WS1979 The Four D's of 1031 Exchanges | Dave Foster

In this episode of The Real Estate Syndication Show, guest host Jim Pfeifer discusses the strategies for 1031 exchanges with expert Dave Foster. A powerful tool for savvy investors, 1031 exchanges allow you to defer capital gains taxes on property sales, maximizing your financial potential. Dave also shares insights from his book, "Lifetime Tax-Free Wealth: The Real Estate Investor's Guide to the 1031 Exchange."
 

Dave Foster breaks down the 1031 exchange process, highlighting the key steps: utilizing a qualified intermediary, adhering to strict timelines, and maximizing tax deferral. He even addresses potential legislative changes and the risks of the "lazy 1031" approach compared to the benefits and control offered by a true 1031 exchange.


Embrace the Power of the "Four D's":

• Defer: Learn how 1031 exchanges allow you to indefinitely postpone paying taxes on your investment property profits.
• Diversify: Discover how to adapt your portfolio to changing markets and life stages using 1031 exchanges.
• Defer Again: Repeat the deferral process, building wealth and passing it on tax-free to heirs.
• Die: With a strategic 1031 exchange plan, your wealth can transfer to future generations with minimal tax impact.

Visit the1031investor.com for valuable resources, calculators, and access to Dave's book.  Become a savvy real estate investor by learning from the best. Subscribe to the show and consider partnering with Life Bridge Capital to jumpstart your real estate wealth journey today.


Today’s guest host, Jim Pfeifer, is the Founder & CEO of Left Field Investors – a Community of like-minded individuals interested in creating financial freedom through passively investing in real assets that generate real cash flow. The Community works together to provide education, a network, and deal flow for its members. For more information, you can visit www.leftfieldinves or reach out to Jim via email at jim@leftfieldinvestors.com.

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Transcript

Dave Foster : You get your indefinitely deferred paying tax on the profit.

SPEAKER_00: This is your daily real estate syndication show. I'm your host, Whitney Sewell. Thank you for listening to the show. My goal is for you to become a savvy investor by learning from some of the best operators and investors in the business. I'd like to hear from you. If you have questions that you'd like us to ask on the show, or if you have someone you'd like for me to interview, please let us know by emailing us at info at lifebridgecapital.com. Would you please leave us a written rating and review? I would be grateful. Do not hesitate to let me know how we can best serve you at Life Bridge Capital. And now for an amazing interview with my friend, Jim Pifer.

Jim Pfeifer: Welcome to your daily real estate syndication show. I'm your host, Jim Pfeifer from Leftfield Investors, a community dedicated to educating LP investors and providing a network and access to deals. I'm sitting in today for Whitney Sewell, founder of LifeBridge Capital. Our guest today is Dave Foster. He is a qualified intermediary investment professional specializing in 1031 exchanges and education. He recently released a book, Lifetime Tax-Free Wealth, The Real Estate Investor's Guide to the 1031 Exchange. It's targeted to help real estate investors understand the complexities of a 1031 exchange in an easy to understand way. In the episode, Dave and I talk about his biggest real estate mistake and what he learned from it, what a 1031 exchange is and how it works. how to indefinitely defer taxes, the four D's of 1031s, why the 1031 is likely to remain viable, even though there are constant discussions in Congress to eliminate it. And we finish with a conversation about the lazy 1031 and its benefits and some of the risks. Dave, welcome to the show. Let's start out with who you are and how did you get to where you are today?

Dave Foster : Hey, Jim, it's great to be here with you. You know, it's kind of funny how I got be here today, which is as a acting in the role of a qualified intermediary for Tim 31 Exchanges, is really all part and parcel of the biggest real estate mistake I ever made. How's that for starting out big, right?

Jim Pfeifer: That's fantastic. I love the big mistakes. That's how you learn, right?

Dave Foster : Yeah, that's exactly right. 30 years let's become real estate investors. Somebody else yelled, it'll be easy. Let's do it. And so voila, ready, fire, aim, Dave, bought a duplex in Denver, Colorado, fixed it up, rented it, sold it and made a very handsome product until I went to see my accountant that January. realized that two things. First of all, I didn't realize I had a silent partner named Uncle Sam, who was always going to do better than me. But secondly, I realized that simply following what I was doing, I was going to be spending a lot more work for a lot less return. And it was going to put our goal to sail away on a sailboat with our children in 10 years in jeopardy. And so I embarked because I'm an accountant and I'm just that kind of nerd. I started to embark on a way to get my silent partner out of the picture. And that's when I discovered the 1031 exchange, which allows you to sell real estate, investment real estate, qualified intermediary, you get to indefinitely defer paying tax on the profit.

null: Well, how's music to my ears?

