Playing Outside the Sandbox to Scale your Portfolio with Sarah Larbi

 

Francois: Hello, REITE Club, Francois Lanthier, co-hosting with Katherine from The REITE Club. Today we're gonna have an awesome guest we've reversed, I guess the tables or the seats, Sarah Larbi co-founder of The REITE Club is in the hot seat today. Katherine, what's new with you? What's happening?

Katherine: We've got some exciting things that are going on. When I came on board with The REITE Club, I guess three and a half years ago, I didn't really know anything about real estate investing and now I've started to jump in and I've got three properties and we're carrying on from there and I'm looking to see that grow. There's some exciting things happening and I'll tell you, listening to Sarah, watching her journey, and what it is that she's doing now. She is a true inspiration.

Francois: Absolutely. I can't wait to hear more and our listeners will really enjoy it today. There's some golden nuggets in there on how to expand. A lot of people are doing the BRRRR strategy, which is amazing. That was Sarah's success story in part. And how do you expand from there? Cuz at some point it's fun, like you'll see Katherine now you're at property three or four, and then eventually it's oh, I wanna do something bigger and you grow.

And how do you scale from there? Sarah shared some insights. How did she go from adding basement suites, duplex conversions, to building townhouses to now a resort that's quite a project. I'm sure you'll agree. As Sarah shared some great tips and tricks on how to get there and how to have the mindset and it's not for the faint of heart.

Let's be honest, Katherine, you have some experience with hosting people so it's fine but challenges as well. Great opportunity and great responsibility. I sound like Spider-Man.

Katherine: No, but it's true. And actually that's a really good analogy because of the way a web crisscrosses and all the different angles that are in there. That's truly what it is that comes about. One of the great things that Sarah does is she shares the insights of how she gets there. She shares the fundamentals of the "how to" and the who, what, where, when, why and how, and this is just the start of her journey. I know that this is not the first podcast that we'll be having her on with regard to this particular BRRRR strategy growth that she is on. I'm excited. Shall we get to it?

Francois: Yes, let's get to it. REITE Club, make sure to give us a rating, review positive, please feedback. We'd love to have your feedback. If you'd like to be featured on our podcast, please make sure to message none other than Katherine here. What's the best way? If you wanna be featured on the REITE Club.

Katherine: Actually, if you'd like to send us an email to grow@thereiteclub.com, that would be great. We do have a little bit of a wait list. I do have to say that's good and which is nice. Will send you a podcast recording, link you, book in your schedule, your date. It's nice and we do release our podcast every Friday. There's a new release every Friday, and sometimes we do have some special releases and those are generally released on Tuesdays.

One of the things that I'm really excited about, I think we're a little bit shocked, is that we have just found out that we are in the top. The REITE Club podcast is in the top 1.5% of global podcasts. And that's 2.7 million in change podcasts around the world. And the REITE Club is in the top 1.5% and that's pretty awesome.

Francois: That's amazing. With great hosts like we have on The REITE Club podcast. It's no wonder, so let's get to the interview and hear from Sarah Larbi and hear about her ambitious resort project and BRRRR project as well. Enjoy the episode.

Katherine: Welcome. We have Sarah Larbi, one of the co-founders from The REITE Club with us this evening. She has been busy the last, I guess seven or eight years? You've really taken everything from just learning about financing into retiring within seven years. And now you're into resorts. Tell us more, Sarah, what are you up to these days?

Sarah: It's fun to have the tables reversed and be on the hot seat. I shouldn't say it's fun, but it's gonna be interesting. We'll see what happens. I'm just kidding. I'm sure you guys will be great co-host. I've actually been pretty busy like you said, Katherine, I retired in October. I'm still technically doing stuff and buying properties and whatnot. But I will retire from the nine to five job, October of 2020.

I actually didn't even have a plan that night. I was just like, you know what, we'll see what happens. My current portfolio was doing fine. I took some time to think about what I wanted to do next. Why not? And I was 36 and I don't think I could do nothing for the rest of my life, but I really wanted to have that freedom. I'll tell you with freedom and with more time actually comes new opportunities and opportunities that you probably wouldn't have been able to even consider, or that may not have been presented to you if you were still busy doing a nine to five.

I think it really actually opened some new doors and then I got into some development and now I'm doing some bigger conversion projects for the BRRRR stuff and building a resort and everything in between, but it's fun. It's their passion project at this point.

