This is a detailed Training and Case Study on a Commercial Rehab Deal. We go through commercial deal valuation, deal structure, commercial rehab financing, various Rehab Incentives that you might be overlooking, and how they turned this deal from a total lemon into a home run! Watch, take lots of notes and share with your friends!
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Hey guys. Daniil Kleyman here. I’ve got a really awesome case study that I’ve just recorded for you about this beauty right here that I am currently working on. With Rehab Valuator
and our community, you’re getting access to something that I think it unique unlike most people out there that are teaching real estate or coming up with products to sell you, I’m actually out there doing deals. I’m a full-time real estate investor and developer and I’m a pretty open book in terms of how I do business. I love what I do and I love to share what I do. I really don’t hide any information. When I’m doing deals, I love to record these case studies and show you exactly how I’m doing these deals. These are pretty great learning opportunities if you actually pay attention. Today we’re going to talk about creative financing, bank financing, deal structuring, various rehab incentives that you may have access to that you’re not even aware of. We’re going to learn about commercial deal evaluation and much more. Again, this is a very unique piece of content and I highly suggest you pay attention. Who should be watching this video? This isn’t really for wholesalers. If all you want to do is wholesale, then we’ve got plenty of other content at rehabevaluator.com/wholesaling. Now I will say that you can still learn from this because even if all you want to do is wholesale, you should understand how your buyers think. You should understand how your buyers value deals. If you want to wholesale commercial deals, you should actually still watch and learn the concepts I’m going to teach in this video. Really this is for you if you’re currently buying or you want to buy commercial properties, apartments, mixed use, office, retail. This is really for you if you like complex deals that others aren’t really willing to tackle. The money in real estate is often made not from the low hanging fruit, not from the easy deals that everyone else is bidding on but from deals that are hard to wrap your head around, hard to make happen, deals that not everyone necessarily understands or can figure out how to make them work. That’s what we’re going to talk about here today. Here is a fair bit of warning for you. This video is on the longer side. If you’ve watched any of my other case studies, you know we go deep here. There’s no bullshit. There’s no fluff. There’s just going to be hardcore content and deal analysis that you must be able to master in order to do these types of deals. If you’re impatient, distracted, if you’re short on time, then come back to this video later when you can focus 100% on the material. Otherwise, you’re wasting your time. I really don’t know anybody else in our space right now teaching this stuff. I really don’t know many people unfortunately in our space right now that are actually doing deals that are then teaching, especially for free. Pay close attention. A couple of interesting insights that you’re going to get from this deal and from this case study. We’re going to talk about how to use combination of seller financing and bank financing to make the deal work short term and longterm. We’re going to talk about how knowing all available deal incentives turns a complete total lemon, which this deal at first appears to be, into a great deal. You may have access if you’re rehabbing properties to tax credits, to local economic development incentives that you’re not even aware of and you’re leaving money on the table. We’re going to cover some of those today. Let me give you a little backstory on this deal. This is our local tax public record mapping tool. This is an area where I already own a lot of rental properties and do a lot of development. There is a block here where my partner and I have bought two of the three properties and we’ve been planning a large mixed use development that’s going to break ground next year. It’s these two parcels right here. One. Two. There’s been a stubborn property owner for the last three years who we have not been able to get to sell to us, which is this last third piece right here. We’ve basically given up on buying his property and instead we’ve designed a really cool building basically completely around his property. You can see here this is the building that’s going to be erected on this block. We’ve literally built it around this guy because we haven’t been able to get him to sell to us. Currently on that property there is a large piece of land and then there is a one story little law office which we’re going to tear down. The project that we have going up is going to be pretty incredible. It’s going to have 12000 feet of commercial space, close to 30 apartments. But you can see in our renderings, we’re basically just building around this ugly eye sore because there’s nothing we’ve been able to do about it. The guy has always wanted too much money and he actually hasn’t even wanted to sell because he was going to develop the property himself. You can see these are the rendering of the building that we have going up. Three stories. Really cool rooftop deck here with a fourth story kind of amenity space. At some point maybe we’ll even be able to do a rooftop bar here. Really great project but you can see in our renderings that there is this block here that we basically have almost given