What’s up everybody. This is the June, 2021 monthly market update, where we go over all the important things that have been happening in the news that will impact your investing. But so let’s get into it. Easter egg for this month. Little bit of a joke here. It’s a little Mimi here. Taxation is theft.
Where person didn’t leave a tip, but they left it in a cash tip so that the federal government and state does it take their cut. And they’re exactly right. The middle class is the people that get 30 to 60% take in front of in taxes. If you guys want to learn more, go to simple passive cashflow.com/tax and join our private investor email@example.com slash club.
Like joining there. You’ll get the free light remote investor. E-course six or seven hours of videos to edge. Get educated. It gets started in investing again, go to simple passive cashflow.com/club. You guys haven’t heard me before. My name is lane Coca cellmate, professional engineering license. If you guys like this said more, check out simple passive cashflow podcast.
And for those you guys are already listing on the podcast form. Can also check us out on the YouTube channel, where we have all these great slides and graphics. Me, I like graphs stuff, check out all that on the YouTube channel.
So some teaching points as we start out, stuff, eating the chicken here, showing the KFC. Chicken poop and start eating the eggs first for cashflow, right? Create streams of income. Don’t eat the chicken, eat, the eggs that they hatch the golden eggs. Don’t kill the go to groups.
It’s the same. And again, act like an accredited investor. I had an investor today saying I don’t have enough money to invest. I’m like, but that’s not the point. The point is stopped doing all these things that are hurting you like buying a house to live in. Investing in the wrong stuff, like your 401k and doing things the wrong way in terms of tax, I’m gonna drop the link here.
Simple pass a castle.com/tax. Little gear here is looking at the back of another year. It’s like the IRS taking money from you.
And then, get that. Remote investor eCourse light for free, by going to simple passive cashflow.com/club or a shipping email land, simple passive And we’ll get you access to that. And then you’ll learn the secrets of investing. And a lot of it is just not in textbooks, such as this one.
No, I a meme here where the person said on social media, the bar, random people, jogging for no reason, the higher the rent is going up. Yup. That’s about it is we don’t invest in those areas where people will go jogging in the middle of the night. It’s no secret that we don’t invest in the nicest yuppy areas at the same time.
We’re not in dangerous areas. The class C or T Airbus worse. We stay in that sweet spot. And that is the kind of the secret sauce investigate, good areas to the lower middle-class wrong. Give them good housing and treat them with respect. In turn, they pay us a good return on our money.
A lot of other podcasts, if you guys missed out this month, we had a couple podcasts on cryptocurrency and you guys want to go back and check those out. My new rich uncle channel, which is geared more towards the younger folk. It was supposed to be a little bit quicker, for a lot of people, they don’t have too much money to start investing or start investing seriously as an accredited investor.
So where do you start? So check out my rich uncle channel or give it to the kids. Some Warren buffet highlights from his latest Berkshire Hathaway report where he’s talking about. Inflation coming. And the shorter, the story is by assets that produce cash flow. That will go up with the pace of inflation.
Those people not able to invest are going to be the losers here. Unfortunately. We also talked about preferred equity versus traditional equity to treat it different ways to invest and yeah. More stuff to come next month on the simple passive cashflow podcast.
We had talked about if you guys are missing out a lot of this discussion in our simple passive cashflow, we Facebook group, you guys need to find us on Facebook and join us as we’re always talking about new things, not always real estate. Talk about crypto, such as the latest happenings with tether here.
But yeah, let’s get into the report here. So the first thing wanted to talk about is inflation as Warren buffet outlined for everybody inflation is here and it’s probably here to stay price a lumber skyrocketed more than a few times what it used to be, but not to freak out, right? If you’re a home builder, you’re going to see the price come back at you when you actually sell the houses.
This past month, we had a big dip of Bitcoin or all cryptos for the most part. It is not a mature market. And the reason why I say that is, and if you look here, Elon Musk was the guy who supposedly. Tripped up the latest bull market as he tweeted that Tesla would stop accepting Bitcoin payments.
Sighting. I feel as a bogus thing saying that, he doesn’t like how it’s hurting the environment. It’s not like the people mining the stuff like they’re getting the energy. From pretty hydroelectric, solar. They’re not getting it off the grid for the most part.
