Ep #361 – Kyle Mitchell – How to Start Strong in Multifamily
Here is some of what you will learn:
Developing your reach as an operator
Vetting the market
Framework for finding attractive areas
506(b) and 506(c) funding differences
Importance of having active fundraising partners
The value of self development
To find out more about our guest: click here
Full Transcript Below:
Ep #361 – Kyle Mitchell – How to Start Strong in Multifamily
Hi! I’m Rod Khleif. Each and every week I record an interview with a thought leader that I know you’re gonna get a ton of value from. Now here on YouTube are the video versions of my podcast, Lifetime Cash Flow through Real Estate Investing. Now to make sure you get the latest information please subscribe and hit the notification bell. Let’s get started.
Rod: Welcome to another edition of How to Build Lifetime Cash Flow Through Real Estate Investing. I’m Rod Kleif, and I’m thrilled you’re here, and I’m pleased to interview my friend today. And he’s my friend as he has come to my boot camp. He came to my LA boot camp. I have actually spoken at his meet-up in Orange County which I think came as a result of that boot camp. And you know, his name’s Kyle Mitchell. A great guy, just got married as well, so we’ll have to congratulate him on that, and he’s closed on a 42-unit syndication. They have a hundred and twenty-eight unit under contract right now. So we’re gonna dig into how he got there. And what’s next, welcome the show brother.
Kyle: Thanks for having me on Rod. I’m really honored to be on your show.
Rod: No, it’s absolutely my pleasure. So, why don’t we go back like we do on most these interviews and have you talk about how you got started in this business and kinda bring us to present day.
Kyle: Yeah! Sure. So, originally I was in the golf business as a Regional Manager for a golf management company and you can liken that to almost a third party property management company. Municipalities hired our company to come in and manage their properties for them. So, that’s why I did for a full time job for about 15 years; managed about 20 million in revenue and turned 50 employees. And while I was working at that job I just knew I had to put my money to work and I had had a bad experience with the stock market, didn’t really invest much in it, but just didn’t have a good feeling about that. I wanted more control. So I started looking into, at point actually, single-family homes. Started reading some books, listening to some podcasts, going to some events. And so, I started buying some single-family homes. Some in Southern California but quickly got out of that market after realizing it’s just not a landlord friendly state and there’s not a lot of cash flow out here. So, I started buying turnkeys because I was pretty busy at the time with my full-time job so I wanted something a little more hands-off but I could still have a little more control over. So, bought some turnkeys. Got to about nine turn keys out of States still have those although I am starting to unload those. So…
Rod: Same city or different places?
Kyle: Three different markets. I was trying to diversify a little bit and spread out my risk.
Rod: Would you do that again if knowing what you know now?
Kyle: Buying in different markets or buying single family?
Rod: Buying turnkey, number one. And buying in those different markets, number two.
Kyle: I would spread out my risk in different markets for sure because actually one of the markets is just not doing very well for me right now. So, the fact that I have three different markets has worked out, buying turnkey looking back at it now, it was it’s really tough to scale and when you want to dispose of those turnkeys they’re really not worth what they once were when you bought them.
Rod: Right, right.
Rod: I’m dead set against them just so you know. This is why I asked the question.
Rod: I really believe that the only person that benefits on those is the person that flipped the house and sell that to you, sold it to you. But, so, I’m really glad that you’re in multifamily. Sorry I interrupted. Please continue.
