Aside from California, New York is another state many wholesalers find incredibly challenging. For starters, competition in New York is very fierce. However, one person is totally crushing New York’s real estate market and he’s here to tell us how to duplicate his success!
If there’s anyone who knows how to rise from adversity, it’s Billy Alvaro. After finding himself $14 million in debt, he was able to bring himself back to solid ground in just a short amount of time thanks to his real estate investing and marketing prowess.
Over the years, the visionary, serial entrepreneur, and practitioner of the Law of Increase has built numerous organizations and has been involved in over 11,700 real estate transactions. He also owns Easy Sell Fast Cash House Buyers and is the Chief Wealth Creator at Max Returns LLC.
For those who want to crush the New York market (or any wholesaling market for that matter), today’s episode is something you can’t afford to miss. Billy generously and candidly shared many gold nuggets that has helped him dominate the New York market with ease.
Have a pen and ready and be sure to take down notes. Who knows, it might only be a matter of time until you’ll generate almost a million dollars in revenue every quarter, just like Billy!
- Unique challenges wholesalers are likely to encounter in New York
- How to effectively manage possible objections attorney’s might bring up
- The importance of going through all the potential “deal killers”
- What a stick call is
- Why you need to set expectations and have the seller fully understand the process
- Their typical exit strategies
- His recommendation to those wholesalers who are starting out in New York
- Why it pays to have a fresh and massive buyer’s list
- The importance of knowing your key performance indicators or KPIs
- Why constantly improving your sales skills is key
- Books he recommends that can make a difference
- Download your Free Audio Book
- Easy Sell Fast Cash House Buyers
- Max Returns Real Estate Investments
- The ONE Thing by Gary Keller
- The Pumpkin Plan by Mike Michalowicz
- Rhinoceros Success by Scott Alexander
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Speaker 4: Woo Eee! Okay guys, welcome to an awesome new episode of Wholesaling Inc, America’s number one wholesaling real estate trading program. We are going to crush it today. I have got the most amazing guest. I cannot wait to share this information with you. I’ve been looking forward to having my buddy, Billy, on here for a long time. He just finished up the first quarter of Q1. He’s done over $900,000, I think almost a million dollars. And he’s in a market which is New York, which is a little bit of a unique market.
So I want to pick his brain. I want to find out how the heck is he wholesaling. How is he finding these deals? How was he closing them? How is he doing this especially in New York, which is an area where so many wholesalers seem to struggle. So you guys know me, we’re going to hold his feet down, hold his feet to the fire, pick his brain and we are going to find out all this golden information that this expert Billy Alvaro has to offer.
Billy, can you hear me okay?
Speaker 2: I can hear you Tom. How you doing buddy? You hear me okay?
Speaker 4: I can hear you just fine and man, I am telling you what, I am going to ring the victory bell cause you’re on. Here we go.
I am so excited to have you. I’d never ring the victory bell early but you are such a rock star and I’m so honored that you agreed to be on our podcast and allow you to pick your brain. Before we get started, can you tell everyone a little bit about who you are and what you do and all that good stuff?
Speaker 2: Sure, sure. Absolutely, Tom. Well, first of all thanks for having me on here. We’re in the same group, Collective Genius. You’re an animal at what you do. Your energy level is super high and you’re a giver. You know, amongst everything, you really are giver. So thanks. Thanks for having me on. So about me-
Speaker 4: Thank you.
Speaker 2: Billy Alvero. I own a company called Easy Sell Property Solutions and another one called Max Returns Real Estate Investments. I’ve been doing this full time since 2009. July 4th, 2009 is when I got in full time. Prior to that, I’ve always dabbled in the real estate business, but never as a business. It’s always just been as a side gig. I was kind of forced into doing this full time. I lost a mortgage bank years back. I ended up getting myself close to $14 million in debt. I had judgments and lawsuits and a whole world of trouble when the market crashed in 2007.
Speaker 4: Right.
Speaker 2: And so I had to resurrect myself and get myself out of the hole that I was in. And it wasn’t easy digging myself out of $14 million. But through the study of real estate investing, and more importantly the study of marketing, I was able to, in a very short period of time, get myself out of that hole and then pretty much get myself on solid ground. And now here we are in 2000, what, 19. The first quarter we did just under a million in gross revenues and our margins were holding onto about 52, 53%,
Speaker 4: That’s incredible.
