Real Estate’s Resiliency: Opportunities to Thrive In Today’s Economy

Greg Lyons  00:00

For the people that are scared of doing deals right now, I would actually argue it may be a better time to be doing deals because our operators are locking in fixed rate debt, and with inflation super high, and you’re just hoarding cash right now you’re losing that purchasing power. Welcome to the passive income brothers podcast. Here

 

Tim Lyons  00:19

we take the fear out of real estate investing use real life stories of everyday successful investors. Let’s go. Welcome to an episode of the passive income brothers podcast. My name is Tim White, and today I am joined by none other than my brother Greg, how you doing today, buddy?

 

Greg Lyons  00:34

Tim doing fantastic today, after a couple of technical difficulties. We are now on take 27 of this episode. And I couldn’t be happier to be here because this has taken so long.

 

Tim Lyons  00:47

Well listen, if it was easy to have a podcast, everybody would do it. But I am on a Yeah, I’m on my family vacation with my three little girls and my beautiful wife and our cousins and my mother in law. And we’re down in Anna Maria Island in Florida, which is just a beautiful place. It’s one of our favorites. And currently recording from the garage of our rental house. So listen, we have a Make It Happen attitude. And that’s what we’re gonna do today, buddy,

 

Greg Lyons  01:13

I hear you, I hear you well making it happen, just like investors are all over the United States right now, if you stick your head in the sand, or you can invest for record a podcast episode.

 

Tim Lyons  01:24

That’s right. And maybe for some giggles often take a picture of this podcast studio that I created in the garage and then post that on social media standby for that

 

Greg Lyons  01:34

people are going to be waiting with bated breath. So Greg, would you want to talk about today, we do not have a guest this week. And but I think we just want to take a pause and kind of set it here on someone’s story, we’re going to kind of talk about where we are right now. We just began the second quarter of 2023. And things are different right now investors may just be a little bit scared people are on the sidelines and money is on the sidelines. Inflation is still pretty high interest rates are even higher. And people just don’t know where to go right now. And I think that’s pressing pause for a lot of people. It is and

 

Tim Lyons  02:11

I couldn’t be happier than I started my journey, maybe whatever, like four or five years ago at this point. And to really get educated about how money works, how the financial plumbing works, how money is created, how to use money to create more money, because when you don’t have that it could be very scary right now all of a sudden, you’re watching the Morning News, you’re watching Good Morning, America, you’re watching reading or whatever you’re doing. And you can just fall into this trap of the sexiest headline that’s gonna grab the views. And you could say, man, it’s really bad out there. And I can tell you that being on vacation right now in Florida, the restaurants are packed, the rental cars were in supply, but you had to have a reservation, and the airline was packed, like so recession talk versus a thriving economy. I really think that this is where we are today is there are pockets in our economy that are not doing as well as other pockets. And I think it’s probably going to get a little worse. But having the knowledge and having the foresight and the investing thesis to stick with multifamily real estate, self storage, real estate, things that people need. Right? Well, I can argue that they probably need multifamily more than self storage, Greg. But when Greg and I are not recording the podcast, we’re looking at research reports. We’re staying up to date on guidance for interest rates for loans. Were on webinars for the state of multifamily where it’s going from the experts, right? So when we put out a deal, we feel really confident that we’ve kind of done our homework, got ourselves educated, talked internally talked with our team, and we pick something up at a good basis, we feel really good best thing. Because look, guys, here is the time and it sounds so cliche, right? But this is the time people make money, right? And I will never for the life of me, Greg understand why so many people, when their balance sheets on paper are looking pretty good during the boom times are so willing to buy at the height of the market, right? And then when people love sales, right, you go to TJ Maxx and Marshalls people love a good sale. And then when things are on quote unquote sale, but there’s fear and there’s uncertainty, people don’t want to do things. Right. So Greg, why do you think that is? And how can investors kind of get themselves wrapped around that question, and how can they move forward? Well, I

 

