It’s Not Too Late! How to Build a Rental Retirement in 10 Years

The worst thing you can do when you feel behind on retirement is to try to catch up fast. I've seen it happen. Someone turns 55, they look at their 401k, panic, and start swinging for the fences. They pile into crypto. They go into syndications promising 20% returns. They try to flip houses with no experience. And instead of catching up, they blow up what they already have. There's a better way. It's slower. It's a little more boring, but it actually works. I call it building a rental pension. And you can do it in about 10 years, even if you're starting from behind. Let me show you how. So I want to tell you a story about the two-minute drill. I used to play a lot of football. You can see my Clemson University football helmet in the background there. And just imagine that your football team is down by six points at the very end of the game. There's less than two minutes to go. Your quarterback has the ball and they have the entire length of the field they need to drive in order to win the game. Now, for a non-football player, the impulse might be to throw the ball as far as you can, 60, 70 yards. That's the quickest way to win, right? Wrong. The way to win the game is to do something called the two-minute drill, which means you take what the defense gives you. If you watch a quarterback, they're often going to throw little three or four-yard passes to the sidelines very quick. And yes, they have a lot of urgency. They're getting up to the ball really fast. They might take a scramble where they run the ball for five or six yards. Maybe every once in a while, take a longer pass for 15, 20 yards down the field. But the theme is they're taking low risk, they're going quickly, and they're moving down the field in order to win the game. That's the way football teams win a game in two-minute drills. But in real estate investing, when you feel like you're late in the game, it's the exact same way. The people I've known who've been able to build a retirement income, a pension in less than 10 years, they took what the market was giving them. They did lower risk deals. Yes, they had some urgency, they didn't waste any time, but they did one deal and then another deal and then another deal. And each time they did it, they learned a little bit more, they got a little bit better, but they weren't taking huge swings, big, long passes down the field and taking big risks. So in the rest of this episode, I want to show you how to do the equivalent of the two-minute drill as a real estate investor so that you can get to whatever your goal is as quickly and as safely as possible. Okay, so if we're going to run the two-minute drill as an investor, the question we have to ask ourselves is how do we know when we've reached the end zone? How do we know when we've scored and we've won the game? So from a financial standpoint, there's two ways to go wrong here. One way to go wrong is just listen to a bunch of podcasts and hear somebody else say a number and they're like, I want to make $200,000 per year or have $5 million in wealth. You have these big, huge pie-in-the-sky numbers which aren't attached to your real life. That's one way to go wrong. Or probably even worse is just not having any number at all. So I want to simplify this a little bit. Something that works for me personally is to talk about something called an income floor, an income floor. This is something I wrote about a lot in my book, Small and Mighty Real Estate Investor. I actually got this concept from a blogger named Darrow Kirkpatrick over at caniretireyet.com. And the idea of an income floor is just to think about for yourself. And I encourage you to do this right now and pause it and think about it for yourself too. What is the amount of money that you need per month or per year, whatever works for you in your mind, how much money do you need when you are financially free or when you reach that end zone that you're trying to get to? And you can think about this in a couple of different ways. I've had other videos where I talk about you can just look at your lean financial independence, the amount of money you need just to cover your basics. But who wants to retire just covering the basics, right? You probably want to do a little bit better than that. You can think about your normal financial independence, just covering all your normal expenses, getting to eat out a little bit, having some simple pleasures. Or if you want to go all in, you can think about your fat financial independence. I call it the double cheeseburger financial independence, a lot of cushion, a lot of room for growth. And it's up to you to think about what that number is, but definitely think about what is the number you're trying to produce because this number is going to be what we're going to build everything else off of. But the number itself isn't everything. The definition of the income floor that I really like is you want to make sure your income is coming in from safe and steady sources, safe and steady. And so in the traditional world, this can mean things like a pension. So if you have a pension from the military, thanks for your service. And you also hopefully get some income coming in from your military. Or if you have social security income, most people who've worked a certain number of years in the United States have some social security income they can anticipate. Those are a couple of normal ways. You can also think about stock dividends or interest from bonds. So dividends and interest, those would be some ways you could have safe and steady income. Also, people talk about insurance annuities. I'm not getting into that in this episode, but the one I really like, and probably the reason you're here to watch this, is to think about rental income as another safe and steady way to produce cashflow for your retirement. But importantly for me, I really like to think about having low or no debt. And