can build in that 30-day close, then I would suggest that for those of you, with the wherewithal to buy, let’s say for cash, we can then turn around and you would almost think of it like refinancing you.
But I think of it more in terms of a delayed purchase. So if you buy a property for call it $200,000 in cash, because it’s an auction and they need, you know, do you need needs close in a week or what have you? And then you turn around and talk to Marco and say, you know, I just bought this property, you know, can you refinance me? We can say, well, it’s, we would, we can do, what’s called a delayed purchase, which it’s almost as though you’re buying it new now. And, you know, you would go through the exact same steps in process and get the exact same leverage and coupon and all the rest of that. So, you know, keep that in mind, if there’s fast, close situations, we can still help out, even though, you know, you can’t use us necessarily to close with the seller.
Perfect. Yeah. I was actually going to wrap it up with the question of how long is the financing process, which is perfect. You’ve answered it. And so, you know, that kind of just leads me to the last thing that is this, you know, we have a website set up, it’s going to be obviously rebuilt at some point to just flash out more of the content that we want to talk about with the mortgage programs and whatnot, but noradafunding.com – NORADA – noradafunding.com is where you can go to find out a little bit more. It’s just basically got it, lays out the loan criteria, you know, the collateral, the LTVs, the loan products, and we’re going to continue to build on this, but it also has an application form there where you can apply now. And you just put the state that the property is located in the type of collateral. Is it single family? Is it multi-family whatever it is and go from there. So my question, Eric, is this, is it best to have the property identified or maybe under contract before filling out the application or start with an application as a pre-approval, even though you don’t have a specific property, do you have a suggestion or recommendation on that?
Yeah. And that’s a good one I’ve been asked before about, uh, pre-approvals, there’s really no kind of set pre-approval process, you know, as we describe the pre-approval really would be kind of running background and, and credit to make sure that it’s above our minimums and you don’t have any surprises in your past, you know, financial frauds and those types of things that is kind of the pre-approval that we would have, I would suggest. And again, because, uh, as you’ve heard, it’s really tough to nail down rates and terms without a specific property and a specific deal in mind, if you’re getting close, if you’re putting in a bid, you know, check it out, fill out the application, put the information in everything you have, and we can get at least a, you know, a preliminary loan quote on it. It’s probably best if you’ve got it under contract.
And then, uh, then you know, all the specifics, you’ve got all the details and everything, and presumably you have all your documentation at least in place. And, you know, as far as that goes, you know, we’re not looking for W2’s or, um, you know, your tax returns, it’s really bank statements are important. You’ll have to get insurance on the property and then photo IDs and, and kind of that standard stuff. And, and I would imagine the new website will have kind of a general list of documentation requirements, but, uh, it’s relatively simple and it’s probably stuff that you’ve got, uh, sitting in a filing cabinet or on your computer. So as much as you can get that stuff together and hands to us early in the process, the faster the process goes in, the easier it is. So they don’t, we’re not scrambling at the end. Um, yeah, little cautionary tale.
It sounds like it’s more applicable to someone who has a property under contract because some of that documentation is property specific.
Oh, absolutely. Yeah. Purchase contract and insurance. Absolutely. But it, yeah, it really does make it easier if it’s under contract. Okay.
Okay. Perfect. All right. Well, this financing is available now, in fact, we’ve actually had this available for a little while now. It’s just, we haven’t been promoting it or marketing or advertising it in any way. But like I said, at the beginning of this episode, today’s the day we kind of let the cat out of the bag and announced to the world that Norada Real Estate Funding is up and running. So, you know, this is something available to you. You can talk to your investment counselor here, this financing, if it’s something that you need or want or applies to you. And if you already have a property under contract, you can always go to noradafunding.com to start an application. It doesn’t take you that long. The application form is pretty simple. It just asks you what you’re purchasing, where it is, what it is and that kind of stuff. Eric, is there anything else that I didn’t ask you that maybe was pertinent to today’s conversation?
No, I think we covered quite a bit and I just want to put out there, you know, if your investors have any questions, you know, feel free to reach out to your investment people. And you know, if they’re not able to answer, I’m certainly available for any follow up questions or real specific deep dives. So, uh, you know, it’s a very specific kind of a product, and I know that it’s not on everyone’s mind, so I’m sure there’s gonna be all sorts of questions, but feel free.
Yeah, for sure. And I appreciate that, Eric. So, and I also appreciate you taking the time to jump on this episode so we can, uh, share this with our audience. So thanks Eric for that.
Thank you. Thanks for having me. And I’m looking forward to it.
And in wrapping up here, just remember we have a free download on our website called The Ultimate Guide to Passive Real Estate Investing. It is a great primer on real estate investing. It’s a good first step. If you haven’t had a free strategy session with our team here, regardless of whether it’s for property or, and, or financing. If you have a question about real estate investing, just go to passiverealestateinvesting.com and submit your question to me. I will, uh, put that into an Ask Marco episode. Remember to subscribe. If you like the content we release an episode every single week, help us spread the word, visit us on iTunes, leave us a rating and review. I greatly appreciate it. And yes, I do read every single review. Thank you for listening, and we will see you all on our next episode.
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