Video Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental at a time
back with his thursday expert good
friend of the channel mr jonathan tumley
how are you i’m doing great michael how
are you i’m doing wonderful man this is
a topic i’ve been wanting to hit for
about
six months or so
it is something you are uniquely
qualified in my expert series to talk
about and again it is something i have
never done
so i love talking to folks who’ve done
things i’ve never done and this is about
raising uh money as a general partner
more specifically this question’s about
lps right i have raised private money
but it’s always been one investor one
debt they’re the they’re the bank
basically
never never as an lp so let’s think
about all the lps out there there’s a
lot of people looking at being lps
because real estate is sexy again
uh it’s made a lot of money in the last
couple of years so i think there’s a lot
of people there’s huge social media
people pushing come be a part of my deal
come be part of my deal
but what should we tell lp’s uh limited
partners thinking about investing in
2022 what’s some advice we should give
them okay well so before we get into
that let me let me first say
that being an lp can be a really great
opportunity right because
you know you
can get exposed to assets
that
you couldn’t get exposed to otherwise
yep for for a relatively small amount of
money so maybe
the entry point is 25 000 or maybe 50
000 to get into a deal
whereas the deal itself is a 20 million
deal and like there’s no way that you
can you can get into that deal and maybe
and if you and if you had just 50 000
that you went to spend on a
on an asset yourself
like you could not get the same quality
asset that you can
as fractional and of that you have no
responsibilities at all it’s a
completely passive investment so
i always just like to characterize it as
you know your job is just to write a
check and then wait for the checks to
come back to you there you go i like it
now it’s for the wire transfers but
still same same idea
money shows up in your bank account
that’s all you have to do okay so it is
a great opportunity
however there are things that you also
need to be you know be mindful of um
when you’re doing these investments
because
there is still risk involved right and a
lot of the risk
has to do you kind of have two layers of
risk here right you’ve got
the risk of the deal itself
um i mean let’s actually maybe even
three layers you’ve got the risk of the
deal itself
you’ve got the risk of the structure of
the deal and you’ve got the risk of the
offer right so those are three things
that you need to
to look at
uh and evaluate when you’re getting into
one of these deals and and i think
probably
the best way
just to get your feet wet in this arena
is not
to go and
uh
you know try to
you know go and like interview a bunch
of sponsors and try to figure out
you know which ones are the best i think
you should talk with other other lp
investors and see who they’ve had a good
experience with yes right and and
build on not just
go
initially not just
on excuse me the track record or
reputation of the sponsor
but the track record
that the that sponsor has had with
somebody that you know exactly specific
deals and and hopefully not just one
person because that’s his two small
sample size but you do want to
you do want to
find out from people that you know
what their experience has been and so
and it shouldn’t simply be about oh yeah
they made me a lot of money
because that’s not the only
consideration you want to know
are they reporting on time like are you
actually getting financial reports from
them or do you have to call them up and
ask them to send you the financial
reports right are they communicating
when something bad happens on the
property right like right right away you
know so like for instance for me
i always sent out the financial reports
you know properly after i would get
monthly financials from the
property managers and then i would write
up my own analysis
based on them but also based on my
conversations with the manager and send
that out but and i would do that on a
monthly or quarterly basis but
when if something bad happened like we
had a fire i told everybody right away
oh okay like so it wasn’t waiting till
like the end oh yeah by the way we had a
fire three weeks ago like
guys yeah fyi we lost three units we
have insurance we acquire we are insured
you know yeah this is going to be
disruptive but it is not catastrophic
yeah we just want you guys to know yeah
that that’s a big one for me
uh when because i get i get a lot of
people asking me about out-of-state
investing right all the time and it’s
really the same answer i need somebody
on the ground that’s going to tell me
bad news immediately right bad news does
bad news very very rarely gets better
with time
right right so that’s a big one so i’m
glad you brought that up sorry to
interrupt yeah no and i think i think
that there are a lot of
particularly more inexperienced sponsors
who are really worried about
uh
you know what their investors are going
to say or investors might get angry with
them or
or they might lose clients or something
right so they they don’t they’re they’re
not forthcoming with the bad news and
they don’t realize that
telling people bad news actually builds
your credibility with that so
so they’re they’re kind of being you
know backwards about this whole thing
you have to be forthright with people