Speaker 2: So not bad at all. And the key thing is, is that now at this point, Tom, I’m really not doing anything. I mean, I’m the visionary, so I shouldn’t say I’m not doing anything. I’m doing a lot, but I’m not out there talking with sellers anymore. I’m not looking at deals. I’m not locking the properties up. I’m not selling the properties. I’m not doing the marketing. I’m literally right now gearing myself to take my company on first, the geographic area in the Northeast and then eventually national. So I’m pretty excited about it.
Speaker 4: That is so, you know, I always love a story about someone who is doing well, but I, what I love even more is a story about somebody who had a difficult time and then rebuilt themselves and really, you know, the phoenix out of the ashes. So I think it’s beautiful. I love it. I respect you. So honored to have you on. And every time I meet with you, you’re high energy, too. And you know, we always have great conversations. So let’s cut through all the fat and the BS and the fluff because nobody cares about you and nobody cares about me. People want to know, how do I get Billy’s results? You had a massive quarter up in New York. I think it was somewhere between 900 and a million dollars since this first Q1. Is that right?
Speaker 2: Yeah. $990,000 and a just shy of the mill.
Speaker 4: That’s incredible. I love it. Beautiful. Very cool. So here are my questions. First of all, you are in New York and I know as a coach we have students nationwide, but the one place that we always have the most questions and students who are really just trying to find their way and navigate through New York. First of all, why does New York seem to be more difficult than any other state to do wholesale deals? What is that roadblock or what are the challenges they have that are unique just to that state?
Speaker 2: Yeah, so I mean, besides the fact we’re ultra competitive like California, it’s an ultra, ultra competitive state.
Speaker 4: Right.
Speaker 2: Everybody in New York is also, they have their fists up, everybody’s skeptical, so everybody thinks there’s an angle at what you’re trying to do.
Speaker 4: Right.
Speaker 2: But the challenge, once you get over the fact of it’s a cluttered state, you know with through your marketing and being skeptical, it gets them to know you, like you, trust you. The next challenge a wholesaler is going to face is going to a seller’s home and trying to convince that seller to sign the contract. The seller is going to say, first out of their mouth, I’m sorry I’m not signing anything until my attorney reviews it.
Speaker 4: Yes!
Speaker 2: So in a lot of other states out there, Tom, that you’re in and a lot of your students are in, most of them actually, is that they’re non-attorney states or title states. And so it’s a lot easier to go to the property or even close the people over the phone, get them to agree, sign the paperwork and then you know, you guys market it on the back end. It’s not selling it. In New York it is extremely difficult, almost next to impossible. And a lot of people get knocked out because of that. And the second piece, a lot of the attorneys up here in New York, they don’t fricking understand assignment contracts. They don’t understand that we could buy this property today and then sign it tomorrow. Because a lot of this, these new guys that are coming in, they’re not going to specific real estate investor attorneys who are friendly to us. They’re going to regular attorneys who don’t understand assignments. They don’t understand the clauses.
And so those two pieces right there really cause, in my view, a lot of guys and girls who want to do this business, they get beat up, they get people that they call, they go to the homes, they talk to them over the phone. They can’t lock up the property on site. They try to get an attorney to do it. We did an analysis and we were, a year and a half ago, we were losing, we were getting deals at the home about 55 to 60% signed at the home direct reseller. The ones that we weren’t, we got the attorneys involved. So those other 40%, we were losing 50% of the 40% because the attorneys are deal killers,
Speaker 4: Deal killers. So you guys, I just want everyone to know this. This is what happens when you have someone on your podcast who is absolutely a proven, known, like there’s no question that Billy knows what he’s talking about because I can tell you this is the number one question we get from our New York students is what do we do? They have this attorney review. So let me ask you this, Billy. How do you overcome this objection? Or is it objection? Or how do you mitigate this? How do you manage it? Tell me like if I’m a brand new student in New York and I want to wholesale and I say, hey, I got a potential lead here. What the heck do you do to handle this?
Speaker 2: So the first thing you do, you have to, and you know this because you and your whole team trains it well. You have to get these people on your side to know you, like you, trust you. And you really has to create a lot of value before you’re even presenting the offer. So let’s just take it and make believe the student does everything right. They’re at the home and they really have these people on their side and they come up with a fair number and they’re going to present the offer. And the seller goes, listen, I like it. I just want my attorney to review the paper, or I’d rather have my attorney. I don’t feel comfortable signing the paperwork. I want my attorney to do it.
