FinCEN Explained: What Every Real Estate Investor Needs to Know in 2026

In this episode of The BRRRR Investor Podcast, Alex Nahle sits down with Kyle Johnson from Consumer Title to break down the latest updates on FinCEN regulations in real estate. Get clear, actionable insights into compliance, fraud prevention, and how these changes might affect your transactions.

• What FinCEN is and why it matters for real estate investors
• Major regulatory changes as of March 1st and their current status
• How FinCEN reporting impacts all-cash, entity, and trust transactions
• Practical advice for agents and investors on navigating compliance
• The real risks and penalties for non-compliance and how to avoid them

CONNECT WITH KYLE JOHNSON:

Email:  kjohnson@ctccal.com

Phone: 805-495-7200

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Transcript

Alex Nahle [00:00:00]:
Welcome back to the BRRRR Investor Podcast, where our mission is to empower aspiring real estate investors in their journey towards building generational wealth. All right, I'm super excited today for another cool episode. Today we have Kyle Johnson from Consumer Title. He's here with us today. And, you know, one thing about Kyle and something that I, you know, preach about a lot is, you know, having the right people on your team. Right. Real estate is a lonely business, and it's a. It's a team sport in my opinion. So having the right people on your team is crucial. Okay. You know, we've talked about, you know, lenders and, you know, contractors and wholesalers, agents, etc. However, Kyle and his team are, you know, an instrumental part of my team. Right. They obviously work with many others, investors, agents, etc. But, you know, that's. That's an extension of my team. So I've been working with Kyle and his team for maybe about eight years now, even though, you know, we haven't really met in person as often as that. But, you know, you've helped me and my team out from a lot of unique, interesting situations. And, you know, Kyle is that person that you go to when there is a problem, and he's the one that, you know, is problem solving in the back end. So I want to, first off, welcome you to the podcast, Kyle.

Kyle Johnson  [00:01:23]:
Thank you. Good morning, Alex. I'm happy to be here.

Alex Nahle [00:01:26]:
And we're happy to have you. And secondly, I want to thank you for everything that you've contributed, you know, again, to my team, the questions you've answered, you know, about a year or so ago, if you recall, also I had a situation with a very weird, interesting listing that I got on a vacant land on Sunset on the Sunset Strip. And sure enough, you know, I had some red flags that came. Came up, and I reached out to Billy and yourself, and you guys. You blew me away because you guys really dug deep into it to come to find out it was a fraudulent situation. Right. And I was able to get to you guys early on to not waste too much time on it and be able to kind of pull myself out of the situation and. And let it be. So I really appreciate you and that, you know, that was one of many situations that you guys have come through on.

Kyle Johnson  [00:02:17]:
Yeah, I do remember that transaction, and it's been a wonderful partnership working with you over the years. And just to provide some additional context, so I work for a consumer title company, which is a title insurance company. So we insure residential, vacant land, commercial, any. Any type of real property in the state of California. And my job role is I'm a title officer. I generate those title reports, search public records, provide information on the property, try to identify risks like fraud that you mentioned and hopefully close transactions, insure transactions and, and make sure we protect all parties to that transaction. So yeah, especially with fraud being sort of adjacent subject to what we're covering today, which is FinCEN.

Alex Nahle [00:03:03]:
A 100% and I think, you know, if it would be pretty cool to have another like session for just that, like fraud and how to, you know, flag things and especially vacant land, because I'm sure, you know, our listeners and viewers would really, really appreciate that. So we can definitely into doing that for another, another time. And, and you know, one thing for sure is you, you guys need to have someone like, you know, Kyle on your side, right? You have to have a title rep on your side. And what I mean by that is have that relationship, right? You know, be consistent, have that relationship. You know, you help them out, they help you out and so forth because you need them. Anybody that's involved in a real estate transaction, whether you're a licensed agent or you're a wholesaler or you're an investor, you need someone like Kyle. Because everybody, as simple as a question, right? You may not be in a transaction at the time, but the questions that you may have, they're going to have really, really good answers for you and you don't have to know everything. That's why you have people like Kyle on your team. So with that said, today we're going to talk about a very interesting subject, right? It's something new. As of March 1st it became official and even before then, approaching March 1st, a lot of people in our industry were talking about, a lot of people were nervous about it. They're not sure what's going to happen. So there's a lot of fear around that and that is FinCEN. And today Kyle's going to be here to share with us about FinCEN, what it is, what you have to know about it and how to avoid up to a $250,000 fine for non compliance. So with that said, let's have at it. Kyle, what is FinCEN?

