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Mortgage charges are excessive, provide is low, and inflation simply received’t go away. These market circumstances make investing in actual property more durable than ever…or so most traders suppose. The reality? This housing market isn’t all that completely different from years previous, and if which strikes to make, you’ll be able to get forward of all the opposite traders with out them noticing. What can we imply? We’ve acquired a seasoned investor with over thirty years of rental property expertise on the present, able to share how shopping for throughout “excessive” charges generally is a big benefit.
However that’s not all we’re entering into on this BiggerNews episode. We’ve acquired questions immediately from BiggerPockets listeners that we’re throwing at skilled investor Kathy Fettke to see what time-tested recommendation she’d give. First, a listener desires to know why mortgage charges aren’t falling and how one can get into the actual property investing sport throughout a time like this. Then, we focus on how traders can save themselves towards inflation. With a spike in part-time work, might the American financial system be exhibiting indicators of weak spot? Lastly, we reply the query everybody has on their minds: Is it the darn millennials’ fault for inflicting these excessive residence costs?
Wish to ask a query for a future BiggerNews episode? Publish your query within the BiggerPockets boards and get solutions from a neighborhood of over 2,000,000 actual property traders!
Dave:
The true property business has been altering quickly during the last couple of years. We’ve seen excessive rates of interest, hovering inflation, a constrained market, and the query is, what ought to traders do? On this episode of Greater Information, we’re going to reply your entire burning listener questions in regards to the housing market and financial system. Hello traders. I’m your host, Dave Meyer, and for this episode of Greater Information, we’re bringing again our very first larger information visitor approach again. I feel it was like 2021 or 2022, however we have now Kathy Fettke becoming a member of us. In case you don’t know Kathy, she’s the co-host of our sister podcast in the marketplace, and he or she is without doubt one of the most data-driven, knowledgeable traders on the market. She extensively research and understands the financial system and housing market to assist her make her investing choices. In at present’s episode, we’re gonna be bringing it again to our neighborhood to reply the questions that you simply all have in regards to the macroeconomic scenario and the housing market.
And I feel much more importantly, we’re gonna dive into what it’s best to do with that info, as a result of numerous occasions you could hear these stats or these figures within the information, but it surely’s arduous to know what does that imply for me and my private actual property portfolio. We’re gonna reply that for you all at present. Earlier than we bounce into your questions, I simply wanna remind you all that if in case you have a query that you really want answered both by the BiggerPockets neighborhood or on the present, you are able to do that. Simply go to biggerpockets.com/boards. It’s a totally free approach the place you’ll be able to have a few of your most vital burning investing questions answered. However that allow’s deliver on Kathy. Kathy, welcome again to Greater Information, our first ever visitor. It’s very nice to have you ever again on the present.
Kathy:
Oh, it’s so enjoyable to be right here. Thanks.
Dave:
Good. Nicely, I feel it’s applicable that we have now you right here for our first ever larger information consumer generated questions mashup right here. And we have now 4 or 5 actually good questions that I’m very excited to get your opinion on. The primary query is, why are rates of interest staying so excessive and what can traders do to nonetheless get into the sport? So let’s simply begin with the primary a part of that query first, and let’s hear your tackle why rates of interest or mortgage charges particularly are staying increased than I feel lots of people thought they’d be at this level in 2024.
Kathy:
Yeah, I imply, the best way to sum it up, it’s a really difficult matter, proper? However the best way I’d sum it up is that that is the undoing of the stimulus from Covid. So when there’s any sort of main shock to the financial system or like a pandemic or, uh, , individuals not paying their mortgages like in 2008, then the federal government really sort of realized in 2008, Hey, we will repair this downside by rising the cash provide, printing cash, earning money low cost to borrow. And so they created this new factor, quantitative easing, the place they may additionally purchase mortgage backed securities. So years later, in 2020 when the pandemic hit, uh, the, the Fed determined, let’s do that once more. And, and purchased mortgage backed securities, a number of them to maintain charges low. It’s very manipulated the housing market in that regard. So then when the financial system principally recovered and throughout recovered and really grew to become too scorching, uh, they needed to pull all that again. So to simply sum it up, they’re pulling again the stimulus that they did throughout COVID and a part of that’s promoting off these mortgage backed securities. In order that’s one cause. After which the opposite cause is the financial system’s simply been tremendous scorching, , tremendous scorching in all probability from all that stimulus over covid.
