Today on Turnkey Saturday, Mercedes Torres speaks with Enrique Santana, an operator of Chevron who invests into real estate with his wife through Cash Flow Savvy. They share how they made 6 cash flowing properties in 6 months, what made them decide to go with Cash Flow Savvy, and how moving at the speed of instruction can benefit your investing business.
What You Will Learn About 6 Cash Flowing Properties in 6 Months:
- How to produce cash flow with a property that you own
- How a young couple made 6 cash flowing properties in 6 months
- What made them decide to go with Cash Flow Savvy
- How they found Cash Flow Savvy and Epic Real Estate
- Why communication in person is vital for a successful business
- The disadvantage of a couple taking a conventional loan and how to overcome it
- What it means to move at the speed of instruction
- How it benefits your investing business
- How to choose a home inspector and how to re-inspect the repairs
- What Enrique learned from working with Cash Flow Savvy
- What was the biggest challenge for Enrique and his wife in this process
- How to overcome a fear of buying a site unseen
- How it is to be a young investor fully running 5 properties
- What piece of advice Enrique has for a fellow newbie investor
- What he would do differently in the past
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Speaker 1: This is Theriault Media. [00:00:03]
So you want to be a real estate investor but you don’t want to do the work. If there were only a way where someone else could do it for you. Now there is. Tune in here each and every Saturday on the Epic Real Estate Investing show for Turnkey Saturdays. With your host Mercedes Torres.
Mercedes Torres: Hello and welcome. Welcome to the Epic Real Estate Investing podcast, the Turnkey edition. Happy Saturday to everyone. My name is Mercedes Torres and I am privileged enough to be working alongside with Matt Theriault, the genius behind the entire Epic organization and I’m kind of here just to share Turnkey Saturdays where we focus on helping you create passive income. We really believe in simplifying the entire process. I am a big advocate of not only diversifying portfolios but making them as simple as possible so that you can do what portfolios do best, is watch them grow and perform.
This week’s guest, I am honored to say that this progress for this particular individual has been a speedy one. I was introduced by this gentleman by another podcaster who is a really big fan of pay-your-mortgage first. Pay-your-mortgage first is just a separate strategy, another vehicle to help achieve goals to creating additional streams of income. It’s just a different way of doing it. It’s not necessarily a wrong or right way, just different.
This gentleman called our office because he had heard about this and he was inquiring a little bit more about turnkey investing will come into play with that. And basically, I have my own opinion about it, again, nothing bad, nothing good, just different.
My thought process is really if you have a property that you own free and clear, you are sitting on money that’s likely not producing a whole lot of money for you. Now surely you do get the benefit of simply having a paid-off property, which is a really big deal. So you don’t have to worry about your mortgage payment, nor do you have to worry about the roof over your head. But, in essence, it is a liability to you, simply because when you live in your own home. If the air conditioning unit breaks down and it needs to be replaced, you can’t necessarily call your landlord to pay for the replacement unit that has to be installed, you have to dig money out of your pocket, hence it’s a liability.
So, my theory behind having a property free and clear is, why don’t we take the equity from this particular property and put it to use buying other investment properties that are going to produce a cash flow. Having said a little bit of that, this gentleman was referred to us by another podcaster that was looking into the strategy. And lo and behold, about a week after we spoke, he was in our office with his wife and says to me, “Wow, it makes so much sense. How do I get started?”
So, what’s great about this gentleman and his wife, is they’re a super young couple. I think they’re probably in their mid-30s and within 6 months, they’ve acquired 6 cash-flowing properties. I’m going to let this gentleman share his story with us because it is an astronomical story. It’s a story that happened literally, how he says it, overnight. But, it’s one of those things where, if a gentleman like Enrique can do this, so can you.
Allow me to introduce this awesome gentleman. He is an operator of Chevron from an oil refinery here in Manhattan Beach, California. He was born and raised here in southern California. He has served our country, United States Navy. Now lives at the beach. Was also a lifeguard and swim instructor, and also a former EMT.
So, ladies and gentlemen, without further ado, I’d like to welcome Enrique Santana [00:04:42] to our show. Enrique? Can you hear me?
Enrique Santana: Yes, I can. How’re you doing?
Mercedes: Awesome. I’m doing fantastic. Welcome to the Epic Real Estate Investing a turnkey portion of our show. Happy Wednesday to you.