up on doing anything about. We were just designing our project around this guy. We’ve stayed in contact with the seller. Over the years we’ve just continuously followed up with him. Eventually we got him to the point where he said, “Okay, I’m willing to sell.” But his price was always really high. It’s not a price that I felt comfortable paying but because we are getting ready to invest $6 or $7 million on the rest of this block, we have been willing to pay him more money than I think almost anybody else. We struck up a deal. Let me walk you through the numbers of this deal. I should preface it by saying that this building is falling down. It has multiple structural issues on the inside. It’s completely gutted. It’s a shell. It’s going to need a ton of structural work, exterior work. Either it’s going to be actually more complicated than just tearing it down and rebuilding it. Again, we wanted to control the entire city block, which we now own. We agreed to a purchase price of $345000 with the seller. The building is about 4400 square feet. On a dollar per square foot basis, it’s a pretty high price to pay. But the seller was willing to seller finance the deal for two years with a possible extension at only a 4% interest rate with 10% down. That was a plus. We said, “Look, what you’re asking for is pretty high. That’s a very high price. $345000 for this building is in reality too much but we are invested in this block. We may be willing to pay you that amount but you would need to seller finance it.” With only $10000 down, he’s seller financing it at an interest only payment for two years and we put into a contract a possible two 6 months extensions to that balloon. He’s carrying back the note on the majority of the purchase. What this does is by getting him to finance in short term, it allows us to actually get our bearings on this project, put together a full detailed set of architectural plans, get construction bids, apply for historical tax credits which we’ll talk about in a second, and get permitted. If we took out a construction loan right away on this, we would be under the gun because the construction loan usually is 12 months max which would include all of our applications, permitting and then construction. By getting short term financing from the seller, it gives us breathing room to do this project currently. Then once our permits are in hand, our historical tax credit applications are in hand, we will then go to a local community bank that’s going to provide a construction loan and the construction loan after the construction is finished is actually automatically going to roll over into a permanent bank loan. They call it a mini perm because basically that they do is they give you six to nine months with interest only payments for construction. Then that loan rolls over into an amortizing loan over 20 years. The payments increase from being only interest only to amortizing payments. It’s a 20 year loan but commercial banks don’t let you have a fixed rate for 20 or 30 years because they’re not stupid. Usually in five or seven years that loan will have a call in it which basically means if the loan is in good standing then just renegotiating the rate with the bank based on where market interest rates are at that time. The bank always wants to be in first position though. When we put the bank loan in place, we would have to take out the seller and pay off his note either with proceeds from the bank loan or with our own cash or with some kind of a combination of that. I hope that makes sense. There’s a short term loan from the seller. Then in order to actually renovate the building, we will bring in a bank and we will have to take the seller out and pay the seller off. Typically local community banks will finance 85% of the cost or 80% of after repair value, whichever is less. Now this refers to my lenders community banks are all different. Credit unions are all different. Their lending criteria is different. Even in your town you will have five or six different banks with completely different criteria. This is not a rule of thumb for all of them but this is a rule of thumb for my lenders. Step one, what I need to do here is run some numbers to see how much the new bank loan will cover. For that we need to value this deal. Let’s talk valuation. You with me? For any deal analysis of rehabs whether it’s residential or commercial, even if you’re looking at a single family house, you need to start with the end in mind. What is the after repair value? That should be your starting point. What is this property going to be worth when the renovations are finished and either I’m ready to sell this or I have it leased out and it’s fully stabilized with tenants? For commercial deals, valuation is completely based on projected properties’ income. Here is a very simple formula for commercial deals. ARV after repair value equals NOI, which is the net operating income, divided by the market cap rate. ARV, after repair value, when the property is renovated, leased, and producing income. What is the value of that property? NOI is the net operating income. Net operating income is simply annual gross operating income, which is your rent minus your operating expenses. Your operating expenses are all the expenses required to run this property. Maintenance, landscaping, legal, real estate taxes, insurance, pest control, utilities, etc. etc. etc. Net operating income is what your property generates before paying the debt service, paying the mortgage and taxes. Cap rate, which stands for capitalization rate, it is the rate of return a property generates before any leverage is applied. Before you take