about that so so those are things you
should look for on the sponsor side so
in terms of the sponsor themselves
you want to find out
your reputation from people that you
know
there’s a lot of sponsors out there
right so
it’s you don’t have to interview all of
them right you just need to know a
couple sponsors that you like and just
invest with those those people on a
repeated basis but do don’t start with
the sponsors start with start with the
people that you know
who have already invested
right and yeah
don’t don’t necessarily build it because
like you know
you heard some guy in a podcast or you
know whatever you heard me on a podcast
right i mean that’s not that’s not
that’s not the way to do it the way to
do it is go talk to your friends who
have already invested
find out who they had good experiences
with who they had bad experiences with
and and start kind of building your list
that way so that’s sponsor and you want
to look at you also want to look at
if you’re talking to a sponsor you want
to ask them questions like
you know
have you ever had to make a capital call
on one of your
on one of your assets and why why did
you have to make a capital call right
you know
if it turns out it’s because like there
was just something completely out of
left field that nobody could
nobody reasonably could have anticipated
right and they had to make a cap that’s
that’s one thing right but if it’s
something that they should have you know
the the asset was under capitalized they
didn’t have enough of a reserve fund in
the beginning or
you know their underwriting was bad and
they just missed all their projections
things like that where they you know
some some the route they had to replace
a roof and they didn’t know that like
when they did their due diligence they
didn’t yeah
catch the fact that the roof needed to
be replaced in a year right like that
sort of thing
but so if they had to do capital calls
because of that
uh
you know that’s bad if they had to make
the capital call because
you know the great recession hit or
because you know the major employer
in town went belly up or something like
that you know that’s that’s different
um it’s beyond their control and not
really foreseeable
yeah
is it fair to say because again a lot of
people come into this again as an lp our
new investor i think most of them
evaluate the opportunity to deal the
wrong direction and you brought it up
for me most people look at the deal
first
they probably skip deal structure which
is a big deal especially with what i’m
seeing lately
and then the operator last i actually
want them to interview or understand the
operator first i love your advice about
go to your friends to build that list
i think it’s all about the operator oh
it’s i think okay good it’s all about
that i mean
because look
when the market is hot and everything’s
going well
everybody’s going to make money you
can’t really tell one operator from
another the issue is going to be when
something goes wrong right that’s when
you know
you know
and i’m not saying that like necessarily
just because the operator is good that
means that they’re going to be able to
save the deal right
but what it means is like you’re going
to get somebody who’s going to be honest
with you
worth right with you
you know
tell you the facts as they are
and
and that’s what you know you want
somebody who’s trustworthy right and
who’s going to see it through
right yeah you want you want someone
like you know one of my favorite stories
brian burke who’s a friend of mine who’s
a great great real estate guy
you know he has it
brian had one of his early properties
went
just sideways just completely sideways
right
he
never went to his investors for money he
funded
for years he said he funded this deal
out of his own pocket
right and at the end of the day when
they finally sold it his investors made
money he was made whole but he was like
this is my responsibility i’m seeing
this through he didn’t walk away from it
right
he didn’t wash his hands and say too bad
like he was like i’m seeing this through
and that always made such an impression
on me
just the kind of guy what was his name
again sorry weinberg
he runs practice capital i mean he’s
he’s gotten big he is able to raise huge
funds and stuff now he’s fine and he’s
all over the pockets we’ve got a bigger
pocket still fine by just a really
stand-up guy right nice and i i’ve done
the same thing not on the same scale
that brian did but i you know
i
bend over backwards not to make a
capital call and i have to say i’ve
never made a capital call but there was
one deal where i could have
but i was like look we’ve got the money
we’re just gonna fund this and it was
the same thing we funded it we didn’t go
to our investors
when we sold
you know we paid ourselves back and the
investors made plenty of money and they
were very happy at the end of the day
even though they were unhappy as the
thing was going by but we never went and
asked them for money so i think that
shows a lot like are you ready to stand
behind your deals or not and you want so
you want to find that out like if if
they made a capital call
what happened or what would they do
before they would make a capital right
so they should have the property well
capitalized in the first place so they
don’t have to even dip into their own
money but if they have if they blow
through that do they have reserves of
their own to do before they go to
investors right so that’s that’s