usually for me, it's also residential rental property, easy to rent, easy to find renters long-term. You can decide what is the kind of sweet spot for you. But for me, the rental income is a really important piece of it. It doesn't have to be the only piece. In fact, it can be really smart to have rental income combined maybe with social security income if you're anticipating that, and maybe also some 401k money that's invested in something else with dividends and interest. So I want to take this concept of an income floor, safe and steady income, and translate that to a real example of a couple who wants to do the two-minute drill. And I'm going to show you a couple of different ways they could think about it. So you now know what an income floor is, and you've also calculated your own number, right? You press pause. And if you haven't done that yet, go ahead and do it now. Figure out what is your goal for an income floor. And then you also know that the pillar for myself, and probably why you're watching this video, is to have rental income be a big part of that income floor. And I like to think about this as a rental pension. So you're building basically your own retirement source of income, just like a salary. To replace your salary, you're building a rental pension with your properties. And to do that, I want to tell a story about Mark and Lisa. And Mark and Lisa aren't real people, but they're sort of an aggregate of a lot of people I've talked to, a lot of people I've coached, who feel like they're behind and they're working towards this goal that we're talking about of having a rental pension. So they're both age 55. They have a combined income of $120,000. So they're both working actively. They've been able to save about $250,000 to put into real estate. Now, this is a combination of just cash savings from their job. They also inherited a little bit of money. They sold some other investments they had. And when they put all that together, that is what they have available, liquid cash to invest. They also have a 401k at their current jobs and past jobs, which is about $100,000. They own their own home. We're not going to count that in these calculations, but we're just going to assume over the long run, they're going to get this home paid off and that's the place they want to live and retire at. But importantly, they did run their own numbers for themselves. And they have a target FI goal or FI income number of $80,000. So a FI number or an income floor of $80,000 per year. And that's just over, I believe, $6,700 per month. So when I talk to people and I'm coaching people, usually I get numbers like $5,000 to $10,000 are very common numbers. If your number is higher than that, no problem there. You can adjust these numbers. But this couple, Mark and Lisa, are shooting for in the next 10 years or so to have $80,000 per year total coming in to support them. Now, the interesting thing for Mark and Lisa is that they have a choice. I'm going to give them a path A and a path B. And if you were in their situation, you'd also have this choice. One path is going to use leverage. The other is going to be all cash using no debt. So let me just give you an overview and then we're going to go into more depth on each of these paths. So on path A, the leverage path, they're going to end up over about a 10-year period buying a total of five properties. They're going to sell three of them and then use the money from those sales to pay off the last two that they have. They're going to keep two rentals in the end. Now, the benefit of that is they're going to be able to move a little bit faster buying properties with debt. The debt is also going to give them some tax benefits, which we can talk about. They're going to be able to do more deals and build more skills, which is really important if they're trying to use retirement to do more real estate stuff. So all in all, there's some benefits to this, also some more complexity to going the leverage route. But then there's also an all cash route starting with the same amount of money, the 250,000 bucks, instead of buying multiple properties, they just pay cash for one property. And then they hold onto that property forever for the long run. It moves a little bit slower. They save their cash flow over a period of time. And then they buy a second property later in that 10-year period. And then they end up with two properties. So a different approach, doing fewer deals, but more peace of mind, not having to take on the complexity or the risk of debt. And the interesting thing about these two paths, and what I'm going to show you, is that they both end up having about an $80,000 per year income floor in the end. So let's start off and go into more depth looking at path A. So path A, the leverage path, it's going to come in three different phases. So years one through three is phase one. And you can think about this as a load up phase or a building phase. And I'll give you a little bit of background about the numbers that I'm assuming. I'm going to assume they buy a property for $225,000. This is actually a 10% discount off of the full price. I'm assuming this is a $250,000 property that they are able to be patient on and buy for $225,000. They're going to put 40% down. So they're not putting a small down payment. They're making a bigger down payment to make sure they have enough cashflow on this property. They get a loan of $135,000, 6.75% for 30 years. That gives them about $876 payment. Now let's look at the cashflow on that one property. They're going to rent it for $1,800 per month, $1,800. They're going to have operating expenses. So these are all of their expenses except for their mortgage payment. So this includes their management fees, taxes, insurance, maintenance, capital expenses, vacancy. All of that goes under the category of OPEX. You can watch more of my videos if you want to see how to break those down in more detail. And when you