financing into account. Let’s say you buy a property for $100000. It produces a net operating income of $10000 a year. That’s a 10% cap rate. You with me? Market cap rate, it’s the cap rate at which similar properties are trading or selling. The higher the market cap rate, the lower the valuation. The rule of thumb is you want to buy at a high cap rate but you want to sell at low cap rates. Let’s look at at example. Property generates $100000 in annual NOI. Its market value at 8% cap rate would be $1,250,000. At 10% cap rate, $1,000,000. A 12% cap rate, $833,000. If I’m buying, I want to buy this property at the highest cap rate I can because that gives me the lowest price. If I’m selling, I want to be able to sell at the lowest cap rate possible. Or if I’m getting this property valued. If I’m going to a bank and saying I want to borrow money to renovate this property, I want to be able to tell the bank market cap rates are low. I want to be able to justify as low of a market cap rate as I can because look at this formula. That gives me the highest valuation. Make sense? Let’s determine the after repair value of this mixed use project. If we log into our rehab evaluator account, and if you’re watching this video you should already have a light or a premium account. If not, you can create a free account with this software and you can do all of the analysis that I’m going to show you even with the free version. The premium lets you do a lot more cool stuff but even with the free version, you can do most of the analysis that I’m getting ready to show you. When we log into rehab evaluator I’ve got a deal here that I’ve already prepared. I’m going to click view. I’m going to walk you through my thought process on this deal. I want you to see how commercial values are calculated and then from there how we determine how much of the deal we can finance. Then I’m going to show you how I actually make a presentation to my lender. If I go in here, I’ve already entered my purchase price for this building. I’ve just entered some assumptions for my closing and holding costs. I’m ball parking that my rehab is going to cost $400000. Now as I start getting some bids, I’m going to go in here into detailed input which I can do with the premium version and start putting together a detailed rehab budget for this project. For now, I’m just ball parking the renovations at $400000. What I want to do first is I want to go the extra strategy to hold and rent analysis because that’s what I’m going to do. I’m going to hold this deal. I want to determine the after repair value. It’s actually pretty straight forward in this software. The first thing I’m going to do is I’m going to ignore all this other stuff here and I’m going to click enter projected operating income. What I have here is four apartments upstairs that are going to be … they’re going to be studios. I’m projecting that they’re going to rent at $799 each. Then I have one commercial space here, 2200 square feet and I’m projecting $3500 in rental income for that commercial space. I’m going to enter an 8% … to be conservative I’ll enter a 10% vacancy here. I’m going to click update. This you can see, I can enter all sorts of different units. I can enter it completely different unit mix and I can add even more units here if I want to. This is a very flexible platform where you can enter hundreds of different apartments and units and commercial spaces if you want. I’m going to click update. Then I’m going to project my operating expenses. You can see what I’ve entered here. I can enter my operating expenses as $1 per unit per year. I can enter them total monthly or total annual. I’ve entered some assumptions about my operating expenses here, monthly insurance cost, monthly maintenance. It’s going to be a brand new building so my maintenance is going to be fairly limited in the first couple years. Property taxes, utilities. I can enter whatever else I need. There’s no grass so there’s going to be 0 landscaping. Shouldn’t be any janitorial expenses either. Then my legal costs are paid by my umbrella company. Again, when you go in here you can add all sorts of other items if you want at the bottom. I’m going to click update. Here’s what we do from here. I’ve entered what I thought was the after repair value here. $600000. Based on this number, my cost of the project and my operating income and expenses, I have my cap rate here. Cap rate based on cost basis. But this is cap rate based on after repair value. At $600000, this would be my cap rate. What I’m going to do is I’m going to adjust this number until I get to about 8%. I think 8% is an extremely conservative cap rate, meaning I could go lower. But what do I need to do to get to 8% cap rate here? You can see $700000 puts me at about 8.8 so I’m going to go a little bit higher. Actually what I’m targeting is going to be a 7% cap rate. That’s the cap rate that I want to be at. If I go to $800000, that actually puts me right at 7%. Let’s leave it there. I’m going to say the after repair value of this building is $800000 which puts me right at a 7% cap rate which I think is market. That’s pretty on point. What do we know? We know that this deal costs $345 to buy, $400000 to renovate. My total all in cost at the end of this rehab is going to be $748000. I think the best case scenario for my ARV is $800000. Let’s review that really quick. If you’re paying attention, you’re probably saying hold on a second. Let’s run this math again. My purchase price is $345000. It’s going to cost me $400000 to renovate this building. I’m going to have another $26000 in closing, holding, financing costs roughly. My total cost at the end