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Rob’s Story And Getting RICH with Guest Co-Host Robert Orfino
Airbnb By The Numbers
I want to thank everybody. The show is growing like wildfire. It’s absolutely incredible the response we got. I’ve got a ton of emails, a lot of feedback and I appreciate it everybody reading the blog. We’ve got a request and the request is, “How did you get started in real estate?” I figured we’d take this first segment here. Rob, why don’t you tell us how you got started in the real estate business?
Rich Dad Poor Dad, Robert Kiyosaki’s Cashflow Quadrant. There is some truth in there.
There’s a lot of truth in there but I didn’t take the up and down stories to heart as much as I did, “I shouldn’t pay taxes on all my earnings.” The take away from the book was there’s a way to make a profit, invest, pay for certain things, then pay taxes and then have cash. Essentially what I learned from that was there are two types of Tax Codes in this country. One for individuals and one for businesses. Clearly, the one for businesses is better. I took that to heart and thought about it, trying to get some things going. I partnered up with a friend of mine and we started a little consulting business in the green world. I came to him and said, “I want to expand. We need to get to California. We need to get to Florida. We need to get to all these states that are offering these tax rebates.”
He was very happy where he was. He was in New Jersey and we did four or five counties in New Jersey. We were within a mile from the beach. We’d go to lunch, grab a sandwich and just sit on the boardwalk and watch the ocean while you eat. In April of 2008, I parted ways with my partner. It was amicable and we still talk, he’s a good buddy of mine. We went out and did consulting in California, Illinois, Florida, and we did a lot of work in Pennsylvania and this green consulting business was taking off. In that first year I signed $345,000 in consulting contracts, which is not bad for a one-person shop.
However, what’s happening in 2008 is the Fed is collapsing, Lehman is being destroyed and the world is ending. What I’m doing is nine out of every ten of my gigs is with a government entity, a school project, police station, fire station and they are all freaking out. They would put the brakes on almost all of the construction projects. They said, “We’re stopping. We need to figure out what’s going on. We need to see if we have the money to keep paying for this, what the tax revenue is going to look like.” Everything got slow. I had one private client as an automotive dealership out in Illinois that kept paying. What I had done was probably the worst thing you could do for a small business owner is I took factoring loans. If you don’t know what a factoring loan is, let me put it to you in another way. It’s like a payday loan for businesses.
With very reasonable interest rates, for the first 30 days.
After 60 days, the rates go up and after 90 days, they sell the note. Basically, it’s a 90-day notice. It’s so attractive that you can sell it. That got bad really quick because I had $300,000 worth of contracts, so I went out and took a factoring loan. The next thing you know I’m $125,000 in the hole there. I had to borrow from a family member to cover that debt. I got that taken care of and pull out money from retirement. Then I did a venture down in Florida because we didn’t think the recession at the time, we thought it was just going to be an adjustment, “It’s just a blip.”
I talked about this on a webinar I did about what’s going on in the economy. There’s a big difference between a crash and a recession. That was a crash. Recession is like, “In six months, we’ll be out of this thing. It will slow down a little bit. We’ll turn back around and no big deal.”
The people that realized this thing was going to be a decade long weren’t telling anyone in 2008, including our government. We went on our merry way. We did some serious investing and built a business out in Pennsylvania and then one in Florida. Money insanely tightens up in a recession. These are million-dollar retrofits at the supermarket. We can go into a supermarket, which typically has the highest energy bills of any of the buildings in town and we can go into that supermarket and show them how to take their bill from $50,000 a quarter down to $10,000, but we need about $1.8 million worth of capital. Typically, we were getting that at 4%, 5% or 6% as a business loan that all just disappeared.
Those two years where everything was just total chaos, we’re trying to do these $2 million retrofits on 80 supermarkets in Pennsylvania and then big high rises down to Florida because everyone’s leaving those high rises. We had a way to take a two-pipe system to a four-pipe system. It’s technical, but if you know what I’m talking about, you save a lot of energy. We put in probably another $150,000 to $175,000 of upfront investing into that, lost all of that. A couple of other things went south, had to survive, we’re pulling money out of retirement. We’ve taken the penalties. It’s horrible. My wife’s freaking out. Lo and behold, one day I wake up and I’m $452,000 in the hole and it’s all personal debt, and there’s a PG next to all of it.
You personally guaranteed a lambo of unsecured debt?
