3 Things YOU Can Do to Find More Real Estate Deals That Cash Flow (Rookie Reply)

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

Tony:
And right now, we’re answering three rookie questions straight from our inbox, and these are actual issues from actual traders that they’re dealing with proper now. Once more, from appraisal worries to methods which might be working in right now’s shifting market.

Ashley:
We’ll deal with these actual world funding dilemmas and offer you actionable recommendation you’ll be able to implement right now. I’m Ashley Kehr.

Tony:
And I’m Tony j Robinson.

Ashley:
Welcome to the Actual Property Rookie Podcast. Okay, so our first query right now is pulled from the BiggerPockets boards, and this query says, for the previous six months I’ve been in search of homes each single household and multifamily that may produce no less than just a little little bit of cashflow with round 20 to 30% down. Nonetheless, I’ve began to understand that that is just about inconceivable nowadays. I presently have $110,000 sitting in my financial institution able to be invested, however I simply can’t discover something that may no less than produce a 3% money on money return. I’ve been in search of properties in and round Tampa, Orlando, and St. Pete’s, however I can’t discover something that’s value it. Okay, so Tony, initially, Florida, we’re going to have to handle the insurance coverage fee right here, but in addition the approaching information headline that Florida is attempting to cancel property taxes too. So there might be some aid for main householders in Florida in the event that they just do fully lower out property taxes, however you must take into account that’s most likely a billion greenback line merchandise that must get replaced elsewhere they usually’ll simply discover one other approach to tax you on it, so that you’ll be paying it one other approach.

Tony:
I didn’t see that headline that they’re fascinated with doing that.

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

Tony:
Yeah. Effectively, a pair issues come to thoughts for me first, a 3% money on money return I really feel like is a really low bar, and I feel the problem could also be extra so round the place you’re trying than actual property as a technique. I suppose some context, proper? A number of markets throughout the nation have exploded when it comes to reputation during the last a number of years, and Florida has seen quite a lot of internet migration simply even exterior of actual property investing. There’s simply lots of people transferring to Florida. There’s undoubtedly been sturdy demand in that marketplace for housing, and I feel due to that you just’ve most likely seen costs enhance sooner than rents have elevated in that market. So perhaps costs have elevated 30, 40, 50, perhaps they’ve doubled within the final couple of years in seven markets, however rents have solely gone up 5 or 10%, no matter it might be. So I feel over time, hopefully we’ll begin to discover that stability once more the place the rental charges you’ll be able to demand begin to get again according to the precise worth of those houses. Perhaps it doesn’t, proper? And perhaps that’s simply what Florida is transferring ahead, however I really feel like that may be a much bigger problem than the technique of actual property investing itself.

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

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

Ashley:
And I feel a part of it too, this was one thing that held me again too, will not be desirous to lavatory down your agent with placing out one million gives for you which might be low ball gives and taking on quite a lot of their time. That was one thing I didn’t need to inconvenience my agent with that. In order that’s a dialogue to have together with your agent. As in I need to make all of those low ball gives. Is that this one thing that you just’re okay with working with me? And in the event that they’re not, then you’ll be able to go to the agent finder biggerpockets.com/agent finder and discover an investor pleasant agent who’s prepared to do that for you. The following factor is is which you could go forward, you will get on the MLS as discover out who the agent is that’s representing the vendor, ship them a message, e-mail them, name them and say, Hey, would the vendor be open to a proposal round this quantity? They usually can let . After which if the agent says, yeah, really they may be relying on the phrases or no matter, then you’ll be able to go to your agent and say, I need to write up a proper supply and transfer ahead with it that approach too. So there’s other ways to method the low ball gives irrespective of the rationale why you’re not doing it. There’s methods to beat these excuses, I suppose as I’ve discovered.

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

Ashley:
Effectively? We’re going to seek out out what occurs while you do discover a property and it’s a large number inside, like hoarder degree messy. Let’s speak about what to do when the appraisal may kill your flip proper after. A fast phrase from our present sponsors. Okay, welcome again to the present, Tony. What’s our second query right now?

