3 Issues YOU Can Do to Discover Extra Actual Property Offers That Money Circulation (Rookie Reply)

Ashley:
In the event you’ve received cash saved however can’t discover a money flowing deal, this episode is for you. We’re tackling investing in an overheated market, a dangerous hoarder home flip, and the technique each rookie ought to be taking note of in 2025.

Tony:
And at present, we’re answering three rookie questions straight from our inbox, and these are actual issues from actual traders that they’re dealing with proper now. Once more, from appraisal worries to methods which are working in at present’s shifting market.

Ashley:
We’ll deal with these actual world funding dilemmas and offer you actionable recommendation you may implement at present. I’m Ashley Kehr.

Tony:
And I’m Tony j Robinson.

Ashley:
Welcome to the Actual Property Rookie Podcast. Okay, so our first query at present is pulled from the BiggerPockets boards, and this query says, for the previous six months I’ve been in search of homes each single household and multifamily that may produce not less than a bit little bit of cashflow with round 20 to 30% down. Nonetheless, I’ve began to understand that that is just about unimaginable lately. I at the moment have $110,000 sitting in my financial institution able to be invested, however I simply can’t discover something that may not less than produce a 3% money on money return. I’ve been in search of properties in and round Tampa, Orlando, and St. Pete’s, however I can’t discover something that’s price it. Okay, so Tony, to start with, Florida, we’re going to have to deal with the insurance coverage price right here, but in addition the approaching information headline that Florida is attempting to cancel property taxes too. So there could possibly be some aid for major householders in Florida in the event that they just do utterly minimize out property taxes, however it’s important to take into account that’s in all probability a billion greenback line merchandise that must get replaced some place else they usually’ll simply discover one other approach to tax you on it, so that you’ll be paying it one other method.

Tony:
I didn’t see that headline that they’re occupied with doing that.

Ashley:
Yeah, in order that’s been one thing that’s being mentioned proper now. However yeah, in order that could possibly be attention-grabbing. For major householders, it did particularly say that it must be your major residence for the tax aid. So then as an investor, one of many choices they may do is definitely simply triple your tax on. So perhaps it’s not the very best for this one that needs this property as an funding.

Tony:
Yeah. Nicely, a pair issues come to thoughts for me first, a 3% money on money return I really feel like is a really low bar, and I feel the problem could also be extra so round the place you’re wanting than actual property as a technique. I assume some context, proper? Plenty of markets throughout the nation have exploded when it comes to reputation during the last a number of years, and Florida has seen numerous web migration simply even exterior of actual property investing. There’s simply lots of people transferring to Florida. There’s undoubtedly been sturdy demand in that marketplace for housing, and I feel due to that you just’ve in all probability seen costs improve quicker than rents have elevated in that market. So perhaps costs have elevated 30, 40, 50, perhaps they’ve doubled within the final couple of years in seven markets, however rents have solely gone up 5 or 10%, no matter it might be. So I feel over time, hopefully we’ll begin to discover that steadiness once more the place the rental charges you may demand begin to get again according to the precise worth of those properties. Perhaps it doesn’t, proper? And perhaps that’s simply what Florida is transferring ahead, however I really feel like that could be a much bigger problem than the technique of actual property investing itself.

Ashley:
And one factor too is talked about in right here, he’s saying that when he can’t discover something, that produces a bit little bit of cashflow. However I’m curious as to once you say that, are you taking a look at what the asking costs and analyzing the deal primarily based on that, are you truly making affords as to the place the deal will work they usually’re getting rejected as a result of an asking worth will not be the acquisition worth. So there could possibly be a room for negotiation the place you may truly supply the place your deal would work and get your supply accepted, after which the property does pencil out. So when you’re taking a look at properties and also you see the asking worth and also you analyze the deal utilizing the BiggerPockets calculators and also you say, you realize what? This deal doesn’t work. It doesn’t money stream. I’m not getting the money on money return that I would like change the acquisition worth. That’s the best quantity to alter. You don’t need to inflate the rental revenue, you don’t need to lower the bills on the property, however change the acquisition worth. At what buy worth does this deal truly pencil out and begin making affords primarily based on that evaluation? So you could have to have the ability to try this as an alternative of claiming no offers truly work. You’ll be able to solely say that in case you are making affords and your affords aren’t being accepted,