something to ask what you know ask them
what was the worst deal you ever did how
did you
right
that’s i mean that’s the kind of
information
like you know don’t ask
the investors i talk to like a lot of
times they just want to know like oh
what is your what are your return spend
because they’re just sort of fantasizing
about how much money they’re gonna make
right yeah they’re not thinking about
the downside and they this is your money
you earned it it took you time and
effort to earn this money so you should
be thinking about how likely is it that
i’m going to lose this money and don’t
get all caught up in the hype of like
real estate’s great it’s great it’s
great nothing can happen say listen real
estate is a lot safer than a lot of
other things you can invest in but in a
syndication as we just said you’re
taking on three layers of risk you’ve
got
the you know
you’ve got your your deal risk your
structural risk and your operator risk
and also just to put this in perspective
like i think a lot of people also make
this mistake
if you buy the property yourself
the operator risk is you yeah people
people are really bad at evaluating that
risk right because everybody thinks that
they’re above average at everything
80 percent of the people think they’re
better than average drivers yeah exactly
yeah no i mean everybody everybody
thinks that they’re better than average
at everything
you and i both included right of course
so
uh
so you’re taking on a huge amount of
operator risk when you buy it yourself
but you’re very likely not to really ask
the question like am i good at this
right uh so
that that is an advantage to going with
a with a seasoned syndicator that
they’ve done this before they know what
they’re doing they have
systems in place they’ve hired the right
people so there’s a lot less opportunity
for it to go sideways but it still could
okay so let’s let’s talk about then
um
your your deal risk and we’ll talk about
the structure risk right so
so deal risk is probably what everybody
is a little more familiar with yeah i
think people poke at that one pretty
easily yeah that’s that’s like obvious
thing to understand especially as a new
investor like
is the underwriting good or not and they
can’t really like evaluate the
underwriting most
lps don’t know anything about
underwriting i think it’s a good idea to
get some kind of
familiar
familiarity with underwriting or at
least
try to look at enough deals and sort of
compare them side by side so that you
start getting a sense of
the expenses
right
and
so
you know
how much does it cost to run a unit yeah
sorry to interrupt again that’s the
biggest thing for me that i uncovered
comparing deals was i i can now look at
him and say who’s being
um
more conservative and less conservative
right i still have not done a deal i
couldn’t really do an analysis but i can
say you’re aggressive and you’re
conservative because i compared enough
and see their uh see their expense
structures and their future um you know
income and expenses and obviously this
kind of may depend on the size of the
property asian property and stuff but
more or less like if you’re if you’re
underwriting you know
six seven thousand dollars a year per
unit
they are being a lot more conservative
than somebody who’s underwriting thirty
five hundred dollars a year
right then listen i have not seen a
large multi-family
anybody able to run
at 3 500 bucks a unit for years
especially if you have
you know the only time that people can
really do that is if
they’re managing themselves and they’re
doing the labor themselves because the
biggest
management fees and labor are two of the
biggest expense items on a multi-family
property right the biggest one being
property tax but you got property tax
management fees and labor those are like
your big three and
so if you if you can eliminate two of
those
obviously you can run it a lot cheaper
but your syndicators are generally not
in that position right this indicators
some of the really really high level
folks may have brought property
management in-house but they’re still
charging in property management
right for sure he is still there and
maybe they have a little bit of labor
savings because they can
they don’t need to have as many
full-time staff because they got
floating like they can do stuff like
that but even there they’re not running
those units of 3 500 they’re probably
running themselves like 5 500 6 000 at
least in this day and age so that’s one
thing to look at another thing you want
to look at is expense ratio right what
that is is what percentage
of your rents is going to get spent or
not rents but what percentage of your
income because there’s other
multi-family you often have other
sources of income not just rents but
what
percentage of rents
uh
are you spending every month right and
so that’s what’s best ratio so you
really want
you know for a property really to make
money
dispense ratio needs to be
in the kind of like 50 to 55 range
that’s pretty standard
and lower than that you’re really going
to have a well-performing asset but it’s
very hard to get below that yeah and
sometimes i’ll see people underwriting
you know 35
i’m just going to say that number i’ve
seen some deals in my market at 35
and i have these apartments i actually
just put out a spreadsheet i gave 10 i
have a building that i’ve owned for for
11 years i put out 10 years and it’s
never been below 49
never i’m like but remember i pay
property management so six or seven