Greg Lyons  04:35

think a lot of the time, it’s the mainstream media. And there’s you hear every other day I feel like about tech layoffs. That’s kind of been the hot thing. Lots of LinkedIn, Facebook, all these different places laying people off. So I guess when you take a look at that, and that’s something we use every day, we use social media every day, most people so when you see that that kind of hits home like oh, is my app still going to work? Arkwright done the little things like that. But when you take a step back and say, we kind of always talked about our investment thesis, right. And people need food, clothing and a place to live. And we got into multifamily real estate because of that fact. And people could say that there may be a housing crash or something like that. But we feel like we positioned ourselves with our portfolio with if someone loses their how they lose their job, they lose their house, because they can’t pay their mortgage, they’re going to look for an apartment. And sometimes people, homeowners will go from there a class housing for go from there single family homes, to an A class multifamily, right, but maybe that gets a little too expensive. So they may come down to B class housing, because that’s a little bit cheaper. Right? Then, unfortunately, some people will go from B to C, right? D class housing is still great housing, right? And the things that we invest in, they’re clean, they’re affordable, they’re in good developments. And people just kind of find their way on the different kind of housing levels. Right. But with the mainstream media, it’s like everything is on fire, when that is not really the case. Right now, as you said, you’re on vacation, and restaurants are packed, people are out there doing it. I feel like we’ve been on the cusp of a recession or a 50% haircut in the stock market that just doesn’t seem to come. And is that because they’re printing too much money is the Fed printing too much money to kind of Prop everything up. That may be the case. But then you have inflation and then real estate investor really win with inflation.

 

Tim Lyons  06:36

Let’s talk about that for a second. This is a concept that was hard for me to kind of wrap my head around when I was learning about real estate about debt debasement. So you know, like, basically like, how does a real estate investor win with inflation? It sounds kind of counterintuitive, but it’s something that once you learn it, you can unlearn it, right? So if you have, say, $100,000 in the bank, and inflation just say it’s 10%, year over year, your spending power right is only now $90,000. So what does that mean? It means that the food you pay for the restaurant, the steak went from 50 bucks to 60 bucks to get in your tank and percent higher. everything right? So your 100,000 no longer buys you $100,000 in goods and services, it’ll only purchase you 90,000 Will the same exact thing happens to your debt, right? Because when you will walk in with a interest rate with a band for proceeds to go by, say real estate and inflation that 10% Well guess what? rents tend to rise with inflation. So you’re now paying the bank back with cheaper dollars, right? Those dollars aren’t worth as much to the bank. Right. But we are still cash flowing. Right. We’re cashflow on day one, we’re certainly going to cash flow after 10% inflation because now we can charge a higher nominal rent. So once you understand that your money gets to base or cash gets to base by inflation, right with your spending or your purchasing power, your debt also gets inflated away basically by the same annual rate of inflation. So that’s just another reason. There’s a guy out there, Greg called Keith Weinhold. Podcast both get rich education. And he talks about the inflation triple crown, which is price increases for rents and property prices, right? And the second one is debt, the basement, second part of the Triple Crown. And the third one is increased cash flow, right? Because let’s talk about that. So you get single family home, right? I don’t know, say it’s $100,000. You put $25,000 down, but you’re really getting paid on the bank 75,000. Also, they’re bringing into the deal. And just say it was $1,000 a month, right? Well, after a year, one 10% inflation, you say to the person look, now instead of 1000, we’re going to charge you say 1100. But you still paying the bank back at say 5% interest that you originally told them that you agreed to. So as the years go on, as the rent goes up, you’re still paying the bank back with that original fixed income. Right? Right. So it’s pretty powerful stuff. I mean, that’s why we turned to real estate, right? It pays us in multiple different ways from cash flow to tax benefits. Jason Hartman calls inflation induced debt destruction. So you start putting these little puzzle pieces together, along with your investment thesis that people need food, clothing and a place to live. It’s pretty compelling. Right. And Greg, let’s talk about home prices. There’s a lot of gurus out there on YouTube or mainstream media sources saying, you know, there’s going to be a housing crash or the house. It’s already crashed, right? And I’m like, where Greg and I are on the frontlines of the housing situation in America and I really think maybe in the more cyclical markets like Silicon Valley, San Francisco, maybe Miami, you know, even Phoenix, Arizona, where we invest heavily in multifamily, some of the single family rentals prices have gone down. But what happens is when the interest rates rise as rapidly as they have small mom and pop investors maybe are unwilling to pay the higher pricing Phoenix for a single family rental and then put debt on it at, say, seven or 8%, right. So when there’s less of a demand for people like mom and pop investors to buy those single family rentals at the same time, first time homebuyers are priced out of the market, they can’t come up with the high down payments, and they’re unwilling to pay 7% interest, right? Because three years ago, when a say $300,000 starter home, I’m gonna make up numbers here may have cost them I don’t know, $1,400 a month, I’m just gonna make numbers up at 3% interest, right at 7% interest, it is astronomically higher, and people don’t buy homes based on price. They buy it based on monthly payments. So when people get priced out of the first time homebuyers or people get a new job get relocated, they can’t afford the market. What do they do they rent, right? So I’m Greg, what do you think about that?