Dave:
Thanks for offering that context, Kathy. And I simply wanna be sure everybody, uh, is following right here and understands. However principally, mortgage charges rely on numerous issues. The Federal Reserve and their present coverage is a kind of issues, and so they have indicated that they’re prone to decrease their federal funds price and that can put some downward stress on mortgage charges, however that hasn’t occurred but. However even when they try this, there are different issues outdoors of Fed coverage that impression mortgage charges. One among them is bond yields. That’s in all probability crucial factor that we’re, that impacts mortgage charges and bond yields are staying increased than I feel lots of people have anticipated. And truly over the course of 2024, like the primary quarter, they’ve really gone up. And in order that’s why we’ve seen mortgage charges begin to creep up a little bit bit.
After which the third factor is, what’s going on within the mortgage-backed securities market? If you exit and purchase a mortgage, uh, the financial institution doesn’t maintain onto that. They really often wind up packaging it collectively, uh, with different mortgages and promote it to different traders. That’s known as a mortgage backed safety. And when there’s numerous demand, when numerous traders wanna purchase that stuff, mortgage charges are usually decrease. However when there’s not numerous demand for mortgage-backed securities banks have to supply increased rates of interest to these mortgage-backed safety traders to entice them to exit and purchase them mortgages. And that is without doubt one of the issues that’s occurring proper now, is that there’s a lot of mortgage-backed securities hitting the market. There’s not sufficient demand for them, and that’s pushing costs up. So simply these issues collectively in all probability provide you with a good image of why mortgages are staying a bit increased than lots of people have been anticipating at this level within the yr. So Kathy, let’s really swap gears now that we’ve answered that and speak about what traders can do on this increased rate of interest atmosphere to nonetheless get into the sport.
Kathy:
So I’ve been doing this for over 25 years, and one factor I can inform a brand new investor is actual property’s actually thrilling as a result of it’s by no means the identical. It’s at all times altering their cycles. And with every cycle you need to study a brand new technique. In order that’s all it’s at present. Don’t, don’t freak out. That was a cycle of low rates of interest due to what we simply mentioned. And that meant, wow, you would purchase lock in charges at actually low costs, you would purchase extra and have a decrease fee. Uh, now it’s after all modified. You’ve acquired increased charges and that actually has minimize out the competitors. So it is a completely different cycle. And earlier than, when charges have been low, there have been, there was a number of competitors. Now you don’t have that. So this provides you a greater likelihood to barter. Just some years in the past, I, I do know no less than the place I’m from, , in California there was no negotiation.
You made a suggestion, you couldn’t even get inspections. Like, it’s like, no, I’ve acquired 100 different individuals who need this property. You get what you get. It’s not like that at present. So you’ve extra alternative to barter. You may take a look at properties which were in the marketplace for for much longer. You may negotiate with builders who’re sitting on stock and so they can’t promote it due to these rates of interest. So it’s only a completely different technique and it’s a very good one. It’s an incredible one. I want it. I’d relatively negotiate with one individual than should combat off 100 traders or consumers. Proper?
Dave:
Completely. I I, I completely agree. And truly simply within the final couple of weeks I’ve seen even much less competitors. I don’t know if it’s as a result of mortgage charges have, like they have been hovering at like 6.8, 6.9, they’re now, they’re like a bit above seven and possibly there’s some psychological factor. We’re additionally beginning to see stock come in the marketplace and begin to tick again up. I personally, like actually within the final week or so, have began to note like loads higher stock. So uhhuh, um, that’s thrilling to me. And the opposite factor I simply, I take into consideration a excessive rate of interest atmosphere is after all there’s, there’s commerce offs, however I see one massive profit in having increased rates of interest is that it’s type of this compelled self-discipline. Mm-Hmm. <affirmative> as a result of it’s more durable to make offers pencil, however they nonetheless do. I don’t learn about you.
I’ve performed really extra offers this yr than I did final yr. Sure. Um, and it forces you to be actually good at underwriting. Mm-Hmm, <affirmative>. After which if charges go down, which they in all probability will, I don’t know if that’s gonna be this yr, subsequent yr, two years from now, however your deal will in all probability simply get higher over the course of the subsequent couple of years. So should you discover a deal that’s good proper now, it might grow to be nice. In case you discover a deal that’s nice proper now, it would grow to be a house run. So it does make it a little bit bit tougher to establish that deal, however the efficiency of your deal may really be higher since you’re investing on this tougher atmosphere. Alright, we have now to take a fast break, however as , rates of interest aren’t the one burning query in your minds. So we’re gonna get into inflation, whether or not the development in direction of working part-time is pushing us in direction of a recession and if housing costs are these rattling millennials fault after the break. So stick round. Welcome again traders. I’m right here with Kathy Fettke and we’re answering your questions in regards to the financial system and the housing market. So let’s bounce again in.
