3 Issues YOU Can Do to Discover Extra Actual Property Offers That Money Movement (Rookie Reply)

Ashley:
When you’ve obtained cash saved however can’t discover a money flowing deal, this episode is for you. We’re tackling investing in an overheated market, a dangerous hoarder home flip, and the technique each rookie needs to be being attentive to in 2025.

Tony:
And in the present day, we’re answering three rookie questions straight from our inbox, and these are actual issues from actual traders that they’re going through proper now. Once more, from appraisal worries to methods which can be working in in the present day’s shifting market.

Ashley:
We’ll sort out these actual world funding dilemmas and offer you actionable recommendation you possibly can implement in the present day. I’m Ashley Kehr.

Tony:
And I’m Tony j Robinson.

Ashley:
Welcome to the Actual Property Rookie Podcast. Okay, so our first query in the present day is pulled from the BiggerPockets boards, and this query says, for the previous six months I’ve been in search of homes each single household and multifamily that may produce at the least somewhat little bit of cashflow with round 20 to 30% down. Nevertheless, I’ve began to understand that that is just about unimaginable nowadays. I at the moment have $110,000 sitting in my financial institution able to be invested, however I simply can’t discover something that can at the least produce a 3% money on money return. I’ve been in search of properties in and round Tampa, Orlando, and St. Pete’s, however I can’t discover something that’s price it. Okay, so Tony, to begin with, Florida, we’re going to have to handle the insurance coverage fee right here, but in addition the upcoming information headline that Florida is attempting to cancel property taxes too. So there could possibly be some aid for major owners in Florida in the event that they do exactly fully reduce out property taxes, however it’s important to think about that’s in all probability a billion greenback line merchandise that should get replaced someplace else and so they’ll simply discover one other solution to tax you on it, so that you’ll be paying it one other means.

Tony:
I didn’t see that headline that they’re eager about doing that.

Ashley:
Yeah, in order that’s been one thing that’s being mentioned proper now. However yeah, in order that could possibly be fascinating. For major owners, it did particularly say that it must be your major residence for the tax aid. So then as an investor, one of many choices they might do is definitely simply triple your tax on. So perhaps it’s not the very best for this one who needs this property as an funding.

Tony:
Yeah. Effectively, a pair issues come to thoughts for me first, a 3% money on money return I really feel like is a really low bar, and I feel the problem could also be extra so round the place you’re trying than actual property as a method. I suppose some context, proper? Quite a lot of markets throughout the nation have exploded by way of reputation over the past a number of years, and Florida has seen numerous web migration simply even outdoors of actual property investing. There’s simply lots of people shifting to Florida. There’s positively been sturdy demand in that marketplace for housing, and I feel due to that you simply’ve in all probability seen costs improve sooner than rents have elevated in that market. So perhaps costs have elevated 30, 40, 50, perhaps they’ve doubled within the final couple of years in seven markets, however rents have solely gone up 5 or 10%, no matter it might be. So I feel over time, hopefully we’ll begin to discover that steadiness once more the place the rental charges you possibly can demand begin to get again in keeping with the precise worth of those properties. Perhaps it doesn’t, proper? And perhaps that’s simply what Florida is shifting ahead, however I really feel like that is perhaps a much bigger problem than the technique of actual property investing itself.

Ashley:
And one factor too is talked about in right here, he’s saying that when he can’t discover something, that produces somewhat little bit of cashflow. However I’m curious as to whenever you say that, are you taking a look at what the asking costs and analyzing the deal based mostly on that, are you really making affords as to the place the deal will work and so they’re getting rejected as a result of an asking worth isn’t the acquisition worth. So there could possibly be a room for negotiation the place you possibly can really supply the place your deal would work and get your supply accepted, after which the property does pencil out. So if you end up taking a look at properties and also you see the asking worth and also you analyze the deal utilizing the BiggerPockets calculators and also you say, what? This deal doesn’t work. It doesn’t money stream. I’m not getting the money on money return that I would like change the acquisition worth. That’s the best quantity to vary. You don’t wish to inflate the rental revenue, you don’t wish to lower the bills on the property, however change the acquisition worth. At what buy worth does this deal really pencil out and begin making affords based mostly on that evaluation? So you may have to have the ability to try this as an alternative of claiming no offers really work. You may solely say that if you’re making affords and your affords aren’t being accepted,