 

Greg Lyons  11:08

Yeah, it’s really funny that leasing is first house, our mortgage was over 6%. It was like 6.25. And we thought we got a steal. We couldn’t believe the interest rate we got, we were so happy with it. And with that, it’s kind of your frame of mind a little bit. It’s what I could have had a couple of years ago, it’s 3%. And now it can only get 6% Do the numbers work. So it kind of gets a little crazy outlay. But when you talk about it, I was in crash. Back in 2008, there were so many houses available, right, because the layoffs, people lost their jobs, the housing supply was so high right? People just walk away from their homes, banks couldn’t take these houses over fast enough. That’s just the way it was. Right now, I’m not sure what the exact percentage is. But there’s a high amount of homes in the United States with sub 4% mortgages. And there are a lot of homes actually, with sub 3% mortgages. And I just don’t see people moving and leaving that interest rate anytime soon. So I think there’s going to be a housing shortage in a lot of markets. And that causes why that causes prices to go up because of people moving in. And there are no houses on the market, where they do they have to pay more, there’s going to be multiple bids on every single house. So with interest with people locked in for 30 years at three and 4%, there is going to be a housing shortage in a lot of markets. I mean, housing is very local. So when you see headlines, housing drops, 10%, house price has dropped 10% That may be in one place, you know, it’s housing is so local. So where you invest is really, really important. And I

 

Tim Lyons  12:55

want to jump in real quick. You say housing prices dropped by 10%. We just experienced a record run up in prices right over the COVID pandemic, right? I mean, we’re talking 20 3040, sometimes 50 or more percent. So in three or four years if your house was up by 30%. And then maybe this year, it goes down by 10%. I mean, are we still losing? Right? Are we still losing the battle of where we’re going to invest? And I would argue,

 

Greg Lyons  13:22

no, I don’t think so. And, again, it’s the market, like we’re still doing deals, the operators we’ve worked with, are still doing deals in Dallas, we have some good ones there. We have a fund open in Michigan. And those places, the operators that we work with are locked in to exactly what they’re doing. They know their investment thesis, and they’re not wavering. And then it just comes down, do the numbers work. And for the people that are scared of doing deals right now, I would actually argue it may be a better time to be doing deals, because our operators are locking in fixed rate debt. And when you’re locking in fixed rate debt, you know, and that’s kind of the biggest variable mostly in any deal is are your payments, what you owe to the bank, is that going to fluctuate and when you lock in fixed rate debt, you know exactly what you’re going to have to pay, and then you invest in really good markets. So you’re going to be pretty safe with that investment. And with inflation super high, and you’re just hoarding cash right now you’re losing that purchasing power.

 

Tim Lyons  14:28

Yeah, that’s great. Greg, I heard a great saying the other day about, you know what people were you want to be invested in the 2020s and people called the tangible 20s. Right. You want to be in physical assets, preferably cash flowing assets that are putting money in your pocket every month, right? Getting out of the dollars, right? Because dollars are inflating, right? So they’re becoming cheaper, right, getting out of dollars getting into something tangible, and when I heard that it’s admitted tangible 20 If that makes a ton of sense. Right. And the other thing Greg is when you talk about operators that we work with. So Greg and I are both registered representatives of a broker dealer and we do nothing but commercial real estate offerings, right? So when we have to work with the operators, they go through a rigorous vetting process throughout broker dealer. And then we also that their individual deals with our in house underwriter, Terry, and do on site inspections of the properties with our two lead broker dealers. So like, there’s a lot that goes into these offerings. And when people ask me why we do it that way, Greg, sometimes I like talking about going bowling. Are you ready for this one, buddy?

 

Greg Lyons  15:37

Lay it on us.

 

Tim Lyons  15:39

So when you go bowling, I thought, Well, I’m gonna say when I go bowling with my kids, right? I have a three, almost four year old and I have a NINE and a 12 year old old girls. And my two. So

 

Greg Lyons  15:50

do you blame the bumpers on the young kids? Gutter balls.