Kathy:
And I simply wanna add one factor, Dave. These will not be, this isn’t a excessive rate of interest atmosphere <snigger>. That’s true. It’s, it’s increased than it was, however persons are are freaking out. Like we’re within the 20% vary or one thing. Six to 7% is regular, it’s common. We’re simply again to regular. However that’s complicated to individuals who have been having fun with not regular for some time, proper?
Dave:
<snigger>? Completely. Yeah. In case you, should you look again to the, the early eighties, so, , within the late seventies issues went loopy. Mortgage charges have been up at like 18%. In case you take a look at, since that they got here again down, the long-term common is about 7% or six and alter, I feel. So, , we’re again to that. I I do suppose that we’ll in all probability see charges get right down to the low sixes, possibly excessive fives within the subsequent yr or two. Um, uh, however I feel, , the period of three% could also be gone without end. I feel 4% is unlikely anytime quickly. And so we’re all gonna should get used to this in a roundabout way. And naturally we’d prefer to get the very best price. Everybody ought to be attempting to get the, the very best price. However, uh, I feel the earlier you’ll be able to alter your ways to this new actuality, the higher. As a result of that is actuality.
Kathy:
Yeah, it’s actuality. And you’ll negotiate the rate of interest. I simply acquired a 4 and three quarter p.c rate of interest as a result of I’ve a wired builder, pay that down for me. So that you’re not caught with these charges, , and that’s a part of negotiation. It’s like, yeah, I’ll purchase this place that’s been in the marketplace, however you have to put in some cash and pay down my price.
Dave:
Wow. That’s a, that’s an incredible deal. Good for you <snigger>. I’m, I’m glad for you. You discovered that deal and uh, yeah, only a professional tip that, uh, builders are doing numerous buydown nonetheless even into 2024. Uh, it’s a very good tip there. That’s type of a very good transition. Now then to our second query, which is, uh, quote, with inflation issues on the rise, how may actual property traders alter their investing methods to hedge towards potential inflationary pressures? So there’s a pair issues to this query. Lemme simply begin. Thi this, uh, individual requested with inflation issues on the rise, are your inflation issues on the rise? Kathy?
Kathy:
No, inflation has been coming down steadily. So simply watch out of headlines. That’s my been my, like what I’ve been attempting to inform the world, like watch out of headlines as a result of inflation went up ever so barely these previous few months, but it surely’s down dramatically from the place it was. And should you’re in building and we’re at actual wealth, we do numerous new, new builds, it has come down dramatically the place the numbers are making way more sense. Now. There may be inflation in insurance coverage. And that is only a, a rumour factor, however I spoke with somebody final evening who may be very near some higher stage individuals in insurance coverage and he or she mentioned, , it’s gonna come round. It’s, they’re making up for losses and ultimately, and in some unspecified time in the future insurance coverage charges will come down too. I don’t know if that’s right here, , I don’t know if that’s true, however we, we infl, um, insurance coverage is certainly a difficulty, however in any other case general inflation’s been coming down. So no, not a priority for me at the moment. Yeah,
Dave:
I feel for me, I’m a little bit bit involved that inflation goes to remain at its present price longer than we wish. Mm-Hmm, <affirmative>. And only for context, the Fed has this goal that we received’t get into it as considerably arbitrary. It was made up in New Zealand like within the nineties, and for some cause everybody, each nation on the earth simply follows this 2% goal. Um, however they wanna get to it, they wanna get to this 2% goal. And proper now we’re a little bit bit above 3% and I don’t personally have numerous concern that we’re gonna see a re-acceleration of inflation. You recognize, it would fluctuate a little bit bit over the subsequent few months, however I don’t suppose we’re gonna see 4 or 5% anytime, um, within the subsequent yr or two. Um, my concern is that it’s gonna, that we would simply get caught the place we’re proper now and that signifies that the Fed is gonna preserve charges actually excessive and though they’re solely gonna try this if the financial system’s doing properly, I do suppose that that might have some long run implications for the housing market as a result of if the Fed retains charges excessive, if mortgage charges keep excessive, that doesn’t imply you’ll be able to’t make investments per our earlier dialog, however I do suppose it’s gonna preserve stock actually locked up.