Dave Foster : Because just like anybody can do, you throw $30,000 into a spreadsheet and project that forward at a 10% rate of return. I'm about $600,000 poorer than I would have been without that first mistake. So since that time, We started doing them for ourselves. We loved how it worked for us. So we began doing it for others. And here we are 24 years later, we were able to move our portfolio personally from Colorado to Connecticut, to Florida, onto a 53 foot sailboat that was paid for with tax free dollars and lived on it for 10 years with our children, living off of the revenue from tax deferred dollars inside our

Jim Pfeifer: Wow. That's, that's my story. That's a fantastic story. And you know, it makes sense. And this is why this kind of topic is so interesting to me because taxes, you know, are the, they're the biggest eroder of your wealth. And you gave me a great example of that. You lose 30 grand now it's 600 grand in your future. And so if you can figure out ways to mitigate, defer, avoid all legally, of course, the tax burden, then you're going to be way ahead without even, making any other changes. So that's fantastic. And I want to dig right in before we say, well, let's start with what is a qualified intermediary?

Dave Foster : So in their infinite wisdom, the IRS does not trust taxpayers. We know that kind of instinctively, right? So when you are wanting to do a 1031 exchange, the IRS does not allow you to do it yourself. For some reason, they're very concerned that you'll spend your own money, which I don't know why that's a concern, but they have it. So a qualified intermediary, someone like me is required to document the 1031 exchange to keep you straight of all the rules, which it's a pretty intricate process to document it at the closing of the sale. of any of the money until the 1031 is over. And then we documented on the backside as well. So we're kind of like Switzerland. We're everybody's friend and you have to use us.

Jim Pfeifer: That's great. That's a great explanation. And I guess perhaps I should have asked this question first, but let's talk about a 1031 exchange. What, what is it and why do people do it?

Dave Foster : So the 1031 exchange is actually part of the statute that's been around since 1920. So it's not anything new under the sun. What's new that I found and discovered 30 years ago, 30 years ago, the IRS lost a major lawsuit to a guy named Starker. And out of that came this new set of regulations about how to do it. So when you're hearing some of this stuff out there, Just remember the IRS had lost a court case and they were ticked off. So that was what it is. But originally the statute was in place primarily to allow farmers. In 1920, we really needed to grow our acre business industry. And so farmers were not able to sell their farms and buy bigger farms because if they had to pay the tax in the middle, they wouldn't have any money. So this tax deferral was instituted so the farmers could sell, use all of the proceeds to go buy bigger farms. What a great way to stimulate the economy that way. Not only for them, but think about the entry level farmers, the ones that have the small farms, and then the ones that wanted to get in. Unless we could get those farmers to sell their properties and buy more, Who was ever going to break into the small firms? So it's an incredible stimulus on the economy to allow people to use the deferred tax. What it means for you and I is that every time we do a 1031 exchange, all of the tax, instead of being paid to the government, stays with me and I get to make the return on it.

null: I think you heard somewhere about the four

Dave Foster : of 1031 investing. That's really the first D is that if you want to take advantage of this, you start and defer paying tax because whether it's two days or 30 years, you're going to be getting the benefit of that. You get to make the money off of the deferred tax and then you get to make the money off of the So that's the real impact of the 1031 is it allows you to sell real estate that you've used for investment. And it definitely defer that tax so that tax can be used for yourself.

Jim Pfeifer: And can you explain how the tax deferral works? Like with a, maybe with an example, because you know, I haven't done a 1031 exchange, but from my understanding, you have to upgrade to a bigger property, a bigger loan, and there's certain time requirements. So can you kind of just discuss those items?