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

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

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

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

Tony:
Yeah, neither have I, proper? So I feel if we’re going to sort of not shoot from the hip, however simply if we have been in that state of affairs, sort of how we method it, and I feel the very first thing that involves thoughts for me is that you just’ve acquired to grasp what the motivations of the vendor are, and clearly worth is one, in any other case they wouldn’t be getting an appraisal. In the event that they need to speak about getting an appraisal, then worth is one thing that’s necessary to them. But when it’s a hoarder home, extra instances than not, what you see in these conditions is that it’s the comfort of promoting. That’s additionally an enormous motivator as a result of if the vendor have been to take this and listed historically with an agent, the agent’s going to say, you bought to wash these things up. Nobody’s going to need to transfer right into a home that’s full of your entire junk.
It doesn’t occur that approach. Should you’re going to a retail conventional purchaser, if I’m in search of my starter residence with me and my household and my child and my pet, I can’t image myself dwelling there with your entire stuff. And even when I can image it, I’m not going to maneuver it out proper? By the point I get the keys, I need it empty. So there’s quite a lot of work I feel that’ll go in on the vendor’s facet to get that property prepared. So if it’s me, the dialog I’ll be having is like, Hey, look, Mr and Mrs. Vendor, I completely get that the appraisal says X, however what it’s not accounting for, it’s a time, effort and vitality that you just’ll have to put into it to get the property prepared to truly promote for that quantity. And what I’m providing you is the simple approach out the place I’ll are available, you’ll be able to go away all the pieces, I’ll clear this complete home out. You don’t need to raise the only finger apart from the stuff you really need. And it’s the comfort that I feel will enable you bridge that hole between no matter you’ve agreed to and what that appraisal is.

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

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

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

Tony:
You make a very good level, and I need to get again, simply to complete off this query, however simply to observe together with what you simply stated. After we tried to purchase our first lodge, we failed, and I’ve shared that story right here on the podcast earlier than, and we had most likely invested, I imagine our EMD was $50,000 on that lodge, and I feel we invested 30 to 40, perhaps even one other $50,000 in all of our due diligence prices. And we had an appraisal, which was fairly large for a lodge of that measurement. We had an inspection, we did a section one environmental. There have been different issues that we needed to do, quite a lot of paperwork, quite a lot of professionals that we employed. And to ensure that us to barter to get again our EMD, we did what you probably did the place we stated, Hey, look, we’ve already executed all this due diligence.
We’ll give all of it to you in the event you launch our EMD. So we have been capable of stroll away from that deal, preserve our EMD in trade for all of the due diligence that we did. So only for anybody that’s sort of like in that state of affairs, the entire work that you just do, validating whether or not or not it is a whole lot, that’s an asset to the vendor of their subsequent transaction. Should you can leverage that to assist both transfer the deal in the precise route or no less than get your a refund, it’s one thing to do. The final level right here is, no matter what the appraisal comes again at, I feel it’s nonetheless helpful for you as the client to do your individual evaluation, run your individual comps so you’ll be able to educate the vendor and you may inform the vendor like, Hey, look, I get what the appraisal stated, however right here’s the marketing strategy that I’m going to execute.
And that is most likely the marketing strategy that most individuals trying to purchase. This home will execute as properly. So the suggestions that I’m giving you’ll be the similar to the kind of suggestions you get from another doubtlessly purchaser, I want to purchase your own home at this quantity as a result of it’s going to price me X in repairs, it’s going to price me y and holding prices. I usually have to make a margin of no less than Z for this deal to even make sense for me. And the property’s going to promote for this quantity right here. So if we again out of all these numbers, if I come as much as this appraised quantity, there’s no approach that the deal is smart for me. And look Mr. And Mrs. Vendor, if it doesn’t make sense for me, there’s a superb likelihood it’s not going to make sense for anybody else as a result of we’re all trying on the similar numbers, we’re all trying on the similar comps. So I feel doing your individual evaluation and educating the vendor on, Hey, right here’s what the numbers really say, it’s tougher to argue with that. Not saying that they received’t. I’m simply saying it’s just a little bit tougher to argue with that. So operating your individual evaluation of the software in your software belt right here.