And I think he’s not dumb enough to not know that. So it’s just another example. I think Elon is just trolling everybody and it just shows that cryptos are still a very immature market or what. No guy can move the market as he did. It gets people into storage clean so he can place swing trades.
Unfortunately, a lot of people like really buy into this stuff quite a bit. And it’s not the people that are very wealthy that cannot get hurt situations like this. A lot of people in my world, they like crypto, but I’ll keep it within reason, maybe with one, the 10% of your net worth, if that.
The less network you have, in my opinion, more conservative, you have to invest in investment cashflow as opposed to these ACE semester risk type of pull dates. I’m definitely not a big fan of alt coins, which I feel like are startup investments, very asymmetric risk type of investments.
Bitcoin and Ethereum are the blue chip type of cryptos, but these stills swing up and down quite a bit. And of course the more conservative way of playing this stuff is not the odd points, but the staple points, just getting a nice little yield farming from there.
So this survey put on by UCO on behalf of bank rate and April, 2021 showed that homeowners most common regrets about purchasing their current home. And it showed the difference between a home owners of all ages and then the millennials. So the top ones where they had no regrets, then maintenance and other costs of two.
I bought a too small of a house, bad location. Didn’t get the best mortgage rate. And then these are some of the lower row. Common regrets, butter, too big of a house mortgage payment, too high overpaid, too much, not a good investment. And lately I’ve been thinking, there’s no rules of thumb out there for this type of stuff, but I felt like, if your net worth is not one or two times the price of your primary residence, Ellie, you should buy it.
And it probably disqualifies most people out there. So if your net worth is, quarter million dollars, don’t think you should buy a house. That’s more than $150,000 in that case. You don’t buy a half a million dollar house until your net worth is a million dollars in my humble opinion.
And that probably upsets a lot of people. Cause they’re like, oh man, we’re going to buy a house. Like we’ll go invest and do something financially responsible and grows your money the right way. And then go buy a house. A house is a financial tray, but then again, my big cabinet is for most people out there are financially irresponsible.
They can’t seem to save, or then they make, and they can’t control their spending. Therefore, a house. Might be a good option for them because it is a force piggy bank for those people. But for most of you guys listening, you guys are pretty good with your money. You’re financially responsible. I know a lot of you guys backs out the 401ks, do things like that until you learn about real estate on alternative investing and for you folks, I wouldn’t buy the house quite yet.
So yeah, your net worth is at least two times your what’s the posture you’re looking to buy.
All right. So I got a display of the back here of 2020 population, net migration by county. Now this is a big one. I think you’ve seen so many of these maps with states net migration, which is good, but. I think a lot of stuff gets mixed up in the shuffle, right? Because most people are clustered in a few cities in every state.
And it is a little misleading when, Texas is a big state for example, most of the growth has clustered in those top five cities in Texas. But here we have it broken down by county where the red places are, the growth in counties ended up blue is where the people have been moving out.
And I think this is a lot better way of figuring out are you in the best thing in the right place with the Tradewinds behind your back in emerging markets? I just got done watching a YouTube of Boise, Idaho. They said that the prices have gone up 30 something percent in the past year.
I’m not a fan of Boise by any means. I know it’s like people are moving out there, but. I think the reason why I’m not a big buyer of it is because when I, when I looked up the population, it’s barely anything, it’s a very small tertiary market at the end of the day.
I want to usually invest in a place that at least half a million population or greater. And a lot of people that move there or California, and so they can remote work. But what happens when. No, the bosses want everybody to come back to work, which I feel like will happen at some point. I think some people, they like to invest off headlines, but if you asked me I am not hugely bullish on a place like Boise long-term.
So next came from an article done by Harvard and they analyze are millennials so different than the generations before them. So there’s four major differences or things that have talked about. So first is marital status. They said millennials are less likely to get married than earlier generations.
I was reading, I forget where I heard it, but like they said, divorce rate through the pandemic is down, but then they said, it’s because people are getting married in the first place. So this article confirms that too, as far as home ownerships. Millennials have been less likely to be owners than previous generations of the same age.
The gaps between them of narrowing home-ownership at the age of 30, among the early nails was about 41% when it was 50.5% of budget X-ers at this point. So less people buying houses, and this is what we like. Hey, Rutgers for life guys. Keep doing it. Average personal income, despite the popular media patrol of struggling millennials, their average personal income has surpassed that of earlier generations as their age into the 30th.
