Multifamily Real Estate Deal Structures Explained

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Intro
Hi. My name is Rod Khleif, and I’m the host of “The Lifetime Cash Flow Through Real Estate Investing” podcast. And every week, I interview Multifamily Rock Stars and we talk about how they’ve built incredible wealth for themselves and their families through multifamily properties. So hit the “Like” and “Subscribe” buttons to get notified every Monday when a new episode comes out. Let’s get to it.

Rod
Welcome to another edition of Lifetime Cash Flow Through Real Estate Investing. I’m Rod Khleif, and I’m thrilled you’re here. And you’re going to get tremendous value from my friend who I’m interviewing today, Todd Robinson. So Todd Robinson is a corporate and commercial real estate attorney. We’ve used him, and I’ve got students that have used him. He’s very good. He’s actually presenting at my upcoming boot camp. I’m not sure when this will air, but probably before then. But, you know, he regularly presents at my boot camp and talks about SEC rules and syndication and whatnot. What’s great about Todd is there are attorneys that do the SEC piece, and there are attorneys that do the contracts and the transactional piece, and Todd does both, which is a real plus. But anyway, welcome back to the show, brother.

Todd
Yeah, thanks so much. Thanks for having me, Rod.

Rod
Yeah, absolutely. So, you know, we’re going to talk about some– and, so guys, we’re going to drill down a little bit on this call. Okay? And we’re going to talk about wholesaling multifamily, which can be incredibly lucrative, we’ll probably do that last. So you don’t want to miss that because I can tell you there are people pulling massive fees from wholesaling. I’ve got students, about a dozen that you know I put it out there to my students probably two years ago, I said, how many of you have wholesaled a multifamily property made over 100 grand? And at that time– and I need to do it again because I know it’s probably double that number now, but at that time, 12 had, and two of them made over a million. And so we’re going to talk about what that looks like before we cut loose today. But we’re going to start in a different direction. You know, normally, I would have Todd give you his background and all that stuff, but, I mean, you know, I don’t know that that’s necessary. And is there anything you’d want to add to my intro, Todd?

Todd
No, Rod, I appreciate it. And, you know, you and I have worked together for a long time, and I love presenting to your Warriors and being in a teaching role. You know just other than you know, corporate and commercial real estate, syndication, multifamily, general commercial real estate. And then we’re just based in Atlanta but work around the country with real estate investors.

Rod
Right. Okay, so let’s go right into– we’re going to talk about deal structure today. And again, it’s going to get a little technical, guys. I’m just going to tell you, you know, you may want to listen to this when you’ve got a pen and paper available, you can take some notes and we drill down on this a lot more, of course, at my boot camp. But the first thing we’re going to talk about is a 1031 transaction with a syndication or– with or without, actually. It could be with or without. So why don’t you talk about the mechanics of what that looks like, Todd and I’ll just interject as I feel necessary.

Todd
Yeah, okay. So using– as everyone knows, everyone made a lot of money in the past couple of years with interest rates being so low, prices being so high. And a lot of those sellers of real estate are looking to deploy that cash into further deals. And a lot of operators and real estate investors who are generating an investor database will reach out to their investor network for a syndication and the feedback they will get is, hey, I’ve got a million dollars in the 1031, I’d love to put it in this deal. Well, you can’t fund a 1031 investment through the purchase of an LLC interest, which is what you would receive in a syndication. In a typical syndication, the investor receives a piece of paper that says they have a class A unit or however many units they purchased in exchange for their money. That doesn’t comport with the IRS regulation Section 1031.

Rod
All right, all right. Let me stop you and give a little clarity for one second. So just to repeat what he said maybe clarified a little bit. So when you’re out there doing a syndication, you’re going to raise money from individual investors. They’re going to become members in LLC that holds the ownership interest in that asset. And let’s not get too technical as to the different LLC structures because then people’s eyes across and they need to see that really on a screen. But let’s just say you’re getting a membership interest in an ownership LLC and typically, it’s a class A share. If you’re raising money, they get the class A shares, and the people that are doing the deal get the class B shares. But if you’re going to do a 1031 Exchange, that money can’t be handled that way, that ownership interest can’t be handled that way. So please continue from there.

Todd
That’s correct. So in order to comply with the 1031 regulations, the money has to be used to purchase a like-kind property. So you have to purchase a direct property interest in the exchange property that you’re exchanging out of. And the real benefit of 1031, as most people know, is you’re deferring your tax on your capital gains.

Rod
Right.

