Deep Dive: Investment Property Renovations – 3 Key Considerations (Part 1)
Nate Hedrick and David Bright deep dive into three key factors to take into consideration when renovating your investment properties.
Episode Summary
Taking an investment property from where it is to where it needs to be can be a daunting task. With two projects coming up, your hosts Nate Hedrick and David Bright use real-life examples to explain and demonstrate the importance of three key factors to consider when renovating an investment property. Renovating your property might be easier than you think. They draw a parallel between clinical guidelines and building guidelines to ensure safety within the pharmacy and on a building site. Nate and David also share why the roof of the property remains top of mind for both of them when purchasing and rehabbing a property. You will also hear why it can be difficult for pharmacists, who are usually risk-averse, to learn to manage risk during the rehab process. Nate and David then share their observations on the differences between types of buyers and walk-throughs. They share why it is important to find balance when you rehab a house, making sure not to over or under renovate. You don’t want to fall into the trap of renovating your investment, spending loads of money on something you saw on a home design show to ultimately not increase the value of the property.
Key Points From This Episode
- Why you don’t always have to spend thousands of dollars on a rehab.
- The first foundational factor of running a rehab: structural safety for your tenants.
- A parallel between clinical and building guidelines to ensure safety.
- Why the roof remains top of mind.
- Learning to manage risk during a rehab process.
- Why it is important never to over-rehab a house.
- Why you should always compare rates to other rentals and purchases in the area.
- The importance of finding a balance when you rehab a house.
- How to use online comps as a road map to decide what to do in a neighborhood.
- An introduction to the two case studies discussed in the next two episodes.
Highlights
“You still don’t always have to take a sledge hammer to a wall and create open concept and spend a hundred thousand dollars on a rehab just to get a property respectable and rent ready.” — David Bright, PharmD [0:02:20]
“When I walk a property with a property manager or as an agent with a new buyer and the reaction that the tenant will give to a fresh paint color or modern colors or good looking flooring, it is just incredible to see how that affects the person walking through the property. .” — Nate Hedrick, PharmD [0:17:18]
Links Mentioned in Today’s Episode
- BiggerPockets
- YFP Real Estate Investing 41: Deep Dive: Repairs and Capital Expenditures
- Join the YFP Real Estate Investing Facebook Group
- YFP Real Estate Investing
- Your Financial Pharmacist Disclaimer and Disclosures
Episode Transcript
[INTRODUCTION]
[0:00:00.4] NH: Hello and welcome to the Your Financial Pharmacist Real Estate Investing Podcast. A show all about empowering pharmacists to achieve financial freedom through real estate investing. I’m Nate Hedrick and each week, my co-host David Bright and I explore stories from pharmacists all over the country who are achieving their real estate goals while maintaining a meaningful career in pharmacy.
Whether you’re a first-time investor or a seasoned pro, we’re here to provide education and inspiration about the world of real estate. Please note, this podcast is intended for educational purposes only and should not be considered financial or investment advice.
[INTERVIEW]
[0:00:42.8] NH: Hey, David, how’s it going?
[0:00:44.3] DB: Hey, good, thanks, how are you doing, man?
[0:00:45.2] NH: Good, I’m great. We are back for another deep dive, you and I were talking a bunch about both got two projects coming up, we are working on a scope for a new Cleveland property we’re about to acquire and I know you got another one under way, right?
[0:00:58.3] DB: Yeah, we are doing the final planning on rehab that we’re about to get started on also here in West Michigan. Yeah, definitely in talking before the show, I think one of the other things that made this one a little interesting is, I know you’re planning for pretty significant upgrade, you’ve got quite a rehab coming.
You had like what, rain in the kitchen and stuff like that? All kinds of headaches. Fortunately, we have a much easier project on our end.
[0:01:22.3] NH: Yes, during the inspection, we had a little leak which we can talk about as we get further but yeah, it’s going to be quite the project, bigger than we’ve taken on before which is slightly terrifying but you know, different levels of rehab can make sense for different properties. When we looked at it, we thought, based on the area, based on the price point, based on the strategy we have, it makes sense to go on and just wanted to give it a shot.