Tony:
You make an unbelievable level truly, I feel for lots of rookies, one in every of their largest challenges is simply that they don’t get sufficient affords out and there’s this worry round, effectively, they’re in all probability going to say no. And it’s like, okay, effectively who cares? Proper? I imply absolutely the worst case situation of you submitting a proposal that’s decrease than what they need is that they are saying no. They are saying, no thanks, they usually go away it at that. One of the best case situation is that they are saying sure by some miracle, however the almost definitely case situation is that they try to meet you within the center someplace like, Hey, we’re undoubtedly not going to go right down to X, however we will do Y. And now you’ve opened up the dialogue to try to discover a whole lot. Truly, I used to be truly simply speaking with AJ Osborne early this week.
In the event you guys know aj, he’s been on the rookie podcast, the BPRE as effectively, the true property podcast, actually, actually profitable man within the self space for storing. And I used to be asking him this query, what number of affords is crew placing out proper now to search out offers? And he was like, we’re placing out loads, however truthfully I really feel like we ought to be placing out extra. And he informed this story the place there was a small self supply facility they had been taking a look at. It was like, I dunno, I feel two and a half million is what it was listed at. He was like, this can be a killer deal at 1.2. It’s an okay deal, like an inexpensive deal that we nonetheless do at 1.5. And since the crew was like, effectively, it’s listed at 2.5, they simply didn’t even suppose that the vendor would entertain 1,000,000 {dollars} lower than the asking worth. Lo and behold, it finally ends up closing a number of months later at 1.5 and he went again to the crew and was like, effectively, what did we provide? They’re like, we didn’t supply something. Why? So I feel the largest problem for lots of actual property traders is simply getting previous the worry of getting a no and realizing that it’s simply a part of the method and it will get a lot simpler to get to your sure if you happen to’re not afraid of that subsequent, no,

Ashley:
And I feel a part of it too, this was one thing that held me again too, will not be desirous to bathroom down your agent with placing out 1,000,000 affords for you which are low ball affords and taking over numerous their time. That was one thing I didn’t need to inconvenience my agent with that. In order that’s a dialogue to have along with your agent. As in I need to make all of those low ball affords. Is that this one thing that you just’re okay with working with me? And in the event that they’re not, then you may go to the agent finder biggerpockets.com/agent finder and discover an investor pleasant agent who’s prepared to do that for you. The subsequent factor is is you can go forward, you will get on the MLS as discover out who the agent is that’s representing the vendor, ship them a message, electronic mail them, name them and say, Hey, would the vendor be open to a proposal round this quantity? They usually can let you realize. After which if the agent says, yeah, truly they could be relying on the phrases or no matter, then you may go to your agent and say, I need to write up a proper supply and transfer ahead with it that method too. So there’s other ways to method the low ball affords irrespective of the rationale why you’re not doing it. There’s methods to beat these excuses, I assume as I’ve realized.

Tony:
And I feel the one different factor that I’d add right here is that clearly I feel a possible answer to getting higher than a 3% return is simply going out of state, going to another location the place the returns are higher. Once more, 19 20,000 plus cities in the US, there’s a very good likelihood that there’s one or two on the market that may help you get a greater than 3% money on money return. But when for no matter motive you’re simply actually hyper-focused on investing in your personal yard, then I feel perhaps entertain totally different methods to take a position. As a result of if you happen to’re simply taking a look at conventional single household long-term leases, may you perhaps have a look at various kinds of properties perhaps as an alternative of single households, are you able to exit and try to discover small multifamily or single households with an A DU or single households with a completed basement or I don’t know, self shops, proper? Simply speaking about aj, may you discover a totally different kind of property or may you perhaps inside these single household properties leverage a unique property? We’ve talked loads about co-living and room leases not too long ago we had a visitor on Devonna Reed who talked about sober residing services. We’ve had people discuss assisted residing services. I do know Henry Washington’s doing one proper now. So if you happen to can’t discover a cope with your present asset kind and technique, are you able to mix these differently to search out one thing that really does work?

Ashley:
Nicely? We’re going to search out out what occurs once you do discover a property and it’s a multitude inside, like hoarder degree messy. Let’s discuss what to do when the appraisal would possibly kill your flip proper after. A fast phrase from our present sponsors. Okay, welcome again to the present, Tony. What’s our second query at present?