Tony:
You make an unbelievable level really, I feel for lots of rookies, one in every of their largest challenges is simply that they don’t get sufficient affords out and there’s this concern round, nicely, they’re in all probability going to say no. And it’s like, okay, nicely who cares? Proper? I imply absolutely the worst case situation of you submitting a suggestion that’s decrease than what they need is that they are saying no. They are saying, no thanks, and so they depart it at that. The most effective case situation is that they are saying sure by some miracle, however the probably case situation is that they attempt to meet you within the center someplace like, Hey, we’re positively not going to go right down to X, however we are able to do Y. And now you’ve opened up the dialogue to attempt to discover a whole lot. Really, I used to be really simply speaking with AJ Osborne early this week.
When you guys know aj, he’s been on the rookie podcast, the BPRE as nicely, the actual property podcast, actually, actually profitable man within the self cupboard space. And I used to be asking him this query, what number of affords is workforce placing out proper now to seek out offers? And he was like, we’re placing out so much, however actually I really feel like we needs to be placing out extra. And he advised this story the place there was a small self supply facility they had been taking a look at. It was like, I dunno, I feel two and a half million is what it was listed at. He was like, it is a killer deal at 1.2. It’s an okay deal, like an affordable deal that we nonetheless do at 1.5. And since the workforce was like, nicely, it’s listed at 2.5, they only didn’t even assume that the vendor would entertain one million {dollars} lower than the asking worth. Lo and behold, it finally ends up closing a couple of months later at 1.5 and he went again to the workforce and was like, nicely, what did we provide? They’re like, we didn’t supply something. Why? So I feel the largest problem for lots of actual property traders is simply getting previous the concern of getting a no and realizing that it’s simply a part of the method and it will get a lot simpler to get to your sure should you’re not afraid of that subsequent, no,

Ashley:
And I feel a part of it too, this was one thing that held me again too, isn’t eager to bathroom down your agent with placing out one million affords for you which can be low ball affords and taking over numerous their time. That was one thing I didn’t wish to inconvenience my agent with that. In order that’s a dialogue to have together with your agent. As in I wish to make all of those low ball affords. Is that this one thing that you simply’re okay with working with me? And in the event that they’re not, then you possibly can go to the agent finder biggerpockets.com/agent finder and discover an investor pleasant agent who’s keen to do that for you. The following factor is is you could go forward, you may get on the MLS as discover out who the agent is that’s representing the vendor, ship them a message, e mail them, name them and say, Hey, would the vendor be open to a suggestion round this quantity? And so they can let . After which if the agent says, yeah, really they is perhaps relying on the phrases or no matter, then you possibly can go to your agent and say, I wish to write up a proper supply and transfer ahead with it that means too. So there’s alternative ways to strategy the low ball affords irrespective of the rationale why you’re not doing it. There’s methods to beat these excuses, I suppose as I’ve discovered.

Tony:
And I feel the one different factor that I’d add right here is that clearly I feel a possible resolution to getting higher than a 3% return is simply going out of state, going to another location the place the returns are higher. Once more, 19 20,000 plus cities in america, there’s a great likelihood that there’s one or two on the market that can can help you get a greater than 3% money on money return. But when for no matter cause you’re simply actually hyper-focused on investing in your personal yard, then I feel perhaps entertain totally different methods to take a position. As a result of should you’re simply taking a look at conventional single household long-term leases, may you perhaps have a look at several types of properties perhaps as an alternative of single households, are you able to exit and attempt to discover small multifamily or single households with an A DU or single households with a completed basement or I don’t know, self shops, proper? Simply speaking about aj, may you discover a totally different kind of property or may you perhaps inside these single household properties leverage a special property? We’ve talked so much about co-living and room leases lately we had a visitor on Devonna Reed who talked about sober residing services. We’ve had of us discuss assisted residing services. I do know Henry Washington’s doing one proper now. So should you can’t discover a take care of your present asset kind and technique, are you able to mix these otherwise to seek out one thing that truly does work?

Ashley:
Effectively? We’re going to seek out out what occurs whenever you do discover a property and it’s a large number inside, like hoarder stage messy. Let’s discuss what to do when the appraisal would possibly kill your flip proper after. A fast phrase from our present sponsors. Okay, welcome again to the present, Tony. What’s our second query in the present day?