What year was this when you wake up out of bed?
It was in early 2010.
You get out of bed and you go, “Is it too early to start drinking? Because this is not great at all.”
I wish that was a choice for me. That wasn’t a choice. For me, I went to a REIA club. Steve Love of Prosperity Through Real Estate in Los Angeles is a good friend of mine. I was like, “What is this room going on here?” I was like, “Let it go.” All the construction consulting I’m doing was with two major contractors. One of the contractors went under. He had a $7 million business that just disappeared overnight. He’s gone but he has what’s known as a SAM License. He can do work for Fannie and Freddie. In 2009, 2010, all these houses are just being foreclosed. They’re a mess. People are trashing them on the way out, so we’re just going out there and we’re just repairing. He says, “Robert, I need some help. I can’t manage all this. You’re a good manager. Do you want the Valley?” That’s the San Fernando Valley in California. I’m like, “I’ll take it. I’m desperate. I need a job.”
I go out to the Valley and I start doing the work. I start understanding and finding subcontractors and getting the bidding process going. There’s a whole bunch of us doing this because that’s the only money that’s flowing. We start doing flips for Fannie and Freddie. One of the things that I did was I kept traveling back and forth to California. I was staying with a friend and I worn out my welcome there, which you would expect. I had to go find a place. I came back home to New Jersey and my wife was standing at the door and my bags were packed. She said, “You’re going to California in three days?” I’m like, “Yes.” She’s like, “You need to find a place for us to live together because I’m tired of not seeing you.”There’s a big difference between cashflow and profit. Click To Tweet
I went to California. I found an apartment, got the deposit, got a CORT furniture and within ten days I had a place to live and she had left to drive across country with the dog, bikes, a printer, bread maker and our clothes. She came across California. CORT furniture just left as she pulled up into our new apartment up in Sherman Oaks. We’re in the Valley and we’re doing this work and we’re surviving. There are hiccups here and there but it’s not great money, but we’re able to survive. We’re not touching the debt at all but we’re surviving. At that point, in 2010, it’s all you can hope for. 2011 carries on. It’s all good.
In 2011, what Fannie and Freddie decided to do is they weren’t going to rehab the houses anymore. They’re just going to sell them as is because the only people buying are investors. They’re going to rip all the kitchens out and rip all the bathrooms out and do it, so that job went away. It’s April of 2012, I’m down to my last $6,000 in the bank. I need $12,000 a month to get by. I’m driving down the 405 and I have this epiphany that I’m not the smartest guy. I’m a dumbass and I’m no longer going to pretend that I’m so smart. I’m just going to do what rich people and successful people do. I started doing a mantra. I’m going to do the mantra and I’ve got to do it five times because I promised myself that day I will always do it for five times, “I am so happy and grateful that money comes to me freely and easily from multiple sources.” I said, “God, tell me what to do.” I go to my PO Box. I had to make a decision as a business owner, “Do I pay the IRS or do I pay my employees?” which a lot of businesses did.
That happens especially in those times.
I chose to pay my employees. I opened the box because I know there are all kinds of letters from the IRS. As I opened a box, there’s a letter from the IRS and a check for $6,000 exactly what I need to get through the month. I’m like, “I’m not questioning this. I don’t know the mechanics of it. I don’t know who did this but I will thank everyone for this blessing and I’m going to be able to survive this month.”
Your entire business has collapsed. You’re fighting to stay alive. You’re in California at this point. You’re running a general contracting company, trying to make ends meet. You get a check in the mail that will cover your expenses that month. What happens next?
I say the mantra every day and I give thanks and praise on my phone every 6:00. The alarm rings remind me to give thanks and praise and I do. I get a bathroom job. If you think out here bathroom’s $5,000, $6,000, $7,000. This bathroom was in Culver City and it was a $28,000 bathroom job, custom concrete sinks, the shower stall, the bath, a whole bunch of bidet, a big bathroom. That gets me through another. It’s May, and in June I get a $48,000 kitchen job. It gets me through another month. In July, I get a phone call from a guy named Zach. He’s the guy who’s probably flipped about 13,000 houses. He was one of those guys who he and his father had been doing it forever and he works for the hedge funds. I get a phone call and says, “Robert, we met so and so. I had this burnout house they’re going to buy from me and it didn’t work out.” I’m like, “How are you doing, Zach?” He’s like, “I’m working for a hedge fund. I don’t know if you’ve heard of these guys, but we just bought 2,600 homes. I need contractors.” I go in and I get interviewed and I signed up. For late 2012 and most of 2013, I’m working for a company that processes homes for the hedge funds. They’re processing homes for Colony and Blackstone.