Kyle Johnson  [00:04:42]:
You got it. So one of the common misconceptions is that FinCEN is new. It's not new. To go back further, you know, in 1970, the US Department of Treasury issued an order and it's called the Bank Secrecy Act. And what this was going to do in 1970 is they were going to monitor financial transactions and Report anything suspicious under the guise of we're going to prevent money laundering, funding of terrorism. This same rule from 1970 is the reason if you go into your institutional bank, you can't withdraw More than $10,000 cash. You can't deposit more than $10,000 cash. Every wire you send out is monitored. And banks file these suspicious activities reports and they report that to the Department of Treasury and they investigate it to whatever length they want to go to. This FinCEN in that form has been around for a long, long time, over 50 years. In 1990, the Department of Treasury created a division within itself called FinCEN. And what that stands for is the Financial Crime Enforcement Network. And that further allowed them to monitor financial transactions and expanded what they were allowed to view, what they were allowed to report, what they were allowed to keep records on. And where this really expanded was post 2001 after 911 with the Patriot act is the Department of Treasury enabled FinCEN to now go in beyond just financial institutions and start monitoring a whole other broad thing of financial instruments, cashier's checks, money orders, travelers checks, and also real estate. So in 2017, FinCEN really got into the real estate in particular areas and they issued what were called these geographic targeting orders. So the Department of Treasury said there are certain counties and certain cities around the United States where we have apprehended money launderers, terrorists, and they are operating and buying real property for the purpose of funding these nefarious acts in these counties and cities. And so what we're going to do is we're going to develop what a typical transaction looks like that funds these activities. And almost always they found that it was non individual entities like LLCs, corporations, partnerships that were shell entities of these organizations and they were buying residential real property, all cash. And they were using that real property to leverage financial instruments for funding terrorism and, and other activities. And so what the Department of Treasury did is they tasked title insurance companies with monitoring these transactions. So when a title insurance company got an all cash transaction for residential property, 1 to 4 over a particular threshold, and at the time it was $300,000, they tasked the title insurance company with getting all of the buyers entity documents to get down to who the natural people were that owned these entities. So shell company, shell company, shell company, shell company, down to the individual would require government issued photo ID and a whole mess of details about the particulars of that transaction. So title insurance companies have been filing these reports for, you know, close to 10 years now. What changed starting March 1st is the Department of Treasury said we're expanding FinCEN even larger now. No longer are we going to be targeting particular counties, particular cities, particular states. We're going to issue a broad sweeping order nationwide that every real estate transaction in the United States that is all cash or doesn't involve an institutional lender for residential property or vacant land, and now including trusts are going to have to be reported. The other big change that came March 1st was that they were no longer tasking just the title insurance company to report this. They were going to create this hierarchy of responsibility of reporting parties. So starting March 1, the reporting party, responsible party for it, was escrow as the settlement agent. So starting March 1, escrow took over that responsibility in gathering this information and reporting it out to the Department of Treasury. No longer a minimum purchase threshold. So even properties transferred into entities for zero consideration have to be reported. So even non nefarious acts like I'm John Doe and I want to transfer my property into the LLC because it's an investment property, I'm going to be renting it out and I want to limit my liability as soon as I record that deed. Technically that's FinCEN reportable. So it's so much more broad and expanding now. One of the questions I get asked a lot is, okay, so FinCEN's been doing this for a long time now. Is this actually working? If it's underneath the guise of protecting our country's national security, protecting innocent victims and preventing money laundering and terrorism, is it actually doing that? And the answer is yes. So since its inception