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 best way you suppose. A couple 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 properly in the present day, however have the potential to actually develop and dump rocket gas in your portfolio over the following 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 things 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 reap the benefits of 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. For those who’ve been listening to date this yr, you’ve in all probability heard me speak quite a bit about what I consider is a kind of new actuality in actual property investing, which I’m calling the Upside period. And if you wish to get the total framework that I’m utilizing to explain actual property proper now and to explain my very own deal choice making, you can try Present 10 66. It aired on January sixth, 2025, and it goes into deep element about all the things I’m enthusiastic about. So when you missed that episode, I simply need to hold listening to this one proper now. Right here’s the gist of the framework and the way I’m enthusiastic about issues from 2013 to 2022 is what I name the Goldilocks period. It was principally this good conglomeration of circumstances that made actual property investing actually enticing, comparatively straightforward and tremendous profitable.
These are issues like costs happening in the course of 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 bought actually rich and it was nice for your complete actual property investing trade. Then as everyone knows, 2022 hit rates of interest began to skyrocket and we’ve got skilled what I’d think about a correction or a recession in actual property. And I need to be clear that I’m not saying that costs have gone down or crashed. I believe there’s some confusion once I say generally that there’s kind 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 are purchased and offered.
So simply by that measure alone, we’ve got been in a recession. We’ve additionally seen largely costs have slowed down quite a bit, they’re nonetheless rising, however they’ve slowed down quite a bit. Hire development has slowed down under long-term averages and in quite a lot of areas and quite a lot of asset courses they’ve truly declined. And so it’s been a very powerful couple of years in your complete actual property trade in 20 23, 20 24, and clearly the second half of 2022 as properly. However now as we flip the web page and go into 2025, I believe we’re coming into a completely new period for actual property investing and it’s what I name the upside period. And I need to be clear, and I believe that is actually essential, that this new upside period has quite a lot of nice alternatives and there’s going to be nice methods for actual property traders, massive, small, inexperienced, tremendous skilled to revenue and profit from this new period, however it’ll be totally different from earlier period.
It’s not going to be prefer it was from 2013 to 2022 when all the things was simply tremendous apparent and type of straightforward. As a substitute, you’re going to must be somewhat bit extra artistic and I believe look somewhat bit additional into the long run to know tips on how to generate one of the 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 reap the benefits of this new period and the alternatives which are going to be current and worthwhile going ahead. So earlier than I clarify although what I’ve truly completed within the final couple of weeks, I need to kind 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 seek out offers that make sense in the present day.
I don’t need to have something that’s dropping cash. I would like them to have the ability to break even throughout the first yr of possession. And I do know that break even doesn’t sound like essentially the most horny factor, however let me simply clarify to you why I take into consideration this fashion. Firstly, I’m not speaking about that social media break even the place individuals simply take their hire earnings, subtract their mortgage fee and say that’s cashflow. That’s not it. Actual breakeven, you need to be speaking about CapEx, upkeep turnover, price vacancies. So I’m saying that you simply break even and nonetheless generate precise constructive cashflow after correctly accounting for each expense and sustaining a money reserve. And if you’ll be able to do this, despite the fact that it doesn’t sound as horny as what lots of people say their offers are, I nonetheless suppose that is truly 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 let you know why I’d a minimum of think about it. I’m not saying I’d purchase something that breaks even. Lemme simply provide you with an instance. For those who had been to generate a 1% money on money return, that’s a little bit of a return, nice. However then you definitely in all probability get two to three% return simply from amortization that’s paying off your mortgage. Then when you 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 often one other 1% return as properly. So once you put all these issues collectively, you’re speaking a couple of seven to 10% whole return throughout your complete funding. And that’s not cashflow. I wished to make that clear. That could be a mixture of constructing fairness and cashflow and tax advantages, however once you have a look at that return profile, I believe it’s a minimum of nearly as good or probably higher than what you get within the inventory market as a result of when you look traditionally, the inventory market returns someplace between eight and 10% annualized return.
So we had been speaking about only a break even actual property deal doing in addition to the typical inventory market yr. And that is what you need to be evaluating your offers to as a result of yeah, this may not be nearly as good because it was in 2015, this good Goldilocks golden period of actual property, however as an actual property investor, you want to be enthusiastic about useful resource allocation and the place you might be placing your cash. And albeit, 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’ll be able to put it within the inventory market or you’ll be able to 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 fashion.