Francois: I love it. What you said taking some time off to reflect is very important in anybody's journey. It's important if you're always busy, you don't see, as you mentioned, what's going on and what's happening and what are the opportunities? You mentioned a resort and I think you're partnering with some important people in your life as well.

As you mentioned, those opportunities, probably you wouldn't have been available with a nine to five and all that. Can you tell us more about that partnership to build that resort? How did this come about and all the details you want?

Sarah: Before I actually left my job. I was working at a great company, but before I actually left, I hired Harry James who was on my podcast a couple times and spoke at The REITE Club a couple times. I'm just like, he's got 30 plus years of experience, a ton of development experience, just something new. I didn't know anything about it.

I just love the philosophy that he's got on and really customizing his life and everything else. And so I just asked him. I don't know if you do this at all, but I would love to spend extra time with you. I hired him as a mentor. I don't know if he thinks now he has a couple people that he does this with, but I don't think it was a thing in the past.

He was nice enough to let me come into his circle and started learning about developments. And then I decided to find a deal, called some realtors and negotiated actually a great piece of property and it became some six townhouses that were sold out in six minutes, cuz they're duplexes and they actually have cash flow and there were a good deal.

They sold really fast and from there, it started looking for more opportunities. The resort specifically came because I ended up finding this other marina. It was like a trailer park marina. This actually would be cool and started looking into it, made an offer and then on due diligence realized it was in a floodplain and everything was grandfathered. It would not have been grandfathered in.

All the trailers were like technically not legally supposed to be there anyways, lots of problems. But it got me thinking about something unique, something new and the whole resort thing. I started searching on MLS, like specific zoning for resorts and actually found it was on MLS, a five acre piece of land. It was on the water on shadow lake and decided to get it under contract with a VTB as well. I said, hey, Harry, and Joe's the builder he's been building for 30 plus years, Harry's partner as well. Come in with me on this project. And let's have some fun, let's create something unique and they thought I was crazy in the beginning. They really did.

I think they're gonna be excited. They're happy now. I think they're excited about it all, but that's how it all came about. We just found the right land with the right zoning. We didn't have to rezone. And also ultimately you just get the building permits and you can start building.

Francois: That sounds amazing. I love that you use Other People's Money. A VTB for those maybe newer, what is a VTB and how does this apply? Is it the full amount or what's going on with the VTB.

Sarah: I think this was listed on the MLS for 1.29. We offered 1.1 back and forth a little bit on that. And a vendor take back essentially is when the seller is the bank, they are the lender. And so he was open to it, but when you buy more complex properties that can't be financed as easily, such as land, this was raw land minus a house that was completely decrepit.

We actually just tore it down this week, probably one of the worst houses I've ever seen that was open to the elements for the last like 20 plus years old resort. You can only imagine the kind of mold and everything that was inside that house. That was not financeable. It was either going to be private money to close on it, our money to close on it. As we all know, if you don't have to use your own money and you can use other people's money, then why not? But he was open to it.

I think he's doing a VTB for 850.. And then the rest we paid cash to close on. It's a two year VTB at 5% interest only payment. And then there's two pieces of land, an acre and another acre next to it. That was something that we purchased for 450 and that's a residential lot. We're gonna be building a big cottage. That's gonna be part of the resort, but it's still on the residential type of zoning. We're probably gonna make it like a 20 person cottage next to it. We bought that lot next to it as well.

Francois: Very smart, the plan, your expansion as well. This is something you see a lot in shopping centers. Oftentimes there's like the mall, the enclosed mall, and then all kinds of land around it. Is that something else you've planned for your resort? What are their phases or how are you building it? Like one time and you're building a whole stretch.

Sarah: According to Harry, if it was up to me, it'd be done in three months, but that's impossible. I know it's not realistic. It is gonna be about a five year project. And so phase one, it's based on the septic tanks, we could do one septic for three cottages. I think it's just gonna make the most sense to do three cottages at a time, cuz that's the one septic and just easier to plan those out.

We'll have three cottages by the summer and obviously summer is the high season. That's when you can get the big bucks. We're gonna stop and we're gonna do three more either in the fall or in the early spring of 2023, and then we're gonna get to nine cottages. We're gonna get into the woods, five acres, maybe four and a half acres of wooded tree land. We're gonna have some cottages in there as well, but when it's all said and done, it is a five year project.

