The Fastest Way To Build A Six Or Even… Seven Figure Real Estate EMPIRE!
In all the interviews that I’ve ever done, this one just might be my favorite one yet. My guest today is a long time friend, Mike Zlotnk. I thought his insights on hotel to multifamily conversions were fascinating and the economics of stripping out cash flow and depreciation and then giving them to different types of investor groups was equally brilliant.
Mike is the CEO of TF Management Group, LLC which runs four real estate investment funds. He has been a debt and equity investor in real estate since 2000. After a successful 15 year career in IT, he pivoted to real estate investing because of his passion for real estate and its predictability of outcome and risks.
I was completely blown away with how Mike structures preferred equity versus common equity, common equity versus mezzanine debt, how he pulls out the cash flow in an A share, and how to strip out the depreciation through a cost segregation study in a B share. I’ll definitely be using this in my own company, and I’m sure some of you will too.
In this interview, we also dive into how Mike raises capital, what makes a hotel property an ideal candidate for a multifamily conversion, why hotel conversions are generally low risk investments, and so much more!
Key Takeaways with Mike Zlotnik
- Why Mike decided to focus on hotel to multifamily conversions.
- How he structures preferred equity versus common equity shares.
- How you can pull out the cash flow in a Class A share and use the depreciation through a cost segregation study in a Class B share.
- The ideal hotel properties that are best suited for conversions to multifamily properties.
- Why high-rise properties are not ideal candidates for conversions.
- The three most common ways to enter the multifamily real estate investing space.
- Why conversions are a lower risk investment than building from the ground up, especially with the current costs of supplies and labor.
Mike Zlotnik Tweetables
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Click Here to Read the Transcript with Mike Zlotnik
Josh Cantwell: Welcome back, guys, to Accelerated Real Estate Investor with Josh Cantwell. I’m your host. It is not that often that I get on a podcast, interview somebody else, and I am blown away by how much I learn. I learn a lot from a lot of people. I am definitely a student of this game. I’m a student of real estate. I’m a student of raising money. It is not often, though, that I am literally, feverishly taking notes as I interview a guest about structure, about raising money, about common equity, about preferred equity, about hotel conversions. This interview that you’re about to learn is actually one of my favorites in recent memory because I learned so much.
His name is Mike Zlotnik. He’s my guest. He’s a long-term friend. I’ve known Mike for probably eight to ten years. He’s been a debt and equity investor in real estate since 2000. Mike is not an active operator. Mike runs a fund. He runs a company called TF Management Group, and they run four real estate investment funds, an investment fund, a growth and income fund, a growth fund, and then another income fund.
And in today’s podcast interview, you’re going to learn about two specific topics that I was just enamored with while we were doing this interview. First of all, we talked about hotel to multifamily conversions. Mike is an investor in 12 different hotel to multifamily conversions. And we talked about number one, which types of hotels are ripe for conversion; number two, which types of hotels the areas that you need to be in to be ripe for conversion; and number three, the economics behind a hotel conversion that have the lowest risk and the fastest turnaround time. So, that was the first topic, hotel to multifamily conversion, a phenomenal idea in today’s market.
Secondly, we had a long-winded discussion that I thought was really beneficial for my business about how to structure preferred equity versus common equity, common equity versus mezzanine debt, and how to strip out the cash flow in an A share and how to strip out the depreciation through a cost seg study in a B share. You have different types of private investors. Private investors, one that wants cash flow, and private investors that prefer to have the depreciation because they have a big income, or they’re real estate professionals.
So, Mike is a phenomenal trainer on this stuff. Mike’s not a guru. He’s not interested in running seminars. He has massive funds with massive windfalls of profits for his investors. And we have two really frank, very, very timely discussions here about a hotel to multifamily conversions and about the stripping out cash flow and depreciation and giving them to different types of investor groups. I loved this conversation. You’re going to love it, too. Here we go on Accelerated Real Estate Investor with Mike Zlotnik, the CEO of TF Management Group. Here we go.
Josh Cantwell: So, hey there, guys. Welcome back to Accelerated Real Estate Investor. I’m your host, Josh Cantwell, and I’m so excited to be with all of you guys today. Today, I have a special guest. His name is Mike Zlotnik. Mike, what’s going on? Big Mike, how are you? Thanks for joining us today.
Mike Zlotnik: Hi, Josh. Thank you very much for inviting me to the podcast.