Now, I don’t know if they took into account inflation cause you know how these articles are never really done by data, people that is more English majors that kind of just look at stuff and don’t really adjust for inflation and things like that. Maybe that had to do with also the poor early millennials were the ones that came into a 2008, 2010 type of job market post recession.
I don’t know. Multi-family residence shares. Millennial generation is about living in multifamily housing far more frequently than the boomers did. They’re falling their parents’ migration into single family homes and millennials are not forever young and it’s time for many to events that they might have to live and get a bigger space.
And that costs a lot with these types of single family homes. Tax changes now, Biden is asking Congress to enact legislation that would disallow 10 31 exchanges for gains greater than 500,000. Now this will change probably several times before it really gets solidified, but I think if they let people on their $500,000, 10 31 exchange go, I think
that’s a fair deal, not to get political or anything. Those people who have like left properties appreciate greater than half a million million dollars. They’re Asante. And, I’m all for wealthy people who are not smart and especially not motivated. That was just very indicative of second generation wealth.
So lose it and give it to those who Work harder and actually put focus into growing their wealth and wealth management. What’s the same 90 something percent of wealth leaves. So family Intuit to be generations. I dunno, I guess some people would argue with me that they deserved it.
I don’t know, but I just see a lot of. Trust fund kids and they just don’t deserve the wealth. They squandered it and sadly for them. They’re not motivated to do anything about it. One big thing that I saw in a year, this is probably not going to affect too many people, but it’s something to be aware of as the caring interest plays a role in every private equity investment, where the mutual fund leaders.
They get paid on carry interest. If you’ve ever heard of the term 220, that’s how the industry standard compensation where fund managers or mutual funds, they get like 2% asset management fee to keep the lights on, but they also get 20% of the upside for managing your money.
So that’s called carried interests. So right now, the carried interest is taxed differently. Where in the future, Biden’s looking to tax that at a higher rate, who knows how this will come out, I think it’s gonna spook out some of the rats in a way. The, each of fund folks, the big players are going to find another way for them to take compensation.
Cause for awhile, They were hiding a lot of their compensation, like at a lower tax rate under this carried interest benefit. So next time you want to sound cool in front of your friends. When you actually have a real lifeline party, you can discuss the benefits of the carry interests of wealthy fund managers.
Porter one completions. This is the construction from CPR E so RAC 2020. I think it’s obvious, like construction fell way off. Some people could say because of the commodities, lumber prices went way up, but it’s just a sign of the times. Uncertainty makes people stop building. It makes people stop taking risks.
And I think it’s a great time to build right now because prices are going up and again, the fundamental, so it’s the same, people need a place to live, but it’s just interesting to see the trends and like how there’s healthy building. Maybe some people would say over supply or over-building we definitely didn’t ever hit over supply.
We’re still at a housing deficit. But how things just slowed way down quarter one 20, 22 quarter one of 2021.
We said before a Warren buffet is very hyper aware of inflation. And so is his other older elderly friend, Sam Zell, who I like to watch. And Pete what he does from time to time, he says he’s buying gold with. Inflation reminiscent of the seventies says obviously one of the natural reactions is to buy gold.
He said, and it Bloomberg television interview. It was very funny because I spent my career talking about why would you want to own gold? It has no income. It has costs to store. And yet when you see the basement of the currency, you say, what am I going to hold on to? So this is where I’m going to I agree with inflation, but I disagree on though. What the beans, I think the way to do duet is with real estate. And I think at some point cryptocurrency will probably lead to wrong gold as the means, or mitigating against inflation. Right now I think cryptocurrency is a trillion dollars where gold is around 10 times that, so it’s nowhere near more than gold, but it’s the fastest passive asset to get up to that one.
Trillion mark, thus far as history. If I were to put a bet, I put it on crypto over overcoat, but I like real estate because it pays the income in the process. Commercial property, executive reports, the top five Sunbelt markets for industrial construction. Number one, Dallas, number two, Houston, number three, Phoenix.
Number four in an empire, which is out there in San Bernardino, California, Colton, California, and number five Fs Dallas Houston, Phoenix empire office.
Another article from Harvard university. If you guys looking for a good read, these guys don’t get too much notoriety, but these guys pump us good articles. Not really thought provoking once too. So they said here are millennials leaving cities. They say yes, but young adults are not. So I have a graph year of how the different age ranges are changing from the top 50 MSA, which are the bigger cities to smaller MSCs and how it’s transitioning over time.