Dave Foster : Yeah, that's where the devil's in the details, right? any one of those requirements. So the timing requirements are such that it's a pretty truncated process from the, it all starts with the closing of your sale, which is the exact opposite of what we normally think of in real estate. We think buy, sell. With the 1031 exchange, you are selling than buying. So it's the back end of the process, basically. And from the date of the closing of your sale, you have 45 more days to find your potential replacement property. That's it. At the end of day 45, your list is what it is, and you can't change it or add to it. And if you get outbid for properties, you're sunk. And if you lose a property, you're sunk. You have a total of 180 days to close. which is not such a bad deal. That's usually plenty of time, but that 45 day period can really sneak up on people. Now, the key thing is for everybody who's already saying, I can't do it. It's too short a time. You can actually go into contract for your new property anytime you want. You simply can't close on it until after your old property closes. So, property where they have capital expense exposure. It's going to need a new roof in a couple of years. It's an older property, whatever. And they're wanting to become more hands-off. They're looking for less involvement. So what they want to buy is new construction. Well, they could go into contract for that new construction a year before it's ready. And then just sit and wait. And when the sell their old property and within the 180 day period, take title to the new construction. So they moved into a totally different class of property that has basically eliminated their capital repair expense budget. And they did it without having to pay tax on the profits.

Jim Pfeifer: Okay, that makes sense. And then does it is the if you have financing on it, do you do you have to get financing on the next property?

Dave Foster : You know, technically speaking, you don't. There's nothing that says you have to carry a required amount of debt.

null: But here's the catch.

Dave Foster : In order to defer all tax, you have to purchase at least as much as So if you don't have cash resources, you're probably going to have to take out new debt. But if you've got cash resources, you can certainly use those to buy your next property in cash. And what does that do for you? Well, it takes us out of the line of fire of what are some pretty high interest rates right now and do that. And actually here's another really fun strategy. that our people will use. Let's say that you're selling a property for $500,000 and it's got $200,000 in debt. So you're going to walk away with $300,000 that goes into your exchange account and you have to buy $500,000 in real estate. $250,000 cash free and clear. Now you still got to buy another $250,000 in property.

null: So you use the other 50,000 of proceeds as a down payment on that second property.

Dave Foster : What just happened in all that? You deferred all tax. You got two properties instead of one. You've got the arbitrage of leverage on one, but you also have less risk on the other. And even more importantly, you've concentrated the equity. So that now if any time in the future, you find a property you want, or let's make it real personal to your folks. What if there was a syndication that they wanted to go into? It's as simple as doing a refinance on the cash property to pull the money out to go into the syndication and cash out refinances are not taxable. So it's kind of a great way to position yourself again, while still keeping that tax deferred.

Jim Pfeifer: And who tracks it? Like you can do a 10, they say 1031 until you die, right? So you can keep upgrading your properties. Is that in your tax return? Is that the intermediary tracks that, or do you track that yourself?

Dave Foster : The intermediary has to provide all of the documentation surrounding the transactions. It's your accountant that reports the 1031. And they'll report that one time at the end of the year, every time you sell a property and do a 1031 exchange. So yeah, it doesn't reset the depreciation, but it adjusts the depreciation. It adjusts the basis. So that just happens every time you do it. So yeah, conceivably, it's possible to continue 1031 exchanging the entire way throughout your life.

Jim Pfeifer: Okay. So now I want to kind of dig into this a little bit more with you. We talked about briefly, we got one of the, one of the four D's right. Was, was defer. So what, what are the, what are the, all the four D's of 1031 investing?

Dave Foster : I'll give you the next one, but you got to guess on the third. So get ready. The second D is defer. And that's because the 1031 exchange specifically allows you to adjust your strategies and your business model to whatever the real estate market is telling you. It doesn't restrict you at all. You can go from any type of real estate to any other type of real estate. So once you're in like single family rentals, you don't have to stay there.

null: If multi-family is a thing, you can move into that.

Dave Foster : You can move into commercial or raw land or sell any number of properties and change the number. Sell one and buy two. Sell three and buy one larger one.

null: Whatever the real estate market is telling you is the right thing to do.

Dave Foster : That's going to boost your return. That's what you can do. I can't tell you. I wish I had a nickel for every one of my clients from the Bay Area in San Francisco. that decided they were going to follow Elon down to Austin in 2014 and sold it massively appreciated prices in the bay and bought well, dirt cheap land around Austin, Texas.

null: They've done pretty well, don't you think? I'm sure they have.

Dave Foster : And they did that because they were able to 1031 and keep the tax deferred. from where appreciation is topped out to places where the market's just starting to churn. And that is really key because it gives you the flexibility to chase returns and not get stuck into a rut with a particular business product type.

Jim Pfeifer: Okay. So we have defer and the second one was? Defer. What was the first one then? Defer. So defer, defer, defer. Okay. Is that all four of them?