Enrique: Thank you.
Mercedes: Awesome. So, why don’t we start off by just allowing you, Enrique, to introduce yourself? Tell us all about you and tell us a little bit about what you do.
Enrique: Okay. Well, like you said, I’m Enrique Santana, I’m 36 years old, recently married, going on about two years now. I grew up in South Gate, California, which is a few minutes away from downtown L.A. My background is I was in the Navy four years, I was a realtor for a couple of years and I hated it. I was a lifeguard, an EMT. I did a whole bunch of jobs. Currently, I am working at an oil refinery right here in southern California. I’m an operator here. Been there for seven years now.
Mercedes: Awesome. Awesome. So you were in the Navy. Thank you for serving our country, sir.
Enrique: Thank you.
Mercedes: And you were also an EMT. That’s a really big deal here in L.A. being an emergency medical technician. That’s a big task. So thank you for all that you do. And you saved some lives, being a lifeguard.
Enrique: I liked doing that job. It was more just like transporting people back and forth really. I didn’t really get into any of that emergency calls, but I was trained for it. But, that bad thing is, it didn’t pay anything. So I knew that I had to find something else that actually did better.
Mercedes: Awesome. Awesome. So now you work for an oil refinery here in town.
Mercedes: I’m sure you like what you do. You work really weird, long hours. But, you know you reached out to me and you said, I want to start investing. How did you find a Cash Flow Savvy and Epic Real Estate?
Enrique: Funny thing is, since where I work, I work long 12-hour shifts, usually. Minimum of 12-hour shifts and they’re rotating shifts, days and nights, days and nights, days and nights. So, always before working a night shift, I stay up til around four or five in the morning. Just me and the dogs. Watching TV or researching stuff on the computer. One night I, well, let me back it up a little bit. We were in the process of buying an investment property, my wife and I. It was right here in Redondo Beach, it was a townhouse. Our objective was to rent it out and try to pay it off as soon as possible so we could buy another one. What I did is, I Googled one night, it was probably like three in the morning, how do I pay off a house in five years?
Enrique: So that’s what led me to a group called Replace Your Mortgage and I ended up joining that group where they teach you how to use the HELOC [00:07:42] to pretty much pay off a house. When I was in the group, I ended up seeing a lot, they have a Facebook community and in the forums, I saw investors talking and a lot of them seemed to have many rentals. I ended up asking one of the guys because I saw the word ‘turnkey’ a couple of time, I asked what is turnkey? What’re you talking about? And then he and I had this conversation and he told me everything he knew about the turnkey real estate. That’s what led me to you. And he also introduced me to a couple of other turnkey providers.
Mercedes: Awesome. Awesome. So, the whole world of turnkey was completely foreign to you then. You had never heard or considered turnkey, is that correct?
Enrique: I learned so much this year. When it comes to real estate investing I was going to do it all on my own. I actually did do it on my own a few years before and I had my own duplex. I bought a duplex in Anaheim and I didn’t know this word, cash flow, back then, but it actually was cash flowing. But, I was doing everything on my own. I had to deal with the tenants. It was a pain in the ass.
Mercedes: Yeah. On it. Got it-
Enrique: I heard the term called ‘landlord fatigue’ and that set in a couple of years into it. So I wanted to get rid of it.
Mercedes: Wow. Got it. Okay. So you indicated that from this group called Replace Your Mortgage you were referred to Cash Flow Savvy and other turnkey operations. I love that, I love that you, hopefully, shopped around. Did you actually shop around?
Enrique: I did. I actually interviewed three others on top of you guys, there were three other ones. I don’t know if you want to know the names, but, yeah.
Mercedes: Tell me, I want to know, out of those three others, we were the fourth, what made you decide to go with us?
Enrique: Okay, so out of the three others, I liked two of them, I didn’t care for one. The one I just didn’t feel the warmth and fuzzy. It just wasn’t feeling it with them. And they’re actually one of the biggest, or bigger names out there and I just didn’t like what I felt.
Enrique: Two of the other ones, I really liked what they had to say, but they were limited in markets. One was in pretty much just Birmingham, Alabama and the other one was in Memphis. And pretty much, those were their markets. They’re out of there and that’s it.
