Mobile Home Park Investing - Deals and Syndications | Guest Miles Noland | Podcast Episode 89
Want to invest in mobile home parks? Watch this episode!
Podcast Page: https://probatemastery.com/mobile-home-park-investing-podcast
Watch on YouTube: https://youtu.be/RGQvkG3BIOc
Mobile Home Park Investing
How to buy a mobile home park
How to speak to mobile home park owners
How to value a mobile home park
MHP Syndications and passive investing
Podcast Episode Chapters:
0:00 Is investing in mobile home parks a good idea?
2:38 Introducing Miles Noland, MHP Investor
7:33 Why I became an MHP Investor
9:15 How to buy a mobile home park
11:34 Mobile Home Park cap rates and deal analysis
15:18 Mobile Home Park syndications
17:54 K-1 tax benefits of a real estate syndication
20:54 Passive investing with mobile home syndications
25:00 Why past clients are the best private money lenders near you
28:21 Connect with Miles Noland & Get access to mobile home investing guides
Miles began his journey into real estate investing to escape the paycheck-to-paycheck lifestyle. He realized that he didn't want to be a landlord and decided to focus on mobile home parks.
Chad and Miles share that there are numerous benefits to investing in mobile home parks including the potential for high returns, the long-term stability of cash flow, and the fact that it is a "recession-resistant" asset class. They also discuss the process of syndicating a mobile home park deal and the K-1 tax benefits that investors can receive from doing so.
Get Mile Noland's free Mobile Home Park Investing for Beginners guide https://treesidecapital.com/
Join our free Facebook group: https://facebook.com/groups/estateprofessionalsmastermind
Learn more about Real Estate Syndication with BiggerPockets' Paul Moore: https://youtu.be/LWt-fv-epJk
Take a Probate Course: https://probatemastery.com
Learn more at www.probatemastery.com
Welcome to the estate professional's mastermind podcast. This community is about providing value first and rather than having one interaction, one transaction, and one payday from the work you do, we're here to teach you to build so much more. Chad Corbett from the Magnum Opus Project here today with Miles Noland we're gonna kinda walk through his story about how he went from never doing a deal to struggling like hell (sound familiar?), to actually figuring out what his niche was and building wealth at a young age and getting a lot more freedom and time with his family. Instead of burning the bridges, he's found a way to balance that and actually build wealth as fast as possible. Now he can live a much easier life. So as you guys know of part of this community you'll hear me on my soapbox often preaching work less, earn more, do good in your communities. And I think Miles is a great example of that. We're gonna jump into his story and at the end if, if you want to get in touch with him and learn more about some of the potential deal flow that he has in mobile home parks and RV parks which is one of the safest niches right now. I jumped out of my residential holdings in 2016 to take my first position in mobile home parks. The reason I did that is I saw an over leveraged global economy. And I was wrong. Money printing can really change things, but I've enjoyed 2x-4x returns in this asset class passively, never lifted a finger. The tougher times get, the better mobile home parks tend to do. And then the RV park is a re relatively new trend. But as you guys know in probate, we have 68 million baby boomers. They have between now and 2060 is their last run. So a lot of them, they control 70% of the generational wealth in the United States. And a lot of that wealth is flowing into RVs. And even considering the breakdown in the economy right now, if you go look at Thor grand is a Keystone. If you look at some of the manufacturer's numbers, their orders, their production orders, RVs that aren't even made yet those numbers are holding up. So what that's telling me, it's a leading indicator that the baby boomers don't give a shit. They're gonna go live their best life and they're gonna live in these parks. Miles has walked the walk in this and we're gonna kinda hear his story where he came from. If you're just getting started, never done a deal, scared of your own damn shadow in real estate, he was too. Just like I was, and just like everybody in this community, like with it's terrifying to do the first one. And then it's frustrating to realize you did the wrong asset class and there was something better the whole time, but then it's exciting when you figure that out. So Miles welcome to the community. Yeah. Thanks for having me. I appreciate that. So tell everybody a little bit about yourself. You're from Cincinnati, right? Yeah. Originally from Lexington, Kentucky lived there for 30 years and now I'm in the Cincinnati area. Was super into sports and played baseball at a small college, coached baseball in college for six years and finally was hitting 30, getting getting married and couldn't make enough money to live on. So