Colony Homes of America, I don’t know who their parent company is, but Blackstone‘s the largest hedge fund in the world. If you actually go back in time, you’ll look to see when Warren Buffett opened his big mouth and said, “If I could figure out how to manage 100,000 houses, I think the single-family house is the best asset class.” That’s when the guys like Blackstone and Colony got real serious. They started in California.
Now, I can get as much work as I want. We go out and we get two project managers, we get four crews, we’re motoring along doing dozens. We’re doing a lot a month. We’re cruising and we’re learning how to do it and understanding the standards and finding cheaper supplies and building systems. That goes very well through 2013. AT the end of 2013, the hedge funds pretty much cleared up most of what they had and they weren’t acquiring any more. There were some smaller funds that were still acquiring and we did some work for them but the margins weren’t as good. We were one of two contractors of 30 that were able to stay on the hedge funds list, if you will. Then we started doing big homes. I literally did a Malibu Beach front house $25 million home. It was a pleasure to go to work every day. That was the one you always want to stop being on.
I got my debt under control. Most of the PGs are gone, it’s restructured but the California marketplace has gone. I’ve figured out flipping, unfortunately, I’m in a market that I can’t find a deal, so I have to go back home. If you remembered in 2008, superstorm Sandy hit the East Coast and that’s where I’m originally from, New Jersey. I was out there visiting my dad and he’s got basic cable. There’s nothing on TV. I’m going to walk up to Dunkin Donuts, grab a little coffee and a donut and I walked by a little real estate office. In the windows, there are these 8.5×11 sheets hanging up there and there it is. I’m like, “You can still buy a three-bedroom, two-bath in this town for under $200,000. That’s interesting.” I’m looking at the market. I go back to dad’s house and I opened up the computer and I’m like, “What’s the market here?” I realized New Jersey’s the number one foreclosures state.
In part because they’re still surviving the crisis and the storm.
It’s a true judicial state. You can push a foreclosure for three to five years. I go back to California and I partnered up with a race car driver and said, “This is a good market. We should go out and do it.” We go out and did it and we’d flip seven or eight houses out there. He retreats, he’s going to buy some laundromats. Our last two deals didn’t go well. He’s like, “This is probably a good time to stop.” I kept going. I find some other houses. I have my two Airbnb houses going out there and I’ve got another rental. New Jersey was good to me. While all that’s happening, I’m networking with people from Texas. I’m still living in California. I’m flying to New Jersey, Texas, Chicago and I meet you. You and your partner were very interesting guys and I thought you guys had a different take on this whole industry that I hadn’t seen before. Then Harvey happens. I said, “I know what to do because I’ve done it in New Jersey.” All I’m thinking is I’ve got to get to Texas as quickly as possible but seven, eight months go by, I’m still not here.
Once again, I turned to my wife and said, “I’m going to go to Texas tomorrow. Don’t worry. Give me three months and I’ll have a house for you. I may not have all the furniture but I’ll have a house. If you could just fix the moving out of here.” I drove out here in May right before Memorial Day. I didn’t have a place to stay. I called two people on the way out and said, “I’m coming out. Can I crash on your place a little bit?” A friend of mine calls back, a mutual friend of ours says, “My wife’s making the bed and you can stay in the room as long as you want.” By July 4th weekend I had bought a house and by the end of July, my wife came out and the kids came out. I called people also who want to invest in Texas. The rollercoaster since I got here is a whole other show. That’s how I got here. I still carry debt. I still have bad deals that happen and they happen to everyone, but I am proud to say that I’m working to repay the debt every single day. It’s much more manageable and controllable.
What do you got left? I haven’t asked you in a while.
It hovers right around $175,000, but some of it is tied to the property. There’s a note on a property that once it sells it will be cleared up.
You’ve got to think. You took care of all your living expenses and built up a little nest egg and you went from $450,000 to $175,000. That’s a wild swing.
I picked up some rentals along the way.
Even if you’re in a lot of debt, you can totally get out of it. You’re starting to do some deals now and buying some rental properties.