[0:01:44.0] DB: Yeah, I know that that’s a common fear is trying to figure out exactly what that is that you need to do to take a property from where it’s at to where it can be rentable and respectable. I think there’s a lot of folks that are out there during the pandemic that are watching TV shows about house flipping and all that stuff and you thinking to yourself, at least certainly when I watch these, I think to myself, I could never do some of these six figure major rehabs but fortunately, I think we’re both in a situation where even though we consider this to be pretty significant for what we do, you still don’t always have to take a sledge hammer to a wall and create open concept and spend a hundred thousand dollars on a rehab just to get a property respectable and rent ready.
[0:02:30.9] NH: This is something I’m notorious for falling into the trap of planning all these what ifs. “If we just took out this wall, this property will be so much…” and you can really get into the weeds on looking at photos of properties and thinking about what the potential, that property could be but it doesn’t always add up in terms of numbers and it’s easy to miss that and not step back and think, this is a business, this is an investment. I need to approach it from that perspective and many of the TV shows and things that we see out there just blow that completely out of proportion.
[0:03:02.5] DB: Yeah, I think another thing that’s often missed on the TV shows and it probably because it would be really boring TV to do like a foundation inspection and look at what’s the bow in this wall and stuff, people want to see flashy kitchens with tile backsplash and granite counters and all those kinds of things, no one wants to talk about, “Is this a high efficiency furnace or an 80%” or – no one wants to get into those kinds of details. There’s also a lot of just kind of practical things when you’re thinking about a house where there’s other furnace, roof, plumbing, electrical, other issues that can eat into a budget and are really consequential to that rehab process as well.
Kind of putting all that together and keeping in the spirit with this where we have guest on routinely but every once in a while, we take a pause and we do a deep dive into a topic, we’ve had a lot of guests on lately that have all talked about how they bought a house and rehabbed it and fixed it up, and in like 15 seconds, the story of that house getting rehabbed is told but it’s clearly a much bigger part of the process than that and it’s an often intimidating part of the process than that and it’s an often intimidating part of the process for a lot of investors that are just getting started.
We wanted to do a deep dive into running a rehab with three key factors in mind, it’s the three key factors that will keep coming back to, throughout the episode is one, the tenant safety, what kind of things you can do to create safety around the tenant and as healthcare professionals, we’re all very focused on safety, then the longevity and safety of the building itself, what are those major structural things that you need to pay attention to for a building and then the cosmetic improvements last, where we often jump too far is because those are the beautiful fun parts of the process, the cosmetic improvements as well.
[0:04:54.6] NH: Perfect. David, let’s kick it right off then, what are things that we should be keeping in mind when it comes to safety of the tenant because that’s not where most investors talk about, right? I don’t jump on bigger pockets and hear about – here’s how to maximize tenant safety, I hear about – here’s how to maximize profits, here’s how to maximize listings and showings. Talk to us about that, what are things that we can do to maximize tenant safety?
[0:05:18.6] DB: Yeah, one of the things that I think is a great parallel from our pharmacy world to real estate is there’s often times guidelines that drive how you create safety in a building. Just like there’s clinical guidelines for safety, for patients, there’s guidelines for things like rental codes that specify things like smoke detectors, where you need them, what type, how many do you need throughout a property, so that you’ve got situations that are safer for tenants, I think we’d all agree that if there’s a smoke detector in the property, let’s say, if there’s not a smoke detector in the property.
Those same kinds of rules carry forward for GFCI outlets and handrails and all those just kinds of code-based safety issues.
[0:06:06.2] NH: In clinical guidelines, I think it’s really good analogy. Just like following those guidelines. It doesn’t mean the patients’ going to achieve perfect disease control, right? Just because I know what the diabetes guidelines are, does not mean that that person is going to get to go and their 81c is going to be where they want it. Same thing is that, building in rental codes are not perfect but they are – these broadly accepted standards of safety that can be a guide post or a guide rail for contractors, property managers owners, even in some of the cities that I invest in where they have what’s called a point-of-sale inspection, those help to keep things nicer and safer for the entire city as a whole.
You pay more taxes but you know that community is being maintained at a certain level of standard and then hopefully, people are going even further, above and beyond that but at least, the minimum is being met and people are being really cared for.
[0:06:54.9] DB: Even though I think that as we talk about some of these minimum safety codes, I’m sure that there are listeners thinking like, “Duh, of course I’m going to do this. Why is this even a question” but Nate, I know that you and I have both walked properties where there’s tenants living there and none of that or very little of that is being followed. There’s some scary situations out there that other landlords do in the name of affordable housing.