subtract their operating expenses, their mortgage, they have about $124 per month in cashflow, which is not enough to retire on. Let's make that point here. But as you'll see, the bigger picture is to grow that through the growth of the property as you hold it, but also through paying off some of the debt. Now let's talk about the cash they have in this load up phase. Remember they had $250,000 saved up. I also want to assume, and this is a really important point for either one of these paths, that they're able to really get things together and save about $20,000 per year. And one of the things you always have to look at in any plan you work is what is the driver? What's the engine of growth in these plans? And in this particular case for Mark and Lisa, the ability to save money is the big engine. So it's not that they're getting a huge return on their investment, although we get a solid return on investment, it's the fact that they can save money. They've already saved $250,000, they're saving $20,000 per year and they're able to put that into real estate as the vehicle to eventually generate income for them. So they're able to save over those three years about $60,000 additional money. And they're making a little bit of cash flow from one of the early properties they buy of a total of about $6,000. So they have about $316,000 to deploy when you count all of that together. And let's look at the timeline of what happens. Year one, they buy property number one for $225,000. It takes about $100,000 of their cash. That's $90,000 down and $10,000 in closing costs. They get it rented, they learn, they pause a little bit. And then the next year they buy property number two. They also buy it for $225,000. They're patient. They make a lot of offers. They look for properties. They spend about $100,000 in cash. So they're down $200,000 out of their total cash. And then year three, they buy a property and they buy it at a better price. And I wanted to reflect the fact that as you get into the business and buy more deals and you study and you join a community like Rental Property Mastery, which I spent a lot of time in and I coach people and we get better at things, your skills compound. Your ability to buy more properties at better prices gets better. It's not just the money that compounds, your skills compound. And so I wanted to reflect that they were able to buy a little bit more of a discount in year three. And so they're able to put a little bit less money down. So they spend a total cash of about $295,000 during their load up phase during those three years. And let's look at where they are at the end of that phase one. They now own three rentals. They have about $9,000 per year in cashflow. Again, they haven't met their goal yet, but they got a good start and they have about $21,000 left in cash reserves. So now that Mark and Lisa have finished phase one, their load up phase, they go into phase two, which is years four through nine. And you can think about this a little bit like a plateau. So phase one, they're growing, they're climbing really steeply. They're doing something new, buying three properties. Now they're more of a maintenance mode, but they're still growing. They're still trying to get bigger. And once again, the savings, the ability to save from their day job and now the cashflow from their rentals is really the engine here. Hopefully, yes, they get good deals on their rental properties. They're using some leverage. But if you look here, they already had, they get $20,000 per year they're saving from their job. So they keep that up. They get about $10,000 per year from their rental properties. So they're saving about $30,000 per year. And so over a six year period, that's about $180,000 they could save plus about $21,000 they had left over from phase number one. So they have just over $200,000 to work with. So what does that look like? In year number six, so a couple of years after this phase, they're working on their systems. They're working on their maintenance, their management, and they're able to find one more good deal. This time they buy a deal that's worth almost 300,000. They're able to get a really good deal at 237,000. So about 20% off. This could be like a burst strategy deal where they buy it, remodel it and refinance it. It could just be a deal they find and they get a discount on, but remember their skills are compounding. They're getting better and better. And they're not like these huge investors who have to buy tons and tons of properties. This is just one deal over a two or three year period. If you think about that, that's very doable if you are just very patient and you're saving up your cash. So in this case, they had to spend about $105,000 cash. They, again, made a big down payment. They got a loan on it. They saved a few more years to year number nine. They buy property number five. They buy this one. It's appreciated a little bit more than market has. So they pay about 263, but it's worth about 329 now. Again, about a 20% discount. And they invest 115,000 cash. Now this total cash they had to invest is about $220,000. You might remember they have about $200,000 saved. So this is where they have to get scrappy. Maybe they get a little line of credit on their personal residence. Maybe they borrow some private money. It always gets tight during the growth phase. Maybe they also save a little bit extra cash, but that's a gap that's very doable. And it's just realistic when you're growing. You have to figure out ways to be scrappy with your cash in order to get where you're trying to go. So they're able to do that. At the end of phase number two, they now own five rental properties. So they're fully small and Each of those has positive cashflow because they got long-term mortgages on those. They have 30 year fixed mortgages and the approximate number is like 20 to $25,000 per year in cashflow. Again, not enough to hit their end goal that they're looking