 

Tim Lyons  15:57

So I tend to use the bumpers. But listen, when you use bumpers, that’s exactly where I’m going right? When my three year old rolls the ball down the alley. With those bumpers in place. She’s literally almost guaranteed to knock down a couple of things, right? And those bumpers are our operators, right? Like, they’re the professionals. They’re the ones doing the thing every day, day in day out property management, asset management acquisition, the whole nine yards, right? And they’re providing a product for investors to get into with that, right. So here we are going bowling with the bumpers now you take those bumpers away, right? And you start going bowling and you haven’t been bowling in 30 years. You’re like, you know what, I’m gonna go bowling today. When you throw the ball down the aisle, I mean, are you likely to start hitting pins? Or you unlikely to start hitting pins? Right?

 

Greg Lyons  16:48

Well, I just want to throw that out there. Well, you know, the other thing is, when you take 20 years off between bowling, your back is going to hurt you so bad. But Tim, as people are trying to figure out, should I invest? A lot of times people get tripped up on kind of the jargon, the real estate jargon, the return jargon. And things that people hear right now are nominal yields, versus inflation adjusted yields. And just when you start talking like that, people may either glaze over, run away, or stick their head in the sand. So can you walk people through nominal yield versus inflation adjusted yield?

 

Tim Lyons  17:30

Yes, it’s something I’ve never paid attention to ever. And look, I mean, a lot of people are flocking to, say a money market account that’s paying maybe I don’t know, 4%. Or they’re investing in short term treasury bills at the 5%. But inflation the last read was 6%. Right? Right. So if you’re looking at a, say, a money market account that’s gonna pay you 4% This year, and the year is up, but inflation was 6%. I mean, you really had a inflation adjusted return of negative 2%. Now, people might say, look, I had no counterparty risk, I had my money in T bills, I had my money in a money market account. And counterparty risk is just something like you’re placing your money in real estate, the counterparty to that is the renter the bank, right. There’s a lot of other people that may have a say in how that return comes out. But when you have something with no counterparty risk, like bonds from the US government or money market account or something like that, it can get ugly. But when we’re talking about real estate, Greg and I are looking for our own portfolios of investment returns of say 15 to 20%, average annual returns. So if there was a 6% inflation that year, but we had a deal go full cycle, and there’s save up 20% average annual return for an example, our average annual return then was 20, minus six 14%. I mean, I’ll take that right. But there’s risk right is investing risk as interest rate risk is duration risk. There’s market risk. I mean, it’s operator risk, and there’s a lot of different risks. But when you’re doing your homework, and you’re betting operators, you’re betting deals, you’re looking at markets like Austin, Dallas, Phoenix, and Atlanta, the Atlanta suburbs, the Carolinas, Tennessee, Michigan, Ohio, Greg, where we are. I mean, when you’re doing your homework, you can sleep very well at night.

 

Greg Lyons  19:17

I don’t know, buddy. That was beautiful. That was beautiful. Thank

 

Tim Lyons  19:21

you. Yeah, thank you,

 

Greg Lyons  19:22

I think as investors, because I mean, we’re invested just like you said, We’re investors. So we’re trying to find a place for our money. I think what we have to do is say to ourselves, yes, I think inflation is going to be around for a while. And it’s not like we’re gonna raise interest rates. Inflation is gonna go down to 2%. And everything’s gonna be hunky dory, right? I think inflation is going to be around for a while. So when you start talking about Yeah, I’m in a 4% money market account right now. I am thrilled. I’m getting 5% of my treasury bills. You really still losing money? Well, it’s better than just sitting having your cash in the bank, you’re still losing your purchasing power. So as we say, as investors say, Oh, I don’t want to invest right now, it’s a little bit crazy. What you need to be in right now. Well, in my opinion, is cash flowing assets that have good debt, good fixed rate debt on it. Right. So as you’re saying is you’re getting cashflow from these deals, as deals are starting to go full cycle, you are beating inflation. And that is the most important thing when you’re trying to build wealth, not just kind of stay on the treadmill of Yes, I have X amount of dollars in the bank. Yes, you do need that that six months safety cushion? Should something happen a job loss, something like that. But after that you have to have your money working in good times and in bad times. So are we even in the bad times? Or is this the new normal of high inflation? Like, nobody knows, we can sit here on the podcast and prognosticate about what’s going to happen. But we are sticking with our investment thesis of multifamily investing. Greg, I

 