Kyle: Yeah! No problem. So, I completely agree with you there now definitely. Even though I’ve cash flowed a little bit off of them, probably in the end of the day wasn’t worth it, but learned a lot. So, at that point toughest scale with single-family homes, especially with turnkey, so, I started looking for some alternative investments and found multifamily. So, at that point I had been looking into multifamily and hearing a lot of podcasts and happen to come to your event in in LA that you had here. Prior to that I was going to a couple of meet-ups in the local area and there was one in particular who was one of your students and I think coaches now, Powell. And he started to meet up on multi-family and there weren’t very many around at that time. Now, there’s a ton of them. And so, you know got friendly with Powell, went to your event and, it was during one of the breaks actually, that you said; get out of your comfort zone. Whatever you do you’ve just got to get out of your comfort zone. And that’s something that my wife and I now kinda live by. We do that three or four times a year. And so, at the break I just asked Powell I said; hey, would you be willing to branch off with your meet up that I start a Long Beach chapter, out here and go from there. And so two days later email me said, are you about this? And I said; yeah, let’s do this. Let’s go. So, that’s kinda how I got started in multi-family and started the educational platform that we now have. So now we have, you know, two meetups that we do, we’re starting a third one actually in Phoenix that I’m gonna fly to and input on every week. And that’s with that meet-up group. So …
Kyle: It’s really been beneficial for us and insert an educational platform but the biggest takeaway I got from your event was get out of your comfort zone and start doing things that, you know, other people won’t do. And so from there, you know, …
Rod: Let me stop you there for a sec. Let me stop you there for a second. So yes, so yes. Powell is one of one of my students. Awesome, awesome guy and he’s been instrumental and people starting meet-ups and we are actually, you know, I’m actually starting a nationwide group of meet-ups myself under the lifetime cash flow brand and it’ll just be with my students. But, you know, we have about I think close to 20 different cities that are gonna be coming online with that as well. So, why meet-up? So let me explain why this is a big deal guys. This business is a team sport. It’s about raising money. It’s about making connections. It’s, you know, it’s the reason that so many people keep coming back to my events. Like for example, my Denver event I had 600 people there. 220 of them were previous attendees because of the value of connecting of the value of those relationships of them and, you know, whenever you get a group of like-minded people together, certainly, it, you know, rising tide lifts all ships but there’s also a lot of money in that group. So, like in your case, would you agree that putting on these meet-ups, gets you in touch with potential investors for your deals? Would you say they’ve been instrumental in helping you raise money?
Kyle: Yeah. There’s no doubt about it. I would say half of our investors from our first deal were from those meet-up groups that we built relationships for a year on.
Rod: Right. Which is why it’s such an incredible vehicle. And so, guys, you know, I don’t care if it’s a meet-up group. If you’re gonna do this business, you have to have a way to establish reach; and you can do it we’ll meet up group, you can do it through a podcast, like I did, you can do it through a Facebook group, YouTube channel, whatever it is, LinkedIn, whatever your Instagram whatever your choice of vehicle is, in this case Kyle’s is a group, and a lot of my students use the same vehicle. It’s to get that reach. So get in front of more people is to add value that’s the key. You gotta add value and I know the reason you’ve been successful is because you add value. So please continue. I just wanted to hammer that point home on the value of creating reach through a group like that.
Kyle: Yeah, 100% and, you know, attending meet-ups is a good thing but being the person at the front of the table is even better, right? It’s been greatly beneficial for us for sure. So, about seven or eight months later, I ended up leaving my full-time job and, you know, if you asked me, do I suggest that? Highly, I do not suggest that. But it was just a perfect time I’ve been planning to leave my full-time job for about two years because I just knew there was just another way that I wanted to go. So, I’ve been saving up for a couple years and the opportunity presented itself and so I took it, and I had the support of my wife, who which is you know one of the main reasons that I was able to leave my job and really pursue multi-family real estate full-time.
Rod: Yeah. Now listen, I want to go circle back to something you just said about front of the room. Guys even if you’re not an expert in this business and, I tell this to my students, even if you’re not an expert in this business yet, start a meet-up group because it you’re perceived as the expert. It’s like act as if, okay? And when you are the organizer of a group like this, people have the perception that you’re an expert in the space and you can bring in people to speak about the business, you can bring in brokers and investors, people like me; when I was in LA for two weeks with my wife, I had to go there with my wife or something, I think I spoke 11 times at different meet-up groups and it’s an incredible vehicle and don’t hold yourself back just because you’re not fully experienced yet. And so, you know, I wanted to encourage you to find your vehicle as it were. Now, so let’s talk about these deals Kyle. So you did a 42-unit syndication. Can you dissect that for us? How did you find it? How did you finance it? How did it come together?
Kyle: Yeah! Sure. So, about two and a half months after I left my full times, we had been able to find this property and at that point I was actually driving to Tucson; which is about a seven-and-a-half-hour drive, we will leave about 2:00 in the morning, get there at 9:00. This would be on Lolita’s day off, her only day off during the week, and we meet with brokers, tour as many properties as we can, meet with local investors and then drive back get home about 1 or 2 the next morning. So, on one of those drives while we’re calling brokers saying; hey, do you have anything we can come tour and see? One said; yeah, actually I just got the keys to this place, I have no financials, no rent roll. Would you like to tour it with us? So, I said; yeah, sure why not, you know. And after touring it, we like the property enough to start really digging in and do a new diligence. So, we had about a three-week head start before that thing went to market, and within a week of it going to market we had it under contract.