Dave Foster : Is that what you, is that your guess? Jim says the third one's deferred. He's absolutely right.

Jim Pfeifer: I was confused there for a minute, but now, now I see where we're going.

Dave Foster : Yeah. Well, you see how easy it is to confuse me.

null: Um, yeah.

Dave Foster : Now the third defer just like the 1031 exchange allows you to adjust to the market. allows you to adjust to wherever you are in your personal real estate journey. So wherever you're at, I don't know about you, but I started out my real estate journey with a lot more energy than knowledge and money. So I just kept having to buy a bigger hammer to make it work.

null: But as we move along, our processes start to become,

Dave Foster : more sophisticated, our time becomes more precious. When you stack it up against money, we start to have less time and more money. And our needs change from being single individual to a married couple, to children, to needing places to vacation, to start thinking about retirement, to moving from active to passive. all of us and the 1031 exchange can accommodate them. You can start to consolidate properties as you get older and sell several properties to buy one bigger property that's going to be self-managed or is going to take you less effort. If you're young and energetic, sell an expensive property and buy several small properties that all need value add. As you get close to retirement, or when you've got kids, especially, we start to think about vacations, don't we?

null: What's going to happen in spring break? What do we do in the summer?

Dave Foster : Well, gosh, wouldn't it be nice if we could 1031 exchange the single family rental at Columbus and go buy a beach house? Dustin, where we're going to get some weeks of use ourselves and we're going to generate rental as a short-term rental the rest of the year. What a great way to accommodate your family's changing needs. And then speaking of retirement, this one's awesome, Jim, because a few years ahead of retiring, to end up. So guys in Cincinnati, Ohio, he wants to retire in Sarasota, Florida. So a few years ahead, he starts to sell Ohio and buy using 1031 exchange. So he's not paying any tax. Rental properties in Sarasota, maybe a couple of them are beachfront condos are really nice, really, really nice houses, but they're income property. When he's ready to retire, the first thing he's going to do when he's done is sell his primary residence there. Why? Because the proceeds from that are going to be tax free. When you sell your primary residence and you've lived in it for at least two years out of the five prior to selling it as a married couple, you get the first $500,000 of profit tax free. And you can do that. to buy a house with it. But Section 1031 gives us a better idea. Instead of buying a house with that $500,000, have fun with it. And instead, convert one of your investment properties into your next primary residence. Simply converting a property from investment to primary And if you move into it and have lived in it long enough, then you'll start to get a portion of that tax-free. So you're actually able to convert some of the deferred tax to tax-free money. And you could do that every time you convert a house into your primary residence. So what an awesome retirement gig, right? identical condos down in St. Pete Beach using a 1031. He moved into the first one. Once he owned it for five years and lived in it for three years, he sold it. He got 60% of all of that deferred gain tax-free. You know where he moved? Next door. Absolutely. And he did it again. I mean, That's such a great way to accommodate not only where you want to be, but also to maximize your tax savings. So are you ready? The fourth D, don't say it because it's a trick question. Of course. The fourth D is die. And I admit it, it's not my favorite option.

Jim Pfeifer: No, everyone's going to do it though.

Dave Foster : That's exactly right. So let's address the elephant in the room. We're all going to die. And when you die, your heirs inherit your real estate, as if they paid market value for it on the day you died. In other words, all of that deferred tax for your lifetime. You don't have to pay it back. Your estate doesn't pay it back. Your heirs don't pay it back. Your properties truly go to your heirs tax free.

Jim Pfeifer: That's great. I mean, I I'm excited about that, but I'd also be gone by then. So it's not it's not super exciting, but.

Dave Foster : Well, yeah, be careful that you don't tell your children about it. Well, I had one of my sons decide to go into the medical field shortly after. So I think he's researching how to pull the plug.

Jim Pfeifer: So with all this, that was a great explanation of the 1031, the process and how you can really optimize it, which is, which is fantastic. What kind of changes that, you know, legislative changes, could there be, could they, you know, I've heard, they're going to get rid of the 1031 or change the 1031. And fortunately, most people in Congress own real estate. So probably these changes won't be too severe. But can you talk about some of the changes, some of the updates and some of the risks, legislative risks to this process?