Todd
You know, Uncle Sam’s going to get his payment at some point down the road when the property is sold or it goes to an estate. But you kick that can down the road by exchanging the property you’re selling for a new property you’re buying.

Rod
Right.

Todd
But, investors, in order to comply with this in a syndication or in a real estate purchase, you have to create what’s called a Tenant In Common structure. A Tenant In Common structure is a style of– a type of a legal ownership of property that is owned by two individuals–

Rod
Or more. Two or more.

Todd
Yeah, two or more individuals that those names of the individuals, of the LLC, are actually on the deed. And so they have a direct ownership in that real property.

Rod
Yeah. Let me interject again. Sorry.

Todd
Go ahead.

Rod
So, you know, one thing I’m going to just throw this in there. You know, when you do a syndication, you’ll get what’s called an Org chart, which will lay out the ownership structure. It’ll show the property at the top or the bottom. And then there’ll be an ownership entity that owns that property. Then there’ll be maybe a management entity. There may be an entity that splits out the A and B interests that owns the management entity. There are just a lot of ways that this Org chart can look. I’m going to tell you– in a TIC structure– and by the way, that’s the acronym, you’ll hear the word TIC. And that’s for a Tenants In Common, that almost always means a 1031 Exchange. You’re going to see at the ownership level, more than one entity is the point he’s trying to make. Okay? And then the Org chart beyond that can be really complex. You know if you come to my boot camp, I show an example of one, and Todd does, I think, in his presentation as well. And it’s pretty intimidating when you see one of these, where you see– you know, it’s just a bunch of boxes connected with lines that denote the ownership structure with all the different various ownership entities and management entities. Anyway, please continue.

Todd
Yeah. So those funds get directed into the actual purchase of the property. One of the things we forgot to mention is when a seller is exiting a property and they’re receiving that cash, they don’t hold that cash themselves. The cash has to go to what’s called a qualified intermediary. And that’s basically a company that is, you know, an intermediary because the IRS basically said you know, we don’t trust that you’re going to take care of this money and actually exchange it. So it goes to the acronyms of QI. The QI holds the funds. Now, there are timing considerations. You have to identify the property, the next property within 45 days.

Rod
This is the seller guys. This is the guy that’s selling a property. They have guidelines for you know how quickly they identify, and please continue beyond that.

Todd
Yeah, quickly they identify and then 180 days to actually close on the transaction. So six months to close on it but 45 days to identify.

Rod
Right.

Todd
And if you don’t identify the property, then you lose the benefit of the 1031. You’re taxed on that capital gains.

Rod
Yeah, I was just going to say, you know this year– or last year, we had that 100% bonus depreciation and there were situations where it actually made more sense just to do a cost segregation and do the bonus depreciation versus doing a 1031 Exchange, a lot of people elected to do that. But now that that bonus depreciation has dropped to 80%, you know, we may see more 1031, although I do believe sales are going to slow down, you know on the sales side, but I know what your thoughts are on that.

Todd
Right.

Rod
Anyway, I keep interrupting but keep going.

Todd
Yeah, no, all good. All good. So on the purchase side, when that money comes from the QI to the title company, you know there are some mechanics in identifying the property, some documents that have to be signed. But the real consideration that we look at, that we make sure it’s structured properly is the Org chart as you talked about, and then the operating documents. Because in a true you know Tenant In Common arrangement, disregarding a syndication, if Rod and I were going to buy a property under a Tenant In Common, the legal structure is we share the profits and expenses equally according to our ownership percentage. So if we buy at 50-50, then we share profits and losses 50-50 and expenses 50-50. But that’s not how a syndication works and that’s not how the cash flows typically in a syndication. So in our documentation of the operating agreement and what’s called a Tenant In Common agreement, we have to make those adjustments in those documents to reflect how the cash actually flows. And so it’s important– and the other piece of it too is the 1031 investors then receives a class A unit in this syndication. Now, we’ve gotten some feedback from some accountants that have advised us to be careful when preparing those documents because you don’t want to reference the syndicated operating agreement in the Tenant In Common agreement because that would blow up the benefit of the 1031. I’m sorry, the term is it would collapse [inaudible]

Rod
Negate it. Yeah.

Todd
Arrangement. Right. So those structuring considerations are really important. And the other piece of it is because the Tenant In Common agreement typically has cash and expenses flowing equally according to ownership percentages, there’s oftentimes we’ll prepare a separate document that we call a commission agreement. And it’s an agreement that documents the relationship between the sponsor and the investors in a way that matches how the cash flows in a syndication.