Tony:
Alright, so our subsequent query says we try to purchase an off-market hoarder home flip. The vendor needs an appraisal to set the worth, however the home is stuffed with muddle and can want a brand new roof AC and mainly a full reno. I’ve run my comps, however I’m apprehensive that the appraisal would possibly are available too excessive and kill the deal. What ought to I do?

Ashley:
That is actually fascinating, like the vendor requesting an appraisal.

Tony:
Effectively, let me ask really. Has that ever occurred to you earlier than? When you’ve executed an off-market transaction the place the vendor needs their very own appraisal?

Ashley:
No, however I’ve had it the place they’d an appraisal up to now, even years in the past, there was one campground the place they’d went and executed, obtained a second lien or one thing on the property and so they had had an appraisal executed to get a brief time period mortgage, and it was from in all probability I feel three years. And so they had been going based mostly off of that appraisal what they needed and the way they thought it had elevated much more in worth over these three years or no matter. In order that they had been utilizing an outdated appraisal to type of justify their asking worth at that time. However I’ve by no means gone right into a state of affairs the place they’re speaking about promoting however asking for the appraisal to be executed to set the acquisition worth. Now,

Tony:
Yeah, neither have I, proper? So I feel if we’re going to type of not shoot from the hip, however simply if we had been in that state of affairs, type of how we strategy it, and I feel the very first thing that involves thoughts for me is that you simply’ve obtained to grasp what the motivations of the vendor are, and clearly worth is one, in any other case they wouldn’t be getting an appraisal. In the event that they wish to discuss getting an appraisal, then worth is one thing that’s essential to them. But when it’s a hoarder home, extra occasions than not, what you see in these conditions is that it’s the comfort of promoting. That’s additionally a giant motivator as a result of if the vendor had been to take this and listed historically with an agent, the agent’s going to say, you bought to scrub these things up. Nobody’s going to wish to transfer right into a home that’s stuffed with all your junk.
It doesn’t occur that means. When you’re going to a retail conventional purchaser, if I’m in search of my starter residence with me and my household and my child and my pet, I can’t image myself residing there with all your stuff. And even when I can image it, I’m not going to maneuver it out proper? By the point I get the keys, I would like it empty. So there’s numerous work I feel that’ll go in on the vendor’s facet to get that property prepared. So if it’s me, the dialog I’ll be having is like, Hey, look, Mr and Mrs. Vendor, I completely get that the appraisal says X, however what it’s not accounting for, it’s a time, effort and vitality that you simply’ll have to put into it to get the property prepared to really promote for that quantity. And what I’m providing you is the simple means out the place I’ll are available, you possibly can depart every little thing, I’ll clear this complete home out. You don’t should carry the one finger apart from the stuff you really need. And it’s the comfort that I feel will allow you to bridge that hole between no matter you’ve agreed to and what that appraisal is.

Ashley:
And I feel there’s part of it as to doing issues. The vendor needs to get it below contract or to ascertain that working relationship. So in the event that they actually need an appraisal, what’s an appraisal value in your space? Is it 500? Is it a thousand? Relying on how large of the home is it 1500? I’d say, okay, we’ll do the appraisal. Certain, no downside. That’s what you need. Assuming on this state of affairs, you as the client are going to be the one paying for it. I’m assuming they’re asking you to pay for it. In the event that they’re going to pay for it, nice. I’d ask to have it below contract. If you’ll pay for the appraisal, I’d get it below contract and I’d set an quantity after which I’d say to them, however this might be contingent on the appraisal.
So if the appraisal is available in greater, we are able to renegotiate. If it is available in decrease, we are able to renegotiate. That is simply one thing for us to signal one thing. So mainly, so that they don’t exit and discover any person else throughout this time interval or no matter. You might have it below contract so you may have some management of the deal. And so I’d say, sure, I’ll do the appraisal, however I wish to get one thing signed in writing that we are able to transfer ahead. So if the appraisal does come again on the worth you need, you may have it locked up. If the appraisal is means greater, then I’d put in there that the quantity of the appraisal is predicated on the house being vacant, together with the entire contents. So that may imply the vendor, certain, I’ll pay that appraisal worth, however every little thing needs to be faraway from the property and it needs to be fully vacant, which as Tony stated, that fully removes the comfort of promoting off market.
And that’s the place they’ll perhaps have a look at the worth higher and say, what? It’s simpler for me to simply depart every little thing, and I do that on a regular basis, even when it’s not a hoarder home is I’ll say, particularly when it’s an property sale, I’ll say, take no matter you prefer to, no matter you don’t need, please depart it. We’ll handle it. And so they don’t should get dumpsters, they don’t should spend their weekends cleansing out their grandma’s home. And that could be a big comfort in negotiating. So should you’re doing the appraisal, I’d add that in because the appraisal worth that we’re getting is predicated on the home being fully vacant, however I’d nonetheless go forward and do the appraisal. If that’s the one means they’re going to maneuver ahead, then sure, there’s no cause to battle doing it should you can’t change their thoughts on it.