into real estate, specifically since 2017, there's been hundreds of billions of dollars of seizures of, of monies. And I have a few of the most notable ones which have just come over the last couple years. So if you know what Binance is, it's a cryptocurrency exchange. So Binance, they seized $3.4 billion from Binance because they were not implementing anti money laundering activities into any of their transactions. And what wound up happening was they found that billions of dollars in hundreds of thousands of transactions over a period of years were funding activities by Hamas, Al Qaeda and the Lazarus Group, which is a terrorist network operated by North Korea and funding operations globally. So they seized, you know, $3.4 billion from them. Another big one that people probably remember from the news in 2024 was TD Bank. It's a huge financial institution that was issued a $1.3 billion penalty and seizure. And what's crazy about TD bank is that they were not reporting any suspicious activities from 2014 to 2023, these terrorists and especially Mexican drug cartels knew that they weren't reporting it. And so for nine years, three or four Mexican drug cartels were almost operating all of their financial activities through TD Bank. And, and I mean there's, there's been countless seizures like this. It's involved in human trafficking, sex trafficking, child pornography. Some of the worst crimes that you could possibly imagine are, are being funded through financial instruments in the United States, a lot of which involve real property. The purpose of these reports, why we're involved in this in real estate, is you know that the Department of Treasury creates a web of evidence to go and investigate crime networks, banking activity, money transfers and real property. And they create this web so that when they go into investigate these networks, they know where the money came from, where it's going, what assets they hold, where these people might be operating from so that they can go in and have a huge comprehensive bulk information data set to go in and enforce this. And it's working. I think that's the reason why we saw this March 1st order was that over, especially the last three or four years, they've stopped so many of these activities, there's been so many seizures, it was working so well in these specific limited areas that they made it broad and broad and sweeping. An update for everybody listening was that March 19, just two weeks ago in the Eastern District Texas Supreme Court there was an order issued where they vacated FinCEN. So a Texas Supreme Court issued an order vacating FinCEN nationwide. So the order as of March 1st is no longer in effect and no transactions right now in the United States are reportable. No one has to report them. The reason for that was the argument from title insurance agencies in Texas was that what you guys are classifying as the earmarks of a suspicious transaction does not make every transaction that fits that mode suspicious. And it's an overreach and a violation of constitutional rights that you can't just say every transaction, all cash by a non individual entity or any title to real property transferred to a non individual entity is suspicious. By that alone you would have to identify earmarkers, have suspicion that something is going on nefarious in order for that to be reported. And that Texas court ruled in their favor. Now what does that mean right now in today's market? If you're closing a real estate transaction today, not reportable? It hasn't been since the 19th. What we in the title insurance agency are seeing is that we're expecting some form of a stay to be issued any day. Now, they expected it within two to three weeks. So we're coming up on that this week or next week to pause that order. FinCEN then resumes. And the Department of Treasury will probably be fighting this through appeals in an appellate court here shortly, and that may take years and years to do. So while it's turned off currently, we're expecting it to resume in the next week or two. So what advice we're getting as title insurance agencies, what advice settlement agencies or escrows are getting currently is gather the information. If you close before a stay or an appeal is filed, don't report it. But if you're going to close a transaction, let's just say Friday, two days from now, and the stay is issued tomorrow. Insurance companies, escrow companies, don't want to scramble last minute and hold up real estate transactions. So the current guideline right now is continue to gather the information, don't report it if it's not necessary. But if a stay or an appeal is filed, we're going to have to resume it, which we're assuming they will. I don't think the Department of Treasury is going to roll over and take one on the chin and go about their way.