Enrique: What I ended up liking about you guys, first of all, I was able to meet you in person. My wife and I went to go see you in your office, which you don’t have to. I actually felt comfortable just by speaking with you over the phone. But you guys are in multiple markets and I like the way your investor queue works. As soon as you put the deposit, you’re in the queue and then the properties seem to keep coming in.
Enrique: The other ones seem to have a very limited inventory, in a limited area. So, I was like, what if I eventually start outpacing this? I need someone that could keep up with me and you guys got to be a great fit.
Mercedes: Yeah. You guys are really difficult to keep up with, let me tell you. You guys move really fast. We pride ourselves in kinda sharing moving at the speed of instruction. I mean, you guys define the term, moving at the speed of instruction.
Mercedes: We’ll talk a little bit about our queue for those of us who want to know more information about our queue. But, you happen to be less than that 1%, Enrique, because I hardly ever get to meet our clients. So luckily, you’re local, you’re here in Redondo Beach, California. So yeah, you said can I come and meet you and I was like, of course, you can. It was a pleasure to meet you guys before we actually got to work together. That’s a massive cherry on top.
So fast forward to, you came to our office, we met. I remember your wife was really sick when you guys came in and then you said, “Okay what’s the next step?” Walk me through that. Tell me about your experience when you left my office.
Enrique: When we left your office we still had to go to the dentist after that.
Mercedes: Which was not a good experience I’m sure.
Enrique: I was dragging her through everything, we had to do the dentist together. She wanted to come to meet you but it was just a bad day right there. She was so out of it, but still with all that said she still felt comfortable moving forward plus I had already talked her ear off about all of this.
Enrique: I spoke with you, as soon as I started learning about turnkey real estate I was mind blown. I was like wow, I can’t believe all this exist.
Mercedes: Awesome, so you left the office and I remember sending you an email and referring you to one of our lenders. How was that process?
Enrique: After you referred us, you had to qualify us. We spoke with one of your lenders, he did all the checks on me on my own because I left my wife out of it because of the ten houses, per what is it a conventional?
Mercedes: Conventional loan. Okay, so what you’re talking about there Enrique is when you first came on board you were completely open to using what you had available for a cash property. We’re big advocates of really diversifying your portfolio but leveraging as much as possible without over-leveraging.
I often have husband and wife teams that come on board and said we’re ready to buy properties and I absolutely love that you want to do it together, but it makes sense financially if you’re able to split you guys up in two, so that one of you can qualify for the maximum ten conventional loans that a Freddie and Fannie product would allow and then having the other individual also qualify for the ten.
That was the reason that I said hey you guys seem like you’re in a good position. I’m not the bank but I’m gonna refer you to the lenders that we work with because they specialize in serving in out-of-state investors that are doing exactly what you guys were looking to do.
It made more sense for you guys to split up on paper financially so that you guys can maximize your benefit so that you guys can maximize your returns.
I think that’s exactly what you did because you qualified and then your beautiful wife qualified and you guys are in the midst of that.
Did I explain that correctly?
Enrique: You did, I would have left half of that out. [00:14:59]
Mercedes: Awesome, so then you qualified by yourself then the bank, you got on the phone with our banker and what was that like?
Enrique: I got on the phone with him he got me qualified. When I qualified with him it was pretty much for one house even though I knew I was gonna buy more and he said that was fine.
He said that just keep on it could stack itself in my favor, the more I buy that benefits me. I got that, I got the pre-qualification with him and then from there just a few days later we got our deposit and put ourselves in the queue with you.
Mercedes: Awesome and from the time you left my office till the time that you pre-qualified how long was that period?
Enrique: I was first introduced to you the second week of January, the first week of February I actually went to your office with my wife about two or three days later I was already qualified ready to go, about two or three more days later I was in the queue.
Mercedes: That ladies and gentleman is moving at the speed of instruction.
Enrique: Then about two or three days later we were in escrow on five houses.
Mercedes: What we did with you Enrique is I knew, because of our conversations and because of what I had learned from speaking with you and your wife I knew that you guys were on a mission to create a portfolio so when you came into the queue and when you were pre-qualifying and going through that process we were already sorting properties out based off of what you and I had talked about so that when you came into the queue we were kinda prepared for you so that’s how we ended bundling houses for you so that they were all in one general vicinity or two because we’re big on diversification and that they all made sense for you.