Tony:
Yeah, I feel the one different level I’d add can be don’t be afraid to stroll away. If this vendor is enjoying hardball and so they’re like, Hey, the appraisal got here in $75,000 greater than what we’ve contracted, and should you don’t give me this additional $75,000 and the deal’s over, I’d say don’t get emotionally connected to the deal and find yourself shifting ahead with it simply since you’ve already type of had your coronary heart set on closing this transaction out. As a result of not each deal is closeable. And there are some offers that begin off extremely optimistic. It looks as if every little thing’s going proper after which it takes a flip from the left and offers don’t work out. In order that’s a part of being an actual property investor.

Ashley:
And likewise too, if you’re the one which’s paying for the appraisal, the appraisal is yours. So I used to be in a state of affairs the place I used to be below contract on a business property and I needed to have an environmental research executed on it, and I paid for that environmental research and one thing was flagged and it wanted to go to the subsequent section. The sellers really stated, no, we don’t want any extra environmental research executed on the property, which proper there’s a pink flag. And so I stated, okay, nicely I’m not persevering with and so they canceled the contract, however I stated, in order for you, I’ll promote you my environmental research and you may have it. So whenever you go and discover one other purchaser, you may have that as a negotiation tactic that any person that will get it below contract doesn’t have to go and get a brand new one executed. You have already got one you could present them. And they also really purchased it from me. So on this state of affairs with the vendor, perhaps there’s some alternative the place if the contract does fall by, you’re not giving them the total appraisal, you’re simply giving them the web page that claims what it’s at to point out them or one thing. However you possibly can promote the entire appraisal to them or one thing too that they might use to go and discover one other purchaser to type of recoup a few of your prices.

Tony:
You make a very good level, and I wish to get again, simply to complete off this query, however simply to comply with together with what you simply stated. After we tried to purchase our first resort, we failed, and I’ve shared that story right here on the podcast earlier than, and we had in all probability invested, I consider our EMD was $50,000 on that resort, and I feel we invested 30 to 40, perhaps even one other $50,000 in all of our due diligence prices. And we had an appraisal, which was fairly large for a resort of that measurement. We had an inspection, we did a section one environmental. There have been different issues that we needed to do, numerous paperwork, numerous professionals that we employed. And to ensure that us to barter to get again our EMD, we did what you probably did the place we stated, Hey, look, we’ve already executed all this due diligence.
We’ll give all of it to you should you launch our EMD. So we had been in a position to stroll away from that deal, preserve our EMD in change for all of the due diligence that we did. So only for anybody that’s type of like in that state of affairs, the entire work that you simply do, validating whether or not or not it is a whole lot, that’s an asset to the vendor of their subsequent transaction. When you can leverage that to assist both transfer the deal in the appropriate route or at the least get your a reimbursement, it’s one thing to do. The final level right here is, no matter what the appraisal comes again at, I feel it’s nonetheless useful for you as the client to do your personal evaluation, run your personal comps so you possibly can educate the vendor and you may inform the vendor like, Hey, look, I get what the appraisal stated, however right here’s the marketing strategy that I’m going to execute.
And that is in all probability the marketing strategy that most individuals trying to purchase. This home will execute as nicely. So the suggestions that I’m giving you’ll be the similar to the kind of suggestions you get from every other probably purchaser, I would like to purchase your own home at this quantity as a result of it’s going to value me X in repairs, it’s going to value me y and holding prices. I sometimes have to make a margin of at the least Z for this deal to even make sense for me. And the property’s going to promote for this quantity right here. So if we again out of all these numbers, if I come as much as this appraised quantity, there’s no means that the deal is smart for me. And look Mr. And Mrs. Vendor, if it doesn’t make sense for me, there’s a great likelihood it’s not going to make sense for anybody else as a result of we’re all trying on the similar numbers, we’re all trying on the similar comps. So I feel doing your personal evaluation and educating the vendor on, Hey, right here’s what the numbers really say, it’s tougher to argue with that. Not saying that they gained’t. I’m simply saying it’s somewhat bit tougher to argue with that. So working your personal evaluation of the instrument in your instrument belt right here.