We're gonna have a main reception area. You can have your weddings, your parties. We're gonna have an infinity pool. We're gonna have a rooftop gym. We're gonna have some cool little pods in the woods. It's gonna cost a lot of money. It's gonna take many years, you do it in phases, but I think it is going to be completely different than all the other resorts. For me, there's very little amount of resorts that I would wanna go to in the cottage area, rather than renting a cottage.

There's one resort. This is in the cottage area, but the resort in Pickton is beautiful. They charge like a thousand dollars, $2,000 a night, but it is nice and high end. I think this is gonna be the same concept that we wanna do. We wanna do a high end concept. To be honest, when I'm going somewhere and I wanna take a nice vacation I go to, if I do an all inclusive, I go to an adults only resort.

Adults only, it's calm, it's a different atmosphere. That we're actually gonna do an adult only resort concept at ours as well. It'll be 16 plus so people can get away right. Can get away and really, truly relax. There's lots of resorts for kids. We love kids, we do wanna have something completely unique that somebody can go to and feel like that like adults only type of experience that they would, if they go to Mexico or Dominican or something like that.

Francois: That sounds amazing.

Katherine: That's awesome. When you're talking about cottages, there's a lot of different visuals that people come up with when they hear the word cottage. How many bedrooms you've mentioned higher amenities. You're comparing this to wandering down and picking in, which I know is absolutely gorgeous. It's a stunning resort. And you're also on shadow lake. With the lake, what kind of boating and water recreation activities is this? four seasons, is it just two or three seasons? What's going on here?

Sarah: We're gonna actually make them year round and some of them are gonna be themed inside. Outside, they're gonna look the same, but then inside they're gonna look different. If you go, for example, like the winery in Ontario, in Niagara because you've got the backgrounds and you've got some like Instagramable specific pictures that people go to, get pictures of themselves. We wanna do something like that with the cottages, so that people have that Instagramable space. And that they're at Inspire beach resort when there are adult cottages.

I think the other concept, and, again, it's fluid, it's always evolving, but the concept of having different themes inside the cottages, if I'm going somewhere and I have a great experience at a Canadian cottage. And next time I wanna go back and I wanna go to the winter Wonderland cottage. It's a whole different experience. But it's easier to get clients that have a great time to come back another time and try a different experience versus the same thing over and over.

For me, when I go to an all inclusive, I wanna try something different next time. I don't like to, again, it's not everybody that's like this, but I don't wanna go back to the same all inclusive resort, cuz it's gonna be a very similar experience. If the inside of the cottages are different, that they're themed differently, it actually would be a different experience to try a different cottage next time.

Francois: It's a bit like the Disney world concept. I know we're not talking about kids but that's why they have several parks. There's Epcot, there's a magic kingdom and each has a bit of a different flavor. and that's why you're able to fork out $300 a day. I think it is now per person. And you don't mind spending that money. A higher end experience does command a bit of a different experience, still in the same spot.

That's awesome. You like the amenities, the location, but you're still experiencing something different. Very smart. You're doing some phases, construction. You're talking about septic systems. That all sounds quite complicated. You have a solid power team to do all that.

Sarah: That's the beauty sometimes of partnering with partners who bring something different that you don't have to the table. And so Harry Joe and I in a way, like we are like a great trio because, I'll come up with some concepts and Harry helps us well with the concepts. The management part will likely fall on me overseeing a lot of it. Harry brings a lot of the private money that he's had with many of his projects over the years which helps for the build. And then Joe is a builder and he's got a team ,he's been in construction forever.

I think the three of us together really can create something absolutely unique and we can make it happen as well. We were just in a restaurant like a local restaurant nearby because right now it's still raw land. When this air is obviously built, we're gonna be building very quickly because we have the team to do it, but she was shocked at the fact that we're gonna have three cottages in that short amount of time.

We have a lot of their internal resources to be able to do it. We're not having to find a contractor and find the trades. A lot of this stuff is in house. And then to go back to Katherine's point, so these are all gonna be two bedrooms. They're all gonna fit six people in there, six adults. They're all gonna have their own private hot tub per cottage as well. I don't like the communal thing called me, like for me personally, I like my own stuff.

One of the things that sometimes you see, not only that, but I also like my own privacy. I figure, if I'm my client or somebody similar, they like their privacy. They wanna have a good time. They wanna experience the upscale options, we wanna have a mobile RMT service. We wanna have a mobile, food, the chef that can come and bring some food. Like we don't have the restaurant on site, but we wanna be able to have those services, which I love delegating.