Rod: All right. I wanna stop you because you’re dropping some bombs here that I hope people are picking up on. So, let me ask you, Tucson is the market, yes?
Rod: Okay. So, before you went to Tucson, what did you do before you drove out there at 2:00 in the morning? By the way guys, how many of you are willing to get up at 2:00 in the morning to go chase your dream, okay? And I’m gonna tell you, the people that are success in this or any business are the ones that are willing to do what others aren’t willing to do. And Kyle, you just gave a great example of that. For me, personally, it was knocking on doors of people in foreclosure when I was in my 20s to buy houses. But when you’re willing to do what other people won’t, you will be a success. So, that’s number one bullet point I want you guys listening to pick up on. But secondly, what did you do in the advance of you going to Tucson? Speak to that for a minute.
Kyle: Yeah. Well, obviously, we vetted the market, right? Obviously and Google it, understood the market.
Rod: Talk about that with some detail. What you do to vet the market buddy? I just wanna hear it. I mean, I know …
Kyle: Yeah. Is there population growth? Is there rent growth? Is there wage growth? Is their job diversity? Which is actually one of the number one things that I look at now is job diversity. You really don’t want a market to have more than 20% reliant on one industry and so …
Rod: Or one employer.
Kyle: Or one employer, right. And so, those were a lot of the major things that we looked at and we also look in the Phoenix market, right? So they really pick well with one another. So we kinda look in all of the Arizona. So, once we got that down and felt comfortable with it, we started going out there just driving around. At that point we weren’t even looking at specific properties or trying to take any properties down. We want to get familiar with the market. So that when a property did come up we said; that that’s not an area that we really want to deal with. So, we would talk to brokers and say; hey, what areas are B to C plus class that we show …
Rod: You did this out there? Or you called an advance of this.
Kyle: Called an advanced. Focus …
Rod: That’s what I wanted to hear you say. So guys, you do not have to buy in your back yard and what I’m trying to do is give you the framework of how you do this. You start, really the best way or what one of the in your case you live close enough or you could go out there and drive around but sometimes people are buying, you know, two or three states away, and so, you start these relationships over the phone. You call them about a listing. You find out who they are so that when you drive out there 2:00 in the morning or you fly out there, you have appointment set up with these people to go tour their properties. You’re not just flying blind at that point, would you agree with me on this Kyle?
Kyle: Yeah 100%. You’ve got to do some upfront work and build those relationships upfront, but I do think the next step is getting in front of them face to face and showing them serious and getting out there in the market.
Rod: That is the absolute next step and that’s how they know you’re real. So guys, if you’re in LA or San Diego or San Francisco or Manhattan or some of these markets that do not have low-hanging fruit and you’re gonna buy elsewhere, start by making those phone calls, then you’ve got to plan a trip out there. Now your blessed Kyle because you are it is drivable. It’s not pleasant necessarily but it’s drivable. Now you’re gonna start flying now for your meet up there, but the point is you’ve got to go there. They need to meet you. They need to see your integrity. They need to see your passion. They need to see that you’re real and then everything changes. So that’s the progression. So you want, and you need of course to drive areas like you said. You learn, you know, where you don’t want to be collecting rents at night. You find out where the paths of progress are. There are any areas gentrifying; business is moving in, businesses moving out all the above. Okay. So what happened next?
Kyle: Yeah, at that point we got the property under contract which is fantastic and started, you know, going through diligence and really building up the investors on what the what the deal is gonna look like. We had a webinar and started raising money. So actually, at this point, you know, this deal ended up closing but we had some troubles with the lender and the lending environment. I think this is something that you just don’t know until you go through it. So, I do think that taking action and just getting under contract and going was a huge benefit for us and I learned quite a bit and you can talk to as many people as you want but there’s just certain things you just do not learn until you go through it.
Kyle: And so, what we wanted to do is a smaller deal 1.6 million, you know, it’s about a million-dollar raise. And so my wife and I said; hey, I think we can do this. We’ve been building our investor list for 18 months. We’ve got several people interested. We’re gonna go ahead and raise the money and sponsor this ourselves. So the plan was if in 30 days we were not feeling very comfortable with it, we would bring on other people to help manage the property with us, okay?