Josh Cantwell: Absolutely. Mike has been a real estate investor since 2000, a fund manager since 2009, and just had a ton of success, been involved in hundreds and hundreds of amazing deals. Mike, tell us a little bit about what you’re up to today. There’s a lot of things obviously that have changed in the marketplace with COVID. The market seems a little bit weird right now, with cap rates going down, values going up, but all these supply chain issues. I’m always curious to see how investors are making hay even in today’s market. You’re working on some amazing things. What are some things that you’re most excited about right now?
Mike Zlotnik: Sure. So, thank you again for having me on the podcast. So, one of the hottest topics, one of the best opportunities we’ve seen and we’ve been investing into that whole strategy quite a lot is conversion of hotels to multifamily, specifically workforce housing, affordable housing. That’s been a big success. Our structural growth fun, Tempo Growth Fund started investing actually in January 2020, right before COVID hit. And then we’ve been investing throughout the COVID, picking up phenomenal projects. Obviously, in hindsight now, people can look and say, “Why didn’t I buy more with distressed pricing after COVID?” Well, we did invest a lot. And it’s really fascinating.
Now, we are basically, a year and a half, not quite two years into the COVID. The fund now has got three exits this quarter, massive returns to hotel conversions to multifamily, one value of multifamily. We’re getting exits at 140% IRR, 60% plus IRR, 35% plus IRR. And these numbers are nothing short of home– I mean, their home runs, but again, the strategy itself has paid out because, especially dysfunctional hotels or those who have been aged and tired and lost their popularity, they are ripe for conversion. They were ripe for conversion pre-COVID. Now, they were accelerated. And we’re basically seeing the trend, and then the cap rates, the hotels trade at versus the cap rates, the multifamily trades at, there’s a major cap rate compression and substantial upside for these projects. So, that’s one of the things we’re working on.
And then the other thing, just very quickly, we’ve been structuring a number of deals, multifamily value adds and some obviously, hotels and other ones where we structure Class A, Class B equity, preferred versus common in today’s day and age, especially late in the year, a lot of real estate professionals looking for extra depreciation. So, we’ve been structuring to give Class A investors a little depreciation, but seniority of the cash flow, seniority of the pref, and then give the Class B a lot of depreciation. That whole trade-off or deal structuring has been extremely popular and in very high demand.
Josh Cantwell: I love it. So, let’s talk about those. Let’s pull back the curtain, peel back the onion on those two topics today. By the way, Mike has just had a tremendous amount of success in lots of different areas as a fund manager. Mike essentially, his funds are kind of a fund of funds they invest. And they’re not active operators themselves, but they underwrite and evaluate deals and then make significant investments in those deals. So, hotel conversions. So, people think about hotels pre-COVID, a lot have aged. There are different styles of hotels, Mike. There are the ones that more feel like a condo or a townhouse versus the small 250, 300-square-foot typical hotel room. Talk about the style of the hotel and the age, kind of the checklist, if you will, of the type of hotel that makes the best multifamily conversion. Or if there are two different styles that make good renovations or conversions, what are some of the benefits of the different styles? Because as you mentioned, when we’re leading up to this, there’s the Holiday Inn or the Ramada’s, the one building box, then there are the other ones that are extended stay, different styles. So, help us understand if we found a hotel opportunity, what does that need to look like?
Mike Zlotnik: Sure. So, I’m going to talk about the deal, the best type of opportunities first, and let’s just call them extended stay hotels. And just to be very clear, what I mean is they got to look like apartments. Some people call it an extended stay. You can just go and get yourself a room for a longer period of time. That’s not what I’m referring to. I’m referring to the Residence Inn by Marriott, those types, or when you have a small living room, small kitchen, and then a bathroom. It looks like a mini apartment. So, those are very prime, ripe ideal for conversion. Now, age of the asset, obviously, you don’t want a dinosaur. What will we see in these, the best projects they’ve been built, say, in the 80s? They’ve been renovated in the 2000s, and then a little aged, but you could still renovate them and freshen them up and put new stainless steel appliances and just add the fresh paint. So, those are generally easier conversions, and they’re easier to fill because they look like mini apartments. That’s your ideal candidate.
Candidate number 2 is depending on the location. You could do the Ramada’s with a bunch of rooms that look like 250, 300 square feet. They’re small. They work really well. There’s access for students to commute to those, so they’re a very good product for student housing years ago. I stayed off campus literally across the street from the campus many years ago in one of these places. It’s a whole lot cheaper than the room on campus, and you have better privacy, and a lot of students prefer that. So, it’ll work for students and it’ll work for the area where basically, someone who needs a place to crash, they’re not really concerned about having 600, 500, 700 square feet. So, as long as you could test the market and get enough data, the demand for these sort of studios is high. They’re worth considering for conversion. So, accessibility to the location, location, location, real estate.