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 unsuitable, I’m not saying simply exit and purchase any kind of break even deal that’s simply the primary standards for offers that I’m trying to purchase. It has to a minimum of break even as a result of that units my ground 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 will depend on how the inventory market performs that yr. However then the second a part of the framework is absolutely the essential, and I believe the thrilling half is the place you want to establish two or three, what I name upsides per deal that might take these common breakeven offers from strong and on par with the inventory market to glorious and one thing that’s going to outperform the inventory market properly into the long run.
As a result of sure, I do need my deal to do in addition to the inventory market in yr one, however let’s be sincere, actual property investing is extra work. It’s extra stress than proudly owning inventory and shopping for an index fund. And so I want components 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 principally 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, searching for zoning upside the place it could actually 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 more likely to go up.
These are all totally different upsides. And once you have a look at the framework altogether, if you could find a deal that’s breakeven after which you might have two, three, perhaps even 4 of those kind of little bets that you’re inserting in your property, if one or two of these bets come true, then you definitely’re going to take this from a median actual property deal to a fantastic actual property deal over the course of a number of years. And though this may sound a bit totally different than how different individuals make investments, that is type of the way it’s all the time labored, proper? You’re all the time looking for offers which are 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 appear to be once you purchase them after which calculate how the return goes to develop over time and concentrate on that as a result of actual property investing frankly simply is a long-term recreation and that’s how you actually should be enthusiastic 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 after 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 concerning the upside period and earlier than the break I kind of did a recap of the upside period and my framework for getting offers right here in 2025. Now I need to present you simply with a private replace and the way I’ve been enthusiastic about my very own portfolio, the strikes that I made again in QQ one and the strikes that I’m aspiring to make and the way I’ve set myself up for development by the remainder of 2025. So Q1, I’ve been engaged on one greater deal. I’m doing a dwell 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 gives on a few rental properties, however I haven’t been capable of 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 fulfillment for the remainder of 2025.
And I need 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 enthusiastic 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 choice and to make this transfer might useful to you. So let’s speak about what I did. And first I simply need to say that I need to share this with you within the spirit of transparency, however this isn’t private recommendation on what it is best to do. You bought to consider it, your personal private state of affairs, your personal threat tolerance, your personal asset allocation. However with all these caveats, I stated what I did was promote about 25% of my equities portfolio principally which 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 somewhat bit totally different than a few of my pals that I carry on the present right here like James Dard or Kathy Feki who’ve virtually one hundred percent of their internet price in actual property. I’m not like that. I estimate that my equities, my inventory portfolio is sort of a third to perhaps 40% of my whole internet price. And when you do, the mathematics yr is say, has offered about 25% of that, that’s like eight to 10% of my complete internet price, 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 happening right here? I’m not a inventory skilled. I do comply with it fairly intently, 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 large image and I zoom out of all the things that’s been happening in numerous 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 following couple of years. However once you have a look at a few of the most basic methods of valuing the inventory market and projecting its efficiency ahead, what you see is that shares are very, very costly.