Rod: So let me stop you for a second. So that, you did not have an experienced sponsor with multiple doors on the team, at least initially or at all, I don’t know.
Kyle: Initially. Correct.
Rod: Initially. Okay.
Rod: And it was that the hurdle with the lender, they had an issue with the lack of multifamily experience?
Kyle: No, no, not really our parents were gonna actually sign on the loan and so our net worth liquidity was all there, I mean it was a smaller deal we were hiring a third party property management company, where it got tricky was when we decided, you know what, we think we can get there on the raise but we’re not a hundred percent sure so we’re gonna bring someone else to help manage this property with us and actually someone would experience, right? And I had previously let the mortgage broker know that but not in writing. And so, they started our application with Freddie Mac a little too early and we had already been underwritten as a group. So at that point, we had, we’re one day from being approved from Freddie and they said; hey guys, you can’t add another GP. You’re kinda stuck you’re on your own. And for me, when you’re raising money and you’re using other people’s money, it’s important that you can deliver on the business plan and if you can’t raise all the money you cannot execute your entire business plan. Something it has to fall short. And we’re not the type that you’re gonna use the cash flow to then put back into the building and rely on cash flow to execute …
Rod: Let me stop you there. Never ever, ever going to a deal with that mindset that you’re gonna use cash flow to take the deal down, I mean to do your capital expenditures, your improvements to the property. Never ever use cash flow. Just wanted to hammer that home. Keep going.
Kyle: Yep. Absolutely. So, at that point we were kinda stuck between a rock and a hard place. Are we gonna be able to complete the raise? Or do we have to bring someone else on and go with a different lender because with a 506 B which we’re doing you can’t meet a new investors. So, we already know who we know. And so, it’s either go back and convince other people, you know, or people who’ve already said no or have to bring on someone else so …
Rod: Let me stop you again. I apologize. Because you’re, you know, some of my listeners don’t know what a 506 B is. So there’s two types of syndications guys as a 506 B and 506 C that are most common. 506 B you have to have, you have to know that person. You have to have a substantial relationship with them. So, and you cannot advertise. Like our deals that we do with my company is they’re all 506 C because you’ve been advertised but you have to use accredited investors so what Kyle just said is, once you, once you’ve gone out to your pool of people that you know well and have good relationships with you’re doing a 506 B. You are kinda stuck because you cannot talk about that deal with someone new. And so, and it’s really good that you know you stayed on top of your integrity and did not take any chances with that. So tell us what happened next.
Kyle: Yes. So 29 days to close after we already use our extension. I actually pulled the plug on the current lender which is Freddie Mac and found so and they said I’ll, we think we can get this done. So it was a risk in the sense that we were moving lenders; can you get it closed in 29 days we wanted a Fannie Mae loan. And so we also had to find someone who had experienced, two-years’ experience, to sign on the loan because that’s one requirement.
Rod: Let me stop you. Cuz you got it with Fannie Mae. someone has had to have had a Fannie Mae loan before. So keep going.
Kyle: Yeah. So, we found that person through basically through our meet up, you know, that we have been building that relationship for 10 months, and then we also found another person who had experienced that we brought on to help finish the raise and is actually helping with our asset management as well. So, at that point …
Rod: Let me stop you again. Sorry, sorry. Okay guys, because you’re saying so many important things and I apologize and I know I’m gonna get some bad reviews because I’m interrupting you but I gotta hammer home some things here. Okay. You cannot just raise money for a deal, okay? So if you bring in someone that’s raising money they have to be active in the general partnership, and you made that very clear in that final, that they’re doing asset management as well. That’s critical. And if you listen to my podcast interview with Mauricio Rauld you will see, he’s SEC attorney. Why this is such a big deal? Because there are a lot of people out there that think they can just raise equity for deals and get in on a deal and that’s the end of it. You can’t, you have to be active in the deal. So, I’m sorry I keep interrupting but you’re saying some things that need clarification so that my listeners get it. So ….
Kyle: Yeah, no problem. And that you can go down a rabbit hole on that raising money thing and I think it’s really important right now with all the people raising money for other deals. So it’s extremely important. And so, this other partner flies out to the property whether he’s part of the, you know, we have renovation program they’re on the weekly calls with the property management company. So, 29 days and we ended up closing basically recording an hour before we had to close.