It’s still not easy. It’s still tough. There are still some challenges. We had a house that got flooded in Harvey that we’re flipping, so we took a hit on that one. That’s will probably be a massive moneymaker for us because we’re putting Airbnb on it. I’m still looking for a few more duplexes for our personal portfolio. You and I and a few others are working on an Airbnb management company and a company that can get some folks down here who know what they’re doing. Airbnb for us works wonderfully.Even if you're in a lot of debt, you can totally get out of it. Click To Tweet
Somebody asks us, “Can you talk a little bit more about Airbnb?” We might be able to do that. You’ve got some Airbnb projects up in New Jersey you’ve had for over two years?
Yes, I am getting close to two years.
I was chatting with Curtis about this where he said, “Jason, you used to be so anti-Airbnb.” I said, “Because I never met anybody who runs it like a business.” It’s like, “I’ve got this house and I rented out or I got this bedroom.” I’d never met anybody that actually runs it like a business until I met you and I met another girl. There was another guy I ran into that does Airbnb in a big way and it works well. We gave a webinar where I said the three things that Rob and I are doing with our money is small apartments, Airbnb and we’re just trying to hold on to single-family rental properties as long as we can. We’re moving out of that space. It’s what told everybody. If somebody’s got a deal, send it to me, I’ll take a look at it. If it’s a great deal, we’ll probably do it. I’m not actively chasing down single-family deals. We do it on behalf of our members.
We’ve got about 60, 70 people.
They’re buying single-family real estate, but a lot of the stuff that we’re buying are duplexes, quadplexes, small multis and properties that would be great for Airbnb. Let’s talk just briefly about some Airbnb numbers. We want to talk about first your small one in Jersey and just give us a little breakdown of how that thing works.
We have 1,000 square foot house, three-bedrooms and two baths. We added the bathroom in the renovation. This is a house that we couldn’t sell. The last time I waited too long and it ate a lot of money. We immediately moved to Airbnb on this one or rentals. We immediately bought it, refi’d it, put it as a rental. I was making a whopping $125 a month as a rental on it. It was cashflowing and there was equity. I was happy with it. Once the last tenants moved out, we decided to do it as an Airbnb. We did as a whole house Airbnb. The way we do it is a little complicated, but I have a monthly payment on there of $1,700. That’s the mortgage payment. We have to do a little loan for the furniture. All in back to me is $1,900 or so, $2,000 and then what we have is about $400 worth of expenses, so there’s $2,400. We have to make $2,400 in order to start cashflowing.
$2,400 covers everything, it covers CapEx. Does it cover the maid and the maintenance guy?
Unlike a lot of single-family where they go, “This is how much my cashflow is but it doesn’t include maintenance and make ready and all that other stuff.”
Ours is all the way at the bottom line.
On this particular deal, your monthly is $2,400. Breakeven is $2,400 a month.
We’ve done about $3,000 in the first two months.
It’s profit. There’s a big difference between cashflow and profit. It’s making you $600 a month.
In April, we should hit about $4,000.
It’s going to make you $1,400.
There will be little more expenses, but $1,400.
A lot better than your standard rental property. The one thing you had told me how you run your Airbnbs is that you’ve always got a maintenance person there.
Once a month, we have a handyman show up and there’s a punch list that they have to go through. Clean filters, touch up paint, clean out the garbage disposal, all those little things that homeowners supposed to be doing but don’t do. Clean the gutters. We paint the trim on the house every two years. All the little things that needed to be done so our properties look better than when we were listing them.Making your first million is the hardest part. Click To Tweet
They’re ready. You could turn around and put it on the market to sell now?
We do upgrade all the time like little under cabinet lighting. We think that will look nice and put some LEDs in there. Every month we spend $200 on the house and those upgrades keep going. If we find problems, we will clean up the problems. The properties I have up in New Jersey are probably better now than when I was about to sell them.
This is why Airbnb is one of the reasons it’s superior to single-family long-term rentals is because the property’s always being maintained. In fact, it’s being upgraded. We account for that. It’s getting cleaned routinely. We’ve got a maintenance guy that’s out there once a month. That’s the small one. Let’s talk about the big one you’ve got.
This one we did a little bit differently. It’s a corporate area. The pharmaceutical executives are our main folks like IT and then a couple of senior couples that are just traveling through the area. We decided to do that as a true BnB. We locked off every room. We have two suites and then four single bedrooms. We have six rooms and that’s why we talked about it. We count them as beds. That little business right there, the gross on the house is going to be $8,600. Most of my clients, the guests that come are repeat customers, about 60% of them. They just call and they’re like, “Do you have the rooms?” We’re like, “It’s available. Just go online and book it.”