[0:07:23.3] NH: Yeah, it’s interesting, I was actually talking to a client just this afternoon about this and they were kind of talking about what are your criteria for buying a property? I told them, my wife and I have two criteria that above all else are the two that we resign on and the first one is, we would feel comfortable and safe living in that property ourselves, we are not going to be slum lords like, as far as away as I can possibly get from that. We have to be comfortable living in that house ourselves and the numbers have to work and it’s in that order, right? Affordable and safe do not need to be in opposition of one another, right?
Safety is something we should shoot for and then go beyond that to make sure that that property is nice for our tenants.
[0:08:02.0] DB: Yeah, it sounds like it’s a lot of making sure that you have contractors. If you’re doing the work yourself, great, or, that you have contractors that know these safety and code standards, they are fixing the property up to those safety standards that if you are self-managing, if you have a property manager, they’re going through and verifying all of that and then you’re going through the proper city inspection process to make sure that all happens.
Tenant safety things, I think we agree that that’s a huge priority there, safety of the structure itself and the structure longevity kind of things are next. Nate, when you’re walking around a property or you’re taking a client around a property and you’re looking for an investment property, what are the kind of things that jump out to you from a property longevity standpoint?
[0:08:47.0] NH: Yeah, property longevity issues are – there’s things that can fall apart over time is what we’re thinking of, right? Most people in front of this is CapEx or capital expenditures, we got that whole episode that you and I did a deep dive about CapEx and repairs, these are those big things that can start to affect the property itself.
When you hear stories about people that, “Oh, I lost all these money on this property” because it would just, everything started to break and fall apart and so on and so forth, these are the things that I start to worry about are these big-ticket items. Right now, in top of mind for me is the roof, right? I’ve just replaced two roofs on my last two properties.
In fact, one of them was just leaking last week and had to deal with that. For me, that is totally top of mind, the first thing I’m getting in my report is, “What does the roof look like and how fast do I have to replace it because I just did this.” Those are the things that you’re going to start to key in on that if I let this go too long, I’m going to get water damage inside the house, which means drywall repair, which means repainting, which means –
It just – the things go on and on and so, watching for those big-ticket items that can really start to have a cascade effect, that’s where you want to be focused, especially once you get past the safety stuff and start moving on to, is this building something I’m going to have for a long time?
[0:09:59.6] DB: Yeah, I think another example of that, we also have a property that we’re renovating right now and there’s a furnace in it that is old, it’s noisy, it’s acting up it’s like a 25-year-old furnace and I don’t know what year it’s supposed to technically expect out of a new furnace right now but I feel like 25 years is really pushing it.
I mean, sure, we might be able to squeeze a little more life out of it, we might be able to punt another few days, weeks, months, maybe get a few more years out of it with some repairs or something but I think another thing is in these times where the property is vacant, it’s so much easier to have a contractor come in and very quickly replace the furnace with a vacant empty unit, versus when the furnace, I mean, Murphy’s law, right?
The furnace will go out on a Sunday morning, it will be tough to find anyone to get there, it will be a cold winter day, all those kind of things. Doing these proactively can just be a whole lot easier all around and presumably less expensive also if you’re not paying emergency weekend rates and things like that.
[0:11:06.5] NH: Yeah, like I mentioned, we covered a lot of this back in episode 41. I definitely encourage you to listen to that deep dive if you haven’t already but I’ll just reiterate, there’s two ways to really capitalize on this that I think are decent scenarios to think about. One is, if the major capital expenditures have already been handled.
I’m thinking about my very first property that I bought, we had most of that stuff taken care of, even though we knew that the roof needed replacing down the road, it was clearly years out. The boiler was being replaced as we were buying the property, we had a hand in doing that, there was new flooring and it had just been refinished. All those big scary items had already been taken care of.
The alternative to that is the property I just bought and finished rehabbing where I replace the roof and the furnace and all the flooring myself. We got a fantastic deal upfront and now I know that I can hold that property for 30 years and I probably don’t need to touch any of that stuff that entire time because I’ve already done it, right? Definitely ways to capitalize on that, those are things that I look for when I’m buying a property.
[0:12:06.8] DB: Yeah, I think another thing to keep in mind again because pharmacists who are generally risk averse and so, managing the risk and either one of those approaches is also important. Let’s use the example to fully updated CapEx house. It’s definitely important to make sure that you get in there and you ensure that the work was done properly, either with a home inspector or a good contractor.
