Laith has been investing since 1996 and owns about 100 multi-family units and many single family properties.
He is also an expert in financing in both residential and commercial properties and is the owner of Texas Loan Star where they are their own mortgage bank, there is no 3rd party involved.
Transcription by SpeechPad
Damon: Welcome to this interview with Eyes on Investors, and my guest today is Laith Daik. I’m excited to talk to you, Laith, because I know you’ve got a lot of real estate investing experience on your own. You also own a mortgage company and you help people get financing for their mortgages. We’ll be talking about both of those things today, and I think people are going to be looking forward to what you have to say.
So, I’d like to start by asking you how many properties have you owned or do you own, just kind of give us a feel for what your experience is with real estate investing.
Laith: Sure. Great. Well, I really appreciate the opportunity to talk to you and your guests. I have been in the mortgage banking business for about 15 years. In connection with being in this business, I get an opportunity to look at a lot of financial statements, tax returns and hear and see a lot of customers’ financial investment strategy and how they’re investing and using their liquidity to create wealth and cash flow and all the things that we’re really after in regards to building a retirement nest egg.
One of the things I’ve noticed from that, when I was young in my career, was that the clients that were investing in real estate really had a nice, number one, a nice tax shelter that was built in, and it was basically a product of that investment strategy in investing in real estate. As I was working in this industry as a loan officer and building my income level, I noted I also had that desire to try to shelter some of the income. I noticed I was paying a lot of income taxes, and I was looking for ways to use my income and my savings to build net worth, to build net cash flow and at the same time shelter it myself from some tax burden. Real estate seemed like a great fit for that. So, I started by dipping my toe in single family investments. I think my first purchase was in 1996.
Damon: You’ve been doing this a long time.
Laith: Yeah, I’ve been doing it a long time. Initially, what I came across in ’96, was I came across one seller that actually had four properties in the Spring Branch area. They’re four single family homes. The seller was living outside of the city and was an older gentleman, and the tenants weren’t paying him and he was having trouble managing them and managing the properties. He wasn’t paying his property taxes, so he had some tax burdens.
We made an agreement for me to buy those properties from him. Actually, I ended up buying three of the four properties. That kind of started it.
Damon: You were a loan officer at the time, and that’s how you found out about him?
Laith: Yes. I was a loan officer at the time. I had a referral from a realtor, a gentleman who was trying to sell the properties and just started talking to him. The properties weren’t listed at the time. They weren’t being marketed actively either. It was just one of those opportunistic events that came across that ended up being a good opportunity for me to get into real estate.
Damon: So, you were kind of in the mindset of I’d like to get into real estate because it’ll provide a good tax shelter. And so, when this opportunity came up, you recognized it for what it was.
Laith: Yes. I felt like the area that the properties were in had some good opportunity for appreciation. They were inexpensive, and I felt like I could really go in and actively manage the properties and lease them at a more consistent level, a more efficient level, and over time get that appreciation in the property, get the cash flow and then, hopefully, start building a portfolio, which is exactly what I did.
Damon: Right. So, you bought three of those properties. How did that work out?
Laith: It worked out really good. They were in disrepair, and the tenants that were there really weren’t paying, so we had to evict the tenants. I think we ended up evicting all three tenants. I actually had a partner on that transaction. It was my brother. He and I went in together on it. I was the active person managing the property and managing the renovation and the leasing and so forth. So, I was more the working partner, if you will.
Laith: We renovated the properties and got them leased up and eventually ended up selling those properties after holding them for several years, and it worked out to be a real nice return.
Damon: Did you have cash flow while you owned them and they were paying their rents, and then you also made a capital gain when you sold them?
Laith: What I did was our basis was very low in those properties, and we ended up going in and doing all of the renovation with cash. When we got the properties renovated and leased and were holding on to them for 6 to 12 months, we went back and we had debt on the properties we used to pay the properties. But we actually went back and refinanced those properties and pulled cash out to build a cash position so we could go out and buy more properties.
Damon: I see.
Laith: During that time, we leased them out for positive cash flow during the whole period and then building equity over time despite again adding improvements, improving the property, improving the cash flow, and improving the efficiency of the management of the properties. Over time, that built the equity that we needed when we eventually sold.
Damon: That makes sense. I’m going to get into refinancing properties a little bit later, but you mentioned that when you first bought these three properties you had to evict the tenants. I know some people would be interested in that process because one of the fears that people who are getting into real estate investing have is that, well, what if I have to evict a tenant? What was the process that you used to do that?