Alex Nahle [00:15:38]:
Sorry, I had, I was. That. That's a big update, Kyle. Thank you for that. That's, that's, that's awesome. So, so based on what you're sharing here is, so this applies to big and small. Anybody, right. It's not just big corporations, it's anybody, period, like individual and, and so forth. And as you mentioned, you know, you share a real estate transaction and how escrow is involved. And we can talk about how escrow was involved in a very different way before and how you guys were involved in it. But I want to also take a step like, you know, for some of these investors that are listening, you did briefly mention that, you know, some, you know, purchase a property for liability purposes, they want to transfer it to their LLC. And, you know, a lot of times, you know, investors purchase property and they have to purchase it in an individual name because of that bank that they're dealing with. Right. Some banks, most banks don't want to lend you in an entity, they want to lend under your name. You're the guarantor. And then people typically transfer to their LLC afterwards. So how does, can you, can you elaborate a little bit about that, but also share. How would that work today with this pause that's going on too? Because that's very interesting for me.

Kyle Johnson  [00:16:52]:
Yeah, yeah. For a number of reasons, people want to hold Title in non individual entities, including trusts, it's protection of liability, protection of the title, avoiding for residential purposes in a trust, avoiding probate, making sure the property goes to specified beneficiaries, how to handle all of the assets in an estate post incapacitation or death. So there's a number of reasons people want to hold title in these entities. And like you alluded to over the last 10 years, most institutional lenders do not like lending to entities, especially trusts. They do require a lot of the times people to take title out of an LLC, corporation, partnership or trust into their name individually and post close. You just transfer the title back to however you were holding it before. It doesn't defeat the lien. And that's the strategy of most people. Prior to March 1, you could transfer a title for no consideration over to your entity. So taking it out of an LLC, for instance, refining to taking out a loan, construction loan, whatever it may be, it would be no problem to transfer the title back to the LLC cause it didn't meet this minimum purchase price threshold of consideration being paid. That is gone. Earlier I had mentioned this hierarchy of responsibility of reporting parties to FinCEN. Escrow is at the top, after that it's whoever disperses proceeds, again, escrow after that. If you're in a real estate transaction, it's the deed preparer, which is also escrow. They draft the deeds, but then after that it's the deed filer. What I've had a lot of conversations over the last few weeks with is business managers, accountants, attorneys, estate planners, saying well Kyle, a regular part of our business is we're creating these entities for people and we're, we're advising them to protect their assets by putting their property into these entities. A lot of times for our purposes, there is no escrow involved, there is no title involved. We're not in a real estate transaction. We're simply creating these legal documents and advising our clients on how they should hold title to their property. And the answer to that is, well, you fall, you fall in the hierarchy of responsibility. If you're an estate planner, attorney, cpa, generating and creating a deed, transferring real property, technically you would be the reporting party pursuant to FinCEN. Another question I get a lot is well, what if an individual does it? What if John Doe wants to put title into his LLC? He downloads a blank deed offline, signs it, executes it and walks it into the county recorder's office or mails it to the county recorder's office. Are they going to be subject to FinCEN? There's so much speculation over this, and I'm not an attorney and none of this is legal advice, but nobody in our industry can figure out how they're going to enforce that against individuals, how you're going to determine who drafted that deed, how you're going to determine who recorded it. So we don't think that that end will be enforceable. There is one exception to everything I'm talking about in regards to these entities that won't be reportable to FinCEN. If a stay or an appeal comes is if I, as an individual, I'm transferring the title of my property into my own trust, to which I'm the only trustor and the only beneficiary not reportable for any consideration, for no consideration, or spouses who hold title individually who are going to be transferring it into their family trust to which they are the only trustors and only beneficiaries not reportable. If you have a buyer in a transaction who's a trust, no matter how the trust is structured, reportable. So the only exception will be if you're transferring your own property into your own trust for estate planning.

Alex Nahle [00:20:41]:
Got it? Yeah, that makes a big difference.

Kyle Johnson  [00:20:45]:
Yeah.

Alex Nahle [00:20:45]:
So, so this is again, it's, it's across the board, it's LLC trust, you know, whatever the case may be. And there's no minimum, as you mentioned. And that's definitely putting, as I heard, you know, escrow a few weeks ago, they're putting some pressure on, extra pressure on them that they're not really in favor of, but I get it. Right. So that's a good point. Like you mentioned, you know, right now just gather all the information and then if everything resumes, you're ready to go versus scrambling because it is going to hold off a transaction.