I know particularly when I was first getting into this, I could walk up to a house and I could look at the roof and about all I knew is that like, “There is a roof on this house.” I can’t tell you anything about it, I don’t know shingle types, I don’t know how old or new it is, I don’t know, there is a roof, that’s it. It’s important to make sure that someone that someone has better eyes than that, looks at it. Making sure that the roof is structurally safe, the permits were pulled if that’s necessary in your jurisdiction that the final inspection, all those kinds of things were done.
We backed out of a purchase recently where the house looked pretty good, I got to see pictures of the outside and the roof looked nice and new but we had a trusted contractor come over and look at it and the contractor was able to identify several deficiencies that I certainly couldn’t and he ended up giving us a hard veto in this one, really by way of a really hefty estimate of what it would cost him to tear off big sections of the roof and completely redo the really bad work that was done there.
So, we walked away and I think that that kind of risk mitigation strategies are really necessary for a house that looks new to make sure that it’s really in good shape. Again, a simple home inspection or a contractor to inspect can be really critical there. Similarly for that house that’s a bunch of work, like you just had I think it’s important to make sure that there is a big contingency fund there because I don’t know, for me, again, the Murphy’s law thing.
If the roof is bad, if the furnace is bad, there’s probably something else that wasn’t well taken care of in that house. That may or may not be visible and so just making sure that you’re not spending your last dollar on the rehab where you’re on the brink of financial disaster and or anything like that, making sure that you have a contingency fund for this reasonable should there be more hiccups.
[0:14:25.4] NH: You know, it’s funny as you are talking through that I’m actually, this translates really nicely to being a first time homebuyer as well, just being like a first time real estate investor is very similar to being a first time home buyer in general and that, you know, when I work with those types of clients, a lot of times spend a good bit of our conversation on understanding what their true risk tolerance is.
Is it detail oriented, you know, ready to panic pharmacists, like I want to understand what is that thing that’s going to push you over the edge so that I can keep an eye out for it and so I often talk to my clients when I am walking again, especially like for some home clients, you figure out if you are going to like that house. I will poke around and start to look for things that are scary that we can get a contractor in here to get an extra set of eyes on.
Those are the types of things that again, whether you’re buying your first property, your first investment property at all, knowing an expert and again, I rely heavily on experts not myself, it takes a lot of the stress out of that purchase process.
[0:15:20.3] DB: Yeah, I look back to the first investment property that we bought where we had really intended that that would become a rental. We were going to move into it and live there but eventually, we wanted it to be a rental and I think about for us, it was a condo so I wasn’t responsible for the roof. I knew it had a newer furnace. I knew that it needed flooring and paint and that was really about it.
It really didn’t need a whole lot, there are a couple like dry wall issues and things like that but that was about the extent of my risk tolerance at the time and we built that up slowly overtime to the point where it’s less scary to buy a place that has a bad furnace or a bad roof or in your case, what raining in the kitchen?
[0:16:02.5] NH: Exactly and it’s funny you mentioned that. That’s exactly what my first purchase is like as well. We had everything done. I think we put a total of like $1,500 into the rehab and that was like buying a new washer and a dryer as part of that $1,500 so you know, really talk about low risk. I mean, for us it was a ready to move into house and we didn’t get a phenomenal deal on our very first property but that’s okay because that was our risk tolerance.
That made us feel comfortable to dive into it and it worked out great. David, we covered the safety of the tenants and safety of the property. Now, onto cosmetics, that thing that everybody wants to talk about so how do you plan for a scope of work on that?
[0:16:41.2] DB: Yeah, I think there is similar general strategies there to what you just described about getting something that’s really pretty well set almost move in ready done and pretty well beautiful or at least decent at the get-go. That is definitely one strategy but I know that there is also people that part of the fun of real estate investing is picking paint colors and cosmetic options and finishing a place up and fixing it up.
Again, a few people are going to get excited about shingled types or like some kind of pecks versus copper plumbing debate or something like that but people do excited about paint and countertops and tile.
[0:17:16.2] NH: No doubt, yeah. It just the person doing the rehab but whoever lives there next is also going to be – they want to get excited about it and it’s wild to me when I walk a property with a property manager or as an agent with a new buyer and the reaction that the tenant will give to a fresh paint color or modern colors or good looking flooring, it is just incredible to see how that affects the person walking through the property.