for, but they have a nice solid base to go into phase number three where they actually harvest the income. So for me, phase three is the most exciting phase because you finally get to harvest your equity and get to the goal that you set out for in the first place. I also find this is the phase not talked about enough with real estate investors. We talk all the time about growing, growing, building, building, but we don't talk about how do you actually cross the finish line? So in phase three, this is year number 10. And what we find here where you have five properties, as we talked about before, the total value of these properties is about 1.7 million. We have about $589,000 in debt, which means we have about $1.1 million in equity. That's the wealth that we own from these properties. And so the harvester play here is to sell three of the properties and then pay off the debt on the remaining two that you plan to keep. So what Mark and Lisa do is they sell property three, four, and five, the most recent purchases they had. And so that value of those properties is about $340,000. So three times $340,000 is $1,020,000. They also have some costs though. And this is the hard part. And the reason a lot of people don't sell properties is you have 8% in sales costs, real estate commissions, closing costs, things like that. You've got to pay off the debt on the properties that you're selling. So we have about $409,000 in debt on those properties. And then we have to pay taxes. And yes, I said it, we're paying taxes in real estate investing. I know we always try to avoid taxes, but we would have capital gains tax. We have a recapture on the depreciation that we took during all those years. I have videos on how to calculate that and how to figure that out. I'm just going to give you an approximate number of about $66,000. In this case, if you want to get more specific, check out those videos I have. But the net result of that is you make about $463,000 in net proceeds from selling those three properties. And what do we do with that $463,000? We pay off the debt of about $240,000 remaining on properties one and two. So that debt is gone. And we have about $223,000 in cash cushion left over. And I'll talk about what we do with that as well in a second. So here's the payoff moment. When the dust clears, you've sold those properties. You now have two free and clear rental properties, which was the goal of this rental pension idea was to set out, was to start with a certain amount of money to build it up and to have two free and clear rentals in the end. So you can have those safe and steady cashflow coming in from your rental properties. So let's add up where we are because our whole goal here in the very beginning was to build an income floor, was to have the safe amount of money coming in so that we can depend on that when we leave our job and we have to depend on our investments for our retirement. So let's add up what we have here. From our rental pension, we have about $32,200 per year. And remember what this is, this is after we collect rent, we pay all of our operating expenses, taxes, insurance, maintenance, capital expenses, those kinds of things, everything except for our mortgage because we don't have mortgages on these properties. So that is a total of 32,200. But we've also been working all these years as a couple. And so if we're 55 when we started, now we're about 65, it's going to depend on what age you are and whether you choose to take social security early or not. But I'm going to assume they have about $36,000 in social security income between the two of them. We also have a 401k. Remember that started off at $100,000. We're going to assume that that grew to about $200,000 during those 10 years. And you're going to withdraw about 4% of that. If you've ever heard of the 4% rule, that's something in the FIRE community and the stock community that people talk about, a safe withdrawal rate. And so $200,000, 4% of that is $8,000. And then finally, we have that cushion of cash. Remember we had over $200,000 leftover. And I'm going to assume we just invest that. And who knows what the interest rates will be in 10 years, but we're going to assume we get about a 4% return in bonds or something pretty safe. And we get another $8,900 per year from our interest. And so the total amount of money that we've accumulated in building our income floor from multiple sources over the years is about $85,100, which meets our original goal, which remember was $80,000 per year from the very beginning. So I think it's worth pausing both in this case study, but also it is in real life to recognize what a big accomplishment that is. Most people get to a retirement age and they're struggling to figure out how am I going to turn in my 401k into enough money to live, or I just have social security income. But what we've done here is through a deliberate hardworking 10 years, we saved a lot of money, we made some sacrifices, we bought properties, we were smart about it. We've been able to build up over $85,000 that could consistently come in to help support our lifestyle and retirement. Now, while we wrap up this case study, and I want to also show you the other example of the fork in the road that they could have taken, I want to talk about some alternatives that they could have done in the end, because I've given you one specific option that they could have taken. Of course, there's a lot of different decisions they could have made. There's one particular decision. We took option one here at the very end. We sold three properties, we kept two of them free and clear, and it got us about $85,000 in year number 10. One option I would very strongly consider if I were Mark and Lisa was to just sell two of the properties, keep three of them. And if you ran the numbers on that, you wouldn't be able to have enough money from those two properties to pay off all three of them, but you might have like a small mortgage, let's