I feel that’s type of the important thing factor right here is that if mortgage charges keep excessive, we’re unlikely to see a breaking of the quote unquote lock in impact, which should you’re unfamiliar principally simply means lots of people don’t wanna promote their home proper now ’trigger they’ve these superb mortgage charges and who would need to do away with them <snigger>. And so, uh, I feel that that’s type of one long-term, um, type of implication right here. So I, I don’t personally agree that there’s gonna be, uh, re-acceleration of inflation. However given, given this query and that inflation continues to be, , round it’s increased than it was actually for the final decade or so, um, and fewer besides the previous few years, Kathy, like how do you account for inflation in your personal investing choices?
Kathy:
So as a result of we have now an absence of provide, that signifies that we’re in all probability going to proceed to see inflation in housing, which is sweet for the proprietor of that asset. Not nice should you’re attempting to get into it and purchase it ’trigger it’s gonna price extra, however as you maintain it over time, and should you look traditionally for many years, uh, how, uh, actual property costs have gone up over time. So for me, inflation is nice should you personal the asset. It’s actually arduous should you don’t. And that, in my view is what separates the rich from those that are struggling.
Dave:
Yeah, I I imply I feel that the truth that this one that requested posed this query is considering actual property is the reply, proper? Like there’s all types of ways inside actual property. Most of them are good inflation hedges over over time. Actual property has confirmed to be a wonderful hedge towards inflation. So whether or not, , Kathy and I are appropriate and we’re gonna see inflation stick round type of considerably the place, the place it’s proper now or if this, uh, query the one who requested this query is appropriate. And inflation does speed up both approach. If actual property is an efficient option to hedge towards that inflation, uh, as a result of it’s a bodily asset and since even when the worth of the greenback will get additional diluted, the revenue incomes potential of bodily belongings stays comparatively comparable whatever the forex and the power of that forex.
And so, um, that is without doubt one of the causes I like investing in actual property, um, is as a result of it’s such a very good inflation hedge. So I I feel don’t overthink it, purchase and maintain issues, you’ll be able to even flip homes in an inflationary atmosphere. However should you’re in actual property, you’re in all probability interested by issues the proper approach to deal with inflation. So the, the third query right here really flows proper into this nice job to our producers. Uh, the query is about part-time work. It says {that a} file variety of People are selecting to work part-time regardless of a powerful labor market. What does this say in regards to the American financial system? Are we coming into recessionary occasions? So have you ever heard this that persons are working extra part-time? I’ve
Kathy:
Heard this type of rumor working round, however once more, I feel should you simply take a look at demographics, it will make numerous sense. It’s nothing to be involved about. Um, you’ve two extraordinarily massive demographic teams at present. You could have the millennials, it’s the most important group, after which you’ve the child boomers and the child boomers are retiring. So possibly they need a part-time job, however actually not full-time. And then you definitely’ve acquired millennials which can be forming households. And should you, should you take a look at the price of daycare, um, you, you have to be working and making some huge cash and dealing numerous hours to cowl the price of daycare. So lots of people who’re simply have gotten numerous, , they’re forming households, they’ve younger children, possibly they only wanna work whereas their children are at school, , and, and part-time. So I, once more, I don’t suppose it’s something to fret about. It simply is sensible.
Dave:
Yeah, I I feel there’s a, a mixture of things which can be resulting in this and a few of them is individuals who can’t make ends meet with a full-time job. And that stinks, proper? Such as you would count on and hope that folks, um, who work full-time are in a position to earn a dwelling. Um, so that’s possibly a, a one among a foul signal for the US financial system, um, usually. That that’s one class. I feel there’s one other class right here. If you take a look at among the knowledge, it’s people who find themselves, and, and that is the larger classes, people who find themselves opting to work part-time and there’s classes inside classes right here. So a few of these persons are simply getting a facet hustle ’trigger they need to earn extra. I, I’ve actually performed this up to now. Um, I’ve had multiple job, um, and uh, attempt to get additional revenue to spend money on actual property or to do no matter.