I don’t know. Some of this stuff is I think people are moving out of the cities into the suburbs. Because when people would rather be in less crowded areas, there’s no point to commuting all this time. People don’t need to be in the same office as they once did back in the stone age before zoom and all these interim, even in February email, or when everybody had to get on a conference call, that was a big technological boost. But I feel like, young people. They still want to be where it’s boffin, right? Where the big cities are now, some of the smaller MSEs are having more uptown type of fun, leisure life areas. But I think regardless either in one camp or the city or the suburbs, I’m neither, I’m like populations going up, both are increasing both ways.
So new mark had a report here. This is from their multifamily capital for where they cited the lack of housing supply. The can line is the case. Should the us national home price index, which has been steadily increasing for a decade. No surprise. There. And the blue lines are the buck, the supply of hall, which went down in the past year.
And that is the reason why residential prices are higher. I wouldn’t say that there’s more demand. I don’t know if it’s more, I dunno if it’s less, but what I am searching and it can be measured is monthly supply of houses again, supply and demand. That’s what dictates the price. The supply is down.
Therefore, even if it’s more or a little less demand, the price goes up and that’s what you’re seeing. House prices go across the country. It makes absolutely no sense to me. That’s why I don’t do residential real estate because it’s based on emotion. You’re not really seeing this type of run up in the commercial world.
All right. So this next article from John Burns real estate consulting. So they forecasted how the affordability, which is defined as the. Medium parcel of income and the annual household costs, which includes mortgage plus taxes, insurance, and mortgage insurance for it equal to 80% of the median home price.
So in a nutshell, all affordable are houses based on what people can afford today. In 2005, 2006, you had a scale of 10. In 2009 to 2012, you had a scale of zero and it’s stead means the past decade it’s been going up and down, but steadily moving up to over the media where we are now we’re at baseline five and John Burns is forecasting that in the next few years, it will be keep going up and up to almost to where we were pre recession.
So I think people are scared to death that the recession is here moving. I don’t think based on this chart right here, we’re still another handful of years away. If you’re sitting on the sidelines, you’re probably going to miss out on one of the best bull markets in your lifetime postman, but Hey, we just want to see and watch the wave pass you by that’s your own life to deal with.
But I think the one risk that is looming is there’s a lot of people in forbearance. And for a lot of these people, they went in forbearance. The thing that sucks about forbearance is not like your payments stop big pile up. So people could be looking at, and you’re from like 10 to $20,000 of built up payments that they have to pay when the forbearance burns off, which you would think would be happening soon with.
The country, 50% vaccinated, everything opening up again. You got a hundred something. People at the Indy 500, you got real people at festival game. It’s things are opening up again. Therefore you would think the government would be like, all right, guys, y’all got to pay your rents again.
You got to pay your mortgages again. The freebie dance is over. And the theory is that it’s going to trigger a lot of foreclosures and on my last podcast with George Newbury, which you’ll see here in the next month of the latest update with HP, we’re going to be walking through the financials.
I asked George, Hey, what do you think about all the residential stuff? And he feels like there was definitely going to be a lot of foreclosures happening in disk and possibly a cool off the obscenely hot residential. Properties. And honestly, I don’t really care because I don’t own a primary residence.
And I invest in commercial real estate, which is a little bit insulated from all that madness and emotion in the residential world. But I’m not really interested in it, but if I was betting, I feel like in the next year or two, you’re going to see the prices start to cool off. And people get foreclosed.
And I think that’s why it’s smart to own commercial assets because they all get the rent.
If you guys haven’t checked out our mastermind group, the family office on a mastermind, check it out and apply it. Simple passive cashflow.com/journey. Prices are going to be going up here in the next month. So join now for it goes up just like a house. Price keeps going up. You’re going to what she did it six months ago.
And if you guys are still trying to buy your first rental property, check out the incubator and the rental e-course by going to simple passive cashflow.com/turnkey and simple passive cashflow.com/incubator. But again, if you guys are accredited investors already got in your portfolio, boy. Look to joining our group of accredited investors in the family office upon a mastermind, we are the only pure passive accredited investor.