The other thing I want to say, we’re not big on high-rise hotels. So, I’m just going to make this comment. Some people will say, “Well, we’ll convert a big six-story building, 10-story building. That is a possibility it may work in certain coastal markets where the space is extremely dense, the population is dense. We haven’t done too many of them. They’re possible to be interesting and attractive, but a really garden style hotels, two-storey is just what we’re talking about here.
Josh Cantwell: Love it. Now, I imagine, just really high level, the opportunity is because you have a distressed asset like a hotel that got pounded in COVID, low occupancy. You have a seller that’s motivated to sell for various reasons, primarily because they’re getting killed on cash flow because of COVID, and you’re converting that very distressed asset into an asset class, multifamily apartments that have significant cap rate compression, lots of demand, competitive offers, very low-interest rates, long-term non-recourse financing. So, you’re taking something at one end of the spectrum that’s very distressed to something that’s super in demand. I imagine that’s why the play exists. How long do you think this opportunity lasts? And why are you seeing such a massive return? Is it because of what I just described and there is the demand there? But how long do you think this opportunity will last based on today’s economics?
Mike Zlotnik: Well, Josh, you picked up on some great points. That’s exactly correct. All the factors you mentioned are accurate. I’m going to add a few other really interesting benefits of these projects. So, there are three ways to enter multifamily space. It’s a ground-up construction, right? These are value add multifamily, some kind of aged property that can be renovated externally and internally, and three, you can convert from existing hotel to multifamily. There are some conversions, office to multifamily. We actually have one project in that space, too, but it’s a much harder lift from an office to multifamily, but three primary methodologies, right?
The lowest risk today is to convert, as crazy as it sounds. Why? Because you get to finish stabilized product a whole lot faster. It’s ground up, that thing just typically takes two years, maybe two and a half now with a construction risk and a lot of uncertainty there, especially on heavy lifts, a lot of expenditures, you are running into a three-year project. I mean, people budget them for two but really hard with all the risk of delays. You can’t get the windows, you’re done. You will be sitting and waiting. So, that time from the time you actually start to work to the time you finish, you can do it 12 to 18 months. Obviously, there are still some risks and dependency on construction materials and labor, but it’s a lower risk because you’re doing less work, especially in the extended stakeholders. So, compare that to the ground-up.
Now, you compare that to the value adds. So, value adds in some ways, they can feel safer because you get some cash flow from day one. One of the drawbacks, you really can’t renovate and turn. Just for comparison’s sake, you can get to the same results just faster in a hotel versus an existing because without forcing people out, you have to wait until they leave.
Josh Cantwell: Right. Sure.
Mike Zlotnik: So, that whole methodology gives an edge to these conversions. So, you could basically execute a full life cycle, especially if you prepare for conversion events, you make sure you get the entitlements, the permissions, everything done before you actually close on a beast, or you close on a beast and then everything else is almost ready, you just have to plan for it. Then you can execute on that strategy fast. So, you get to a stabilization point, you get the refi point faster, you get your selling point for faster, and obviously, cap rate compression and everything else you mention.
So, especially now, given what’s going on with construction materials and labor, risks, the cost of construction, you’re basically executing on a lighter lift, less work. And so, you’re taking a little bit less risk versus a full ground-up. So, theoretically, the other thing that happens, the full ground-up, most people want to build something a little bit nicer, spend the same amount of– so you’re going to go after the A-Class. There’s a lot more construction in the A-Class. Now, you’re doing this as sort of discord between C and B, and their affordability, there’s a lot more demand. So, that’s kind of the way to think about it
Josh Cantwell: It makes sense, even just comparing a real case study. I just did up a presentation yesterday at two o’clock. We had about 150 investors on the line. We had 6.6 million of commitments for this project. It’s 220 units. We’re closing on it, December 29th. It’s fully under contract. We’re almost done with due diligence. I raised the money early because of the holidays, so I wanted to get the ball rolling. We need $4.2 million, but we’re going to convert, not convert but value add turn all 220 units. I penciled that out that that construction would take us about two and a half years simply because of the current occupancy.