Laith: Well, part of my strategy is recognizing weaknesses and bringing in professionals that can help guide you through that process, and that’s one of the things that I’ve always bought into. So, from all my leasing, I used a leasing agent, a realtor who basically did all the leasing that was very experienced in leasing single family, apartments, and so forth. He brought a lot to the table and was able to educate me on that process.
In essence, it wasn’t very difficult. In my experience overall, I very rarely had to evict a tenant over the last 15 years that I’ve been investing and owning real estate in all income producing properties. Very rarely did I have to actually ever go to court and try to evict someone, because ultimately what ends up happening is they get the notices, the customer gets it.
The procedure is you have to provide proper notice, and that’s either you delivering that notice of eviction or going through a constable to deliver it for you. I like the latter. You can hire a constable for $10 to go out and actually deliver the notice that’s required. That really sends a strong message to the tenant because you have the constable show up and knock on your door with an eviction notice. It really sends them the message that this is serious and that we’re taking it to the next level.
Laith: Ultimately, that generally will get people to move out or pay their rent.
Damon: Or pay the rent.
Laith: Yes, either one. In most cases, they’re catching up. That’s at least been my experience. Every once in a while, you have a tenant that just can’t make it for whatever reason. They’re having tough times, and it’s just a matter of getting them out so you can move on to the next tenant.
Laith: Beyond that, if that doesn’t work and they don’t move out, you have to file with the Justice of the Peace in the jurisdiction where your property is and then ultimately take them to court, and then the judge will hopefully rule in your favor and request the eviction. Then, it’s forcible eviction at some point down the line where you have to actually go in and change the locks through the court system and move them out of the property.
In my 15 years of owning rental property, I’ve never had to go that far. I’ve been lucky that I’ve never had to actually take someone and forcibly remove them from the property. I think that as long as you’re following the guidelines and sending the right letters and notices and kind of using the tools at your fingertips, that typically, at least, my experience has always been that the tenant gets the message and eventually will move on.
Damon: Right. And most of the investors that I’ve talked to, that’s been their same experience where they have given an eviction notice. That usually solves the problem before it has to go any further than that. In fact, I don’t think I’ve talked to anyone that’s gone entirely through the court system.
So, for people that are worried about that, you don’t need to worry too much about it. It’s probably not going to happen. The first eviction notice will work. Actually, tell me if you agree with this, most of the tenants, if you screen them properly, you’ll never even have to deal with that in the first place, to give them an eviction notice.
Laith: Exactly. If you do a good job on the screening, and what we do is credit and criminal background checks on every tenant that applies. I’m analyzing it from a lot of different angles – credit, capacity, their ability to make the rent payments.
Damon: Are they making enough money to pay the rent?
Laith: Exactly. Do they make enough money? What are their other bills like? Do they have a lot of credit card debt? What other obligations do they have? What extra money do they have available just in case times get tough? I analyze it almost like I analyze a client applying for a loan. In essence, the customer is applying for credit with you as a landlord. You’re extending that credit based on their credibility, their capacity, their willingness to repay and so forth.
Laith: It’s important that you’re doing that screening. If you’re careful and screen carefully, and then again beyond that, that’s not to say that we don’t take someone with credit issues because we certainly will do that. But if we do that, we’ll protect ourselves by requiring a higher security deposit. In the event that they do default, we’ve got that additional funds in our account to protect us from that vacancy and the cost to repair and so forth.
In fact, today, or actually yesterday, I was notified on a tenant at one of my apartment complexes that he had bad credit. He’s only been there since November. He has a $750 a month apartment that he’s renting from us, and yesterday I found out that he bolted. He vacated the unit, and he didn’t pay his rent.
Damon: He just took off.
Laith: He just took off. He didn’t pay his rent for February, and we have a unit that’s vacant. Thankfully, he did have rough credit, but he had a good job. And actually we went beyond his job to call his employer and verify his employment and talk to the employer to see what kind of employee he was. We got a very good reference from that end.
At the end of the day, even with those good references and the income to qualify, we still asked for a month and a half security deposit, which is more than what we normally would ask for. So, we covered ourselves from a security deposit standpoint. So in the event that this happened, we’ve got that extra cushion to be able to go in, cover ourselves from a make ready and from a vacancy standpoint.