Rod
Right. So what he’s saying here is what you do is you utilize that commission agreement to really make it fair to the investors in the syndication from a cash distribution standpoint, because again, this is outside of the syndication. So you’ve got to make sure that it’s fair for everybody. And so, yeah, I’ve seen a commission agreement used to do that. And I know this is– you know, you guys’ eyes are probably spinning and you’re like, oh good God, this is intimidating. Which is why you use Todd, okay? Which is why I wouldn’t even consider trying to do something like this without competent help like Todd for a 1031 like this. So let’s move past that because otherwise, we’re going to lose listeners here.

Todd
Sure.

Rod
But let’s talk for a minute about a Joint Venture versus a syndication. Let me just give you my– you know, and again, this is the kind of stuff we teach at the boot camp too and go into more detail, but let me give you my high-level overview, and then maybe you could expand on it, Todd. So anytime you take money from someone with an expectation of a return and that person is passive, they are not doing anything actively in the transaction or in the asset or in the property, you have to do a syndication because– or you’re governed by the SEC and ideally do a syndication because they’re not active. Now, if you do a deal with somebody– you know when I was in my 20s, I did lots of Joint Ventures and the reason they were Joint Ventures was my partners signed on the debt. So they were definitely active there. If I spent more than a certain amount of money to do a fix-up, I had to get their written approval, which makes them active. But if I had just taken money from them and bought assets, I would have had to syndicate back then. And this is 40 years ago, but please expand on that. Maybe you can give a little more illumination.

Todd
No, you’re exactly right. You’re exactly right. I mean really, I’ve never seen this. But even if it’s down to one investor who’s putting in all the money but he says to you, I don’t want to do anything with the property, just mail me my check every month. Even if you have one investor that’s going to be a syndication we’ve got to go through you know we want to protect you and prepare the PPM and prepare the notice documents that we need for that syndication.

Rod
Yeah.

Todd
Especially when investors are starting out, they may you know, purchase a duplex with one other person or purchase a small multifamily property with two or three people and everyone’s putting in their own cash and they’re all going to be active in the business. So that’s going to be a Joint Venture. You don’t really need to you know worry about the SEC in those instances.

Rod
Right. Now, with one caveat, don’t show me a Joint Venture with ten people in it because the likelihood of all ten people being active is slim to none. Okay? And slim went home.

Todd
Right.

Rod
So, you know, I would say the maximum number in my– shooting from the hip for a Joint Venture would be five people, maybe six. What are your thoughts on that?

Todd
Yeah, I would agree with that. There’s really not a hard and fast rule, but as you said, the more people it’s harder to prove that it’s not a syndication.

Rod
Right.

Todd
But again, in that context, you know, really, you’re talking about a worst-case scenario here. One of the Joint Venture partners gets you know defrauded and so they’re going to go call the SEC and make [inaudible]

Rod
Or just gets pissed for whatever reason.

Todd
Yeah.

Rod
Because the SEC is complaint-driven. Okay?

Todd
Exactly.

Rod
If there’s never a complaint, there likely will never be an issue. But we are heading into a tumultuous time and I think we’re going to see complaints and I think we’re going to see SEC complaints and I think we’re going to see some reckonings, honestly, because you know people have promised things and, you know, we’ve seen interest rates go up, we’ve seen you know deals become much more challenging. Even with rate caps and things of that nature, I think we’re going to see some upset investors.

Todd
Yeah.

Rod
But again if– you know just to expand on what you were saying, and that is if, you know, you never have an issue, never have an upset partner, then you’ll probably never have an issue. But I wouldn’t want that risk. Will you agree with me there, Todd?

Todd
No. Completely.

Rod
Right.

Todd
Yeah. Just do it right the first time. What do they say, you know, measure twice, cut once, that kind of thing.

Rod
Right.

Todd
You know, do it like the first time.

Rod
You got to be able to sleep at night. And let me tell you, that is not a knock you want on your door. You know, the SEC. So, you know, just spend a few bucks, hire somebody like Todd to make sure you did it right, and you’re off to the races. So now let’s talk about wholesaling. Okay? So, you know I whetted your appetite with some numbers before we got started here. Like I said a couple of years ago, I just did a post in our Warrior Facebook group and said, how many of you have done– made over 100 grand wholesale on a deal? And like I said, a dozen had. And two of them when we dug in had made over a million. So why don’t you talk about what a wholesale– because Todd brought it up before we started recording that we could talk about wholesaling because you know he does wholesale transactions. Why don’t you talk about the different nuances and what you’ve seen when you’ve helped facilitate a wholesale deal?

