WS1982 Inside the Mobile Home Park Revolution | Tyler Lekas

Looking for Unique Real Estate Investment Opportunities?  Discover the high-potential niche of mobile home park investing, a unique alternative that might just align with your investment goals. In this Real Estate Syndication Show episode, join us as we delve into this intriguing option with Tyler Lekas from MCHI Group. With his expertise in finance and manufactured housing, Tyler unveils the reasons mobile home parks stand out as a singular opportunity for savvy investors.


Tyler explores the investment appeal of mobile home parks, driven by their limited supply and the land appreciation aspect, alongside providing affordable housing options. Despite facing challenges such as strict zoning laws and property management complexities, his adoption of standardized procedures and digital tools effectively addresses these issues.

Key takeaways:

• Mobile home parks offer a unique investment opportunity due to decreasing supply, land ownership benefits, and affordable housing options.
• Investors can benefit from stable cash flow and potential appreciation in value.
• Challenges include zoning regulations, tenant management, and legal battles.

To learn more about investment opportunities with MCHI Group, connect with Tyler Lekas on LinkedIn or reach out via email at tyler@mhcigroup.com 

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Transcript

Tyler Lekas: And I thought, in good times, we'd still have the same demand because the average 50% of all Americans need $500 or less in housing costs to make their budgets work. A lot of people don't know that stat. And so I like those three factors, decreasing supply, owning the dirt, right, just owning the dirt, and we're the most affordable form of housing out there.

Whitney Sewell: This is your daily real estate syndication show. I'm your host, Whitney Sewell. Today, our guest is Tyler Lekas. He's a principal at MCHI Group, and he's been there since 2020. And they are in the manufactured housing space or asset class. I just had his business partner on about a week or so ago, Jason Hostel. And they are buying and growing and he oversees the property management team. They manage in-house and construction and inspections, all these things. He was previously a financial advisor and And he brings a ton of knowledge today to you, you know, even from that background in a big way. And we're going to dive into, I mean, some parts of the business that he loves and parts of it that he hates. But I feel like he provided a ton of value around, man, just mobile home park investing. And he really brought more content than I even expected that I know is going to bring value to you today. Welcome to the show. Honored to dive in with you today on your expertise, Fannie, in mobile home parks.

Tyler Lekas: Hey, thanks, Whitney. I really appreciate you having me here. And I'm honored to be on the podcast. So I'm ready to dive in.

Whitney Sewell: Yeah, let's do just that. Tyler, why mobile home parks? Why not multifamily? That's what often I ask, often ask guys and gals who are like, man, this is my thing here. And it's kind of a niche thing too. You know, it's not like, I don't know, there could be a larger, maybe asset classes that you could be in. Right. And a lot of people are in multifamily or whatever it may be. Why mobile home parks for you?