Mercedes: That was something that we kinda work in the background where you don’t really see that happening until its presented to you. I mean that’s the whole purpose of a turnkey operation is so that we do all the work for you and you just get to reap the benefits so to speak.
You instantly jumped on five properties and I think we did three in Alabama and two in Indianapolis?
Enrique: Yes, so actually when I was in the queue you sent me more than five, I think it was seven and I picked through those right there. I picked for the amount of money that I had available to actually purchase and you actually helped me which ones would be the better of the seven.
I told you I think I could only afford maybe five of them so we picked and chose from those then.
Mercedes: We worked together to strategically align ourselves in that you got a little bit of every price point in every market. We did a lower price in Indiana, a little higher one that dictates the rent and then we did the same thing in Alabama so that you’re a well-rounded investor a little bit of everything so that if something is to shake and rattle your not gonna feel it so much financially.
Awesome. So tell me about the closing costs, after we sent you the properties and you sorted through them you said I’m taking these five.
What was that like?
Enrique: The funny thing is everything was moving so quickly we had a wedding to go to in the Philippines, so I don’t know if you remember that.
Mercedes: I do remember that.
Enrique: The first couple weeks that we were in escrow we were in the Philippines on vacation, so I was dealing with all that. We were in a house scrambling to get the rest for our deposits for the five houses. We were scrambling, so is there anything else you need from us because we’re leaving. That was pretty much all I needed at the time and all the other paperwork was already in with the lender.
Everything just started flowing, you guys introduced us to multiple inspectors in both areas so I picked from them.
Mercedes: How did you pick inspector because we’re really good about sharing our contacts on the ground. You are in no way, shape, or form obligated to choose the people that we suggest. Your more than welcome to do a Google search and find your own. What made you decide to choose the inspectors you did, or how did you choose them?
Enrique: I felt comfortable with everything that I spoke with you guys with about already so from those I felt if you’re recommending them they should be good.
I felt comfortable with them, first of all and I still went and called them all, interviewed them all. They were right around the same price point and have had real estate experience in the past I knew that they all kind of did the same thing and the price points for them. I just picked from them.
Mercedes: You did the inspections you got the report, what was that process like after I made you read through every detail on the report because I do make my investors read their inspections.
Enrique: There were some little issues here and there. Every one of the properties had something so anytime I look at the entire report and then after looking at the inspection report I just had to see what was important to me to get fixed or what I could say okay that’s fine, it really doesn’t need it.
I looked at every report and there were a couple requests that I had for every one of the properties actually. You guys worked with me, or the seller worked with me to fix most of my requests, some of them are just not necessary.
Mercedes: True [00:21:04]
Enrique: There are more like wants than needs to be repaired for a rental property.
Mercedes: Give me an example of one of the items you wanted to be repaired that we repaired for you.
Enrique: Aw shoot…
Mercedes: Okay well scratch that question. When we made the repairs of your requested items how did you reinspect that?
Enrique: The inspector would go back out there and make sure its all done. Plus you guys send me pictures saying this has been completed, this item has been completed.
Mercedes: Cool. Awesome and then we went through the appraisal process that was super easy all of your properties appraised as we were selling them.
We normally don’t really have problems with appraisals. Your closing process, that was a little bit different because you were far away, you weren’t home. I think you were working in Mississippi somewhere in the middle of the country.
Enrique: I was working in Mississippi for two months, all of April, all of May and that’s when everything was closing at the time so I was trying to handle that at the same time of being away.
Mercedes: Enrique who in their right mind goes to the Philippines in the middle of buying five properties and then goes and works in another state when their closing five properties? Only Enrique will.
Enrique: I saw the potential of these turnkey and I had the money ready to go. I was ready to invest it, I was gonna buy a townhouse, I was gonna have negative cash flow when at the time I didn’t even know what that meant. I didn’t know what ROI meant, I didn’t know a lot of terms.
I had the money, luckily I didn’t qualify for that loan. I was about five points shy for qualifying for that loan and that would have raised my mortgage another thousand something dollars. I pulled out, I had the money ready to go, itching ready to go do something. I found you guys, I was like I’m gonna make this happen.
Mercedes: Good for you. Well were honored that you chose us.
Enrique: I had stuff planned already, I made it work and I went through with it.
Mercedes: I’m honored that you chose us and that we were able to walk you through the whole process.
Would you say that we held your hand through the process and helped you learn? Did we help you understand ROI, did we help you understand cash flow evaluate? Tell me about that.