I was kind of scrambling and I knew nothing about entrepreneurship. My dad was a lawyer and my mom was a professor. And I never really heard of a business till I was probably 27 or 28. I didn't even know that somebody could do that. I just read a bunch and listened to a bunch of podcasts and started a little fitness business and couldn't get any clients and finally signed up for some coaching. I just learned so much from that and grew a fitness business pretty quickly. And after a period of four or five years, it kind of just from different market factors, it went down, but that was the start of me learning in terms of like how to sell, how to market, how to run a business. And every time I've put money into a program, coaching or anything, it's always paid me back 5x to 10x. I was really kind of struggling. I ended up in another job and I had a one year old at the time and I was running paid ads. It wasn't really a good fit for my skills. I'm better at going out and talking to people rather than sitting behind doing, math behind a computer all day. The company was struggling. I got laid off and I was, 30, I think I just turned 34 It was a hard time, and I was like, where do I go from here? Do I start another business? That failed. I didn't really know what to do. And I started studying real estate and trying to figure out, Hey, a lot of successful people are doing this. And also at the time I found my way into medical sales and my sales experience with my business allowed me. Kind of break into that, which can be a very good in terms of sales, it's a, it can be a really good career. I remember I was at church and I was really struggling. I was like, man I'm supposed to be a provider. I'm not my wife has had, just some unfortunate. Surgeries, like some different health issues. She can't work. So like, it was, two months seemed like two years at the time, but where I didn't have a job, but I just felt like God was telling me, Hey man, you're gonna do really well financially. Like, But when you do well you gotta help people. It can't just be about.. . Can't just be about you. And it was kind of weird, cuz I've never really like read anything like that in the Bible, but I just felt like that's what God was telling me to do. And um, I got and to that point I felt like I'd done all the right things. Like I had, studied, I'd sign up for coaching programs. I took action and it just felt like a lot of different things I'd done just didn't work. So it was it was really frustrating. And then, I get the job and, I just treated it like, I had no other choice, like burn the boats and it really was like that. And then a year and a half later, I was second overall in the whole company in production. And like things were going really well. And then the whole time I was studying real estate and fast forward, I've been promoted a few times and things have the company's growing and it's like, you get with a good company and it. It makes it a lot easier for things to go well for you. So things have gone well there, but I spent about three years just studying real estate and trying to figure out where I wanted to go and taking action. And there's so much to learn cuz I had only ever owned a single family house for myself. I never owned an investment property. You gotta learn financing raising money finding deals, negotiating, underwriting, operations. There's just a lot to learn. And finally I'm taking action. I got six deals under contract. I was trying to wholesale, I'd pick the wrong buyer. They would fall through. Just a lot of frustration. I probably spent over$20,000, just studying, building a off market list of owner information and... and you mean, you can't just watch a TikTok video and do 10 wholesale deals tomorrow? Right? Right, right. Yeah, it's always like, and I've told people this, like, if I would've known how hard it was gonna be, I don't know if I would've done it, but my friend who's been successful in real estate. He told me he was like, Hey, if you don't quit, You will get a park. And like, it sounds really simple, but like there's a lot of times where you wanna quit. Absolutely. The struggle is real in real estate and it's from a marketing standpoint, I'm not gonna jab at anybody, but everyone wants to make it look like it was easy. I know thousands of guys who have made it into financial independence and really would never have to work another day in their life, but they fought like hell and earned every penny. And it looks easy when you've made it to the top of the mountain, everyone's like, hell yeah, must be nice.. Lucky him. But that guy didn't sleep. He spent 5, 10, 15 years reading books while his wife and kids were in bed and he was up till 4:00 AM. Ask me how I know. You have to have a commitment to knowing all of those aspects that that you pointed out. Like it's not just as simple as, throw a letter in the mail, get a deal under contract at 50 cents on a dollar and sell it for a hundred thousand dollars profit. Sometimes that happens, and those are always fun, but