Kyle Johnson  [00:21:22]:
Yeah, I mean the information they're getting from these entities, it's not as in depth as you might imagine the way it was prior to March 1st. And you alluded to this responsibility flip between title and escrow and it makes more sense for escrow to be doing it, to be honest with you, even though escrow officers don't like hearing that is, you know, we would tell the escrow this Transaction qualifies for FinCEN. Escrow then reaches the clients, asks for the documentation, sends it to title, we say, no, we need more. They go back to the fraud, back and forth, back and forth. And what we used to have to do is we would have to corroborate the information being reported to us through their entity docs and government issued photo IDs and their bank information. So we would want to review, for instance for an LLC, the operating agreement, if the member of that LLC is another llc, we need that operating agreement and eventually we need to get all of the documentation until we get to a natural person so that we know who we're reporting on. One of the things that's actually made this process a bit easier is starting March 1 is they said you can operate under reasonable assumption, which the Department of Treasury said, you can send out forms for those buyers and sellers to complete and you can take the information that they provide you at face value and use that to report. You don't need to corroborate it, you don't need to prove it, you don't need to investigate it unless you think something suspicious is happening. So it has actually made the process a bit easier. In the short time we've operated under this new order, from March 1 to March 19, most escrow companies have contracted third party companies, FinCEN reporting companies, to do the information gathering and the reporting for them. Most escrows charge any two to $400, something like that for this service. And so what they do is they send out forms and buyers and sellers complete them, they send them back. This third party agency says all the fields necessary have been completed. You guys are good to close. So what used to take days or weeks together can now be done very, very in a very short timeline. So we have seen through our escrow department, transactions that qualify for FinCEN meet the FinCEN requirement in less than 24 hours. The good thing for agents who are worried about this holding up close is the timeline for FinCEN is completely dependent on buyer and seller participation. If you as an agent, let's just say a listing agent who's representing a seller who's selling title individually, I think it's a good conversation for a listing agent to have saying, hey, just so you know, this FinCEN rule is in effect or right now we're expecting it to come back in effect anytime now. If we get a qualified offer from somebody who wants to take title in this manner, non individual entity, just know this will be a part of the transaction. You will be required to provide information so you set the expectation for your client who's listing a property. Same thing for a buyer's agent to determine, okay, what kind, what type of property are you looking into? How are you going to hold title to that property? And if the answer is a non individual entity, just so you know, when we get into escrow in this transaction, you will have to provide information on this entity and your bank information, and so will the seller. So I think agents can, can right now set the expectation for their clients so that it's not a shock or a surprise when you get into an escrow and so that they know why this information is being requested from them. They have the documents ready, they have their bank information ready and can provide that information digitally or by paper instantaneously so that you don't hold up the close at escrow. So a lot of this, you know, the burden has kind of shifted a little bit to the agents to educate their clients, basically.

Alex Nahle [00:25:15]:
And that's crucial. I mean, it's important as agents to, to be able to know that information and be proactive and share it with the, with the client in advance, whether that's going to be in place or not. I mean, you have to be ready. So what you're doing, you know, and, you know, what we're trying to do here and sharing this information with everyone is, is for that reason is so you, you know, what you should expect, what you should do and do it it proactively so you don't hold up a transaction again, whether you're an agent or you're a buyer, investor, whatever the case may be. Now, in, in February, I was, I was purchasing a property and we were going to close before March 1st, and sure enough, something came up with FinCEN, which nobody was expecting, and everybody was like, what's this? What's going on? Why the delay seller side and all this? I was like, whatever. Let the, you know, give them the information. So, so it didn't really hold. It did hold up the process a little bit because again, it was a surprise. It was like ninth inning. It came through and they're like, FinCEN. Okay, great. We provided them everything. And that particular entity that we were purchasing in, like you mentioned, you know, it's, it's an entity, and then there's an entity and an entity in it. Right. Which obviously, again, this is not any legal advice. It's not financial advice, but it's, you know, advice that I've gotten from my, you know, attorneys for Asset Protection, protection of ways to structure it. Right. So obviously, you know, it's. And you mentioned, you know, it's really about transparency and it's been really working and they've been catching a lot of these things. So it's like, great. You know, why, why not? But I want to take a step back. Would you be able to, like, do you think, like, you know, can we reassure our listeners and Our viewers that, you know, if you're not money laundering, you're not trying to do anything suspicious, that if, if you just have entities and you're trying to do the basic, what everybody's doing, is that going to. Should they worry about anything or just report and let it be? Right.