say like $60,000 left over. And so you have just a little bit of debt on a property worth 340,000 bucks. And what if you just worked one more year and you saved up cash again, both from your rental properties and from your job, and you just worked to get that last property paid off? The benefit of doing that is you'd have about $98,000 per year from your rental pension. So your rental pension would have that extra property free and clear to pay you. Takes you an extra year, one year, but you have a much larger rental pension. That's just to show you there's a lot of decisions you're going to make along the way. I can't tell you exactly what your zigzags and your path is going to be, but if you follow a plan that's solid, you'll see opportunities along the way. And if you do want to take one of those, you can benefit from doing that. So I want to take you back all the way to the beginning of Mark and Lisa's 10-year journey. Remember, they had a fork in the road. They could take path A, which we just went through. They bought five properties, sold three, and they did pretty well in the end. They had over their goal of $80,000. In fact, they had almost $100,000 if they took one of the alternative endings. But I want to go and talk about an alternative path, path B, where they used zero debt, where they took an all-cash path and just bought a couple of properties. And going back to our football metaphor, both of these are like a two-minute drill. But path A, I would say, is more like a little bit more aggressive, where you're making some passes downfield, you're taking a little bit of risk, some reasonable risk, and you might get rewarded for that, for taking that risk. Path B, if you're a football fan, this is like handing it off to your running back every single play and just pounding it down the middle and doing running plays. Very low risk. And if it works, it can work really well, but you're taking a lot less risk. So I'm going to, in a much quicker version this time, show you path B and show you how you could get to the end in a very similar place. Before we go to path B, quick pause to talk about today's sponsor, TurboTenant, which is my favorite rental property app. And it's actually very appropriate for Mark and Lisa, because if you're going to execute one of these rental pension plans, it assumes you're probably going to self-manage your property, or at least consider doing that. And many people think, oh man, I don't want to manage my own property, it's going to be a lot of work. But TurboTenant is an app that makes it very easy to do. From screening your tenants, to collecting rent, to handling maintenance, it's my favorite way. And I've actually moved one of my properties that I self-manage over, and it was very, very easy to use. My tenants didn't have any problems with it. I've been collecting rent every single month with it. So if you are considering building a rental pension or managing your own rental properties, I highly recommend TurboTenant. It's something that you can either use for free, or they have a very reasonably cost plan to use all the features of being a professional landlord, but doing it as a small and mighty style. So check out TurboTenant, go to coachcarson.com, word slash TurboTenant. I'll also have a link below in the podcast and YouTube description. And that link also helps support the show. All right, back to path B. So the goal of path B is the same. We want to get a rental pension in the end. The playbook is a little bit different. So when you open up this playbook, the key is no debt ever. This is like a Dave Ramsey type approach to real estate investing. And the thing I want to emphasize here is that there's not a right or wrong way to invest in real estate. There's always trade-offs, there's pluses and minuses, but this is just a very simple plan where you buy one property, all cash upfront, you save, and then you buy another. And so let's show you what a timeline might look like for them. In year one, they take that $250,000 they've saved and they buy property number one and they just pay cash for it for $225,000. And it cash flows from the beginning about $12,000 per year because there's no debt on the property. So they still have to pay their expenses, management, maintenance, vacancy, taxes and insurance, things like that. But when it's all said and done, they have $12,000 per year left over. But here comes the longer, steady, some people might say the boring part of the journey, but I think collecting cash flow is nothing boring about that. But in years two through six, they save their money. So they're still working at their job. They're saving that $20,000 per year at their job, but they also have this $12,000 coming in from their rental property. So a total savings of $32,000 per year. So just like in plan A, path A, the savings is the real engine of them growing and getting to the end zone of what their plan is. So year two through six, it's kind of the grind right there, but they're saving $32,000 per year. They're managing their property, still learning how to do that in their systems. There's just one property. And then in year seven, they have enough cash to buy property number two. And remember their skills have compounded as well. They've learned more. They've been very patient. So they look for a really good deal. Prices might've gone up a little bit, but they look for a deal and they find one at $220,000 and they pay cash for it. And now they have two rental properties. They own them both free and clear and that's it. They're done in terms of their property acquisitions. But in the years eight, nine, and 10, they continue saving their cash. They save their rental property cash. They save their cash from their job. And before they get rid of the job, and I want to show you what the numbers look like in terms of their income floor after year 10. So here's the fun part again, Mark and Lisa get the total up their income floor from