Todd
Yeah, absolutely. So there are lots of ways to structure a wholesale, but from a high-level view, a wholesale is essentially one investor gets a property under contract and they either sell the contract or assigns the contract to another buyer, who then ends up selling it to the end buyer. And so there are really three parties in a wholesale. We’ll just call them A, B, and C. So A gets it under contract. They either assign it to B and then B sells it to C for a higher price.

Rod
Well, wait a minute, I think you got an extra person in there. So let’s say A is the actual seller, B is the wholesaler that puts it under contract.

Todd
That’s right.

Rod
Yeah, you add an extra person in there.

Todd
Yeah. Sorry. Yeah.

Rod
So let’s say A is the seller. Okay, A is the seller, B is the wholesaler. Or, you know, you listening or one of my Warriors, you go and find this great deal and you’re like, oh man, maybe I can’t close on it. But I’m putting this thing under contract because I’ll find somebody that will buy this thing. Okay?

Todd
Right.

Rod
And then you have two options. One, you can sell the contract for a fee, and C, you’re B, C buys that contract from you and closes, just you know delivers on the contract if the contract is assignable or you do what’s called a double close. Right?

Todd
Right.

Rod
Okay.

Todd
That’s right. And the decision of which way to do that is really a twofold decision. One is, is there an assignment provision in the contract? A lot of times, especially in larger multifamily deals, you know the assignment provision says that the buyer cannot assign the contract unless it’s to an affiliate of the buyer or to an entity of which the buyer controls or has majority ownership. So if you’re trying to wholesale it to a third party, you will violate that assignment contract. You’ll be in default of the contract.

Rod
Or you might have a seller that’ll be really pissed off if they see you made a million dollars just for assigning it to somebody else. And I know you’ve done deals where people have made 900 grand. And I know again, personally, people that have made over a million doing this.

Todd
Right.

Rod
To make sure that doesn’t happen, then maybe you close on the deal and maybe the same day you have another closing to see which is the ultimate buyer.

Todd
Exactly. So that’s a double close.

Rod
Right.

Todd
So if you’re worried about the assignment provision and if you’re worried about the seller caring that you’re going to make more extra money on it, then you do a double close. So the first question I asked if someone comes to me with a wholesale transaction is do we care if the seller knows? If the seller doesn’t care, then we do an assignment fee and the property is sold from A to C and B gets an assignment fee in the closing statement. That’s the cleanest way.

Rod
Right.

Todd
If we’re worried about the seller caring and we’re worried about the assignment provision in the contract, then we need to do a double close. And we’ve done those, I mean, it’s easier if there is one title company handling everything in escrow because then it all– we’ve done it where it all comes to my office and we do the A to B transaction and then the B to C transaction. We’ve also done it where there have been two title companies involved. And so you have to close the B to C transaction, get that funded, and then that [inaudible]

Rod
Right. Which takes money. Which takes money. If you’ve got two title companies, you know, you’re not going to be able to use the money from C to close on B. Okay? So that can be a challenge where it’s much easier if it’s all done in the same– correct me if I’m wrong, I’m guessing on that.

Todd
No, that’s right. Yeah, that’s right.

Rod
Okay.

Todd
And, you know, because you have to use the loan and the– the example that Rod and I were talking about earlier it was actually a syndication in Texas. It was a $7 million deal and we syndicated– the end buyer C did a syndication, had a big loan and we funded that– but in this instance, everyone was aware of the double closed. Like the title company was aware. The lender was aware.

Rod
Okay.

Todd
The seller was aware. It was just how it was structured. So it was a little bit easier.

Rod
Okay.

Todd
But you have to comply with the lender requirements. Fund the C transaction first and then the money gets wired to A and then B takes the difference. I mean, that’s how you wholesale and make money without having actually purchased the property.

Rod
So the lender was actually okay with a big–

Todd
Yeah.

Rod
Okay. Wow.

Todd
Well, and that’s the other point too, is in a lot of these wholesale transactions, if– I mean, the lender, I’ve had lenders blow their gasket on realizing this is a wholesale transaction because the lender is basically funding their loan and a portion of that loan is going into the wholesaler’s pocket.

Rod
Right.

Todd
And they don’t want to do that. They want to put it towards the property purchase. Right?

Rod
Right.

Todd
So a lot of times lenders will retrade you at the last minute if they find out it’s a wholesale transaction. So you have to be careful. But like, you know, we closed one with CoreVest.