Speaker 4: Yes.
Speaker 2: The first thing you do is say you agree? Listen, I completely understand it. It’s not like I’m your son or your daughter. We don’t know who we are just yet, but what I would recommend is, why don’t we just, to protect you and your interests, let’s put on the paperwork, not the contract. Let’s put on the paperwork that this is subject to your attorney’s approval. As long as we agree on the price and the down payment and the closing date, if he wanted to change around any of the other little language in here on the legal side, I have no problem putting it in.
Generally that one statement will get them to trust you a little bit more and be like, you know what, all right, that’s fair. That’s fair. And they’ll do it. If they keep saying, if they say no, we’ll say, well, what would be the reason that you really, you don’t feel comfortable doing a sell? I’m not getting it. The last thing I’m going to do is end up in Newsday, it’s one of the large papers here. The last thing I’m going to do is end up in Newsday and being said that, I’m trying to steal somebody’s house.
So we agree on the price. What would really be holding you back? And you’ll find the real answer and 60% of the time, 65% of time, you’ll get them to sign. And if they’re just adamant, then you have to set everything. You have to set the tone. What do I mean by that? You have to explain to them what happens when it goes to the attorney. Say, Mr. Johnson, you know what, no problem. I agree. If you’re not, I don’t want to press you. If you’re not comfortable, by all means, last thing I want to do is put you at a disadvantage or put you in a situation where you’re not going to trust me. I have no problem sending it over to your attorneys.
Matter of fact, what’s your attorney’s name and number? I have my counsel call him and they can start to communicate. But here’s some of the things we want to go over. I know, because attorneys have to earn their fee, there’s going to be certain things that he’s going to say to you that might scare you. So we have to make sure that we’re in a total agreeance when your attorney calls you, I’m a cash buyer. I buy 15 to 20 properties a month. Generally, when somebody comes in to get a mortgage, the attorney’s going to say they want 10% down. So we do, what I train my guys to do, is they right from the beginning go through all the potential deal killers that the attorney is going to say because he’s going to bring them up. We bring them up right in the beginning at the home.
We go through the whole entire fricking process. We made sure they completely understand and then what we do, when we go back to the office, we have management and the management goes and he does what’s called a stick call. Because stick call is, you know what a stick call is, cause I know you’ve been doing this for a long time. He’ll call in and he’ll just thank the client for their business. They’ll go over the whole process. He’ll reiterate what the person said at the home. He’ll say, okay, this is what the attorney’s going to say. It’s normal. Just make sure you understand and tell him that we’re only going to put down $500 on contract. Standard is 10% if we were buying it with a mortgage, but because we have no containers and you just go through the whole process. It’s all about setting the expectations, getting those sellers to understand what’s about to happen, addressing the problems that the attorney is going to bring in before they bring them up.
And then when the attorney brings them up, all you have to do is refer them right back to the conversation that took place at the home. Right back to the conversation that you have with the management on the stick call. And generally, not all the time, but generally, they’re going to be like, oh, that’s right, I remember you say that. Oh, the assignment clause, I understand this because you have multiple companies. I get it. That’s not a problem. I’ll tell you already it’s not a big deal. And generally that wipes it out. But I got to tell you, you’re still, your students, cause we’re freaking great at what we do. We’re crushing it.
Speaker 4: Right.
Speaker 2: We still lose deals in New York because of the attorneys.
Speaker 4: Right.
Speaker 2: It’s not 100% bulletproof. It’s a cost of doing business.
Speaker 4: So I just want to say, guys, I am telling you guys legitimately, this is the difference when someone is where you want to be, right? So every single person should rewind this about four or five minutes. Billy went over some really key points.
Number one, did you hear when he corrected himself, when he said contract, he used the word paperwork. Key, key, key, liquid gold guys. Number two was he has the attorney contract subject to the approval of the attorney. So the contract is valid, but it fills that emotional need of the seller that they’re protected by the attorney’s approval. And number three was he brings up what he calls a stick call. Billy, I’ve never heard that called a stick call. We call it a concrete call.