I think it's a lot of people are misled into real estate investing. I had turned over, stones. I was doing wholesaling, creative financing mortgage lending, like private lending and everything was busy and tedious. And, it was, I felt like I was begging for business and fighting for deals. And when I discovered probate and I, that used benevolent approach, like of putting the consumer first, it all just kind of became fun and easy and grew into a nearly passive income stream compared to what I was doing. What led you to say, you know what? Residential's just too much damn work and look for other things. Yeah. I remember I was looking at a fourplex about 20 minutes from my house and it was a little bit run down, maybe not the best area. And I'm looking at the numbers and I'm like, Hey, if everything goes right, I'll make 200 bucks a month and I'm not gonna have enough money. I maybe I have enough money to pay like a property management company. But like, I know I'm not going out there when I'm so busy, like mowing the grass, fixing stuff, doing all that. I just don't have time. And I don't, and I'm not good at that stuff either. So it just wasn't exciting. And so then I kept studying and at the time it's tougher now with mobile home parks, but I've found some people and I've always been a little bit contrarian, but I, it's not the sexy thing. It's not the thing people are attracted to. And it's really hard, it's expensive to move a home and cities won't let people build them. There's naturally a moat around it. Like Warren buffet talks about where it's always favorable supply versus demand characteristics. So that, that attracted me to it. And I kind of just went down the, and the, at the time the returns were better too. So that's kind of how I went down that rabbit hole. Let's talk about your first deal in that space? Like how did you find it? How did you fund it? Do you still have it? How, what was your operational plan? Yeah. Yeah, it was funny cuz I was talking to this guy and a lot of times with these off market deals, when you cold call people, they don't trust you. So it takes some time, multiple conversations to build up a little bit of trust and I always like to try to go see people in person cuz you see 'em face to face and it just builds that trust level. Cuz a lot of times they're getting other calls from like California or New York or. Pakistan or wherever, people calling him. And so it makes you stand out. So anyway, this guy changes his mind all the time I go see him in Fairmont West Virginia. It's a five hour drive, not easy. And he's getting ready to sign and he just changes his mind. And I'm like, I drove all the way up here and you're not gonna sign the contract? Like you told me on the phone. And it was, it crushed me, but he said, Hey, I got this other guy. You know, I'm friends with and he wants to sell his part. And so I called the guy, he was like, Hey, you know, I'll just, I'm just sick of it. Like, I'll give it to you for what I bought it for 18 years ago, it's 180 grand 20 grand down I'll seller finance. It I'm like. Wow. That's amazing. And I drove by it wasn't, it was a little bit rough, but like the numbers I'm like, wow, that's like a 12 cap that's hard to find. I wanna make a teachable moment out of that. You guys hear me rant to you all the time. Get face to face, have the courage to look someone in the eye. Facebook email, text message. It's all a bunch of bullshit compared to looking a person in the eye. So in this story, by insisting on getting in, in person to build rapport, he ended up with a 12 cap deal, which means his money doubles every six years, your money doubles. And he had $0 into it. And you probably wouldn't have gotten that deal had you not been willing to drive five hours to look a man in the eye? Right. So that's one of the teachable moments from the stories. I wanna shine a light on that, like a 12 cap investment before you even look at like the value add and bring it up to market rents. Like at acquisition, he was able to get a 12 cap for free- a free deal. Right? Yeah. So keep that in mind. Like if you're intimidated to meet with sellers, if you're afraid to go on that first appointment, like don't use phone and text message and direct mail and email as a crutch. Get out there and get face to face with a seller. You'll surprise yourself. Yeah, no, you're right. Kind of, to that point, I had about 45 grand in the stock market and I took all that out. I had sold my house. I went into a house that we were renting, so I kind of saved the down payment. So I was able to carve out about 70 grand that way. And then through my sales job, I probably saved about 50 in a couple years. So I was just committed to like doing anything I could to carve out some money, cuz I didn't really, I wasn't getting any money from family or anybody like that. So yeah, I mean, that, that deal was only like 20 grand down. So me and my partner just split it and then we're actually thinking about selling it right now. We've... what's the valuation on