of this project is going to be $771000 but my ARV is only $800000. Again, if you’re paying attention you’re saying, “Wait a minute. Something here doesn’t look right. Why are you even doing this project?” My equity best case scenario … and rehab can potentially overrun $400000. My equity best case scenario is $29000, 3.6% sweat equity when I’m done with this deal. This is incredibly low. This doesn’t make any sense. Right? Again, why in the hell am I even doing this deal in the first place? Seems weird, right? I’m going to do all of this crazy work and I’m going to have almost no equity whatsoever. Wouldn’t I be better off buying something that’s already renovated? If I’m going to be at market value, why do all the work just to get to market value? There is a method to my madness. This deal qualifies for federal rehab tax credits, state rehab tax credits, enterprise zone credits, and a real estate tax abatement. Let’s talk about that. Federal rehab tax credits. 20% of my qualified construction costs, and the numbers here I’m using are just illustrative because in reality not all $400000 of my construction will qualify. Then I can tack on a developer fee. There’s some intricate details to how to do these deals. But I want to give you the broad picture so you know these incentives are out there. I can get 20% of the $400000 back as a federal tax credit, which offsets my tax liability one for one. Not my income. My tax liability. So $80000 I get back as a federal tax credit. State is another 25%. I’m going to get another $100000 back as state income tax credits. I can sell these in the secondary market if I want at 80, 85 cents on the dollar and get cash right away. Then this happens to be in an enterprise zone. I can get another 20% of $300000 back as enterprise zone credits. That’s a cash payment. That’s another potential $60000 in cash that I get at the end of this deal back. Then there’s a real estate tax abatement. In Richmond city, if you renovate an existing property, what they do is they come in, they appraise your property in the beginning when it’s in really rough shape and that is what you pay your taxes on over the next 10 years. Even though I’m vastly going to improve the value of my property, I’m not going to pay real estate taxes on that improved value. That’s equivalent to about $48000 over the next 10 years additional. Let’s run this math again. $29000 in equity plus $180 in tax credits. Another $60 in enterprise zone credits. My new equity from these incentives is $270000. That’s pretty good. Even Stallone would be proud of a 33.6% equity position. Let me quickly show you how to present this deal, how I’m presenting this deal to my banker to make sure I get funding. I’m going to give you more info exactly about where to go to find information on all of these tax incentives I outlined below to see if your deals qualify because you could be leaving a lot of money on the table right now. Before I put together my presentation I need to finish my analysis. I need to determine exactly how much I want to borrow from my bank in order to rehab this property. I’ve got my purchase price. I’ve got my rehab budget in here. I’m projecting it’s going to take eight months to rehab. I’m going to go in here and I’m going to switch to financing. I know that the bank will lend me up to 80% of ARV. If I go here, exit strategy 2, I can see the maximum that can be financed is $640000. Here’s what happens. Again, this is complicated so I hope you pay attention. The bank will give me a loan. It will be a construction loan. Then that loan will automatically roll over into a longterm amortizing loan. How do I model that in the software? This is where we get advanced now. I’m going to go in here and under refi I’m going to click yes. Effectively even though we’re not doing a manual refi, this loan effectively refinances itself from an interest only loan here to an amortizing loan. At the same rate amortizing over 20 years, there’s no point to pay because it automatically rolls over into this loan. If I borrow $640000 in my construction loan, that’s going to be the principal amount of my new loan that I refi into. I have to do a little bit of math here because right now this says refi loan amount is $400000. In reality what I need to do is I need to take $640000 divided by 800. That’s going to be the percentage of my refi. This is a little bit complicated but it allows me to exactly model out this deal. If we take $640000 and divide it by $800000, that means I’m refi-ing 80%. It’s the same percentage as this. All I’m doing is I’m actually taking this percentage and plugging it in here so that my refi loan amount is the same as my construction loan amount. Here’s what I’m going to get if I take on this much money in order to refi the property. My cash out at refi is 0 because again I’m just rolling over an existing mortgage. There’s no profit. There’s no ROI on cash invested because again I’m just taking an interest only loan and converting it to an amortizing loan. My monthly cash flow is going to be $720. I’m going to end up having $138000 tied up in the deal because what’s going to happen is the loan is going to come in, pay off my private seller, and I’m going to have to contribute more cash in order to renovate the property. Here’s what I don’t like. This is what tells me I can’t actually take on this much financing. My debt coverage ratio is only going to be 1.18 which means that my banker won’t even give me this loan. What this tells me is I’m going to have a very, very thin margin before my income can’t cover my new debt payment. Debt coverage ratio is how much income am I getting versus what is