Dave Foster : You know, it's interesting now that I've got enough longevity in this field, I've been able to sit through a whole bunch of administrations. And it's funny that every one of them has toyed with the idea of getting rid of the 1031 exchange. I mean, every one Republican and Democrat alike. So it's tempting and I understand why, because it's low hanging fruit. Let's get rid of all that money that those evil, rich real estate landlords are making. Here's the problem at what a lot of bright people One, the average price sales price of a house that's 1031 exchanged these days is less than $400,000. This is not the $500 million office buildings. This is mainstream America that are able to use this process. that are crystal clear that while you may be able to get some capital gains remember capital gains tax is a lower tax rate while you be able to capture some of that if you get rid of 1031 you're going to stagnate the industry and if you stagnate the industry you're going to lose Because for every 1031 exchange where there's a little bit of capital gains tax that you're giving up or that you're taking, you're giving up two real estate commissions, two title company closings, two title company issuances, two inspections, two appraisers, two handymen doing the paint and staging. And all of those people are being awarded which is a higher tax rate. So you get rid of the 1031 exchange. Yes, they get a little bit of money, but they lose a ton. And as soon as they've been presented with that every time for the last 24 years, they stopped trying to shut up 1031. It's just too good for the economy. So I'm not anticipating any changes at all.

Jim Pfeifer: Yeah, that's a good way to explain it. You know, I hadn't heard it explained like that before with all the other things that happen in a real estate transaction. So that's a great, a great explanation. Now, you know, I used to be an active investor. Now I'm completely passive. And when I sold my active portfolio, Just by the luck of the draw, I decided in January, February to start the process. And I went to my accountant and I said, look, I'm selling all this property. I was not a very good asset manager, but I had good timing on accident and all my properties went way up in value. And I went to my accountant and I said, what do I do? I got this big tax hit. And he said, well, there's two things you can do. Number one, Jim, you got to realize that when you make a bunch of money, You gotta pay taxes. And I said, well, I don't like that option of just paying the taxes. And he said, okay, well, you could just do this, what I call a lazy 1031, is what he called it. And I said, okay, well, tell me more about that. And because I was going into passive syndication investing, he said, if I invest in these syndications that have, at the time, bonus depreciation, and they do the cost segregation, so I get these huge losses up front, I can use that to offset the gains that I made. And so I sold all of my active real estate, invested in syndications, and I didn't pay any tax on it. And so that's a long way of asking my question. Why can't we just do the lazy 1031? Why do we need the real 1031 exchange? Why can't we just do it, you know, buy some new properties and just have that new depreciation offset the gains?

Dave Foster : Well, you absolutely can. It's not necessarily a bad strategy. But now that I've said that, so that you're not going to hang me an effigy, let me just say that I think the entire thing is based on a bad premise. And that's what your accountant told you, which was, you're going to have to pay the tax anyways. And as we just showed through the four D's, no, you don't. You can defer it. And as long as it's deferred, you get the benefit of it. die, the tax goes away. So there's plenty of ways to never have to pay the tax. Why is that important to know to see that that premise is wrong is because the lazy 1031 does work and it works very well. But what if you're unable to find the next right syndication? Because when that syndication is sold, all of that depreciation comes back and you have to pay it back. This is the most evil, nasty grant from the IRS ever. That they give you this supposed gift of a tax write off called depreciation. But when you sell your property, you have to pay it That's disgusting, but it's real. And for folks who go into syndication thinking, I want to take advantage of the bonus depreciation and cost segregation to get into this, they're absolutely right. lined up with that sales or all of that tax is going to come back on them. And so that's where it can get really, really nasty. And, you know, I'm sure you're seeing the same thing that we are out there that the great syndications other than yours are becoming less and less easy to find. We're still seeing promises of great returns, but the realities are starting to shave down a little bit. So what happens that one time you can't find the next one to go into? You've lost all that money and it's gone forever. What happens if you decide you need to go one step further and give high yield, low risk equities. Again, you're going to have to pay all of that back. So that's my real problem with that as a strategy is that once you make that decision, there's no turning back. And so instead in my life, I use, I'm using a mix. As you can tell from the gray hair, I'm closer to passive than not. You know, by the way, that's, that's how they can tell where we're at. The more passive we're getting, The less my biceps look good from all my handyman work and the more gray hair I get.

Jim Pfeifer: That makes sense. That's the difference. I agree.