What are your costs on that deal?
It’s a high-end home. That’s when I couldn’t sell it. It’s $5,300.
$5,300 but you’re grossing $8,600, you’re making $3,300 on one property.
If I just rented that one straight just to carry the equity forward, I would lose about $400 a month.
If it was a long-term rental, you would lose $400, with Airbnb, $3,300 a month.
Our average is $1,700.
You make about $1,700 a month on a failed flip. What I always find funny is when I talked to multifamily guys and they talk about, “I’ve got 50 units, 80 units, 100 units.” I’m like, “How much do you make in a month?” They say, “I’m making $5,000, $10,000 a month. We can make $3,000 a month on one Airbnb or $1,700 a month in one Airbnb.”
It’s a superior product.
Our product is in amazing shape. We’re talking about Airbnb. It’s a superior product. Here’s what intrigues me about Airbnb. It’s a business but you get financing like a single-family rental property. You get a 30-year fixed rate mortgage on a business. That’s appreciating. It’s an extremely attractive deal. A lot of people who talk about Airbnb or talk about maybe doing Airbnb, “Does it work?” I’m like, “Yeah, it works.” Do you want to a cashflow of $300 a month or $1,200? Do you want a maintenance person that’s in there every month or maybe every six months? Do you want the ability to turn around and sell that thing at the peak season or wait until your tenant moves out?
That is exactly what we looked at on one of the properties in New Jersey. We were like, “Let’s keep a real close eye on what happens here in June because I can put this on the market and the day.” There’s no cleanup, no nothing. We can go and we can explain that those locks on those doors are there for Airbnb and just make sure that my realtor is there to walk everyone through. He can’t see the house without my realtor being there to explain it. You’ve got to sell it. I think we can get on the market in a day. We think it’s probably worth $679,000. If that market goes over $700,000, we’re selling it the next day, so we’re watching very carefully.
It’s a lot easier to make $1 million in real estate when you buy one little asset that you have $100,000, $200,000 in equity in. You and I were talking about some houses in the heights. Before my webinar, I was sitting there and looking at some houses in the heights and I’m like, “Maybe we go get a couple of Airbnbs there and just let that appreciation right and make a couple of thousand dollars a month.” It’s like the beach houses we picked up. It’s similar to some of these other deals that we’re doing in Airbnb. It’s a cashflow efficient process and it’s got the liquidity of a regular single-family house. “Can you make a lot of money in big multifamily?” “Absolutely.” One of the challenges is you just can’t sell them overnight. You can’t put an apartment complex, make $2 million to $3 million and then move on. You can’t refinance them that fast either. The single-family houses that you’re Airbnb-ing in the right places using the right management company, they produce a lot of cash. They appreciate like a single-family house does and they’re easy to sell. They’re easy to manage because you’ve got your team in that house at least every other week on the cleaning side and once a month on the maintenance side. A lot of people are like, “I’m trying to make $10,000 a month in income.” It’s like, “Just buy ten of these, maybe five.”
You’ve got to work it. You’ve got to put a little more time. It’s definitely more time than a rental. That’s why we have a management company to take care of most of our stuff.
Not any management company can do this. Most of them don’t do it.
You have to find a good cleaner. We were digging it. It works that property in the heights. The thing that we want to figure out that we looked at a property. If we wait two and a half years, that property would be $1 million because then it makes a great play. We can pick it up for high sixes, make it cashflow for three years and then dump it for $900,000.
We will have Quest Trust on here at some point. A deal like that makes a lot of sense in a Roth IRA. You go in there, you partner up with a company. Even if your Roth IRA only has $1 in it, you partner with a couple of other IRAs that got the money to take it down. Then you slam in once you set the cashflow plus when you sell it $200,000, $300,000 in a Roth. You only need to do that a couple of times before you’ve got $1 million in there. The joke, “Making your first million is the hardest part.” There’s some real truth to that. You’ve got some dry powder to work with. You can go out and buy $11 million of real estate in a handful of months, but you’ve got to have that something there. The real secret is you can make it, but then being able to make that in your Roth and then be able to work that Roth for another 30 years, that’s where you start getting wealthy. If this is the first time hearing that, you can invest in real estate with your IRA, with your health savings account, with your Coverdell account, your education. It’s not something that’s taught out.