Ashley:
Okay, so what should you’re not flipping or shopping for in Florida? What should you’re simply attempting to determine the appropriate technique on this bizarre market? Let’s discuss what’s actually working for traders proper now. We’re going to take a fast break earlier than our final query, however whereas we’re gone, you’ll want to subscribe to the Actual Property Rookie YouTube channel. You will discover us at realestate rookie. We’ll be again with extra after this. Alright, let’s soar again into our final query right here from the BiggerPockets boards. Tony, what’s the final query?

Tony:
Alright, this one says, with the market continuously shifting, some are falling out of favor. So what’s one actual property technique extra traders needs to be being attentive to proper now? That is like everybody’s million greenback query. I really really feel like this one retains popping up in several methods.

Ashley:
I do know. Are we going to have the identical reply? Is what I’m questioning?

Tony:
I really feel like we’re leaning into it, however I feel first, simply large image, what are a few of the headwinds that we’re going through proper now as actual property traders? I feel first the obvious one is that rates of interest have gone up. They’ve come down somewhat bit, however they’re nonetheless greater, considerably greater than the place we had been 2021 popping out of Covid, et cetera. And costlier curiosity means costlier mortgage funds, which suggests much less earnings in order that there’s much less margin on the offers. The opposite piece is that numerous sellers nonetheless haven’t accepted that we’re on this new state and so they’re doing one in every of two issues. Both A, they itemizing at costs which can be unreasonable and so they’re considerably unwilling to barter. Not all however some, proper? So there’s simply much less flexibility on the vendor facet. And the second factor that folk are doing that’s in all probability simply as impactful is that they’re simply not itemizing in any respect.
They’re like, I’m simply going to carry onto this deal. I’m going to see the place the market goes, which is decreasing the provision of listings on the market. And if provide is low whereas demand is excessive costs, there’s some stickiness there. So I feel we’re type of seeing it on either side the place much less individuals trying to promote their properties, ones which can be being much less resistant to really be versatile with their pricing. I feel we have now seen, simply even for us as offers that we’ve supplied on, we’re beginning to see extra flexibility come again, however it’s positively not, it’s virtually a purchaser’s promote it seems like, however not completely. So I feel there’s nonetheless some headwinds we’re going through there.

Ashley:
Yeah, I used to be simply really studying one thing this morning that stated in February, new listings that hit the market had been up 17% akin to final February of 2024. So already we’re seeing increasingly properties being listed, which will increase provide. So it’ll be curious as to the place issues find yourself. I did have a look at rates of interest this morning too, and so they’re positively beginning to come down somewhat bit as you’re making affords and issues and getting financing and pre-approvals, have a look at the entire totally different lending choices. Effectively, as at all times, as just about as is at all times been your finest rate of interest goes to be if it’s your major residence, which leads us to accommodate hacking as an choice. And I really noticed in the present day that any person commented on one in every of our YouTube movies and stated one other dumb home hacking video is everyone getting sick of listening to home hacking as a method. And we hear a lot now about co-living, which I feel co-living goes to be the recent technique of 2025 as a result of purchase one property, hire out the rooms to a number of individuals and make your property money stream that means. As a substitute of renting it out to at least one household, you’re going to be renting it out to a number of individuals and it provides you, you possibly can cost extra per mattress that means.

Tony:
And actually, I feel it’s the people who find themselves type of mixing home hacking with a few of these different methods the place we are inclined to see the very best returns. I used to be really simply speaking to somebody, I met them at an occasion and we simply reconnected not too way back, however he shared with me that he purchased a giant single household home close to Washington DC and large single household home, a lot too large for him and his household, and so they ended up dividing it into three whole items, three whole items, and I consider short-term rents, one of many items long-term rents the opposite unit and lives in a single with him and his household. He’s advised me he was clearing, I feel it was like 10 grand per thirty days on this one property.