Tyler Lekas: Yeah, I'll give you a little background about just about me just to kind of give you the the where I came from and how I kind of got into the business. And so I started in finance and I was I traded debt. I traded bonds on Wall Street, ended up working 120 hours a week. My dad knew I hated my life. So he ended up sending me an article about mobile home parks. And, you know, he said kind of tongue in cheek. He said, you know, these these real estate guys, they're they're not very smart. So you could probably run cash flows, you know, backwards, forwards and, you know, around that basically. And so I ended up looking into the asset class in 2016, or I should say, yeah, 2016 into 2017, and ended up saying, like, this asset class is really interesting. Bought my first park in 2018. But as I was looking into that, just to answer your question, What I liked was mobile home parks are the only form of commercial real estate that I'm aware of that has a decreasing supply, meaning there's more mobile home parks get torn down every year than get built. And the reason for that is, is because there are so many obstacles into building one. And I'll just give your listeners a couple, right? Cities hate them and cities don't hate them because, oh, they, you think of, you know, a trailer park boys or Eminem. an eight mile or whatever, cops or whatever, whatever vilification. It's because of how chattel property is taxed versus how multifamily gets taxed, or industrial gets taxed, or shopping malls gets taxed. I won't dive into the nitty gritty unless you want to, Whitney, into the math behind that. They don't collect their tax revenue. That's the reason they don't want you to build them. Then as well, since you can't build up, you really need to get the dirt almost free. to make the whole process work. Because if you build it, they will not come. Meaning you not only have to build the infrastructure and the roads and the clubhouse and everything else, but you also have to bring in the mobile homes. And that's what people don't realize. And so your added cost there is bringing in those mobile homes, it's a huge undertaking. And you have to have a huge piece of land to make that economies of scale work. So decreasing supply, I really like that. I liked the own the dirt. So your expense ratio goes down versus multifamily, where you got to do, what is it, tenants, termites, and trash, or whatever they say. You're a multifamily guy, I'm not. So I really like that. And I like that it was the most affordable housing out there. And what I mean by that is a lot of people say, well, in a recession, your class C guys are going to get really hurt. Well, I thought that in mobile home parks, and this is just my theory based on looking at the default rates in 2008, is that if you can't pay, the average lot rent across the nation right now is $325 a month. If you can't pay $3.25, then you're on the street. There's no more affordable than that. So I thought in recessions, more people would come to us. And I thought in good times, we'd still have the same demand because the average 50% of all Americans need $500 or less in housing costs to make their budgets work. A lot of people don't know that stat. And so I like those three factors decreasing supply, owning the dirt right just owning the dirt, and we're the most affordable form of housing out there, and more and more and more Americans need that especially with inflationary environment we have going on right now, etc. So, That's why.

Whitney Sewell: Yeah, no, that's very interesting. What do you see as the biggest threat to the mobile home park industry as an asset class? And I'm thinking about this as investors, you know, here you say, well, you know, it's decreasing, decreasing, you know, are there other things we should be concerned about? We invest in this property or buy it, you know, as an operator or past investor investing that there are other things that could kind of wipe us out, right? Unexpectedly. What do you what do you think?

Tyler Lekas: Yeah, I think from macroeconomics, from headwinds in the space, like something more affordable coming out, I don't see anything like that. I just don't think you can make the product that's already been existing there as affordable as it is today. There are new parks being built out there. There's like 2,000 or 3,000 units coming online in Texas, but the lot rents are $800, $900 a month. where the lot rents that you're seeing for existing parks are $500. So to me, that's not affordable. $800 or $900 a month is not affordable anymore. You're competing with apartments. You're competing with townhomes, et cetera. So I think the headwinds, really, when you buy a park, though, again, macroeconomics, I don't think anything really is going to come out there and compete. And I could be dead wrong.

Whitney Sewell: I was thinking like, you know, the cities hate them, like you said, right. And make it very difficult maybe to buy or operate or upgrade those things. I don't know. Could they make it, you know, so it's like, Hey, we're going to make it hard enough that these guys are going to want to leave or they can't replace the homes or I don't know. Oh yeah.

Tyler Lekas: Yeah. Oh, for sure. Yeah. That's funny. You went there because the cities are, uh, are your biggest enemy in this whole, this whole, uh, this whole, you know, uh, fight to keep a, uh, housing affordable and a mobile home parks around. Um, because we, without going into the city or anything else. But we got into a fight with the city about the amount of spaces that were zoned for a particular property. And basically we said, you sent us a zoning certification letter for this property, and you said it was 22 spaces, and now you're saying it's 12.

Whitney Sewell: I can't hear you, Tyler. Hear me now? I can now I can hear you.

Tyler Lekas: That's weird. Um, sorry about that.

Whitney Sewell: Sorry. So just wait just a second or two and then start back where you said, you know, you were in a fight with the city or, uh, something about the spaces, 12 spaces or something.