Kyle: And that was at the point of the year where all the interest rates had dropped. So originally with Freddie Mac we’re 5.01. We end up getting a 4.2 percentage base point discount which, you know, we didn’t plan, however I wouldn’t do it again because this is just about this most stressful 30 days ever but it ended up working out for everyone on this deal.
Rod: That’s beautiful. Wow. What a huge drop in interest rate.
Rod: That’s a big deal. 80 basis points. And guys, there’s a hundred basis points in a percent of interest. So eighty is eighty, you know, eighty percent of one percent 80 basis points. Love it. That’s an awesome story. So, now and so you see the value in this whole meet up thing so you’re gonna do one; you’re gonna fly there once a month to do these?
Kyle: I’m out there pretty much every week if, at the very least every other week so we’re just basically building that into our schedule.
Rod: I love it man. I love it man. I mean, let’s, massive freakin action my friend.
Kyle: That’s right.
Rod: So to talk to us about this 128-unit. If you can share and I know it’s under contract. I don’t know how much you can talk about it. But …
Kyle: Yeah, there’s not a ton I could talk about it but what I can tell you how we kinda found it and that was based off the same thing, broker relationships, you know, our business partners that we brought on we’re the partners that I brought on to the other smaller deal and now we’re working on getting more deals together. So obviously, our network is bigger with that team. And so, one of our partners had closed on two deals with this particular broker in that market which is in Phoenix. And so, now we have that relationship, so we got a little bit of a sneak peek. Only two days but we got a sneak peek with a couple of other investors before it went out to market. So the day it went to market we were there and that’s one of the benefits and I’d really like to harp on this is. If you’re not sure what market that you’re gonna pick, try and pick something that is actually close in proximity. I think it makes it easier to get you kinda like we were, originally we were looking at Columbus, Ohio, and so, you know, there’s the time change you, gotta fly there. It’s very difficult to get out there every other week. But if I have to be in Phoenix or Tucson tomorrow, I’m there. There’s no problem I can fly it in an hour or drive in five or six hours. So …
Rod: So let’s talk about, well, what was your core job? What line of work were you in before you quit?
Kyle: It was a Regional Manager for a golf management company. And so the biggest thing there is I managed people, right? And so, once you close on a property, I think that’s what you need to be really good at, and so I take that and it’s really been a streamline into apartments. We have to manage the property manager. We got to make sure they’re hiring the right people. We need to make sure they’re implementing the systems in order to be successful in this business. And so, I just take my experience from the golf management world and relay it to real estate management that’s how I see it.
Rod: Okay. All right good. You know, tell me what you do about yourself self-talk.
Kyle: Yeah. Self-talk is a big thing with me and, you know, I’m one of those guys. I went to Tony Robbins this year which is a huge …
Kyle: … huge thing and I’m hoping to go to date with destiny later in the year and I read all the self-development books and do all the podcasts and things like that. And I’ll be honest, sometimes I struggle with it, you know, it’s not always positive stuff but you just have to be able to: number one, take a step back and look where you were 12 months ago and say, man, I’ve actually come a long way even though I’m not where I wanna be I’ve come a long way. But every morning I just try and start out with the right frame of mind. One of my biggest things in the morning is I’ve got to go work out so I get my juices flowing, get in the right frame of mind and I just always have to be grateful for what life has given me thus far and, you know, I always try and be better and get out of my comfort zone like you said, and by getting out of my comfort zone I’ve really been able to benefit and move my life forward.
Rod: No, that’s great. That’s great. And I’m so glad you brought up gratitude because it’s so critical. Its foundational to everything. So, what have you had to give up to make this happen?
Kyle: Yeah, salary where I was making, you know, well into the six-figure numbers and now we’re living off of one salary as a family which, you know, we’ll get by for now but I mean that’s one of the biggest things is back then I didn’t really have to, not that I didn’t, but budget myself for all the things that I have to budget for now I’ve got to be really careful of what I spend on and how we live our life so we can make sure we set it up for the future. So I would say that’s the biggest thing right now.
Rod: Nice, nice. What’s that behind you on the wall? Was that, is that motivational stuff or is that organizational?
Kyle: It’s both actually, and on the top here I have a couple of quotes that I live by and actually from.
Rod: What are they? What are they?