my monthly mortgage payment. I’m only getting with this loan scenario 1.18 times the mortgage payment. That means if I have a single vacancy, if all of a sudden one of my four apartments is vacant, I can barely cover my debt service. I hope you’re paying attention. This is important. What do I need to do? I need to go back and I need to reduce my loan amount. Instead of borrowing $640000 what we’ve actually decided to do is when it comes time to renovate this property, we’re going to go in and we’re going to pay off the private seller, the seller finance note with cash. Then we’re going to borrow the amount of the rehab. We’re going to borrow just enough to rehab this property. I’m going to drop my max percent cost to be financed to 50% of my after repair value. All of a sudden if we go here you can see that what I’m going to be borrowing is going to be $400000 which is my rehab amount. Now all of a sudden you can see as I adjust my refinance number my monthly cash flow when this property is built is going to be $2200. That coverage goes up to 1.88. That means this is going to be a healthy loan for my banker. Anything over 1.3 banks are usually pretty happy with. My banker is going to be happy to see 1.88. Now I’m going to have quite a bit of cash into this deal but remember I’m going to get a lot of this cash back as tax credits and enterprise zone credits which is not taken into account here. Now all I need to do is put together a simple presentation to send to my banker. Let me show you how to do that. To generate the presentation for my banker it’s actually going to be pretty simple. I’m going to click view reports and I’m going to select these three reports, cover page, executive summary, and marketing sheet hold. I’m just going to use those three. I’ll show you instead of selecting the private lender funding request why the marketing sheet is more appropriate in this case. Cover page. It’s going to have a picture of the property, my logo. Then this new report that we just came out with, executive summary. I can add additional text here. Then the marketing sheet hold. Let me show you why the marketing sheet makes more sense. This is going to give a better picture of the deal to my banker. After repair value, this is what I’m paying, this is what it costs me to rehab it, holding/financing costs, total project cost basis. Total amount that I’m going to finance. How much cash I’m putting into the deal. Then I’m showing what the property will look like once it’s stabilized and once we roll this loan over into the mini perm. You can see I’m determining my ARV based on my cap rate of 7.2%. This is how long the renovation is going to take. The new loan amount once the building is stabilized, my projected monthly cashflow and then the debt coverage of this new loan once it becomes an amortizing loan assuming 4.5% and 20 year amortization. This gives my bank a full view of this deal from purchase through construction through when that construction loan becomes a permanent amortizing loan. For these types of deals, this is what I send to my lenders and a couple of other pictures. I’ve actually inserted some pictures of how this building used to look a few decades ago. All I have to do now is click show PDF and it’s going to generate this presentation for me. This is what it looks like. Cover page, my executive summary with a map, and then my financial summary of this deal. This is exactly what my lender needs to see, how much money am I looking to borrow, what percent that is of the after repair value and what the debt coverage rate is going to be of this new loan that the lender is going to make me. I hope this makes sense. Again, this is a pretty complicated deal structure. This is not your typical rehab and flip. If you have questions, post it in the comments below. I’ll answer any of your questions in the comments below this video. Obviously from here I can simply click get unique link and I can actually email this directly to my lender. When my lender pulls this up, I simply email him this link. My lender opens his email, pulls this up, and now actually my map is interactive and my executive summary, he can look at exactly where this deal is located, what it’s near. This is pretty cool. This is what’s there right now. This is the land that we bought first, then the law office that’s going to get torn down. Then we can even do street view. It’s pretty cool. This is the building right here that we’re going to finance. Here you go. There it is. My lender can do all of this just from this link that I’ve sent him. Then of course all the numbers in the deal. This is incredibly, incredibly powerful. If you send this to your bankers, they’re going to be blown away. I can supplement this with a detailed rehab budget if I have it, picture of the property, and all sorts of other reports to supplement my presentation if I want to. All right. Let’s review. We bought the deal for $345 with seller financing projecting it’s going to cost around $400000 to renovate, potentially even more. Closing/holding/financing costs around $26000 brings the total cost basis to around $771000. My after repair value is $800000, which means I’m only going to get $29000 in equity. But we’re getting federal and state tax credits, enterprise zone credits, which bumps up my equity by $269000. Now my total equity position is over 30% when this deal is complete. My cash setup on the deal is $371000 not counting the money I get back from my tax credits and enterprise zone credits. If I take all those incentives into account, my real investment into this deal is only $111000. Property is going to generate monthly cashflow after