it today? Uh, I mean, It's probably about 325, 350. But you know, when we don't have investors and we're 50 50. We'll probably like. It probably like three to four, four XR money, if we sell it and it's only been two years definitely a good, you know, we bought it right, too. Yeah, no. So did you have to do a value add on that? Like have you guys done CapEx or is it just the way you bought it? Well, yeah, I mean, we We've tried a lot of things popped up that we didn't... so like we had to fix water a couple electric poles and then a tree fell down and then, so there's been a lot of like things that we've had to kind of maintain rather than we put meters in. So like now tenants are paying for their own water and sewer, whereas before the owners were paying for that. So that was one of the things we did to decrease our expenses. And then we've raised the rents up some as well. So there's still some more, somebody could come in and we have like two homes that could be remodeled and we just kind of been putting the money in other places and there's also five spots somebody could feel with home. So there's still some meat on the bone for the next person. Yeah. Cool. And so from there you've, like, you were thinking bigger from that point, I'm guessing. Yeah. Yeah. And it was interesting, like, it is kind of like all the work that had been done on the front end kind of just accumulated. So it was like, I didn't really see the fruits of it, but it's like, it's something and I've even read a book. It's like the law of the first deal, but it's something about that. And it's just. Okay. Now I understand the process from a to Z. you know, So I was able to connect with the guy. From Lexington where I'm from and he owned a rough park and he wanted to do this unique structure master lease with option. And like, and he had other offers, but he chose us and we were at like 1.9. I honestly thought it was worth like one five, but It was in a great location, like two miles from whole foods, like all these nice apartments and houses being built all around it, office. And we were able to structure it the way he wanted to structure it so he could save on taxes. So he kind of chose the little guys over other people. And we only had to put, I think it was like 8% down, so it was 150 grand on a 1.9 million deal. But he had not been paying attention to it. There were some rough people in there, some drug addicts so it wasn't easy situation we were walking into, but... we actually just got an offer for that at 2.5 the other day. And that was September, 2020. So that was about two years ago we bought that. If we sell that, we'll see. But the master lease term is up in a year, so we'll have to refinance it or sell it by then. But that same guy ended up selling us an 8 million, 8.2 million deal a year later. So like, just that phone call and following up with that guy has been a huge boon to like us. There are a lot of problems and who knows, maybe it was luck, but we were able to kind of figure out and get it closed. And it really helped us. Cool. And now what's your primary aim right now? Like, are you doing looking bigger deals portfolios of deals, like what's, what has that evolved into? Yeah, it's been interesting because the last year it's been really hard to find mobile home parks that, that really pencil out and a lot of the res are finding out about it. And there's so much attention on the space that we make a lot of cold calls. We have a lot of different marketing things in. But it's still been hard, but we're finding we kind of stumbled onto an RV park about 20 minutes from my house about a year ago and and liked it and ended up buying that. And and it's been the, just the cash flow on it. The revenue is. Is higher and it's a different if it's a different customer and we like primary second home type of RV park. So it's it's their vacation spot, their weekend spot. A lot of 'em leave their trailers there. So they're not as concerned about gas prices and there's a less of a management burden. Then if you got people coming in and out your whole park, like every night we'll have like a small component of that. But we like primarily to be like seasonal or monthly. Effectively operates like a mobile home park and we try to find good locations, whether it's like on a lake or near a lake. We bought a couple about 30 minutes from Knoxville, one in east Tennessee, one's on a lake. One's like, A mile from Norris lake and has a hundred acres. So we're, we're just finding a lot of opportunities even now with bank rates five and a half to six and a quarter percent interest rate, we're still finding a lot of like, Nice parks that are eight to 10 caps on the front end, and then that's not even counting. Hey, we, the rents are below market, we can submeter electric cuz that's the biggest expense on an RV park. And just run it more like a business cuz most of the people are mom and pops. And they're doing everything and they're just exhausted. And they're like, Hey, I don't wanna do this anymore. I don't trust anybody to hire them. So I'm gonna do all the work, but now I'm really tired and I'll sell it. I think we've bought about. 