Tyler Lekas: So, yeah, so we, we got into a fight with the city and basically they said that we were zoned for 22 space or 12 spaces and we were really zoned for 22. Um, and they sent us a zoning certification letter on that and, and the, the, the, What it came down to is they said that we were, and again, I'm giving you this example as a broader headwinds for dealing with cities, is they said that the grandfathering laws were particular per space. If you removed a piece of personal property, which is a mobile home, from that space, you had to refill it in six months or you lose that space. It's like, and I had to explain to them and our attorney had to explain to them. Hey, it's zoned for the whole parcel, just because you remove a shed from that piece of property, or a person or piece of personal property or a car that doesn't change the zoning of the entire parcel. Right, you're conflating real property, which is like a house of a house gets blown down in a tornado and it's grandfathered right then guess what that's real property down the zoning is going to change to whatever the the the. the uses outside of the grandfathered use, right? So anyways, cities will try and pull stuff like that. And we had to go spend $20,000 on legal fees to go fight that. You don't have that money. Then guess what? Your park's probably going to be gone because you underwrote 22 spaces, and now you only have 12. So it's a big, big deal. So cities are definitely your biggest enemy in the mobile home park game. And other than that, you can probably dive into, you know, private utilities as well. Private utilities are, if you don't do your homework right, your property will get condemned by ADEQ or whoever the governing body is out there if you're not willing to underwrite those upfront costs and then put those into your capital expenditures on a go-forward basis.

Whitney Sewell: Um, is that something you are, you know, just accounting for no matter what you're underwriting? It's like, okay, you know, most likely we're going to have to go after the city or they're going to come after us and we're going to have to be willing to have 20 grand or whatever it is to combat that. I mean, is that just something you count on every time, no matter what?

Tyler Lekas: No, we don't. So we always get something called a zoning certification letter. The zoning certification letter, we asked the city up front to say, hey, tell us how many spaces this park is zoned for. And then also tell us what if it's legal conforming, legal nonconforming, meaning grandfathered, or illegal. Meaning illegal, you know, some guy went out there, Billy Bob went out there and built a park in the middle of the night and never gotten zoned, you know? And we've run into those parks before where it's literally, it's illegal where the city's like, you know, this park isn't supposed to exist, but we know Billy Bob and we like Billy Bob. And so the next owner though, we're going to, once this Billy Bob sells it, we're going to tear the park down, you know? So we've run into that problem before. And so we get that letter up front that has saved us on numerous occasions, right? Because the zoning department's really not talking with the code enforcement and everybody else. You got some guy who's just doing his job, so he writes up this letter for you and then cats out of the bag, right? Because once you close and then they start coming down on you, you say, Here, Mr. City, this is what you guys gave us. And it's hard for them to go back on that. As well as we usually talk with the city and say, hey, can we bring in new homes to these pads? If we can't, explain to us why not. Oh, you want us to, you want 2010 homes or newer? Why is that? Okay, well, again, the property is still grandfathered. Right. So we try and have those uncomfortable conversations up front. And if it's, you know, a 300 space property or 200 space property and they want to go to war with us beforehand, we'll go to war during due diligence. Right. And get that out up front and then get all of the due diligence we need, because it's a 20 space property. It's probably not worth hiring an attorney. You know what I mean? So we try and do that up front in the due diligence period because It's the legal, as I'm sure you know, lawyers are cheap.