But you bring up all of the objections that you know the attorney is already going to have. This is liquid gold. This is, this can make someone $1 million-a-year business. Guys, I am telling you re-listen to this. Don’t let Billy’s advice just pass you by. This is someone that you should be following and you should be listening to what he says, because this is absolute liquid gold. That’s why he did almost a million dollars in Q1. We’re just starting Q2 and I’m sure he’s going to do the same in Q2. So, Billy, that is amazing. Okay, so what else do we have in New York that kind of makes it a little bit more unique? I know you were kind of bringing up valuations and you do those a little bit differently than I do them. So can you tell us anything else besides the attorney objections?
Speaker 2: Yeah. So the other thing they’re going to have, the students here versus, let’s say, a Las Vegas or an Arizona. The Northeast is filled with not track homes, right? So these neighborhoods that are built up here, it’s not cookie cutter homes. It’s very easy in the Midwest and some of the Southern states and some of the Western states, as a matter of fact, where you can go in and anybody can go in if they don’t have MLS, if they’re using Zillow, and they can basically pluck down their home that they’re looking to purchase. And they could find three or four really good renovated comps in that particular neighborhood that are almost identical. Three bedroom, two bath, ranch, 1600 square foot, full basement, two car attached garage. It’s selling for $240,000. One sold for $265,000. One sold for $270,000. You kind of know what the value is going to be on that renovated property.
One of the challenges that guys have and girls have up here in the Northeast is the homes are so different. You have so many different styles of homes and it’s just, in our office, it almost is, it’s part science with the way we teach how to do comps. And I know you have a completely different way.
Speaker 4: Right.
Speaker 2: But we have, it’s part science where we have a process that we go through to really comp these properties out. But that is an art form.
Speaker 4: Right?
Speaker 2: You know, we’ll go in and we’ll find out if my quick offer deal and I analyze it might say to buy it for let’s just say 200 grand and I’m looking at the area and I’m like, I know what it’s saying for 200 and I know what the comps are saying, but I know there’s an ass for the seat. There’s cash buyers in this area that will buy this property for, I don’t know, let’s just call for 240 grand and we’ll be able to go right back in and just flip it over quick. So the comps, in my opinion, a little bit more difficult in the Northeast.
Speaker 4: Well, let me ask you this. Are we talking, are you doing the majority of your business on Long Island in upstate New York or New York City? What area are we talking about?
Speaker 2: Yes. So we’re in Long Island, Nassau and Suffolk County. We’re in Queens, Brooklyn, Bronx. We’re in Staten Island.
Speaker 4: Awesome.
Speaker 2: We’re in Westchester. I’m not doing anything in Manhattan and we’re just starting to go up Northern New York. We haven’t quite gotten up there yet, because frankly we’re busy, what we’re doing here in Long Island.
Speaker 4: Beautiful.
Speaker 2: We’re making money. We have a system, it’s working and we have market share.
Speaker 4: So, all right, so this is phenomenal. So you put the property under contract. Now what is your typical exit strategy when wholesaling and how is that different or are you guys just flipping? Are you assigning the contract for an assignment fee? Are you doing a double close or using your money or the buyer’s money? Do you hold it for a while and then sell it? What is your exit strategy look like?
Speaker 2: All the above. So every single deal that comes in gets looked at to figure out how we can maximize our profits. Cause I’m not about just quick term, leaving money on the table, I’m about maximizing every dollar.
Speaker 4: Okay.
Speaker 2: To figure out where we’re going to make our biggest bang for a buck. So after we get the deal put through and the acquisition sales guy on the front end locks it down. My acquisitions manager oversees five guys. He does a double review to see what the potential profit can be on the wholesale side. And we do renovate a very small portion of the portfolio right now we renovate.
Speaker 4: Okay.
Speaker 2: But we’ll decide if we’re going to renovate or wholesale. Most of the times we’re wholesaling. And then from there, we’ll figure out, we don’t know if we’re going to assign it, if we’re going to do a double close or if we’re going to close on it and then just do like a little TLC and put it right back in the market on the MLS.
Speaker 4: Do you ever say, hey, listen, if we take the assignment agreement out of this contract, we know we can still buy it and put it on MLS?
Speaker 2: 100%.
Speaker 4: Okay.
Speaker 2: 100%. We know if there’s a big enough spread.
Speaker 4: Okay.