It’s the stuff that the top 1% of this country have been doing. Mitt Romney makes a whole bunch of money and avoids paying taxes. There are other vehicles and we’ll bring other folks in. There are ways to buy properties through your life insurance policy. There are all these ways that circumvent getting killed on taxes that are perfectly legal and that most of the wealthy had been doing for generation after generation that never gets down to the layman. At the end of the day, I consider myself a third generation contractor. This stuff is good and I’m very happy about getting into all this stuff, but I still understand my roots that I grew up poor. I look at a lot of this stuff from a poor person’s mindset and I have to shake it sometimes. I’m like, “I can buy an apartment building through this Roth and then all the money from that comes back into my retirement as well as the asset appreciation.” Why didn’t someone tell me this in high school? Why didn’t someone tell me this in college? It would have been a much different life.
We start picking up on these little things where there’s a real opportunity in this country to become wealthy and stay wealthy. A good friend of ours says that most people, their challenge is, “What am I going to have for dinner? How do I get the kids into bed and cleaned? How do I cut the grass? Where do I find time for that stuff?” That’s most of the people’s lives, “How do I get through the next 24 to 48 hours?” If you can step back and start looking at, “What are my next five years going to look like? What is my retirement look like?” and take it seriously and carve out some of those nineteen hours a week that you have, then you can start buying single-families. Then you can do Airbnbs and you can start doing some small apartments, then you can move. It doesn’t happen in a year. It’s a five-year curve, so you can start working on that. You’ve got to break out of what’s the price per gallon of gasoline? What’s the cheaper station? Is it $0.03 cheaper over here and over there? You’ve got to break that mindset. It’s hard when you’ve been conditioned all your life to always be looking for deals, “Hold onto your money.” There’s some truth to the mindset stuff but I don’t think it drives you every day. You’ve got to be able to make that change, that shift and get into it and then put your head down for the next five to seven years and do it.
It’s very doable between Airbnb and some small apartments that you can pick up $1,000 to $2,000 a month in one or two deals. That’s a huge impact on a lot of people’s financial future. Rob shared with us the origin story on how he got started in real estate. A lot of people are like, “I’ve got $100,000 of debt.” Our business partners climbed way out of a hole much deeper than yours.
I’m still climbing and it’s okay. I don’t hide any of this stuff. This is my story and I’ve had some powerful moments in my life that brought me to my knees and thank God, thank the Universe, this is amazing what’s happening. There have been some other powerfully bad moments that have knocked me down and put me on my butt and I’m like, “This is really bad.”
You are updating our deal board. These are deals that Rob and I are doing in our partnership, not including what we’re doing personally in our personal portfolios. We will close by the end of June 2019 on $11 million in real estate and our net worth will be up by how much? Did you do the equity calculation?
About $2.2 million each.
We will have made $2.2 million each, so $4.4 million out of $11 million. We’ll be splitting about $40,000 a month in cashflow.
I’m looking forward to the day I can come and say that I’m 100% debt-free.
It’s going to happen pretty quickly.
I’m looking forward to that and I’ll go through who I had to pay and what I had to pay and how it all happened. I’m happy to do that. I work every day because I owe people money.
Coming here and doing all the things that we’re doing, did you think it would be this successful?
Not at all. I thought I had about five years to work here. I thought maybe four and a half if I was smart. In fact, we could probably retire in August.
We’re going to continue on because we have people who want to invest with us and people who want to work with us. People who want us to show them what we’re doing and how they can create wealth and move on. We’re happy to do that. That’s the fun part of it. It’s happening at such an accelerated rate that sometimes it’s hard for me to go to bed. I’m literally giddy. This is the hottest market in the country, it’s almost all of Texas. If you’re anywhere else in the country struggling for real estate, you’ve got to figure out a way to get here. If it’s like me, you just get in the car and drive and figure it out, or if you’re going to sit down with your family, come up with a plan, you need to be here.
This is the best market in the country and it’s been this way for decades. It’s not changing anytime soon. There are many people moving here. There are many companies moving here. It’s going to continue to grow. This is going to be an amazing place for the next ten to twenty years and easily retire off what is going on just in Houston, Dallas, Fort Worth, San Antonio and Austin alone. It’s a fantastic place to invest in. I want to thank everybody.
Thank you for everyone.
Thanks so much. We will see you in our next episode.