And then, time to stabilize, keep the T3, the T6 really level, and then go into refi at roughly 42 months, so three and a half years. And we expect with every one of those deals that we do for the occupancy right now, which is at 97%, it’s a very C-Class managed building in a very B-plus area, so the rents are already 22% to 25% below the current market value with the opportunity to do a heavy value add and add in white shaker cabinets, LVP flooring, even granite or butcher block, redo the bathrooms, five and a half-inch trim, spending about $7,500 to $9,000 a unit. That process is going to take us about three years to get to stabilization and then six months to refi, to season the financials, get the refi done versus like what you said, if you take in existing residences by Marriott and you already know it’s a hotel, it’s 100% vacant, when you’re taking it over because people are just nightly stay or long-term extended stay, but they’re essentially getting out. It’s so much easier. There’s no cash flow for the first year, like new construction, so you don’t have any cash flow that presents a little bit of risk. But the building, the guts of the building is 80% done. You’re essentially doing unit turns and maybe modifications to the plumbing or electrical. But I imagine, I’ve never done one, but I can imagine what you just said is totally true that you could spin that whole thing in 12 to 18 months versus three and a half years.
And a lot of those hotels are already built in an area where they’ve done all the due diligence as far as job growth, traffic, cars going past the hotel. It’s built into an area where you have other commercial stuff right around it and you’re adding in a new multifamily opportunity for people to live right where there’s already other existing amenities, restaurants, bars, shopping, all these different kind of things. Like every residence I see, Residence Inn by Marriott, is right in a very busy part of town, usually very suburban that people would want to live in right away. Makes total sense. I love it. Like how did you or your operator partners find these hotel conversion opportunities?
Mike Zlotnik: Sure. I’ll just add to one use case. we just exited. So, I’ll give you one live use case, September 2000 acquisition at Residence Inn by Marriott, distressed sale, 88 doors in Winston-Salem, North Carolina, full life cycle with completion of all the construction, full stabilization, and a sale at a price well above pro forma. It’s basically 13 months turn.
Josh Cantwell: Wow.
Mike Zlotnik: The all-in cost was about $6 million between acquisition and construction, life and construction, and pro forma exit, the deal was underwritten at $8 million and the deal had leveraged. So, there was $1.5 million equity, small deal, just giving you an example, $1.5 million equity, $4.4 million debt, this in your normal leverage, right? And it just exited for ten and a quarter. And the IRR, as I said, we’d put in a million and we got 2.6 out. I regret not taking the entire $1.5 million. We’re trying to diversify with only our third deal. We’re trying to be very careful, still quite a post-COVID world. That’s a live example, full life cycle. How did the deal got found? Well, again, we been investing with the institutional operator in the space. They have acquired this and another property in a sale from central in a bank that was foreclosing on both of these assets.
So, there was a banking relationship with this very distressed seller. The seller was collapsing, so the bank had to execute full foreclosure. And then it started pre-COVID, obviously, when they completed the foreclosures throughout the COVID, and then they basically agreed to sell both of the hotels to the operator in a single transaction but upon completion of the foreclosure because the operator didn’t want to be dealing with that whole process. So, that’s one source, banking relationship, if you can get some kind of distressed sales.
Other than that, obviously, you have to look for what’s on the market being sold as a hotel and as a dysfunctional hotel, but what’s really interesting, number of agents and brokers, they’ve caught up on this idea, so they start marketing this these hotels that are lagging, underperforming as a great target for the conversion and they’re inflating the price as a result because they’ve seen success. Nonetheless, if you go, look at the financials of the hotel, you’re going to give them an offer based on pretty crappy financials and you have to find the targets that haven’t really recovered. Some hotels recover and are doing great, and those are not going to be good targets. You’ve got to find distressed.
And by the way, that asset in Winston-Salem had exactly what you said, a phenomenal natural fit. It was a mile away from Wake Forest University, so they had basically, proximity to a great location. And it could be student housing or it could be just long-term permanent housing. So location, obviously, it’s critical, not off the highway, some kind of– that’s not what you want. You want a hotel that’s naturally in the residential neighborhood that fits in, and that effectively makes it a great target. So, sourcing of the deals, there’s no trivial sourcing of the deals, but there are some natural conversions. I’ll give you an example. If you know Kissimmee, Florida by Disney World.
Josh Cantwell: Sure.
Mike Zlotnik: There’s a lot of it happening there right now. I looked at one of the assets, and there were multiple assets. Literally, you could drive 10 minutes down the road and you could see just a few good targets. Now, we look at a few of these projects that you’ve got to find enough motivation with the seller. One project I looked at, it was a garden style for building, 200 doors. One was boarded up, they were not using one of the buildings for some reason. So, that’s a motivated situation. But the other three were fully, fully rented because Disney reopened, everything reopened, there was a massive inflow of people. So, they were not distressed enough to sell at the price of what we needed. This was an example of potential conversion.