Whitney Sewell: Hundreds and hundreds of thousands of dollars later. No, they're cheap. Anyway, I know that. I think that's great information, whether I'm passive or whether I'm active. I need to know about some of that. Right. I need to know that my operators ready to tackle something like that, you know, are prepared or or just to know that you've done it in the past. I think that's helpful that you all have tackled that. It's not a massive kick in the teeth when it happens again. You know to expect it, so I love that. I want to transition here just a little bit. You and I were talking about before we And I think it even comes out of what you were talking about that you love the deal, right? You love finding the deal. You love like making the deal happen. And so even what we were talking about there, you know, as far as, you know, I love you said, uh, like go to war during the due diligence process, you know, like, let's go figure this out. Preferably during due diligence, right. Versus after you close. Uh, so, uh, no, that makes a ton of sense. Um, but speak to, you know, your passion in the business. Cause then we're going to talk about what you hate as well, which, which we talked about, you know, and how you've, how you've still made that happen and perform well. Cause I think there's, if we all really want to be honest, there's parts of business we all hate probably. Right. And we find other people, we hire people that love those pieces of the, of the business. Right. But, uh, but I want to hear how you've done that. But first, you know, talk about, you know, that part of the business that you love and why, uh, and, and, you know, what is it about that, that man makes you want to go do it every day?

Tyler Lekas: Yeah. So I really love deals and money. And what I mean by that is I love finding deals. I love negotiating the deals. I love, you know, um, negotiating with the seller and then communicating with the bank and then getting the banker to be on board with us and then making sure that, you know, the number's right for us. Right. But also getting a fair price for the seller. Right. Cause it's, again, we're not trying to bend the seller over. We're just trying to make a deal happen. Right. Um, and then, Also bringing in, you know, we, we raise money. So again, love to say that my last name Zuckerberg, but it's not, you know, so I, you know, we had to go out there and raise outside capital. We did, you know, for first seven parks ourselves. So, and then we kind of perfected the process and whatnot, and then we started raising capital, but, you know, bringing in outside capital and making sure that the numbers work for them and showing them operating agreements and then building the model and kind of, you know, massaging those numbers to where, The seller's getting what they need, our investors are getting what they need, and the bank's getting the underwriting they need. And those three parties need three different things. And you would think that the bankers and the investors would be on the same page, but they are definitely not. I'm sure that you've experienced that with me. So yeah, I love bringing those kind of three parties together and then coming to fruition at the closing table and getting a deal done. That's really fun. And then obviously, I like the end of the game, the end of the movie, where you're where you're refining the asset, right? Or selling the asset and you're collecting all the capital back and you're kind of seeing the fruits of your labor. So I do, I like those pieces.

Whitney Sewell: Yeah. You know, before we started recording, you talked about just the turnaround process as well, the property and, you know, seeing that go from, man, a place you may not want to even walk down, but do it to a place that's a nice community, right? I love that as well, you know, and doing that for the tenants and, I mean, you know, just seeing a place that, You know, people felt unsafe, right, to a place that, you know, now is a great community and these kids can be outside and play in the playground and, you know, and they're not concerned, right? Things like that. I love that. However, there's a piece that you really hate. You know, what is that? And let's dive in there and how you how you still make that happen, because it's so important.

Tyler Lekas: Yeah, so the property management side is something I really dislike. And, you know, dealing with, and again, I mean this respectfully, because it's where people live and whatnot, but dealing with the tenants on a day to day basis and having them complain about water bills or, you know, I mean, we had a I mean, literally yesterday, we had this woman call us. We've got a 24-hour call service. And when this woman called, I think our 24-hour call service like 15 or 16 times. And because her water bill went up, I think it was either $16 or $17 from the month prior. Yeah, so it is stuff like that. It's just like I see these service requests come in because I get all the service requests and it'll be like service request for 67, you know, X, Y, Z name, service request for 68 service quest for 69. And it's just like, it's just it's just anyways, that stuff is just it's, it's not fun. And then, you know, staying on top of the residents, I hate always having to I'm using this as kind of tongue in cheek, but rule with an iron fist. Like, I feel like, you know, we don't allow our mobile homes to turn green. Right. So then you drop off a notice on somebody's door saying, hey, look, your mobile home's got like, you know, it's turning green. You got to like power washing, make it look good for you because your neighbors are doing it, but you're not. And then it's like after 30 days, we got to find them. So we got to like we got to like beat people into submission. And it's like, why don't you just power wash your house? Why don't you hire a power washer? Or why don't you take out a rag and some 409 and you just squirt it down I mean whatever. It's just, I don't know and then it's like people leave refrigerators and stoves and it's and you always have to go out, and it's, it's never those people never go quietly. They all you always have to go find them or threaten them with an eviction. I mean, it's like, it's crazy. It's like, hey, look, we're not a used car lot. You can't have 16 cars that are broken down in your front lawn. Yeah, I told them all. And then somehow you're the bad guy. Anyways, it's just like, look, just act like a mention. I don't know, it's not my favorite side of the business, but it's the lifeblood of the business. If you let your property go to hell in a handbasket and tenants realize that they can pay late and keep junk cars in their front lot, I mean, your property will go to hell so fast.