percent of that but anyways i’m like why
are you writing at 35 how does that make
sense yeah and and
you
you can’t run it you can’t i mean
the only
again
if you you can only do it if you have
like in-house property management and
you have no staff and you’re just and
they’re absorbing the cost of the staff
in the management fee sometimes you can
maybe you might get lucky one year but
yeah
or like if you are doing some massive
value add where you’re you’re really
like oh out to the top line yeah your
bottom line expenses are not increasing
because they really don’t have any
reason to like
that can be an issue but you know you’re
still
over the long term you’re not staying at
that 35
yeah right because you you’re gonna as
the property ages you’re having more
when you do a turn the turn is more
expensive right
things you have to replace it just you
know
it just it just changes so that’s
another thing
to look out for and i’d say
the but the more the more deals you look
at it just like michael said compare
them side by side you can start to get a
sense for where the expenses really
ought to be right and
another thing
uh to look at is uh the exit cap rate
right okay because
now when you
are trying to forecast the value of a
property ten years from now right this
is a very loosely using thing and this
is not there’s no
real
precision about this
uh but the way that you do it is you’re
you’re projecting your cash flows over
ten years and typically what how you uh
you should be underwriting that is with
basically some standard underwriting
assumptions like
three percent rent growth
if people have a lot of renko they’re
forecasting
four percent rent growth over 10 years
red flag right
maybe if they’re saying okay we because
the market is crazy right now we think
we’re gonna get
five this year and four next year and
then over the long term
right that’s that’s okay but if they’re
saying like oh you know we expect four
or five percent rent growth forever
that was that’s funny bringing that up
the last deal i had had five percent i
think it was actually six percent year
one and five percent for the dec or the
next nine years i’m like
are you kidding me
and let me explain to you how
so how this relates to then the cap rate
right so
the way that you so you’re going to have
your expense your
rent growth your expense growth which
should be you know usually the standard
is undivided at two or three percent
right
and then
uh
you you have that’s going to grow over
time a delta you should be getting more
income over time on those assumptions
you’re you’re after you deduct your
operating expenses but not your capex
you get your net operating income and
the way that you value the property is
you apply a cap rate to that net
operating income so you divide that noi
by the cap rate right and so
if you
remember your basic math as you can
imagine
the lower the denominator is
right the higher the result you’re going
to get right
if cap rates are low
you’re going to get you’re going to
wind up with a higher value right so
the exit cap rate is very important you
want to make sure
that
the
so the typical underwriting assumption
is that the cap rate is going to
rise by 10 basis points every year you
hold
the age of the property okay
so if you go into five five cap you’re
gonna after five years you’re gonna exit
at a five point five cap after ten years
you’re gonna exit at a six cap now i did
not know that that
in reality may not be true but you’re
trying to be conservative and
underwriting right that’s the point
you’re not trying to like fantasize
about how much money you’re gonna make
you’re trying to be conservative in your
underwriting right so now
as you can imagine as cap rates
fluctuate that exit cap is gonna is
going to
like rise and fall also right but but
the lower it is the better the deal is
going to look because the payment at the
end is bigger right and that’s going to
filter his way through back through the
irr but also you can now imagine if
somebody is forecasting five percent
rent growth a year yeah
that’s going to wind up with a much much
higher noi number than if they’re
forecasting without three because of
course compounds yeah well i mean it’s
enormous so they can really make a deal
look good even if with no cash flow in
the first couple of years
by having really high rent growth and a
really low cap rate of the act yeah it’s
funny you bring that up because again
that was that one piece of information
you just gave us i had never heard or if
i’ve heard it i didn’t remember it
because i don’t remember frankly i don’t
remember a deal that i’ve looked at in
the last month or so where the cap rate
wasn’t actually the same or lower on the
exit yeah and it i would never
underwrite no let’s put it this way i
would underwrite a scenario in which the
cap rate was lower just to see what
would happen but i would not tell my
investors right
that’s the base scenario yeah that’s not
the base scenario that the cap rate is
going to go down yeah even if you think
it’s going to go down it’s a dumb thing
to say oh yeah unrealistic because
because you’re right you take a cap rate
from five to four and you add a big noi
hit i mean that’s just going to explode
the upside it’s going to be massive all
you’re doing is setting up your so
basically that’s someone who’s like
desperate to get funded yeah
and and they’re and they don’t they’re
just going to take they’re just hoping
it’s going to turn out that well so