And there are quite a lot of alternative ways that you could worth the inventory market, however two that I personally like to have a look at, one known as 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 manner of valuing shares known as PE ratios or worth to earnings ratio, which principally compares the value of 1 share of inventory to the full earnings of that firm. And when you 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 instances after we look traditionally when equities values had been this excessive, the inventory market underperformed and in lots of circumstances it has underperformed 4 years and generally that’s three years, generally that’s 5 years, generally 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 pleased to be closely invested within the inventory marketplace for the final two years, however I simply don’t suppose these returns might be maintained. I believe that one of the best beneficial properties have been had, and this isn’t essentially even a commentary on the financial system as a complete, though there may be recession threat. Don’t get me unsuitable. That is simply kind of an evaluation of earlier intervals the place inventory valuations bought this excessive and what occurs after. In order that’s my have a look at the inventory market. And this kind of relates again to what I’ve been speaking about with actual property, proper? My philosophy about investing is discovering property which are 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 quite a lot of volatility recently, 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 a minimum of that’s not the best way that I have a look at it as a result of yeah, actual property is absolutely costly proper now, nevertheless it’s because of actually totally different points. We gained’t get absolutely into that, however when you hearken to the present, you in all probability know that quite a lot of the explanation that actual property is so costly proper now’s principally because of a provide situation. There’s a lack of whole 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 dwell in these house, nobody wants inventory. So when inventory market will get unstable or actually costly, individuals might simply promote them with out actually any implications for his or her instant 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 house since you thought costs may go down a pair proportion factors as a result of then you would need to go purchase into adversarial market circumstances as a substitute of what occurs within the inventory market the place individuals dump when issues get too unstable or too costly. With actual property, you can simply do nothing so long as you’re capable of 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 best way 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 concerning the upside period and how one can reap the benefits of it right here in 2025. So let’s speak about these upsides in actual property which have me excited and making these strikes and truly did a complete episode on 10 totally different upsides that you need to use in your personal offers. That one got here out on January twenty seventh. It was present 10 75, so you’ll be able to go test that out. However a few the upsides that I’m personally searching for are one hire development. I’ve made the case up to now and we’ll proceed to that, though I believe the primary half of 2025, perhaps all of 2025 might need sluggish hire development. There’s a very good case that hire development goes to choose up from 2026 going ahead. The second is path of progress and constructing in areas the place there may be quite a lot 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 dwell and flip this yr. So provided that and provided 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 explanation that I really 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 objective is to get sufficient cashflow that I can dwell off of. And so every time I see that there’s kind 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 kind of what I’m going to do, even when it’s not going to be one of the best cashflow proper now.
However as I stated at first of the present, I truly haven’t been capable of make any rental property offers work to date right here in 2025. I’ve provided on just a few, I’ve been taking a look at quite a bit. I’ve underwritten fairly just a few offers, however I haven’t been capable of make any work and that’s okay. I don’t wish 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 kind of ripening for higher offers to be on the market, I’m principally going to separate the cash that I pulled out of the inventory market into two various things. Firstly, I’m going to take 50% of what I offered and put it right into a cash market account. For those who haven’t heard of a cash market account, it’s very comparable. He’s a really comparable rate of interest to a excessive yield financial savings account.
There’s some variations that I gained’t get into, however principally 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 when you haven’t heard this time period earlier than, liquidity when it comes to investing principally simply means how simply you’ll be able to flip an asset or an funding into money and cash market accounts are just 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 searching for offers, rental properties, and I’m truly beginning to have a look at and underwrite multifamily offers proper now, and I need to have that cash rapidly accessible to me in case that I discover that deal, which I anticipate finding within the subsequent couple of months. I would like that cash accessible in order that I can act rapidly. Sure, within the inventory market, you’ll be able to promote it comparatively rapidly and you may pull your cash out inside per week or two, however I don’t need to be able 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 super 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 property that I can use to purchase actual property offers within the subsequent couple of months. And actually, a 4% return proper now seems fairly good to me in comparison with how unstable the equities market is. And I may very well be unsuitable, the inventory market might go up 5%, it might go up 10%, however proper now, the danger adjusted return of equities versus a cash market account, I’m not complaining a couple of cash market account, particularly as a result of it has the secondary good thing about 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 dwell and flip that I’m going to be transferring into right here in Q2. I do know what persons are saying, it is best to leverage as a lot as potential or that’s going to decelerate my scaling. However simply give it some thought this fashion, 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 principally incomes a six level half p.c return on that funding. And once more, I may very well be unsuitable, however I don’t suppose the inventory market goes to get that over the following couple of months. And within the meantime, I can scale back my dwelling bills by like $1,500 or $2,000 a month.
That’s some huge cash that I might be saving, including to my liquidity, including to my stockpile of money that I can use for actual property. And a minimum of to me in my evaluation of various asset courses on the market, it takes quite a lot of threat off the desk. And to me, it’s worthwhile to do that on this investing local weather, and perhaps I’ll do that for years if circumstances keep the identical and I’ll simply hold a very low mortgage on my main residence. However my expectation is that I’ll in all probability simply refi this and perhaps I’ll refi it three months from now or six months from now. It is perhaps 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 gas 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 constructive return and giving myself liquidity with a purpose to purchase actual property within the second half of the yr, 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 ceaselessly. It’ll 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 stated on the high, that is primarily based on me, my targets, my present useful resource allocation, my learn of the state of affairs. However the query is what do you have to be doing with your personal portfolio? My first piece of recommendation is to guage the danger adjusted returns of various asset courses your self.