Tim Lyons  21:03

want to stack on top of that, obviously, here’s the thing about interest rates, you were just talking about the Fed raising them, the feds are in a really tough spot. And Greg and I have become macro economic kind of nerds. And they’re in a tough spot, right. And they keep on raising interest rates or keeping them quote unquote, higher for longer. The old adage is something’s gonna break right. So far, we’ve had Silicon Valley Bank, we’ve had signature bang, we’ve had some stress with flight of capital from the quote unquote, non systemically important banks, yes, IBS. And a lot of people are taking their money from the local banks and putting them into the bigger for banks, right, Citibank, JP Morgan Chase, Bank of America, Wells Fargo. So is there a banking crisis on the horizon? I don’t know, maybe there is. But what happens is, as the Fed keeps on raising interest rates, even at quarter point bumps, there’s going to be more stress on the financial plumbing, which could cause something else to break that we don’t even know about yet. And some of those things that are being talked about will before even get to that. So what’s going to happen is maybe like the bond market, the Eurodollar market is now pricing in rate cuts by the second half of this year, right. And usually, when the Fed cuts, they cut hard. But what’s going to happen is that now they’re going to prevent financial calamity with maybe banks or something that we don’t even know about another shoe to drop. But the risk is inflation will remain where it is, or even start to peak higher again, right? And when that happened in the 70s, they were chasing inflation. And then Volcker had to come in with 18% interest rates, right. So that’s what they’re worried about. So they’re really stuck between a rock and a hard place. Do we raise rates to control inflation? Or do we slash that because something’s breaking in the financial plan. I’m glad I’m not the Fed. Governor, Jay Powell has a hard job. And but I’m not him. But I think what that’s going to relate to is there’s going to be slashing and raising and slashing and raising a faster clip than we have seen in the past. And I think because of that inflation has the opportunity to maybe say a little bit higher than we’d like it to be above that 2% than normal. With that being said, Greg,

 

Greg Lyons  23:14

now, you know, and that’s where it’s important to have your money invested, right. So instead of investing at the height of the market, selling at the bottom of the market, we’ve been investing the whole time, height of the market, bottom of the market. So as we start riding, the waves of interest rate cuts, right, interest rates get cut, all of a sudden, there’s probably going to be an uptick in commercial real estate being traded. Right. So we may sell a couple of deals. More importantly, with the rate cuts, we may be able to refinance some of our deals right. And when you get refinanced, you could get some cash back tax free. And how great is that? That is the power of real estate. And that’s why we keep investing through the good, the bad and the ugly.

 

Tim Lyons  24:00

You know, Greg, yeah, obviously, I want to stack on that one, too. Because right now, there’s a lot of talk about commercial real estate in the news about how it’s facing a crisis. And when they say commercial real estate, you have to understand that means office, that means industrial, that means self storage, that means multifamily. That means open air retail, closed their retail medical office space. I mean, there is a lot that goes into commercial real estate. So it almost makes me a little bit angry when I hear on the news that commercial real estate is collapsing, you know, and I’m like, really, because our portfolios do a pretty good it’s pretty well right now. But yeah, so when you hear that you have to understand that if there was an office lease right in office leases tend to go from like, say 10 or 20 years with agreed upon rent bumps. So all of a sudden this big high flying tech company comes in. I’m using it as an example obviously, they take the top two floors of the sexiest office tower in some sexy city right? and all of a sudden COVID hits, and there’s like four people instead of 400 showing up to the office. And now this company is bleeding cash, like they’re literally going to walk away from that lease, right? And when a new tenant comes into an office space, they get something called an allowance, right to build it out. And that is borne by the office owner, right? I mean, so when it’s called tenant improvements, same thing with retail, right? All of a sudden, you have a 10 year lease for a boutique, I don’t know jewelry store or something like that for 10 years, and COVID heads, they don’t make any money that walk away from the lease. Well, now all of a sudden, a restaurant wants to come into that space. And now there’s a huge tenant improvement cost to the owners, right? So yes, there is some fear hurt out there, depending on the asset class that you’re looking at in the market or whatever. With that being said, so these owners of say office and retail, maybe were actually anything in commercial real estate, when people took out debt during the good time, they weren’t foreseeing COVID, right. And maybe there’s a lot of different debt products and commercial real estate, maybe it’s about a five year note, right? And it resets at the end of five years balloon payment. Well, guess what, a lot of folks are having that balloon payment coming up, say now, right, and they took out the mortgage at two and a half, or 3%, or three and a half. And now they gotta pay six or 7%. Those numbers simply don’t make sense. Especially if their office towers are still empty, or they because demand is so low, they can’t get the 10,000 a month that they were asking for originally a couple of years ago, that’s come down to maybe 5000. Now those numbers really don’t make sense. So you’re reading the news about Black Rock, right? They have an office read, they just walked away from overseas, those are the big boys. Those are the quote unquote professionals walking away and the owner the keys to office hours in a different country. But so it’s important that you understand who you’re investing with what they’re doing, what kind of debt products are they doing? How are they going to mitigate? What’s the exit plan, but that’s where we’re seeing opportunity right now. Right? Because it for example, Greg and I just are doing a deal right now that we’re going to be picking up 316 unit multifamily property in Dallas, with one of our operators. And it’s at 136. A door right where the market comps are coming in at say 161 70, some even that one at a door. And the person that we’re buying it from is having trouble with that loan, right? Took out the loan. They couldn’t perform, they’re having a big balloon payment. And the numbers simply don’t make sense that they have two options, that were three options, they can walk away and get the keys back to the bank and never work a day again, and commercial real estate, they can refinance into a new note. But then they have to do what’s called a cash call to their equity investors and say, Look, we need cash infusion in the form of equity from our investors, and you literally may never work with day again, in your life after that deal. Or they can sell and try to salvage whatever equity they have in the project and try to pay back their investors. So that’s where the opportunity lies today for us out there that are well diversified well capitalized, that are looking for deals. I mean, so in good markets and bed, there’s always opportunity. Yes,