Josh Cantwell: Those are great examples. Thank you for that. Appreciate that a lot. I love that opportunity. And you guys have very usable, usable tips and tricks in that little 20-minute, 15-minute conversation there between Mike and I. Mike, let’s go, let’s completely pivot to this other concept that you were talking about, the difference in the way that you’re structuring deals between Class A, Class B, preferred, common, equity. We have not done this type of structuring yet. So, why don’t you just start right from step 1 and step us through some use cases, some different deals that you guys are doing because there are different types of passive investors, right? There are passive investors that want more income, and that’s valuable to them, preferred return, cash flow. There are other types of investors that have made a lot of money that have a big income that want the depreciation and the financial tax write-offs. You’ve structured deals to actually separate those two. Walk us through this use case and some of the things that you’re doing in that space.
Mike Zlotnik: Sure. So, I’ll give you a few examples of the deals we’ve actually structured or influenced the sponsor to structure, have consulted the structure, there are a few different flavors. So, I’ll give you one example. Last year, it was actually in the middle of COVID, it was a large deal. It was almost a thousand dollars. The deal was structured where there was a– just off of the top of my head, mainly $6 million acquisition. There was about $20 million worth of value of construction of multifamily with some reserves. So, all in about $123 million. There was a first lien mortgage of about $86 million, rehab holdback for the construction. And then to make a long story short, there was about $37.3 million of total equity.
So, it could have been one class of equity, and that’s it. No problem at all. But the way they’re structured is, of that level, this big size, the sponsor was able to bring an institutional preferred equity. So, institutional preferred equity was $22 million. And the equity was essentially very smartly structured, there wasn’t like a squeezing, it was a first year, you’ve got to pay them seven, second day, you’ve got to pay them eight, third year, you’ve got to pay them nine. So, it’s kind of stepping up. It wasn’t squeezing the cash flow. But what happened was that approximately of the $37 million, about 60% of that money came in as preferred equity, and that preferred equity investor just needed the yield. They also had the piece of the common equity on the back end, 20% upside. And the preferred equity, if I remember correctly, was underwritten for twelve and a half. So, whatever wasn’t paid was compound the first year, twelve and a half, they were getting seven.
So, the remaining just compounds, and then it accumulates. So, that kind of a setup didn’t drain the cash flow to a crazy level, which was really important that part. But imagine, over your $37.5 million, you don’t give any depreciation to $22 million. So, all you have left is $15.3 million. The $15.3 million which was really amazing, seller clarify when they actually didn’t want any depreciation. It was another conversation. So, to make a long story short, you’re on a cost seg on a $96 million asset. What are you giving depreciation for a share with a bonus depreciation? You get $30 million, just off the top of my head. It varies, but $30 million bonus depreciation.
So, the $30 million applies to a slug with just a little over $10 million. So, the depreciation to that common equity was three to one. Now, there were some complexities, and you could discount, but the concept is the same. If you do this, you could basically create depreciation, I would say, in the range between two to one to three to one range by essentially bringing in preferred equity that doesn’t get any. You could have preferred equity. You could do mezzanine debt. You could do Class A, Class B equity.
So, the Class A, Class B structure is a little different. So, this I’ll give you an example of preferred versus common. So, preferred, of course, preferred is safer. They’re getting seniority on the pref, they’re gaining seniority on the return of capital, and they get a piece of the common. So, you made it attractive enough for the pref to come in to feel happy, and then your common equity got such a strong benefit in depreciation that they don’t need much cash flow. So, right now, the common is not distributing anything, but it doesn’t matter. The depreciation benefit is there. And then the common equity in this case is capturing 80% of the upside. The project is going super successful. So, the IRR for common is through the roof. That’s an example, preferred versus common.
Give you another example, a few other deals we’ve done this year. You take a Class A, Class B approach. So, think of this, it’s a little different. You don’t have preferred common. You have Class A common, you have Class B common. And the way you do this is you give Class A common seniority of the pref. So, let’s just say the terms are very similar. You have eight pref here, you have eight pref here, right? So, first you pay, you pay it. If the cash flow is such that there’s not enough to pay, so here’s an example, A pref, and the average project cash flow is only 6. So, the A get the eight, and then the B’s, they get only four. That’s okay. The B’s get the extra depreciation, and you shift the depreciation. So, what happens is the A’s gets in your order to pref, and then they get seniority of return of capital. It’s safer. A is very inherently safer, and they get the cash ahead of the B’s, but they forgo the depreciation.