they’re not disappointed and maybe they
don’t care because they’re going to get
a bunch of fees up front oh yeah they
don’t care most of these guys don’t care
they’re fiat they’re fee hungry at this
point they’re getting paid right so what
do they care how it performs they and
they just think maybe they bought the
kool-aid too they drank the kool-aid too
like oh it’s gonna go up so i don’t know
i think a lot of these people are
today’s flippers from from when when i
was seeing people suffer in 2010 they’re
they’re addicted to it their cost
structure is all out of whack to me a
lot of the syndicators
are like mortgage brokers so let me tell
you what i mean by this the mortgage
industry right now
is suffering because they built this
structure
for a refi environment like we’ve never
seen before refi’s have gone down 50
year on year we reported it yesterday
there are going to be layoffs there are
going to be acquisitions there are go
this the industry was built
when there was a lot of meat on the bone
the meat’s gone
and right now there’s gonna be pain so i
think there’s a lot of syndicators that
came in there’s been a great two years
um the party’s almost over there’s only
one chair left in the musical chair game
and there’s going to be a lot of people
that have pain but they can’t stop their
their employee base says they have to
keep feeding and they know what do they
do they buy deals to feed it
and uh
i haven’t i haven’t seen a good deal in
a while yeah and i so just on the last
point on cap rates it may be so
look we’re in a low capital environment
like i said before an earlier session i
don’t see cap rates really changing much
this year
but i would
i i even if you really believe that cap
rates are only going to decompress a
little bit over five years i’m not
saying this is an unreasonable
assumption but i think it’s it defies
historical
patterns right so what you want to ask
your sponsor is well
what does the deal look like
uh i mean you don’t even have to ask
them get out your calculator right look
at the noi from the the year that
they’re exiting and divide it
rather than by what they’re dividing it
by which is probably you know
a bigger number use a bigger number
divided by
six percent divided by seven percent see
what the see what the line is
that
where you’re actually losing money on
the sale right yeah because you could
historically
these asset you know c-class property in
southern suburban market traded for an
e-cap
yeah my market was seven and a half
it’s california so a little bit lower
but still seven and a half the last
c-class building i sold i sold it early
i sold it in late 19. uh was it a five
i’m like get me out i’m i’m
i’m happy in 2014
i was buying c-class property
in south carolina in like in big south
carolina markets for eight percent
capitals right so
it this is and this is where it was
always at now you have to believe that
the market is permanently shifted
for that never to go back here and maybe
it never will go back there but you want
to know
even if it does go back there am i
losing my money or not right and then
and then like and if i am going to lose
my money
right how
likely do i think this is is to actually
happen and am i comfortable with that
level of risk right but you need to be
asking those questions okay so that
that’s the underwriting
uh issue sort of you know quickly then
the last thing i know you’re running out
of time but that’s okay i pushed it
the last uh thing is the structure and
this is something mike and i both
alluded to earlier
you know the best structure debt-wise
is
to have
uh
you know a 10-year fixed fixed note
mortgage right
that’s the best that’s the best um
because your your debt is fixed and you
don’t worry about refinancing and you
can write out whatever’s coming
but right now
that kind of debt is not competitive and
what’s happening is that everybody’s
getting bridged at because the bridge
the bridge lenders
have
less stringent underwriting standards
and
um
so they are willing to give more years
or
you know full term
uh interest only
which is the same thing as having more
leverage
uh they’re you know the terms are
shorter
so it might be
one year two years or three years with
two extensions or whatever
probably if you can get two extensions
you’re probably okay but you’re not
amortizing any of the debt right so
you’re not your payment obligation is
still high and if you are forced to
refinance after five years and the
market is not
in a good place
then uh you know you’re gonna have to
make that capital calling your investors
to to top up yeah
this this debt structure is the one i
think is going to get a lot of people
it’s complex it’s a different
environment and i want to tie something
back that you said earlier when you
talked about the exit i would tell
people to play with the cap rate at the
year of the debt expires if it’s two
years
do it do it there because i think that’s
the i think that’s where capital calls
come and that’s where people get hurt
is is that first um
yeah that is the date that’s a great
point that is a dangerous point in the
now most people when they’re
underwriting the deal they’re
underwriting
the debt term and the sale term at the
so you’re selling when you’re instead of
counseling correct
that could be when people would get
caught where
they they have to refinance and the
market is turned against them yeah if
listen so if cap rates go up that means
that your property is worth less money