For those who haven’t heard this time period earlier than, threat adjusted return, it principally means you’ll be able to’t simply have a look at the upside potential of each single deal. You even have to have 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 might have alternatives to double your cash or triple your cash, however the threat of you dropping quite a lot of that cash can also be actually excessive. And so you need to kind of have a look at every asset class, every potential funding on this lens. How probably is it for me to earn a very good 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 admittedly, determining and pondering by threat adjusted returns, it’s not as straightforward because it was once 5 years in the past. There’s simply no manner I’d’ve paid down my mortgage as a substitute of shopping for one other rental, simply no manner. I by no means would’ve considered doing it. However in the present day, once I reevaluate threat adjusted returns, it makes quite a lot of sense. And the fact of that is you actually do exactly have to do that for your self. There’s no goal analysis of what one of the best threat adjusted returns are, proper? You may see enormous 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 targets, my present cashflow, it’s simply totally different from yours.
And so you want to take into consideration this your self. The second factor you want to do after you kind of look across the market and assess the danger adjusted returns and totally different choices in your cash is to think about your targets. Do you need to be actually energetic in your investments? Do you need to be managing and enthusiastic about your cash day by day? In that case, you can probably take into consideration reallocating into totally different asset courses, but when not, when you’re extra the kind of one that’s stated it and overlook it, I simply need 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 energetic in managing my portfolio, and so I’m all the time enthusiastic about these offers. I’m all the time researching these offers. If this isn’t one thing that you simply do or need 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 enthusiastic about tips on how to reap the benefits of the upside period as we go into Q2 is would you truly do one thing with the cash, proper? For those who had been enthusiastic about promoting equities or perhaps you’re enthusiastic about promoting a rental property or some actual property, take into consideration what you’ll realistically do with that cash. As a result of when you had been going to promote your index funds, for instance, after which simply do nothing with that cash, you’re going to place it in a daily financial savings account and never earn some huge cash, and also you’re simply kind of doing it out of worry, you’re in all probability higher off, a minimum of traditionally talking, simply conserving your cash within the inventory market and letting it compound over the following a number of years. But when as a substitute, you’re reallocating as a result of you might have a plan to instantly earn higher returns, otherwise you need to place your self to reap the benefits of alternatives that you simply see coming within the subsequent couple weeks, subsequent couple months, subsequent couple of years, I believe that’s a completely totally different factor as a result of keep in mind, when you do promote actual property otherwise you do promote shares, you will must pay taxes on it.
There are repercussions for that. This isn’t similar 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 very good transfer since you’ll have paid taxes unnecessarily. It’s a must to have a plan in 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. Do 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 when you suppose there are good alternatives, and in case you have the appropriate ready for the place you’re placing your cash relative to the second step, which is your targets.
So once more, have a look at these threat adjusted returns, then think about your targets and take into consideration in case you have your cash in the appropriate place given these two issues. After which lastly, actually simply intestine test your self and be sure that if you will make a transfer, if you will reallocate capital, reallocate a few of your time within the upside period, just be sure you’re truly going to comply with by on it as a result of kind of doing a transfer like this halfheartedly might be going to depart you worse off than once you began and simply worse off than when you simply did nothing. So once more, do these threat adjusted return assessments, think about your targets, after which just be sure you even have a plan to do one thing together with your cash. That’s true when you’re reallocating assets or when you’re simply attempting to place extra precept into your total portfolio right here within the upside period.
Alright, everybody, that’s my upside period replace for Q1 and providing you with some ideas about the place I’m getting in Q2. I’d love to listen to what you all are doing together with your alternatives for upside as we enter Q2. So when you’re watching right here on YouTube, be sure that to let me know within the feedback. However when you’re listening on the podcast, hit me up on both Instagram or on BiggerPockets and let me know what you’re enthusiastic 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.