And so persons are nonetheless persevering with to try this. And one of many good elements of the American financial system, I feel is that it’s simpler to do a facet hustle now I feel, than it ever has. And so I do suppose that’s in all probability one of many causes we’re beginning to see these numbers tick up. Um, a 3rd type of bucket is precisely what Kathy mentioned is like some individuals, and I feel this accelerated throughout COVID simply determined that possibly they don’t wanna work part-time. They wanna, , work halftime, whether or not it’s elevating children or maybe they’re labored actually arduous of their profession to get forward and now they’re like, what, I might simply work 20 hours per week or 30 hours per week. In order that’s one. After which the final class, which I hadn’t actually thought of however I appeared into the information right here, is that there are thousands and thousands of people who find themselves compelled to work part-time as a result of their employers minimize their hours.
And so that’s one other group that I feel that could be a little bit regarding for the financial system. Like should you, if employers are beginning, , possibly we’re not seeing these, uh, damaging outcomes mirrored in among the unemployment numbers or among the, the, uh, labor statistics. But when that’s occurring, that does present a cooling financial system. However general, um, even whenever you add all these issues up, like the quantity of people who find themselves working part-time as a result of they’re compelled to is definitely actually low in comparison with historic charges. And so, sure, to me, I don’t suppose it is a damaging signal for the financial system simply but, but when these numbers begin to tick up, then I feel it’s one thing to concentrate to.
Kathy:
This specific article, it says, oh yeah, we’ve job, , the variety of jobs has come down dramatically. Nicely that could be a very, excellent factor. Folks <snigger>. So you need to perceive like, what’s the context right here? We had too many roles, like 12 million job openings and now we’re down to love eight, or I feel it went as much as 9. So I don’t see it as a difficulty with the financial system. There’s nonetheless 9 million job openings, <snigger>, proper? Yeah, yeah.
Dave:
Proper. So I feel typically talking, individuals usually ask me about labor market knowledge and job knowledge. And it’s not for the faint of coronary heart. There isn’t any one good labor market knowledge supply. Such as you sort of have to take a look at numerous ’em Yeah. To get a generalized image of what’s happening. Like unemployment price ought to be a simple quantity, proper? It’s not, it’s lacking numerous stuff. It contains numerous stuff. Take a look at unemployment insurance coverage or job openings or the labor drive participation price. There’s all this stuff. So I’d warning individuals towards simply one headline or one knowledge supply should you actually wanna perceive what’s happening within the labor market and possibly both observe somebody who actually understands it rather well or look into a wide range of sources to attempt to get a extra holistic image about what’s happening. ’trigger these, these single knowledge factors don’t actually provide you with a full sufficient image to make investing choices off of.
Kathy:
Completely. Yep.
Dave:
Okay, we’re about to get into our final and spiciest query, however earlier than we do it, we have now to take another fast break. And through that break, should you respect getting financial information that’s related to you as an investor proper right here on this podcast, go forward and push the observe button so that you by no means miss an episode. We’ll be proper again. Hey everybody, and welcome again to Greater Information. I’m right here with Kathy Fettke. Thus far we’ve coated rates of interest, inflation and the labor market. Let’s get again into it. All proper, for our final query at present, it’s a discussion board publish from the BiggerPockets boards. It mentioned, oh God, that is everybody at all times blaming millennials. The query is, are millennials responsible for retaining housing costs excessive? Millennials are the largest demographic cohort ever and so they’re simply coming into prime residence, shopping for age <snigger>. So Kathy, I’m a millennial, so I’m gonna give a really biased reply right here, however you’re not, so what’s your tackle this?
Kathy:
I simply wanna say I simply love you all on the market and I’m sorry for all these headlines that . Thanks. Child boomers acquired it too. So, , who’s responsible is the individuals who didn’t see 30 years in the past that this was the most important child increase, proper? We had, we already had a child increase from the prior era and, and the child boomers are known as that as a result of there was numerous them and so they affected the financial system, proper? As quickly as they went to varsity, each, , then it was arduous to get into faculty and and so forth. So we already knew what it’s prefer to have this python, , this, um, , what, what am I attempting? Elephant throughout the python, , going via the system. Yeah, precisely. It impacts it. And, um, so to arrange the powers that be ought to have been pondering, wow, this group goes to be at residence shopping for age at age 30, maybe we must always have some housing obtainable for them.
That didn’t occur. And, after which there was numerous thought, properly, all these child boomers are gonna be lifeless by then, so there’ll be loads of housing that that story’s nonetheless going round. However they, they did not consider, , to study that hey, child boomers are literally actually wholesome, more healthy than some other era and dwelling a very long time. In order that’s not occurring. So I blame the powers that be which have made it very tough to deliver on new housing provide. And since at actual wealth, we’re builders, and I do know I cope with this each day of how tough and costly it’s to deliver on new provide. I’m gonna blame regulation, , <snigger>, I’m going there. Millennials, you go type your households, purchase a home and ignore the headlines. <snigger>.