Even though to us it doesn’t sell like maybe that is not the exact thing that we’re looking for but if you can get that thing that will appeal so a lot of people, it is amazing how a freshly updated house will just really make things standout.
[0:17:51.7] DB: Yeah, it’s also interesting to me how there seems to be limits around different neighborhoods and I don’t know if you are seeing this also but there is some neighborhoods where, yeah, you can do some pretty substantial improvements and the neighborhood can kind of absorb that and the property value arise and the rents will arise and there is other neighborhoods that seemed to have a ceiling where if you do a $200,000 rehab on a house that’s on a $100,000 neighborhood, you’re probably not going to see a good return of investment for that $200,000 improvement.
It is probably not going to drive value and things like that as much, so there is kind of that wall where you may not make great business sense to push the rehab beyond. There is one of the contractors that one of the first folks that I started working with when we were getting into this and I was notorious for wanting to push that like I saw something on TV and I was like, “We should do that in this house” and his line that he said so many times back to me was, “Well, anything can be done but…” and then he would go on to explain to me like all the things that I didn’t understand about construction and why this thing that I thought was really simple would end up being a really complicated and expensive task.
There was one time where I was like, “Open concept, everybody wants open concept. Let’s take this little doorway between the kitchen and the living room and make it six foot wide instead of three foot wide” and then he starts to describing to me how, “Well, that’s going to require adding a beam and then it is going to require drywall work and then finishing and texturing that drywall and then repainting all of that and then trim and trying to match this old house trim” and all of this work that might not even impact the value of the rent rate but just makes it look like what’s on TV.
[0:19:41.1] NH: Yeah, it shows how important just not over-rehab a house. It is super easy to do, right? We can all find things that want to be done but you can quickly have costs that exceed your price value or exceed the neighborhood’s value. I have seen that time and time again where you overdo it on a house and you can’t get the value back out of it because the neighborhood doesn’t support that even though you’ve made that beautiful, it doesn’t matter.
It is easy to just spend thousands of dollars and make zero difference in how your property actually rents and again, this is not the house that you are living in. You got to be able to step back and look at this like a business and you know, just because that floor plan is currently in style doesn’t mean it doesn’t always going to be that way too. Getting a property to a safe respectable clean level that is usually a lot better than trying to worry about, “Should I be adding black finished or brush nickel?” or any of that stuff.
[0:20:29.6] DB: Yeah, I think another example that really cemented this concept in my mind is I have vivid memories of walking on of the first rental properties that you bought where I walked the property with our general contractor and our property manager at the same time and I kept suggesting all these things like, “Oh, we should replace this cabinets” that were totally fine but they weren’t white cabinets and white cabinets that everyone is putting in.
They were fine, I was like, “We should do white cabinets and we should do tile backsplash” there is some other kind of like – I don’t even remember, not tile backsplash though and new fancy cabinet poles because the cabinet poles were a little dated and they weren’t the most modern and my property manager, every time I would say this she kept turning me and saying like, “Why? It’s fine” and the contractor was like, “You know well, anything can be done but…” and so it just was this resistance that I needed and it was super helpful.
Because my inner pharmacist thought, “Well, there’s got to be some kind of equation here where like if we do stainless steel appliances the rent goes up by $12 a month then a new bathroom mirror is three dollars a month” and it’s just not that objective. There are some things and what my property manager said in this case is like, “You can fix all of that stuff up and I am still going to put a $900 a month for rent sign in the front yard just like if you leave it with not white cabinets.”
[0:21:51.3] NH: Yeah, I think the bottom line here is really pull comps for your area and what I mean by that is go to something like realtor.com or Zillow, any of the sites where you can see pictures of other rentals, other sold houses in the area and really study those. I can’t tell you how important it is to do two things, one is to start to look at those comparable properties and see what you think your potential property is going to be worth.
The other thing I like to do and I tell this to all my buyer clients and I’ll explain why in a second is to look at what your money would buy you if you are going to go somewhere else. Let’s say you decided, “I think this property is worth $1,300 once I fixed it all up and that is what it’s going to rent for every single month.” Then go out and look at in that same neighborhood other $1,300 rentals. If you were a buyer, if you were a renter, would you pick your property or would you pick somebody else’s?
That can often tell you if your number is right or wrong and so again, my goal when I look at something like this is if my target rent is $1,500 a month, I want it to be the best looking $1,500 place but I don’t want to be pushing it beyond that to where it’s trying to be an $1,800 rental that it’s never going to get to, right? It is about striking that balance and really looking at the data and the comparable properties before making a decision.