Enrique: You did because, well first of all after I had first met with you, I spoke with you on the phone you introduced me to the turnkey real estate investing podcast with Matt. From there, I just learned and learned and learned.
I listened to maybe three or four episodes a day and just learned as much as I could so I got even more comfortable, more and more comfortable and I would write notes. You remember when I went to your office I had a list of questions and notes, you probably expected a quick thirty minute sit down with us and it turned out to be at least twice that.
Mercedes: Yeah. It was like two hours but I loved it. You were very well prepared and you had thoroughly thought out every question that was written on your sheet. So, no. It was great, I appreciated it because you knew exactly what you wanted to know and what was important to for you and your wife. And at the end of the day, that’s all that really matters. So, I was happy to answer it. And, I really saw your vision and your potential, so when I started investing I wish somebody would have seen that in me, and I probably would have done it a lot faster. So, if I can help someone do the same thing why not? So, I’m so glad you guys just totally took advantage of that.
So, okay, fast forward. You’re closing. What happens when you were out of state, how did we do the closing with you?
Enrique: So, I was wondering if that was going to be an issue since I was out of state, but you guys ended up finding me a mobile notary. I had the notary go over there, we signed all the paperwork, and from there I just wired the rest of the down payments and closing costs for everything. It was really easy. I was staying in a hotel over there and the notaries came to my hotel and we signed all the paperwork and knocked it out. It was easy.
Mercedes: Awesome. Awesome.
Enrique: The whole process has just been extremely easy. You guys like I said “hold our hands”. You guys held our hands the whole time.
Enrique: And now with this sixth one that we’re in escrow you guys are helping us out with that too.
Mercedes: We are. We got you and your wife got the bug, and you guys are on number six and we’re in the middle of escrow. We’ve got a few dots to dot and T’s to cross and then we’ll get you to the dot period. But wow, in less than what, six months, you guys are going to own six properties, which is amazing. Amazing.
Enrique: I know. One thing we failed to mention is that this is my wife’s second escrow with you guys. But, this one’s part of our portfolio, the first one she had was actually not for us it was for her parents. Her parents live in Turkey. So, international investors. So, that’s actually why my wife is the one that’s on the loan on that one.
Mercedes: I love it. I love it. So, wait a minute, your wife liked the process so much she dragged your parents on board?
Enrique: We brought it up to her parents because her parents were interested in buying something here also. So we were going to buy a house in Redondo Beach, they were going to buy something here local, but since they had money ready to go too we mentioned you guys to them and they wanted in too.
Mercedes: Wow. So it’s really weird really working on the seventh property together.
Enrique: Seventh, but only this is our sixth of my portfolio. I don’t count that one, the first one, in my portfolio.
Mercedes: But you guys did all the work for it [00:27:00]
Enrique: My wife did all the work on that one.
Mercedes: So, you guys did a great job. I do remember finding a property when she told me and I was like that’s pretty awesome that you guys are bringing your parents or in your case your in-laws, into this whole ordeal. I always say it’s never too late to get started in real estate. So, kudos to you guys. Awesome. So, tell me, what would you say has been the biggest challenge during this whole process?
Enrique: Well, the only challenge I had at first was not seeing the properties I want to say. Like site unseen, even though I ended up seeing three of them in person.
Mercedes: Okay. So that’s interesting. But that’s by default. Again, less than 1% of the people actually travel to see us or travel to see the property. So, you actually saw it by default. But, before, because you didn’t go travel to see the properties or you didn’t travel for work that you ended up getting to see the properties until after you were under contract, until after your due diligence period. So, before that what made you feel comfortable with getting over that fear of site unseen?
Enrique: Getting over the site unseen is just running the numbers. I had some experience with real estate. I already know okay, as long as rents can cover the mortgage, or if they’re positive, then it should be good. I felt comfortable knowing that you guys were doing a full rehab on all of these properties. So, there shouldn’t be an issue with that. You guys are going to set me up with property managers, property managers to take care of all the rents, send me my payments. So, running all the numbers they all made sense. So, that helped me get over that fear.
Mercedes: That will help you get over the fear. Awesome. So, now you guys have five properties fully running, we’re not going to count the one for your in-laws. But, it’s been a few months so you’re relatively a new investor. How has that experience been?