Nope. And one of the question always happens is people are like, I don’t have the time for that. I’m like, dude, you don’t have the time not to do this. Like the time commitment is just like a few hours every single month. But the big thing is we put you in the ethos of 50, 60 other pure passive accredit investors, and you build a relationships with the right people, none of this, going out to the local trolling on some fee internet form with a bunch of broke guys wasting your time on the one time that your spouse lets you to go outside the house or the one weekend that you can go to some kind of conference the year.
Like trust me, I’ve been there. I’ve wasted so many weekends of my life. So many thousands of dollars going to fake real estate conferences, just to find other people that are rogue, trying to get unbroken, to have that get rich mentality. You’re not going to find another group like this who are already high net worth accredited.
You’re passive investors that have good paying jobs and understand that the highest and best use is at their job, but they want to understand the systems of analyzing syndication deals, the tax, the legal and the network. Of other pure passives like yourself. So check that out. That’s all I’m going to say about that.
A little bit, update on my life as we transition to what I’d been up to. Something I’ve been doing for growth this past month these are short the monthly definitely fly by. We’re already halfway through 2020. Yesterday or a couple of days ago, Memorial day, I did the birth challenge once again.
And this year I didn’t deal with the weight fast. My fitness has been sucking as a plate as I have not been going to the gym. I just do the zoo workouts, which had been very convenient and it really good for productivity on my business side, because I don’t go to the gym for an hour a day.
But I don’t have that peer group around me to peer pressure, me to putting more weight on the bar or shaming me that at the last person. So I probably got to get back into gym, but for the Murph challenge, which is a mile run, a hundred pull-ups, 200 push-ups and 300 air squats. And there’s me, the arrows pointing to me.
That’s me in the middle of one of my 300 air squats there, as you can see, I am pretty much at parallel, so nobody can give me any crap for that. So that was my thing for growth this week. How did I contribute back? I’m seeing my mission these days that help people get more educated about this stuff and.
There’s so many people out there that are accredited that kind of wastes their time buying rental properties. Again, if you guys are younger and like when I was in my twenties and your network is under half a million dollars, it’s like adolescents. You have to go through the stage of wanting rental properties, but there’s a message on our Facebook group that somebody left on one of their tenants, as they’re doing the move out, their last tenant accidentally left their handgun on the kitchen.
Countertop and the property manager freaked out and this is not something like an accredited investors should deal with, this type of stuff. Move off to bigger and better things that are more passive or liability, debt and guarantee.
Another thing I like helping people out is, I think it upsets me when I see a lot of young people under a quarter million, half a million dollars network buying houses. Cause that’s not what they should be doing. It’s not a good use of money. And here’s a little meme of making fun of the Japanese people I’m Japanese.
So I think fun in Japan because they’re all happy when they want the 20, 20 Olympics, and that’s how a whole leadership is. Everyone’s yay. Congratulations. How’s your home. As it’s nice to be a whole honor. And then you move in and you realize the damn thing costs all this much.
You gave away this big chunk of money that you could have bought a handful of rentals with. You got this big mortgage payment, you have no cash flow, which is your oxygen, which is your ability to buy more rental properties or do syndication deals. And you’re house rich, but cash poor and you’re stuck.
And this is what society wants you to do. Your boss probably wants you to buy a house because once you buy a house you’re stuck, you’re slave to him. You have to do everything. He says as opposed to what I was, I didn’t listen to my boss. Cause I had rental properties. I could choose what I wanted to do.
Yeah. About this controversial subject. Go to simple, passive castro.com/home, but it’s one of my missions and contribution back, especially the young people being misled, some things that I’ve been proud of and derive significant off of, we closed the rig properties this past month.
First one was a small 96 unit in concert, Alabama, which was pretty screaming deal under market events by at least a few hundred dollars. And not just saying a few hundred dollars because most times when you hear that it’s never a few hundred dollars. It’s really like $125 really. But Donna is legit like $300 on market.
I think the average rents, or like in the high four hundreds per month, this for a classy property. Oh, he closed 126 units in Houston and then another 300 unit in Houston also, which has been our biggest property to date. Definitely moving up the the better assets scale and on one of our properties, we refinance.
To a lower rate, we paid a little bit paid like 13 grand, but we were able to lock up a $32,000 per year savings. I call that a pretty good cost benefit analysis. So we raked locked at 3.18 and we use the FHA model for those of you guys aren’t familiar with these. Normally we do Fannie and Freddie Mac.