Tony:
Alright, so our subsequent query says we try to purchase an off-market hoarder home flip. The vendor needs an appraisal to set the value, however the home is filled with litter and can want a brand new roof AC and mainly a full reno. I’ve run my comps, however I’m nervous that the appraisal would possibly are available in too excessive and kill the deal. What ought to I do?

Ashley:
That is actually attention-grabbing, like the vendor requesting an appraisal.

Tony:
Nicely, let me ask truly. Has that ever occurred to you earlier than? In the event you’ve accomplished an off-market transaction the place the vendor needs their very own appraisal?

Ashley:
No, however I’ve had it the place they’d an appraisal previously, even years in the past, there was one campground the place they’d went and accomplished, received a second lien or one thing on the property they usually had had an appraisal accomplished to get a brief time period mortgage, and it was from in all probability I feel three years. They usually had been going primarily based off of that appraisal what they wished and the way they thought it had elevated much more in worth over these three years or no matter. So that they had been utilizing an previous appraisal to type of justify their asking worth at that time. However I’ve by no means gone right into a scenario the place they’re speaking about promoting however asking for the appraisal to be accomplished to set the acquisition worth. Now,

Tony:
Yeah, neither have I, proper? So I feel if we’re going to type of not shoot from the hip, however simply if we had been in that scenario, type of how we method it, and I feel the very first thing that involves thoughts for me is that you just’ve received to know what the motivations of the vendor are, and clearly worth is one, in any other case they wouldn’t be getting an appraisal. In the event that they need to discuss getting an appraisal, then worth is one thing that’s necessary to them. But when it’s a hoarder home, extra occasions than not, what you see in these conditions is that it’s the comfort of promoting. That’s additionally an enormous motivator as a result of if the vendor had been to take this and listed historically with an agent, the agent’s going to say, you bought to scrub these items up. Nobody’s going to need to transfer right into a home that’s crammed with your entire junk.
It doesn’t occur that method. In the event you’re going to a retail conventional purchaser, if I’m in search of my starter residence with me and my household and my child and my pet, I can’t image myself residing there with your entire stuff. And even when I can image it, I’m not going to maneuver it out proper? By the point I get the keys, I would like it empty. So there’s numerous work I feel that’ll go in on the vendor’s facet to get that property prepared. So if it’s me, the dialog I’ll be having is like, Hey, look, Mr and Mrs. Vendor, I completely get that the appraisal says X, however what it’s not accounting for, it’s a time, effort and power that you just’ll must put into it to get the property prepared to truly promote for that quantity. And what I’m providing you is the straightforward method out the place I’ll are available in, you may go away every thing, I’ll clear this complete home out. You don’t must carry the one finger except for the stuff you truly need. And it’s the comfort that I feel will provide help to bridge that hole between no matter you’ve agreed to and what that appraisal is.

Ashley:
And I feel there’s part of it as to doing issues. The vendor needs to get it beneath contract or to determine that working relationship. So in the event that they actually need an appraisal, what’s an appraisal value in your space? Is it 500? Is it a thousand? Relying on how massive of the home is it 1500? I might say, okay, we’ll do the appraisal. Certain, no drawback. That’s what you need. Assuming on this scenario, you as the customer are going to be the one paying for it. I’m assuming they’re asking you to pay for it. In the event that they’re going to pay for it, nice. I might ask to have it beneath contract. If you’ll pay for the appraisal, I might get it beneath contract and I might set an quantity after which I might say to them, however this shall be contingent on the appraisal.
So if the appraisal is available in increased, we will renegotiate. If it is available in decrease, we will renegotiate. That is simply one thing for us to signal one thing. So mainly, so you realize that they don’t exit and discover any person else throughout this time interval or no matter. You’ve got it beneath contract so you could have some management of the deal. And so I might say, sure, I’ll do the appraisal, however I need to get one thing signed in writing that we will transfer ahead. So if the appraisal does come again on the worth you need, you could have it locked up. If the appraisal is method increased, then I might put in there that the quantity of the appraisal relies on the house being vacant, together with the entire contents. So that might imply the vendor, positive, I’ll pay that appraisal worth, however every thing needs to be faraway from the property and it needs to be utterly vacant, which as Tony stated, that utterly removes the comfort of promoting off market.
And that’s the place they’ll perhaps have a look at the value higher and say, you realize what? It’s simpler for me to only go away every thing, and I do that on a regular basis, even when it’s not a hoarder home is I’ll say, particularly when it’s an property sale, I’ll say, take no matter you prefer to, no matter you don’t need, please go away it. We’ll maintain it. They usually don’t must get dumpsters, they don’t must spend their weekends cleansing out their grandma’s home. And that could be a enormous comfort in negotiating. So if you happen to’re doing the appraisal, I might add that in because the appraisal worth that we’re getting relies on the home being utterly vacant, however I might nonetheless go forward and do the appraisal. If that’s the one method they’re going to maneuver ahead, then sure, there’s no motive to combat doing it if you happen to can’t change their thoughts on it.