and you can get less proceeds exactly
refinance your lender is going to say
okay well i can i can’t i’m not giving
you yeah 1.5 million which
would be worth i’m only giving you 1.2
you’ve got to go find the other 300 000
or sell the asset well the asset but
you’re probably but if that’s the case
you’re probably selling it
you’re repairing some capital right if
that’s that’s the that what you just
went through is what i see in a lot of
deals today right the 10-year story is
great the 10-year story might even make
sense but the bad debt structure there’s
going to be this two-year event or that
third year event that nobody’s planning
for
and people are going to get got
yeah
that is so that is that is the structure
issue that you should and there’s
another structure issue to to be aware
of too which is uh the use of preferred
equity
yeah you’ve talked about that before
equity is a it’s a kind of like debt
equity hybrid
where
the the so it used to be the case like
at the top of the last market when
everyone was trying to squeeze every
penny out of deals because they were
over you know everything was overpriced
people were adding a second mortgage to
commercial deals right so you were
getting
you know
banks were willing to give you up to 85
in those days
and then people were going to what were
called mes lenders mezzanine lenders for
a second
effectively a second mortgage
getting up to like 93 94 coverage right
which
is great you can make a lot of money
that way but the problem is if the
market turns in the wrong direction you
are screwed right so
and
now so what happened was
all of the financial institutions said
hell no we ain’t doing that
that hurt but now well now they actually
structured into the debt
like
this is a non-recourse loan but if you
go get a second mortgage it becomes full
recourse against you right so nobody
wants to get second mortgages anymore
right so what happened this
for a while nothing happened because
nobody needed these second mortgages but
now the prices have gotten so high
that this hybrid has emerged it’s
technically equity
but it is it’s called preferred equity
which means that it is
above you as the lp in the in the
the capital stack so
you still bear the first dollar of loss
right
you are the cushion for the preferred
equity this is why the preferred equity
lenders love this right
like they’re coming in
and they know that the people who bear
the law the first dollar of loss are not
them right and they are also getting
basically a guaranteed payment so
they’re
going the upside
however they’re getting like six seven
eight percent preferred return plus a
kicker when they when they get taken out
and the idea is that they are supposed
to um
you know whenever when all the rosy
projections all work out and you’ve done
your value add and then you do your
refinance at a higher value that’s when
they get taken out and now you know the
lps are back up in the capital position
where they should be and everybody’s
fine and the lps wind up making more
money because
you know they had this debt which is now
gone and and so they’re getting more of
the upside so when everything works out
well
it’s it’s great for
increasing the lp’s returns however
what you have to understand is this adds
risk to your deal but your deal just got
riskier if you’ve got preferred equity
ahead of you and your capital stack and
oftentimes what the provisions of that
preferred equity
state are if
if the terms are breached
they can replace the sponsor right so
now you may be in a deal
being run by somebody other than the
person that sold you the deal and
frankly between you and me
whoever that private equity firm that
put the preferred equity there brings in
to manage they don’t care about you
right
their client is that private equity fund
not you right so they will screw you if
they have to because you’re not their
client right i mean they
technically
technically they are but like yeah
they’re not working for you yeah
you’re you’re a tag alone yeah yeah so
you you were the you were like you know
you’re the infantry right you’re you’re
the guys who are like you know what we
know you know they’re doing the battle
projections and we’re like yeah we know
that 50 of these guys are gonna die when
we send them over when we when they go
over the top right you’re you’re that
yeah exactly
so
uh
that’s that’s sort of my spiel on that
so these are things you just need to be
aware of
i hope i didn’t scare you off from being
lp i still think it is a it is a good
vehicle but you got to know what you’re
doing yeah again yeah this is these are
why we have conversations with experts
because they tell you what’s going on
they give you a lot to chew on this will
probably be a video that some of you got
to watch twice i will go back and watch
this because jonathan brought stuff that
i had not thought about so jonathan
thank you very much how can people find
you well there’s lots of ways but we’ve
already mentioned the group a couple
times so uh
if you guys want to
invest with me you want to get on my
investor list just google tubers two
bridges asset management llc and you’ll
see the investor form and just fill it
out and we’ll be in touch yeah if you
want to see how it’s done folks i
suggest you do it if you’re a credit
investor do it get on the list just see
what it puts out this this is why i am
on it and i like like reviewing the
material so jonathan thank you very much
you’re welcome thank you awesome