FHA loans are longer. Amateurization 35 year app and lower rate would be a quarter point half a point less than their Fannie Mae Freddie Mac counterpart. The only problem with the FHA loans is that they take forever and a day to originally difficult in terms of uncertainty. This is.
Kind of what we deal with, right? Like I think all signs point to a good few years ahead of us. I’m very bullish on what you were going to see for GDP growth. The next sport into Porter after talking probably four to 7%, but what’s going to happen with the foreclosures and the residency. If I was ordering rental property right now, that is impacted by residential home prices.
I’d be a little uncertain right now. I don’t care because I own commercial assets. So the insulated from that, and actually benefits a little bit as people get foreclose, they got to come back to a class B or C apartment, but you’re always going to have times of uncertainty, but how can you move forward in a strategy where you’re hedged to the downside, but you can still partake in this case, the potential bull market.
Another uncertain thing we’re dealing with is the lumber prices, right? We’re trying to build 230 units apartments. And this is a one of the security cameras of we’ve got the structure up and we just bought the last trunch of lumber. So we’re good, we locked in that lumber price.
We paid the higher price because the team felt you know what? We don’t feel like the price of lumber is going down because when inflation is here, how else are we going to pay for all this government stimulus money? There’s several trillion dollars pumped into the system. And it’s been unprecedented, nothing like in 2008 was books, anything how it was in the last year, on the last thing in terms of love and connection.
I I’ll be honest. I haven’t left the house very often cause they’re having a kid here soon and I don’t want to be the person to mess it up for everybody. I got my COVID shot. I got really sick for a day. But I really would like to be able to meet everybody again. I don’t know if I’m going to be able to see everybody this year, but for sure.
You guys out there. But the 20, 22 retreat on the calendar or Martin Luther king weekend here at Honolulu, Hawaii for all indications, I believe it’s a goal. So put it on the calendar and we will look forward to meeting all of you guys. I think I’ll be on a lot of good feedback from the virtual mastermind this year.
And a lot of people realized, wow, I didn’t realize this was such a big thing and more importantly, So it’s a hydraulic people, high net worth professionals, people first-generation wealth that, are frugal, good values. I want to pass it down the right way to their families legacies.
And that’s what we’re all about. I don’t think you’ll find a higher quality caliber of folks that are cool and no better place than coming up to on a little for white and hanging out for a weekend in january 20, 22, if not, hopefully I see you guys before that, but I think that is something circled on my calendar that is going to happen.
As you guys always like to see the things I’ve been buying and life and Sam or buy much stuff, because everything is for that kid. That was baby stuff coming in the mail. I stopped even checking the mail personally, because I know it’s not for me, but I did buy these Feasible your glasses.
Cause it’s been getting hot here and I don’t like my drinks to get water dumped by the ice. So I bought these twenty-five bucks, not a bad do dad’s spent for myself. Do you guys have any questions here? Type it into chat, but we get some of it here. So Justin has. What about the 1% physician loans?
These things they’re just marketing tools. The lenders just tell you, they’re like physician notes. I’ve been, then the next guy comes. They’re like, oh, these are the teacher lawns. Yeah. And then they say, oh, these are for the engineers. It’s like when you go to the car dealership, they ask oh, do you work for we have a government, it’s just marketing to make you feel significant.
But. No, they’re not really that great the best molds are the governments Fannie Mae, Freddie Mac, and that’s the baseline. All these other loans are just not as good as that they’re priced up in a way. But that’s just my take on it. And this depends what circles we hang out in, right?
If you’re in single family, home Bora with bunch of non-accredited investors. They’ll call these Fannie Mae Freddie Mac loans, the golden tickets. They’re so good, but they’re not that great. Fannie Mae Freddie Mac loans. Aren’t that great? Yeah, it’s good that it’s 30 year debt and it’s semi low rate, but it’s the fact that the government is backing the loan.
Should it fall through? It doesn’t discount the loan that much. The biggest thing, it’s an investor’s buying the right deal. That’s what’s really going to move the needle, then finding them all the bones are okay for the most part.
And then, so wrapping up here, make sure you guys check out the tax guides that we’ll pass a castro.com/tax and get the free light remote investor. E-course by going to simple pass the castle.com/club. And we’ll see you guys that stuff and everybody. Bye.