Rod
Right.

Todd
It’s a multifamily lender in the space.

Rod
Take a lender. Yeah.

Todd
Totally upfront about the [inaudible] fee. And the feedback was, look, as long as it appraises, we’re fine.

Rod
Yeah. They’re a bridge lender though, right? They’re a bridge lender.

Todd
They are. They are the bridge lender.

Rod
Yeah. But guys, bridge lenders in the commercial multifamily space are kind of like the hard equity lenders in the single-family space and it can be a little bit like the wild, wild west. And you got to be careful. Now, CoreVest is a really big player. But, you know, we’ve talked about– I haven’t talked about this with you, but I’d love to get your opinion on this. Okay? Because you’re in the know, you’ve closed tons of bridge loans. You’ve seen some done with caps, you’ve seen some done without rate caps. You know, are you seeing any pain in that environment from people that did bridge debt over the last couple of years?

Todd
Absolutely. And the rate cap is becoming the single most biggest expense that is killing deals at the moment.

Rod
Right.

Todd
They’re just killing deals because a lot– you know, the longest rate cap I’ve seen, again two years ago was a two or three-year rate cap.

Rod
Right.

Todd
You know you don’t really buy rate caps for longer than that. So those bridge deals that were closed two years ago and interest rates were two and 3% or 4% are now coming due and the rate caps are three times as expensive and the interest rates are three times as expensive. So the sellers are going to have no option but to sell these properties.

Rod
Right. Right. No, or put in money to refinance them in some cases, you know if they have it. Because you know a lot of these guys didn’t you know proforma significantly higher interest rate on their disposition, on their liquidity event, you know, whether it’s a refi or a sale. You know they didn’t factor in the current environment. And, you know, I tell the story. We were looking at an asset in San Antonio and the reserve with this particular bridge lender because the loan was coming close, went from 8,000 a month to 80,000 a month, you know.

Todd
Wow.

Rod
And I mean, you see these rate caps are typically at 2%, or what do you typically see on a rate cap? 2%?

Todd
Yeah. Strike prices, like between two and three, three and a half, three and a quarter.

Rod
Right. 2% is a huge hit on a multi-million dollar deal. You know, if you haven’t planned for it, it’s huge. And most of those are triggered at this point. Right? With the rates, you know rising.

Todd
Right, exactly.

Rod
Yeah.

Todd
Yeah. So those caps are paying out a lot of times.

Rod
Right.

Todd
We just refinanced a Fannie– it was a Fannie product, we refinanced it into a Freddie product. But because of the leverage now while the properties doing– Freddie didn’t need the cap, and so we had to go back and sell the cap on the open market. And I think it traded for $20,000 less than what the cap was. So the buyer actually got– the owner actually got money back from the cap price.

Rod
Interesting.

Todd
That was the first time I’d seen that. Yeah.

Rod
I didn’t even know you could do that. This is new for me. Wow. Well, let me ask you this. Do you think there’s going to be some opportunity in that previously you know written bridge debt environment with these people like we’re describing here? Do you think there could be some opportunities for some deals?

Todd
Absolutely. You know, when you see a lot of the big players in the market start creating debt funds, opportunistic and rescue capital debt funds.

Rod
Right.

Todd
You know they’re thinking there’s going to be some opportunities to do that.

Rod
Yeah.

Todd
And the thought process, I think, by the institutional leaders in the space is that people are going to start getting into trouble with their lenders.

Rod
Right.

Todd
And you know debt service coverage ratio triggers are going to be higher.

Rod
Yeah, that’s another thing, guys. You’ve got what’s called a debt service coverage ratio. And so, basically, just to quickly describe that, again, we teach this in the boot camp, but let’s say your debt for the year is $100,000. That’s what your mortgage payments are for the year. But your net operating income, your net income is $125,000. So you’re making an extra $25,000. That’s called a 1.25% debt service coverage ratio, which is typically the minimum with a lot of lenders. And you have requirements to meet those debt service coverage ratios during the term of the loan. And if you don’t meet them, you know, the loan goes into default. So it’s a problem.

Todd
Exactly. Yeah. And if collections are a problem, or if you’re now paying more for a rate cap that you didn’t budget for, all that throws your debt service coverage out of whack.

Rod
Right.

Todd
And some multifamily lenders, you know, Wall Street multifamily lenders, bridge lenders, they have what’s called a rebalancing guarantee. I don’t know if you’ve seen those in the market.