Tony:
Yeah, I feel the one different level I’d add can also be don’t be afraid to stroll away. If this vendor is taking part in hardball they usually’re like, Hey, the appraisal got here in $75,000 increased than what we’ve contracted, and if you happen to don’t give me this further $75,000 and the deal’s over, I might say don’t get emotionally hooked up to the deal and find yourself transferring ahead with it simply since you’ve already type of had your coronary heart set on closing this transaction out. As a result of not each deal is closeable. And there are some offers that begin off extremely optimistic. It looks as if every thing’s going proper after which it takes a flip from the left and offers don’t work out. In order that’s a part of being an actual property investor.

Ashley:
And in addition too, in case you are the one which’s paying for the appraisal, the appraisal is yours. So I used to be in a scenario the place I used to be beneath contract on a industrial property and I needed to have an environmental examine accomplished on it, and I paid for that environmental examine and one thing was flagged and it wanted to go to the following section. The sellers truly stated, no, we don’t want any extra environmental research accomplished on the property, which proper there’s a pink flag. And so I stated, okay, effectively I’m not persevering with they usually canceled the contract, however I stated, in order for you, I’ll promote you my environmental examine and you may have it. So once you go and discover one other purchaser, you could have that as a negotiation tactic that any person that will get it beneath contract doesn’t must go and get a brand new one accomplished. You have already got one you can present them. And they also truly purchased it from me. So on this scenario with the vendor, perhaps there’s some alternative the place if the contract does fall by means of, you’re not giving them the complete appraisal, you’re simply giving them the web page that claims what it’s at to point out them or one thing. However you may promote the entire appraisal to them or one thing too that they may use to go and discover one other purchaser to type of recoup a few of your prices.

Tony:
You make a very good level, and I need to get again, simply to complete off this query, however simply to comply with together with what you simply stated. After we tried to purchase our first resort, we failed, and I’ve shared that story right here on the podcast earlier than, and we had in all probability invested, I imagine our EMD was $50,000 on that resort, and I feel we invested 30 to 40, perhaps even one other $50,000 in all of our due diligence prices. And we had an appraisal, which was fairly massive for a resort of that measurement. We had an inspection, we did a section one environmental. There have been different issues that we needed to do, numerous paperwork, numerous professionals that we employed. And to ensure that us to barter to get again our EMD, we did what you probably did the place we stated, Hey, look, we’ve already accomplished all this due diligence.
We’ll give all of it to you if you happen to launch our EMD. So we had been in a position to stroll away from that deal, hold our EMD in alternate for all of the due diligence that we did. So only for anybody that’s type of like in that scenario, the entire work that you just do, validating whether or not or not this can be a whole lot, that’s an asset to the vendor of their subsequent transaction. In the event you can leverage that to assist both transfer the deal in the appropriate course or not less than get your a reimbursement, it’s one thing to do. The final level right here is, no matter what the appraisal comes again at, I feel it’s nonetheless helpful for you as the customer to do your personal evaluation, run your personal comps so you may educate the vendor and you may inform the vendor like, Hey, look, I get what the appraisal stated, however right here’s the marketing strategy that I’m going to execute.
And that is in all probability the marketing strategy that most individuals seeking to purchase. This home will execute as effectively. So the suggestions that I’m giving you can be the similar to the kind of suggestions you get from every other doubtlessly purchaser, I would like to purchase your own home at this quantity as a result of it’s going to value me X in repairs, it’s going to value me y and holding prices. I usually must make a margin of not less than Z for this deal to even make sense for me. And the property’s going to promote for this quantity right here. So if we again out of all these numbers, if I come as much as this appraised quantity, there’s no method that the deal is smart for me. And look Mr. And Mrs. Vendor, if it doesn’t make sense for me, there’s a very good likelihood it’s not going to make sense for anybody else as a result of we’re all wanting on the identical numbers, we’re all wanting on the identical comps. So I feel doing your personal evaluation and educating the vendor on, Hey, right here’s what the numbers truly say, it’s more durable to argue with that. Not saying that they received’t. I’m simply saying it’s a bit bit more durable to argue with that. So operating your personal evaluation of the instrument in your instrument belt right here.