Dave:
Yeah, I completely agree with you. And in a approach, this individual is correct as a result of millennials are a giant think about why housing costs are so excessive and so unaffordable proper now. However the phrase blame I feel is possibly a little bit bit off as a result of it’s not like millennials made some choice that different generations haven’t made. Like everybody desires to purchase a house, no less than in American society, , most People need to purchase a house someplace between the ages of about 29 and 35. Yeah. And proper now the largest demographic group in the USA is between 29 and 35. So, like Kathy mentioned, it doesn’t take some statistical genius or some good prediction to know that like we have been gonna see numerous demand for housing during the last couple of years. And so that’s actually vital. And I, I feel what Kathy mentioned is admittedly additionally true is that for years individuals have been predicting that it will be offset by the quote unquote silver tsunami, which <snigger> is that this time period that was coined that principally mentioned that folks, , boomers can be reaching retirement age, they’d be desirous to downsize, they’d be, , dying off.
I do know that’s morbid, however it’s a truth of life. Um, and although that may unencumber housing, however that’s not occurring. Persons are dwelling longer. And we have been seeing a very like approach, approach increased proportion of individuals selecting to age in place, which signifies that they need to keep of their present houses and never go to both, , an, uh, assisted care facility right into a nursing residence, no matter it’s. Um, and so that’s taking on extra stock. So are millennials responsible? No, I feel it’s this entire complicated demographics and societal factor, however is the demographics of how massive the millennial era is a giant issue. Yeah, completely.
Kathy:
You recognize, I feel if we’re gonna play the blame sport, we must always blame the boomers for having kids <snigger>. Yeah.
Dave:
It’s not like we selected to get born after we,
Kathy:
That wasn’t, that was my choice.
Dave:
<snigger>, that’s my mother and father’ fault
Kathy:
Precisely. Guilty the boomers. However
Dave:
I do suppose that that is type of, it, it’s a very good factor to consider as a result of it does in my thoughts, present a tailwind for housing costs for the subsequent a number of years no less than. And I do get lots of people asking like, okay, so when the, the millennials transfer via, does that imply that housing costs are gonna tank to me that, , I I feel there’s a likelihood that we see much less speedy appreciation as a result of we’ll see like a, a a relative decline in demand. However that doesn’t imply that like all these millennials who simply tried actually arduous for many years to purchase a home are unexpectedly gonna begin promoting them. You recognize, by most estimates we have now a, a scarcity of someplace between three and seven million housing items in the USA. Um, and, uh, , there are numerous causes to consider there’s gonna be sustained ranges of demand relative to the quantity of provide that we have now available in the market.
Kathy:
Yeah. And should you’re anxious about that, then you really want to concentrate to, once more, the what drives housing. And there might be locations the place they overbuilt and there might be locations the place they’re not encouraging job progress. And in these areas the place they might be overbuilt and so they’re not making it and so they’re not job pleasant, there might be an actual softening in costs. Similar to we noticed a softening within the San Francisco Bay space in, um, in rents, uh, as individuals have been sort of in a position to work remotely and, and stay someplace cheaper. So I simply to guard myself from that chance, I’m at all times ensuring I’m investing in an space the place there’s strong job progress and inhabitants progress, however they, they’re not on the trail of overbuilding.
Dave:
All proper. Nicely, this was enjoyable, Kathy, I, this I respect you becoming a member of us for our first ever consumer generated consumer query present on the larger information section of the BiggerPockets podcast. That’s, that could be a mouthful. We’re gonna should work on that one. You probably did
Kathy:
Nicely, that was good. <snigger>
Dave:
<snigger>, thanks. It was, it was actually tough. Thanks. <snigger> <snigger>. Alright, properly thanks once more Kathy, and thanks all for listening. We actually respect you. And simply as a reminder, if you wish to have your query answered on the BiggerPockets podcast, simply go to biggerpockets.com/boards, ask a query. It would hopefully be answered by lots of people in our neighborhood, however there’s an opportunity that me, Kathy, or one of many different podcast hosts might be answering your query proper right here on this podcast For BiggerPockets. I’m Dave Meyer. She’s Kathy Fettke, and we’ll see you quickly.
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