Rod
No talk about that. Describe that.

Todd
Yeah. So rebalancing guarantee, like Arbor, for instance, is a primary example, they use rebalancing guarantees a lot, and it’s the most recourse, non-recourse guaranteed program you’ve ever heard of. But if the lender basically feels that the loan is out of balance, you know, and that’s almost like if the cash flow is too tight or the reserves are too tight based on how the property is performing, they can just call the rebalance guarantee, and you have to just funnel more cash into reserves to get it back in balance.

Rod
Well, that’s exactly what happened with the San Antonio guy. And, you know, went from eight to 80 grand a month, you know, and some people can’t afford that. And correct me if I’m wrong, you know you think it’s non-recourse, but it actually becomes recourse at that point.

Todd
Right. I mean, in the old days, a non-recourse guarantee was really you know, simple. It was like you know fraud.

Rod
Right.

Todd
You know you’re not paying [inaudible]

Rod
Hold on, let me describe. So, guys, you know, non-recourse on loans means that if they foreclose, they can only take the property, okay? Full recourse means if they foreclose, they can come after you personally. Ask me how I know, okay? Because I had my ass handed to me in 2008 and ’09. I had a lot of recourse. You know, I’ve recovered. But the point is, you know, but what they do is they have what’s called bad boy clauses. Where if you do a non-recourse loan, if you commit fraud, duh. If you don’t pay your taxes, duh. You know, it can become full recourse. Well, in this environment, in this bridge loan environment, you know, if they rebalance the loan or you go into a technical default because you’re not meeting the debt service coverage ratio anymore, it can become a full recourse loan, right?

Todd
That’s right. Yeah.

Rod
Yeah.

Todd
Lenders over the years have added categories to what triggers recourse away from the standard you know, fraud, bad acts, you know, embezzlement. And now, it’s like, well, if you don’t hit your budget, it could be recourse.

Rod
Right.

Todd
If you fire your property manager without our permission, it could be a recourse. So whenever we’re looking at deals, we analyze that, read non-recourse guarantee really closely because there’s a lot of things that lenders will put in there that are truly not non-recourse [inaudible]

Rod
Here’s the bottom line, guys. You don’t do this without help, okay? You don’t do this without competent legal help that studies every one of these clauses to make sure you don’t stub your toe and you’re not getting into a situation that can become very onerous. And there are going to be a good number of these newbie investors that went in fast and loose and started doing syndications and raising money that are going to get into some trouble. And there’s going to be an opportunity, an incredible opportunity. And we’re actually likely going to do an opportunity fund as well. Well, listen, Todd, is there anything else that– I think that’s a pretty good place to wrap, actually. I’m sure we had heads spinning, but that was really informative. Yeah.

Todd
Yeah, absolutely. No, I think that’s good. You know, like you said, I think opportunity is 2023, Q1, Q2 is going to be a lot of opportunity, hopefully [inaudible].

Rod
I think actually into ’24. I think these next two years, I think we’re going to see opportunity. That’s my opinion. I think it’s going to be you know uglier than people think. And again, with crisis comes opportunity.

Todd
That’s right.

Rod
Well, listen, brother, I really appreciate you coming on the show and I look forward to seeing you at my boot camp. And like I said, he’s going to present the SEC piece, the syndication piece. But anyway, happy New Year and we’ll see you soon, brother.

Todd
Yeah, sounds good. Thanks so much, Rod. Take care.

Rod
Thanks.

Outro
Rod, I know a lot of our listeners are wanting to take their multifamily investing business to the next level. Now, I know you’ve been hard at work helping our Warrior students do just that using our “ACT” methodology which is Awareness, Close, and Transform. Can you explain to the listeners how they can get our help?

Rod
You bet. Guys, we’ve been going non-stop for three years building an amazing community of like-minded people, and our coaching students which we call our Warriors have had extraordinary results. They’ve purchased thousands and thousands of units, and last year we did over 1,000 units with our students. And we’re looking to grow this group and take it to the next level. We’re looking for people who want to follow a proven framework that’s really step by step and then leverage our systems and network to raise equity, to find and close deals, and to build partnerships nationwide. Now, our Warrior community is finding success in any market cycle. So if you’re interested in finding out more about how you can become more of our incredible network and take advantage of the incredible opportunities that are coming very soon, apply to work with us at “MentorWithRod.com” or text “CRUSH” to “72345” and we’ll set up a call so you can check us out and we can check you out. That’s “MentorWithRod.com” or text “CRUSH” to “72345”.