Whitney Sewell: My one of my first thoughts there is could that be another stream of income like you all like? Automatically charge every year to pressure wash a house, and you know you find little Johnny that has you know it's 18 year old that needs a little side business and come and you know pressure wash the homes for anyway That's just a quick thought you know or you all and you all take care of that for a fee every year or something You know yeah

Tyler Lekas: Well, no, it's, it's funny you say that. And I mean, I love the suggestion, because we got suggestion from a kind of a larger operator, where he said, Look, guys, you got to come in and meet these tenants halfway. Like, I know they don't have skirting up. I know that their house sometimes looks like crap. I know that houses need to be painted. But like, if you can send out a letter with a show of good face saying, Hey, look, If your house needs painting, we'll paint half of it. If painting the house is two grand, just throwing it out there. Right. And you say, Hey, look, we'll take care of a thousand. If you guys take care of a thousand. Right. Um, he goes, it's, it's done a lot for, for him. So we started implementing that specifically with skirting. Cause we have a lot of tenants who knock down their skirting or have holes in their skirting and it looks terrible. Nobody wants to see the nasty underbelly of a mobile home. It's like the worst look you can possibly have. They talk about the definition of trailer trash. So we've sent out notices now to all of our communities, as much as it pains us, because it does hurt the overall operating capital of the property. Look, if you want new skirting done, we'll come out and have it done. But on your next month's rent, you're going to have a $500 bill on there. So if you're paying $350 a month, it's going to be $850 the next month. So just make sure you're budgeting for that. We will evict you if you don't pay that. Um, so, uh, anyways, it's just an extension to kind of show the residents that there, that we're, we have good faith. And so it just goes back to your point of, Hey, look, we're going to power wash these houses or put skirting on, and we're trying to come beat you halfway here, even though you're following the rules.

Whitney Sewell: So speak to, uh, just managing the PM company or is that, you know, how you do that? Well, you know, in this asset class,

Tyler Lekas: Yeah, so the property management company is ours. We do that all internally. We built that from zero, basically. And Whitney, you had my business partner, Jason Postel on. When I first moved from Florida to Little Rock, we bought a 68-unit portfolio And you're looking at the property manager on the ground who delivered evictions and everything else and then Jason did all the back end systems he did like all the accounting and rent rolls and you know yada yada yada on all the necessary systems and I kind of did the upfront work the contractors all that stuff. And we did that for the first seven properties. And so you were kind of looking at the property management as we kind of got the cash flow up and running and whatnot. Since that time, we've hired 13 employees. We've got a district manager now because we got to more scale. And that scale is really life and getting the hell out of the Walking the properties every day. So it's, you need to continue to kind of a mass scale to make sure you have enough revenue to continue to support those employees. So that's, that's really it. I mean, managing these assets, it's all standard operating procedures. It's all boring stuff. Um, but you've got to tell the employees, like, you know, put your left foot in front of your right foot, take your left hand, turn the doorknob, open the door, go inside, turn on the lights. When it's winter, you turn the, you know, the heat up to 50 when it's summer, you turn the AC up to 80. I mean, everything has to be SOP standard operating procedures all the way down. You're going to treat your employees like robots, or they're going to go way off the reservation.