 

Greg Lyons  28:17

I mean, you gotta keep your eye out for good deals, and getting on our mailing list is probably the best thing you could do. So when you’re ready, reach out. But that’s why you also have to be careful of when you’re reading the news, and quote, unquote, commercial real estate is in trouble. You have to kind of dig a little bit and say, What are they talking about? They’re talking about Office Hours. Are they talking about BlackRock, institutional investors, you got to really be careful about, you know, exactly, putting all commercial real estate into one basket. That’s for sure. So, Sam, I think, I think we covered a lot of bases right there. But we did

 

Tim Lyons  28:57

and I just wanted to let investors know or listeners know that this is what we love talking about. So even if you don’t know us, right, shoot us an email. I met Tim at cityside cap.com. Greg, it’s Greg get to decide cap.com. Go to our website, cityside cap.com. And click on the button to schedule a call with one of us. Because this is what we love talking about. This is what we love kind of going through. And if we don’t know the answer to something, you know, we have a whole team at our broker dealer that we can rely on. We can go direct to the operators, I got all the operators on speed dial by phone. So this is what we love talking about. So hop on a call, send us an email, and let’s chat.

 

Greg Lyons  29:34

Love, it’s in love with them. And we love doing this podcast. It’s a lot of fun for us. But also Tim is on vacation in the garage right now in Florida. Coming to you live, but I listened to another podcast and they have what’s called a gentlemen’s agreement. And the gentlemen’s agreement is if you find value in this podcast, we do this for free, but the fee is you Going on to either YouTube and subscribing to our channel, or hopping on to your podcast, wherever you listen to podcasts, Spotify, Apple, and just given us a rating and a review. And that’s your fee for listening. So, while we love doing this, your fee and during this gentleman’s agreement, you’re to go onto YouTube or your favorite podcast platform and give us a rating and review and we would be forever grateful.

 

Tim Lyons  30:26

Yeah, Greg, that’s a great point. It really helps us with getting and attracting guests. And it helps us just kind of get this podcast out there. And at the end of the day, I really owe my success to podcasts, because I wouldn’t be where I am today, Greg agrees. He’s shaking his head in agreement. We wouldn’t be where we are today with that podcast, listening to other stories, seeing how powerful they are learning a great deal, understanding that, which is a lot that we don’t know. So yes, we will be forever grateful. If you could help us out with that. Just give us a rating and review. And Greg, that’s

 

Greg Lyons  30:59

gonna do it. It’s a simple gentleman’s agreement. That’s all it is.

 

Tim Lyons  31:02

That’s all it is. So that’s gonna do it for us here at the passive income brothers podcast this week, and we look forward to serving you again next week. Thank you for listening to another episode of the passive income brothers podcast. We would be grateful for your support of our podcast by giving our show a five star rating and review and subscribing to our show on your favorite podcast platform. Don’t forget to take inspired action after listening to this show, so that you can start building out your passive income streams. Finally, head on over to cityside cap.com to connect with us and find out more information about how to get started passively investing in real estate