Dave Foster : So what I try to do is I try to keep real estate and other investments, which I would call a syndication, a non real estate investment separate as far as 1031 goes, because I want to keep my tax deferred through the 1031, but my equities investments or certain real estate syndications, although I do like the depreciation we get, certain of those are best handled apart from a true real estate perspective. And here's a couple of ways that I found that I could use to do both and still provide that transition. So the first one is that if there's a syndication that I like that looks good, I'll sell a piece of property and I'll do a 1031 exchange, but I'll do a partial 1031 exchange.

null: I'll take a look at what my tax profile is. I'll go in and yell at my accountant for a while.

Dave Foster : We'll try to get an idea of the impact. And then I'll take some money and invest that in the syndication, knowing that I'm going to be paying tax on it. So I'm still managing a tax bill. I'm still deferring some tax, but I'm also able to get into the syndication as well. But the other option that doesn't happen very often, and I've never been able to make it work for myself yet, is that the reason why syndications don't work for 1031 exchanges is that for the 1031 to be eligible, you have to sell real estate and buy And a syndication, typically, you're buying a membership interest in an entity that owns real estate. You're not actually buying the real estate. So that's why they don't work. But there are a few syndications out there where they will actually sell you a tenanted common interest in the real estate itself. So you're selling real estate and you're buying actual real estate and you're sort of becoming a partner. with the syndication. Now, there's a lot more paperwork involved. It's pretty complicated for the issues of debt come into play. So typically, syndicators will require pretty hefty where you sell a property and then use the proceeds to buy two properties, concentrate the equity in one and buy that for cash. Then buy the other one using debt. By doing it that way, I completely defer tax. And then that cash out refinance, which is not taxable, goes into my syndication. So at the end of the day, I got three properties for one, two that I owed and one syndication. And I only had to take out one or two debts on it. And the tenants are paying the mortgages. So that's, that's my favorite way to backdoor into syndications, but the lazy 1031 will work. You just got to pay real close attention to the backend.

Jim Pfeifer: yeah and and for me you know i think every every person's in a different situation right i had zero interest and i was not going to um have own any properties myself anymore i wanted to be completely passive and so that was that was a way to get that and i realized that Yeah, now I'm behind it, right? I will have to continue investing in these syndications and real estate to continue the ball rolling, which is similar to the 1031 in that you have to keep doing it, or you just keep owning the same asset until you die, and then you got the other three Ds, right? Deferred, and then now it's gone.

Dave Foster : Yeah, you're exactly right. The biggest difference is when it's your property, you have control.

Jim Pfeifer: Exactly. Yes. And I've given up all control as a passive investor anyway, but that those are great points. And it's one of the biggest things you have to realize if you're going to be a passive investor is that you are giving up all control and you're at the mercy of other people completely. And once you submit to that, I guess, then you're in that boat and off you go. Is there anything else about a 1031 that we should that we should uh that we should know?

Dave Foster : Well, we talked uh, we sort of Not in specifics, but the idea that In order to defer all tax you've got to purchase At least as much as you shall but you can't purchase less And pay a little bit of tax on it So that's really the the biggest bugaboo there any type of real estate for any other type the two timing requirements We have to match the taxpayers. So whoever is doing the selling, has to be doing the buying. The most important thing is you have to use the QI.

null: That's who's supposed to be your guide.

Dave Foster : Yeah. And they have to be involved prior to the closing of your sale.

Jim Pfeifer: Right, because they get the money. But other than that, it's pretty straightforward. Excellent. Well, this has been a fantastic conversation. Really appreciate it. If listeners are interested in learning more about what you do, what's the best way to connect with you?

Dave Foster : We've created a whole website full of educational goodies at the1031investor.com. There's a YouTube channel on there you can visit. Please subscribe, of course. We've got calculators, we've got articles, we've got opportunities to talk to my consultants and I, and we've got access to our book on Amazon, A Lifetime Tax-Free Wealth, The 1031 Investor's Guide, or the real estate investors guide to the 1031 exchange. By the way, we have a couple of chapters on syndications in the book.

Jim Pfeifer: Excellent. Well, we'll put all of that in the show notes. And again, we appreciate you. Thank you very much for coming on the show. Thank you for listening to The Real Estate Syndication Show. It has been a pleasure to be the guest host today. If you'd like more information about Leftfield Investors and how we educate limited partners, provide a network, and give access to deal flow, please visit leftfieldinvestors.com or reach out to me directly at jim at leftfieldinvestors.com. I hope you learned a lot from the show today. Please don't forget to like and subscribe and share The Real Estate Syndication Show with your friends so they can also build wealth in real estate. You can also go to lifebridgecapital.com and start investing today.