Damon: That’s perfect, because if he paid the month and a half deposit and it takes you, maybe a week or less, perhaps, to turn it around, it’s sitting vacant for a very short period of time. The deposit’s covered that. The deposit’s taken care of cleaning it, whatever else needs to be done, and your cash flow just continues on as if nothing has happened.
Laith: Exactly. In some cases, that can be a windfall. If you manage it properly, you can actually end up . . . I think last year on my portfolio properties, I started out small, and I kind of like that. My approach has always been I talk to customers. Go in and start. Go buy a single family home and get your program in place. I’m a real big believer in building a foundation that you can grow on, and part of that foundation is getting one rental property or two that you can start building your rental program on. When I say that, having the right professionals in place, they’re going to help you be successful in that endeavor.
Laith: That could be leasing agents. It could be plumbers, electricians, a fee “make ready” contractors. Legal attorneys and CPAs that can give you advice that you need to build that portfolio and manage it properly. Getting one or two in the beginning really helps you kind of get your program in place, and then you’re able to get more confidence in your program. Make sure that you’re dealing with the right people that are taking care of you, that are fair, that show up when you call them, that give you a fair price.
All of those things are kind of the foundation you need to be able to take that next step to grow your portfolio to a larger portfolio where ultimately it ends up being, not just a side investment, which is where I started, but grow it into more of a business, which is where I’m at today and where I have a full-time employee that works for me, that manages all my properties that I manage. It’s a big portfolio of properties that’s really building my retirement for me.
Damon: That’s great. How many properties do you have or units? It sounds like you’re in multi-family at this point?
Laith: Yes, I am. I own 6 apartment complexes, a total of 100 units. And within that, they’re all smaller properties, obviously, with the total units of 100. My biggest property is 24 units, and the total units is 100 units. They’re all apartment complexes, and I have one full-time employee that works for me. The company is Heights Capital. That employee basically is the property manager and manages the property and also maintenance manager in that he actually performs a lot of the maintenance.
Damon: He also doubles as that. That’s great.
Laith: Yeah, he doubles on both. Actually, you have to build to that point where I just added, as I pulled in, when I went from the 60 units to 75 units is when I actually first hired a full-time property manager. I always had part-time property managers along the way that were helping me manage. Eventually, when you get to that economies of scale, you can afford to bring on full-time help and a full-time employee which is what I did.
Damon: Do you find that as you scaled up, you got more and more units. Now, you’re able to hire a full-time person to do these things. Is your involvement actually less now than it was before? Like does this take less work, or do you find it’s about the same, or what happens with that?
Laith: It’s definitely a lot less work because I have someone in the streets, eyes and ears in the street, so to speak, that is visiting the properties daily, walking the properties, inspecting, dealing with tenant issues. So, it definitely takes a lot less of my time than it did in the beginning.
In the beginning, I was very active. In fact, I was doing some leasing, showing properties, meeting the contractors out there, making sure that things were done right, checking and inspecting the work. So, I was a lot more involved. At the same time, I had a full-time job, so I was trying to do it after work and on the weekends and sometimes taking time out. Honestly, from a professional standpoint, my time from an hourly return basis is best spent in my finance business, which is my professional career. I’ll get a higher return from an hourly basis dealing with my mortgage banking operations than I do if I’m out visiting a contractor.
From a return standpoint, it’s much better for me to have someone out there that’s able to take care of a lot of those things. Ultimately, what I ended up doing is managing the accounting side of it and managing the different professionals that I have that work for me in that regard.
Damon: I see. That makes sense. So, something that people who are just starting out, the expectation really is they’re probably going to have to be doing more work, but as they can grow their portfolio, they can spend less and less time on it. They’re really just running a business which they can hire other people to do.
So, you’ve got your retirement kind of over there, not taking a whole lot of your time to deal with that while you can run your lending business and have your income from that. That’s great. Let’s talk about . . . yeah, go ahead.
Laith: Like I say, it works out real well. Again, I’m more of a hands on investor. So, I am real big on when you start building that foundation to build your portfolio that you’re involved pretty heavily in the beginning. It’s important for me, for my perspective. It’s important to me that I understand it all.
Damon: Exactly. You get that understanding by doing it hands on at the beginning.
Damon: That makes total sense. Let’s talk about your lending business. Your company is Texas Loan Star, and that’s loan L-O-A-N, right, Texas Loan Star. I think your website, I was looking at it, TexasLoanStar.com, and you do both commercial loans and residential loans.