Kyle Johnson  [00:27:03]:
So as long as you're not doing anything nefarious, this is information that the Department of Treasury has and can get anyway through, through other sources, right? Yeah. It's not the goal of FinCEN or the, the goal of escrow through a transaction to hold up, stop and investigate a transaction in real time prior to it closing. That's not the purpose of this. The purpose of this is just to gather bulk data on real estate transactions so that FinCEN post, close whenever they need to, if something nefarious is happening, has evidence to investigate. So at no point since 2017 to March 1st of this year have I ever had a real estate transaction stopped, held, not executed because of FinCEN. We've had other ones due to fraud and other things like that. But at no point does the Department of Treasury say, we've looked into this and you need to stop this transaction. That doesn't happen. We don't get approval from the Department of Treasury to close. And this is a common misconception. And I think why a lot of agents or people in the real estate sphere think this is going to hold up my transaction. Because if we need to get approval from the Department of Treasury, how long does it take the federal government to do anything? No, it's not that. We have a required data set of information we have to gather. We close, then you send the report. That's how it works. So you're not getting DOJ or DOT approval to close, you're collecting data sets and reporting it out. Yeah. And if you're not doing anything nefarious, besides, what this title company in Texas is asserting is, you know, it does feel a little bit Big Brother, a violation of privacy for some things, like especially trust, family trust, how a trust is structured, who the beneficiaries are of that trust, even minors. Yeah. There's a sense of overreach of information. Right. Maybe some constitutional violation a little bit. And that's the argument that won this case in court, this overstep of gathering information. So I understand people's hesitation with it, but, yeah, very serious, you know, federal government regulation that, that is imposed and the people, like you said, it's important to build a network of a team of people around you, whether it's CPAs attorneys, estate planners, title escrow, every ancillary service to a real estate transaction you should have on your team and just know that those people who are on your team are financially and legally responsible to do this. So if we don't, the penalties for the individual. So for your escrow officer, not the escrow company, your escrow officer, as an individual is liable up to, as you mentioned, $500,000 penalty and up to five years federal imprisonment if we don't do these things. So, no, we can't bypass it to close and do it post close. Yes, we have to have it in order to close a transaction. There's no means of avoiding it if the. If the transaction qualifies for it. And the Department of Treasury is very quick to respond and issue citations, warnings, et cetera. So.

Alex Nahle [00:30:21]:
Wow, this is awesome. Very, very enlightening. Provides a lot of clarity. You know, like you said, it is frustrating to worry, like, from an agent's perspective, or even a buyer, seller, oh, there's another approval we have to wait for. It's bad enough loan, approval, appraisal, all this kind of stuff. So I get it. But again, it's just most of it, for the most part, is a misunderstanding of what's going on. And I thank you very much for taking the time because you're really breaking it down and providing clarity. And this is not the first time, obviously, we have this conversation about this topic, and I'm understanding it more and more, so it's very relieving. And everybody out there that's listening, go on with your business. Do things the same way. Don't change. Because, you know, you have to, you know, protect your assets in a specific way for the most part. So, again, speak to an attorney or financial advisor or whatever the case may be to get the proper advice, but don't stop doing what you feel is the right thing to do. Just, it's all about transparency, and they want to know everything about you. What can you do? Like, you know, they're gonna find out one way or the other, right? Just hand it over. So with that said, Kyle, you know, I truly appreciate and I'm very grateful you. You and your team are an extension of our team and that I can rely on someone like you, you know, I can pick up the phone, email you, and I know, you know, you'll get an answer to us in a very, very timely manner, and it's good to have that support on your side. So, again, thank you so much for being here. And for those that are listening and watching what's the best way for them to reach out to you. What would you like to share?

Kyle Johnson  [00:31:57]:
Sure. Yeah. Anybody who has questions on this topic or anything else title related can reach out to me again. I work for a consumer's title company. My name is Kyle Johnson. My email address you can post to my contact information, but it's kjohnson@ctccal.com My office phone number is area code 805-495-7200. Never shy to get on the phone with you, your clients, anybody. If there's something I can do to be helpful title wise. So please reach out to me, let me know how I can help.

Alex Nahle [00:32:31]:
And we'll put that information as well in the comment section below. But you know, take them up on that. Like even your clients, like sometimes it's good to get the client on the phone with Kyle because you, you speak that language very well. Translating it from us to them, it gets lots of translation. So there's a lot of technical words and I feel it's very beneficial when, when necessary to get the client on the phone with Kyle. So again, we'll put the Kyle's information there and, and stay tuned. You know, I, I think it would be a great idea that we do a session on again on buying vacant land. What to keep in mind because I do, I'm having conversations right now with investors both here in California and out of state Arizona that they're buying vacant land and there's some, you know, good investment strategy. So that's something good to keep in mind. So stay tuned for that. Again, Kyle, thank you so much for being here. Truly appreciate you. You have an awesome day.

Kyle Johnson  [00:33:26]:
My pleasure, Alex. Absolutely. You as well.

Alex Nahle [00:33:30]:
Thank you all for joining us on the BRRRR Investor Podcast. If you found today's episode helpful, please hit like and subscribe to our channel for more real estate insights. We love hearing from you. So please leave your thoughts, questions, or topics you'd like us to cover in the comments section below. Be sure to check out our website thebrrrrinvestor.com and follow us on social media @thebrrrrinvestor. Keep learning and investing and we'll see you in the next episode. I'm your host, Alex Nahle. Stay invested.