People like for example, I have a mobile RMT. I have a mobile chef and I love that. And so why don't we give that experience to the guests as well? And then on top of that, I think we do have an opportunity to cater like corporate groups and events. When I used to work at lavas, we used to spend a lot of money booking entire areas where we would have a team meeting and then we have the activities.

We could do all of that on site for example, like ax throwing, we have mobile ax throwing that's coming for a retreat that we're doing, and it's like many other things like that. You can bring everything on site, have a great experience. But catering also to not only people that are looking for just a different type of experience for a cottage getaway, the micro weddings, the corporate events, that kind of stuff. I'm looking forward to actually organizing and planning all of that. Of course I delegate a lot, so I will have a team.

Katherine: That's awesome. That sounds like so much fun. And I love the fact that you are four seasons especially being on the lake, that gives you so much opportunity for skating, and I can just envision something like with the with the hot toddies and the marshmallows after the ice skating, but yet again, beautiful stargazing with a crackling fire and maybe some acoustics that are there in the summertime. And with some wine tasting, something with that fluid that way, I think that's awesome. Your timeline, what is it that you're looking at opening? So like you just said shortly, but what does shortly mean?

Sarah: We have our retreats in August, so August 9th to 11th, so we better be done by then. But for the retreat, cuz we're gonna have about 40 to 50 people. Actually we rented a local hotel nearby, so everybody's gonna get their private rooms and we're gonna actually shuttle people back and forth cause there's only gonna be the three cottages. But in terms of timelines, we're thinking July, the three cottages will be done. We'll probably just start doing some short term rentals.

I'll probably just for the simplicity of this year, put them on my Airbnb link and rent them out that way as like the three at once. And once the initial set up and everything is done. I think we'll have more time to plan for that second year and really create those connections with corporate event opportunities and micro weddings and that kind of stuff. I'm being told in July we're gonna be done.

We're doing what we can. I looked at it and there's progress. There's progress this week. The house is now flattened , so we gotta pad the cement pads. Then we gotta start putting the outside together and then working on the inside and we've got a really good designer. That's gonna help us create the visions for the first three.

Katherine: I was just gonna say the permits and all the supplies. You've got the trades, you've got the expertise, you've got everything along those lines. But you sound like you've got through the permit process and that your demand and supply for your materials like you're doing well with that cuz I know in the last little while that's been a challenge for everybody in the construction business.

Sarah: Absolutely. It's why Joe is a miracle worker cuz he's gonna get it done one way or the other but it has been an issue. There is a shortage of supply. There's a shortage of trades, and ultimately at least we can source a lot of the stuff in house as much as possible. And he's got a lot of connections being in the industry for 30 plus years. I'm confident that we'll get 'em done, but again this stuff is not for the faint of heart.

This is not like a typical BRRRR where like your start date, you're finished, like your stages. This is very fluid and it may still change before we're done. It might still change year two, year three or four from the original concept. People that wanna build a resort, REITE Club nation, if you wanna do something like this, you have to know that like your initial idea may look completely different when you're done.

You just have to be okay. Rolling with the punches. I know there's gonna be lots of punches. In terms of building permits I'll tell you, I think we did well. We found the lot that had the proper zoning, so it was already a resort back in the day. It was torn down, but we didn't have to redo any rezoning. Essentially it's just getting the building permit.

Francois: That's a huge key to success is going with the flow, what the municipality already wants. It makes sense. Hospitality is actually a tough business. My parents owned a hotel and Katherine was also a bed and breakfast owner. It's not an easy business. How did you do your market research to know that there is a demand for such a project? Usually people say, I think it takes about 10 years to be profitable for a hotel. I know this is not a hotel, but what's the background? How did you pick this project?

Sarah: I've been doing some Airbnbs for a while. And even prior to the pandemic with the prices and whatnot. It is not going to be like a typical hotel where there's a restaurant and then there's like the staff in the restaurant and like that kind of stuff, like we're really in. The experience of the cottage rental or the rental piece business.

What amenities can we have and what kind of price point it was? I was looking at wanderings for a lot of it and granted they're in a different area. When you look at their site, it's beautiful but the cottages are very close together. They don't have individual hot tubs. They don't have all the amenities that we wanna have. And to be honest, what I did, based on that, like these little cottages they're about 500 square feet. It's gonna cost us about 250 grand per cottage give or take to do them from start to completion.