What I wanted to ask you is the following. I asked our Lifestyles Unlimited members last week what their biggest investing challenge is, and 60 percent of the people that responded said that getting financed was their biggest challenge.
So I wanted to ask you, what can you . . . and let me also say, a lot of these people had fairly good credit. They had some money in the bank, and they were surprised to find out that they weren’t able to get financing through the traditional ways of getting financed. What can you say to people that are in that situation? I think a lot of people listening to this interview will be able to relate to that.
Laith: Well, what I would say is that, from our perspective, the residential financing side, we recognize as a company and as a company we’re dealing with investors on all different levels, whether they’re buying a single family or they’re buying a 200 unit apartment complex. We see everything from the low end to the high end and everything in between.
From a residential financing perspective, one of the things we recognize as a hurdle in this market, as we started seeing more foreclosures on the market and more opportunities for investors, is that the properties themselves weren’t in a position where you could get normal traditional, conventional financing. There’s some distinctions between a conventional permanent mortgage and a more, what we would consider a bridge or a renovation loan.
On a conventional loan, which is more traditional which is what most people will have a better understanding of because it’s what they have on their primary residence, the regular 30 year fixed rate mortgage. On a conventional loan basis, those loans are designed for properties that are currently livable, that are 100 percent complete, that are functional, that are mechanically, structurally and cosmetically in good condition.
The homes don’t have to be perfect, but they have to be in the position where theoretically everything’s in there that you need, or not theoretically, technically everything’s in there that you need to actually clean the property up. Theoretically, you could send a maid in or a cleaning service, go clean the property, move a tenant in, and begin leasing it immediately.
Damon: I see.
Laith: So, it can’t have any functional deficiencies, such as missing appliances, missing flooring, deferred maintenance issues that are beyond normal, deferred maintenance, holes in the walls or missing windows or roof issues. Those types of things are problematic from a conventional model, because when the loan closes on a conventional loan, there’s no guarantee and there’s no money set aside and there’s really no checks and balances that the buyer’s going in and doing any type of renovation at all.
So, we’re loaning on that property on an “as is” basis, and from a lending standpoint, we have to have a collateral that’s livable as is because we don’t have any checks and balances to make sure they go out and do a renovation. That’s the down side.
Now, the great thing about conventional loans is the rates are super low, so it’s going help you cash flow the property. Down payments are reasonable, 20 percent down is minimum on an investment property. The credit standards have gone up on investment property. Generally speaking, a 660 credit score would be the minimum entry to actually get in and buy on a conventional loan. So, you’ve got to have a little bit more money in the 20 percent, and credit needs to be what I consider A- or above to qualify.
Damon: Is there a particular score that they’re looking at for that?
Laith: I’d say the minimum for entry is 660. That’s definitely on the lower end of the scale. Most people have a 720 credit score, which is what we consider A+ credit. A lot of people have that credit or can get there. If you’ve got a 660 credit score or above, you’re basically making your payments on time. You’re paying your bills, and you’ve got some credit depth. So, there’s some credibility there in regards to the customer’s willingness to repay.
From a foreclosure standpoint, the problem we saw on the market is being able to provide a financing facility that would allow the customer to buy a property that was in disrepair.
Damon: Because they couldn’t get a conventional loan, because the lender would look at it and say, well, not that the buy doesn’t qualify, the property doesn’t qualify because it has these issues.
Laith: Exactly. It’s a collateral issue, not a financial profile issue on the borrower. And so, what we came up with was, as a company we came up with a couple of different programs that were designed for the investor looking to buy property that needed renovation. Those were our renovation programs.
On our renovation programs, they’re great because they provide the acquisition funds for the purchase of the property. They provide the renovation funds that can be financed in the loan to renovate the property, and the leverage is, oftentimes, higher than what you would get on a conventional loan. In our case and in most cases, borrowers are getting a minimum 90 percent of cost financing structure. The way that cost is determined by looking at their purchase price, adding their renovation budget to that purchase price, and then loaning up to 90 percent of that number. An example would be . . .
Damon: Would that include . . . I’m sorry. Would that include closing costs as well?
Laith: No, it would not include closing costs.
Damon: Those would be outside of the 90 percent, okay.
Laith: Outside of the 90 percent, yes. In our case, an example would be you’re buying a house for $60,000. It needs $8,000 in renovation. That’s $68,000 total cost to acquire the property. Then we’re loaning 90 percent of that, which is $61,200. So, the borrower has a 10 percent down payment. In essence, when they put that 10 percent down, they have no more money to put into it other than the closing costs, as you mentioned. But they’ve got the purchase of the property closed. They also have the renovation money built into the loan.