Speaker 2: And especially if there’s an attorney involved and they’re like, listen, we’re not doing the assignment. We’ll look at it and we’ll be like, you know what, there’s a $60,000 spread in this thing, who cares. We don’t need the assignment. Close on it. If the attorney’s adamant and he’s like, listen, I want $15,000 down or the deal’s dead, it will come up to my desk. This is the only thing I review. Because if I’m putting down 15 grand, I want to know when it’s a solid deal.
Speaker 4: Right.
Speaker 2: It takes me three minutes. I’ll look. I’m like, you know what? This is an easy deal. Lock it up. I don’t care about the $15,000. Put it down on a contract. We can take this thing, close on it. Either use your own money or use private money for a month, put it in the MLS and turn this thing quick. There’s no inventory on the market right now. So if you’re putting something on the MLS, Tommy, you know it’s going to fly and it’s, I’m going to get more off the MLS than I am in any type of wholesale deal off the market.
Speaker 4: Now, I totally understand that. Now I want everybody, if you’re a New York wholesaler, you should really be paying close attention here. So let me ask you this question. A lot of people listening to this podcast who are in the New York, in the Northeast, they’re saying, well, yeah, that’s great for Billy because he’s a multimillionaire, but I’m just starting and I don’t have two pennies to rub together. I don’t have good credit. What do you suggest to that person? You know, what’s a good resource or what would you-
Speaker 2: Call me. They call me and partner with me.
Speaker 4: Awesome.
Speaker 2: You can say that to be a jokester. Like, I have a ton of, and this is not going into my million dollars in revenue that we did in the business this quarter, that’s solely for the marketing that we did to generate leads. I have side businesses that generate quite a few dollars each and every month by people that are out there. They’re not students. These are just people that have deals. They don’t have access to money. They don’t really know how to get the deals done.
Speaker 4: Beautiful.
Speaker 2: As long as the people out there have common sense, and I’m not getting hit with a million. If I’m going to train them, it’s a different thing, but if they’re bringing me a deal, they’re like, look, this is a deal, the attorney wants $10,000 down. We have the potential of making 50 grand in the backend. What do you want to do?
Speaker 4: So maybe what I’m thinking is for our New York wholesalers, maybe we could do this either generally on the podcast or in the course, but what we could do is just say, hey, listen, here’s like a special email address that maybe you and I can come up with. And, you guys we’re just doing this on the fly, there’s no plan here. But I was just thinking, if maybe there’s a channel where people can reach you so you don’t get bombarded on your cell phone number. But, is that something you think we can put together?
Speaker 2: 100%.
Speaker 4: Awesome.
Speaker 2: We can have a special email account. We could have a special web form that goes into my Podio account. We can set this up multiple ways.
Speaker 4: Okay.
Speaker 2: That’s going to minimize my involvement upfront. I could have one of my assistants just look through and make sure it is a deal and then we get involved and start closing deals.
Speaker 4: Okay, so we are going to do that then. That’s going to be awesome. So anything else that you have on, I know one thing that we teach in our course is we tell students, hey listen, we want you to build your cash buyer list pretty quick. You guys, I’m sure that must not be an issue, right? I guess you have an abundance of cash buyers out there and investors or is that an issue?
Speaker 2: Yeah. So we have our list right now, it’s, I mean, they’re not all active. But we have 7,800 people that are on the list in all Nassau, Suffolk, Queens, Brooklyn, Bronx, and even some of Manhattan and definitely Westchester. We’re just building New Jersey. But the list is gold, right? So we have on that list about is probably about 10% of them that are active. And then of that, there’s about 70 who just have a huge vivacious appetite. Man, these guys just pick up deals and they’re buying. They’re buying at numbers that you know, they have their own means of getting things done. They must have extremely cheap labor on the back end for the rehab side. Cause they’re buying it like 80, 82 cents, 83% of of ARV. I don’t know how they’re doing what they’re doing, but they’re doing it. Some of them are holding onto the rental portfolio. So they’re, I guess making money. We’re making money. It’s a win win across the board.
Speaker 4: So what I want to say is, for all of our listeners, I want you guys, I’m going to ring the victory bell here cause I want you to remember this. So, you guys, every single guest that we have on this show that is crushing it, every single one without exception has a huge, tremendous fresh cash buyer list. So Billy just said 7,800. Guys, that is the key. So if you want to have a big healthy wholesaling business, it’s only the guys and girls, it’s the wholesalers who have the biggest cash buyer’s list that win every single time. So just an important point, not to miss what Billy just said there.