The few deals we’ve structured with, we’ve given A’s 10% of total depreciation and the B’s 90%. What happens? Why did they need 10? Well, they need 10 because they need to cover the cash flow. They want some coverage so that they’ve some tax shield, but they don’t need any more than 10%, 10% does a trick. And then the B’s get 90%, so they wind up with an outsized depreciation. In these type of deals, typically, B’s get maybe around 1.7x for every dollar invested with the cost seg bonus depreciation. If it’s structured properly, also the mix of A’s and B’s matter. The more B’s you have, the less benefit they get. The more A’s you have relative to B’s, the more dollars of depreciation per dollar invested you get for B’s. So, it’s a balancing act, it’s a structuring issue. But if you do it at about 50/50, that ratio 1.7 kicks in so your B’s become more attractive to real estate professionals, they get more attractive for anyone who needs depreciation. The A’s gets seniority of the cash flow, and they get seniority of return of capital, that’s safer.
Now, your sales job is no different. You’re not selling the same thing, same benefits to the same group of people. You’re selling very different benefits to different people and you have to focus on that sales. But the recent deal we just structured, it actually hasn’t closed yet, but it’s closing late December 2. It’s about $9 million raised four and a half each. The moment we structured B’s in $4.5 million, it’s funny the way we structured four and a half, we took all the B’s. We have investments full to B’s. We didn’t have any A’s. They wanted the B’s, the depreciation, real estate professionals. The A’s got so much better with the safety that A’s flow off the shelf. It’s really the right way, if you have enough B’s, then the A’s attract you. If you have a lot of B’s and no A’s, that’s a problem because you can’t make it work. So, you just kind of have enough parties.
The A’s are really good for IRA investors. They’re good for anyone who just doesn’t need a lot of depreciation. IRAs couldn’t care less. It’s so crazy that we’re going forward, we’re going to structure our next fund, Tempo Growth Fund 2, which we’re launching early next year with two classes of units, exactly that structure. The A’s will get no depreciation, literally, very, very little, maybe 1% and the B’s will get 99% to 100%. Even in a growth fund. Why? Because IRA investors, they still want the growth, they don’t need the cash flow, right?
Josh Cantwell: Right.
Mike Zlotnik: They want safety and they want seniority, and it’s perfect for IRAs. They spoke with our custodians. They loved the idea. And then the B’s, they get extra depreciation, and all of the real estate professionals, all of the guys and girls who need depreciation going to B’s.
Josh Cantwell: Right. Wow. I love it. I’ve never thought of it that way, Mike. I thought of it but never executed on it and never talked about it to that level. So, I learned a lot through this interview. I want to thank you for that. Mike, listen, two great discussion points here, the conversions of hotels to multifamily, as well as the splits of different types of share classes. Fantastic stuff. And we could go on and on forever, especially with your level of knowledge. But instead of that, why don’t we have just some of our audience reach out to you directly, see where they fit in your buckets here, and learn from you or invest with you? So, if they want to do that, where can they reach out to you?
Mike Zlotnik: This is my favorite part because this is really cool, right? So, I’m Big Mike, I go as a Big Mike. People know me as Big Mike. So, I’m a fund manager, BigMikeFund.com. That’s the easiest way to reach me. If you remember that, you can find me, BigMikeFund.com. And if you didn’t hear me, if you forgot the deal, then you just didn’t spell it right, there’s no D at the end, BigMikeFund.com. I promise it’s not a kinky site.
Josh Cantwell: BigMikeFund.com. It’s not a kinky site. Love it, Mike. Thank you so much for joining us today on Accelerated Real Estate Investor.
Mike Zlotnik: Thank you, Josh.
Josh Cantwell: Well, there you have it, guys. Wow, I was woo, blown away by some of the stuff I learned from Mike. I have a ton of notes. I’m looking at them as I record this exit interview for Mike. I hope you love that interview. I did. If I were you listening to it, I would give that thing a five-star rating and a five-star review and leave some comments. If you do, you know how grateful I will be. We have hundreds and hundreds of comments, reviews on this podcast. We could always use more to spread the word. And if you love this interview, share it. Share it on social media, share it all over social media on Instagram, Facebook, LinkedIn, so we can build our group, build our audience of investors, and hopefully, one day, we’ll be partnering on a deal together. Hope you enjoyed the interview today. We’ll see you next time. Take care.