Ashley:
Wow. Andy’s residing in it too. So his value of residing is zero,

Tony:
So no bills residing and he’s getting 10 grand per thirty days. However have a look at what he’s executed. He’s molded a number of methods collectively. He’s obtained home hacking, he’s obtained long-term and he’s obtained short-term. And I discuss Craig curl up so much, however once we interviewed him about his technique, he did an analogous factor, home hacked, and he mixed that with co-living, proper? So he was residing in a single unit and the unit he was residing in was renting out the rooms after which the opposite items, he was renting them out as full unit. So I feel mixing a few of these methods collectively, home hacking is nice as a result of as Ashley stated, you get low down fee, you get low rates of interest, after which including within the type of juicier money stream strategies, midterm, long run or midterm, short-term and co-living is how you actually maximize the income potential. So that you’re lowering your value of acquisition and also you’re growing your high line income. And if you are able to do each of these issues, that’s the way you are inclined to get actually, actually good returns.

Ashley:
In a part of that too is focusing in your operations too. You may have actually good operations and make extra on one property than another person can on three properties. And that’s additionally figuring out the appropriate property too. So we at all times say it’s important to take motion. You may’t watch for the right deal, the right property, however should you discover a property that has that flexibility to be molded and became one thing that’s going to generate extra cashflow, that’s such an amazing alternative for you there.

Tony:
I feel the very last thing I’d add to this query as nicely can be search for alternatives which can be virtually like companies which can be constructed on high of actual property transactions. So I discussed earlier, sober residing and assisted residing. Really somebody in my spouse’s household, they’ve a small portfolio of properties for disabled adults. So these are disabled adults who’ve some kind of psychological incapacity and so they want care type of 24 7, and he or she has a home for folk who match that mildew. And these are methods to essentially, it’s nonetheless actual property investing, proper? As a result of it’s important to go on the market, purchase the property, set all of it up, however actually it’s a enterprise on high of that. And people are the methods I feel that may actually, actually, actually juice a few of your cashflow and techniques. We don’t discuss a ton, however that I feel can actually be useful to, even for Ricky’s which can be beginning out.

Ashley:
And to be clear on these two methods too, so far as there’s a enterprise operational piece, there are corporations that run these companies that search for these particular homes to hire the place you continue to don’t should run the enterprise, you hire it to those companies that can really function these. However we have now had visitors on that are available and so they really do the operations piece and personal the property to the actual property. Effectively thanks guys a lot for becoming a member of us in the present day. If you’re having fun with this podcast, your assist means the world to us. Taking simply 30 seconds to depart a overview on Apple Podcast could make an enormous distinction. Your suggestions not solely motivates our workforce, however helps us attain extra superior listeners such as you. Thanks for being part of our podcast neighborhood. And Tony, did you may have one that you simply needed to shout out in the present day?

Tony:
I do. So this one comes from Nobe, REI love. The title says, take heed to this podcast day by day. Love the present. Please preserve making content material. I would like day by day motivation from you guys. You might be what retains me going and dreaming. So recognize that noob and you might be. What retains us going is realizing that folk such as you’re listening to the podcast, so the gratitude is reciprocated for certain.

Ashley:
Tony, perhaps we have to begin doing a day by day podcast or a day by day voice memo and everybody can join a textual content message from you within the morning that’s simply in your calm, soothing voice. Good morning, it’s time to begin analyzing offers. You are able to do this one thing very, some inspirational quote, you used to inform us on a regular basis about your son and belongings you would inform him, these life classes, these analogies. So you can mainly take all of those who you’ve accrued over his final 16 years and go forward and put these into somewhat monologue to play for us all each morning to maintain us motivated and impressed.

Tony:
I like that concept and it’s obtained an actual severance kind vibe to it. Do you watch severance or No?

Ashley:
I’ve watched two of the episodes. Darryl’s watching it, however I haven’t actually gotten to it.

Tony:
Finest present on television, however it’s actually obtained severance vibes. I don’t, don’t know if individuals would get sick of listening to my voice each single morning, however hey Ricky’s, in order for you it, we’ll make it occur.

Ashley:
Effectively, thanks guys a lot for listening. I’m Ashley, and he’s Tony, and we’ll see you guys on the subsequent episode.