So Billy, this episode is, this is one of the best podcasts I have recorded in a long time. I love it because you’re so knowledgeable and you know the right answer. Anything else that you would suggest for a new or even a seasoned wholesaler in especially New York state? Anything else that you would suggest as far as things to watch out for or things to do that maybe is a little bit more unique?
Speaker 2: Well, you know, I don’t know if unique wise, but you know it like I do, they have to track their marketing. So you have to make sure you know your KPIs. Know your key performance indicators. Know how much it’s costing you to get the phone to ring. Know what your conversion rates are when you go to the home and meet with the sellers. And really brush up on your sales skills. It’s not like it was 10 years ago, where you can go out to a seller’s home and you know, within 15 minutes you get them sign the paperwork and you’re walking out of there with a deal. It’s competitive. And I don’t want that to scare people. Competition is great and I collaborate more than I compete. I have deals all day long where we’re going against guys we know and we just, listen, we all work together. We make sure that the seller wins and everybody that’s involved with the deal wins. It’s a collaboration, not a competition.
Speaker 4: Yeah, I love that and that’s one of the biggest things in our tribe is there’s no such thing as competition, only collaboration. But I agree with you, New York, you have to have a little bit of a, you know, iron sharpens iron. I get it. So this is awesome. So we are right at 20 minutes. So I don’t think we’ve ever had a podcast so jam packed with so much gold and it’s so powerful.
Speaker 5: Excel dude, this is super fast.
Speaker 4: Oh bro, we’re in and out. Yeah. This is the no fluff, no BS zone. Let me ask you this, one last question. We are a tribe of reading rhinos. Everyone loves to read and we love to read and our rhinos love to read. Any books, one, two, three, 10 that you would recommend and say, hey, if you’re going to have success in business or at wholesaling or in life, these are some of the books that have really touched my life or really have made a difference. Any suggestions there?
Speaker 2: Yeah, great books. So the one thing, a lot of people that are in this business, because entrepreneurs have a hard time doing is focus, right?
Speaker 4: Right.
Speaker 2: Gary Keller, the one thing [inaudible 00:22:14] in a book. Yeah.
Speaker 4: Yes!
Speaker 2: Just a phenomenal book to get yourself in line to really focus in on that one thing to get yourself as a wholesaler to the absolute highest level you want to achieve to. And listen, not everybody wants to go out and make $1 million a year. Whatever your number is, where ever your number is, you can achieve it if you focus on the one thing and the right thing on a consistent daily basis. You do that, you follow Tommy’s lead, you’re going to win. If your number is 50 grand a year, no problem. A 100 grand, not an issue. 500,000 and every incremental number you’re going up and you just have to change course a little bit and change what you’re doing and re-hone in your focus on what matters because the higher up that ladder you go, the more crazy crap is going to go on in your life and you have to condition your mind, condition your body on a daily basis to stay focused and plow forward and keep moving.
Speaker 4: Woo! I love it. I couldn’t agree more. Gary Keller, the one thing Mike Michalowicz talks about in the Pumpkin Plan, rhinoceros success. Scott Alexander talks about it with Charging At One Thing. Totally agree with Billy, 1000% on that. The Scripture tells us you can say to that mountain move and with enough faith it’ll move. It doesn’t say the mountain range. So one mountain, laser-focused. I love it. Great advice. Awesome. Billy, you are the bomb brother. I love it. This is such a great episode!
Speaker 2: I love your energy, Tommy. You are full and I’m an energy guy. I love your energy, my man! Thanks for having me on.
Speaker 4: It’s awesome. Thank you so much. We are going to definitely have you on again cause I want to know what you do at Q2 and thank you so much for sharing your insight with the tribe. I know this is going to have, there’s doubt that this episode is going to generate 10,000 questions from our listening audience and from our rhinos. So we’ll hopefully have a recap episode or another, a followup episode to kind of answer some of the more detailed questions I may have missed. So awesome. Thank you brother. Thanks for doing this and we’ll talk soon.
Speaker 2: My pleasure.
Speaker 4: All right. Bye bye.