the different sources and the rental pension, just like in path A, they end up with two properties free and clear. So we have a $32,200 income after paying all their expenses. They don't have any mortgages on the property. That's what's left over, $32,200. They also have social security income of $36,000. So these are going to be identical to the other path. They have $8,000 in income coming in from just withdrawals from their 401k, which has grown to about $200,000. And then they have some cash in the bank, which they put into bonds or CDs or something like that. We're going to assume they make about $5,600 from that interest. And so when you total all that up, they have about $81,800 per year coming in for their income floor and retirement, which is very close to the income they got from path A. So here's a comparison of path A and path B and what it looks like in the end. Deals done in path A, there were five properties total that they bought and ended up selling three of them. In path B, they just had two properties total. Debt used in path A, of course, they did use some debt. They paid that off by year 10. Path B, no debt ever. Path A, complexity and risk a little bit higher. Still not crazy risk, but there's always risk taking on debt. And then the risk of just executing that and selling properties and just a few more moving parts. Path B is very, very simple and straightforward. Skills, I think this is one of the unspoken or maybe the underrated parts of path A. Because you're doing more, you're building more skills. And one of the important things about this journey is that once you get to retirement, once you get to the end, the income is one thing, but the skills you have in your head and the fact that you can still do things in retirement, if you want to go flip a house or buy another rental property or be a real estate agent or manage properties, there are more options. And I'll talk about that a little bit more in a second. But there's more skills bought with a path A than there were on path B. And then in the end, the income at year 10, path A had 85,000 as a base. You could also get up to maybe 98,000 if you worked an extra year and then 82,000 approximately for path B. End result, the same though. Two free and clear rentals. One of them had a little bit more cash. Path A had 223,000 in cash and option B, path B had 140,000 bucks. The point I want to make here is that this is a choice that you get to pick from. And there's always options and forks in the road in real estate investing. And you might hear on a lot of channels that this is the right way, this is the wrong way, but there's just trade-offs. There's good and bad about every choice you make. I think these are both very legitimate choices. If your goal is what we talked about in the beginning, to do the two-minute drill of life and get to a good place financially within 10 years, these are both good options. And you have to pick the one that's more comfortable for you, that you can sleep well at night. So I'm going to go back to something really important that we started this whole episode with. Remember the worst thing you can do when you feel like you're behind is to panic and to swing for the fences, to go for the long Hail Mary pass thinking that you are behind and you don't have any time. The right approach is to run the two-minute drill. And my whole goal of this episode was to give you a couple of examples. These are two-minute drill type approaches to investing in real estate. And I made this episode for people who are in their 50s or 60s, but really this applies to anybody who's impatient and wants to get to your goal. The way to get to your goal is ironically, to take a bunch of little steps. Making it big on little deals was something one of my mentors, John Schaub, had a course on for many years, that you can make it big by taking little baby steps and moving down the field urgently. And it's okay to feel like you're behind. It's natural to feel that way. But remember, you can accomplish a lot in a five or 10 year period. So you're going to have to have some patience. You're going to have to have some discipline, but if you follow a path like this and adapt it to your life, you can definitely make some progress. And don't forget about one of the most valuable things you have, even outside of your properties, is what you learn. I call it mental compounding or skill compounding. When you learn to buy properties, to manage them, to use your abilities to go out and create wealth and to make cash flow, you can do it again. When you get retirement age and you leave your job, that's not the end of you being productive and doing things. You can turn what you learn in this 10 year period into a little side hustle, a business that can be fulfilling and productive for the rest of your life, as long as you want to keep making money. And that can also add to that income floor that we talked about. If you can make 20, 30, $40,000 a year, being a real estate agent, managing a couple of properties, doing something for fun that you also make money in, that's definitely a way to do it. One of the best recommendations I have, if you want to build those skills, is to learn how to analyze deals. And one of the most popular episodes on my channel is called How to Analyze a Rental Property and Using Back of the Envelope Math. And so I recommend you watch this next episode. If you're watching on YouTube, you can click on the thumbnail above me here. Or if you're listening on the podcast or watching on YouTube, you can also click on the link in the podcast or YouTube description below. But this episode will show you my approach to running the numbers in a very simple way that anyone can apply, even with a basic calculator or no calculator. And you can use that to buy your deals when you start going out to apply this 10 year plan. So check that out. I appreciate you watching or listening, and I'll see you in the next episode.