I used a conservative occupancy rate and I used a conservative price per night versus like per month weekends, weekdays. I actually ran the numbers backwards from there and my conservative analysis shows that we're doing okay. If that's good, that's our base. Anything above that is gravy. You know what it is not for the faint of heart, because it is a lot of money going in and servicing the debt.

This is why starting with three, I think is great, cuz it gets you accustomed to how you know how to maneuver and how to manage it. We add three more down the road and then get to nine. Then we started adding the big house. It's like in stages and then you have the time. Build the team around you and find out who you need.

It's a learning experience for me too. I don't have all the answers, but I know enough about the short term industry to decide. Let's just try it and see what happens. I think as soon as we have those three cottages, our value of that property, just being on the water. I think we actually got a really good deal to start with. We'll definitely be up a couple million just with the three cottages, not even finish. Everything when it's all said and done.

Francois: I love it. I see an analogy with real estate investing. You start with a single house, a lot of people, maybe adding a basement suite, then you get into multifamily and then you grow from there. And it becomes like you said, riskier and riskier. But it's a manageable risk as you've been there before, about hospitality, maybe on a smaller scale, about some development in a different capacity. It's the next phase.

I really admire that and I'd love to hear from Katherine about being a host as well. Cuz I know Katherine has extensive experience. Maybe you have some words of advice for Sarah. I know Sarah is a host already. Like she has some Airbnb, but Katherine actually lived with her guests. That's something else.

Katherine: I was an onsite bed and breakfast donor to her in our municipality. I'm down in the Niagara region. We're actually in the St. Catharine's area. The bylaws where we are, state that you have a maximum of three rooms but the owner must be on site. We were business licensed. We were licensed by the city, the region, health inspections, you name it, fire department, everything else that was there, special insurance that was on our literally on our impact statement that we were a bed and breakfast.

That is the other thing. When your home is listed as a bed and breakfast, it is much harder to get financing and a mortgage and it changes everything, but I'm really proud to say we did it for nine years and I will say that we I'm very proud to say that we had almost five star rating the entire time, because you have to have those people that will only give you a 4.9% because they don't believe anybody can give you 5%. .

I was really proud of that, cuz that you work hard. And I found that exactly like what you're doing. Sarah, you put yourself in the shoes of your guests, I'm sure that your parents did that as well. Francois, when you had your hotel. When you were younger and your parents had that, but it's truly putting yourself into the shoes of your guests. It's also stopping to take a moment and that everybody is coming to you with different energy and for different reasons.

As long as you're able to meet them, but also be keeping your boundaries and being able to say, here's our rules, here's our regulations. We want you to have a great time and to keep you safe. That nothing really gets out of hand and it was delightful. The people are honest to goodness.
We had our two percenters of course you have to have your two percenters, but of the nine years that we ran the bed and breakfast, it was. 98% of our guests were delightful. They came in as guests, they left as friends and they all came back or I should say the majority of them came back or they sent people back.

That's what you want because the best form of advertising is word of mouth and personal recommendation and knowing you, Sarah, and the way that you are in your attention to detail and your ability to delegate and to bring in a team with you that has the same vision. As Harry and Joe do and I'm sure as your team will and your property managers and everybody else that will be there. And even the townspeople, you've got something that is really special and magical, and I'm very excited to see how this goes and to hear more and to come out and visit.

Sarah: You'll have to come visit for sure. It's gonna be fun and I'll have to ask you some more questions about your bed and breakfast. I'm sure you've got tons of experience and tons of little things that you did to create that like additional excellence to the bed and breakfast. You never wanna be average. You always wanna take that step above and do more. It's all those surprises and delights, like those little additional things that are maybe not expected from the guests that you can do that really get you the ratings, but most importantly, the returns.

Katherine: Exactly, and some of it was even a surprise to me cuz I was just doing what it is that I just did what I was that I would like. I was getting feedback from people and it was little things like where there were outlets in the wall. I'd have open tables, but I didn't even think about it.
That's exactly it, but it was little tiny things like that or I'd have Brita with glasses that were there and I wouldn't have bottled water or things along those lines and people were actually noticing that. But just those little things that you were doing the way that I left breakfast for them or offered them, oh, you're checking out early.

Here's a breakfast to go and I'd brown bag it for them, and just those little tiny things, but it really made a difference and their stories were great. Stories were awesome. The people were so interesting. It was great. But anyway, I'm really excited for you. And is there any last words or anything that we haven't covered that you'd like to share with us about the resort? Basically you started BRRRRng and this is just a larger BRRRR.