25 million in the last couple years, but right now we have about 15 million under contract and we're building out our team and operationally and then also trying to network with more investors cuz it takes money to to buy the deal. So that's how we're doing. But yeah we're just trying to grow it as fast as we can. And we're excited about it cuz we, we still feel like, at least at this point we're finding deals that make sense. Like still in this environment when in the RV parks. So we're kind of shifting there. So we do own a couple of small self storage facilities, but we kind of figured out, Hey, we're we like the mobile home park RV park, better. So that's like all our focus. Yep. So it is you and a partner you and one partner, right? That's been up to this part in your journey, but now you guys are starting to bring on limited partners or, equity investors in, into your deals. Cuz you've got more deal flow than capital. Is that right? Yeah. Yeah. And we outside of that first deal we've bought, some, two park packages. We probably had 10 separate transactions. So only that first deal was just me and him. And after that, we've partnered with two to four people on joint ventures. We've done two syndications, on a couple of the bigger ones we partner with bigger groups to where we didn't feel like we could raise the capital. So they kind of brought the capital and then we brought the operations and obviously we found the deal off market. So we've kind of been creative in finding ways to partner with people and give them a return on their money. And so we'll pay out quarterly and we normally do depending on the deal, but it's a seven or eight preferred return, and but yeah, we're we're. And for anyone listening, that's not familiar. If you've never, if you've never bought into a fund or made a passive real estate investment, what he means by a seven or eight pref is their target return is infinite. Right? But it, reality sets you have to set a realistic preferred return. So that's the amount of money paid to investors before miles can actually take any money himself. So you'll get a seven to 8% annualized return before they can even take any of their return. And that's just a level of protection and trust that's kind of built in the most of these deals. So your worst case, well, that's not your worst case.. Your base scenario. Probably an 8% annualized return. A lot of times with syndications, you'll get a K1 with a heavy loss in the first few years, which I really enjoy. Because if you're making sales income, like if you have earned income, when you buy into a mobile home park like this, they do a complete replumbing new septic system, all new lighting, all new landscaping that first. The K1 the tax document that you get as a limited partner is like, minus $15,000. And I'm like, yes, because that's gonna offset my earned income from other revenue streams though. Understanding this, like you've heard. How difficult it is to get into this. And he's, , he's even, he's downplaying it. Like some of these a park turnaround with, well, entrenched drug addicted tenants who are harassing the others. Like it can be a hell of a. Thing to do for an operator. So having somebody like miles as an operations partner, who's actually fought that fight and learned how to be an operator. To me is extremely valuable. I would not do what you're doing that like I, because I have, I'm very fortunate to have friends, friends and contacts that are really good at it. So the skill that operational skill set to me as an investor in the types of funds, that's the most valuable thing to me is knowing that have somebody who actually, it wasn't just handed to them. He had to learn every step of this and fight to get it. And hasn't gotten sideways. He's buying right. And he's got a properly structured fund. So anyways, just for anyone who doesn't have experience, we've talked about a lot of, passive real estate investing. That was really, my path was, went from employment in real estate, to self-employment in real estate, to actively investing, to passive investing. And I tell you my favorite, I've had a ball and I've enjoyed the challenges, but when you make your first investment and you get an 8% preferred return, you get heavy losses on the first couple years of tax returns to offset the taxation from other income. And then you get like, 3x, 4x, 5x gain on the back. It's pretty damn nice. And to never have your phone ring and never have to get up in the middle night and never have to do, make all those phone calls. So I couldn't be more grateful for sponsors and general partners like miles and for anyone that's, if this. Interesting to you, I would encourage you to reach out and talk to him and say, Hey what would it look like if I carved off a little bit, if I didn't buy that new SUV this year, and I actually invested that with you. Cause that's what really set me free was I tightened my