Ashley:
Okay, so what if you happen to’re not flipping or shopping for in Florida? What if you happen to’re simply attempting to determine the appropriate technique on this bizarre market? Let’s discuss what’s actually working for traders proper now. We’re going to take a fast break earlier than our final query, however whereas we’re gone, be sure you subscribe to the Actual Property Rookie YouTube channel. Yow will discover us at realestate rookie. We’ll be again with extra after this. Alright, let’s leap again into our final query right here from the BiggerPockets boards. Tony, what’s the final query?

Tony:
Alright, this one says, with the market continuously shifting, some are falling out of favor. So what’s one actual property technique extra traders ought to be taking note of proper now? That is like everybody’s million greenback query. I truly really feel like this one retains popping up in several methods.

Ashley:
I do know. Are we going to have the identical reply? Is what I’m questioning?

Tony:
I really feel like we’re leaning into it, however I feel first, simply massive image, what are a number of the headwinds that we’re dealing with proper now as actual property traders? I feel first the obvious one is that rates of interest have gone up. They’ve come down a bit bit, however they’re nonetheless increased, considerably increased than the place we had been 2021 popping out of Covid, et cetera. And dearer curiosity means dearer mortgage funds, which implies much less income in order that there’s much less margin on the offers. The opposite piece is that numerous sellers nonetheless haven’t accepted that we’re on this new state they usually’re doing one in every of two issues. Both A, they itemizing at costs which are unreasonable they usually’re considerably unwilling to barter. Not all however some, proper? So there’s simply much less flexibility on the vendor facet. And the second factor that folk are doing that’s in all probability simply as impactful is that they’re simply not itemizing in any respect.
They’re like, I’m simply going to carry onto this deal. I’m going to see the place the market goes, which is decreasing the availability of listings on the market. And if provide is low whereas demand is excessive costs, there’s some stickiness there. So I feel we’re type of seeing it on either side the place much less individuals seeking to promote their properties, ones which are being much less resistant to truly be versatile with their pricing. I feel now we have seen, simply even for us as offers that we’ve supplied on, we’re beginning to see extra flexibility come again, but it surely’s undoubtedly not, it’s virtually a purchaser’s promote it appears like, however not completely. So I feel there’s nonetheless some headwinds we’re dealing with there.

Ashley:
Yeah, I used to be simply truly studying one thing this morning that stated in February, new listings that hit the market had been up 17% similar to final February of 2024. So already we’re seeing increasingly properties being listed, which will increase provide. So it’ll be curious as to the place issues find yourself. I did have a look at rates of interest this morning too, they usually’re undoubtedly beginning to come down a bit bit as you’re making affords and issues and getting financing and pre-approvals, have a look at the entire totally different lending choices. Nicely, as all the time, as just about as is all the time been your finest rate of interest goes to be if it’s your major residence, which leads us to deal with hacking as an possibility. And I truly noticed at present that any person commented on one in every of our YouTube movies and stated one other dumb home hacking video is everyone getting sick of listening to home hacking as a technique. And we hear a lot now about co-living, which I feel co-living goes to be the new technique of 2025 as a result of purchase one property, hire out the rooms to a number of individuals and make your property money stream that method. As an alternative of renting it out to 1 household, you’re going to be renting it out to a number of individuals and it provides you, you may cost extra per mattress that method.

Tony:
And truthfully, I feel it’s the people who find themselves type of mixing home hacking with a few of these different methods the place we are likely to see the very best returns. I used to be truly simply speaking to somebody, I met them at an occasion and we simply reconnected not too way back, however he shared with me that he purchased an enormous single household home close to Washington DC and large single household home, a lot too massive for him and his household, they usually ended up dividing it into three whole models, three whole models, and I imagine short-term rents, one of many models long-term rents the opposite unit and lives in a single with him and his household. He’s informed me he was clearing, I feel it was like 10 grand per 30 days on this one property.