Damon: Whereas with a conventional loan, they’d have to come up with all the cash for the down payment plus all the renovation cost, etc. This allows them to purchase the property with less cash out of pocket than a conventional.
Laith: Exactly. So, it gets them in with much less down, and it gives you all the ability to buy, renovate and get the property into a position where you can actually lease it.
Damon: Are these long-term loans, or these the type of loans where you would refinance it out?
Laith: Well, we have two programs internally that we offer, one of which we call the Texas Two Step, and it’s a bridge loan. It’s a 12 month interest only loan that will provide, basically, what we call a bridge because it’s a bridge between the acquisition and the permanent mortgage.
With those customers on that program, the idea is to provide the short-term facility to finance the purchase and renovation with the exit strategy being we’re going to take this loan out to a regular conventional 30-year fixed rate mortgage. You end up getting the best of both worlds.
You get the higher leverage with the purchase renovation loan, and you get all the renovation built into the financing on the first transaction, and at a 90 percent level, which is above what you would get on a conventional loan and including your rehab budget which you wouldn’t be able to do on a conventional mortgage.
Then the second step is the regular 30 or fixed rate mortgage where we pay off the bridge loan and put the customer in a long-term 30 year fix. So, you get all the benefit of a conventional mortgage, the low rate, the long-term fixed rate mortgage, and you get to basically leverage yourself higher because you’ve done that bridge loan in the beginning.
It’s a great program. I think it’s aggressive. It provides facility that the customer needs to really be successful, and we had great success with that program.
Damon: That sounds like it will really help the people that responded to my question that were struggling with this because the cost out of pocket is lower than what it would be with a conventional loan. You’re making sure that they’re qualified to do this if it’s the bridge. Are you also looking to make sure that they’ll be able to turn that into the long-term loan after the bridge, the first part of the loan is complete?
Laith: Yes. That’s important that you brought that up, because from my perspective, from our company’s perspective, the most important thing about a bridge loan or a short-term loan or a lot of people refer to them as a hard money loan, the most important aspect of that is not getting a loan closed on an acquisition on the bridge, but what’s the exit strategy. How do I get out of this mortgage? Because it’s a short-term loan, there’s not a lot of time for you to figure that out.
What we do to make the process transparent, we make sure our client qualifies for a permanent take out, and we do that internally by underwriting that loan and looking at it from a conventional standpoint. It’s, okay, do they qualify for a conventional loan today? Can we pay this loan off when the house is renovated? And does the customer qualify?
So, it’s very important that from a borrowing standpoint, from a consumer’s standpoint, that you go into that with the most important aspect of it being not how you get in it, but how do you get out of it?
Damon: I see. That makes sense. Does the property come into play at all, like you’re buying a property that may need some repairs and have some issues with it, but when you’re looking at the refinance, you’re dealing with a house that has a tenant. It’s been fixed up. The value of the property is probably relatively higher than it was when it was initially purchased. So, does that come into play?
Laith: Yeah, it definitely comes into play. We’re looking at the value of the property. We’re making sure that there’s enough equity there so when we do, number one, we’ve got the equity, the upside for our customer based on the appraisal that’s done. So, there’s definitely some incentive to stay and get that house renovated and they’re getting fair market price. So we’re doing an appraisal.
We’re also looking at it from a permanent loan. Is there enough equity to satisfy on the conventional side for us to be able to refinance the property, and the borrower doesn’t have to come up with additional money on the refinance? A lot of times what we’ll see is that they’ll go into a loan and, maybe, that loan amount will be higher than what they would be able to get on a normal conventional loan. They may have less money in on the bridge loan, but when they go to their permanent, that’s when they have to put down the additional down payment.
Whether you’re putting it on the bridge side or whether you’re putting it on the permanent side, it’s all the same investment. What we like to do is make sure that when we go into it we’ve got all eyes, we’ve got a transparent process. So the investor knows from a first mortgage on the bridge financing and on the conventional financing what’s the total all in. We like to keep that at 10 percent or less. So by running the traps we do, we’re able to not guarantee that but get it to a point where it’s as close as possible to a precise projection based on both transactions.
Damon: That makes sense. What I’m wondering then as we kind of wrap up, and I appreciate you taking a few extra minutes here than I said it would take, is there anything else regarding financing or real estate investing that people should know that we haven’t covered that you would like to share with them?