belt and saved every dollar until I could reach accredited status. Because I was, looking to invest in syndications. What I didn't know at the time is I should have found somebody like Miles that was actually willing to do JV deals. In addition to, to syndicate syndication deals like registered deals. And I could have probably the barrier entry would've been even lower for me. So regardless of where you are in your investing journey, even if you're just thinking about. I would encourage you to look into this asset class and look into the opportunity. It can be really dangerous to do on your own, and it can be one of the best investments you'll ever make if you do it with the right general partner. But that's the structure of what we're talking about is he is the general partner. You would be the limited partner and you don't have voting rights, but you also don't have the burden of doing anything. You sit back and get a K one at the end of the. Yeah, no, you explained that perfectly and I'm glad you shared your experience because sometimes I forget like four, five years ago, I didn't know all the terms, you know, but I've learned. Yeah. And then it's nice. Everybody can benefit and a lot of people just hear, oh, the 8% preferred return, but a lot of times they don't think. Well, it's actually, I'm getting 13, 14% cash on cash because that's just kind of the bare minimum. And then our goal is to sell or refinance in three to five years. You know, like you said, 2, 2, 3 X or whatever the case may be, maybe more on your money in that time period too. That's not even counting your cash flow. And so obviously like the stock market can't even compare to that. Not even something like that, and then all the tax benefits too are just tremendous, especially uh, if you have your own business and you're not a W2, it's, it can be that alone can just be, you know, wow. I didn't didn't pay taxes this year, I showed a paper loss, but I made money. And that's kind of amazing. Like in in January when the K ones come in and there's numbers in parenthesis, I'm like, yes.. Because, and a lot of that is cost segregation. Accelerated, like depreciation and sometimes operational losses. But I know because I've vetted sponsors, like you, I know I've got the right operators, so the loss is a win, so to speak, right? Like for me, I can offset all of my, other income gets op not all of it, but a chunk of it gets knocked out and I'm like, I know what's on the back end. Yeah. Yeah. And we've had deals like that in some of the mobile home park and self storage funds where we'll buy an asset that's just a mom pop asset. Do just operational turnaround, not even any CapEx they're in good shape. Just operate it, bring up the cash flows. And we've been able to take K-1 losses in the first year. And then the second year a REIT comes by and buys a damn thing at a three cap. And we're like, why would you do this? And you get a five, six X multiple on something that you got to lose on your taxes in one year and you have a big gain the next year, and then you gotta figure out what to do with that. But I'm really curious to, to go that direction. So when you guys do actually sell off some of these assets, are you considering like rolling into opportunity zones or Delaware statutory trust to actually offset that taxation and keep the the velocity of capital or are you just paying the taxes and moving to the next. Yeah. We have looked at doing that. We're not entirely sure we have two parks. We're actually thinking about selling right, right now. And we're just trying to get everything together to kind of present. And we may list with the broker here soon, but but yeah, I've looked into that and actually the Delaware, the DST I was actually talking to a seller the other day because he was worried about his taxes and I said, Hey, look, you can do the DST. You can sell it for a price that, that actually cash flows for somebody, and then you don't have to pay the taxes. And like, it pays to like, learn about things like that, cuz, and I'm like, Hey look, we got all these deals. You could take the money and invest with us. So exactly. I'm trying to like, so listen, that's a huge part of what I teach in these courses. You turn every seller into your lender. If you help someone through a deal and they've got a$200,000 check in your hand, most people are like, well, thank you for the business. And they're gone. I'm like, What are you gonna do with that? yeah. Yeah. Would you like to learn to double your money every 3.6 years at 12% interest, like, like it's, you're there at the closing table. This person trusts you. Like, why not turn them into your lender? Like buy his park, then borrow the money that you bought it with and then go buy the next guy's park. It's no different than what banks do. The central bank creates money out of thin air, and then hands out some, then you get, and then you get deposits. And nine to one leverage magically appears in fractional reserve banking. You can almost do the same thing with one seller