Kyle: From Tony Robbins. Just to millimeters further. You know, he always talks about you’re just two millimeters from getting there and I related that …
Rod: Three feet from gold.
Kyle: Yep. I was just gonna say that booked, three feet from gold. So don’t give up when you’re just three feet from it. If you cannot then you must.
Rod: If you can’t, you must. Yep. Love it.
Kyle: And then one of the biggest things I took away actually from Tony Robbins is; don’t negotiate with yourself. If you commit to doing something, do it. Don’t even, don’t think I can’t do shit, no just do it. Just do it. And once you get in there and do it, you know, you’re in it, so, you might as well go full-out so those are the …
Rod: That’s awesome. I was just being interviewed on another show with a friend of mine that I met in the Tony environment in Fiji at Toni’s resort 20 years ago, true story. His name’s Rock Tom, a super guy and we, I was just asking him if he was going to date cuz I’m thinking about going again date with destiny in December. And guys, you know, how I feel about Tony if you can see him just go do it trust me while he’s still speaking just do it. So, are there any books that have helped you along the way here on the motivational front?
Kyle: Yeah, Miracle Morning. I know a lot of people say that one, but it was one that changed my life and I’m actually reading his new book now the Miracle Equation which is really great as well. But it got me waking up earlier in the morning and starting my day off right and I think those things are so impactful on someone’s life to make sure your mindset is ready for the day at hand.
Rod: Yeah, no question. Yeah, I house a wonderful guy I had him on the show and Hal Elrod is the author of Miracle Morning and that’s one of the gift side, you know, my love languages gifts and that’s one of the gift side I give all my students as that book and Powell who we were talking about who got you going on the meet-up so, he’s one of my students, he, I think he’s been how long, and you know how long he’s been doing that every day?
Kyle: I think he’s well over 500 days in a row now which is, it’s just incredible it might be even longer that. He may be on two or three-year or three years.
Rod: Yeah, Yeah. Cuz you got to get up early to do that but it’s such an, it’s had such an impact, I mean, I’d certainly had an impact on his life. I think, you know, he’s gone from 50 or 100 doors to six or 700 since we’ve met and just killing it. We in fact he and I have even partnered on a deal. So tell me about a mistake that you made or maybe a deed in that first deal or in your real estate career period. Anything come to mind? A defining moment or mistake.
Kyle: Yeah. It was really with the lender and not just trying to do it on our own, you know. We would just, everything that we do going for, we’re gonna have a team on. And I think, I don’t think it was really being greedy, it was just trying to do it and get it done and we thought that the deal was small enough but looking back I just would have built the team earlier in advance and because we have that team now we’re gonna benefit going forward. So it’s just build your team before you even have a property in the contract. Know who that team’s gonna be and it’s a team sport that’s what everyone says and there’s no greater truth. I mean, it really is a team sport and the more people you have on your side the better you gonna do in this industry.
Rod: Yeah, no question. No question. Again, that’s why people keep coming back to my events. By the way guys, I’m gonna be in Baltimore, September 27, 28, 29. Yes, if you have any interest in this business at all, you need to be there. Did you get benefit from it Kyle?
Kyle: Huge benefit. I mean, you’re the reason why I, you know, I didn’t tell this story earlier but earlier I, before I started on your event, I cannot speak in front of people and you push me to start a meet-up and you can ask a leader. I was shaking in my boots the first meet-up. I was like, I don’t know how we’re gonna do this. I’m so nervous. I went over my script a hundred times and now here I am. I’m talking on podcast. I have a meet-up. We got our yearly event and so, you know, I’m still nervous when I do it but I’m definitely a lot more comfortable and so it’s really brought me out of my comfort zone and made me grow as a person so I, 100% suggest going to Rods event.
Rod: Thank you.
Kyle: It’s not only you’ll not only learn about multifamily but you’ll learn about how to use, utilize your mindset and really push yourself to be at greater levels.
Rod: Well thank you for sharing that. I did not know that was a struggle and guys, you guys know that the life of your dreams is on the other side of a little bit of discomfort. Not a lot just a little. It’s not the end of the world but that’s how you build what you want. Well listen brother thanks for being on the show. You’ve had a great value and I’m sure that I’ll see you again very soon.
Kyle: Definitely. Thanks Rod. I appreciate it.
Rod: Right. Take care. All right buddy see you.
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