all expenses and management fees, everything, of $2239, which means my annual cash and cash return is going to be over 24%. That’s pretty good. If I can execute the deal correctly and these are the true numbers that we end up seeing, then this is a home run deal. My initial equity position is over 30%. I’m generating over 24% return on my cash. I’m amortizing my note pretty quickly because it’s on 20 year amortization and not only that but because this sits in a block where I own the rest of the properties, this is going to improve the property values of the adjacent projects that I’m working on. Some takeaways that you should be getting from this, start with the end in mind. Like we talked about, everything depends on your final building value, which in this case for commercial deals in turn depends on income. Look at the project debt coverage ratio when it’s going to be fully stabilized. You may be able to borrow $1 million based on after repair value but the property maybe can only support half a million dollars in debt. The debt coverage ratio is a hugely important sanity check to see how much you’ll be able to borrow. Finally, hidden incentives can turn the pig into a prom queen as you’ve seen here. Know your market. Research every carrot offered to investors and developers. They can be a game changer and there can be a lot of different incentives that you’re not even aware of that you could be taking advantage of right now. Let’s talk about it. Let’s talk about tax credits. Big word of caution on tax credits. They are highly regulated by state and federal agencies overseeing them as well as the IRS. These are income tax credits and so it’s not something you want to mess with. Care must be taken to make sure that your rehab follows very specific guidelines the department of historic resources and national park service sets and that all costs have to be very accurately accounted for. They require independent CPA certifications now of all your rehab expenses because there’s been a lot of cases of people lying about how much money they spent and getting more tax credits than they’re eligible for and going to prison for it. This is a very serious thing that you have to be very careful about and do everything by the book if you’re going to apply for historical tax credits. Get educated on these thoroughly, make sure you’re doing everything above board before pursuing these to make sure you stay out of trouble. Federal rehab tax credits, this is the website for it. If you just go to NPS.gov/nationalparkservice, they oversee federal rehab tax credits. But I suggest you actually start with your local state preservation office before working on federal credits. Your state rehab tax credits, if you just google Department of Historic Resources in your state or state preservation office in your state, you’ll get the website of your local state preservation office. Then look for a map of designated historic districts to see if your property sits in one of those historic districts to see if it’s eligible. If it is, then look on your website. There’s going to be a contact person that you can reach out to at your local state preservation office that you can reach out to for questions and guidance and you can download application forms. The other thing I would suggest is if you’re going to pursue these, there are probably consultants in your town that specialize in historical tax credits if your town has districts that are eligible for historic tax credits. For all of my projects, I hire a consultant to put my applications together, put my paperwork together. It costs me a few grand. It saves me a huge amount of time. Ask around. There are probably people in your local town that specialize in applying for these credits. Enterprise zone, tax abatements. By the way, these are just ones that I’m taking advantage of. There could be different incentives in your town that I have no idea even exist, that don’t exist in my market. Enterprise zone credits. Reach out to your local county economic development office and ask them, give me a list of all economic and tax incentives available to people that renovate properties, to people that do new construction, to people that invest in this area. They’ll give you a list and they’ll give you information about all of them. Real estate tax abatement, again, this is something that primarily exists in places with older housing stock. Best place to start is going to be your local county tax assessor’s office. Call them and say, “Hey, are there any incentives? Are there any programs in place that incentivize redevelopment of property where you freeze property taxes?” They’ll tell you. I hope this has been eye opening. What to do next. If you have any questions, comments, feedback, comment below this video. I’ll answer all questions as best as I can. Share this case study using the buttons below if you’ve enjoyed it. I’m sure a lot of your friends will probably get value out of this as well if you have. Finally, if you do not yet have access to the Cloud based rehab evaluator, premium software that I just demonstrated for you, you can still lock in a pretty laughably low price if you go to rehabevaluator.com/pricing and you get pretty crazy amount of bonuses just for signing up. I really don’t know how you could be doing these deals without a software program like this, so obviously I recommend if you don’t have the software yet you sign up right away and you’re going to lock in a low price for as long as you have the software even as we raise prices, release new features, you’re going to be grandfathered in. That’s it. I hope you’ve enjoyed this. Thank you for watching.