Laith: Well, I think that number one, getting involved with a mortgage banker early on in the process is important because you need to understand what’s available, that you qualify, what to expect, and make sure you’re talking to someone that knows the market, that has the product availability, and is an expert in that. Most people that go into financing, a financing transaction, they don’t close on a home all the time so they need to really spend some time to understand it and make sure that they’re asking questions and getting the right answers.
We’re a mortgage banker. We’re a direct lender, and so we have that ability to fund, finance, and service our own mortgages.
Damon: That means you actually have the money that you’re lending out to people. You’re not going through a third party to get the money. Is that right?
Laith: That’s exactly right, which gives us a lot of liberties. We’re a Texas mortgage banker. We only lend in Texas. We control our appraisal process in that the appraisers that are on our list are on our approved list because we place them there. So, we’ve got good certified, qualified appraisers that are out doing the work for us. We’re getting good values. We’re getting a fair value, and we’re getting an experienced appraiser that knows the market, which is a lot different than some of our competition.
The big banks are primarily our competition, but they can’t control the appraisal process because they’re too big to do it. The other flip side is the smaller brokers that can’t control that process because they’re prohibited by law from ordering an appraisal.
So, there are some distinct advantages to being in our position. We see we have some distinctive advantages that really pass through to our clientele and give them the ability to be more successful. An example would be we can pick the phone up and call our appraiser and get some feedback on valuations before any work is done or before they actually go out and engage and charge us a fee for going out there. We can get some information, some guidance, comps and so forth that kind of give us a feel or some color on the neighborhood that the client’s buying in. Then we can use that to help our customer make their decision on moving forward.
Damon: Right. Well, that’s great. And I like to tell people too, because a lot of new investors look at the lender as kind of like the enemy in a way, like, okay, I have to work with them. But really, you should look at it like the lender is your friend.
If I want to go to you, Laith, to get a loan, you’re looking out after your interests, but really those interests are my interests because if you’re saying, well, look this property really doesn’t have the kind of value you think it does, so we’re not going to lend the money on it or whatever it is. If I’m getting some pushback from the lender, what that means is they’re actually protecting me from making a bad investment.
Damon: And so you should see the lender as your friend and your advocate.
Laith: I agree completely. It’s another important piece of the puzzle that you need to have in place to be successful. It’s no different from my perspective. Obviously, I’m a lender so I’ve had access to financing throughout my career to finance my projects, but I see it no different than having a good realtor, having a good mentor to help you, having a good plumber, having a good AC contractor, having a good attorney, a good CPA. Those are all pieces of the puzzle that you need in place to build your foundation and to be successful in any business. Obviously, the trades are specific to real estate, but having the right pieces of the puzzle in place so you can be successful in all aspects and having experts at your fingertips to call and ask advice and run scenarios by. The lender definitely is a big part of that.
Damon: Absolutely. If people are interested in contacting you or contacting your company, what would be the best way for them to do that?
Laith: Well, you can call us direct. Our Houston line is 713-802-0606. As you mentioned, we’re also on the Web at TexasLoanStar.com. And the loan is L-O-A-N. We actually have web access that you can e-mail us direct with questions. Our e-mail is email@example.com.
I also have a 1-800 number if you’re interested in calling us on our toll-free line. It is 1-888-574-4243.
Damon: Excellent. Okay. Super. So, anybody out there that wants to get financing going and look at different options other than conventional loans, definitely you’re a great place to go do that.
Laith, I just want to thank you for this interview. I think it’s been a real high powered interview, very informative, very helpful. I think a lot of people are going to really appreciate the things that you’ve shared.
Laith: Well, I really appreciate the opportunity to be on. I’m looking forward to continuing to build. My goals are building my rental portfolio. I’m real active in the market. I’m real excited about the market and the opportunities that are out there. So, from my investment standpoint, I’m a big believer, and I think there’s a lot of opportunity for everyone, really, to build a nice portfolio, real estate portfolio to help with your investment strategy long term. And from a financing perspective, we’re experts in real estate financing, whether it’s residential or commercial. We’d love to be your partner in connection with building your investment strategy.
Damon: Absolutely. Excellent. Well, very good. Laith, thank you again and take care. I’ll let you know when we get the interview up. It’ll probably be about a week for them to transcribe it and everything. And we’ll go from there, so excellent. Thank you very much.
Laith: All right. Thank you.
Damon: Right. Take care.
Laith: You too.