Whitney Sewell: I love that. I love the thought process there. You said it's boring. It needs to be boring, right? When I say that, I mean you need to have the processes documented in a way that it is boring, right? So there's no excuse, right? No matter who this person is, if they can read the SOP, they can almost go know how to do this, right? Is there a technique in this? Kind of side note here, but I get questions about this all the time. A technique that you have used to document SOPs well, you know, for this management business or anything else that's made this just more simple for you or the team in any way?

Tyler Lekas: Doing it for basically a year. So I know it has to be kind of done. I know the And as we've hired more people, you know, kind of the pitfalls they've had, like, you know, some, some that probably you and I think of is pretty common sense. Notices, passing out notices, a lot of our properties, unfortunately, the mail service has issues delivering mail. So we can't just go send out something from our CRM with like a direct mail basically to all the residents with the, you know, inputted addresses into our CRM and then we just kind of blast it out. We have to have managers physically go in and drop off notices. Well, I was talking with the manager one night and we were dropping off these notices and she was literally placing them on the doormat or like on the We wipe your feet before you go in the door. And she was placing it there, and I said, hey, you know, if there's any wind, that notice is going to blow away. Right? Like that's what's going to happen. She goes, Oh, well, I'll put it in the door. And I'm like, no. And so I wrote up SOPs that week, basically saying every single time you go out and drop off notices, what I want you to do is you take this type of tape. And I went down to Home Depot and I actually picked out the tape and I took a picture of the tape. And I said, and we delivered it to all of our properties, this particular type of tape. And I said, I want you guys to get this tape. I want you to put, um, on the far left corner, I want you to put stick it. right to their door. And then the far right, the bottom right corner, I want you to put a piece of that tape and stick it. And then that's how you leave each notice. Right. Don't put it in their door. Don't place it on their their doormat. Don't do anything like that. So again, it sounds like common sense to you and I, but some people are I don't know, common sense is not not there.

Whitney Sewell: So then, you know, it's done right. Yeah. Yeah. Do you do you use Excel, Google Docs? How do you document process then so everybody can see it and know it's there?

Tyler Lekas: Yeah, Google Docs. And then we've started uploading that into our CRM as well. It's called Rent Manager. And the Rent Manager is way more cumbersome than some of our lower level employees can kind of handle. And we need somebody really on board full time. We don't really have the operating budget for it right now through the management company. But we need somebody on board full time just teaching rent manager webinars and seminars on a daily basis. our weekly basis to our managers. So we do everything through Google Docs. And the Google Docs, you know, for us is easy for everybody to log in, you share kind of where your SOPs are, and then you know, they log in and we're working towards hopefully by the end of the year, having just a binder that's called like, you know, it's our management company called Patriot Communities. And we basically just drop off a binder to each manager and say, hey, you know, if you want a table of contents, if you want to figure out what to do with vacant homes, this is how you do it. You want to figure out what to do with, you know, dropping off notices, this is how you do it. So we're working on that, but they're all in Google Docs. But yeah, great question.

Whitney Sewell: No, that's awesome. Okay. I get questions about that all the time. And we've gone through different iterations of using different things, trying to document SOPs and, uh, you know, I just, I, you know, the process that's documented is the one that gets done. Yeah. So Wendy, how do you.

Tyler Lekas: Oh, I was just going to say, how do you go out and disseminate information with the SOPs? Just, I mean, you guys have a larger portfolio than us and just.