relationship as essentially, metaphorically the central banker. So if you can get him or he's the deposit. The central banker has all the other banks that are willing to give you money based on a small down payment, but understanding finance at a high level, like what we were talking about guys as DSTs or Delaware, statutory trust, go look at the tax benefits of that. And what miles is proposing is that, Hey, this is a stupid price. Why don't you, if you change your investment strategy and you learn a little bit more about finance, then you'll be able to sell this to me at a realistic price and everybody wins. So the more you know about finance and creative finance, the better transaction you'll be. We talk about this a lot in residential, these are more, this is a more advanced conversation, but look how it flows up, no matter what stage of real estate you're in, you need to know both the buy side and the sell side finance strategy and investment strategy. Cuz then you'll see how to put these deals together when other people are overlooking them in plain sight. And that's the fun part of real estate, right? Yeah. that's interesting because, and also, we have a number of deals, so if we sold we could take that money and instead of getting a lower percentage of the deals that we're buying, we could get a higher percentage of it, just more equity. So we're thinking about that too. It's hard. Like people don't realize they're like, oh, you own whatever like if you sold all your stuff, you would have a million dollars or whatever you own 25, like you like, but people don't realize you don't have a lot of money when you're buying everything and you're putting money into every deal. So sometimes it really helps to sell something or refinance to get some more money coming in. Well, listen, tell everybody where they can get in touch with you if they want to Learn more, maybe they want to help you. Maybe they want to birddog and do some prospecting. Sure. Yeah. Yeah. Our website it's called treesidecapital.com and I actually have a free gift on there. It kind of says, Hey the busy person's guide to investing in mobile home parks or RV parks. It's just like a six or seven page PDF. Just kind of telling my story and how I got started. And on there, if you sign up, I send out an email like once every two weeks and it talks about just education in our space. I'm not really selling on anything, just kind of talking about, how it works and just different value add plays and how we're finding deals just trends in the industry and things like that. And then we also send out deals. Some people are interested. Hey, I'd love to, to get involved as a. As a JV partner or, maybe an LP on some deals. So that's a great way to, and it has everything about our company and like where we own and things like that. So that'd be a great place. Well, there you go, guys. You know how to get a hold of him. Thank you for sharing your story. Every everyone's story is unique and has value and hopefully you guys got some inspiration from this. We, we all started nowhere. Like we all started with curiosity. And we've all fallen on our face. I know, I sure hell have I've done my fair share. I've learned to quit. I've learned how to build my own cage. And I've learned how to escape that cage and passive investing is the one thing that really allowed me to live the lifestyle wanted to, so I can live in 23 states like I did last year and I pay guys like this for RV pads and I'm happy to , but passive investing is something that I, in my opinion, we can't talk enough about. Like you're working your butt off now, make that count, get that money in to play, working for you with people like Miles and strategies like he's using. And you can enjoy a very different life than most people. So Miles thanks for sharing your story and your knowledge and please, join us in our community estate professionals mastermind. We've got several thousand real estate professionals that are chipping away doing the production. And what are they gonna do with all that money? We need deal flow, too. So come in and join us and show us some of the parks and what you've got and anyone who's, if you're uncovering these assets certainly exist in probate and trust administration, less than 46% of Americans have a will. A lot of them own mobile home parks, small businesses. So Miles is now a contact. If you find a mobile home park as part of a trust or a prob bring it to the table and say, Hey, I'm afraid to do this, but let's do it together. Yeah., we're very open us.... The advantage of us not being a huge company is we're open to different structure. So, you know, We can give you a wholesale fee or like give you equity or, JV and we know the whole process so we can walk you through it. So there's great. We're very flexible on partnering with people and try to make it a win-win for everybody. Well, cool. Well, welcome to our community. Thanks so much for your time this morning and have a great day, Miles! Great. Thanks a lot, Chad. I appreciate it!