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

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

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

Tony:
I really feel like we’re leaning into it, however I feel first, simply large image, what are a number of the headwinds that we’re dealing with proper now as actual property traders? I feel first the obvious one is that rates of interest have gone up. They’ve come down just a little bit, however they’re nonetheless larger, considerably larger than the place we have been 2021 popping out of Covid, et cetera. And dearer curiosity means dearer mortgage funds, which suggests much less income in order that there’s much less margin on the offers. The opposite piece is that quite a lot of sellers nonetheless haven’t accepted that we’re on this new state they usually’re doing one in all two issues. Both A, they itemizing at costs which might be unreasonable they usually’re considerably unwilling to barter. Not all however some, proper? So there’s simply much less flexibility on the vendor facet. And the second factor that people are doing that’s most likely simply as impactful is that they’re simply not itemizing in any respect.
They’re like, I’m simply going to carry onto this deal. I’m going to see the place the market goes, which is lowering the availability of listings on the market. And if provide is low whereas demand is excessive costs, there’s some stickiness there. So I feel we’re sort of seeing it on each side the place much less individuals trying to promote their houses, ones which might be being much less resistant to truly be versatile with their pricing. I feel we have now seen, simply even for us as offers that we’ve provided on, we’re beginning to see extra flexibility come again, but it surely’s undoubtedly not, it’s nearly a purchaser’s promote it appears like, however not completely. So I feel there’s nonetheless some headwinds we’re dealing with there.

Ashley:
Yeah, I used to be simply really studying one thing this morning that stated in February, new listings that hit the market have been up 17% corresponding to final February of 2024. So already we’re seeing increasingly properties being listed, which will increase provide. So it’ll be curious as to the place issues find yourself. I did have a look at rates of interest this morning too, they usually’re undoubtedly beginning to come down just a little bit as you’re making gives and issues and getting financing and pre-approvals, have a look at the entire completely different lending choices. Effectively, as all the time, as just about as is all the time been your finest rate of interest goes to be if it’s your main residence, which leads us to deal with hacking as an choice. And I really noticed right now that someone commented on one in all our YouTube movies and stated one other dumb home hacking video is everyone getting sick of listening to home hacking as a technique. And we hear a lot now about co-living, which I feel co-living goes to be the new technique of 2025 as a result of purchase one property, lease out the rooms to a number of individuals and make your property money circulate that approach. As an alternative of renting it out to at least one household, you’re going to be renting it out to a number of individuals and it provides you, you’ll be able to cost extra per mattress that approach.

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

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

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

Ashley:
In a part of that too is focusing in your operations too. You may have actually good operations and make extra on one property than another person can on three properties. And that’s additionally figuring out the precise property too. So we all the time say you must take motion. You may’t look ahead to the proper deal, the proper property, however in the event you discover a property that has that flexibility to be molded and turned into one thing that’s going to generate extra cashflow, that’s such an incredible alternative for you there.

Tony:
I feel the very last thing I’d add to this query as properly can also be search for alternatives which might be nearly like companies which might be constructed on prime of actual property transactions. So I discussed earlier, sober dwelling and assisted dwelling. Really somebody in my spouse’s household, they’ve a small portfolio of houses for disabled adults. So these are disabled adults who’ve some type of psychological incapacity they usually want care sort of 24 7, and he or she has a home for people who match that mildew. And these are methods to essentially, it’s nonetheless actual property investing, proper? As a result of you must go on the market, purchase the property, set all of it up, however actually it’s a enterprise on prime of that. And people are the methods I feel that may actually, actually, actually juice a few of your cashflow and methods. We don’t speak about a ton, however that I feel can actually be helpful to, even for Ricky’s which might be beginning out.

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

Tony:
I do. So this one comes from Nobe, REI love. The identify says, hearken to this podcast every single day. Love the present. Please preserve making content material. I want each day motivation from you guys. You’re what retains me going and dreaming. So recognize that noob and you’re. What retains us going is figuring out that people such as you’re listening to the podcast, so the gratitude is reciprocated for positive.

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

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

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

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

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