Sarah: It's still a BRRRR, but it's a buy, a build and then it's a rent short term and then refinance and repeat though. I don't know how many resorts I really truly want. I think one is going to be plenty along with the rest of the support volume. But just to answer your question Katherine, I think it's great if anyone has any experience in any of that stuff, reach out to me, I'd love to hear from your experiences and. I think it's gonna be fun. I can't wait to do the grand opening when it's all done.

I think it's just gonna be absolutely awesome. It's just gonna be a fun passion project. Are we gonna make a fortune off of it? I have no idea. Maybe it's gonna cost us a fortune, but you know what? It's gonna be a ton of fun along the way.

Francois: I love it, it sounds exciting. The inspiration resort, I'm already inspired, so we're gonna get to our lightning round, but I think we need to shake up the questions a bit to Katherine. Number one, Sarah, what is the best advice you've ever received from another investor regarding resorts or being a host or something like that, with a twist on hospitality.

Sarah: I dunno if it's a twist on hospitality, but you know what I will say is the best advice I've ever received from last year. Was to play in a different sandbox. And this is where the resort came in. Do something different. Don't invest where everybody is going to invest in competing with you. What is your different sandbox? What is a new strategy or a soft belly opportunity where not everybody is going to be competing with you. And so that resort was one of those options.

Katherine: For doing this and the journey that you've taken with real estate investing and you're so inspiring, Sarah, like you really are. I've enjoyed following what you've been doing. Throughout all of this, what is your top favorite investing resource that you have that you follow or you found?

Sarah: My top investing resource. Obviously, I'm gonna plug in The REITE Club because there's tons of opportunity, but it's not so much The REITE Club meetings per se. For me, I think it's the connections that you make from networking with people that are attending and presenting on The REITE Club. And it's those connections. I think that help you exponentially grow.

Francois: Very good. Yes, I agree. It's all those side conversations. The famous hallway that I never witnessed. at The REITE Club where the real action happens. I can't wait to eventually go in that hallway and learn. Question number three, this one, I have to change it up. What is the attribute that has made you successful or actually what makes you a great resort owner? Sarah?

Sarah: I have no idea if I'm gonna be a great resort owner, I actually will tell you that in a couple years. I might be a horrible resort owner. I can't answer that yet. I will tell you, I think for me it's the passion, it's the excitement. It's just the ability to use the grit that I have of just continuing and having that motivation with enrolling with the punches. But I have no idea if I'm gonna be a great resort owner. I'd like to think so, but ask me again in a couple of years.

Francois: I think you will be just the answer you've given and what I've seen my parents go through. You will be rolling with the punches, get ready for that and also looking out for your guests, which you really seem to do. Like you've already put yourself in their shoes, all kinds of great attributes and that's gonna be amazing. You'll see, it will be a challenge, but it's a new sandbox, new challenges.

Katherine: And not only do you have that new sandbox, you've got an entire huge sand beach.

Sarah: That's true, 600 feet of sand beach.

Katherine: Wow. That's gonna be so much fun. Sarah, thank you very much, appreciate your sharing your resort and we're going to be following up with you for sure. To make sure that just to follow you along on this journey. It's awesome. And thank you very much Francois, have you got any last words or anything?

Francois: Yes. Where's the best spot to learn about the resort. I know we can find you on social media. Where is the best?

Sarah: Inspire beach resort. I think that's gonna be inspirebeachresort.com or what we are setting up our website and also on Instagram inspire beach resort, they can learn about it. My goal also is to not just do the one retreat in August, but to do many different retreats, some for women, some for different types of topics. I'm gonna have fun with this. This is gonna be like I said, a passion project, but those are probably two good starting points.

Francois: Excellent. Thank you so much. And we'll see you around at The REITE Club.

Sarah: Awesome. Thank you very much guys. Thank you, Katherine and Francois like you guys are really good co-hosts, good job.

Francois: Thank you. Cheers.

DJ: Thanks for listening to The REITE Club podcast, where the focus is on helping all levels of real estate investors advance to the next level and help you customize your life. Be sure to tune in next week at thereiteclub.com/podcast or wherever you listen to podcasts. And if you get a few seconds, please rate the podcast, wherever you're listening, it helps the show get noticed by others like you. And we truly appreciate it. And don't forget to subscribe.