Enrique: It’s been good actually. It’s been good. And I still continue to learn, still listening to the podcast, I’m trying to learn as much as possible. But everything’s changed. I want to say 2018 has really opened my eyes a lot and I still want to learn more and more.
Mercedes: Awesome. You’ve got that hunger. So, what is the fifteenth or the twenteth of the month look like when you collect your rents?
Enrique: Actually the rents come in on the seventh. The sixth or seventh.
Mercedes: Even better. Even better.
Enrique: Well, I don’t go jump for joy or anything when I get that because I’m not spending it. All the rents since I wasn’t living on it before it all gets reinvested. And, it accumulates and that’s how we ended up buying this sixt one already.
Mercedes: Wow. That’s insane. [00:29:53]
Enrique: We’re actually saving already for our sevntth.
Mercedes: Love it. Love it. Love it. When we talk about accelerating the process you guys are defining what that means. So I love it. Okay. So we talked about our challenge. What was the biggest learning lesson that you’d say that you’ve taken out of this whole experience?
Enrique: The biggest learning lesson maybe is just the ease, how it easy it can be. I watch those, what are they the HGTV shows all the time, I would see, what was it called? The one with Scott, he rehabs basements and he gets in there, he rehabs it, he makes it nice, he finds a tenant for them, and he gets it rented for them. So I was like man, I just wish there was something like that over here because all those are in Canada right? And you guys are not fixing my house and doing it for me but you guys are just the ease of everything that you guys have for us right there.
Mercedes: Yeah. I will have to Enrique, let’s clarify, it’s easy for you but we have an entire team on the ground that does the finding, that scrubs the property.
Enrique: Oh yeah. I’m sure there’s a whole infrastructure of this. And I’m just the end result, the end buyer right there.
Mercedes: Right. Yeah. So we do have the nasty acquisitions, and the nasty rehabs, and all of that, but our investors like you don’t have to see that. That’s the whole beauty of a turnkey operation. We do all the work, you get to benefit being the investor. And let me tell you.
Enrique: I don’t have the time for that at all, and I work at least 60 on average 60 hours a week. Sometimes more. So, I don’t have time for that and I do want to invest in real estate. I love real estate.
Mercedes: Wow. 60 hours a week and in less than six months you have six properties. That Enrique is impressive. I love it. I love it. So, what would be the one final words of advice that you would give to a newbie fellow investor that’s considering real estate or considering turnkey? What would you say to them?
Enrique: Well, I do say to them all the time I always refer them to listening to the podcast, or I’ll even break down my numbers that I have. Like look, this is what I got, this is how I did it. And, a lot of people just have to break their bad habits and start actually saving money. That’s one of the hurdles a lot of people have. So I do tell them, “Cut your expenses, save some money, and invest.” This is the easiest way to invest, especially for people that work like me that we work so much. Just put it right there.
Mercedes: Yeah. That’s awesome.
Enrique: Just save, learn, listen to the podcast, understand what you’re getting into, or ask me questions and I can help break it down to you.
Mercedes: Got it.
Enrique: As much I know, which I don’t know everything yet. But, I’m learning.
Mercedes: Keyword, you don’t know everything yet. Awesome. If you had to do something different what would it be?
Enrique: I would have done it a long time ago. If I would have known about it I would have done it 10 years ago. I would have just done it earlier, that’s it. Instead of investing here in California in my own backyard I would have had the courage and move it out of state to do like this. I’ve been afraid. I’ve heard about it before, but I was afraid to do it. And, I would have just done it.
Mercedes: It’s very common. Fear is very common. It paralyzes people sometimes. But, Enrique, the fact that you just went out and did it and you guys are now gung-ho working on property number 6 that’s insane. So, kudos to you and thank you Enrique with all of my heart. Not only for just sharing your story, but really for just sharing with your family, your in-laws, I spoke to your sister yesterday and her boyfriend.
Enrique: Oh yeah. It was her birthday yesterday.
Mercedes: Oh, you didn’t tell me that. But, thank you very much for just kind of sharing your story. And really sharing your experience, but not so much about Cash Flow Savvy, just to get over the fear and do it. Thank you so much Enrique for your time. Keep on busting buddy because you are going to kill it. And before I know it you and I are going to be competing for the next property to see who has the most properties. Thank you so much.
Enrique: All right. Thank you. Have a good day.
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