[0:23:05.8] DB: Yeah, a great realtor that we once worked with had this phrase of a lot of areas we’re trying to have a rental, his line was, “You want Chevy not Cadillac” you want respectable and you want solid but it doesn’t need to be the highest end luxury product that’s out there, so maybe that’s laminate countertops not granite, maybe that’s – there is a lot of those kind of more entry level finished but if it’s clean and solid and respectable that’s often times a step up in some of these neighborhoods.
Where if you look around at the other rental comps, you’re just slightly above or at or maybe even more than slightly above the others in that area and so that can really help you to find that sweet spot of return on investment where you are still creating something that’s safe and respectable without spending five grand in light fixtures and 2,500 bucks on custom tile work in a shower, those kind of things. You don’t necessarily need to ship lap every wall in every rental house that’s out there.
[0:24:09.0] NH: Yeah, I think that is super important and I also think it’s good to be reminded that you can always change those things down the road, right? If you decide later that hey, we want to live in this property or we want to sell it and flip and now everyone does have a granite like you could add those things later and still get value out of the property in the short term and that’s why I really like to focus on the important things like foundation, roof, plumbing, furnace, all the major stuff that can go wrong and that needs to be right in order for everything else to workout.
[0:24:38.7] DB: Yeah, so I know one again, if we circle back to where we started here, one very common gear that keeps investors from jumping in is like, “I could never buy a fixer upper house because I have no idea what I would do or who would I need to hire” and all those things. Know that there are those road maps that are called comps that you can very easily find online and you’re real estate agent can very easily help you to pick from and narrow from that can really clarify exactly what to do in any given neighborhood.
Again, we’re not trying to be killjoys saying the tile backsplashes are terrible, no but instead, just try to protect against that risk of over improving and ruining your investment by spending way too much on the front end so that there’s a chance of making money on the back end.
[0:25:26.9] NH: If you are anything like me, you need an example, right? You need to understand this inside and out not just the concept of the example and so to try and paint an even clearer picture, David and I are going to sit down and do a part two to this discussion next week. We’re going to do two case studies from rehabs that we are actively working on right now to really illustrate what this looks like in practice, how we came to these decisions and our goal is to try to create a specific road map that anybody can use.
Whether you’re in a $100,000 neighborhood or a $500,000 neighborhood, you can still use that concept to understand what does this look like, how do I make those decisions and really just clarify that not every house is going to need that six figure rehab like we see on TV.
[0:26:07.2] DB: Yeah, we’ll jump in here in the next episode next week with Nate’s raining in the kitchen house and we’ll explain more about what that means and what’s going on there and if I’ve got this house that I’ve been referring to is the Dwight Schrute house. So if that doesn’t make sense, that means you’re probably not on the YFP Real Estate Investing Facebook group because I have been asking for help with exterior paint colors for this house that looks like a Dwight Schrute shirt.
If there is any either help you can give me on paint colors or if you are just interested in talking with other pharmacist real estate investors, make sure you check out the YFP Real Estate Investor Facebook page. There, you’re more than welcome to leave us other ideas on our deep dive episode topics as well because we always enjoy doing these and like to talk about things that people want to hear about.
[0:26:54.9] NH: Yeah and we just passed 600 members over in that group, so definitely check that out. If you’ve not joined already, we’d love to have you and we look forward to talking to you guys next week and doing a deep dive into these two examples.
[END OF INTERVIEW]
[0:27:05.7] ANNOUNCER: Thanks for listening to the YPF Real Estate Investing podcast. If you like what you heard on today’s show, please leave us a review and subscribe to the show so you never miss an episode. If you have a question, know someone that would make a good guest or want to connect with Nate or David, head on over to yfprealestate.com and join the growing YFP Real Estate Investing Facebook group.
[DISCLAIMER]
[0:27:27.3] ANNOUNCER: As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and it is not intended to provide and should not be relied on for investment or any other advice. Information of the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment.
Furthermore, the information contained in our archived newsletters, blog post and podcast is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analysis expressed herein are solely those of your financial pharmacist unless otherwise noted and constitute judgments as of the dates published. Such information may contain forward looking statements, which are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer.
Thank you again for your support of the YFP Real Estate Investing Podcast. Have a great rest of your week.
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