Whitney Sewell: Yeah. So as far as SOPs for us, we've used Google docs for a long time. It's something that I've started doing, or actually one way we started doing this is, you know, we didn't have great SOP like documentation for a long time. And, and so it started having every team member lay out every process they're a part of, just make a list. I kind of put some deadlines around this, say even if it's 30 to 60 days, everything you're doing over the next month, write it down. And I don't mean every detail of it, but just the name of the process. And then it allowed me to, okay, just to ensure I know what everybody is doing. Because as you grow, it's like we thought we had all this documented, but as we grew, we're doing a lot more now than we ever documented before. That happens as you grow. And so I had everybody do that. And then I put other deadlines. OK, now or maybe like every once a week now, you're going to just go down this list and you're going to lay out every detail of this process. Right. And I mean, just step by step by step. And then also we use Loom, you've probably heard of Loom, you know, it can record your screen and record a picture of you and you talking as well. And so I have them record themselves going through this process and create, let's say, you know, two minute or five minute video, you know, then that's, we can save that then. And that's even clickable, right. Or we can make it shareable and link it in that. So if they're not here, you know, uh, you know, next month or six months from now, well, somebody else, if, you know, worse came to worse, they didn't get to train anybody or for whatever reason, somebody else could probably go figure a lot of that out. And they can watch the video and look at their step-by-step that they laid out. But it's taken a while to do that. And we've even recently done this again, where we're kind of putting all this in even an Excel sheet, but putting tabs at the bottom, like per department and things like that, and laying out everything that we do, and who's responsible as well, laying out the exact title. Because something that I get stuck on, or I used to get stuck on more, and I still do sometimes, is I'm thinking about, say, the individual that's doing it right now. when really I need to be thinking about, you know, this person or somebody like them. Right. It's like, what do I need this function to be, you know, under this role. Right. And, uh, versus what I know this person's doing or what they like to do, you know, that, because I care about my team. Right. And it's hard. And I'm like, well, I don't want that person to not be here, but, but I do have to plan in a way that of everything that I need this function to, you know, to happen within this function for life bridge.

Tyler Lekas: Yeah, I mean, it's, and it's like, I always think about it like a Tesla engine. You can just pop a piece out, pop another piece in. It's not like you're dealing with, you know, the regular V8, where you got all these different moving parts, you can't plug and play, you don't want to just replace the whole engine each time. right? You just want to plug in pieces. Yeah. Right. Yeah. So no, that's great. That's, that's amazing. It's, it's, we need to start using that actually. I'm thinking about it.

Whitney Sewell: Tyler, you know, let's, I want the listeners that we're gonna, we're gonna do another segment with Tyler and we're going to dive in, especially on the passive investing side and talk about some questions for passive investors when they're looking at investing in mobile home parks and maybe some other pros and cons that that may be unthought of as you're investing into mobile home parks. And I'm sure other things we'll talk about. But but, you know, Tyler, right now, you know, tell the listeners how they can get in touch with you and learn more about you. And if you have any deals that that are open right now for investment that are 506 C, of course.

Tyler Lekas: Of course. Yeah. So we've got a great LinkedIn page where we post a lot of content. I'm kind of the boots on the ground here. So I probably know more about, you know, leach rates and leaching fields and septic tanks and, you know, private utility systems more than I ever wanted to know ever in my entire life. So I post a lot of that sort of content on our LinkedIn page. Again, you can just reach me on LinkedIn, just type in Tyler Lekas and you can find that. You can also contact me via email at tyleratmhcigroup.com. And then we've got two deals right now. It's 281 sites, two-part portfolio here in Arkansas. And kind of the economies of scale that you're getting with us by investing these two deals is we own 16 assets throughout the state of Arkansas. We're the single largest owner in the state right now, private owner, I should say. There's some public companies out there that are killing us. But again, the 281 site, two part portfolio raising $7.8 million for right now, we're targeting a 1.76 equity multiple. So we think it's a very attractive deal and two legacy assets that you could probably pass your kids or your kids' kids. So that's how to reach me. And if you're interested in those two deals, please, please reach out.

Whitney Sewell: Thank you for being with us again today. I hope that you have learned a lot from the show. Don't forget to like and subscribe. I hope you're telling your friends about the Real Estate Syndication Show and how they can also build wealth in real estate. You can also go to lifebridgecapital.com and start investing today.