Ashley:
Wow. Andy’s residing in it too. So his value of residing is zero,

Tony:
So no bills residing and he’s getting 10 grand per 30 days. However have a look at what he’s accomplished. He’s molded a number of methods collectively. He’s received home hacking, he’s received long-term and he’s received short-term. And I discuss Craig curl up loads, however once we interviewed him about his technique, he did an analogous factor, home hacked, and he mixed that with co-living, proper? So he was residing in a single unit and the unit he was residing in was renting out the rooms after which the opposite models, he was renting them out as full unit. So I feel mixing a few of these methods collectively, home hacking is nice as a result of as Ashley stated, you get low down fee, you get low rates of interest, after which including within the type of juicier money stream strategies, midterm, long run or midterm, short-term and co-living is how you actually maximize the income potential. So that you’re lowering your value of acquisition and also you’re growing your high line income. And if you are able to do each of these issues, that’s the way you are likely to get actually, actually good returns.

Ashley:
In a part of that too is focusing in your operations too. You’ll be able to have actually good operations and make extra on one property than another person can on three properties. And that’s additionally figuring out the appropriate property too. So we all the time say it’s important to take motion. You’ll be able to’t look ahead to the proper deal, the proper property, however if you happen to discover a property that has that flexibility to be molded and became one thing that’s going to generate extra cashflow, that’s such a terrific alternative for you there.

Tony:
I feel the very last thing I’d add to this query as effectively can also be search for alternatives which are virtually like companies which are constructed on high of actual property transactions. So I discussed earlier, sober residing and assisted residing. Truly somebody in my spouse’s household, they’ve a small portfolio of properties for disabled adults. So these are disabled adults who’ve some kind of psychological incapacity they usually want care type of 24 7, and she or he has a home for folk who match that mildew. And these are methods to essentially, it’s nonetheless actual property investing, proper? As a result of it’s important to go on the market, purchase the property, set all of it up, however actually it’s a enterprise on high of that. And people are the methods I feel that may actually, actually, actually juice a few of your cashflow and methods. We don’t discuss a ton, however that I feel can actually be helpful to, even for Ricky’s which are beginning out.

Ashley:
And to be clear on these two methods too, so far as there’s a enterprise operational piece, there are firms that run these companies that search for these particular homes to hire the place you continue to don’t must run the enterprise, you hire it to those companies that may truly function these. However now we have had company on that are available in they usually truly do the operations piece and personal the property to the true property. Nicely thanks guys a lot for becoming a member of us at present. If you’re having fun with this podcast, your help means the world to us. Taking simply 30 seconds to depart a assessment on Apple Podcast could make an enormous distinction. Your suggestions not solely motivates our crew, however helps us attain extra superior listeners such as you. Thanks for being part of our podcast group. And Tony, did you could have one that you just wished to shout out at present?

Tony:
I do. So this one comes from Nobe, REI love. The title says, take heed to this podcast every single day. Love the present. Please hold making content material. I would like each day motivation from you guys. You’re what retains me going and dreaming. So recognize that noob and you’re. What retains us going is figuring out that folk such as you’re listening to the podcast, so the gratitude is reciprocated for positive.

Ashley:
Tony, perhaps we have to begin doing a each day podcast or a each day voice memo and everybody can join a textual content message from you within the morning that’s simply in your calm, soothing voice. Good morning, it’s time to start out analyzing offers. You are able to do this one thing very, some inspirational quote, you used to inform us on a regular basis about your son and belongings you would inform him, these life classes, these analogies. So you might mainly take all of those who you’ve amassed over his final 16 years and go forward and put these into a bit monologue to play for us all each morning to maintain us motivated and impressed.

Tony:
I like that concept and it’s received an actual severance kind vibe to it. Do you watch severance or No?

Ashley:
I’ve watched two of the episodes. Darryl’s watching it, however I haven’t actually gotten to it.

Tony:
Greatest present on television, however it’s actually received severance vibes. I don’t, don’t know if individuals would get sick of listening to my voice each single morning, however hey Ricky’s, in order for you it, we’ll make it occur.

Ashley:
Nicely, thanks guys a lot for listening. I’m Ashley, and he’s Tony, and we’ll see you guys on the following episode.